MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
HALIM SAMUDRA INTERUTAMA |
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Registered Office : |
Kawasan Industri Jatake, Jalan Industri Raya IV Blok A-E/10, Cikupa, Tangerang 15710, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20 July 1989 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Plastic Compound and Masterbatches Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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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Maximum Credit Limit : |
US$ 2,240,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. HALIM SAMUDRA INTERUTAMA
Address
Head Office & Factory
Kawasan Industri Jatake
Jalan Industri Raya IV Blok A-E/10
Cikupa, Tangerang 15710
West Java
Phones - (021) 5903992
Fax -
(021) 5900268
E-mail - hasiu@halim-sakti.com
Land Area - 16,000 sq.
meters
Office Space - 10,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Office Marketing
Jalan Tomang Raya No. 4
Jakarta 11430
Phones - (021) 5600400, 5660708
Fax -
(021) 5600390, 5667440
Website - www.halim-sakti.com
Building Area - 16 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
20 July 1989
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-21644.HT.01.04.TH’98
Dated 23 October 1998
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The Capital Investment Coordinating Board
a. No. 110/I/PMA/1989
Dated 27 July 1989
b. No. 95/II/PMA/1994
Dated 08 June 1994
c. No. 138/II/PMA/1997
Dated 22 August 1997
Related Companies
A Member of the HALIM SAKTI Group
(see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$.
7,500,000.-
Issued Capital : US$.
6,200,000.-
Paid up Capital : US$.
6,200,000.-
Shareholders/Owners :
a. P.T. HALIM SAKTI of Indonesia -
US$ 3,675,000.-
b. CHO YANG CORPORATION of South Korea -
US$ 650,000.-
c. L.G. CHEMICAL LTD. of South
Korea - US$ 750,000.-
d. CHUGAI BOYEKI CO. LTD, of Japan -
US$ 1,125,000.-
BUSINESS ACTIVITIES
Lines of Business:
Plastic Compound and Masterbatches Manufacturing
Production Capacity
a. Calcium
Carbonates - 4,500 tons p.a.
b. Masterbatch
Colourants - 1,500 tons p.a.
c. Jelly Fillet Cables - 1,500 tons p.a.
d. Rubber Compounds (TRP) - 3,400 tons p.a.
e. PP Compounds for Car Bumper - 500 tons p.a.
f. Acrylonitrile Butadine Styrenes (ABS) - 11,700 tons p.a.
g. LDPE Black Sheating Compounds - 2,400 tons p.a.
h. PP,
PE, GPPS, HIPS, AS, PC,
PMMA, Nylons, Poly Acetals, ASA
Color Compounds -
1,500 tons p.a.
Total Investment
a. Equity Capital - US$. 7.5 million
b. Loan Capital - US$. 6.0 million
c. Total
Investment - US$. 13.5 million
Started Operation
1991
Brand Name
None
Technical Assistance
None
Number of Employee
142 persons
Marketing Area
Domestic - 80%
Export - 20%
Main Customer
a. P.T. HALIM SAKTI
PRATAMA (as sole distributor)
b. Export to
Malaysia and Singapore
Market Situation
Very Competitive
Main Competitors
a. P.T. BRATACO
CHEMIKA
b. P.T. ALAM KIMIA
c. P.T. KARSAVICTA
SATYA
d. P.T. PARAMA
MANDYADANA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank PERMATA Tbk
Bank PERMATA Plaza
Jalan Jend. Sudirman Kav. 27
Jakarta Selatan
Indonesia
b. ABN AMRO BANK N.A.
ABN AMRO Building
Jalan Ir. H. Juanda No. 23-24
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 130.0
billion
2005 – Rp. 152.0
billion
2006 – Rp. 165.0
billion
2007 – Rp. 92.0 billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 6.5 billion
2005 – Rp. 7.6 billion
2006 – Rp. 8.2 billion
2007 – Rp. 4.6 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Januarlis Halim
Director - Mr. Emanza Kow
Board of Commissioners :
President Commissioner - Mr. Jusuf Halim
Signatories :
President Director (Mr. Januarlis
Halim) or Director (Mr. Emanza Kow)
which must be approved by the Board of Management (Mr. Jusuf Halim)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 2,240,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. HALIM SAMUDRA INTERUTAMA (P.T. HSI) was established in July 1989 with an authorized capital of US$ 2,500,000.- entirely issued and paid up. The founding shareholders of the company are CHO YANG CORPORATION, LG CHEMICAL LTD. (both of South Korea), CHUGAI BOYEKI CO. LTD. of Japan and P.T. HALIM SAKTI, a private company,. The company's notarial act has since undergone revision. In November 1992 the company's authorized capital was increased to US$ 7,500,000.- with the issued and paid up capital amounting to US$ 6,200,000.- The deed of amendment was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under Company Registration Number C2-21644 HT.01.04.TH.1998, dated October 23, 1998. We note that P.T. HSI's local shareholder, P.T. HALIM SAKTI, is the parent company of the HALIM SAKTI Group, a medium-sized Indonesian business group headed by Mr. Januarlis Halim.
