MIRA INFORM REPORT

 

 

Report Date :

19.07.2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. INDACHI PRIMA

 

 

Registered Office :

Desa Ubrug, Jatiluhur, Purwakarta 41101, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

4 November 2004

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Acrylic and Nylon Filament Yarns Spinning Mills 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

US$ 2,200,000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Correct Name of Company

 

P.T. INDACHI PRIMA

 

 

Address

 

Summitmas – 1, 18th Floor

Jl. Jend. Sudirman Kav. 61-62

Jakarta 12190, Indonesia

 

 

Correct Address

 

Head Office & Factory

Desa Ubrug, Jatiluhur,

Purwakarta 41101

West Java

Indonesia

Phone               - (62-264) 200713, 200720

Fax.                  - (62-264) 200710, 200620

Land Area         - 33,500 sq. meters

Factory Space   - 11,600 sq. meters

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

4 November 2004

 

                                  

Legal Form

 

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

 

                                                       

Company Reg. No.

 

The Ministry of Justice and Human Rights

No. C-02103 HT.01.04.TH.2005

Dated 26 January 2005

 

 

Company Status 

 

Domestic Investment (PMDN) Company

 

           

Permit by the Government Department

 

The Capital Investment Coordinating Board 

No. 22/I/PMDN/2005

Dated 16 February 2005

 

The Directorate General of Tax

NPWP No. 02.420.464.6-409.000

 

 

Related Company

 

The DALIATEX Group Members

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             : Rp. 50,000,000,000.-

Issued Capital                                   : Rp. 50,000,000,000.-

Paid up Capital                                  : Rp. 50,000,000,000.-

 

Shareholders/Owners :

a. P.T. DALIATEX KUSUMA                              - Rp. 27,000,000,000.-

   Address : Jl. Moch. Toha  Km. 7.3 No. 307

                   Bandung, West Java

                   Indonesia

b. P.T. MAKMUR REKASANTIKA                      - Rp. 12,500,000,000.-

   Address : Jl. Moch. Toha  Km. 7.3 No. 307

                   Bandung, West Java

                   Indonesia

c. Mrs. Susie Unjati                                          - Rp.   5,000,000,000.-

   Address : Jl. Dokter Cipto No. 32

                   Bandung, West Java

                   Indonesia

d. Mrs. Sutie Unjati                                          - Rp.   5,000,000,000.-

   Address : Jl. Belibis No. 16

                   Bandung, West Java

                   Indonesia

e. Mr. Ir. Riki Munaba                                      - Rp.     500,000,000.-

   Address : Jl. Dokter Cipto No. 32

                   Bandung, West Java

                   Indonesia

 

   

BUSINESS ACTIVITIES

                             

Lines of Business:       

Acrylic and Nylon Filament Yarns Spinning Mills 

 

 

Production Capacity

 

Nylon Filament Yarns     - 5,500 tons p.a.

 

 

Total Investment

 

a. Equity Capital                                - Rp. 50.0 billion

b. Loan Capital                                  - Rp. 23.8 billion

c. Total Investment                            - Rp. 73.8 billion

 

 

Started Operation

 

January 2005

 

 

Brand Name

 

Indachi Prima

 

 

Technical Assistance

 

ASAHI KASEI FIBER Corporation of Japan

 

 

Number of Employee

 

239 persons                                     

 

 

Marketing Area

 

Domestic    - 40%

Export         - 60%                            

 

 

Main Customer

 

The DALIATEX Group Members, etc.,

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. INDONESIA SYSTHETIC MILLS

b. P.T. ACRYL TEXTILE MILLS

c. P.T. INDONESIA TORAY SYNTEHTICS

d. P.T. INDORAMA SYNTHETICS

e. Etc.,

 

 

Business Trend

 

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

    Purwakarta Main Branch

    West Java

    Indonesia

b. P.T. Bank NEGARA INDONESIA Tbk

    Purwakarta Main Branch

    West Java

    Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2005 – Rp. 174.0 billion

2006 – Rp. 182.0 billion

 

Net Profit (Loss) :

2005 – Rp. 13.9 billion

2006 – Rp. 14.5 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. Drs. Rudy Unjoto

Vice President Director               - Mr. Yoshihiro Nakagawara

Director                                     - Mr. Lianta Andris Koswadi

           

Board of Commissioners :

President Commissioner - Mrs. Susi Unjati

Commissioners                          - a. Mr. Anton Wiratama

                                                  b. Mrs. Sutie Unjati

                                                           

Signatories :

