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Report No. : |
317746 |
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Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PARISINDO PRATAMA |
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Registered Office : |
Graha 137 building, 8th Floor, Jl. Pangeran Jayakarta No. 137, Mangga Dua Selatan, Sawah Besar District, Jakarta Barat |
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Country : |
Indonesia
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Date of Incorporation : |
22.11.1983 |
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Com. Reg. No.: |
AHU-AH.01.10-26960 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
· Special Paper
Manufacturing · Investment Holding |
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No. of Employees : |
640 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010.
During the global financial crisis, Indonesia outperformed its regional
neighbors and joined China and India as the only G20 members posting growth.
The government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25% and historically low rates of inflation.
Fitch and Moody's upgraded Indonesia's credit rating to investment grade in
December 2011. Indonesia still struggles with poverty and unemployment,
inadequate infrastructure, corruption, a complex regulatory environment, and
unequal resource distribution among regions. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
BASIC
SEARCH
|
Name of Company :
P.T.
PARISINDO PRATAMA
A d d r e s s :
Head Office
Graha 137 building, 8th
Floor
Jl. Pangeran Jayakarta No. 137
Mangga Dua Selatan, Sawah Besar district
Jakarta Barat
Phones - (021) 6010812,
6010813, 6010815
Fax - (021) 6260727
Email - mail@parisindopratama.com
Website - http://www.parisindopratama.com
Building Area - 8 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Factory
Desa Gunung Putri
Citeureup, Bogor
West Java
Phones - (021) 8672059 (5 lines)
Fax. - (021) 8671236
Email - mail@parisindopratama.com
Land Area - 11.0 hectares
Building Space - 1.2 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation
:
22 November 1983
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-17370.AH.01.02.Tahun 2008
Dated 08 April
2008
b. No. AHU-AH.01.10-9735
Dated 25 April 2008
c. No. AHU-AH.01.10-26960
Dated 03 July 2013
Company Status :
Domestic Investment (PMDN) Company
Permits by the
Government Department :
The Department of Finance
NPWP No.
01.062.015.1-073.000
The Capital
Investment Coordinating Board
a. No.
331/I/PMDN/1983
Dated 31 December 1983
b. No.
51/II/PMDN/1984
Dated
27 October 1984
Related/Affiliated Companies :
The IMORA MOTOR Group of the PROSPECT MOTOR Group members
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp.
40,000,000,000.-
Issued Capital - Rp.
40,000,000,000.-
Paid up Capital - Rp.
40,000,000,000.-
Shareholders/Owners
:
a. P.T. PPOSPECT MOTOR -
Rp. 33,000,000,000.-
b. P.T. WARGA DJAJA -
Rp. 7,000,000,000.-
BUSINESS ACTIVITIES
|
Lines of Business
:
a.
Special Paper Manufacturing
b. Investment holding
Production
Capacity :
a. Glassine Papers - 2,400 metric tons p.a.
b. Grease Proof
Papers - 600 metric tons p.a.
c. Carbonless Papers - 2,400 metric tons p.a.
d. Embossing Papers - 1,200 metric tons p.a.
e. Computer Forms - 2,400 metric tons p.a.
f. Security Papers - 4,800 metric tons p.a.
g. Printing &
Writings Papers - 4,800 metric tons
p.a.
h. Others - 5,400
metric tons p.a.
Total Investment :
a.
Equity Capital - Rp.
40.0 billion
b. Loan Capital
-
Rp. 47.2 billion
c. Total Investment
- Rp. 87.2 billion
Started Operation
:
July 1986
Brand Name :
PARISINDO PRATAMA
Technical
Assistance :
None
Number of Employee
:
640 persons
Marketing Area :
Domestic
- 30%
Export
- 70%
Main Customers :
a. P.T. WARGA DJAJA (as sole distributor)
b. Overseas Market in Africa, Australia, Bangladesh, China, Hong Kong,
Greece, India, New
Zealand, Pakistan, Philippine,
Papua New Guinea, Singapore, South Korea, Sri Lanka, Saudi
Arabia, Taiwan, Uzbekistan and
Yemen
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH KIAT PULP AND PAPER Tbk
b. P.T. PINDO DELI PULP
& PAPER
c. P.T. SURYA PEMENANG
d. P.T. TJIWI KIMIA Tbk,
etc.
