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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. CIPTA PRIMA CHEMINDO |
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Registered Office : |
Jl. Taman Palem
Lestari Blok AA2/3a Jakarta Barat 11820 |
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Country : |
Indonesia |
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Date of Incorporation : |
22.03. 2002 |
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Com. Reg. No.: |
No. AHU-02249.AH.01.02.Tahun 2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Specialty Chemicals |
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No. of Employees : |
15 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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) |
|
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 |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source : CIA
P.T.
CIPTA PRIMA CHEMINDO
A
d d r e s s :
Head Office
Jl. Taman Palem Lestari Blok AA2/3a
Jakarta Barat 11820
Indonesia
Phones -
(62-21) 555 4368 (hunting)
Fax - (62-21) 555 4659
Email - ciptaprima@gmail.com
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
22
March 2002
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C-07813.HT.01.01.TH.2002
Dated 06 May 2002
b. No. C-13085.HT.01.04.TH.2003
Dated 10 June 2003
c. No. AHU-64632.AH.01.02.Tahun 2008
Dated 17 September
2008
d. No.
AHU-02249.AH.01.02.Tahun 2011
Dated 17 January 2011
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.187.7-085.000
Related
Company :
Not
available
Capital
Structure :
Authorized
Capital - Rp.
8,000,000,000.-
Issued
Capital -
Rp. 2,280,000,000.-
Paid
up Capital -
Rp. 2,280,000,000.-
Shareholders/Owners
:
a. Mr. Agustinus Cipto - Rp. 2,279,900,000.- (99.996%)
Address : Jl. Taman Palem Lestari Blok AA2/3A
Kel. Kalideres
Jakarta Barat
Indonesia
b. Mr. Findy Efendy - Rp. 100,000.- ( 0.004%)
Address :
Gg. Rukun Sari II No. 45A
Kel. Situsaeur, Bandung
West Java
Indonesia
Lines
of Business :
Trading,
Import and Distribution of Specialty Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2003
Brand
Name :
Cipta
Prima Chemindo
Technical
Assistance :
None
Number
of Employee :
15
persons
Marketing
Area :
Local - 100%
Main
Customer :
Pharmaceutical
Industries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Dow Chemical Indonesia
b. PT. Indokemika Jayatama
c. PT. Makmur Jaya Kharisma
d. PT. Galic Bina Mada
e. PT. Mulya Adhy Paramita
f. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Taman Palem Lestari
Jl.
Boulevard Blok D1/19J
Jakarta
Barat
b. P.T.
Bank CENTRAL ASIA Tbk
Taman Palem Lestari
Jl.Komp. Taman
Palem Lestari Blok C2/52
Jakarta Barat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 9.8 billion
2010
– Rp. 11.2 billion
2011
– Rp. 12.8 billion
Net
Profit (estimated) :
2009
– Rp. 390 million
2010
– Rp. 446 million
2011
– Rp. 510 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Agustinus Cipto
Marketing Manager - Mrs. Susan Suryadinata
Board of Commissioners :
Commissioner - Mr. Findy Efendy
Signatories :
Director
(Mr. Agustinus Cipto) which must be approved by Board of Commissioner (Mr.
Findy Efendy)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
P.T.
CIPTA PRIMA CHEMINDO (P.T. CPC) was established in Jakarta based on notary deed
of George Handojo Hermawi, SH., No. 4 dated 22 March 2002 with the authorized
capital of Rp. 50,000,000.- of which Rp. 12,500,000.- was issued and fully paid
up. The founding shareholders of the
company are Mr. Agustinus Cipto (99.92%) and Mr. Findy Effendy (0.08%), both
are Indonesian businessmen of Chinese extraction. The Article of Association has been
approved by the Minister of Law and Human Rights through Decision Letter No.
C-07813.HT.01.01.TH.2002 dated May 6, 2002.
The articles of association of the company have frequently been
changed. In April 2003, the authorized
capital was raised to Rp. 400,000,000.- of which Rp. 100,900,000.- was issued
and fully paid up. The amendment to
Article of Association has been approved by the Minister of Law and Human
Rights through Decision Letter No. C-13085.HT.01.04.TH.2003 dated June 10,
2003.
In
August 2008, the authorized capital was raised again to Rp. 1,000,000,000.- of
which Rp. 280,000,000.- was issued and fully paid up. The amendment to Article of Association has
been approved by the Minister of Law and Human Rights through Decision Letter
No.AHU-64632.AH.01.02.Tahun 2008 dated September 17, 2008. Latest in December 2010, the authorized
capital was raised again to Rp. 8,000,000,000.- of which Rp. 2,280,000,000.-
was issued and fully paid up. The
amendment to Article of Association has been approved by the Minister of Law
and Human Rights through Decision Letter No. AHU-02249.AH.01.02.Tahun 2011
dated January 17, 2011. No changes have been effected in term of its shareholding
composition and capital structures to date.
Pursuant
to the company’s notary deed, P.T. CPC engaged to operate in development,
trading, industry, mining, road transportation, agricultural, printing,
supplier and services. The Company’s
registered office located at Jl. Taman Palem Lestari Blok AA2/3A, West Jakarta
and the company can open branch offices or representative offices at home and
abroad.
Mr.
Alex Tan, a marketing staff of the company explained that P.T. CPC has been
operating since 2003 in the trading, import and distribution of chemicals. The
merchandising good products are additive and specialty chemicals for
pharmaceuticals ethyl and fine alcohol, refined oil, vaseline, emulsifiers,
etc. The products are imported from
China and India. Then, the products are
sold to pharmaceutical industries such as PT. SANBE FARMA, PT. PYRIDAM FARMA , P.T. CORONET CROWN, etc. We observe the operation of P.T. CPC has been
growing slowly in the last three years as the impact of global economic
slowdown.
The
domestic demand for various types of chemical products had been rising by 8% to
10% on the average per annum in the last five years in line with the rapid
growth of various industrial sectors including pharmaceutical industry, paint,
plastic, ink, textile, rubber, printing industries and others in the above
period of times as the consumers. But, later dwindled as the global economic
slowdown since October 2008, followed by tight money policy imposed by
Indonesian Central Bank (Bank Indonesia) and also heated by political issue in
the country. The demand growth started to awake in June 2009 in line with the
amelioration of economic condition in the country. Market competition is very tough on account
of large number of other similar companies operating in the country. P.T. CPC
business position in this case is not too badly because it has built regular
customers and extensive marketing network all across the country.
Until
this time P.T. CPC has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. The management of
P.T. CPC is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2009 amounted to Rp. 9.8 billion increased to Rp. 11.2 billion in 2010 rose
again to Rp. 12.8 billion in 2011 and projected to go on rising by at least 8%
in 2012. The operation in 2011 yielded an estimated net profit of at least Rp.
510 million and the company has an estimated total net worth of at least Rp.
3.0 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. CPC is led by Mr. Agustinus Cipto (45) a businessman who
experienced for more than 10 years in the field of trading, import and
distribution of chemicals. Daily
operation he is assisted by Mrs. Susan Suryadinata (40) as marketing manager.
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. 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.
CIPTA PRIMA CHEMINDO is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
-- |
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.