MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. UNITED CHEMINDO INTERNATIONAL |
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Formerly Known As : |
UNITED CHEMINDO |
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Registered Office : |
Komp. Golden Plaza
Block G No. 8, Jalan R.S. Fatmawati No. 15, Jakarta Selatan |
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Country : |
Indonesia |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
W7-02387 HT.01.01.TH.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Bio Aramid Fibre for Brake Lining, Shoes
and Pad |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 85,500 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. UNITED CHEMINDO INTERNATIONAL
A d d r e s s
Head Office
Komp. Golden
Plaza Block G No. 8
Jalan R.S.
Fatmawati No. 15
Jakarta Selatan
Indonesia
Phone - (62-21) 926
51877
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan Baranang
Siang Indah Block H-5 No. 2
Bogor 16144
West Java
Indonesia
Mobile Phone - 006281 21113202
Fax - (62-251) 701671
Land Area - 1,000 sq.
meters
Building Area - 800 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
a. 1998 as UNITED
CHEMINDO
b. 20 September
2006 as P.T. UNITED CHEMINDO INTERNATIONAL
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. W7-02387
HT.01.01.TH.2006
Dated 20 November
2006
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
02.143.503.7-016.0
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
500,000,000.-
Issued Capital : Rp.
205,000,000.-
Paid up Capital : Rp.
205,000,000.-
Shareholders/Owners
:
a. Mr. Wigijono -
Rp. 104,550,000.-
Address :
Baranangsiang Indah Block H 5 No. 2
Katulampa,
Bogor
West Java
Indonesia
b. Mr. Ir. Yulianto -
Rp. 100,450,000.-
Address : Taman Permata
Cikunir A6/27
Jakamulya,
Bekasi
West Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Manufacture of
Bio Aramid Fibre for Brake Lining, Shoes and Pad
Production Capacity
Brake Fibre - 100 metric
tons per month
Total Investment
Owned Capital - Rp. 500.0
million
Started Operation
1998
Brand Name
UCI
Technical Assistance
Roethler GmbH of
Germany
Number of Employee
21 persons
Marketing Area
a. Export - 85%
b. Local -
15%
Main Customer
Buyers in North
America, South America, Western Europe, Eastern Asia, Southeast Asia, Middle
East, Africa, Oceania
Market Situation
Very Competitive
Main Competitors
a. P.T. CEMCO
HARAPAN USANTARA
b. P.T. ANZEN
PAKARINDO
c. P.T. MEGA
MAKMUR CEMERLANG
d. P.T. TRI
DHARMA WISESA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank MANDIRI
Tbk
Jalan R.S.
Fatmawati
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 5.5
billion
2006 – Rp. 6.0
billion
2007 – Rp. 6.5
billion
Net Profit
(estimated) :
2005 – Rp. 385
million
2006 – Rp. 420
million
2007 – Rp. 455 million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Wigijono
Board of Commissioners :
Commissioner -
Mr. Ir. Yulianto
Signatories :
Director (Mr. Wigijono)
which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit Limit
C.O.D. To small
amount
Maximum Credit Limit
US$ 85,500 on 90
days D/A
OVERALL PERFOMANCE
Initially named UNITED CHEMINDO was established in Bogor, West Java in 1998
with status as Sole Proprietary Company. The company was founded by Mr.
Wigijono, an indigenous businessman. On 10 November 2006 the company status was
changed to P.T. (Peseroan Terbatas) or Limited Liability Company with the
complete name P.T. UNITED CHEMINDO INTERNATIONAL (P.T. UCI). The company was
established with an authorized capital of Rp. 500,000,000 issued capital of Rp.
205,000,000 fully and paid up. The founding shareholders of the company are Mr.
Wigijono (51%) and Mr. Ir. Yulianto (49%). The deed of amendment was made by
Mr. Sutjipto, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. W7-02387 HT.01.01.TH.2006, dated November 10, 2006.
P.T. YCI started with operating since 1998 in the field of manufacture bio
aramid fibre for brake lining, disc brake, brake shoe and disc pad of
automobile, engineering machines and trains. The plant is located at Jalan
Baranang Siang Indah Block H-5 No. 2, Bogor, West Java on a land of 1,000 sq.
meters. Bio aramid is unique composite bio fiber (BA fiber in short) and
produced by using technology from Rothler GmbH of Germany. The product is used
to manufacture the non asbestos disc pad and brake lining of automobiles,
engineering machines and trains. BA fiber is a new type of fiber reinforcement
for friction material, which is consisted of several fibers and environment
friendly. The company has a production capacity of 100 metric tons of brake
fiber (bio aramid fiber) per month. Some 85% of the products is exported to
North America, South America, Wester Europe, Eastern Asia, Southeast Asia,
Middle East, Africa and others and the rest for local market. Meanwhile, Mr.
Wigijono, the director of the company rejected to outsider to give information
regarding the company activity, and the company telephone number juts only used
(021) 92651877 (mobile phone). Meanwhile is fax (0251) 333596 located in Bogor.
We observe that the operation of the company had been running slowly in the
last three years.
We observed that the domestic demand
for bio aramid fiber for brake lining, brake shoes and disc pad has kept on
rising by about 5% to 6% on the average per annum within the last five years in
line with the growth of automotive population. In general, the demand for car
and automotive component is in line with the progress achieved by Indonesian
automotive manufacturing industry. We observe that motorcar and motorcycles
assembling industries have kept on increasing in the last five years. However,
the competition is very tight because there a number of companies operating in
the country. The development of motorcar and motorcycle industry in the country
can be seen from the Indonesian growth of motorcycle sales as follow :
Sales of Motorcars & Motorcycles in Indonesia
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Y e a r |
Motorcar (units) |
Motorcycle (units) |
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1997 |
386,691 |
1,852,906 |
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1998 |
58,303 |
492,626 |
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1999 |
93,842 |
517,912 |
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2000 |
300,964 |
587,402 |
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2001 |
299,634 |
979,422 |
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2002 |
317,780 |
1,650,770 |
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2003 |
354,208 |
2,814,054 |
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2004 |
472,190 |
3,887,675 |
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2005 |
456,822 |
3,830,847 |
Source : AISI
Until this time P.T. UCI 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.
5.5 billion rose to Rp. 6.0 billion in 2006 increased to Rp. 6.5 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 455 million and the
company has an estimated total networth of at least Rp. 500 million. We observe
that P.T. UCI is supported by businessmen with has financially fairly strong
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia).
The management of P.T. UCI is led by Mr. Wigijono (47) a businessman and
professional manager with experience in bio aramid for brake lining, brake shoe
and disc pad. The management is handled by experienced staff in this business,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sectors. So far, we did not hear 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. P.T. UNITED
CHEMINDO INTERNATIONAL is sufficiently 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.71 |
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UK Pound |
1 |
Rs.85.11 |
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Euro |
1 |
Rs.67.73 |
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%)