|
Report No. : |
309891 |
|
Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. NINDYABINA
ABADISENTOSA |
|
|
|
|
Registered Office : |
Jalan Mojopahit No. 27, Surabaya 60264, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
12.07.2000 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-37298 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading
and Export of Gum Resin, Gum Copal, Turpentine Oil and Seed Lac. |
|
|
|
|
No. of Employees : |
10 Person |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. The government
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
Name
of Company :
P.T. NINDYABINA ABADISENTOSA
A
d d r e s s :
Head Office
Jalan
Mojopahit No. 27
Surabaya
60264
East
Java
Indonesia
Phones -
(62-31) 5683580, 5680789, 5685043
Fax
- (62-31) 5680821
Building Area - 2 storey
Office Space -
500 sq. meters
Region -
Commercial
Status -
Rent
Date
of Incorporation :
a.
6 April 1990 as P.T. NINDYABINA ADISARANA
b.
12 July 2000 as P.T. NINDYABINA ABADISENTOSA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-486.HT.01.01.TH.92
Dated 17 January 1992
- No. C-UM.02.01.3562
Dated 6 March 2006
- No. AHU-28455.AH.01.02.TH.2009
Dated 25 June 2009
- No. AHU-AH.01.10-37298
Dated 21 November 2011
Company
Status :
National
Private Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 01.941.509.0-607.000
Related
Companies :
a.
P.T. MILATRONIKA KARYANIAGA (Trading,
Distribution and Export of Gum Resin, Gum
Copal, Turpentine Oil and Seed Lac)
b. P.T. MILATRONIKA KARYANIPAH SETIABADI
(General Trading and Export Services)
Capital
Structure :
Authorized
Capital : Rp.
350,000,000.-
Issued
Capital :
Rp. 105,000,000.-
Paid
up Capital :
Rp. 105,000,000.-
Shareholders/Owners
:
a. Mr. Franciscus Budhi Santoso
Suwandi Putra - Rp. 81,375,000.-
Address : Jl, Pakis Argosari 4/4
Surabaya, East Java
Indonesia
b. Mr. Ir. Mahamadaru -
Rp. 5,250,000.-
Address : Jl. Ketintang Baru 14/11
Surabaya, East Java
Indonesia
c. Mr. Djoko Soeprijono -
Rp. 5,250,000.-
Address : Jl. Petemon 4/134
Surabaya, East Java
Indonesia
d. Mr. Taufan Sandjaja -
Rp. 5,250,000.-
Address : Jl. Kaliasin 5/9
Surabaya, East Java
Indonesia
e. Mr. Bambang Triatmodjo - Rp. 5,250,000.-
Address : Jl.
Indra Giri V/1 Kav. 50
Malang,
East Java
Indonesia
f. Mr. Irwan Syafrani -
Rp. 2,625,000.-
Address : Jl. Lidah Harapan Block V-1
Surabaya, East Java
Indonesia
Lines
of Business :
Trading
and Export of Gum Resin, Gum Copal, Turpentine Oil and Seed Lac
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1992
Brand
Name :
Nindyabina
Abadisentosa
Technical
Assistance :
None
Number
of Employee :
10
persons
Marketing
Area :
Export
- 100%
Main
Customers :
a.
Distributors such as ARAKAWA Corp., and MITSUI Corp., both are from Japan
b.
Buyers in Singapore, India, Pakistan, Japan, Australia, Europe Union, the USA,
Middle East etc
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ALAM JAYA LOKA
b. P.T. DUTA PERMATA MURNI
c. P.T. ISPAK
d. P.T. MILATRONIKA KARYANIAGA
e. P.T. PERHUTANI ANUGERAH KIMIA
Business
Trend :
Growing
B a n k e r s :
a.
P.T. Bank RAKYAT INDONESIA Tbk
Jalan Rajawali No. 25-27
Surabaya, East
Java
Indonesia
b.