P.T. HSI operates under foreign investment (PMA) facilities in the plastic compound and masterbatches manufacturing, by managing a plant located at Jalan Industri Raya IV Block AE/10 Cikupa, Tangerang (West Java). The plant has been in operation since 1991 by producing various chemical materials like ABS color compounds, thermo plastic rubbers, calcium carbonate masterbatch compounds, black jacketing compound for telecommunication cables, jelly filling compound for telecommunication cable, impact modifier for polyolefin & polystyrene, polyolefin, polystyrene, PC, Nylon and color masterbatch with high concentrate pigment. Mr. Emanza Kow, the director of the company, said that the company products consist of various brands including Hailac for ABS color compound, Haiton for TPR products, Haimaster for polyolefin, polystyrene, PC, Nylon. About 80% of the company's production is marketed in the country with the marketing being handled by P.T. HALIM SAKTI PRATAMA above, and the rest being exported to Malaysia and Singapore. P.T. HIS is classified as medium sized company of its kind in the country of which the operation has been growing in the last three years.
In overall we find the demand for industrial chemicals including plastic compounding, masterbatches colourant, etc., kept on rising until mid-1997, in line with the growth of plastic, rubber industries, etc., in the country. But since economic crisis occurred in mid-1997 the demand kept declining until the end 1999. It is estimated the demand will keep fluctuating within the coming three years. While the competition is very tight due to a large number of similar companies operating in the country as well as many similar imported products are marketed locally. Business position of P.T. HSI is quite unfavorable due to economic condition in the country remains unstable to date. But it has good business prospect in the long run mainly once economic crisis starts recovery.
Until this time P.T. HASI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. HSI's management is very closed to outsiders especially on the company's financial condition. We estimate P.T. HSI's sales turnover in 2004 at Rp 130.0 billion increased to Rp 152.0 billion in 2005 rose to Rp 165.0 billion in 2006 and projected to go on increasing by some 10% in 2007. The company is figured to have made a net profit of about Rp 8.2 billion in 2006. P.T. HSI now has an estimated networth at around Rp 110.0 billion. We observe that P.T. HSI is supported by financially strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
P.T. HIS's management is headed by Mr. Januarlis Halim (65), who already has about 33 years of experience in the industrial chemical trade and distributorship. He is also primemover of the HALIM SAKTI Group. But day-to-day operation of the company is headed by Mr. Emanza Kow (44). The company is managed by professionals with experience in the company's type business. They have wide relations with private businessmen within and outside the country and with government authorities. So far, we have never yet come across report on involved of P.T. HSI’s management in any malfeasance and criminal offences.
P.T. HSI is appraised quite feasible for business transaction. But owing to economic condition in the country to remain unstable to date, we recommend to treat prudently in extending any new loans to the company.
Attachment
List of the HALIM
SAKTI Group Members
1.
BUANA INDONESIA,
P.T. Bank (Banking)
2.
BUMI
AGUNG PERKASA INDAH, P.T. (Hot Dive Galvanized Steel Pipe Making)
3.
BUMI
KAYA, P.T. (Steel Pipe and G.I. Pipe Making)
4.
BUDI
MAKMUR ABADI, P.T. (Steel Pipe Making)
5.
COSMO
POLYURETHANE INDONESIA, P.T.
(Polyurethane Compound Manufacturing)
6.
DELTA
MAS SEJAHTERA ABADI, P.T. (Trading and Distribution of Industrial Chemicals)
7.
FINEXCO
PRIMA, P.T. (Calcium Carbonate
Processing)
8.
HALIM
SAKTI, P.T. (Trading and Distribution of Industrial Chemicals)
9.
HALIM
SAMUDRA INTERUTAMA, P.T. (Specialty Chemicals Manufacturing)
10. HALIM SARANA CAHAYA SEMESTA, P.T.
(Distribution of Industrial Chemicals)
11. HALIM SURYA INTERNATIONAL, P.T.
(Specialty Chemicals Manufacturing)
12. INDO ASIA TIRTA MANUNGGAL, P.T.
(Trading and Distribution of Industrial Chemicals, Investment Holding)
13. MULTI ARTA SENTOSA, P.T. Bank
(Banking Services)
14. PINTU MAS MULIA KIMIA, P.T.
(Distribution of Industrial Chemicals)
15. SINAR PERMATA HALIM SWADAYA, P.T.
(Industrial Chemicals Manufacturing)
16. SUPER WORLDWIDE FOODSTUFF
INDUSTRIES, P.T. (Glucose and Confectionery Manufacturing)
17. TRITUNGGAL MULTI CHEMICAL, P.T.
(Industrial Chemical Processing)
18. Etc.
RATING
EXPLANATIONS
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RATING |
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)