|
Report No. : |
324128 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WONGSO
PAWIRO |
|
|
|
|
Registered Office : |
Jalan
Pattimura No. 3, Kecamatan Siantar Timur, Pematang Siantar, North Sumatra |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
08.01.1985 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-31909 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of
Clove Cigarette. |
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|
|
|
No. of Employees : |
420 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 |
|
Status : |
Satisfactory |
|
|
|
|
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 |
|
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. 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 |
Name
of Company :
P.T. WONGSO PAWIRO
A
d d r e s s :
Head Office & Factory
Jalan
Pattimura No. 3
Kecamatan
Siantar Timur, Pematang Siantar
North
Sumatra
Indonesia
Phones - (62-622)
52981, 52982
Fax - (62-622) 50410, 51849
Land Area - 15,000 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
8
January 1985
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-10633 HT.01.04.TH.94
Dated 11 July 1994
- No. C-3849 HT.01.04.TH.99
Dated 9 March 1999
- No. AHU-54321.AH.01.02.TH.2008
Dated 25 August 2008
- No. AHU-AH.01.10-31909
Dated 31 July 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.229.309.8-117.000
Related
Company :
A
Member Company of the STTC Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued
Capital : Rp. 252,000,000.-
Paid
up Capital :
Rp. 252,000,000.-
Shareholders/Owners
:
a. Mr. Sendi Bingei Purba Siboro AKA
Ng Ti Sen - Rp. 84,000,000.-
Address :
Jl. Sutomo No. 341/343
Pematang Siantar, North Sumatra
Indonesia
b. Mr. Edwin Bingei Purba Siboro AKA
Ng Ti Boon - Rp. 84,000,000.-
Address : Jl. Sutomo No. 341/343
Pematang Siantar, North Sumatra
Indonesia
c. Mr. Timin Bingei Purba Siboro AKA
Ng Ti Hin - Rp. 84,000,000.-
Address :
Jl. Batang Kuis No. 10 BB
Medan, North Sumatra
Indonesia
Lines of Business :
Clove Cigarette
Manufacturing
Production Capacity :
Clove Cigarettes - 226,800,000
sticks p.a.
Total Investment :
Owned Capital - Rp. 5.0
billion
Started Operation :
1986
Brand Name :
PANAMA
Technical Assistance
:
None
Number of Employee :
420 persons
Marketing Area :
Local - 100%
Main Customer :
Cigarette distributors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DJARUM
b. P.T. GUDANG GARAM Tbk
c. P.T. HANDJAYA MANDALA SAMPOERNA Tbk
d. P.T. LESTARIPUTRA WIRASEJATI, Etc
Business Trend :
Growing
B a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk
Pematang Siantar Main Branch
North Sumatra
Indonesia
b.
P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 25
Medan, North Sumatra
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 30.0 billion
2013
– Rp. 34.0 billion
2014
– Rp. 39.0 billion
Net
Profit (estimated) :
2012
– Rp. 2.0 billion
2013
– Rp. 2.3 billion
2014
– Rp. 2.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ian
Director -
Mr. Njio Tjang Tjin
Board of Commissioners :
President Commissioner - Mr. Timin Bingei Purba
Siboro AKA Ng Ti Hin
Commissioners - a. Mr. Edwin Bingei Purba Siboro AKA
Ng Ti Boon
b. Mr. Sendi Bingei Purba Siboro AKA Ng Ti
Sen
Signatories :
President
Director (Mr. Ian) or the Director (Mr. Njio Tjang Tjin) which must be approved
by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. WONGSO PAWIRO (P.T. WP) was established in Pematang
Siantar, North Sumatera on 8 January 1985 with an authorized capital of Rp.
100,000,000 entirely issued and paid up. The founding shareholders of the
company are Mr. Sendi Bingei Purba Siboro AKA (also known as) Ng Ti Sen, Mr.
Timin Bingei Purba Siboro AKA Ng Ti Hin, Mr. Edwin Bingei Purba Siboro AKA Ng
Ti Boon, Mr. Wongso Pawiro Wijaya, Mr. Anto Simon Gik and Mr. Johan Bingei, all
Indonesian businessmen of Chinese extraction. The company's notarial act has
undergone revision. In March 1991 the authorized capital was increased to Rp.
1,000,000,000 with the issued and paid up capital amounting to Rp. 246,000,000.
Later in November 1998 the company issued capital was raised to Rp. 252,000,000
entirely paid up. On the same occasion Mr. Wongso Pawiro Wijaya, Mr. Anto Simon
Gik and Mr. Johan Bingei pulled out and the whole shares controlled by Mr.
