MIRA
INFORM REPORT
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Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ARBE CHEMINDO |
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Formerly Known As : |
PT. RISJAD BRASALI CHEMINDO |
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Registered Office : |
Jl. Let Jend S. Parman H-1, RT.013/01 Kemanggisan, Palmerah Jakarta Barat 11480 |
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Country : |
Indonesia |
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Date of Incorporation : |
18.03.1991 |
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Com. Reg. No.: |
No. AHU-AH.01.10-36085 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Carboxy Methyl Cellulose (CMC) and Poly Anionic Cellulose (PAC) Industry |
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No. of Employees : |
380 persons |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 8.0 million |
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Status : |
Good |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. ARBE CHEMINDO
Address
Head Office
Previous address:
Jl. Let Jend S.
Parman H-1, RT.013/01
Kemanggisan,
Palmerah
Jakarta Barat
11480
Indonesia
New Address:
Menara Batavia,
32rd Floor
Jl. K.H. Mas Mansyur Kav. 126
Jakarta Pusat 10220
Phones -
(62-21) 5790 1320, 5790 124
Fax -
(62-21) 5790 1293
Email - info@arbechem.com
Website - http://www.arbechem.com
Building Area - 34 storey
Office Space - 280 sq. Meters
Region - Commercial
Status - Rent
Factory
Jababeka Industrial Estate, Stage I
Jl. Jababeka V, Blok H/2
Cibitung, Bekasi
17520
West Java,
Indonesia
Phones -
(62-21) 8934311-12, 8934365
Fax -
(62-21) 8934364
Land Area - 2.5 hectares
Building Area - 2.3 hectares
Region - Industrial
Estate
Status - Owned
Registration data
Date of
Incorporation :
18 March 1991 as PT. RISJAD BRASALI CHEMINDO, changed its name to PT.
ARBE CHEMINDO on November 14, 2003.
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No. :
The Department of
Law and Human Rights
a. No. AHU-20887.AH.01.02.Tahun 2008
Dated 24 April 2008
b. No.
AHU-AH.01.10-36085
Dated 09 November 2011
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Departments :
The Department of Finance
NPWP No.
01.539.750.8-052.000
Affiliated/Associated Companies :
a. P.T. ARBE
INDONESIA (Investment Holding)
b. COSTELLOE
INTERNATIONAL SERVICES LTD., of BVI (Investment Holding)
c. A member of the
RISJAD BRASALI Group
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital -
Rp. 150,000,000,000.-
Issued
Capital - Rp. 140,593,717,000.-
Paid up
Capital - Rp. 140,593,717,000.-
Shareholders/Owners :
a. PT. ARBE INDONESIA - Rp. 59,485,786,000.-
(42.31%)
Address: Menara Batavia, 31st
Floor
Jl. K.H. Mas Mansyur Kav. 126
Jakarta Pusat
Indonesia
b. COSTELLOE INTERNATIONAL SERVICES Ltd. - Rp. 68,107,931,000.- (48.45%)
Address: British Virgin Islands
B.V.I
c. Mr. Aldo
Putra Brasali -
Rp. 6,500,000,000.- ( 4.62%)
Address: Jl. Widya Chandra VII No. 7
Kuningan, Jakarta Selatan
Indonesia
d. Mr. Rizal Risjad -
Rp. 6,500,000,000.- ( 4.62%)
Address: Jl. Pangeran Antasari
No. 55
Kebayoran Baru
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Carboxy Methyl Cellulose (CMC) and Poly Anionic Cellulose (PAC) Industry
Production
Capacity :
a. Carboxy Methyl Cellulose (CMC) -
10,000 tons p.a.
b. Poly Anionic Cellulose (PAC) - 8,000 tons p.a.
Total Investment :
a. Owned Capital -
Rp. 150 billion
b. Loan Capital -
Rp. 80 billion
c. Total Investment -
Rp. 230 billion
Started Operation :
1995
Brand Name :
ARBE CHEMINDO
Technical Assistance :
HOECHST GmbH., of Germany
Number of Employee :
380 persons
Marketing Area :
a. Local Market - 70%
b. Export Market - 30%
Main Customers :
a. PT. Chevron Pacific Indonesia
b. PT. MI Indonesia
c. PT. Baker Hughes Indonesia
d. PT. Baroid Indonesia
e. PT. Great Wall Drilling Company
f. Etc.
Market Situation :
Competitive
Main Competitors :
a. PT. Graha Jaya
Pratama
b. PT. Humpuss
Karbometil
c. PT. Anugerah
Niaga Mandiri
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI Kota 46
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Total
Sales/Revenue (estimated) :
2008 – Rp. 460.0
billion
2009 – Rp. 520.0
billion
2010 – Rp. 580.0
billion
2011 – Rp. 330.0
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 25.0
billion
2009 – Rp. 28.5
billion
2010 – Rp. 32.0
billion
2011 – Rp. 18.2
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Arman Ahimsa
Directors -
a. Mr. Chandra Sekhar Mani
b. Mr. Irwan Edwar Urlolo
Board of Commissioners :
President Commissioner -
Mr. Aldo Putra Brasali
Commissioner -
Mr. Rizal Risjad
Signatories :
President Director (Mr.
Arman Ahimsa) or one of the Directors (Mr. Chandra Sekhar Mani and Mr. Irwan
Edwar Urlolo) which must be approved by Board of Commissioners (Mr. Aldo Putra Brasali
and Mr. Rizal Risjad).
