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Report No. : |
335163 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. ADYABINA PUTRAMAS |
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|
|
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Registered Office : |
Puri Niaga III Office Complex Blok M8 No. 3K-3L Jalan Puri Kencana,
Kembangan Jakarta Barat 11610 |
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|
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Country : |
Indonesia |
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Date of Incorporation : |
22.05.1990 |
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Com. Reg. No.: |
No. AHU-AH.01.10-42256 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export-Import and Distribution of Chemicals and Engineering
Plastic Resin |
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No. of Employee : |
32 persons |
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 : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
Name of Company :
P.T. ADYABINA
PUTRAMAS
Address :
Head Office
Puri Niaga III Office Complex Blok M8 No. 3K-3L
Jalan Puri Kencana, Kembangan
Jakarta Barat 11610
Indonesia
Phones - (62-21) 5830 3508
(hunting)
Fax. - (62-21) 5830 3504, 5830 3560
Email - marketing@adyabinac.o.id
Building Area - 3 storey
Office Space - 210 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
:
22 May 1990
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-18229.HT.01.01.TH.1994
Dated 13 December
1994
b. No. C2-13120.HT.01.01.TH.1998
Dated 07 September
1998
c. No. AHU-31768.AH.01.02.Tahun 2010
Dated 22 June 2010
d. No. AHU-AH.01.10-42256
Dated 29 November 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.548.108.8-038.000
Related/Affiliated
Companies :
a. P.T. ADYABINA PUTRAMAS LESTARI INVESTAMA (Investment Holding)
b. P.T. BINTANGMAS PERMAIUTAMA (General Trading)
c. P.T. BINTANGMAKMUR SECURINDO (Stock Exchange Brokerage)
Capital Structure
:
Authorized Capital - Rp.
6,000,000,000.-
Issued Capital - Rp.
4,000,000,000.-
Paid up Capital - Rp.
4,000,000,000.-
Shareholders/Owners
:
a. PT. Adyabina
Putramas Lestari Investama - Rp.
3,920,000,000 (98%)
Address : Rukan Puri Niaga II
M.8/3K
Kembangan Selatan
Jakarta Barat
b. Mr. Sartono Suhadi -
Rp. 80,000,000 ( 2%)
Address :
Jl. Alaydrus No. 29 B
Petojo Utara
Jakarta
Pusat
Lines of Business
:
Trading, Export-Import and Distribution of Chemicals and Engineering
Plastic Resin
Sole Agent and
Distributor for :
a. BAYER, Polycarbonate of German
b. KOTEC, Polycarbonate of Japan
c. RHODIA, Polyamide 6/6 of France
d. LANXESS, Polyamide 6 of Germany
e. ZIG SHENG, Polyamide of Taiwan,
f. TICONAL, POM of the USA
g.. KEPITAL, POM of Korea
h. TICONA, PPS of the USA
I. BASF, Pesu of Germany. Etc.
Total Investment :
None
Started Operation
:
1 9 9 1
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
32 persons
Marketing Area :
Local - 100%
Main Customers :
a. Plastic Injection Molding companies
b. Other corporate and individuals
Market Situation :
Very Competitive
Business Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI Kota 46
Jl. Jend. Sudirman Kav. 1
South Jakarta
b. P.T. Bank CIMB NIAGA Tbk
Jl. Sukardjo Wiryopranoto No. 9
Central Jakarta
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total
Income/Revenues (estimated) :
2011 – Rp. 57.0 billion
2012 – Rp. 62.0 billion
2013 – Rp. 56.0 billion
2014 – Rp. 48.0 billion
Net Profit (Loss)
:
2011 – Rp. 3.8 billion
2012 – Rp. 4.0 billion
2013 – Rp. 3.7 billion
2014 – Rp. 3.2 billion
Payment Manner :
Average
Financial Comments
:
Fairly strong
Board of Management :
President Director - Mr. Sumarno Suhadi
Director - Mrs. Melinda Peggy Darwin
Board of Commissioner :
Commissioner -
Mr. Sartono Suhadi
Signatories :
President Director (Mr. Sumarno Suhadi)
or Director (Mrs. Melinda Peggy Darwin) which must be approved by Board of
Commissioner (Mr. Sartono Suhadi)
Management Capability :
Good
Business Morality :
Good
P.T. ADYABINA PUTRAMAS (P.T. AP) was established in Jakarta on May 22,
1990 with an authorized capital of Rp. 100,000,000.- of which Rp. 20,000,000.-
was issued and fully paid up. The founding shareholders of the company are Mr.
