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Report No. : |
322270 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUTRA MANDIRI INTIPACK |
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Registered Office : |
Desa Watesari, Kecamatan Balongbendo Krian – Siddoarjo, 61263 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
18.05.2005 |
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Com. Reg. No.: |
AHU-AH.01.10-37580 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Flexible Plastic Packaging Manufacturing |
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No of Employees : |
130 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 : |
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 |
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Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
BASIC
SEARCH
|
Name of Company :
P.T. PUTRA MANDIRI INTIPACK
Address :
Head Office &
Factory
Desa Watesari, Kecamatan Balongbendo
Krian – Siddoarjo, 61263
East Java
Indonesia
Phones -
(62-31) 8986026, 8986027, 8986028, 8986029
Fax - (62-31) 8986025
E-mail - ptpmi@windowslive.com
Website - http://www.putramandiri-intipack.com
Land Area - 25,000 sq.
meters
Building Space - 17,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
:
18 May 2005
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No.
C-20817 HT.01.01.TH.2005
Dated
28 July 2005
- No.
AHU-28865.AH.01.02.TH.2008
Dated
29 May 2008
- No.
AHU-47676.AH.01.02.TH.2009
Dated
5 October 2009
- No. AHU-AH.01.10-37580
Dated
9 September 2013
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.370.464.6-603,000
The Department of
Industry and Trade
TDP No. 13.17.1.52.02165
Dated 29 July 2008
The Capital
Investment Coordinating Board
No. 109/I/PMDN/2005
Dated 13 July 2005
Related Company :
None
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital : Rp. 20,000,000,000.-
Issued Capital : Rp. 12,000,000,000.-
Paid up Capital : Rp. 12,000,000,000.-
Shareholders/Owners :
a. Mrs. Fransisca
Fifi Yong Widya Tan - Rp. 2,820,000,000.-
Address : Jl.
Durian 4/HE 97, Pondok Citra Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
b. Mr. Iwan Widyanto -
Rp. 2,430,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
c. Mr. Djohan
Warsono, SE -
Rp. 1,290,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
d. Mr. Tjoa Mie Sik -
Rp. 1,080,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
e. Mr. Tjoa Mie Kiong -
Rp. 1,080,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
f. Mr. Senjaya Widya -
Rp. 1,080,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
g. Mr. Tedjo Widyanto -
Rp. 960,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
h. Mr. Julius
Widyanto -
Rp. 810,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
i. Mrs. Ninik Puspa -
Rp. 390,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
j. Mr. Soepriyanto -
Rp. 60,000,000.-
Address : Jl. Durian 4/HE 97, Pondok Citra
Indah
Kel. Tambaksumur, Kec. Waru
Sidoarjo, East Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines of Business :
Flexible Plastic
Packaging Manufacturing
Production Capacity :
Flexible Plastic
Packaging - 7,000 tons p.a.
Total Investment :
a. Equity Capital - Rp.
8.0 billion
b. Loan Capital - Rp. 11.6 billion
c. Total Investment - Rp. 19.6 billion
Started Operation :
June 2007
Brand Name :
Putra Mandiri
Intipack
Technical Assistance
:
None
Number of Employee :
130 persons
Marketing Area :
Local - 93%
Export -
7%
Main Customer :
Food Processing
Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CIPTA KEMAS
ABADI
b. P.T. ILUVA GRAVURE
c. P.T. INDOGRAVURE
d. P.T. SURABAYA
PERDANA ROTOPACK
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Bankers :
a. P.T. Bank RAKYAT INDONESIA Tbk
Jalan Simpang Dukuh No. 38
Surabaya,
East Java
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Raya Darmo No. 5
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales (estimated) :
2012 – Rp. 85.0 billion
2013 – Rp. 91.0 billion
2014 – Rp. 98.0 billion
Net Profit (estimated) :
2012 – Rp. 7.1 billion
2013 – Rp. 8.3 billion
2014 – Rp. 9.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of
Management :
President
Director - Mr. Tjoa Mie Sik
Director - a.
Mr. Iwan Widyanto
Board of
Commissioners :
President
Commissioner - Mr.
