MIRA INFORM REPORT

 

 

Report Date :

04.09.2007

 

IDENTIFICATION DETAILS

 

Name :

P.T. INKOMAS LESTARI

 

 

Registered Office :

Jl. Jababeka X, Blok G No. 34-35, Kawasan Industri Jababeka, Bekasi, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

31 May 1991

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Metal Oxidation and PVC Stabilizer Industry

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

US$ 320,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Name of Company

 

P.T. INKOMAS LESTARI

 

 

Address

 

Head Office & Factory

Jl. Jababeka X, Blok G No. 34-35

Kawasan Industri Jababeka

Bekasi, West Java

Indonesia

Phones             - (62-21) 8934026 (hunting)

Fax.                  - 8934096

Land Area         - 12,000 sq. meters

Office Space      -   6,000 sq. meters

Region              - Industrial Estate

Status               - Rent

 

 

Date of Incorporation

 

a. 31 May 1991 as P.T. INKOMAS LESTARI PERKASA

b. 31 October 2000 as P.T. INKOMAS LESTARI

 

                                  

Legal Form

 

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

 

                                                       

Company Reg. No.

 

The Ministry of Justice and Human Rights

No. C-15608.HT.01.04.TH.2006

Dated 30 May 2006

 

 

Company Status 

 

Foreign Investment (PMA) Company

 

           

Permit by the Government Department

 

a. The President of the Republic of Indonesia

    No. B-168/Pres/5/1991

    Dated 16 May 1991

 

b. The Capital Investment Coordinating Board

    - No. 156/I/PMA/1991

      Dated 23 May 1991

    - No. 823/III/PMA/2001

      Dated 28 June 2001

    - No. 1011/III/PMA/2005

      Dated 5 September 2005

 

           

Parent Company

 

P.T. SOLAR SAHARA INVESTMENT (Investment Holding)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             : US$. 3,000,000.-

Issued Capital                                   : US$. 1,659,500.-

Paid up Capital                                  : US$. 1,659,500.-

 

Shareholders/Owners :

a. P.T. SOLAR SAHARA INVESTMENT - US$. 1,659,400.-

   Address : Jl. Jababeka X, Blok G No. 34-35

                   Kawasan Industri Jababeka

                   Bekasi, West Java

                   Indonesia

b. Mr.  Basher Saleh Gumah Oaown               - US$.          100.-

   Address : Jl. Simpruk Golf 17/60

                   Jakarta Selatan

                   Indonesia                      

 

   

BUSINESS ACTIVITIES

                             

Lines of Business:       

Metal Oxidation and PVC Stabilizer Industry

 

 

Production Capacity

 

a. Litharge (PbO)           - 5,400 tons p.a.

b. Red Lead (Pb304)      - 1,200 tons p.a.

c. Lead Stearate            - 2,400 tons p.a.

d. Powder Stabilizer       - 7,200 tons p.a.

e. Liquid Stabilizer         - 1,800 tons p.a.

 

 

Total Investment

 

a. Equity Capital                                - US$. 1,659,500.-

b. Loan Capital                                  - US$. 1,500,000.-

c. Total Investment                            - US$. 3,159,500.-

 

 

Started Operation

 

April 1992

 

 

Brand Name

 

INKOMAS

 

 

Technical Assistance

 

None

 

 

Number of Employee

 

160 persons                                     

 

 

Marketing Area

 

Domestic (local)    - 100%

 

 

Main Customer

 

  1. P.T. WAVIN DUTA JAYA
  2. P.T. MASPION PLASTIK
  3. P.T. WINGE INDUSTRI PLASTIK
  4. P.T. TEKNO API PETROLINDO
  5. Etc.

 

 

Market Situation

 

Very Competitive

 

 

Main Competitors

 

a. P.T. NUSINA BENISON RAYA

b. P.T. SPEKTRUM TRIJAYA

c. P.T. BUMITIRTA MAS NUSANTARA

d. Etc.