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 8.0 million
on 90 days D/A
OVERALL PERFORMANCE
Initially named
P.T. RISJAD BRASALI CHEMINDO it was established in March 1991 with an
authorized capital of Rp 1,000,000,000.-, issued and paid up capital of Rp 200,000,000.-
Previously the founding shareholders are Mr. Ibrahim Risjad, his sons Mr. Rizal
Risjad and Mr. Amirsjah Risjad (they are indigenous business family), Mr. Ir.
Budi Brasali, his sons Mr. Aldo Putra Brasali and Mr. Iwan Putra Brasali (they
are Chinese-Indonesian business family).
The Article of Association was
made by Sudarto, SH., a notary public in Jakarta based on notarial deed No.4
and it was approved by the Minister of Law and Human Rights through Decision
Letter No. C2-6902.HT.01.01.TH.92 dated August 22, 1992. The company’s Articles
of Association have frequently been changed.
In December 1997 the authorized capital was raised to Rp
100,000,000,000.-, issued and paid up capital to Rp 44,000,000,000.-. In
November 2002, the issued capital was raised to Rp. 59,485,786,000 fully paid
up and concurrently whole shares of the company were controlled by P.T. RISJAD
BRASALI INDONESIA and P.T. RISJADSON. In
October 2003, the company’s name was changed to P.T. ARBE CHEMINDO.
Latest on
October 2011, the issued capital was raised to Rp. 150,000,000,000,- of which Rp. 140,593,717,000.- was issued and
fully paid up. Since that time, the
shareholders of the company are PT. ARBE INDONESIA (42.31%), COSTELLOE
INTERNATIONAL SERVICES Ltd., of British Virgin Islands (48.45%), Mr. Aldo Putra
Brasali (4.62%) and Mr. Rizal Risjad (4.62%). The latest amendment to Articles
of Association was made by Buntario Tigris, SH., a notary public in Jakarta
based on natarial deed No. 171, was approved by the Minister of Law and Human
Rights through Decision Letter No. AH-AH.01.10-36085 dated November 9, 2011. No
changes have been effected in term of its shareholding composition and capital
structures to date.
P.T. AC obtained
a Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with carboxy methyl cellulose (CMC) and poly
anionic cellulose (PAC) industry. Its plant is located in Jababeka Industrial
Estate, Jalan Jababeka V Block H-2, Cikarang, West Java on a land to 2.5
hectares having been in operation since January 1995 using licensed technology
from HOECHST GmbH of Germany. The plant
manufactures a wide range of purified and industrial grades Arbecel CMC &
PAC to meet the requirement of variety of different industries – food,
detergent, ceramic, textile, paper and oil drilling. We observe that P.T. AC is a pioneer company of its kind in the country.
Mr. Budiman, a marketing staff of the company, said that some 70% of the
company products are locally marketed among paper industries, textiles,
detergents, ceramics, foods, pharmaceuticals and others using Arbecel brand and
the rest 30% is exported to Asia and Middle East. P.T. AC’s list of customers include;
PT.Chevron Pacific Indonesia, PT.MI Indonesia, PT. Baker Hughes Indonesia, PT.
Baroid Indonesia, PT. Great Wall Drilling Company, PT. KMC Oil tools, PT.
Unilever Indonesia, PT. Danone Indonesia, PT. Indofood Sukses Makmur Tbk.,
PT. Clariant Indonesia and others.
Generally, demand for carboxy methyl cellulose (CMC) and poly anionic
cellulose (PAC) had been increasing in the last five years, in line with the
growth of paper industries, textiles, detergents, ceramics, foods,
pharmaceuticals and others in the country. Meanwhile, the competition is very
tight on account of many similar imported products being offered in the local
markets. However, since that time the demand had drastically been declining up
to 2008 as the impact of the global economic crisis battering since mid 2007. The
occurring of the global economic crisis has bad impact to P.T. AC' operation
due to the plunge down of the domestic demand for CMC and PAC products. But, as from the end of 2009, the domestic
demand started to pick-up in line with the slight amelioration of Indonesian
economic condition. The unstable economic condition will continually be
affecting badly on P.T. AC' business operation. In the long run, P.T. AC has a
quite good future business prospects once unstable economic condition in the
country starts recovery.
Until this time
P.T. AC has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
AC is very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales of the company in 2008 amounted to Rp.
460.0 billion increased to Rp. 520.0 billion in 2009 rose again to Rp. 580.0
billion in 2010 and to Rp. 330.0 billion as of 30 June 2011. The operation in 2010 yielded an estimated
net profit of Rp. 32.0 billion and to Rp. 18.2 billion as of 30 June 2011 and
the company has an estimated total networth of at least Rp. 260.0 billion. 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. AC is headed by Mr. Arman Ahimsa (49) as president director, a
professional manager with more than 15 years experience in trading and
exporting of industrial chemicals. In daily activities, he is assisted by Mr.
Chandra Sekhar Mani (64) and Mr. Irwan Edwar Urlolo (37), both are as
directors. The management, which is
evaluated quite creative and dynamic, also has succeeded in expanding their overseas
marketing network. We consider the management is quite capable of further
developing business in the future. They have close relations with many
high-ranking government officials as well as with private businessmen within
and outside the country.
So far, we did
not hear that the company’s management involved in the business malpractices 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. ARBE CHEMINDO is
appraised a good enough for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
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 |
|
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 |
|
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 |
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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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.