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Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDACHI PRIMA |
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Registered Office : |
Desa Cibinong Ubrug, Jatiluhur, Purwakarta 41152, |
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Country : |
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Date of Incorporation : |
24.11.2004 |
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Reg. No.: |
No. AHU-49620.AH.01.02.Tahun 2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Acrylic and Nylon Filament Yarns Spinning Mills |
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No. of Employees : |
260 persons |
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 |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
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Source : CIA |
P.T. INDACHI PRIMA
Head Office &
Factory
Desa Cibinong Ubrug, Jatiluhur,
Purwakarta 41152,
Phone -
(62-264) 200713, 200720
Fax - (62-264) 200710, 200620
E-mail - mail@indachiprima.co.id
Website - http://www.indachiprima.co.id
Land Area - 33,500 sq.
meters
Factory Space - 11,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
24 November 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-28580.HT.01.01.Th.2004
Dated 24 November 2004
b. No. C-UM.02.01.16813
Dated 22 November 2005
c. No. AHU-49620.AH.01.02.Tahun 2011
Dated 11 October
2011
Company Status :
Domestic Investment Company (PMDN)
Permit by the
Government Department :
a. The Department
of Finance
NPWP No. 02.420.464.6-441.000
b. The Capital Investment
Coordinating Board
- No. 22/I/PMDN/2005
Dated 16 February 2005
- No. 93/II/PMA/2006
Dated 28 September 2006
Related/Associated Companies :
P.T. DALITAEX KUSUMA (Textile Industry and Investment Holding)
P.T. MAKMUR REKASANTIKA (Textile Industry and Investment Holding)
A member of the DALIATEX Group
Capital Structure
:
Authorized Capital - Rp.
79,000,000,000.-
Issued Capital - Rp.
79,000,000,000.-
Paid up Capital - Rp.
79,000,000,000.-
Shareholders/Owners:
a. P.T. DALIATEX
KUSUMA - Rp.
39,500,000,000.- (50%)
Address : Jl. Cipaganti No. 35
Bandung, West Java
Indonesia
b. Mrs. Susie
Unjati -
Rp. 7,900,000,000.- (10%)
Address : Jl. Dokter Cipto No. 32
Bandung, West Java
Indonesia
c. Mrs. Sutie
Unjati -
Rp. 7,900,000,000.- (10%)
Address : Jl. Belibis No. 16
Bandung, West Java
Indonesia
d. Mr. Ir. Riki
Munaba -
Rp. 790,000,000.- ( 1%)
Address : Jl. Dokter Cipto No. 32
Bandung, West Java
Indonesia
e. SUN INVESTMENT
HOLDINGS Pte. Ltd. - Rp.
22,910,000,000.- (29%)
Address : 30
robinson Road 11-01
Robinson Tower
Singapore
Lines of Business
:
Acrylic and Nylon Filament Yarns Spinning Mills
Production
Capacity :
a. Initial Plant
Nylon Filament Yarns - 6,900 tons p.a.
b. Expansion
Plant (Planned)
Nylon Filament Yarns - 1,700 tons p.a.
Total Investment :
a. Initial Plant
a. Equity Capital - Rp.
79.0 billion
b. Loan Capital - Rp.
23.8 billion
c. Total Investment -
Rp.102.8 billion
b. Expansion Plant (Planned)
a. Equity Capital - None
b. Loan Capital - Rp. 24.0 billion
c. Total Investment - Rp.
24.0 billion
Started Operation
:
January 2005
Brand Name :
INDACHI
Technical
Assistance :
ASAHI KASEI FIBER Corporation of Japan
Number of Employee
:
260 persons
Marketing Area :
Domestic - 40%
Export - 60%
Main Customer :
The DALIATEX Group Members, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. EVER SHINE TEX Tbk.
b. P.T. INDONESIA SYSTHETIC MILLS
c. P.T. ACRYL TEXTILE MILLS
d. P.T. INDONESIA TORAY SYNTEHTICS
e. P.T. INDORAMA SYNTHETICS
f. P.T.
MATAHARI SENTOSA
g. P.T. RPIMA RAJULI SUKSES
h. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Purwakarta Main
Branch
West Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Purwakarta Main Branch
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated)
:
2009 – Rp. 290.0 billion
2010 – Rp. 330.0 billion
2011 – Rp. 380.0 billion
2012 – Rp. 215.0 billion (January – June)
Net Profit (Loss)
:
2009 – Rp. 17.0 billion
2010 – Rp. 19.5 billion
2011 – Rp. 22.6 billion
2012 – Rp. 12.8 billion (January – June)
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Drs. Rudy Unjoto
Directors - a. Mr. Stanley Unjoto
b. Mr. Antony Kusmawiraputra
Board of Commissioners :
President Commissioner - Mr. Sukendar Unjoto
Commissioner - Mr. Djonie Unjoto
Signatories :
President Director (Mr. Drs. Rudy
Unjoto) or one of the Directors (Mr. Stanley Unjoto and Mr. Antony
Kusmawiraputra) which must be approved
by Board of Commissioners (Mr. Sukendar Unjoto and Mr. djonie Unjoto)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
PT. INDACHI PRIMA (P.T. IP) was established in Purwakarta, West Java on
4 November 2004 with an authorized capital of Rp. 50,000,000,000 issued capital
of Rp. 12,500,000,000 entirely paid up. The founding shareholders of the
company are P.T. DALIATEX KUSUMA, P.T. MAKMUR REKASANTIKA, both are private
company, Mrs. Susie Unjati and Mrs. Sutie Unjati, both are Indonesian
businesswomen of Chinese origins. The notary deed had been changed a couple of
times. In October 2005, the issued capital was increased to Rp. 50,000,000,000
entirely paid up. On the same occasion, Mr. Ir. Riki Munaba joined the company
as new shareholder. The latest deed of amendment was made by Dr. Herlien, SH.,
a public notary in Bandung, West Java, were approved by the Ministry of Justice
and Human Right in its Decision Letter No. C-UM.02.01.16813, dated November 22,
2005.
