MIRA INFORM REPORT
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Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
P.T. ISTANA PALAPA KERTAS |
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|
|
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Registered Office : |
Jalan Tanah
Abang III No. 28 A-B, Jakarta Pusat, 10160 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.02.1977 |
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Com. Reg. No.: |
No. AHU-30407.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Export Import and General Trading |
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No. of Employees
: |
62 |
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$ 1,000,000 |
|
Status : |
Satisfactory |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
b1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. ISTANA PALAPA KERTAS
company Address
Head Office
Jalan Tanah Abang
III No. 28 A-B
Jakarta Pusat,
10160
Indonesia
Phones -
(62-21) 384 1001 (5 lines), 352 2149-50
Fax - (62-21) 385 2712, 384 1250
E-mail - ispak@cbn.net.id
Website - http://www.ispak.co.id
Building Area -
3 storey
Building Space -
320 sq. meters
Region - Commercial
Building
Status - Rent
Branch
Jalan Gula No. 1
Slompretan,
Surabaya
East Java
Indonesia
Phone - (62-31) 3526
826, 352 9467
Fax - (62-31) 355
6802
Building Area - 2 storey
Building Space - 200 sq. meters
Date of
Incorporation
2 February 1977
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
- No. C-12517 HT.01.04.TH.2003
Dated 5 June 2003
- No. AHU-30407.AH.01.02.TH.2008
Dated 5 June 2008
Company Status
National Private Company
Permit by the Government
Department
The
Department of Finance
NPWP No. 01.108.138.7-605.000
Related Company
P.T. AMESH INDAH INTERNATIONAL (Export Import of Steel and Iron,
Chemical, Alumina Hydrate and Garment Products)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital -
Rp. 1,000,000,000.-
Issued Capital -
Rp. 900,000,000.-
Paid up Capital -
Rp. 900,000,000.-
Shareholders/Owners
:
a. Mr. Viviek
Hariram Mahtani -
Rp. 300,000,000.-
Address : Jl. Arjuna No. 32
Tanjung Duren, Jakarta
Barat
Indonesia
b. Mr. Harbindar Singh -
Rp. 300,000,000.-
Address : Jl. Gunung Sahari VII
C/4 A
Jakarta Pusat
Indonesia
c. Mr. Suresh
Kishinchand Chandiramani - Rp.
300,000,000.-
Address : Jl. Merpati Block
A-20, Kemayoran
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Export Import and General Trading
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1977
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
62 persons
Marketing Area
:
Export -
50%
Local -
50%
Main Customer
:
Buyers in India, USA, Japan and local distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. NAVSHANTI INDONESIA
b. P.T. NAR STAINLESS STEEL
c. P.T. ESSAR INDONESIA
d. P.T. AMES INDAH
INTERNATIONAL
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
STANDARD CHARTERED Bank
Wisma Standard Chartered Bank
Jalan Jend. Sudirman No. 33 A
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 72.0 billion
2009 – Rp. 75.0 billion
2010 – Rp. 78.0 billion
2011 – Rp. 41.0 billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 3.0 billion
2009 – Rp. 3.2 billion
2010 – Rp. 3.4 billion
2011 – Rp. 2.0 billion (January – June)
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Suresh Kishichand
Chandriramani
Director -
Mr. Viviek Hariram Mahtani
Board of Commissioners :
President Commissioner -
Mr. Harbindar Singh
Commissioner - Mr. Hariram Mangharam Mahtani
Signatories :
President Director (Mr. Suresh
Kishinchand Chandiramani) or the Director (Mr. Viviek Hariram Mahtani) which
must be approved by Supervisory Board
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$ 1,000,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. ISTANA PALAPA KERTAS or abbreviated to P.T ISPAK it was established in Jakarta in February 1977 with the authorized capital of Rp. 10,000,000 of which Rp. 2,000,000 was issued and fully paid up. The founding shareholders are Mr. Hariram Mangharam Mahtani and Mr. Harbinder Singh both are Indonesian of Indian extraction. The articles of association of the company have frequently been revised. In April 1979, the authorized capital was raised to Rp. 50,000,000 of which Rp. 25,000,000 was issued and fully paid up. In February 1987, the authorized capital was increased to Rp. 125,000,000 entirely issued and paid up. In December 1993, the authorized capital of the company was raised to Rp. 750,000,000 of which Rp. 600,000,000 was issued and fully paid up and concurrently into the company entered a new shareholder namely Mr. Suresh Kishinchand Chandiramani.
Later in January 2003, the authorized capital was increased against to Rp. 1,000,000,000 issued capital to Rp. 900,000,000 entirely paid up. The deed of amendment was made by Mrs. Lindasari Bachroem, SH, a public notary in Surabaya and was approved by the Ministry of Law and Human Right in its Decision Letter No. C-12517 HT.01.04.TH. 2003, dated June 5, 2003.
The latest in March 2008 the board of directors and the board of commissioner reappointed to lead and runs of the company’s operation (see profile of this report). The latest revision of notary documents was made by Mrs. Lindasari Bachroem, SH., a public notary in Surabaya and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-30407.AH.01.02.TH.2008 dated June 05, 2008.
