|
Report No. : |
320484 |
|
Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRIMAYUDHA
MANDIRIJAYA |
|
|
|
|
Registered Office : |
Menara
Kadin Indonesia, 12th Floor, Jalan H.R. Rasuna Said Blok X-5 Kav.
2 & 3, Jakarta 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31.05.1996 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-43540 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning
Mills Industry |
|
|
|
|
No. of Employees : |
1,426 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 |
|
|
|
|
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. PRIMAYUDHA MANDIRIJAYA
A
d d r e s s :
Head Office
Menara
Kadin Indonesia, 12th Floor
Jalan
H.R. Rasuna Said Blok X-5 Kav. 2 & 3
Jakarta
12950
Indonesia
Phones - (62-21) 5790 3640
(Hunting)
Fax - (62-21) 5790 2641
E-mail - marketing@cbn.net.id
Website - http://www.primayudha.com
Building Area - 37 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Rent
Factory
Desa
Ngadirejo
Kecamatan
Ampel, Kabupaten Boyolali
Central
Java
Indonesia
Phones -
(62-298) 327272 (Hunting)
Fax -
(62-298) 327288
Land Area - 20.0 hectares
Building Area -
6.5 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
31
May 1996
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The
Ministry of Laws and Human Rights
a. No. AHU-89871.AH.01.02.Tahun 2008
Dated 26 November
2008
b.
No. AHU-AH.01.10-17665
Dated 15 MAY 2012
c.
No. AHU-AH.01.10-43540
Dated 23 October 2013
Company
Status :
Foreign
Investment Company (PMA)
Permits
by the Government Department :
a. The
Department of Finance
NPWP No. 01.772.049.1-038.000
b. The
Capital Investment Coordinating Board
No. 28/V/PMA/2008
Dated 12 September 2008
Related/Affiliated
Companies :
a.
THG PTE LTD., of Singapore (Investment
Holding)
b. FIBERS TECHNOLOGY CORP. Pte. Ltd., of Singapore (Investment Holding)
c. TALFORD HOLDINGS Ltd., of Tortola, BVI (Investment Holding)
Capital
Structure :
Authorized Capital - Rp. 1,296,507,000,000.-
Issued Capital - Rp. 903,007,000,000.-
Paid up Capital - Rp. 903,007,000,000.-
Shareholders/Owners
:
a. THG PTE., LTD. - Rp. 526,313,040,000.-
(58.28%)
Address : 15 Hoe Chiang
Road 12-02
Tower 17
Singapore
b.
FIBERS TECHNOLOGY CORP., PTE., LTD. -
Rp. 214,152,700,000.- (23.72%)
Address : 5 Shenton
Way 24-01
UIC Building
Singapore
c. TALFORD HOLDINGS LTD. - Rp.
162,541,260,000.- (18.00%)
Address : Craigmuir
Chambers Road Town
Tortola
British Virgin Island
Lines
of Business :
Spinning
Mills Industry
Production
Capacity :
a. Combed Cotton - 40,000 bales p.a.
b. Synthetic Blend
Yarns - 8,500 bales p.a.
c. Synthetic Rich
Yarns - 60,000 bales p.a.
Total
Investment :
a. Equity Capital - Rp. 903.0 billion
b. Loan Capital - Rp. 85.0 billion
c. Total Investment - Rp. 988.0 billion
Started Operation :
1998
Brand Name :
PRIMAYUDHA
Technical Assistance
:
None
Number of Employee :
1,426 persons
Marketing Area :
Export - 63%
Local -
37%
Main Customers :
Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO PANTES Tbk
b. P.T. PANASIA
INDOSYNTEX Tbk
c. P.T. CANDRATEX
SEJATI
d. P.T. SIPATEX
e. P.T. APAC INTI CORPORA
f.
Etc.
Business Trend :
Declining
B
a n k e r s :
a.
The Hongkong and Shanghai bank Corp.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
b.
P.T. Bank DANAMON INDONESIA Tbk
Danamon Building
Jl. H.R. Rasuna Said Kav. C-10
Jakarta Selatan
c. P.T. Bank CENTRAL ASIA Tbk
Rasuna Said Branch
Jl. H.R. Rasuna
Said Kav.1-2
Auditor :
Hadori Sugiarto Adi & Rekan
Litigation
:
No
litigation record in our database
Net
Sales/Income :
2011 – US$. 95.9 million
2012 – US$. 87.4 million
2013 – US$ 84.0 million
(estimated)
2014 – US$. 82.5 million
(estimated)
Net
Profit (loss) :
2011
– US$. 5.2 million
2012
– US$. 4.3 million
2013
– US$ 4.1 million (estimated)
2014
– US$. 4.0 million (estimated)
Payment
Manner :
Almost
promptly
Financial
Comments :
Fairly
Board of Management :
President Director - Mr. Krishna Kumar Agrawal
Directors -
a. Mr. Arvind Kumar Shankerlal Ladha
b. Mr. Devendra Singh Chatha
c. Mr. Abhay Kumar Agarwal
d. Mr. Surender Kumar Sharma
e. Mr. Rajesh Kumar Jain
f. Mr.
