MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. CONNELL BERSAUDARA CHEMINDO |
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Registered Office : |
Gedung Menara Anugerah 16th Floor Kantor Taman E3.3, Jalan Mega Kuningan Lot. 8.6-8.7, Kawasan Mega Kuningan, Jakarta Selatan, 12950 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.10.1993 |
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Com. Reg. No.: |
No. AHU-48453.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Importing, Agent and
Distribution of Industrial Chemicals |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 486,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name
of Company
P.T. CONNELL
BERSAUDARA CHEMINDO
company
Address
Head
Office
Gedung Menara Anugerah 16th
Floor Kantor Taman E3.3
Jalan Mega Kuningan Lot. 8.6-8.7
Kawasan Mega Kuningan
Jakarta Selatan, 12950
Indonesia
Phones - (62-21) 57941900 (Hunting)
Fax -
(62-21) 57941890, 57941899
E-mail - admin@cbcindo.co.id
Building Area - 26 storey
Office Space - 100 sq. meters
Region - Commercial Building
Status - Rent
Branch
Graha Pena 18th Floor Room
1802
Jalan Jend. A. Yani 88
Surabaya, 60234
East Java
Indonesia
Phones - (62-31) 8202030, 60040050
Fax -
(62-31) 8299390
Building Area - 20 storey
Office Space - 100 sq. meters
Region - Commercial Building
Status - Rent
Date
of Incorporation
06 October 1993
Legal
Form
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company
Reg. No.
The Ministry of Law and Human Rights
No. AHU-48453.AH.01.02.TH.2008
Dated 07 AUGUST 2008
Company
Status
Foreign Investment (PMA) Company
Permit by the Government Department :
a. The Department of Finance
NPWP No. 01.642.700.7-059.000
b. The Department of Trade and
Industry
TDP No. 090315115514
c. The Capital Investment
Coordinating Board
No. 140/V/PMA/2000
Year 2000
Related
Companies
a. P.T.
CAHAYA BUMI CEMERLANG (Personal Care and Household Care Industry)
b. WILBUR
ELLIS COMPANY of the USA (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 825,000,000.-
Issued Capital : Rp. 825,000,000.-
Paid up Capital : Rp. 825,000,000.-
Shareholders/Owners :
a. WILBUR ELLIS COMPANY - Rp.
660,000,000.-
Address : 345
California Street, 27th Floor
San Francisco
USA
b. Mr. Drs. Yosef Herwanto - Rp.
165,000,000.-
Address : Jl. Kampung Sumur Block C-6/6
Klender, Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Trading, Importing, Agent and
Distribution of Industrial Chemicals
Production Capacity :
Agent
and Distributor for :
a.
AARBOR INTERNATIONAL - Aluminum Paste
b.
ADM – l-Lysine
c.
ALBERDINGK BOLEY – Linseed & Castor
Oil
d.
ALCO – Water Treatment Chemical
e.
AMERICAN CHEMET – Cuprous Oxide
f.
BENTOLI – Feed Additive
g.
CPDD – Pigments; Coating & Food
Grade
h.
COLUMBIAN – Carbon Black
i.
CFF – Food Fibre
j.
CHEVRON PHILIPS – Petrochemicals
k.
DOW CORNING – Silicone Fluid
l.
DURACHEM – Drier
m.
ELEMENTIS – Rheological Additives
n.
HERCULES – Paper Sizing
o.
INEOS – Peg, Mea, Dea
p.
JAPAN SUN OIL – Parrafinic and
Naphtenic Oil
q.
JM HUBER – Structure Clay / Silicate
r.
KEMIRA – TiO2
s.
LEPRINO – Lactose & WPC
t.
MALKARA – Whey Powder
u.
MGP – Wheat Protein
v.
NEWASIA – Isolated Soya Protein
w.
NOVUS – Methionine
x.
PCS SALES – Feed Phoshate
y.
PMC – Corrosion Inhibitor
z.
RHOM & HASS – Resin / Latex /
Additives
aa.
UOP ADSORBENT – Activated Alumina,
Molecular Sieve
bb.
VELSICOL – Sodium Benzoate, Benzoic Acid
Total Investment :
a. Equity Capital - Rp. 0.8 billion
b. Loan Capital - Rp. 1.2 billion
c. Total Investment - Rp. 2.0 billion
Started Operation :
1994
Brand Name :
Connell Bersaudara
Technical Assistance :
None
Number of Employee :
41 persons
Marketing Area :
Local
- 100%
Main Customers :
a. P.T. CHAROEN POKPHAND INDONESIA Tbk
b. P.T. DAIRYFOOD INTERNUSA
c. P.T. DANAPAINT INDONESIA
d. P.T. GUTEN BRAUN
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DOW CHEMICAL INDONESIA
b. P.T. EAC INDONESIA
c. P.T. EOCHEMICAL INDONESIA
d. P.T. HALIM SAKTI PRATAMA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T.
Bank CIMB NIAGA Tbk
Gedung
Citra Graha
Jalan
Jend. Gatot Subroto Kav. 35-36
Jakarta
Selatan
Indonesia
b. CITIBANK N.A.