President Director (Mr. Drs. Rudy Unjoto) or Vice President Director (Mr. Yoshihiro Nakagawara) or the Director (Mr. Lianta Andris Koawadi) which must be approved by the Chairman of Supervisory Board (Mrs. Susi Unjati) or one of the commissioners (Mr. Anton Wiratama and Mrs. Sutie Unjati)

 

 

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$ 2,200,000.- on the 90 days of payments

 

 

 

OVERALL PERFOMANCE

 

PT. INDACHI PRIMA (P.T. IP) was established in Purwakarta, West Java on 4 November 2004 with an authorized capital of Rp. 50,000,000,000.- issued capital of Rp. 12,500,000,000.- entirely paid up. The founding shareholders of the company are P.T. DALIATEX KUSUMA, P.T. MAKMUR REKASANTIKA, both are private company, Mrs. Susie Unjati and Mrs. Sutie Unjati, both are Indonesian businesswomen of Chinese origins. The notary deed had been changed a couple of times. In October 2005, the issued capital was increased to Rp. 50,000,000,000.- entirely paid up. On the same occasion, Mr. Ir. Riki Munaba joined the company as new shareholder. The deed of amendment was made by Dr. Herlien, SH., a public notary in Bandung, West Java under Company Registration Number C-02103 HT.01.04.TH.2005, dated January 26, 2005.

 

We see the majority business stakes owners namely P.T. DALIATEX KUSUMA and P.T. MAKMUR REKASANTIKA both are national company in integrated textile industry and majority business stakes is controlled by Mr. Drs. Rudy Unjoto. He also the founder and majority business stakes owner of the DALIATEX Group, a medium business group dealing with integrated textile mills.

 

P.T. INDACHI PRIMA (P.T. IP) operates under Domestic Investment (PMDN) Company facility in the field of acrylic and nylon filament yarns spinning mills. P.T. IP had been operating since the early 2005 by taking over factory (assets), brand name and factory employee of P.T. INDONESIA ASAHI KASEI. The plant located at Desa Ubrug, Purwakarta, West Java on a land of 33,500 sq. meters. The company produces of acrylic and nylon yarns 5,500 tons per annum. The plant has absorbed an investment of Rp. 73.0 billion, come from owned capital of Rp. 50.0 billion and the rest is loans. About 60% of its production is exported to the USA, Japan, Australia, Pakistan and Egypi while the rest 40% is marketed in the country to various textile industries such as P.T. DALIATEX KUSUMA, (DALIATEX Group) and other textile industries. We observe the operation of P.T. IP has been growing and developing well in the last two years.

 

The demand for garment in international market has been fluctuating in the last five years as evident from figures of Indonesian garment export. According to the Central Bureau of Statistic (BPS) the Indonesian garments export in 2000 amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 tons (US$ 4,476.7 million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons (US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 to 369,500 tons (US$ 4,967.0 million) in 2005 and to 89,900 tons (US$ 1,296.2 million) in 2006 (January-March). The Indonesian textile products export in 2000 amounted 1,365.1 tons (US$ 3,634.1 million), declined to 1,269.5 tons (US$ 3,198.9 million) in 2001, to 1,425.9 tons (US$ 3,075.9 million) in 2002 to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004, to 1,427.3 tons (US$ 3,704.0 million) in 2005 and to 362.3 tons (US$ 940.2 million) in 2006 (January-March). The export volume and value of the national TPT products in 2002 to 2006 are pictured on the following table.

 

      Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2000

2001

2002

2003

2004

2005

 2006*

370.3

473.8

333.1

339.9

327.3

369.5

89.9

4,702.6

4,476.7

3,887.2

4,037.9

4,351.9

4,967.0

1,296.2

1,365.1

1,269.5

1,425.9

1,307.5

1,300.4

1,427.3

362.3

3,634.1

3,198.9

3,075.9

3,064.6

3,354.6

3,704.0

940.2

*) January – March

Source : Central Bureau of Statistic

 

Until this time P.T. IP has 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 2005 amounted to Rp. 174.0 billion increased to Rp. 182.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 14.5 billion and the company has an estimated total net worth at least Rp. 120.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. IP is supported by financially fairly 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.  

 

The management of P.T. IP is led by Mr. Drs. Rudy Unjoto (48) with 17 years of experience in integrated textile industry. But daily operation, the company is led by Mr. Yoshihiro Nakagawara (49) a professional manager of Japan with has experienced for 18 years in acrylic and nylon yarns spinning mills. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice 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.

 

PT. INDACHI PRIMA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.

                                                                                                                      


 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

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