Edwin Bingei Purba Siboro (33.33%), Mr. Timin Bingei Purba Siboro (33.33%) and
Mr. Sendi Bingei Purba Siboro (33.33%).
The latest according to revision of notary deed Mr. Eddy
Simin, SH., no. 129 dated 26 June 2013 the company board of director and the
board of commissioner has been restructured. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-31909 dated July 31, 2013.
P.T. WP has been in operation since 1986 in kretek
(clove) cigarette manufacturing with its plant located at Jalan Pattimura No.
3, Pematang Siantar next to the plant of the parent company N.V. SUMATRA
TOBACCO TRADING COMPANY the biggest white cigarette industry in Pematang
Siantar, North Sumatra. The plants produce mechanically rolled kretek (clove) cigarettes
with a capacity of 226,800,000 sticks per year. Most of raw materials like
tobacco, sauce, and others imported from the USA, Canada and the rest obtained
from locals. The company's production is entirely marketed in North Sumatra
under the PANAMA trade mark. The types of clove cigarettes are Panama Filter
King Size, Panama Filter Long and Panama Super. The raw material in the form of
tobacco is bought locally from tobacco farmers and from the state plantation
company P.T. Perkebunan Nusantara II (North Sumatra). We observe that the
operation of P.T. WP had been growing stable in the last five years and it’s
still the largest in white cigarette industry in Medan, North Sumatra.
In
overall we find the clove cigarette industries kept on rising in the last five
years and nothing wrong with the global economic crisis occurred in October
2008 because they used mostly local contents. But the number of cigarette
companies in Indonesia this year is down 17% to 1,381 units in 2012 compared to
2011, according to industry association. Decrease in the number of tobacco
companies influenced the tight government regulations governing the production,
promotion and cigarette consumption. Mr. Hasan Aoni Aziz, Corporate
Communication of the United Association of Cigarette Manufacturing Indonesia
(GAPPRI), assess increasing stringent government regulation of the tobacco
industry has been continuously decrease the number of firms in the sector,
especially small-medium in industries. Based on data compiled by the Ministry
of Industry, the industry association, the number of cigarette companies
Indonesia in 2007 reached 5,000 units, then felt to 1,500 units in 2010.
The cigarette industries will keep going down within the coming
four year years. Competition is very tight as there are 73 cigarette producers
operating in the country. The most leading producers are P.T. GUDANG GARAM Tbk,
of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of 15.2% market segment, P.T.
DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA of 1.5% and the rest is
controlled by other small producers. The growth cigarette industries in
Indonesia is seen from the table as below:
The Growth of Cigarettes in Indonesia Period 2009 – 2013
|
Description |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Total Production
(billion stick) |
263.2 |
279.0 |
285.1 |
308.0 |
319.2 |
|
Number of Companies
(unit) |
3,255 |
2,600 |
2,540 |
1,000 |
800 |
|
Number of Employee
(person) |
687,224 |
700,000 |
725,000 |
780,000 |
700,000 |
|
Tax Receivable
(trillion Rupiah) |
54.3 |
59.3 |
77.0 |
95.0 |
35.3 |
Until this time P.T. WP has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. WP 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. 30.0 billion increased to Rp.
34.0 billion in 2013 rose to Rp. 39.0 billion in 2014 and projected to go on
rising by at least 6% in 2015. The operation in 2014 yielded an estimated net
profit of at least Rp. 2.8 billion and the company has an estimated total
networth of at least Rp. 5.0 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. WP is led by Mr. Ian (57) a
professional manager with experience in clove cigarette manufacturing. Daily
activity he is assisted by Mr. Njio Tjang Tjin (56) as Director. 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. WONGSO PAWIRO is sufficiently fairly good for
business cooperation.
List of the STTC Group Members
1.
ADIAN INTERNATIONAL, C.V. (Importing and Distribution)
2.
GUNUNG MELAYU, P.T. (Oil Palm Plantation and Palm Oil Refinery)
3.
EASTER UNION, P.T. (Soap and Detergent Manufacturing)
4.
PUTRA SUMATRA SEJATI, P.T. (Car Distribution)
5.
SARI INCOFOOD CORPORATION, P.T. (Instant Coffee Processing)
6.
SINTONG SARI UNION, P.T. (Safety Matches Manufacturing)
7.
SRI DELI JAYA, P.T. (Graphic Printing)
8.
SUMATRA TOBACCO TRADING COMPANY, P.T. (Cigarette Manufacturing)
9.
TANI NASIONAL, P.T. Bank (Banking) Inactive
10.
UNIOC Trading (Pte) Ltd., Singapore (Trading)
11.
UNITED CITY Bank, P.T. (Banking) Inactive
12.
WONGSO PAWIRO, P.T. (Clove Cigarette Manufacturing)
13.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.