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MIRA
INFORM REPORT
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Report No. : |
499251 |
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Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUMATERA PRIMA FIBREBOARD |
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Registered Office : |
Wisma Indocement, 7th Floor,Jalan Jend. Sudirman Kav. 70-71, Jakarta Selatan, 12910 |
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Country : |
Indonesia |
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Date of Incorporation : |
10.11.1993 |
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Com. Reg. No.: |
AHU-AH.01.03-0935320 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Medium Density Fiberboard (MDF) Manufacturing |
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No. of Employees : |
335 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 Address
Name of Company :
P.T.
SUMATERA PRIMA FIBREBOARD
A d d r e s s :
Head Office
Wisma Indocement, 7th Floor
Jalan Jend. Sudirman Kav. 70-71
Phones - (62-21) 57940499 (Hunting)
Fax - (62-21) 57940483, 57940485
E-mail - info@spf.co.id
Website - http://www.spf.co.id
Building Area - 25 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya Prabumulih Km. 28
Desa Tanjung Seteko, Ogan Ilir
Indralaya, 30622
Phones - (62-711) 580321 (Hunting)
Fax - (62-711) 580323, 581660
Land Area - 170,000 sq. meters
Building Space - 37,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
a. 10 November 1993 as P.T. MEGARIMBA
KARYATAMA
b. 14 July 2003 as P.T. SUMATERA PRIMA
FIBREBOARD
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-6290 HT.01.01.TH.1994
Dated
21 April 1994
- No.
C-17829 HT.01.04.TH.2003
Dated
30 July 2003
- No.
AHU-62735.AH.01.02.TH.2008
Dated
15 September 2008
- No.
AHU-AH.01.10-00354
Dated
7 January 2010
- No.
AHU-AH.01.03-0935320
Dated
28 May 2015
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The
Department of Finance
NPWP No. 01.642.919.3-057.000
The
Capital Investment Coordinating Board
No. 77/V/PMA/2003
Dated 15 September 2003
Related Company :
A Member Company of the NAPAN Group
(see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
1,000,000,000,000.-
Issued Capital : Rp. 697,977,000,000.-
Paid up Capital : Rp. 697,977,000,000.-
Shareholders/Owners :
a. ASIA CIRCLE INC. -
Rp. 327,377,000,000.-
Address : Portcullis Trustnet Chambers
PO Box. 3444,
b. INTERNATIONAL VENTURES (L) LIMITED - Rp. 279,400,000,000.-
Address :
Level 2,
Center, Phase 3, 87000
c. P.T. MURNI CIPTASENTOSA - Rp. 41,400,000,000.-
Address : Wisma Indocement
Jl. Jend. Sudirman Kav.
7—71
d. Mr. Andry Pribadi -
Rp. 15,000,000,000.-
Address : Jl. Sekolah Duta 1 No.
14-16
Jakarta Selatan
e. Mr. Wilson Pribadi -
Rp. 13,200,000,000.-
Address : Jl. HOS Cokroaminoto No. 39
f. Mr. Deddy Kusuma - Rp. 12,000,000,000.-
Address : Jl. Gunawarman Block Q No. 67
g. Mr. Surya Widjaja (deceased) - Rp.
9,600,000,000.-
Address : Jl. Terusan Hanglekir No. IV/41
BUSINESS ACTIVITIES |
Lines of Business :
Medium Density Fiberboard (MDF) Manufacturing
Production Capacity :
Medium Density Fiberboard (MDF) - 145,000 cu. meters p.a.
Total Investment :
a. Equity
Capital - Rp.
519.0 billion
b. Loan
Capital - Rp.
127.0 billion
c. Total
Investment - Rp.