Manish Rakhecha
g. Mr. Jay Prakash Jajoo
Board of Commissioners :
President Commissioner - Mr. Kartar Singh Thakral
Commissioners - a. Mr. Karan Singh Thakral
b. Mr. Gulmukh Singh Thakral
c. Mr. Rinkhipal Singh Thakral
d. Mr. Mohan K. Vaswani
e. Mr. Sajen Aswani
f.
Mrs. Lusilawati Surya
Signatories :
President
Director (Mr. Krishna Kumar Agrawal) or one of the Directors (Mr. Arvind Kumar
Shankerlal Ladha, Mr. Devendra Singh Chatha, Mr. Abhay Kumar Agarwal, Mr.
Surender Kumar Sharma, Mr. Rajesh Kumar Jain, Mr. Manish Rakhecha or Mr. Jay
Prakash Jajoo) which must be approved by Board of Commissioners.
Management Capability :
G o o d
Business Morality :
G o o d
P.T. PRIMAYUDHA MANDIRIJAYA (P.T. PM) was
established in May 1996 with the authorized capital of Rp 25,000,000 totally
issued and paid-up by Mr. Frans Awuy and Mr. Sanusi both are Indonesian of Chinese
extraction. It’s articles of association has been amended frequently. In July
1996 whole shareholders pulled out and replaced by P.T. NUSA PERKASA PERMATA
and P.T. GEMAKREASI MULIANUSA both are BATIK KERIS Group members. Concurrently
the authorized capital was raised to Rp. 1,000,000,000.-, issued capital of Rp.
500,000,000 fully paid-up. In 1998 P.T. GEMAKREASI MULIANUSA withdrew and
replaced by P.T. HANSON INDUSTRI UTAMA Tbk. (ex. P.T. MAYERTEX INDONESIA), a
public listed company. In December 2002 the authorized capital was increased to
Rp. 1,296,507,000,000 issued and paid up capital to Rp. 903,007,000,000. In
August 2006, the whole share has been controlled by P.T. HANSON INTERNATIONAL
Tbk and P.T. PREMIER TEXTILE both are the BATIK KERIS Group members.
On September 2008, P.T. HANSON INTERNATIONAL
Tbk and P.T. PREMIER TEXTILE pulled out and the whole share has been controlled
by THG PTE. LTD., (55.48%); FIBERS TECHNOLOGY CORPORATION Pte., Ltd., (22.57%)
both are of Singapore; TALFORD HOLDINGS Ltd., of Hong Kong (18%) and SOHANS
ENTERPRISES (H) LItd., of British Virgin Island (3.95%) as new shareholders. On
the same occasion the company status was converted into Foreign Investment
(PMA) company facility. The deed of amendment was made by Mr. Benny Kristianto
SH., was approved by the Ministry of Law and Human Right in its Decision Letter
No. AHU-AH.01.10.25333, dated December 16, 2008.
The latest on July 2009, SOHANS ENTERPRISES
(H) Ltd., pulled out and since that time, the whole shares of the company has
been controlled by THG Pte. Ltd., (58.28%), FIBERS TECHNOLOGY Corp, Pte Ltd,
(23.72%), and TALFORD HOLDING Ltd., (18.00%).
The latest deed of amendment was made by Mr. Tri Firdaus Akbarsyah, SH.,
was approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-17665, dated May 15, 2012 and AHU-AH.01.10-43540 dated October 23,
2013. Since then, no
changes have been effected in term of its shareholding composition and capital
structure to date.