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. Bank of Tokyo – Mitsubishi UFJ
Ltd.
Midplaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
b. CITIBANK
N.A.
Citibank Tower
Jl. Jend. Sudirman Kav. 54-55
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2010 – Rp. 975.0 billion
2011 – Rp. 1,108.0 billion
2012 – Rp. 1,260.0 billion
2013 – Rp. 1,190.0 billion
2014 – Rp. 1,250.0 billion
Net Profit
(estimated) :
2010 – Rp. 83.0 billion
2011 – Rp. 94.0 billion
2012 – Rp. 107.0 billion
2013 – Rp. 101.0 billion
2014 – Rp. 106.0 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Suhardi Budiman
Directors - a. Mr. Stephen Suryadi Budiman
b. Mr. Eric Iskandar
Board of Commissioners :
President Commissioner - Mr. Kusnadi Budiman
Commissioner - Mr. Herman Iskandar
Signatories :
President Director (Mr. Suhardi
Budiman) or one of the Directors (Mr. Stephen Suryadi Budiman or Mr. Eric
Iskandar) which must be approved by the board of commissioner (Mr. Kusnadi
Budiman and Mr. Herman Iskandar)
CAPABILITIES
|
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL PERFOMANCE
|
P.T. PARISINDO PRATAMA (P.T. PP) was established
in Jakarta on 22 November 1983 with the authorized capital of Rp.
4,000,000,000.- of which Rp 400,000,000.- was issued and paid up. The founding
shareholders of the company are Mr. Drs. Motet, an Indonesian businessman of
Chinese extraction and three indigenous businessmen namely Mr. Andi Baso, Mr.
Mustafa Sjewket Salim and Mr. Islam Salim. The articles of association of the
company have frequently been revised. In 1990, whole shares of the company were
sold to P.T. PROSPECT MOTOR and P.T WARGA DJAJA TRADING CORPORATION (P.T. WARGA
DJAJA), both are private companies. Then, the authorized capital was raised to
Rp 25,000,000,000.- entirely issued and paid up.
In April 2008, the authorized capital was
raised again to Rp. 40,000,000,000.- entirely was issued and fully paid
up. Since the time, the shareholders of
the company are PT. PROSPECT MOTOR (82.5%) and P.T. WARGA DJAJA (17.5%). The amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decision Letter No.
AHU-17370.AH.01.02.Tahun 2008 dated 8 April 2008 and No. AHU-AH.01.10-9735
dated 25 April 2008.
The most recently by notarial deed of
Melllyani Noer Shandra, SH., No. 75 dated 12 June 2013 the company’s board of
directors and the board of commissioner was changed. The amendment to Deed has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-26960 dated 3 July 2013. Since then, no changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. PROSPECT MOTOR and P.T. WARGA DJAJA are
members of the IMORA MOTOR Group or the PROSPECT MOTOR Group, a medium sized
company group being led by Mr. Hadi Budiman AKA Ang Kok Ha. On 18 August 2006, Mr. Hadi Budiman died and
since that time the company has been headed by his heirs Mr. Suhardi Budiman
and Mr. Kusnadi Budiman.
P.T. PP has been in operation since 1986
dealing with special paper manufacturing.
Its plant is located in Gunung Putri Village, Citeureup, Bogor, West
Java on a land of 11 hectares producing various special papers such as
glassine, grease proof, carbonless, embossing, computer forms, security papers,
printing and writing papers and others.
Mr. Gunawan, a marketing staff of the company explained that basic
material like pulp is supplied by local company PT. Tanung Enim Lestari and
imported from USA (Central National Gottesman Inc.), Japan (Daishowa Marubeni
International Ltd.), Canada (Cariboo Pulp and Paper Co.) and Sweden (Ekman
& Co. AB).