Sumarno Suhadi (40%), Ms. Melinda Peggy Darwin (30%) and Mr. Sartono Suhadi
(30%), They are Indonesian business
persons of Chinese extraction. The Deed
of establishment was approved by the Minister of Law and Human Rights through
Decision Letter No.C2-18229.HT.01.01.TH.1994 dated December 13, 1994. The
Company’s article of association has been amended for several times. In April 1998, the authorized capital was raised
to Rp. 400,000,000.- of which Rp. 100,000,000.- was issued and fully paid up. The amendment to Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. C2-13120.HT.01.04.TH.98 dated September 7, 1998.
The most recently by notarial deed of Maria Rahmawati Gunawan, SH., No.
024 dated October 29, 2012 the authorized capital was raised again to Rp.
6,000,000,000.- of which Rp. 4,000,000,000.- was issued and fully paid up. Since then, the shareholders of the Company
are P.T. ADYABINA PUTRAMAS LESTARI INVESTAMA (98%) and Mr. Sartono Suhadi (2%).
The amendment to Deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. AHU-AH.01.10-42256 dated November 29, 2012. Since then, no changes have
been effected in term of its shareholding composition and capital structures.
P.T. AP had been operating since 1991 in the trading and distribution of
chemicals and engineering plastic resins such as; polycarbonates, polyamide,
Polyoxymethlene (POM), Polyphenylene Sulfide (PPS), Polysulfone (PSU), PBT,
ABS/SAN, TPE, Mold Release and others. Mrs. Susanti, a marketing staff of P.T.
AP said the company is a representative agent for some of the above products
like Polycarbonate (Bayer Germany and Kotec Japan), Polyamide 6/6 (Rhodia
France), Polyamide 6 (Lanxess Germany and Zig Sheng Taiwan), POM
(TiconaUSA and Kepital Korea), PPS (Ticona USA), PESU (Basf Germany), PBT (Lanxess Germany and
LG Korea), ABS/SAN (Lneos British and LG Korea), TPE (Stellar Chem Malaysia),
Mold Release (Chem Trend USA), etc. She
said further that the products are sold to automotive industries, plastic
industries, electric and electronic home appliance industries and consumer
goods industries spread over many cities in the country like Jakarta, West
Java, East Java, Central Java and North Sumatra. We observed that P.T. AP is classified as a
medium sized company of its kind in the country of which the operation decrease
in the last three years.
Generally, the demand for chemical and engineering plastic resin
products in the country had significantly rising by 8% to 10% per year in the
last five years, in line with the growth of automotive industries, electric and
electrical industries and consumer goods industries. According to the Indonesia Car Manufacturers
Association (GAIKINDO) explained that the total of car sales in 2007 amounted
to 434 thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in
2009. The total of car sales in 2010
rose again to 765 thousand units to 894 thousand units in 2011 to 1,116
thousand units in 2012 to 1,230 thousand units in 2013 and dropped to 1,208
thousand units in 2014. The growth of
car and motorcycle sales in Indonesia in 2007 to 2014 is pictured on the
following table:
|
Year |
Domestic Car
Sales (‘000 units) |
Domestic
Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
|
2013 |
1,230 |
7,744 |
|
2014 |
1,208 |
7,867 |
Source: GAIKINDO and the Indonesian Motorcycle Manufacturer Association
(AISMI)
Until this time P.T. AP has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. P.T. AP’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2012 amounted of Rp. 62.0 billion declined to Rp. 56.0 billion in 2013 and
dropped again to Rp. 48.0 billion in 2014.
The operation in 2014 yielded an estimated net profit at least Rp. 3.2
billion and the company has an estimated total net-worth at Rp. 15.0
billion. It is projected that total
sales turnover of the company will decrease again at least 6% in 2015. So far we did not hear that the P.T. AP has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management of the company is led by Mr. Sumarno Suhadi (51) as
President Director and CEO of the company.
In daily activities he is assisted by Mrs. Melinda Peggy Darwin (51) as
Director. They have close relations with
many high-ranking government officials as well as with private businessmen
within and outside the country. So far, we did not hear that the company’s
management involved in the business malpractices 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.
Considering the operation of P.T. AP declined in the last two years and
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
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.