MIRA INFORM REPORT
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Report Date : |
5th May 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
CHEMSTAR INDONESIA |
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Registered Office : |
Rukan
Taman Meruya M-22 Jakarta
Barat 11620 Indonesia |
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Date of Incorporation : |
18 June 2004 |
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Com. Reg. No.: |
C-16913.HT.01.04.TH.2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Importing of Specialty Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 : |
Usually Correct |
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Litigation : |
Clear |
Correct name of company
P.T. CHEMSTAR INDONESIA
A d d r e s s
Head Office
Rukan Taman Meruya M-22
Jakarta Barat 11620
Indonesia
Phone -
(62-21) 5871381, 5871379
Fax. - (62-21) 5871380
Email - chemstar@cbn.net.id
Website - http://www.chemstar-indo.com
Building Area - 3 storey
Office Space -
180 sq. meters
Region -
Commercial
Status - Rental
Branch
Ruko Taman Mutiara M-3
Cimahi, Bandung 40523
West Java
Phone -
(62-21) 587 1379, 587 1381
Fax. - (62-21) 587 1380
Email - chemstar@cbn.net.id
Building Area - 2 storey
Office Space -
110 sq. meters
Region -
Commercial
Status - Rental
Date of Incorporation
18 June 2004
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-16913.HT.01.04.TH.2004
Dated 7 July 2004
Company Status
National Private Company
Permit by the Government Department
The Department of Finance
Not Available
Related Company
P.T. KARYA AGUNG
CEMERLANG (Trading and Distribution of Chemical Products)
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital :
Rp. 600,000,000.-
Issued Capital : Rp.
300,000,000.-
Paid up Capital : Rp. 300,000,000.-
Shareholders/Owners :
a. Mr. Kwee Sutrimo -
24.5%
Address : Komplek Taman Muriara M-3, Rt.01/16
Bandung, West Java
Indonesia
b. Mr. Ir. Wim Zulkarnaen - 51.0%
Address : Jl. Kembang Harum VII C8/11
Rt. 005/004, Jakarta Barat
Indonesia
b. Mr. Eko Mulyono Suprapto - 24.5%
Address : Jl. Permata Cimahi A1/14, Rt. 05/1
Desa Tanimulya, Bandung
Indonesia
BUSINESS ACTIVITIES |
Lines of Business:
Trading and Importing of Specialty Chemicals
Production Capacity :
None
Total Investment :
a. Equity Capital - Rp. 300,000,000.-
b. Loan Capital -
Rp. 0.-
c. Total Investment -
Rp. 300,000,000.-
Started Operation :
June 2004
Brand Name :
CHEMSTAR
Technical Assistance :
None
Number of Employee :
32 persons
Marketing Area :
Domestic (Local) -
100 %
Main Customer :
a. Textile Industries
b. Leather Industries
c. Pulp and Paper Industries
d. Agro Industries, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Ladang Anugerah
b. P.T. Kartika Cemerlang
Sejati
c. P.T. Murnia Kusuma Jaya
d. P.T. Oriental Chemical
Indonesia
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r :
a. P.T. LIPPO Bank Tbk.,
Puri Indah Branch
Jl. Puri Indah Raya Blok A No. 7
Jakarta Barat
Indonesia
b. P.T. Bank PERMATA Tbk.
Puri Indah Branch
Jl. Puri Indah Kencana Blk A/6A
Jakarta Barat
c. P.T. Bank KESAWAN
Jl. Hayam Wuruk No. 33
Jakarta Barat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2004 – Rp. 3.6 billion
2005 – Rp. 7.8 billion
Net Profit (Loss) :
2004 – Rp. 280.0 million
2005 – Rp. 650.0 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
Director
- Mr. Ir. Wim Zulkarnaen
Board of Commissioner :
Chairman - Mr. Eko Mulyono Suprapto
Commissioner - Mr. Kwee Sutrimo
Signatories :
The Director (Mr. Ir. Wim Zulkarnaen) which must be
approved by the Board of Commissioner (Mr. Eko Mulyono Suprapto and Mr. Kwee
Sutrimo)
CAPABILITIES
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Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 106,000.- on the 90 days of
payments
OVERALL PERFOMANCE |
Based on our investigation, the name of this
company is not RUKAN TAMAN MERUYA, but P.T. CHEMSTAR INDONESIA, domiciled at
Jalan Rukan Taman Meruya Blok M-22, Jakarta Barat. P.T. CHEMSTAR INDONESIA
(P.T. CI) was established on July 18, 2004 with the authorized capital of Rp.
600,000,000.- and the subscribed capital of Rp. 300,000,000,.- which was fully
paid up. The founders and shareholders of the company are Mr. Ir. Wim
Zulkarnaen, Mr. Kwee Sutrimo and Mr. Eko Mulyono Suprapto. They are Indonesian
businessman of Chinese descent. There is no change on the capital and
shareholders structure until this time.
Deed of notary of P.T. Ci was made by Ms.
Jusnita Gunawan SH., a public notary in Jakarta, under company registration
number C-16913.HT.01.04.TH. 2004, dated July 7, 2004. We observed that majority
share owned by Mr. Wim Zularnaen (51%) and the rest owned by Mr. Kwee Sutrimo
(24.5%) and Mr. Eko Mulyono Suprapto (24.5%).
PT. CI started its business since June 204 in the field of trading and distributor of special chemical for textile, leather, paper, agro, etc. Mr. Sugiharto, marketing staff of PT. CI, explained that in principal PT. CI is continuation of PT. KARYA AGUNG CEMERLANG, an affiliated company that started its business since eight years ago. He added that PT. CI is a sole agent of M. DOHMEN Specialty Chemicals from Germany. Chemical material sold by them such as, among others Dyes disperse, acid & premet, direct & reactive), Industrial Chemicals (water treatment, pretreatment & enzyme, dyeing, printing & finishing) and Agro Chemcials (fertilizer, organic stimulant, soll enrichment). PT. CI sold its products to a number of textile, leather, paper and agro industries in Jakarta, Bandung, Semarang, Surabaya and many big cities in Sumatra and Borneo.
We observed that PT. CI is classified as
medium company in the field of trading and distributor of special chemical. In
general, demand on special chemical material is still increasing about 6% on
the average per year in the past three years. But, business competition is very
tight cause there are many companies carried out business in the same field.
Business position of P.T. CI is fairly good because they have been experienced
for more than 8 years in such business.
Until this time P.T. CI have not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 is Rp. 3.6 billion with net profit as much as Rp. 280 million. In 2005, total sales turnover of the company increased to be Rp. 7.8 billion with net profit as much as Rp. 650 million. The company’s total net worth is about Rp. 3.2 billion. It is forecasted that total sales turnover of the company will increase at least 12% in 2006.
The company is led out by Mr. Wim Zulkarnaen
(appr. 45 years old), an experienced businessman for more than 8 years in the
field of trading and distributor of special chemical material. He is also a
founder and shareholder of P.T. KARYA AGUNG CEMERLANG. Management of the
company is creative and dynamic enough. A number of professional managers
assist them in the company’s business. Their relationship with the government
is fairly good.
We appraised that P.T. CI is fairly
good for normally business transaction. We suggest being very careful in giving
new loan to this company in view of unstable condition of Indonesian economy.
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |