|
Report No. : |
355172 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUTRA PRIMA
SENTOSA |
|
|
|
|
Registered Office : |
Jalan
Pandan Landung 44, Gadingkasri, Klojen, Malang, 65115, East Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
24.11.2008 |
|
|
|
|
Com. Reg. No.: |
AHU-12016.AH.01.02.TH.2013 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Asbestos (Fiber)
Cement Sheet Manufacturing |
|
|
|
|
No. of Employees : |
350 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
BASIC SEARCH
|
Name
of Company :
P.T.
PUTRA PRIMA SENTOSA
A
d d r e s s :
Head Office & Factory
Jalan
Pandan Landung 44
Gadingkasri,
Klojen
Malang,
65115
East
Java
Indonesia
Phones -
(62-341) 582436, 582437, 580567
Fax - (62-341) 589197
Land Area - 18,000 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
24
November 2008
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-03060.AH.01.01.TH.2009
Dated 14 January 2009
- No. AHU-12016.AH.01.02.TH.2013
Dated 11 March 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.785.172.4-654.000
Related
Companies :
a. P.T. SHICA JAYA SENTOSA (Calcium Silica Board
Manufacturing)
b. P.T. SURYA ADI MAS (Corrugated Asbestos
Cement Roofing Manufacturing)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
50,000,000,000.-
Issued
Capital :
Rp. 21,500,000,000.-
Paid
up Capital :
Rp. 21,500,000,000.-
Shareholders/Owners
:
a. Mr. Andiyanto Adiseputro -
Rp. 10,750,000,000.-
Address : Jl. Pahlawan Trip A-4, T. 001 RW. 010
Kelurahan Oro-oro Dowo, Kecamatan Klojen
Malang, East Java, Indonesia
b. Mrs. Dr. Lucia Florawati -
Rp. 6,450,000,000.-
Address :
Jl. Pahlawan Trip A-4, T. 001 RW. 010
Kelurahan Oro-oro Dowo, Kecamatan Klojen
Malang, East Java, Indonesia
c. Mr. Daniel Adiseputro -
Rp. 2,150,000,000.-
Address : Jl. Pahlawan Trip A-4, T. 001 RW. 010
Kelurahan Oro-oro Dowo, Kecamatan Klojen
Malang, East Java, Indonesia
d. Mr. Fernando Adiseputro -
Rp. 2,150,000,000.-
Address :
Jl. Pahlawan Trip A-4, T. 001 RW. 010
Kelurahan Oro-oro Dowo,
Kecamatan Klojen
Malang, East Java, Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Asbestos (Fiber)
Cement Sheet Manufacturing
Production Capacity :
a. Corrugated Asbestos
Cement Roofing - 200,000 sheets per month
b. GRC Board
(Lisplank) -
200,000 sheets per month
Total Investment :
Owned Capital - Rp. 50.0
billion
Started Operation :
2010
Brand Name :
ADIMAS and KLASIK
Technical Assistance
:
None
Number of Employee :
350 persons
Marketing Area :
Local - 100%
Main Customer :
Building material
traders and distributors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BANGUN
PERKASA ADHITAMA
b. P.T. DJABESMEN
c. P.T. ETERNIT
GRESIK
d. P.T. KNAUF GYPSUM
INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan
Jend. Basuki Rachmat 70-74
Malang,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 128.6 billion
2013
– Rp. 135.8 billion
2014
– Rp. 146.7 billion
Net
Profit (estimated) :
2012
– Rp. 10.2 billion
2013
– Rp. 11.0 billion
2014
– Rp. 12.6 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
Director - Mr. Rofik Budijanto
Board of Commissioners :
Commissioner - Mr. Andiyanto Adiseputro
Signatories :
Director (Mr.
Rofik Budijanto) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Based on search and investigation results the correct address
of the Subject is located Jalan Pandan Landung 44, Gadingkasri, Klojen, Malang,
East Java not Jalan Margomulyo Indah 3 Block C No. 9, Malang, 60186, East Java
as stated in your order ref. no. 355172 dated 14 December 2015.
P.T. PUTRA PRIMA SENTOSA (P.T. PPS) was incorporated in
Malang, East Java based on notary deed Mr. Junjung Handoko Limantoro, SH., no.
70 dated 24 November 2008 with an authorized capital of Rp. 10,000,000,000
issued capital of Rp. 6,750,000,000 entirely paid up. The founding and
shareholders of the company are Mr. Andiyanto Adiseputro, his wife Mrs. Dr.
