MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. INTI COLOURINDO |
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Registered Office : |
Jalan Industri 1 No. 7, Kawasan Industri Batujajar Permai,
Batujajar – |
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Country : |
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Date of Incorporation : |
8 September 1987 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution and Supply of
Textile Chemical |
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$ 131,500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. INTI COLOURINDO
Address
Head Office
Jalan Industri 1
No. 7
Kawasan Industri
Batujajar Permai
Batujajar –
Phone -
(62-22) 6868 468, 6868 469
Fax. - (62-22) 6868 470
Building Area - 2 storey
Office Space - 600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 8 September 1987 as P.T. INTI COLOUR CHEMICAL
b. 4 May 1988 as P.T. INTI COLOURINDO
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-02309
HT.01.04.TH.2004
Dated 30 January
2004
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 01.280.257.5-421
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
500,000,000.-
Issued Capital : Rp.
200,000,000.-
Paid up Capital : Rp.
200,000,000.-
Shareholders/Owners :
a. Mr. Aan Sukmanegara - Rp. 80,000,000.-
Address : Kampung Pondok Hijau Indah
A-20,
b. Mr. Sutedja Sidarta - Rp. 48,000,000.-
Address : Jl. Rajawali Selatan VII/7
c. Mr. Iswanto Effendi - Rp. 48,000,000.-
Address : Jl. Ampasit Raya No. 12
d. Mrs. Tjatur Djanumartini - Rp. 24,000,000.-
Address : Kampung Pondok Hijau Indah
A-20,
BUSINESS ACTIVITIES
Lines of Business:
Trading, Distribution and Supply of Textile
Chemical
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 0.5
billion
b. Loan Capital - Rp. 0.5
billion
c. Total
Investment - Rp. 1.0 billion
Started Operation
1988
Brand Name
None
Technical Assistance
None
Number of Employee
17 persons
Marketing Area
Domestic - 100%
Main Customer
Textile Industry
Market Situation
Very Competitive
Main Competitors
a. P.T. JEN TSONG
b. P.T. MATSUMOTOYUSHI
c. P.T. DUMACO
CHEMICALS
d. C.V. HADI PUTRA
JAYA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
P.T. Bank NIAGA Tbk
Jalan Lebang No. 7
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 9.0 billion
2005 – Rp. 9.5 billion
2006 – Rp. 10.0
billion
Net Profit (Loss)
:
2004 – Rp. 0.4 billion
2005 – Rp. 0.5 billion
2006 – Rp. 0.6
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Aan Sukmanegara
Director - Mrs. Tjatur Djanumartini
Board of Commissioners :
President Commissioner - Mr. Sutedja Sidarta
Commissioner -
Mr. Iswanto Effendi
Signatories :
President Director (Mr. Aan
Sukmanegara) or the Director (Mrs. Tjatur Djanumartini) which must be approved
by Supervisory Board.
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$ 131,500.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. INTI COLOUR CHEMICAL, it was established
in September 1987 with the authorized capital of Rp. 50,000,000 of which Rp.
10,000,000 was issued and fully paid up. The founding shareholders of the
company are Mr. Aan Sukmanegara, Mr. Halim Djunarto and Mr. Drs. Daniel Dede
Tarin. The articles of association of the company have frequently been revised.
In May 1998, the company renamed to P.T. INTI COLOURINDO (P.T. IC). In January 2004,
the authorized capital was increased to Rp. 500,000,000.- issued capital to Rp.
200,000,000.- which was entirely paid up. On the same occasion, Mr. Halim
Djunarto and Mr. Drs. Daniel Dede Tarin pulled-out and replaced by Mr. Sutedja
Sidarta, Mr. Iswanto Effendi and Mrs. Tjatur Djanumartini, they are Indonesian
businessmen of Chinese origin. The deed of amendment was made by Mrs. Tien
Norman Lubis, SH., a public notary in
P.T. IC has been in operation since 1988 dealing with trading,
distribution and supply of textile chemical products. Whole merchandise
products are imported from THAI AMBIKA of Thailand. Besides, the company also
sells chemical products being imported from
In overall views we find the demand for textile chemical and
other industrial chemical has been rising by at least 8% to 10% per years
within the last five years. It links closely with the rapid growth of textile
industries at home. It estimated will be higher by at least 6% within the
coming five years. While competition is very tight due to a large number of
similar companies operating in the country at present. We consider P.T. IC to
be in a quite favorable position for having already got hold of a steady
clientele in
Import Value of Basic Materials
Chemicals for Food and Beverages and
Basic Material for Industry,
2000-2005*
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Year |
Food and
Beverages Mainly for Industry (Million |
Raw
Materials for Industry (Million |
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Primary |
Processed |
Primary |
Processed |
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2000 |
1,009.8 |
507.6 |
2,020.3 |
12,421.4 |
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2001 |
797.1 |
503.6 |
2,228.9 |
10,970.2 |
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2002 |
1,096.5 |
441.2 |
1,758.6 |
10,541.7 |
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2003 |
1,127.4 |
531. |
1,697.8 |
10,570.8 |
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2004 |
1,456.7 |
568. |
2,236.3 |
15,357.8 |
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2005 |
1,082.5 |
699.6 |
1,776.9 |
14,714.8 |
Source : Central Bureau of
Statistic
Until this time P.T. IC 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 2004
amounted to Rp. 9.0 billion increased to Rp. 9.5 billion in 2005 and to Rp.
10.0 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 0.6 billion and the company has an estimated total networth at least
Rp. 1.5 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2007. We observe that P.T. IC is supported by
financially fairly strong behind it. So far, we have never heard of the company
having been black listed by the Central Bank (Bank
The management of P.T. IC is led by Mr. Aan Sukmanegara (58) with 17 years of experience in trading, distribution and supply of textile chemical. 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. INTI COLOURINDO 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
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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/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 |
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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%)