646.0 billion
Started Operation :
2003
Brand Name :
Sumatera Prima Fibreboard
Technical Assistance :
None
Number of Employee :
335 persons
Marketing Area :
Export - 60%
Local -
40%
Main Customer :
Buyers in
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CANANG INDAH
b. P.T. HIJAU LESTARI RAYA FIBREBOARD
c. P.T. PARINDO PERMAI
d. P.T. RIMBA PARTIKEL INDONESIA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Jend. Sudirman Kav. 22-23
Jakarta 12910
b. P.T.
Bank MANDIRI Tbk
Jalan
Jend. Sudiman Kav.
70-71
Jakarta 12910
Indonesia
Auditor :
Internal
Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2014 – Rp. 496.0 billion
2015 – Rp. 513.0 billion
2016 – Rp. 528.0 billion
2017 – Rp.
279.8 billion (January – June)
Net Profit (estimated) :
2014 – Rp. 43.0 billion
2015 – Rp. 45.0 billion
2016 – Rp. 46.5 billion
2017 – Rp. 24.0
billion (January – June)
Payment Manner :
Average
Financial Comments :
Fairly strong
KEY EXECUTIVES
Board
of Management :
President
Director -
Mr. Andry Pribadi
Directors - a.
Mr. Hendrianto Winata
b. Mr. Michael Pribadi
c. Mr. John Hendrarso
d. Mrs. Caecilia Vonny Nuraini Juwono
e. Mr. Tee Thye Kuian
f. Mr. Steven Widjaja
Board
of Commissioners :
President
Commissioner - Mr. Wilson
Pribadi
Commissioner - Mr. Deddy
Kusuma
Signatories
:
President Director (Mr. Andry Pribadi) or
one of the Directors (Mr. Hendrianto Winata, Mr. Michael Pribadi, Mr. John
Hendrarso, Mrs. Caecilia Vonny Nuraini Juwono, Mr. Tee Thye Kuian or Mr. Steven
Widjaja) which must be approved by Board of Commissioner.
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Average
OVERALL PERFORMANCE
Initially
named P.T. MEGARIMBA KARYATAMA it was established in November 1993 with the
authorized capital of Rp. 50,000,000,000 issued capital of Rp. 40,000,000,000
entirely paid-up. Founders and original shareholders are Mr. Sudwikatmono, Mr.
Eddy Sariatmadja, P.T. MURNI CIPTASENTOSA, Mr. Andry Pribadi AKA Liek Like
Mien, Mr. Deddy Kusuma, Mr. Wilson Pribadi AKA Liem Oen Djoe and Mr. Surya
Widjaja. They are all Indonesian businessmen of Chinese descent. The articles
of association have frequently been revised. In July 2003, the company renamed
to P.T. SUMATERA PRIMA FIBREBOARD (P.T. SPF). In July 2008, the authorized
capital of the company was raised to Rp. 1,000,000,000,000 of which Rp.
519,000,000,000 was issued and fully paid up and concurrently whole shares of
the company were controlled by Mr. Andry Pribadi AKA Liem Like Mien, Mr. Wilson
Pribadi AKA Liem Oen Djoe, Mr. Deddy Kusuma, Mr. Surya Widjaja, P.T. MURNI
CIPTASENTOSA, ASIA CIRCLE INC of British Virgin Island and INTERNATIONAL
VENTURES (L) Ltd of Malaysia. We have since never heard of any changes having
occurred in the capital structures and shareholder composition of the company
to date. The latest in December 2009 the board of director and the board of
commissioner has been changed.
Lastly
according to revision of notary deed Mrs. Agnes Angelika, SH., no. 21 dated 7
May 2015 the company issued capital was increased to Rp. 697,977,000,000
entirely paid up. With this development the composition of its shareholders has
been changed to become ASIA CIRCLE INC., of British Virgin Island (46.90%),
INTERNATIONAL VENTURES (L) LTD., of Labuan (40.03%), P.T. MURNI CIPTASENTOSA
(5.93%), Mr. Andry Pribadi (2.15%), Mr. Wilson Pribadi (1.89%), Mr. Deddy
Kusuma (1.72%), and the late Mr. Surja Widjaja (1.37%). The amendment was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0935320 dated May 28, 2015.
