MIRA INFORM REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. COLORPAK |
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Formerly Known As : |
PT. COLORPAK |
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Registered Office : |
Jalan Cideng
Barat No. 15, Jakarta Pusat, 10140 |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
15.09.1988 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-19742 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Printing Ink Manufacturing, Trading and Distribution of
BOPP, Pet Film, Adhesive and Plastic Resins |
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No. of Employees
: |
116 |
RATING & COMMENTS
|
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$ 3,500,000 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
P.T. COLORPAK
INDONESIA Tbk
Head Office
Jalan Cideng
Barat No. 15
Jakarta Pusat,
10140
Indonesia
Phones -
(62-21) 634 4646, 634 4647
Fax - (62-21) 633 6062
E-mail - marketing@colorpak.co.id
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory I
Jalan Industri II Block F No. 7
Pasir Jaya - Jatiuwung
Tangerang, 15135
Banten Province
Indonesia
Phones -
(62-21) 5901962 (Hunting)
Fax -
(62-21) 5901963
E-mail - marketing@colorpak.co.id
Website - http://www.colorpak.co.id
Land Area - 10,000 sq.
meters
Building Space - 8,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Tambak
Sawah No. 3
Waru - Sidoarjo
Surabaya
East Java
Indonesia
Phones -
(62-31) 869 0650 (Hunting)
Fax - (62-31) 869 0651
Land Area - 10,000 sq.
meters
Building Space - 7,000 sq. meters
Region - Industrial
Zone
Status - Owned
a. 15 September 1988 as PT. COLORPAK INDONESIA
b. 04 September 2001 as PT. COLORPAK INDONESIA
Tbk
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-10158.HT.01.01.TH.88
Dated 7 November 1988
- No. AHU-71015.AH.01.02.TH.2008
Dated 4 October 2008
- No. AHU-AH.01.10-19742
Dated 4 August 2010
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP No. 01.061.759.5-054.000
The Capital
Investment Coordinating Board
- No.
89/I/PMA/1988
Dated
22 August 1988
- No.
66/II/PMA/1991
Dated
29 May 1991
- No.
161/II/PMA/1995
Dated
14 August 1995
- No.
70/II/PMA/2002
Dated
17 April 2002
- No.
285/III/PMA/2004
Dated
29 March 2004
A Member Company
of the COLORPAK Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 30,633,850,000.-
Paid up Capital : Rp. 30,633,850,000.-
Shareholders/Owners
:
a. P.T. BUKIT
JAYA SEMESTA -
Rp. 17,829,000,000.-
Address : Jl. Cideng Barat No. 5
Jakarta Pusat
Indonesia
b. MERRIL
LYNCH, FENNER AND SMITH S -
Rp. 4,970,000,000.-
c. JP MORGAN
BANK LUXEMBOURGE -
Rp. 2,330,000,000.-
d. Mr. Chandra
Natalie Widjaja -
Rp. 2,239,850,000.-
e. Publics
each below 5% -
Rp. 3,265,000,000.-
Lines of
Business :
a. Printing
Ink Manufacturing, Trading and Distribution of BOPP, Pet Film, Adhesive and
Plastic Resins
b. Investment Holding
Production Capacity
:
Printing Inks - 10,000
tons p.a.
Total
Investment :
a. Equity Capital - Rp. 30.6 billion
b. Reinvested Profit - Rp. 16.8 billion
c. Loan Capital -
Rp. 3.5 billion
d. Total Investment - Rp. 50.9 billion
Started
Operation :
1989
Brand Name :
Colorpak
Indonesia
Technical
Assistance :
None
Number of Employee :
116 persons
Marketing Area
:
Export -
80%
Local - 20%
Main Customer
:
Distributors and
Traders
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CEMANI
TOKA
b. P.T. DIG
GRAPHICS
c. P.T. INKOTE
INDONESIA
d. P.T. SAKATA INX INDONESIA
e. Etc.
Business Trend
:
Fluctuating
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Menara
BCA
Jalan M.H.
Thamrin No. 1
Jakarta Pusat
Indonesia
b. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav.
29-31
Jakarta
Selatan
Indonesia
c. Bangkok Bank
Ltd. (Jakarta Representative Office)
Wisma
Bangkok Bank
Jalan M.H.
Thamrin No. 3
Jakarta Pusat
Indonesia
Auditor :
KAP Tjahjadi,
Pradhono & Teramihardja
Litigation :
No litigation
record in our database
Annual Sales :
2008 – Rp. 504.7
billion
2009 – Rp. 447.9
billion
2010 – Rp. 516.6
billion
2011 – Rp. 501.6
billion (as per 30 September)
Net Profit :
2008 – Rp. 20.1
billion
2009 – Rp. 30.9
billion
2010 – Rp. 28.4
billion
2011 – Rp. 29.0
billion (as per 30 September)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director
- Mr. Santoso Jiemy
Directors -
a. Mr. Harris Pranatajaya
b. Mr. Basil Garry Crichton
c. Mr. Yohanes Halim
Board of Commissioners :
President Commissioner -
Mr. Winardi Pranatajaya
Commissioners -
a. Mrs. Tjia Hwie Tjin
b. Mr. Johanes Susilo
Signatories :
President Director (Mr.
