|
Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOKEMIKA JAYATAMA |
|
|
|
|
Formerly Known As : |
P.T. INDOJAYA ANEKAKEMIKA |
|
|
|
|
Registered Office : |
Wisma UIC, 3rd Floor, Jl. Jend. Gatot Subroto Kav. 6-7,
Jakarta 12930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.10.1987 |
|
|
|
|
Com. Reg. No.: |
No. AHU-17062.AH.01.02.Tahun 2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import
and Distribution of Industrial Chemicals |
|
|
|
|
No. of Employees : |
310 employees |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. INDOKEMIKA JAYATAMA
Head Office
Wisma UIC, 3rd Floor
Jl. Jend. Gatot Subroto Kav. 6-7
Jakarta 12930
Indonesia
Phones -
(62-21) 522 2172, 525 5674
Fax - (62-21) 520 1617
Email - ronny@indokemika.co.id
Website - http://www.indokemika-group.com
Building Area - 22 storey
Office Space - 650 sq. meters
Region - Commercial
Status - Rent
Branches
a. Rich
Palace
Jl. Mayjen Sungkono No. 149-151 Blcok C-10
Surabaya 60225, East Java
Indonesia
Phones - (62-31) 5651350, 5568910
Fax -
(62-31) 5651351
b. Kawasan
Industri Candi
Jl. Gatot Subroto 11 C No. 5A
Semarang
50147, Central Java
Indonesia
Phones -
(62-24) 7627369, 7627371
Fax -
(62-24) 7627370
c. Jl. Raya Padalarang Km. 2
Bandung 40553, West Java
Indonesia
Phones - (62-22) 6808537, 6808538
Fax -
(62-22) 6808381
d. Jl.
Kayu Putih No. 999
Medan 20241, North Sumatra
Indonesia
Phones - (62-61) 6857801, 6857928
Fax -
(62-61) 657833
e. Jl. Pasindangan (d/h J. Tangkil) No. 22/11
Cirebon 45151, West Java
Indonesia
Phones - (62-231) 243 287
Fax -
(62-231) 221 089
f. Komp. Ruko Solo Baru
Jl. Raya
Solo Baru Blok C No. 4
Solo 57552, Central Java
Indonesia
Phones -
(62-271) 623 303
Fax - (62-271) 623 303
g.
Jl. Pantai Lepang
Dusun Lepang –
Desa Takmung
Kec.
Banjarankan, Kab. Klungkung
Bali 80752 - Indonesia
Phones - (62-271) 343 8488
Fax -
(62-271) 343 8489
h.
Jl. Kima Raya No. 2
Kompleks Kima Square Warehouse Unit No. 16
Makassar 90241, South Sulawesi
Indonesia
Phones - (62-411) 472 3150, 570 1881
Fax -
(62-411) 472 3237
i.
No. 11 South Binjiang Road
Taicang Port
Development Zone
Jiangsu
Province
China, PO Box 215433
Phones - (+86-512) 3301 9010
Fax -
(+86-512) 5359 9019
j.
Unit
1001 (Penthouse), Level 10, Block A, No. 17
Jalan SS7/26, Kelana Square 47301
Kelana Jaya
Selangor Darul Ehsan
Malaysia
Phones - (+603) 7805 7288
Fax -
(+603) 7805 7289
26 October 1987
as P.T. PANADIA INDAH DIRGANTARA, changed its name to P.T. INDOJAYA ANEKAKEMIKA
on December 1988 and changed its again to P.T. INDOKEMIKA JAYATAMA on September
16, 1992
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C2-2218.HT.01.04.TH.99
Dated 01 February 1999
b. No.
AHU-17062.AH.01.02.Tahun 2011
Dated 05 April 2011
National Private
Company
The Department of
Finance
NPWP No.
01.328.570.5-007.000
a. P.T. INTI
IDOLA SEJATI (Investment Holding)
b. P.T. TARUNA
DINAMIKA CITRINDO (Investment Holding)
c. P.T. PERKA
CIPTA TERANG (Investment Holding)
Capital
Structure :
Authorized
Capital - Rp.
2,100,000,000.-
Issued Capital - Rp.
2,100,000,000.-
Paid up Capital - Rp.
2,100,000,000.-
Shareholders/Owners
:
a. P.T. INTI
IDOLA SEJATI - Rp.
1,768,200,000.- (84.2%)
Address : Jl. Jend. Gatot Subroto
Kav. 6-7
Setiabudi, South Jakarta
Indonesia
b. P.T. TARUNA DINAMIKA CITRINDO - Rp. 226,800,000.- (10.8%)
Address : Jl. Kwini No. 1
Senen, Central
Jakarta
Indonesia
c. P.T. PERKASA CIPTA TERANG - Rp. 105,000,000.- ( 5.0%)
Address : Jl. Jend. Gatot Subroto Kav.
6-7
Setiabudi, South Jakarta
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 40.0
billion
Started
Operation :
January 1989
Brand Name :
Indokemika
Jayatama
Technical
Assistance :
None
Number of
Employee :
310 persons
Marketing Area
:
a. Local - 80%
b. Export - 20%
Main Customer
:
a. Ink and
Coating Industries
b. Cosmetic
Industries
c. Food and
Beverage Industries
d. Pharmaceutical
Industries
e. Plastic
Industries
f. Crumb Rubber Industries
g. Textile
Industries
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Dow
Chemical Indonesia
b. PT. Cipta Prima Chemindo
c. PT. Makmur Jaya Kharisma
d. PT. Galic Bina Mada
e. PT. Mulya Adhy Paramita
f. PT.