P.T. SPF's shareholder namely P.T.
MURNI CIPTASENTOSA is a private company whose majority business stakes are
controlled by the Pribadi family. The Pribadi family is also founders and
majority business stakes owner of the NAWA PANDUTA Group or the NAPAN Group, a
medium sized business group in
P.T.
SPF obtained license from Indonesian Investment Coordinating Board (BKPM) for
dealing with medium density fiber board (MDF) manufacturing by managing a plant
located at Desa Tanjung Seteko Km. 28, Indralaya, Ogan Komering Ilir, South
Sumatra standing on 17.0 hectares land operating as from October 2003. The location ensures easy access by land and sea
transportation to all domestic and exports markets. P.T. SPF has the largest
single production line in Indonesia and one the most efficient production line
in South East Asia. The factory currently produces about 145,000 cubic meters
of Medium Density Fibreboard per year ranging from 2.5 millimeters to 18
millimeters in thickness. The company’s versatility and production know-how
allows us to produce a wide range of MDF products, such as high moisture
resistant, fire retardant, very low formaldehyde boards and special high
density fibreboard for the flooring industry
P.T. SPF is the largest Medium Density
Fiberboard (MDF) in Indonesia, with 2 continuous production lines. SPF
currently employs about 500 people, mostly based at a 35 ha factory site, near
Palembang, South Sumatera. The 1st Line was commissioned at the end of 2003,
producing thicknesses from 2.5 mm to 25 mm. In October 2011, the 2nd Line was
commissioned. With the new Super Thin line, SPF is now capable of producing MDF
as thin as 1.0 mm. Line 2 is also has a 9’ press width, expanding the
versatility of various sizes and products, such as 3 x 7 Door Skin , etc. that
SPF can offer our customers.
The
supply of raw material in the form of rubber woods is purchased from the
Department of Forestry and smallholder’s plantation in South Sumatra.
Construction of the plant absorbed an investment of Rp. 646.0 billion. Some 60%
of her company products is exported to various countries including
Generally, demand for processed wood
including medium density fiber (MDF) has been fluctuating in the last five
years in line with the fluctuating export and domestic markets. It is estimated
that the demand will kept on rising in the coming two-three years. Meanwhile,
the competition is very tight on account of lots of similar companies operating
in the country. The
woodworking industry had been turning down within the last five years due to
lack of raw materials, as far from transportation facility and fluctuation of
export demand. It is estimated will keep going down within the coming two or
three years as the impact of global economic crisis and tight banking liquidity
since October 2008 hitherto.
The business position of P.T. SPF is
appraised to be facing difficulty for lack of basic materials in future. The growth of said
business is evident from the production and utility growth of the processed
wood export volume and export value of plywood and sawn timber below:
Forest Wood Production, 2011 – 2016* (M3)
|
Type
of Commodities |
2011 |
2012 |
2013 |
2014 |
2015 |
2016* |
|
Logs |
47,429,335 |
49,258,255 |
45,770,454 |
44,963,519 |
35,290,288 |
37,054,802 |
|
Sawn timber |
967,318 |
1,100,096 |
992,867 |
1,458,624 |
1,765,080 |
1,774,985 |
|
Plywood |
3,302,843 |
3,310,863 |
3,261,970 |
3,579,113 |
3,640,631 |
3,859,069 |
Until
this time P.T. SPF has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management of P.T. SPF is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2014 amounted to Rp. 496.0 billion
increased to Rp. 513.0 billion in 2015 rose to Rp. 528.0 billion in 2016. As
from January to June 2017 the sales turnover has amounted at Rp. 279.8 billion
with a net profit of at least Rp. 24.0 billion and projected to go on rising by
at least 5% in 2018. The company has an estimated total net worth of at least
Rp. 557.0 billion. We observe that P.T. SPF is supported by foreign partner
with has financially strong and sound behind it. So far, we did not heard that
the company having been black listed by the Central Bank (Bank
The
management of P.T. SPF is led by Mr. Andry Pribadi (68) a businessman and
professional manager of the NAPAN Group with experience in medium density
fibreboard manufacturing and trading. The company's management is handled by
professional manager 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. SUMATERA PRIMA FIBREBOARD is sufficiently
fairly good for business cooperation.