The founder and the majority share owner of the company namely Mr. Hariram Mangharam Mahtani, an Indonesian businessman of Indian extraction, is also the founder and the majority business stake owner of P.T. AMESH INDAH INTERNATIONAL dealing with export import of steel and iron, chemical, alumina hydrate and garment products
P.T. ISPAK has been in operation since 1977 dealing with general trading and export import of gums & resins (gum resin, gum turpentine oil, dammar batu, gum benzoin), forestry products (gambier, seedlac, shellac), spices & agri produce and food products (cocoa beans, desiccated coconut, nutmegs, mace, cloves, cassia vera), edible oils & by products (margarine, soap noodles, palm oil, palm fatty acid, palm acid oil), glass & glass products (pharmaceutical division amber bottles and cosmetic bottles), chemical, dyestuff & food colors (soda ash, sodium sulphate, feldspars, castor oil, paraffir wax, caustic soda, dyestuff (disperse, reactive, direct acids and pigment), pulp, paper products & paper cones (paper cones, tissue paper, pulp, hand wood & soft wood) and engineering items (automobile 2 & 3 wheeler spare parts, bicycle spare parts, hand tools, engineering products).
The products being sold include chemical products for industries,
garments, textiles, shoes, steels, agricultural and furniture products. The
merchandise products are local and imported products. In local product trading,
the company markets various products of local companies including Public
Company (Perum) PERHUTANI, P.T. KRAKATAU STEEL, the SINAR MAS Group and others.
Whereas, the imported products are being traded by the company are motor
vehicle spare parts of India, textile products of Japan, Korea and the USA.
Besides, P.T. ISPAK has more focused its activities in trading of chemical
products. The chemical products being sold by the company include dyestuffs,
bulk drugs being imported from RR MEWANI & Co of India.
While chemical products for export markets, P.T. ISPAK sells gum resin,
turpentine oil, gum copal and oleo pine resin. The export destination countries
of the company products are Hong Kong, Singapore and European countries. The
company also exports garment products, textile products, shoes, and furniture
based on market demand. The operation of P.T.ISPAK has been running smoothly in
the last five years in line with the operation networks and wide marketing
networks.
Generally outlook, the steel industry in Indonesia has kept on declining
since end 1997 under the impact of economic crisis battering Indonesia. The
crisis caused the demand of steel products to drop because property sector,
steel construction sector, automotive and other sectors using steel in the
country have been in sluggish. In next five years demand for steel industry
will rise 5% annually. Besides, the Indonesian economy has weathered the storm
and is currently accelerating. As for
the global economy, it is also in a recovery phase and this recovery is
expected to continue in 2010. Overall, the prospects for the Indonesian economy
in 2010 are brighter than in 2009. The global economic recession has exerted
significant downward pressures on the Indonesia economy. In the first quarter of 2009 the economy grew
by 4.4 percent, or significantly lower than in the fourth quarter of 2008 when the
economy grew by 5.2 percent and lower than in the third quarter of 2008 when
the economy grew by 6.4 percent.
Eventually, the impact of the fiscal and monetary stimuli on the economy could be seen. This was reflected in the brisker pace of growth in Indonesia despite the global economic recession. In the second quarter of 2009 the Indonesian economy grew by 4.0 percent, and in the third quarter of the year it grew by 4.2 percent. The economic is expected to accelerate further in the fourth quarter of 2009. Ant for the whole of 2009 the Indonesian economy is expected tot grow by 4.7 percent and 6.0 percent in 2010. Several factors support brisker economic growth in 2010. First, the global economic conditions are expected to be better in 2010 than in 2009. This is evident in the global economic recover that is expected to continue well into 2010. The US economy, for example, is expected to grow by 2.5 percent in 2010 compared to a contraction of 2.4 percent in 2009. Meanwhile, the Japanese economy is predicted to grow by around 1.2 percent in 2010 in contrast to an expected contraction of around 5.7 percent in 2009. As for Europe, it is expected to grow by 1.1 percent in 2010 compared to an expected contraction of around 3.8 percent in 2009. Against this backdrop, Indonesian exports are expected to grow by 12.9 percent 2010.
Indonesia’s economic growth in 2008, 2009 and forecast for 2010
|
No. |
Sector |
2008 |
2009 |
2010 |
|
1. |
Agriculture |
4.8 |
3.6 |
3.3 |
|
2. |
Mining and Quarrying |
0.5 |
3.7 |
3.7 |
|
3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
|
4. |
Electricity, Gas, and Clean Water |
10.9 |
13.4 |
13.4 |
|
5. |
Construction |
7.3 |
7.1 |
7.0 |
|
6. |
Trade, Hotel, and Restaurant |
7.2 |
1.2 |
5.8 |
|
7. |
Transportation and Communication |
16.7 |
17.4 |
16.7 |
|
8. |
Finance, Leasing and Business Services |
8.2 |
5.5 |
6.3 |
|
9. |
Services |
6.4 |
6.7 |
6.9 |
|
Gross Domestic Product (GDP) |
6.1 |
4.7 |
6.0 |
|
Source: Indonesia Economic Almanac 2010 by Bisnis Indonesia
Until this time P.T. ISPAK 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 2008 amounted to Rp. 72.0 billion increased to Rp. 75.0 billion in 2009 to Rp. 78.0 billion in 2010. As from January to June 2011 the sales turnover amounted of at least Rp. 41.0 billion with a net profit of Rp. 2.0 billion. It is projected that total sales turnover of the company will be higher by at least 4% in 2012. We estimated the company has an estimated total networth at least Rp. 5.0 billion. The financial condition of the company is backed up by financially strong and sound businessmen behind it. So far, we have never heard of 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. ISPAK is headed by Mr. Suresh Kishinchand Chandiramani (52), a professional manager of Indian origins who experienced for more than 25 years in the field of export import, general trading. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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. ISTANA PALAPA KERTAS is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.36 |
|
UK Pound |
1 |
Rs.82.51 |
|
Euro |
1 |
Rs.68.99 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.