Santoso Jiemy) or one of the Directors (Mr. Harris Pranatajaya, Mr. Basil Gary
Crihton or Mr. Yohanes Halim) which must be approved by Board of Commissioner.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 3,500,000 on
90 days D/A
Initially named P.T. COLORPAK INDONESIA, it was established in September 1988 with the authorized capital of US$ 400,000 entirely issued and paid up. The founding shareholders of the company are P.T. BUKIT JAYA SEMESTA, COLORPAK INVESTMENT Pty. Ltd of Australia and GRAPHIC TECHNOLOGIES INTERNATIONAL Ltd of Singapore. The articles of association of the company have frequently been revised. In August 1992, both foreign partners above withdrew and replaced by CRENDWELL Pte., Ltd of Singapore. In September 2001, the authorized capital was raised to Rp. 100,000,000,000 of which Rp. 30,470,000,000 was issued and fully paid up and concurrently the company went public by selling a part of its shares to the publics and its name was changed to P.T. COLORPAK INDONESIA Tbk (P.T. CLPI). In June 2005, the issued capital was increased to Rp. 30,633,850,000 fully paid up. The latest in July 2010 the board of directors and the board of commissioners had been changed. The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-19742 dated July 27, 2010. We observe the majority shareholder P.T. BUKIT JAYA SEMESTA is a private company of which the majority shares are controlled by Mr. Winardi Pranatajaya (56).
P.T. CLPI was established in the frame work of Foreign Investment (PMA) company facility to deal with printing ink manufacturing. The plant has been in operation since 1989 dealing with printing ink industry, trading and distribution of BOPP, pet film, adhesive and plastic resins. Its plant is located at Jalan Industri II Block F No. 7, Pasir Jaya, Jatiuwung, Tangerang, Banten Province on a land of 1.0 hectare. The plant has annual production capacity of 6,000 tons of gravure printing ink and coating printing ink. Basic materials being used by the company is partly imported and some others come from local products. In 2001, the company has registered all its shares in the Jakarta Stock Exchange with trade code CLPI, so therefore as a Public Company the existing requirements have become higher, P.T. CLPI consistently prioritize quality and prime services and always develop ourselves in all fields to be the best in serving their client.
P.T. CLPI is an Indonesia-based company engaged in the manufacture of ink and coatings, as well as trading of film, adhesives and resins. It offers ink for flexible packaging and cigarette packaging, environmental friendly ink and polyvinyl chloride (PVC) leather coating. Its film products include biaxially-oriented polypropylene (BOPP), polyethylene terephthalate (PET), nylon and metallized polyethylene terephthalate (MPET), among others. P.T. CLPI’s products are distributed within the domestic market and to Australia and China. The Company operates a manufacturing facility in Tangerang with an annual production capacity of 10,000 metric tons. During the year ended December 31, 2009, P.T. CLPI sold 7,144 tons of ink products. In 2009, P.T. CLPI also sold 655 tons, 9,930 tons, 978 tons and 723 tons of coatings, films, adhesives and resins, respectively.
Mrs. Lusi, a staff of the company, said that some 80% of the company products is locally marketed and the rest of 20% is exported to Australia, China and other countries. P.T. CLPI products include: Manufacture of Ink for Flexible packaging & Cigarette packaging; Environmental friendly ink; PVC leather coating. Besides, P.T. CLPI is also engaged in trading of Film (BOPP, PET, NYLON, MPET, etc.); Adhesive (Solvent Base, Solvent Less, etc.) and Plastic Resin. P.T. CLPI market is distributed in DKI Jakarta, Banten, West Java, Central Java, East Java, Medan. P.T. CLPI is consistently targeting other potential markets both domestic and also in the Asia Pacific region, according to the vision of the company.
Besides, P.T. CLPI is also engaged in investment holding by controls of
99.9% shares of P.T. COLORPAK FLEXIBLE INDONEISA which established in May 2010,
to handle film trading business. P.T. CLPI is classified as a medium sized
company of its kind in the country of which the operation has been fluctuating
in the last five years.
We note that generally the printing ink processing industry in Indonesia
has kept on increasing in line with developing of industrial manufacturing in
the country as customers. Later since the global economic crisis in October
2008 the printing ink industry has been decreased. Later since the early 2009
the demand of printing ink has been increasing do the amelioration economic
condition in the country. Meanwhile, the above trade is heavily competitive with
some 11 companies now active in the same business line in the country and with
imported products being also widely available in the domestic market. The
development of the printing ink industry is shown by the data on the industry's
production and utilization below.