Mintarjo Widya Tjoa
Commissioner - a. Mr.Djohan
Warsono, SE
Signatories
:
President
Director (Mr. Tjoe Mie Sik) or the Director (Mr. Iwan Widyanto) which must be
approved by Board of Commissioner
CAPABILITIES
|
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
|
P.T.
PUTRA MANDIRI INTIPACK (P.T. PMI) was incorporated in Sidoardjo, East Java
based on notary deed of Mrs. Happy Herawati Chandra, SH., No. 16 dated 18 May
2005 with the authorized capital of Rp. 8,000,000,000 issued capital of Rp. 4,000,000,000
entirely paid up. The founding and shareholders of the company are Tjoa Mie
Sik, Mr. Iwan Widyanto, Mr. Djohan Warsono SE, Mrs. Fransisca Fifi Yong Widya
Tan, Mr. Tjoa Mie Kiong, Mr. Senjaya Widya, Mr. Tedjo Widyanto, Mr. Julius
Widyanto, Mr. Soepriyanto and Mrs. Ninik Puspa. They are Indonesian businessmen
of Chinese extraction. The company notary documents has been changed and based
on notary deed of Mrs. Happy Herawati Chandra, SH., No. 42 dated 29 April 2008
the board of director and the board of commissioner reappointed to lead and
runs of the company’s operation.
Then
based on notary deed of Mrs. Happy Herawati Chandra, SH., No. 2 dated 2
September 2009 the company’s authorized capital was increased to Rp.
20,000,000,000 issued capital to Rp. 8,000,000,000 fully paid up. The latest
according to revision of notary deed Mrs. Happy Herawaty Chandra, SH., no. 25
dated 29 July 2013 the company issued capital was raised to Rp. 12,000,000,000
entirely paid up. The latest composition of it’s shareholders see profile of
this report. The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-37580 dated September 9,
2013.
P.T.
PMI is a domestic investment (PMDN) company to operate
in flexible packaging industry. It’s plant located at Watesari village,
Balongbendo district, Krian-Sidoarjo, East Java standing on a land of 25,000
sq. meters. The plant has been in commercial operation since June 2007 by
produces of flexible plastic packaging with annual production capacity of 7,000
tons. The company has absorbed an investment of Rp. 19.6 billion come from
owned capital of Rp. 8.0 billion and the rest is loans. The plants produces
flexible packaging for biscuits & snack, soap & detergent, shampoo, pharmaceuticals,
liquid packaging, candies, food & beverages and other packaging
applications. P.T. PMI core business is converting & flexible packaging,
with rotogravure printing (a photomechanical process by
which pictures are transferred onto a cylinder so that the image can be
transferred to a continuously moving sheet of paper or plastic) and
laminating (the application of plastic film, printed or
non-printed, to the surface of material to enhance packaging appearance and
durability) process. At present, the company produces many kinds of
packaging for almost all kinds of products (meat and cheese, frozen foods,
coffee, snacks and confectionery, dry nuts, detergents, cigarette paper, etc).
Some 90% of the products are marketed domestically to a number of industries
including food, drink, candy, pharmaceutical, cosmetic industries, etc. and
among others, P.T. UNILEVER INDONESIA Tbk in East Java., P.T. SIANTAR TOP Tbk.,
P.T. WINGS SURYA, P.T. SAYAP MAS UTAMA, P.T. KARUNIA ALAM SEGAR, and others. It
plans to export 7% of its production with the bulk to be disposed of on the
domestic market. The operation of P.T.
PMI has been growing in the last three years.
Demand
for plastic packaging has kept on increasing in the last five years in line with
the growth of local consumer industries such as food and beverages, soap &
detergent industries, agriculture, agrochemical (fertilizer), chemical, mining,
and other sectors. 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. PMI is engaged. It is estimated that
industrial growth equal to or less compared to the previous
year.
Until this time P.T. PMI has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. PMI 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. 85.0 billion increased to Rp. 91.0 billion in 2013 rose to Rp. 98.0 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. 9.2 billion and the company has an estimated total net worth of at least Rp. 31.0 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. PMI is led by Mr. Tjoa Mie Sik (58) a businessman and
professional manager with experience in flexible plastic packaging
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 MANDIRI INTIPACK is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.70 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 70.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
DPT |
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.