 

Business Trend

 

Growing slowly

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

    Cikarang Branch

    West Java

    Indonesia

b. P.T. Bank NEGARA INDONESIA Tbk

    Cikarang Branch

    West Java

    Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2004 – Rp. 19.8 billion

2005 – Rp. 22.0 billion

2006 – Rp. 24.5 billion

2007 – Rp. 16.0 billion (January – June)

 

Net Profit  :

2004 – Rp. 1.2 billion

2005 – Rp. 1.6 billion

2006 – Rp. 2.0 billion

2007 – Rp. 1.1 billion (January – June)

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. Dwi Bagus Handoko

Director                                     - Mr. Ir. Hari Witjaksono

 

 

Board of Commissioners :

President Commissioner - Mr. Usamah Said

Commissioner                           - Mr. Basher Saleh Gumah Oaown

                                                           

Signatories :

President Director (Mr. Dwi Bagus Handoko) or Director (Mr. Ir. Hari Witjaksono) which must be approved by Board of Commissioners

 

 

CAPABILITIES

 

Management Capability :

Fairly Good

 

 

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$ 320,000.- on the 90 days of payment

 

 

OVERALL PERFOMANCE

 

Originally named P.T. INKOMAS LESTARI PERKASA  was established in 1991 with an authorized capital of US$ 800,00 entirely issued and paid up. The founding shareholders of the company are Mr. Rusli Gunawan (an Indonesia businessman of Chinese extraction) and TONG YANG CHEMICAL Metal Co. Ltd. of South Korea.  In October 2000, the company was named to P.T. INDOMAS LESTARI.  On the same occasion, the authorized capital was increased to US$ 3,000,000.- issued and paid up capital of US$ 1,659,500.-  In 2001, Mr. Rusli Gunawan and TONG YANG CHEMICAL METAL Co. Ltd., had released all business stakes (shares) in P.T. INDOMAS LESTARI to P.T. SOLAR SAHARA INVESTMENT (99.99%) and Mr. Basher Saleh Gumah Oaown, a Libya businessman (0.01%).  The deed of amendment was made by Mrs. Etty Roswitha Moelia, SH., a public notary in Jakarta under Company Registration Number C-15608 HT.01.04.TH. 2006, dated May 30, 2006.

 

P.T. INKOMAS LESTARI (P.T. IL) operates in industrial chemical processing under a Foreign Capital Investment (PMA) with its plant located at Jalan Jababeka X Blok G No. 34-35, Cikarang Industrial Estate, West Java. The plant, which went into commercial operation in April 1992, has been running well and growing moderately to date. It has a production capacity of 5,400 tons of Litharge (Pbo), 1,200 tons of Red Lead (Pb30), 2,400 tons of Lead Stearate, 7,200 tons of Powder Stabilizer and 1,800 tons of Liquid Stabilizer per year. The above chemicals are known under names of PVC Stabilizer and Lead Chemicals, chemicals used in the production of rigid PVC pipes, carpets, shoe components and various other products. The company’s plant was built with an investment of US$ 2.3 million, of which US$ 800,000 came from company capital and the balance from loans.

 

Mr. Andy, a company staff member said most of P.T. IL’s customers are plants producing rigid PVC pipes, including P.T. WAVIN DUTA JAYA, P.T. MASPION PLASTIC, P.T. WINGE INDUSTRI PLASTIK and P.T. TEKNO API PETROLINDO.  The company also exported its products to a number of ASEAN countries including Singapore, Malaysia, Vietnam, the Philippines and  Australia. We see that P.T. IL’s operation has been running smoothly but moderate in growing.

 

We see that the whole the domestic demand for PVC stabilizers and lead chemicals has been developing in close correlation with the development of PVC pipe industry in the country. The Indonesian PVC pipe and fitting industry is projected in 2007/2008 to grow further by some 6% to 7% per year.  Meanwhile, there is strong competition in the domestic marketing of PVC stabilizers and lead chemicals for large volumes of products imported from South Korea and Japan are circulating in the market.  P.T. IL is not doing to badly in the above business thanks to the fairly wide marketing network it has already established in the country. 

 

Until this time P.T. IL has not been registered with Indonesian Stock Exchange, so that they shall not oblige to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted to Rp. 19.8 billion, increased to Rp. 22.0 billion in 2005 and increased further to Rp. 24.5 billion in 2006.   It is projected that total sales turnover of the company will be higher by at least 12%n 2007.   The operation in 2006 yielded an estimated net profit at least Rp. 2.0 billion and the company has an estimated total networth of at least Rp. 18.0 billion.    We observe that P.T. IL 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 Indonesia). The company disclosed that the company usually pays its debts punctually to suppliers.  

 

The management is led by Mr. Dwi Bagus Handoko (40) a businessman who has well-experienced in the above business. In its operation, he is assisted by Mr. Ir. Hari Witjaksono (44) as director.  The management is considered to be fairly creative and dynamic. They have secured wide marketing network within and outside the country. We consider that P.T. IL’s management succeeded to export their products to several ASEAN countries. They have fairly good connection with the government sector as well as with overseas private businessmen.  To the best of our knowledge, the management has never involved in fraudulent business dealings.

     

P.T. INKOMAS LESTARI is quite good for normal business transactions. 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.

 

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