MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. INTIBUMI ALUMINDOTAMA INDUSTRY |
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Registered Office : |
Jalan
Bandung No. 91, |
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Country : |
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Date of Incorporation : |
23 April 1991 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Aluminium Foil, Coil and Sheet 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$ 9,300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct name of
company
P.T. INTIBUMI ALUMINDOTAMA INDUSTRY
Address
Head Office & Factory 1
Jalan Bandung No. 91
Phone - (62-61) 453 4604, 453 1014
Fax. - (62-61) 455 4975
E-mail - sales@intibumi.com
Land Area - 32,650 sq. meters
Building Space - 21,800 sq. meters
Region - Industrial Zone
Status - Owned
Factory 2
Jalan Raya Medan-Binjei Km. 9
Desa Payegeli
Phone - (62-61) 845 2460
Fax. - (62-61) 845 3711
Land Area - 15,500 sq. meters
Factory Space - 9,600 sq. meters
Region - Industrial Zone
Status - Owned
Warehouse
Jalan Kalisabi Km. 4 No. 66
Jatiuwung-Tangerang
Phone - (62-21) 5579 9869 (Hunting)
Fax. - (62-21) 553 1377
Land Area - 10,450 sq. meters
Building Space - 7,860 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
23 April 1991
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-5187.HT.01.04.TH.1998
Dated 23 March 1998
Company Status
National Private Company
Permit by the
Government Department
The Department of Finance)
NPWP No. 1.554.064.4-113
Related Company
P.T. DAMAI ABADI (Aluminum Extrusion Industry)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 4,000,000,000.-
Issued Capital : Rp. 4,000,000,000.-
Paid up Capital : Rp. 4,000,000,000.-
Shareholders/Owners :
a. Mr. Dennis Mazuki - Rp. 1,000,000,000.-
Address : Jl.
Talaud No. 9,
b. Mr. Effendy Mazuki - Rp. 1,000,000,000.-
Address :
c. Mrs. Sabrina Mazuki - Rp. 1,000,000,000.-
Address : Jl.
Talaud No. 9,
d. Mr. Alimin - Rp. 1,000,000,000.-
Address : Jl. Talaud No. 9,
BUSINESS ACTIVITIES
Lines of Business:
Aluminium Foil, Coil and Sheet Manufacturing
Production Capacity
Aluminium Foils, Coils and Sheets - 24,000 tons p.a.
Total Investment
a. Owned Capital - Rp. 10.0 billion
b. Loan Capital - Rp. 15.0 billion
c. Total Investment - Rp. 25.0 billion
Started Operation
1992
Brand Name
IAI
Technical Assistance
None
Number of Employee
1,120
persons
Marketing Area
Domestic (Local) - 90 %
Export - 10 %
Main Customer
a. Aluminum Packaging Industry
b. Aluminum Kitchenware Manufacturing
c. Food & Beverage Industries
d. Insulation and Household foil Industries
e. Hospital Management
f. Building Contractors, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. Starmas Inti Aluminium Industry
b. P.T. Alfo Citra Abadi
c. P.T. Cakra Compact Aluminium Industries
d. P.T. Lispap Raya Sentosa
e. P.T. Aneka Surya Aluminum
f. P.T. Mulia Aluma Sarana
g. P.T. Nusantara Aluminum Service
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T.
Bank
Jl. MH. Thamrin No. 112
b. P.T. Bank MANDIRI Tbk.
Jl. Imam Bonjol No. 80
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2003 – Rp. 540.0 billion
2004 – Rp. 605.0 billion
2005 – Rp. 680.0 billion
2006 – Rp. 720.0 billion
Net Profit (Loss) :
2003 – Rp. 32.8 billion
2004 – Rp. 39.5 billion
2005 – Rp. 46.0 billion
2006 – Rp. 53.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Dennis Mazuki
Directors - a. Mr. Henry Lewis
b. Mr. Alimin Mazuki
Board of Commissioner :
Chairman -
Mr. Effendy Mazuki
Commissioner -
Mrs. Sabrina Mazuki
Signatories :
President Director (Mr. Dennis Mazuki) or one of the Directors (Mr. Henry Lewis and Mr.
Alimin Mazuki) which must be approved by the Chairman of Commissioner Board
(Mr. Efendy Mazuki) or Commissioner (Mrs. Sabrina Mazuki)
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded
normally
Proposed Credit
Limit
Moderate
amount
Maximum Credit Limit
US$ 9,300,000.- on the 90 days of payment
OVERALL PERFOMANCE
P.T. INTIBUMI ALUMINDOTAMA INDUSTRY (P.T. IAI) was established on
April 23, 1991 with the authorized capital of Rp. 500,000,000,- and the
subscribed capital of Rp 300.000.000,-
which was fully paid up. At the beginning, the founders and the
shareholders of the Company are Mr. Dennis Mazuki, Mr.Effendi Mazuki, Mrs. Fong
Tjhun Kok and Mrs. Sabrina Mazuki. They are families who are Indonesian
businessmen of Chinese descent. The
notarial deed has been changed a coupe of times. In October 1991, the
authorized capital was increased to Rp. 500,000,000. On the same occasion, Mrs.
Fong Tjhun Kok pulled out and the whole shares sold to Mr. Dennis Mazuki. The
latest in July 2002, the authorized capital was raised to Rp. 4,000,000,000.-
entirely issued and paid up. Concurrently, Mr. Henry Lewis and Mr. Alimin,
joined the company as new shareholders. The deed of amendment was made by Mr.
Aniswar Yanis, SH., a public notary in
P.T. IAI has operated its business since 1992 in the field of
aluminum foil manufacturing. Factory location of the company is same with the
location of P.T. DAMAI ABADI namely at Jalan Bandung 79-81,
We observed generally that demand of local market against aluminum foil and sheet is increasing about 7% until 8% on average per year in the past three years. The increase is connected closely to the development of packaging industry that used aluminum foil as their raw material. In addition to aluminum foil also used for building material, food and beverages packaging etc. The export of aluminum products in the last five years up to August 2004 had been fluctuating. The aluminum product market is estimated to be still sluggish next year. The competition is very tight on account many similar companies operating in the country. The business position of P.T. AI is a sufficiently good for controlling marketing network in the big cities. According to the Central Bureau of Statistics (BPS), the export volume and value of aluminum products in 2002 up to August 2006 is pictured on the following table:
The Export Volume and Value of Aluminum Products 2002 – 2006
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Description |
2002 |
2003 |
2004 |
2005 |
2006*) |
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247,9 |
225,8 |
214,9 |
204,4 |
158,0 |
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Value (million |
452,3 |
407,3 |
369,5 |
372,8 |
311,8 |
Source : Central Bureau of Statistics
Remark : *) January - August
Until this time P.T. IAI 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. 605.0 billion increased to Rp. 680.0 billion in 2005 and to Rp.
720.0 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 53.0 billion and the company has an estimated total net worth at Rp.
260.0 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2007. We observe that P.T. IAI 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 company is presided out by Mr. Dennis Mazuki (44) as
president Director of the company. He assisted by two directors namely Mr.
Alimin Mazuki and Mr. Henry Lewis. The company’s management experienced form
more than 20 years in field of product aluminum manufacturing. At the beginning
they carried out business in the field of aluminum extrusion industry in 1982
that managed by P.T. DAMAI ABADI. But
since 1992, they started to produce aluminum foil that managed by PT. IAI.
Management’s reputation in said business is very good. They have had wide
relation in the realm of the private businessmen in and outside the
country. 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. INTIBUMI ALUMINDOTAMA INDUSTRY 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%)