MIRA INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. PULCRA CHEMICALS |
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Registered Office : |
Jalan Raya |
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Country : |
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Date of Incorporation : |
01.07.2007 |
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Com. Reg. No.: |
No. AHU-AH.01.10-24192 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import 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$ 296,000 |
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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
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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. PULCRA CHEMICALS
Company Address
Head Office
Jalan Raya
Jakarta
Cimanggis, Depok
16953
Phones -
(62-21) 8711096, 87756838
Fax - (62-21) 8710309
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
1 July 2007
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-AH.01.10-24192
Dated 26 November
2008
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
02.648.166.3-056.000
The Capital Investment Coordinating Board
No.
405/I/PMA/2007
Dated 9 April
2007
Related Companies
a. P.T. COGNIS
b. P.T. HENKEL
INDONESIEN (Industrial Chemical Processing)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : US$
1,600,000.-
Issued Capital : US$
1,600,000.-
Paid up Capital : US$
1,600,000.-
Shareholders/Owners
:
a. FASHION CHEMICALS GmbH & CO., KG. - US$ 1,599,040.-
Address :
Leienstrase 3, Monheim AM
Rhein 40789
b. Mr. Christoph Kowitz - US$ 960.-
Address : Gerhart – Hauptmann –
Weg 48
Koln,
BUSINESS ACTIVITIES
Lines of
Business :
Trading, Import
and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
Owned Capital - US$ 1.6
million
Started
Operation :
July 2007
Brand Name :
Pulcra
Technical
Assistance :
FASHION Chemicals
GmbH & Co., KG of
Number of
Employee :
16 persons
Marketing Area
:
Local - 100%
Main Customer
:
Textile
industries and leather industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HADI
PUTRA JAYA
b. P.T. MULYA
ADHI PARAMITRA
c. P.T.
INDOKEMIKA JAYATAMA
d. P.T.
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. DEUTSCHE Bank (
Jalan Imam Bonjol No. 80
b. P.T. Bank
Jalan Jend. Sudirman Kav. 22-23
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 19.0
billion
2009 – Rp. 21.0
billion
2010 – Rp. 22.5
billion
Net Profit
(estimated) :
2008 – Rp. 1.0
billion
2009 – Rp. 1.3
billion
2010 – Rp. 1.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sonny Koesoemaharsono
Director -
Mr. Sigit Subagio
Board of Commissioners :
President Commissioner -
Mr. Yusuf Aktalay
Commissioners -
a. Mr. Salih Ogul
b. Mr. Heru Jatmiko
Signatories :
President Director (Mr.
Sonny Koesoemaharsono) or the Director (Mr. Sigit Subagio) 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$ 296,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. PULCRA CHEMICALS INDONESIA (P.T. PCI) was established
in
We observe that P.T. PCI is affiliated with P.T. COGNIS
P.T. PCI was established in the frame works of Foreign
Investment (PMA) facility to deal with trading, import, distribution and
supplying of industrial chemicals. P.T. PCI which supplies process chemicals to
the textile and leather industries was previously the process chemical
strategic business unit (SBU) of COGNIS. The strategic business unit was carved
out into separate legal entities on July 1, 2007 and renamed P.T. PULCRA
CHEMICALS INDONESIA. The company operates production sites and service centers
in
The demand for textile chemicals tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. The country’s garment industry is facing serious marketing problem not only in the country but also abroad. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) 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, to 399,800 tons (US$ 5,712.9 million) in 2007 and to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009. The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) 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 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 and to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009.
The domestic textile producers are pessimism the textile
export in 2009 could match the export numbers in 2008. The blow of the global
economic crisis is resulted in the reduced of demand from the export
destination countries like the United States (U.S.),
|
Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of
Statistic
Until this time P.T. PCI 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 the first year operation
as from July to December 2007 amounted to Rp. 8.5 billion rose to Rp. 9.5
billion in 2008 (January-June) and projected to go on rising by at least 4% in
2009. The operation in 2008 yielded an estimated net profit of at least Rp. 0.5
billion and the company has an estimated total networth of at least Rp. 15.0
billion. We observe that P.T. PCI is supported by foreign partner of
Until this time P.T. PCI has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. The management of P.T. PCI 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. 19.0 billion rose to Rp. 21.0 billion in 2009 increased to Rp.
22.5 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. 1.5 billion
and the company has an estimated total networth of at least Rp. 11.0 billion.
We observe that P.T. PCI 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
The management of
P.T. PCI is led by Mr. Sonny Koesoemaharsono (47) a professional manager with
experience in trading, import, distribution and supplying of industrial chemicals.
Daily operation he is assisted by Mr. Sigit Subagio (59) as a director. 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. 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. PULCRA CHEMICALS INDONESIA is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.99 |
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1 |
Rs.73.24 |
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Euro |
1 |
Rs.62.80 |
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 |
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 |
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.