The Company’s article of association has been amended for several times,
most recently by notarial deed of Agung Sri Wijayanti, SH., No. 5 dated
September 9, 2011 the authorized capital was raised to Rp. 79,000,000,000.-
entirely was issued and fully paid up. The
capital structures and shareholder composition of P.T. CAS in details are as
shown on page-3 of this report. The amendment to article of association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-49620.AH.01.02.Tahun 2011 dated October 11, 2011. No changes have been effected in term of its shareholding composition
and capital structures to date.
We see the majority business stakes owners namely P.T. DALIATEX KUSUMA
(P.T. DK) is private company in integrated textile industry and the whole
business stakes is controlled by Mr. Drs. Rudy Unjoto (50%), Mr. Djonie Unjoto (25%) and Mr. Sukendar Unjoto
(25%). P.T. P.T. DK is engaged in
integrated textile industry with its plant located at Jalan M. Toha No. 307,
Km. 7.3, Bandung, West Java on a land of 20 hectares. It has been operating commercially in 1974
producing brocades, knitted fabric, woven fabric, dyeing and finishing.
P.T. INDACHI PRIMA (P.T. IP) operates under Domestic Investment (PMDN)
Company facility in the field of acrylic and nylon filament yarns spinning
mills. P.T. IP had been operating since the early 2005 by taking over factory
(assets), brand name and factory employee of P.T. INDONESIA ASAHI KASEI. The
company is specialized in manufacturing of nylon multi filament yarns, nylon
mono filament yarns & tooth brush by using technology from Japan. The plant
located at Desa Cibinong Ubrug, Purwakarta, West Java on a land of 33,500 sq.
meters. The company produces of acrylic and nylon yarns 6,900 tons per annum.
The plant has absorbed an investment of Rp. 73.0 billion, come from owned
capital of Rp. 50.0 billion and the rest is loans. About 60% of its production
is exported to the USA, Japan, Australia, Pakistan and Middle East while the
rest 40% is marketed in the country to various textile industries. In September 2006, P.T. IP got an expansion
permit to increase production capacity which an investment of Rp. 24.0 billion
originally coming from loan. The expansion plant has been operating
commercially since in early 2009 by producing of nylon yarns of about 1,700
tons per annum. Nylon products produced
by P.T. IP have gained excellent reputation among major textile industries in
Indonesia and other countries including China, Hong Kong, Taiwan, South Korea,
Japan, Bangladesh, The Philippines, Malaysia, Vietnam, Pakistan, India, Syria,
Egypt and Turkey. The company also
exported products to the USA and several others countries in Europe. We observe that P.T. IP is classified as a
medium sized company of its kind in the country of which the operation has been
growing in the last three years.
Generally, demand for textile and textile products including polyester
textured yarn, finished fabrics, garment, textile chemicals and raw materials
has been fluctuating in the last five years.
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 to
417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$
5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million)
in 2010 and to 450,900 tons (US$ 7,801.5 million) in 2011.
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 1,477.800 tons (US$ 3,908.6
million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to
1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8
million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 and declined to
1,493,3000 tons (US$ 5,563.3 million) in 2011.
The export volume and value of the national TPT products in 2002 to 31
March 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 1,873.3 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 375.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 1,318.1 |
Source: Central Bureau of
Statistic *) January to March 2012
Until this time P.T. IP 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 2009 amounted to Rp.
290.0 billion increased to Rp. 330.0 billion in 2010 to Rp. 380.0 billion in
2011 and projected to go on rising by at least 12% in 2012. The operation in
2011 yielded an estimated net profit at least Rp. 22.6 billion and the company
has an estimated total net worth at least Rp. 160.0 billion. We observe that
P.T. IP is supported by financially fairly strong behind it. So far, we did not
hear 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. IP is led by Mr. Drs. Rudy Unjoto (53) with 22
years of experience in integrated textile industry. He is the first son of Mr. Sukendar Unjoto
AKA Oey Ke Eng (76), the founder of the DALIATEX Group. The management of the company is handled by
professional managers having wide relation with private businessmen within and
outside the country and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. So far, we have never
heard that the company’s management involved in a dirty business practice 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.
PT. INDACHI PRIMA is fairly good for business transaction. However, in
view of the unstable economic condition in the country we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.52 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.