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MIRA INFORM REPORT
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Report No. : |
509765 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. NAMASINDO PLAS |
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Registered Office : |
Kampung Cangkorah No. 7, RT. 02/RW. 01, Ds.
Batujajar, Padalarang, Bandung, 40561, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
15.11.2000 |
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Com. Reg. No.: |
AHU-AH.01.03-0203060 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Plastic Product Industry · Investment Holding |
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No. of Employees : |
360 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Exist |
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
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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 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.
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.
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Source
: CIA |
COMPANY NAME
P.T. NAMASINDO PLAS
BASIC SEARCH
Name
of Company:
P.T. NAMASINDO PLAS
A
d d r e s s :
Head
Office & Factory 1
Kampung
Cangkorah No. 7, RT. 02/RW. 01
Ds.
Batujajar, Padalarang
Bandung,
40561
West
Java
Phones - (62-22) 6867068, 6867414, 6868374
Fax - (62-22) 6868336, 6868375
E-mail - info@namasindo.com
Website - http://www.namasindo.com
Land Area - 5,000 sq. meters
Building Space - 2,600 sq. meters
Region - Industrial Zone
Status - Owned
Factory
II
Jalan
Raya Kartosuro-Semarang Km. 2.8, RT. 02/05
Dukuh Mondorakan, Desa Wirogunan
Kertonatan, Kartosuro
Solo,
57166
Central
Java
Phones - (62-271) 782855 (Hunting)
Fax -
(62-271) 783040
Land Area - 5,000 sq. meters
Building Space - 2,600 sq. meters
Region - Industrial Zone
Status - Owned
Factory
III
Jalan
Letjend. Jamin Ginting Km. 22
Desa
Namoriam, Kecamatan Pancur Batu
Kabupaten
Deli Serdang
North
Sumatra
Phones - (62-61) 8363122
Fax -
(62-61) 8363123
Land Area - 5,000 sq. meters
Building Space - 2,600 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
15
November 2000
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The
Ministry of Law and Human Rights
- No. C-18759.HT.01.01.TH.2001
Dated 6 November 2001
- No. W8-HT.01.10-647
Dated 05 December 2006
- No. AHU-21302.AH.01.02.TH.2008
Dated 28 April 2008
- No. AHU-64036.AH.01.02.TH.2011
Dated 27 December 2011
- No. AHU-AH.01.10-10025
Dated 19 March 2013
- No. AHU-AH.01.03-0203060
Dated 20 December 2017
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
a.
The Department of Finance
NPWP No. 02.011.944.2-441.000
b.
The Capital Investment Coordinating Board
No. 202/I/PMDN/2001
Dated 30 January 2001
Related Companies :
a. P.T. ATRHA KARTIKAPUTRA (Plastic Products
Industry)
b. P.T. ARTHA MAS MINAHASA (Plastic Bottle and
Jars Industry)
c. P.T. KARTIKA AGUNG DEWATA (Plastic Products
Industry)
d. P.T. NAMASINDO PLAS ABADI (Plastic Products
Industry)
e. P.T. TRIMAS KEMASINDO (Plastic Packaging
Industry)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
500,000,000,000.-
Issued
Capital :
Rp. 144,000,000,000.-
Paid
up Capital :
Rp. 144,000,000,000.-
Shareholders/Owners
:
a.
Mr. Edhie Wulandiarto -
Rp. 76,320,000,000.-
Address : Jl.
Hegarmanah No. 58, RT. 001 RW. 008
Kelurahan Hegarmanah, Kecamatan
Cidadap, Bandung, 40141, West Java
Indonesia
b.
Mr. Glen Dadang Sukandi -
Rp. 67,680,000,000.-
Address :
Jl. Pasanggrahan Raya No. 45
Kelurahan Cipadung Kulon, Kecamatan
Panyileukan, Bandung, 40614, West Java
Indonesia
BUSINESS ACTIVITIES
Lines
of Business :
a. Plastic Product Industry
b. Investment Holding
Production
Capacity :
a.
PC Gallon Bottles -
15,000,000 pieces p.a.
b.
Gallon Caps -
10,500,000 pieces p.a.
c.
Screw Caps - 7,500 tons p.a.
Total
Investment :
a.
Owned Capital -
Rp. 15.0 billion
b.
Loan Capital -
Rp. 39.9 billion
c.
Total Investment -
Rp. 54.9 billion
Started
Operation :
2001
Brand
Name :
NAMASINDO
PLAS
Technical
Assistance :
None
Number
of Employee :
360
persons
Marketing
Area :
Local - 100%
Main
Customers :
a.