Attachment:
List of the
NAPAN Group Members
1.
ACRINDONUSA FIBRE PRATAMA, P.T. (Acrylic
Fibre Manufacturing)
2.
ADHIKARA SANDIKA, P.T. (Rubber Thread
Manufacturing)
3.
ADIKARSA RAYAPRIMA, P.T. (Trading and Suppliers)
4.
ADIKRIDA PRIMALESTARI, P.T. (Trading and
Suppliers)
5.
AMCOL HOLDING (S) PTE. LTD.,
6.
ANDALAN
PRIMULA, P.T. (Investment Holding)
7.
ARCOM PRIMANTARA SYSTEMS, P.T. (Agency and
Distribution of Computers and Peripherals)
8.
ARGA INDAH PRATAMA, P.T. (Housing
Development)
9.
ARGA MOLEK KENCANA, P.T. (Real Estate
Development)
10. ARGHA
KARYA PRIMA INDUSTRY Tbk., P.T. (Oriented Polypropylene Film Manufacturing)
11. ARGHA
SEALINDOPRIMA INDUSTRY, P.T. (Automotive Seal Manufacturing)
12. ASIAN
CONRAD HOLDING Ltd.,
13. ASTENIA,
P.T. (Investment Holding)
14. BAHANAJAYA
ADISAKTI, P.T. (General Contracting, Trading and Transportation Service)
15.
16. BHASKARA
DUNIAJAYA, P.T. (Investment Holding)
17. BHUMANDALA
AGUNG, P.T. (Investment Holding)
18. BINA
TAMBAK LESTARI, P.T. (Shrimp Culture)
19. BRANTA
MULIA Tbk., P.T. (Nylon
20. BRANTA
MULIA
21. BRANTA
MULIA TEIJIN
22. BUMI
LESTARI ABADI, P.T. (Housing Development)
23. CATERISON
SUKSES, P.T. (Country Club Management)
24. CENTRALINDO
PANCASAKTI, P.T. (Cellular Telephone Operator and Investment Holding)
25. CITRA
MARGA NUSAPHALA PERSADA, P.T. (
26. DERMAGA PERKASA PRATAMA, P.T. (Coal Terminal
Management)
27. DJATI
YUDHA CELLULAR, P.T. (Telecommunication Development)
28. DUABANU
INTERNUSA, P.T. (Granite Mining and Processing)
29. DUTA
NUSABINA LESTARI, P.T. (Property Management)
30. DUTA
PERKASA UNGGULESTARI, P.T. (Real Estate Management)
31. ELANGMAS PERKASA SEJATI, P.T. (Industrial Estate
Management)
32. FOREVERGREEN
INTERNATIONAL, P.T. (International Restaurant)
33. GITANIRWANA
MANDRASAKTI, P.T. (Investment Holding)
34. HARTINDO
CHEMICATAMA INDUSTRI, P.T. (Chemicals for Fire Extinguisher Manufacturing)
35. INDOALUM
INTIKARSA INDUSTRY, P.T. (Aluminum Sheet and Foil Industry)
36. INDOCITRA
GRAHABAWANA, P.T. (Property Management and Development)
37. INDOFIRST
NUSANTARA SYNTHETIC RUBBER, P.T. (Styrene Butadiene Rubber Industry)
38. INDOPOLY
SWAKARSA INDUSTRY, P.T. (BOPP Film Manufacturing)
39. INTERNATIONAL
RESOURCES CORPORATION,
40. INTERNATIONAL
REOURCES (HK) LTD., Hongkong, (Trading)
41. INTINUSA
SELAREKSA Tbk., P.T. (Integrated Natural Granite Processor)
42. JANGGALA
PRIMA, P.T. (Trading and Suppliers)
43.