P.T. Bank PAN INDONESIA Tbk
Jalan Coklat No. 16
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 17.3 billion
2013
– Rp. 19.5 billion
2014
– Rp. 21.0 billion
Net
Profit (estimated) :
2012
– Rp. 1.2 billion
2013
– Rp. 1.4 billion
2014
– Rp. 1.6 billion
Payment
Manner :
Almost
Promptly
Financial Comments :
Satisfactory
Board
of Management :
President Director - Mr. Djoko Soeprijono
Directors -
a. Mr. Ir. Mahamadaru
b. Mr. Bambang Triatmodjo
c. Mr. Ir. Bambang WSS
Board
of Commissioner :
President Commissioner - Mr. Fransciscus Budhi
Santoso Suwandi Putra
Commissioner - Mr. Taufan Sandjaja
Signatories :
President
Director (Mr. Djoko Soeprijono) or one of the Directors (Mr. Ir. Mahamadaru,
Mr. Bambang Triaatmodo or Mr. Ir. Bambang WSS) which must be approved by Board
of Commissioners
Management
Capability :
Good
Business
Morality :
Good
According to our investigation that initially P.T.
NINDYABINA ABADISENTOSA address located and address registered at Jalan Raya
Darmo No. 92 (Perum Perhutani), Surabaya, as stated in your order Ref. No. 891757845
dated 12 February 2015. However as from April 2011 the address was moved into
new address Jalan Mojopahit No. 27, Surabaya, East Java.
Originally named P.T. NINDYABINA ADISARANA, the company
was established in Jakarta in April 1990 with an authorized capital of Rp.
200,000,000 of which Rp. 40,000,000 was issued and paid up. The company was
founded by Mr. Fransiscus Budhi Santoso Suwandi Putra and Mrs. Budiati
Indarnanto, both Indonesians of Chinese extraction, as the original
shareholders. The company's notary deed was since revised a couple of times. In
March 1991 Mr. Ir. Deni Pasha, also an Indonesian of Chinese extraction, joined
the company as a new shareholder, on which occasion the issued and paid up
capital was increased to Rp. 60,000,000. In the end 1999 the company's entire
shares were taken over by Mr. Fransiscus Budhi Santoso Suwandi Putra. Then in
July 2000 the company's name was changed to P.T. NINDYABINA ABADISENTOSA (P.T.
NAS) and its legal domicile was moved to Surabaya (East Java). Then in February
2006, Mr. Djoko Soeprijono, Mr. Taufan Sandjaja, Mr. Raden Mas Agung Tjahyono,
Mr. Irwan Syafrani, Mr. David Reodijanto and Mr. Bambang Triatmodjo joined the
company as new shareholders.
Concurrently the authorized capital was raised to Rp.
350,000,000 issued capital to Rp. 105,000,000 entirely paid up. With this
development the composition of its shareholders has been changed (see profile
of this report). The deed of amendment was made by Mr. Triwinarno, SH, M.K.,
No. 06 and approved by the Ministry of Law and Human Right in its Decision
Letter No. C-UM.02.01.3562, dated March 6, 2006. Then based on notary deed of
Mrs. Felicia Imantaka SH., No. 63 dated April 27, 2009 the board of directors
and the board of commissioners reappointed to lead and runs of the company’s
operation (see profile of this report). The revision of notary documents was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-28455.AH.01.02.TH.2009 dated June 25, 2009. Then according to the latest
revision of notary documents of Mrs. Felicia Imantaka, SH., No. 69 dated 20
September 2011 Mr. David Roedijanto and Mr. Raden Mas Agung Tjahyono withdrew
and the whole shares sold to Mr. Fransiscus Budhi Santoso Suwandi Putra. With
this time the composition of its shareholders has been changed to become Mr.
Franciscus Budhi Santoso Suwandi Putra (77.5%), Mr. Ir. Mahamadaru (5%), Mr.
Djoko Soeprijono (5%), Mr. Taufan Sandjaya (5%), Mr. Bambang Triatmodjo (5%)
and Mr. Irwan Syafrini (2.5%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-37298
dated November 21, 2011.
We observe that Mr. Fransiscus Suwandi Putro is also the
majority business stakes owner of P.T. MILATRONIKA KARYANIAGA which operates in
trading, distribution and export of gum resin, gum copal, and turpentine oil,
and P.T. MELATRONIKA KARYANIPAH SETIAABADI which operates in general trading
and export.