P.T. AQUA GOLDEN MISSISSIPI Tbk
b. P.T. TIRTA INVESTAMA
c. P.T. ADES ALFINDO PUTRA SETIA Tbk
d. P.T. TANG MAS
e. P.T. SINAR SOSRO Tbk
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. TRIOMEGA PET INDUSTRIES
b.
P.T. SURYASUKSES ABADI PRIMA
c.
P.T. DINAPLAST Tbk.
d. P.T. KEMASINDO INDAH TRIUTAMA
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Asia Afrika No.
122-124
Bandung, West Java, Indonesia
b.
P.T. Bank CIMB NIAGA Tbk
Jl. Jend. Gatot Subroto No. 2
Bandung, West Java, Indonesia
c.
P.T. Bank NEGARA INDONESIA Tbk
Jl. Asia Afrika No. 119
Bandung, West Java, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
The
Subject was involved dispute with various banking and declared default and
postponement of debt obligation (PKPU) No. 1/Pdt.Sus-PKPU/2018/PN/Jkt.Pst dated
25 January 2018
FINANCIAL FIGURE
Annual
Sales (estimated):
2015
– Rp. 278.0 billion
2016
– Rp. 297.0 billion
2017
– Rp. 320.8 billion
Net
Loss (estimated):
2015
– Rp. 16.7 billion
2016
– Rp. 20.0 billion
2017
– Rp. 25.7 billion
Payment
Manner:
Default
Financial
Comments:
Weak
KEY EXECUTIVES
Board of Management :
President Director - Mr. Edhie Wulandiarto
Director -
Mr. Glen Dadang Sukandi
Board of Commissioners :
Commissioner - Mr. Hidayat Widodo AKA Chiam Choon
Hie
Signatories :
President
Director (Mr. Edhie Wulandiarto) or the Director (Mr. Glen Dadang Sukandi)
which must be approved by Board of Commissioner (Mr. Hidayat Widodo)
CAPABILITIES
Management Capability:
Doubtful
Business Morality:
Prudent
OVERALL PERFORMANCE
P.T. NAMASINDO PLAS (P.T. NP) daily known with its
trading style of NAMASINDO was established in Bandung, West Java on 15 November
2000 with the authorized capital of Rp.1,000,000,000 of which Rp. 500,000,000
was issued and fully paid up. The founding shareholders are Mr. Edhi
Wulandiarto, Mr. Omar Hidayat, Mr. Yoseph Sunarya, Mr. Rony Tedy, Mr. Glen
Dadang Sukandi and Mr. Yakin Astian, all are Indonesian businessmen of Chinese
extraction. The articles of association has been changed a couple of
times. In November 2002, the authorized
capital was raised to Rp. 5,000,000,000 issued capital of Rp. 3,250,000,000
entirely paid up. On 21 June 2006, Mr.
Omar Hidayat, Mr. Yospeh Sunarya, Mr. Rony Tedy, Mr. Glen Dadang Sukandi and
Mr. Yakin Astian pulled out and replaced by Mr. Hidayat Widodo as new
shareholder. The latest on 23 June 2006,
Mr. Edhie Wulandiarto sold some of his shares to Mr. Glen Dadang Sukandi and on
the same occasion Mr. Glen Dadang Sukandi joined the company as new shareholder
again.
Later in March 2008 the authorized capital was increased
to Rp. 100,000,000,000 issued capital to Rp. 25,000,000,000 fully and paid up.
Then according to the revision of notary documents in November 2011 the company
authorized capital was raised again to Rp. 500,000,000,000 issued capital to
Rp. 130,000,000,000 entirely paid up. On the Mr. Hidayat Widodo AKA Chiam Choon
Hie pulled out and the whole share sold to his son Mr. Edhie Wulandiarto. With
this development the composition of its shareholders has been changed to become
Mr. Edhie Wulandiarto (53%) and Mr. Glen Dadang Sukandi (47%). Then according
to revision of notary deed of Mr. Edison Jingga, SH., No. 42 dated 8 February
2013 the board of director and the board of commissioner reappointed to lead
and runs of the company operation. The latest according to revision notary deed
Mr. Raden Tendy Suwarman, SH., no. 45 dated 15 December 2017 the company issued
capital was increased to Rp. 144,000,000,000 entirely paid up. With this
development the composition of its shareholders has been changed to become Mr.
Edhie Wulandiarto (53%) and Mr. Glenn Dadang Sukandi (47%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0203060 dated December 20, 2017.
