MIRA INFORM REPORT

 

 

Report No. :

490119

Report Date :

07.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

P.T. ADYABINA PUTRAMAS

 

 

Registered Office :

Puri Niaga III Office Complex Blok M-8 No. 3K & 3L, Jalan Puri Kencana, Kembangan, Jakarta Barat 11610

 

 

Country :

Indonesia

 

 

Date of Incorporation :

22.05.1990

 

 

Com. Reg. No.:

AHU-AH.01.03-0176464

 

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Line of Business :

Subject Enaged In Trading, Export-Import And Distribution Of Chemicals And Engineering Plastic Resin

 

 

No. of Employees :

42

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Indonesia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

INDONESIA – ECONOMIC OVERVIEW

 

Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.

Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.

 

Source : CIA

 

Company Name And Summery

 

Name of Company :

P.T. ADYABINA PUTRAMAS

 

A d d r e s s :

Head Office

Puri Niaga III Office Complex Blok M-8 No. 3K & 3L

Jalan Puri Kencana, Kembangan

Jakarta Barat 11610

Indonesia

Phones             - (62-21) 5830 3508 (hunting)

Fax.                  - (62-21) 5830 3504, 5830 3560

Email                - marketing@adyabinac.o.id

Building Area    - 3 storey

Office Space    - 210 sq. meters

Region              - Commercial

Status               - Owned

 

Date of Incorporation :

22 May 1990

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. C2-18229.HT.01.01.TH.1994

    Dated 13 December 1994

b. No. C2-13120.HT.01.01.TH.1998

    Dated 07 September 1998

c. No. AHU-31768.AH.01.02.Tahun 2010

    Dated 22 June 2010

d. No. AHU-AH.01.10-42256

    Dated 29 November 2012

e. No. AHU-008704.40.20.2014

    Dated 29 September 2014

f. No. AHU-AH.01.03-0176464

    Dated 02 October 2017

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.548.108.8-038.000

 

Related/Affiliated Companies :

a. P.T. ADYABINA PUTRAMAS LESTARI INVESTAMA (Investment Holding)

b. P.T. BINTANGMAS PERMAIUTAMA (General Trading)

c. P.T. BINTANGMAKMUR SECURINDO (Stock Exchange Brokerage)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - Rp. 40,000,000,000.-

Issued Capital               - Rp. 24,500,000,000.-

Paid up Capital             - Rp. 24,500,000,000.-

 

Shareholders/Owners :

a. PT. Adyabina Putramas Lestari Investama    - Rp. 24,010,000,000 (98%)

    Address : Rukan Puri Niaga II M.8/3K

                    Kembangan Selatan

                    Jakarta Barat

b. Mr. Sartono Suhadi                                      - Rp.     490,000,000  (  2%)

    Address : Jl. Alaydrus No. 29 B

                    Petojo Utara

                    Jakarta Pusat

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Export-Import and Distribution of Chemicals and Engineering Plastic Resin

 

Sole Agent and Distributor for :

a. BAYER, Polycarbonate of German

b. KOTEC, Polycarbonate of Japan

c. RHODIA, Polyamide 6/6 of France

d. LANXESS, Polyamide 6 of Germany

e. ZIG SHENG, Polyamide of Taiwan,

f. TICONAL, POM of the USA

g.. KEPITAL, POM of Korea

h. TICONA, PPS of the USA

i.  BASF, PESU of Germany

j.  Etc.

 

Total Investment :

None

 

Started Operation :

1 9 9 1

Brand Name :

ADYABINA PUTRAMAS

 

Technical Assistance :

None

 

Number of Employee :

42 persons

 

Marketing Area :

Local                - 100%

 

Main Customers :

a. Plastic Injection Molding companies

b. Other corporate and individuals

 

Market Situation :

Very Competitive

 

Business Trend :

Fluctuating

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a. P.T. Bank NEGARA INDONESIA Tbk

    Wisma BNI Kota 46

    Jl. Jend. Sudirman Kav. 1

    South Jakarta

b. P.T. Bank CIMB NIAGA Tbk

    Jl. Sukardjo Wiryopranoto No. 9

    Central Jakarta

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Total Income/Revenues (estimated) :

2014 – Rp. 48.0 billion

2015 – Rp. 54.0 billion

2016 – Rp. 62.0 billion

2017 – Rp. 68.0 billion

 

Net Profit (Loss) :

2014 – Rp. 3.2 billion

2015 – Rp. 3.6 billion

2016 – Rp. 4.1 billion

2017 – Rp. 4.5 billion

 

Payment Manner :

No Complaints

 

Financial Comments :

Fairly strong

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                           - Mr. Sumarno Suhadi

Director                                          - Mrs. Melinda Peggy Darwin

 

Board of Commissioner :

Commissioner                                 - Mr. Sartono Suhadi

 

Signatories :

President Director (Mr. Sumarno Suhadi) or Director (Mrs. Melinda Peggy Darwin) which must be approved by Board of Commissioner (Mr. Sartono Suhadi)

 

 

CAPABILITIES

 

Management Capability :

G o o d

 

Business Morality :

G o o d

 

 

OVERALL PERFORMANCE

 

      P.T. ADYABINA PUTRAMAS (P.T. AP) was established in Jakarta based on Notary Deed No. 202 dated May 22, 1990 drawn up by Trisnawati Mulia, SH, notary in Jakarta with an authorized capital of Rp. 100,000,000.- of which Rp. 20,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Sumarno Suhadi (40%), Ms. Melinda Peggy Darwin (30%) and Mr. Sartono Suhadi (30%),  They are Indonesian business persons of Chinese extraction.   The Deed of establishment was approved by the Minister of Law and Human Rights through Decision Letter No.C2-18229.HT.01.01.TH.1994 dated December 13, 1994.