The annual production of the company has
gradually been increased to 24,000 metric tons of specific papers. In marketing, P.T. PP appointed P.T. WARGA
DJAJA as its sole distributor. Some 70% of
its products are exported to Africa, Australia, Bangladesh, China, Hong Kong,
Greece, India, New Zealand, Pakistan, Philippine, Papua New Guinea, Singapore,
South Korea, Sri Lanka, Saudi Arabia, Taiwan, Uzbekistan and Yemen. Besides, P.T. PP is also dealing with
investment holding by controlling 30% shares of P.T. LINTEC INDONESIA and the
rest is owned by LINTEC CORPORATION of Japan (65%) and P.T. MULTIYASA SWADAYA
(5%). P.T. LINTEC INDONESIA is engaged
in sticker and laminated paper industry.
Whole basic materials are supplied by P.T. PP. Besides marketed in the country, some 50% of
its products are also exported to the above countries. We observed that the operation of P.T. PP and
its subsidiary has been running smoothly and growing gradually.
Generally outlook, the national pulp and
paper industries will be better in 2013 than in 2012. Market estimates of
production and sales will be the norm. Additional capacity will continue price
of pulp is still going up although with a slower rise in pulp price increases
triggered by the low stock of pulp due to the hard efforts of pulp mills to
reduce production, to balance the supply-demand, and the purchase of pulp on a
large scale by China also triggered a rise in pulp prices. Pursuant to Central Bureau of Statistics
(BPS), the exports of paper and paper goods have been fluctuating within the
last five years. According to BPS explained that the total of paper and paper
goods export in 2010 amounted to 4,562.7 thousand tons with value of US$
4,241.7 million, declined to 4,300.9 thousand tons with value of US$ 4,214.4
million in 2011 to 4,229.6 thousand tons with value of US$ 3,972.2 million in
2012 and rose again to 4,297.9 thousand ton with value of US$ 3,802.2 million
in 2013. We believe that the demand for paper and paper goods will still be rising,
but competition is also very tight, because many companies are engaged in
trading and industry of pulp and paper.
Until this time P.T. PP has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of the company
strongly rejected to disclose its financial condition, but we estimated
that the sales turnover of P.T. PP in 2011 reached Rp billion with a net profit of Rp 1,108.0
billion increased to Rp 1,260.0 billion in 2012 declined to Rp. 1,190.0 billion
in 2013 and rose again to Rp. 1,250.0 billion in 2014. The operation in 2014 yielded a net profit at
least Rp. 106.0 billion and the company have an estimated total net worth of
Rp. 680.0 billion. Its sales turnover
projected to rising at least by 6% in 2015.
So far we did not hear that the P.T. PP has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court. The company usually pays its debts punctually to suppliers.
The management of P.T. PP is headed by Mr.
Suhardi Budiman (57) as President Director and CEO of the company. He is a businessman with more than 23 years
experience in the above business. He is
the second generation of the IMORA Group, a medium sized company group starting
its business in selling and assembling of HONDA cars in Indonesia. Daily operation he is assisted by Mr. Stephen
Suryadi Budiman (31) and Mr. Eric Iskandar (30), both as directors respectively
and a number of professional managers having wide relation with private
businessmen of home and overseas as well as with the government sectors. We
observed that management’s reputation in said business is fairly good. So far,
we did not hear that the company’s management involved in a dirty business
practice or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. PARISINDO
PRATAMA is sufficiently good for normal business transaction.
List of The IMORA
MOTOR Group or
The IMORA Group
Members
1.
ALGA JAYA RAYA, P.T. (Spring Bed
Manufacturing Industry)
2.
ANDARILLA PLASTIC, P.T. (Plastic Bottle
Manufacturing)
3.
ANZEN PAKARINDO, P.T. (Brake Lining and Brake
System Distribution)
4. ARTA AMAN KUAT, P.T. (Trading)
5.
ARTARINDO, P.T. Asuransi (General Insurance
Services)
6.
BALIMORE FINANCE, P.T. (Leasing)
7.
BUDIMAN SEJAHTERA DEVELOPMENT, P.T. (Office
Block Rental Management)
8.