Development of Printing Ink
Capacity, Production and
Utilization Rate in Indonesia
|
|
2007 |
2008 |
2009 |
2010 |
|
Capacity (tons) |
50,220 |
50,220 |
50,220 |
50,220 |
|
Production
(tons) |
35,154 |
35,154 |
36,209 |
37,295 |
|
Utility (%) |
70.00 |
70.00 |
72.10 |
74.26 |
Source: The Department of Industry
and Trade
According to the financial statement of the company having been audited
by public accountant, sales turnover of P.T. CLPI in 2008 amounted to Rp. 504.7
billion with a net profit of Rp. 20.1 billion declining to Rp. 447.9 billion
with a net profit of Rp. 30.9 billion in 2009 and to Rp. 516.6 billion with a
net profit of Rp. 28.4 billion in 2010. As per 30 September 2011 the sales sale
was amounted at Rp. 501.6 billion with a net profit of at least Rp. 29.0
billion. We estimated the sales turnover will be higher by at least 5% in 2012.
Based on information obtained from some customers, the payment habit of the
company is smooth ranging from 1 to 3 months. So far, we did not heard that the company having been black
listed by the Central Bank (Bank Indonesia). The condense financial statement
is shown.
(In million Rp)
|
Descriptions |
30 June 2011 |
31 December |
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|
2010 |
2009 |
2008 |
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A. ASSETS |
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a. Current Assets |
338,251 |
227,819 |
185,437 |
232,969 |
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b. Non Current Assets |
58,149 |
47,571 |
33,762 |
25,928 |
|
c. Other Assets |
- |
2,580 |
2,035 |
- |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
396,400 |
275,391 |
219,199 |
258,897 |
|
B. LIABILITIES
&STOCKHOLDERS EQUITY |
|
|
|
|
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a. Current Liabilities |
212,636 |
123,450 |
96,911 |
168,494 |
|
b. Non Current Liabilities |
28,784 |
17,429 |
8,978 |
5,459 |
|
c. Stockholders Equity : -
Paid Up Capital -
Additional Paid Up Capital -
Retained Earnings Total Stock holders
Equity |
30,634 3.879 120,447 154,961 |
30,634 3,879 99,985 134,499 |
30,634 3,879 80,796 115,309 |
30,634 3,879 38,688 73,206 |
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C. INCOME STATEMENT |
|
|
|
|
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a. Sales Net |
501,648 |
516,582 |
447,956 |
504,661 |
|
b. Operating Profit |
41,629 |
39,295 |
45,580 |
35,617 |
|
c. Net Profit (loss) |
28,978 |
28,441 |
30,909 |
20,108 |
Notes: 31 December 2008, 2009,
2010 by KAP Tjahjadi, Pradhono & Teramihardja;
*30 June 2011 un audited
The management of P.T. CLPI is led by Mr. Santoso Jiemy (52) a professional manager with experience in printing ink manufacturing and trading. He joined the company since October 1988 as Director, in August 2001 promoted to President Director. Studied and graduated from University of Missouri, Columbia, USA with a Master of Science in Electrical Engineering in 1984. He was previously employed as System Engineering in PT. Metrodata Indonesia (1985-1988). However the prime mover of the company is Mr. Winardi Pranatajaya (57) as President Commissioner.
Mr. Winardi Pranatajaya held the position of President Commissioner
since 1988. He graduate from University of New South Wales, Australia and 1981
MBA holder. He is also President Commissioner of P.T. Bumimulia Indah Lestari
since 1995; President Commissioner P.T. Securindo Packtama Indonesia (1992);
President Director P.T. Bukit Jaya Semesta since 1995. 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. COLORPAK
INDONESIA Tbk is sufficiently fairly good for business transaction.
Attachment:
See List of
the COLORPAK Group Members
1.
BIGY
CEMERLANG, P.T. (Plastic Wares and Plastic Bottles Manufacturing)
2.
BUKIT
JAYA SEMESTA, P.T. (Investment Holding)
3.
BUKIMEGA
MASABADI, P.T. (Trading and Distribution of Plastic Granular)
4.
BUMIMULIA
INDAH LESTARI, P.T. (Plastic Product Manufacturing)
5.
COLORPAK
INDONESIA Tbk, P.T. (Printing Ink Manufacturing and Investment Holding)
6.
COLORPAK
FLEXIBLE INDONESIA, P.T. (Trading and Distribution of Pet Film)
7.
INDONESIA
TAROKO TEXTILE, P.T. (Textile Mills)
8.
SARANA
UPAYA DIVERSA, P.T. (Investment Holding)
9.
MUSTIKA
LANGGENG PLASTIK, P.T. (Plastic Goods Manufacturing)
10.
SECURE
PRIMA ADS, P.T. (Trading and Distribution of Secure Parking Equipment)
11.
SECURINDO
PACKATAMA INDONESIA, P.T. (Secure Parking Management Services and Investment
Holding)
12.
STEP
UP SOLUSI INDONESIA, P.T. (General Trading)
13.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
UK Pound |
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 |
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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.