Landmark Building
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 31.0 billion
2009 – Rp. 34.0 billion
2010 – Rp. 37.0 billion
Net Profit (estimated) :
2008 – Rp. 1.5 billion
2009 – Rp. 1.7 billion
2010 – Rp. 1.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
President
Director -
Mr. Drs. Yosef Herwanto
Directors - a.
Mr. Theodore Lyman Eliot III
b. Mr. Eugene Scott Graddy
Board
of Commissioners :
President
Commissioner - Mr. Johhn
Pomeroy Thacher
Commissioner - Mr. Herbert
Buliard Trully
Signatories
:
President Director (Mr. Drs. Yosef
Herwanto) or one of the Directors (Mr. Theodore Lyman Eliot III or Mr. Eugene
Scott Graddy) which must be approved by Board of Commissioner.
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$ 486,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. CONNELL BERSAUDARA CHEMINDO (P.T. CBC) was established in Jakarta on October 06, 1993 with an authorized capital of Rp. 300,000,000 entirely was issued and paid up. The founding shareholders of the company are Mr. Drs. Yosef Herwanto, a Chinese-Indonesian businessman and Mr. Raden Soegiharto Pringgokoesoemo, a native businessman. The company notary deed has been amended frequently. In December 1996 the authorized capital was raised to Rp. 825,000,000 fully issued and paid up. In December 2000, Mr. Raden Soegiharto Pringgokoesoemo withdrew as shareholder and replaced by WILBUR ELLIS COMPANY of the USA and concurrently its legal status changed to a Foreign Investment (PMA) company.
The deed of amendment was made by Mrs. Siti Safarijah, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-48453.AH.01.02.TH.2008, dated August 07, 2008. We observe that Mr. Drs. Yosef Herwanto is also business stakes owner of P.T. CAHAYA BUMI CEMERLANG, a private national company engaged in personal care and household industry.
P.T. CBC obtained Foreign Investment (PMA) facility from Indonesian Investment Coordinating Board (BKPM) to deal with trading, importing, agent and distribution of industrial chemicals. The company has been operating since 1994 by sell various types of industrial chemical such as adhesive, animal feed, building products, coating & ink, construction, food, latex & resin, lubricant & grease, metal working fluid, oil & gas, petrochemicals, plastic & rubber, pulp & paper, textile auxiliaries and water treatment. The company is appointed as an agent for chemical products of various producers like RHEOX Rheological Additives, AMERICAN CHEMET Cuprous Oxides, both of the USA, PHILLIPS 66 Petroleum Chemical of Singapore, SCHULKE & MAYR Biocide of Germany, ARMOR PROTEINES Caseinate, and RHONE POULENC Defoamer both of France and GE TOSHIBA Silicon Oil of Japan, and others.
P.T. CBC's products are sold to various business sectors in Indonesia among them are paint manufacturing industries through paint industries such as P.T. DANAPAINT INDONESIA, P.T. WARNA AGUNG, P.T. PROPAN RAYA INDUSTRIAL CO. LTD, cosmetic companies like P.T.SAMA ASRI LESTARI, P.T. MOREL RENEE PARFUM MULTI INDUSTRIES, food and beverages processing industries namely P.T. GUTEN BRAUN, P.T. DAIRYFOOD INTERNUSA, animal feed mills P.T. CHAROEN POKPHAND INDONESIA Tbk, P.T. JAFPA COMFEED INDONESIA Tbk, P.T. MALINDO FEED MILL, the SIERAD Group and other industries. The operation of P.T. CBC has been increasing in the last three years in line with the improving various business sectors using the above products including paint industries, cosmetic manufacturing industries, food and beverage processing industries and animal feed milling industries.
The domestic demand
for various types of chemical products had been rising by 8% to 10% on the
average per annum in the last five years in line with the rapid growth of
various industrial sectors including paint industry, plastic, ink, textile,
rubber, printing and others in the above period of times as the consumers. But,
later dwindled as the global economic slowdown since October 2008, followed by
tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the
country. Market competition is very
tough on account of large number of other similar companies operating in the
country. P.T. CBC business position in this case is not too badly because it
has built regular customers and extensive marketing network all across the
country.
Imports of Raw Materials and Auxiliary Goods,
2004-2010
|
Year |
Food and Beverages Mainly for Industry
(Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
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|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
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2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
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2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
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2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
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Source: Central Bureau of
Statistic (BPS)
Until this time P.T. CBC has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. CBC is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 31.0 billion rose to Rp. 34.0 billion in 2009 increased to Rp. 37.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 1.8 billion and the company has an estimated total networth of at least Rp. 6.0 billion. We observe that P.T. CBC is supported by foreign partner with has financially strong and sound behind it. So far, we did not heard 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. CBC is led by Drs. Yosef Herwanto
(60) with 23 years experience in industrial chemical trading and distribution.
In business operations he is assisted by two directors namely Mr. Theodore
Lyman Eliot III (57) and Mr. Eugene Scott Graddy (60). The company's management
is handled by professional staff in the above business. They have wide
relations with private businessmen within and outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. CONNELL
BERSAUDARA CHEMINDO is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.92 |
RATING EXPLANATIONS
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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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.