44. KARYA
YUDHA SAKTI, P.T. (Housing Development)
45. KEMAYORANLAND
Corporation, P.T. (Property Management)
46. KUNINGAN
PROPERTAMA, P.T. (Property Development and Management)
47. LAYANG
KENCANA PRIMA, P.T. (Trading and Supplier)
48.
49. MATAHARI
LINTAS CAKRAWALA, P.T. (Direct Broadcasting Satellite Television Services)
50. MAG
51. MEGACITY
DEVELOPMENT CORPORATION, P.T. (Apartment Developer Management)
52. MEGATAMA
RAYA, P.T. (Consulting)
53. MULTI
BATURA UTAMA, P.T. (General Trading, Exporters, Suppliers and Distributors)
54. MULTI
GRANITINDO UTAMA, P.T. (Granite Mining and Processing)
55. MULTI HARAPAN UTAMA, P.T. (Trading)
56. MULTI
MEDIA NUSANTARA, P.T. (Pay TV Cable and Multimedia Provider)
57. MURNICIPTA
SENTOSA, P.T. (Investment Holding)
58. NALCO
PERKASA, P.T. (Industrial Chemical Formulation)
59. NAWA
PANDUTA, P.T. (General Trading and Investment Holding)
60. NUGRAHABUANA
BUMINUSA, P.T. (Granite Mining and Processing)
61. NUSATEL
YUDHA BHAKTI, P.T. (Telecommunication Contracting)
62. PAN
63. PANCA PURI PERKASA INDAH, P.T. (Industrial Estate
Management)
64. PERKASA
STERILINDO, P.T. (Sterilization Service)
65.
66. POLYPRIMA
KARYAREKSA, P.T. (Purified Terephthalic Acid (PTA) Processing)
67. PRISMATAMA
NUGRAHA, P.T. (Trading and Suppliers)
68. POLYPET
KARYAPERSADA, P.T. (Polyethylene Therephtalate Industry)
69. PRAJA
PURI INDAH, P.T. (Shopping Centre and Industrial Estate Development)
70. PRIMA
INTERLOKASI, P.T. (Trading and Suppliers)
71. PRIMA
CITRA ELOK, P.T. (Trading and Suppliers)
72. PRIMANUSA
73. PUTRAMITA
LUHURSEJATI, P.T. (Investment Holding)
74. RAYAPRIMA
LESTARI, P.T. (Trading and Suppliers)
75. REXFORD
PRATAMA, P.T. (Trading, Supplier and Distributor)
76. RIAUALAM
ANUGERAH
77. SAHAMAS
ARTANUSA, P.T. (Stock Exchange Brokerage Services)
78. SARILEMBAH
TIRTA HIJAU, P.T. (Luxury Apartment Management)
79. SAROTAMA PRIMA PERKASA, P.T. (Tourism Industry)
80. SAYAPNUSA
PRIMA, P.T. (Trading and Suppliers)
81. SEMESTAKIMIA
RAYA, P.T. (Trading of Industrial Chemicals)
82. SINAR
BENUAPRIMA, P.T. (Coal Mining and Destillation)
83. STENTA
FILMS (
84. SUMATERA
PRIMA FIBREBOARD, P.T. (Medium Density Fibreboard Manufacturing)
85. SURYA
CITRA TELEVISI, P.T. (Commercial Television Broadcasting Services)
86. SURYANUSA
PERKASA, P.T. (Hotelry and Recreation Centre Management)
87. SWASTHI
PARAMA MULYA, P.T. (Rubber Thread Manufacturing)
88. THAI
BRANTA MULIA CO., LTD.,
89. TRANSINDO PUTRA PERKASA, P.T. (Land Transportation)
90. WIRASWASTA
GEMILANG
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
|
IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.