P.T. NP is dealing with plastic product industry by
taking over and continuing the activities of SERBA GUNA PLASTIC having been in
operation since 1994 dealing with gallon caps industry. As packaged drink water
progresses in Indonesia, in 2001 they expanded and moved to a new factory. Its
also began to produce PC Gallon bottle, Screw cap emboss and printing. Its plant is located at Kampung Cangkorah no.
7, Batujajar, Padalarang, West Java on 5,000 sq. meters land. Later in 2008 the
company has been expanding production capacity by built and developed two
plants located in Solo, Central Java and Medan, North Sumatra. The expansion
plants had been operating since 2009 by produces of PC Gallon, Gallon Cups and
Screw Caps. The plant produces PC Gallon Bottles, Gallon Caps and Screw Caps.
PC Gallon Bottle made from a high resin polycarbonate
creating a clear plastic bottle which is certified to meet “foot contact” and
drop test requirements. Gallon Caps are produces using LDPE materials and Screw
Caps are made from HDPE. The supporting basic materials such as polycarbonate,
polyethylene terephthalate and low density polyethylene are imported from Japan
through MITSUI & CO, LTD and SUMITOMO Corporation both of Japan. Besides,
the company also uses local products of P.T. PETNESIA RESINDO. Whole products
of the company are marketed among bottled drinking water processing industries
in the country, including P.T. AQUA GOLDEN MISSISSIPI Tbk, TIRTA INVESTAMA
(VIT), P.T. ADES ALFINDO PUTRA SETIA Tbk, P.T. TANG MAS, P.T. SINAR SOSRO Tbk,
P.T. TIRTAMAS TELADAN, P.T. TIRTA BAHAGIAN, P.T. WATERINDEX TIRTA LESTARI, P.T.
AIRESS MEGA UTAMA and others.
Besides, P.T. NP is also engaged in investment holding by
controls 98% shares of P.T. NAMASINDO PLAS ABADI a private company dealing with
plastic products manufacturing by manages a plant located at Jalan Raya
Cangkring Malang Km. 5, Malang, East Java. The plant produces of PC Gallon,
Gallon Cups and Screw Caps. The whole products is also supplied to P.T.
TIRTAMAS INVESTAMA and others companies. However, P.T. NP
faces very serious financial problems and fails to pay debts to a number of
financial institutions. Because of having very large debts, then the operation
of this company experiencing obstacles and operational constraints due to
liquidity difficulties and not having cash flow. But until now P.T. NP is still
in operation and is still in the process of postponing its debt repayment
obligations, and has bills to settle.
Global economic performance in 2018 is predicted to
maintain a steady growth, although not as big as in 2017. The World Bank
predicts growth at 3.1%, with the considerations that economy in developed
countries will grow by 2.2%, where developing countries and emerging markets
will grow by 4.5%. In Indonesia, World Bank predicted growth by 5.3%, lower
than the target of State Budget (APBN) of 2018 by 5.4%. Investment in Indonesia
will continue alongside the export growth which is triggered by China’s
economic restoration. Meanwhile, household consumption will recover after
experiencing a slowing down in 2017. The increase is attributed to low
inflation, stable rupiah, strong labor market and a decline in borrowing costs.
Until this time P.T. NP has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of the company is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2015 amounted to Rp. 278.0 billion
increased to Rp. 297.0 billion in 2016 rose to Rp. 320.8 billion in 2017 and
projected to go on rising by at least 4% in 2018. The operation in 2017 yielded
an estimated net loss of at least Rp. 25.7 billion.
However P.T. NP faces
very serious financial problems and fails to pay debts to a number of financial
institutions such as P.T. Bank HSBC INDONESIA worth Rp. 200 billion; P.T. Bank
NEGARA INDONESIA (Persero) Tbk worth Rp. 1.7 trillion; P.T. Bank ANZ INDONESIA
worth Rp. 299.9 billion; and also to CITIBANK N.A, Jakarta; P.T. Bank DBS
INDONESIA; P.T. ORIX INDONESIA FINANCE; and raw material suppliers P.T.
MBRESINDO worth Rp. 3.8 billion.
The management of P.T. NP is led by Mr. Edhie Wulandiarto
(51) with 21 years of experience in plastic bottle industry and trading. In
daily activities, he is assisted by Mr. Glen Dadang Sukandi (50) as Director.
The management of the company is handled by experienced professional managers
in the above business having wide relation with overseas and national private
businessmen as well as with the government sectors. So far, we have never heard
of the management of the company being filed to the district court for
detrimental cases. Considering negative factors surroundings P.T. NAMASINDO
PLAS we recommended to stop any new proposed loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.02 |
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|
1 |
INR 91.25 |
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Euro |
1 |
INR 80.07 |
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IDR |
1 |
INR 0.0048 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.