Initially P.T. PM obtained Domestic Investment (PMDN)
facility issued by BKPM (Investment Coordinating Board) for dealing with
spinning mills by managing a plant located at Desa Ngadirejo, Ample, Boyolali,
Central Java on 20 hectares of land. The plant has been operating in early 1998
with production capacity of 40,000 bales of combed cotton, 8,500 bales of
synthetic blended yarn and 60,000 bales of synthetic rich yarn per annum. The
company’s plant is equipped with 55,296 spindles of ring spinning and 4,176
drums of jet spinning (equals to 70,000 ring spindles). The company's factory is equipped by modern
yarn spinning machines with high technology, such as:
Ring Spinning
This unit operates with latest available
spinning machineries in ring technology, which produces high quality combed
cotton yarns. Currently the company has 60 Ring Frames producing 100% Combed Cotton,
100% Tencel, 100% Polyester/Viscose
blended yarns for Knitting and Weaving applications. The company produces yarns counts from Ne 12 to Ne 40 both waxed and un-waxed and both single
ply and double ply. Production capacity
is about 55 FCL / month.
Murata Vortex
Spinning (MVS)
Murata Vortex Spinning provides us a technical edge on others with a new product basket of Lowpill yarns in qualities – 100% Viscose, 100% Polyester, Polyester/Viscose blended (67/33) and Polyester/Combed Cotton Blended (65/35) for Knitting and Weaving applications. The company produces yarns counts from Ne 16 to Ne 50 both waxed and un-waxed Production capacity is about 50 FCL / month. Characteristics – Low pill (lowest hariness), Better yarn evenness (less count cv%, less imperfection), Softer touch near to ring spun, Excellent color fastness (less Lint shedding), Better Dyeability (high dye take-up), Excellent drape (Stability against deformation), Low shrinkage, More air permeability, high moisture absorption and Faster drying.
Air Jet Spinning
(MJS)
In Murata Jet Spinning
we offer Lowpill 100% Polyster Yarns for
Knitting and Weaving applications. Maximum Count range is Ne 20 to 40 in
singles both waxed & un-waxed and both single ply & double ply for
knitting & weaving applications. Production capacity is about 30 x 40’FCL
per month.
Characteristics – Crispy touch, Low pill because of lowest
hairiness, Excellent drape, Low shrinkage, More dye-ability, air permeability
and absorption.
Spinning
Machineries
The company has latest state of the art spinning machineries from World’s most renowned spinning machinery manufacturers like Rieter (Switzerland/Germany),
Trutzschler (Germany), Toyoda (Japan) and Murata (Japan).
The company is regularly modernize/upgrade its plant
and machineries to keep update with latest technologies.
We observed that more than 60% of the annual
production is exported to customers in diverse markets including; USA, Brazil,
Europe, China, Hong Kong, Korea and Japan, and the rest is sold to local
market. We observed that P.T. PM is classified as a medium sized company of its
kind in the country of which the operation has been declining in the last three
years.
Generally, demand for textile and textile
product including finished fabrics, garment, cotton yarn, polyester textured
yarn, textile chemicals and raw materials has been fluctuating in the last five
years. According to the Central Bureau
of Statistics (BPS) the Indonesia textile products export in 2002 amounted to
1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in
2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0
million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6
tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9
million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons
(US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million)
in 2011 rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and rose
again to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013. The export volume and value of the national
TPT products and garment in 2002 to 2013 are pictured on the following table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,633.1 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 5,293.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 7,501.0 |
According to statement of financial
position, the net sales/revenues of P.T. PRIMAYUDHA MANDIRIJAYA (P.T. PM) in fiscal
2010 amounted to US$ 71.3 million with a net profit of US$ 10.1 million
increased to US$ 95.9 million with a net profit of US$ 5.2 million in 2011 and declines to US$ 87.4
million with a net profit of US$ 4.3 million in 2012. Up to present, we have yet to gain the
statement of income of P.T. PM in 2013 and 2014. However, we estimated that net sales of the
company in 2013 amounted of US$ 84.0 million with a net profit of US$ 4.1
million and declined to US$. 82.5 million with a net profit of US$ 4.0 million
in 2014. The company’s statement of
financial position in fiscal 2010, 2011 and 2012 are attached. So far we did not hear that the P.T. PM 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.
Since December 2008, the management of P.T.
PM is headed by Mr. Krishna Kumar Agrawal (75) as President Director and CEO of
the company. He is professional manager
with ample experience more than 42 in textile industry. He is also registered
as President Director of P.T. BITRATEX INDUSTRIES. In his daily activities, he is assisted by
seven directors namely Mr. Arvind Kumar Shangkerlal Ladha (54), Mr. Devendra
Singh Ramender Chatha (69), Mr. Abhay Kumar Agarwal (43), Mr. Surender Kumar
Sharma (57), Mr. Rajesh Kumar Jain (54), Mr. Manish Rakhescha (37) and Mr. Jay
Prakash Jajoo (40). The management is
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sectors. 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. PRIMAYUDHA
MANDIRIJAYA declined in the last three 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.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.