P.T. NAS has been in operation since 1991 in trading,
distribution and export of forestry industry products like gum resin, gum
copal, turpentine oil and seed Lac. The company has been appointed jointly with
its sister company P.T. MILATRONIKA KARYANIAGA as distributor of the above
products by Perum PERHUTANI is a state-owned forest enterprises in Indonesia.
Mr. Ir. Mahamadaru, the company's director, said the main products now being
marketed by P.T NAS are gum resin and turpentine oil. At present P.T. NAS and
P.T.MILATRONIKA KARYANIAGA have been given a gum resin allocation of about
30-40 containers of 20 feet (app. 568 tons) per month or some 6,800 tons per
year, 45-50 tons of turpentine oil per month, 24 tons of seed Lac per month and
15 tons of gum copal per three months.
But in reality in the case of gum copal and seed Lac no supplies are
obtained from Perum PERHUTANI in last one year.
Mr. Bambang WSS, is also director of the company explained that the above products are entirely exported either directly by the company or through foreign trading houses to several countries in Asia, Europe and America, including Japan, India, Pakistan, Italy, Germany, the Netherlands, the UK, Columbia, Ecuador and Mexico either directly or through a foreign trading house. Some of the company's buyers in Japan include ARAKAWA Corporation and MITSUI Corp. Currently the company's gum resin is marketed at the average price of US$ 815 - US$ 940 per ton and turpentine oil at the average price of US$ 1,100 - US$ 1,200 per ton. Sales are either in cash or on 14 - 30 days credit upon receipt of goods. We find that on the whole the operations of P.T. NAS have been growing in the last three years and have been much dependent on supplies from Perum PERHUTANI, either Unit I (Central Java), Unit II (East Java) or Unit III (West Java). In 2007 P.T. NAS was able to export just 1,250 tons of gum resin increased to 1,400 tons in 2009, 1,620 tons in 2010 and 1,780 tons in 2011. We observe that operation of P.T. NAS has been growing slowly in the last three years.
We note that generally the domestic and international
market demand for gum resin, turpentine oil, gum copal and other Indonesian
forestry industry products has been rising in the last several years in line
with the growing production of paint, thinner, cosmetics and other consumer
industry products. But domestic production limitations have caused foreign
buyer needs to be unfulfilled sometimes. The following Indonesian turpentine
production figures will serve as an indicator. According to the Department of
Industry and Trade, turpentine production in 2002 was registered at 13,175.0
tons, falling sharply to 8,975.0 tons in 2003, rising again to 10,294.0 tons in
2004 and to 13,700.0 tons in 2005, before dropping again to 7,633.0 tons in
2006 and rose again to 9,260.0 tons in 2007. Meanwhile the production of turpentine
oil in 2008 reached at 12,800 tons rose to 14,900 tons in 2009 and 16,532 tons
in 2010. The demand is projected to go on rising by at least 6% per year in the
next five years. Meanwhile, competition is very heavy in the forestry product
business on account of the many companies now operating in this business line
in the country, one being P.T. ALAM JAYA LOKA. P.T. NAS is a slightly difficult
position in the above business for being essentially dependent on limited
rationing by Perum PERHUTANI, which is also the case with other comparable
companies.
Until this time P.T. NAS has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. NAS 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. 17.3 billion
increased to Rp. 19.5 billion in 2013 rose again to Rp. 21.0 billion in 2014
and projected to go on rising by at least 5% in 2015. The company has yielded a
net profit at least Rp. 1.6 billion and the company has an estimated total net
worth of at least Rp. 2.9 billion. We observe that P.T. NAS is supported by the
businessmen with has financially fairly strong and sound behind it. So far, we
did not heard that the company having been black listed by the Central Bank
(Bank Indonesia).
The company is led by Mr. Djoko Soeprijono (59), as
president director with has experienced for more than 19 years in the field of
trading and export of gum resin, gum copal, turpentine oil and seed Lac. In
daily activities, he is assisted by three directors namely Mr. Ir. Mahamadaru
(50), Mr. Bambang Triatmodjo (46) and Mr. Ir. Bambang WSS (66). 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. NINDYABINA ABADISENTOSA is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.96.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.