BUMI ARTA REKSATAMA, P.T. Asuransi Jiwa (Life
Insurance Services)
9. BUMI ARTA, P.T. Bank (Banking)
10. CENTURY
FILAMENT INDONESIA, P.T. (Man Made Fibre Making)
11. CENTURY
LIFINDO PERDANA, P.T. (Life Insurance Services)
12. CENTURY
TEXTILE INDUSTRY Tbk., P.T. (Integrated Textile Milling)
13. CHEMCO
HARAPAN NUSANTARA, P.T. (Brake System Manufacturing)
14. DAIKIN
INDONESIA, P.T. (Air Conditioner Assembling and Distribution)
15. DUNIA
EXPRESS TRASINDO, P.T. (Trading and Export-Import)
16. DUTA
NICHIRINDO PRATAMA, P.T. (Automotive Parts Manufacturing)
17. DUTA
WARGA DJAJA, P.T. (Developer and Real Estate Management)
18. EASTERNTEX,
P.T. (Integrated Textile Milling)
19. FLEX
INDONESIA, P.T. (Garment Manufacturing)
20. GADING
PRIMA AUTOLAND, P.T. (Car Distribution, Part and Component and Service Station)
21. HONDA
PROSPECT ENGINE MANUFACTURING, P.T. (Car Engine Assembling)
22. IMORA
HONDA INC., P.T. (Car and Motorcycle Component Manufacturing, Fire Engines and
Generator Set Manufacturing)
23. IMORA
MAKMUR, P.T. (Investment Holding Sole Agent and Distributor)
24. IMORA
MOTOR, P.T.
25. INDONESIA
PHENOLIC RESIN INDUSTRIAL, P.T. (Phenolic Resin Industry)
26. INDOPHERIN
JAYA, P.T. (Phenolic Resin Manufacturing)
27. INTISENTOSA
ALAMBAHTERA, P.T. (Port Management)
28. ISTANA
BANDUNG RAYA MOTOR, P.T. (Dealer of HONDA Automobiles)
29. ISTANA
CARINDO, P.T. (Dealer of HONDA Automobiles, Parts Centre & Service Station)
30. ISTANA
DELI KENCANA, P.T. (Dealer of HONDA Automobiles, Showroom, Parts Centre &
Service Station)
31. ISTANA
KEBAYORAN RAYA MOTOR, P.T. (Car Distribution)
32. ISTANA
KEMAKMURAN MOTOR, P.T. (Car Distribution)
33. ISTANA
MOBIL AMBENGAN INDAH, P.T. (Honda Automobiles Dealer, Showroom, Parts Centre
& Service Station)
34. ISTANA
PLUIT RAYA MOBIL, P.T. (Honda Automobiles Authorized Dealer)
35. JAVAMETE
INDUSTRI, P.T. (Cashew Nut Oil Processing)
36. KANEMATSU
TRADING INDONESIA, P.T. (Trading)
37. KGD
INDONESIA, P.T. (Manufacturing of Car Parts and Components)
38. LINTEC
INDONESIA, P.T. (Paper Laminating Industry)
39. MAZDA
INDONESIA MANUFACTURING, P.T. (Car Engine and Component Assembling)
40. MERCU
GRAMARON, P.T. (Granite, Marble and Onyx Industry)
41. MULIA
COLLMAN INTERNATIONAL, P.T. (Sport and Recreation Centre)
42. MULIA
DIPTA JAYA, P.T. (Golf Course Management and Investment Holding)
43. NIKAWA
TEXTILE INDUSTRY, P.T. (Integrated Textile Industry)
44. PACIFIC
DUARIBU INVESTINDO, P.T. (Stock Brokerage)
45. PARISINDO PRATAMA, P.T. (Paper Factory)
46. PROSPECT
MOTOR, P.T. (Honda Car Assembling and Investment Holding)
47. PROSPECT
PANESIA TOUR, P.T. (Travel Agency and Tourism Industry)
48. SARANA
BERSAMA PEMBIAYAAN INDONESIA, P.T. (Holding & Investment Company of
Collective Indonesian Banks in the Asean Finance Corp., of Singapore)
49. SUMI
ASIH, P.T. (Olechemical Industry)
50. SUMI-INDO
WIRING SYSTEMS, P.T. (Wiring Harness and Electrical Cable Manufacturing)
51. TIRTA
GRAHA PURNAMA, P.T. (Plastic Bottle Manufacturing)
52. WARGA
DJAJA, P.T. (Trading and Investment Holding)
53. WARGA
PONDASINDO PERKASA (Real Estate Development and Contracting)
54. WISNU TJANDRA, P.T. (Trading)
55. WUNGU
AGUNG, P.T. (Trading)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.