Tritunggal Arthamakmur
g. PT. Pintu Mas Mulia Kimia
h. PT. Fadjar Kimia Pratama Prima
i. PT. Lautan Luas
Tbk
j. Etc.
Business Trend
:
Growing
Bankers :
a. P.T.
Bank CENTRAL ASIA Tbk
Menara
BCA
Jl. M.H. Thamrin No. 1
Jakarta Pusat
b. The
Hongkong & Shanghai Banking Corporation Ltd.
World
Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp.
2,208.0 billion
2010 – Rp.
2,510.0 billion
2011 – Rp.
2,860.0 billion
Net Profit
(estimated) :
2009 – Rp. 90.0 billion
2010 – Rp. 102.0
billion
2011 – Rp. 116.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Andi Solaiman
Directors -
a. Mr. Suyatim Abdurachman Habibie
b. Mr. Setiaki Witjaksono
c. Mr. Paulus Iwan Setiawan
Board of Commissioners :
President Commissioner -
Mr. Andi Hartandi
Commissioner -
Mr. Lioe Seng Tjin
Signatories :
President Director (Mr. Andi
Solaiman) or one of the Directors (Mr. Suyatim Abdurachman Habibie, Mr. Setiaki
Witjaksono, Mr. Paulus Iwan Setiawn) which must be approved by Board of
Commissioners (Mr. Andi Hartandi and Mr. Lioe Seng Tjin)
Management Capability :
Good
Business Morality :
Good
Originally named P.T PANADIA INDAH DIRGANTARA, the company was
established in October 1987 with an authorized capital of Rp 300,000,000.- of
which Rp 100,000,000.- was issued and paid up. The company was founded by Mr.
Indarto Adikoesoemo, Mr. Soeripjo Adiokoesoemo, Mr. Kristianto Adikoesoemo and
Mrs. Yafen Yuliana as the original shareholders. They are an Indonesian
business family of Chinese extraction. The company's notarial act was since
revised a couple of times. In December 1988, the company's entire shares were
taken over by P.T. INDOJAYA ANEKAKEMIKA, and in September 1992 the company's
name was changed to P.T. INDOKEMIKA JAYATAMA.
In October 2004, the authorized capital was raised to Rp 2,100,000,000.-
and the wholly was issued and paid-up.
Since the time, the shareholders of the company are P.T. SALIM CHEMICAL
CORPORA (89.2%) and P.T. CAKRASAKTI MANDIRI (10.8%).
Latest on March 2011, P.T. SALIM CHEMICAL CORPORA and P.T.
CAKRASAKTI MANDIRI pulled out and the whole shares are sold to P.T. INTI IDOLA
SEJATI (84.2%), P.T. TARUNA DINAMIKA CITRINDO (10.8%) and P.T. PERKASA CIPTA
TERANG (5.0%), the third are private companies. The amendment to Articles of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decision Letter
No. AHU-17062.AH.01.02.Tahun 2011 dated April 5, 2011. No changes
have been effected in term of its shareholding composition and capital
structures to date. But we have strong reason to believe
that the capital invested in the company is now much bigger.
P.T. INDOKEMIKA JAYATAMA or better known as trading style “INDOKEMIKA” has been in operation since January 1989 in general trading, as an importer and distributor of chemicals. P.T. INDOKEMIKA is selling various chemicals materials, including coating & ink chemicals, cosmetic & personal care chemicals, food ingredients, industrial chemicals, oleo & performance chemicals, pharmaceutical ingredients, plastic chemicals, rubber chemicals, textile chemicals, etc. Mr. Ronny, a marketing staff of the company explained that P.T. INDOKEMIKA was appointed as sole agent for the above products imported from several countries such as Australia (Albright & Wilson), Norway (Borregaard), Malaysia (AIC Ingredients Sdn Bhd), Belgium (BBCA & GALACTIC Lactic Acid Co, Ltd), Taiwan (Chi Mei Corporation), Akzo Nobel Personal Care and also local products such as PT. BASF INDONESIA (Industrial Chemical), PT. GUMINDO PERKASA (Indo Gum Ingredients), P.T. HUNTSMAN INDONESIA and others.
All the company's merchandize products are sold to ink & coating industries, cosmetic industries, food and beverage industries, pharmaceutical industries, plastic industries, crumb rubber industries, textile industries, etc. P.T. INDOKEMIKA has also been exporting part of the above locally produced chemicals to Malaysia, Thailand, the Philippines, Taiwan and Australia. To support its activities, P.T. INDOKEMIKA has opened branch offices in Surabaya (East Java), Semarang (Central Java), Bandung (West Java), Medan (North Sumatra), Cirebon (West Java), Sole (Central Java), Bali, Makassar (South Sulawesi), Jiangsu (China) and Selangor (Malaysia). We observed that P.T. INDOKEMIKA is classified as a largest sized company of its kind in the country of which the operation has been growing in the last three years.
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 ink & coating
industries, cosmetic industries, food and beverage industries, 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. INDOKEMIKA has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T. INDOKEMIKA 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.
2,208.0 billion increased to Rp. 2,510.0 billion in 2010 rose again to Rp.
2,860.0 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. 116.0
billion and the company has an estimated total net worth of at least Rp. 180.0
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. INDOKEMIKA is led by Mr. Andi Solaiman (51) a businessman who experienced for more than 20 years in the field of trading, import and distribution of chemicals. Daily operation he is assisted by three directors namely Mr. Suyatim Abdurachman Habibie (62), Mr. Setiaki Witjaksono (58) and Mr. Paulus Iwan Setiawan (53). Mr. Suyatim Abdurachman Habibie is a younger brother of Prof. DR. B.J. Habibie (76), the former of President RI. 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. INDOKEMIKA JAYATAMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.