Lucia Florawati and his sons Mr. Daniel Adiseputro and Mr. Fernando Adiseputro,
they are Indonesian business family o f Chinese extraction. Its article of
association had been changed and according to revision of notary deed Mr.
Junjung Handoko Limantoro, SH., no. 42 dated 12 December 2012 the company
authorized capital was increased to Rp. 50,000,000,000 issued capital to Rp.
21,500,000,000 entirely paid up. With this development the composition of its
shareholders has been changed to become Mr. Andiyanto Adiseputro (50%), Mrs.
Dr. Lucia Florawati (30%), Mr. Daniel Adiseputro (10%) and Mr. Fernando
Adiseputro (10%).
The revision of notary documents was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-12016.AH.01.02.TH.2013 dated March 11, 2013.
P.T. PPS is a national private company started with
operating since 2010 engaged in the field of asbestos cement sheet
manufacturing. Its plants located at Jalan Pandan Landung 44, Gadingkasri,
Klojen, Malang, East Java standing on a land of 18,000 sq. meters. The company
produces of corrugated asbestos cement roofing and GRC board (lisplank) by
using ADIMAS fiber cement and KLASIK brands. The whole basic materials in the
form of cement from P.T. SEMEN GRESIK Tbk and asbestos from P.T. CHEMICAL ANEKA
INDUSTRY both are located in East Java. P.T. PPS as a manufacturer of asbestos
and boards (plywood substitute) was able to seize the market in most of East
Java, Indonesia even as Bali and Lombok. With a production capacity of 8,000
sheets per day, then it is worth asbestos with ADIMAS and KLASIK brands able to
compete with such major producers Bakri, Jabesmen, Atrisco.
For asbestos P.T. PPS can produce corrugated asbestos
cement roofing 200,000 sheets and GRC board 200,000 sheets respectively per
month. Mr. Rofik Budijanto, Director P.T. PPS said, for raw materials during
2010 there were no significant problems. No increase in raw material prices, it
is still stable explains Rofiq Budijanto, and the whole products marketed in
East Java, Central Java, Bali, Lombok, South Sulawesi and Jakarta through
building materials distributors. The products distributes by P.T. WAHANA BANGUN
PERKASA in Bekasi, West Java; C.V. BINTANG MUTIARA TRUSS in Yogyakarta and
others. We observe P.T. PPS is a medium-sized company of its kinds in the
country with operation had been growing and running smoothly in the last three
years.
The demand for building material has kept on rising in
the last five years in line with the growth and developed of property, real
estate and others in the country. Based on the forecast from some economists,
Indonesia’s economic growth in 2015 is still challenging. Bank Indonesia has
decided to maintain the BI Rate at 7.75% based on the evaluation of the 2015
economic outlook. This is also in line with the efforts to steer inflation
around 4% by 2015, while supporting the control of the current account deficit
to a more healthy level. The Rupiah currency is predicted to be in the average
range of Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that
Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above
conditions indicate that in general, Indonesia’s economic condition is not growing
optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has
predicted the following 2015 global economic challenges which cover; uncertain
global economy triggered by either economic downturn or economic crisis in many
countries; the risk caused by the fluctuating global commodity prices,
especially the raw oil price; commitment to support the ASEAN Economic
Community (AEC); and implementation of the global development agenda post 2015.
Meanwhile, the forecasted 2015 domestic economic challenges will cover: An
increase in the slowing down of economic growth; risk in the domestic financial
market; imbalanced payment balance sheet; and reduced social gap. This
condition potentially impacts both the industry and the market in which P.T.
SJS is engaged. It is estimated that industrial growth equal to or less compared to the previous year.
Until this time P.T. PPS has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. PPS is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2012 amounted to Rp. 128.6 billion increased to Rp. 135.8 billion in 2013 rose to Rp. 146.7 billion in 2014 and projected to go on rising by at least 5% in 2015.
The operation in 2014 yielded an estimated net profit of
at least Rp. 12.6 billion and the company has an estimated total networth of at
least Rp. 50.0 billion. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia). The company usually pays its
debts punctually to suppliers.
The management of P.T. PPS is led by Mr. Rofik Budijanto
(46) a professional manager with experience in asbestos cement sheet
manufacturing. The company's management is handled by professional staff in the
above business. They have wide relations with private businessmen within and
outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. P.T. PUTRA PRIMA SENTOSA
is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
Rupiah |
1 |
Rs.0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
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.