MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. INDACHI
PRIMA |
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Registered Office : |
Desa Cibinong Ubrug, Jatiluhur, Purwakarta 41152 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
04.11. 2004 |
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Com. Reg. No.: |
C-UM.02.01.16813 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Acrylic and Nylon Filament Yarns Spinning Mills |
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$ 2,763,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. INDACHI PRIMA
A d d r e s s
Head Office &
Factory
Desa Cibinong
Ubrug, Jatiluhur,
Purwakarta 41152
West Java
Indonesia
Phone - (62-264) 200713,
200720
Fax - (62-264) 200710, 200620
E-mail - mail@indachiprima.co.id
Website - http://www.indachiprima.co.id
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-UM.02.01.16813
Dated 22 November
2005
Company Status
Domestic Investment (PMDN) Company
Permit by the Government Department
The
Department of Finance
NPWP No. 02.420.464.6-409.000
The
Capital Investment Coordinating Board
- No. 22/I/PMDN/2005
Dated 16 February 2005
- No. 93/II/PMA/2006
Dated 28 September 2006
Related Company :
A Member of the DALIATEX Group
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
A. Initial Plant
Nylon Filament Yarns - 6,900 tons p.a.
B. Expansion Plant (Planned)
Nylon Filament Yarns - 1,700 tons p.a.
Total Investment
A. Initial Plant
a. Equity Capital - Rp. 50.0 billion
b. Loan Capital - Rp. 23.8 billion
c. Total Investment -
Rp. 73.8 billion
B. Expansion Plant (Planned)
a. Equity Capital - None
b. Loan Capital - Rp. 24.0 billion
c. Total Investment -
Rp. 24.0 billion
Started Operation
January 2005
Brand Name
INDACHI
Technical Assistance
ASAHI KASEI FIBER Corporation of Japan
Number of Employee
250 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
B a n k e r
s :
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
2007 – Rp. 210.0
billion
Net Profit (Loss)
:
2005 – Rp. 13.9 billion
2006 – Rp. 14.5 billion
2007 – Rp. 16.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Drs. Rudy Unjoto
Board of Commissioners :
Commissioner - Mr. Anton Wiratama
Signatories :
Director (Mr. Drs. Rudy Unjoto) which
must be approved by Board of Commissioners.
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$ 2,763,000.- 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 latest deed of amendment was made by Dr. Herlien, SH.,
a public notary in Bandung, West Java, were approved by the Ministry of Justice
and Human Right in its Decision Letter No. C-UM.02.01.16813, dated November 22,
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 company is specialized in
manufacturing of nylon multi filament yarns, nylon mono filament yarns &
tooth brush by using technology from Japan. The plant located at Desa Cibinong
Ubrug, Purwakarta, West Java on a land of 33,500 sq. meters. The company
produces of acrylic and nylon yarns
6,900 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 Middle East 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. In September
2006, P.T. IP got an expansion permit to increase production capacity which an
investment of Rp. 24.0 billion originally coming from loan. The expansion plant
will be operating in the early of 2009 and will be produce of nylon yarns of
about 1,700 tons per annum. Nylon products produced by P.T. IP have gained
excellent reputation among major textile industries in Indonesia and other
countries including China, Hong Kong, Taiwan, South Korea, Japan, Bangladesh,
The Philippines, Malaysia, Vietnam, Pakistan, India, Syria, Egypt and Turkey.
The company also exported products to the USA and several others countries in
Europe. We observe the operation of P.T. IP has been growing and developing well
in the last three years.
The occurring of the economic crisis and sharp Rupiah depreciation
against the US$ Dollar, Japanese Yen, EUR and other hard currencies has
positive impact on P.T. IP's operation because some 60% of its products is
exported. Besides, the prolonged economic crisis followed by fast rising local
bank interest rates has also had a negative impact on the company's finances
for having resulted in a swelling of the company’s debts out of control. Meanwhile, the local TPT (Textile and Textile Products)
industries and other factors causing the declining competitive ability of the
national TPT products are the increasing production costs, high interest rates,
expensive customs office costs, illegal retributions, textile and garment
machinery restructuring costs and the rising prices of production components
(oil fuel prices and electric base tariffs).
Generally, demand for garment in the international market has been
fluctuating in the last five years as evident from the figures of Indonesian
garment export. According to the Central Bureau of Statistics (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 to 399,600 tons (US$ 5,608.1 million) in 2006 and to 160.700
tons (US$ 2,351.9 million) (January-May). The Indonesia textile products export
in 2000 amounted 1,365.1 tons (US$ 3,634.1 million), declined to 1,269.5 (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 to 1,477.800
tons (US$ 3,908.6 million) in 2006 and to 362.300 tons (US$ 940.2 million) in
2007 (January-May). The export volume and value of the national TPT products in
2000 to 2007 are pictured on the following table.
|
Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 2001 2002 2003 2004 2005 2006 2007* |
370.3 473.8 333.1 339.9 327.3 369.5 399.6 160.7 |
4,702.6 4,476.7 3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 2,351.9 |
1,365.1 1,269.5 1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 362.3 |
3,634.1 3,198.9 3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 940.2 |
Source : Central Bureau of Statistic.
*) January-May 2007
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 to Rp. 210.0 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit at least Rp. 16.8 billion and the company
has an estimated total net worth at least Rp. 121.0 billion. 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 (49) with 18
years of experience in integrated textile industry. 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
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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%)