 

 

      The Company’s article of association has been amended for several times.  In April 1998, the authorized capital was raised to Rp. 400,000,000.- of which Rp. 100,000,000.- was issued and fully paid up. The amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. C2-13120.HT.01.04.TH.98 dated September 7, 1998.   In October 2012, based on Notary Deed of Maria Rahmawati Gunawan, SH., No. 024 dated October 29, 2012 the authorized capital was raised again to Rp. 6,000,000,000.- of which Rp. 4,000,000,000.- was issued and fully paid up.  Since then, the shareholders of the Company are P.T. ADYABINA PUTRAMAS LESTARI INVESTAMA (98%) and Mr. Sartono Suhadi (2%). The amendment to Deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-42256 dated November 29, 2012.

 

      In 2014 based on Notary Deed of Maria Rahmawati Gunawan, SH., No. 028 dated September 24, 2014 the authorized capital was raised again to Rp. 40,000,000,000.- of which Rp. 24,500,000,000.- was issued and fully paid up. However, no changes have been effected in term of its shareholding composition to date. The amendment to Deed was approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-08704.40.20.2014 dated September 20, 2014.  The most recently by Notary Deed of Satria Amiputra Amimakmur, SH., No. 88 dated September 14, 2017, concerning the reappointment in composition of the Company’s board of Directors and Commissioners.  This amendment to Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.03-0176464 dated October 02, 2017.

 

      P.T. AP had been operating since 1991 in the trading and distribution of chemicals and engineering plastic resins such as; polycarbonates, polyamide, Polyoxymethlene (POM), Polyphenylene Sulfide (PPS), Polysulfone (PSU), PBT, ABS/SAN, TPE, Mold Release and others. Mrs. Susanti, a marketing staff of P.T. AP said the company is a representative agent for some of the above products like Polycarbonate (BAYER Germany and KOTEC Japan), Polyamide 6/6 (RHODIA France), Polyamide 6 (LANXESS Germany and  ZIG SHENG Taiwan), POM (TICONA USA and KEPITAL Korea), PPS (TICONA USA),  PESU (BASF Germany), PBT (LANXESS Germany and LG Korea), ABS/SAN (LNEOS British and LG Korea), TPE (STELLAR CHEM Malaysia) and Mold Release (CHEM TREND USA).  The products are sold to the local manufacturing and plastic injection moulding companies such as; automotive industries, plastic industries, electric and electronic home appliance industries and consumer goods industries spread over many cities in the country like Jakarta, West Java, East Java, Central Java and North Sumatra. We observed that P.T. AP is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.

 

      Generally, the demand for chemical and engineering plastic resin products in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of automotive industries, electric and electrical industries and consumer goods industries.  The solid and steady domestic economy, Indonesia with the rising of Country Rating to Investment Grade, and also supported by Indonesia’s economic indicators such as inflation, exchange rates and interest rates are expected to encourage the business sectors.   Macroeconomic indicators from China showed downward trend.  In contrary, macroeconomic indicators of the US and India showed improvement. Both of these indicated continued uncertainties.  In Europe, concerns on the development of Greece’s economy are also expected to add uncertainties in the global economy environment. The global economic crisis that accompanied the decline of the Indonesian Rupiah (IDR) against the US Dollar in the past two months, resulting in Indonesian people's purchasing power declined sharply. The value of the Rupiah from Rp. 11,800.- per US dollar at the end of 2014, has now slumped to Rp. 13.300 per US Dollar.

 

Table of Indonesian Economic Indicators from 2012 to 2016

 

 Indonesian Economic Indicators

  2012

  2013

  2014

  2015

  2016

Gross Domestic Product  (PDB)

6.0

5.6

5.0

4.8

5.0

Consumer Price Index

4.3

8.4

8.4

3.4

3.2

Government Debt

27.3

28.7

24.7

27.0

26.5

Exchange Rate  (IDR/USD)

9,419

11,563

11,800

13,400

13,300

Current Account Balance

-2.8

-3.3

-3.1

-2.1

-2.1

Population  (in millions)

247

250

253

255

258

Poverty  (percentage of population)

11.7

11.5

11.0

11.1

10.9

Unemployment  (percentage of  workforce)

6.1

6.3

5.9

6.2

5.6

Reserves  (in billion USD)

112.8

99.4

111.9

105.9

111.4

 

      Until this time P.T. AP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. AP’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2015 amounted to Rp. 54.0 billion increased to Rp. 62.0 billion in 2016 and rose again to Rp. 68.0 billion in 2017.   The operation in 2017 yielded a net profit at least Rp. 4.5 billion and the company has a total net worth of Rp. 45.0 billion.  So far we did not hear that P.T. AP 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.

 

      The management of the company is led by Mr. Sumarno Suhadi (54) as President Director and CEO of the company.  In daily activities he is assisted by Mrs. Melinda Peggy Darwin (54) as Director and Mr. Sartono Suhadi (60) as Commissioner.  They have close relations with many high-ranking government officials as well as with private businessmen within and outside the country. 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.

 

We are convinced that P.T. ADYABINA PUTRAMAS is fairly good for normal business transaction.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.72

UK Pound

1

INR 89.72

Euro

1

INR 79.52

IDR

1

INR 0.0047

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

KET

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.