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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. AMCOR
FLEXIBLES INDONESIA |
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|
|
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Registered Office : |
Jl. Gatot Subroto Km. 5,4, Jatiuwung – Cibodas,
Tangerang 15134, Banten |
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Country : |
Indonesia |
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Date of Incorporation : |
28.10.2008 |
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Com. Reg. No.: |
No. AHU-AH.01.10-37617 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Plastic Flexible |
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No. of Employees : |
145 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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|
|
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
Name of Company :
P.T. AMCOR FLEXIBLES
INDONESIA
A d d r e s s :
Head Office &
Factory
Jl. Gatot Subroto Km. 5,4,
Jatiuwung – Cibodas,
Tangerang 15134, Banten
Indonesia
Phone -
(62-21) 591 9455 (hunting)
Fax - (62-21) 591 9459
Email - tgr.hrd@amcor.com
Website - http://www.amcor.com
Land Area - 5.8 hectares
Building Area - 1.9 hectares
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
28 October 2008
as P.T. FLEXIPACK, changed its name to P.T. AMCOR FLEXIBLES INDONESIA on
October 12, 2010.
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
- No.
AHU-96466.AH.01.02.Tahun 2008
Dated 25 December 2008
- No.
AHU-49245.AH.01.02.Tahun 2010
Dated 20 October 2010
- No.
AHU-AH.01.10-07671
Dated 11 March 2011
- No.
AHU-AH.01.10-37617
Dated 22 October 2012
Company Status :
Foreign
Investment Company (PMA)
Permit by the Government Department :
The Department of Finance
NPWP No.
02.870.016.9-402.000
Holding
Company :
AMCOR HOLDCO 3
LIMITED (Investment Holding)
Capital
Structure :
Authorized
Capital - US$. 11,525,000.-
(Rp. 113,694,125,000.-)
Issued
Capital - US$. 2,881,250.- (Rp. 28,423,531,250.-)
Paid up
Capital - US$. 2,881,250.- (Rp. 28,423,531,250.-)
Shareholders/Owners
:
a. AMCOR HOLDCO 3 LIMITED - US$. 2,852,437.- (99.0%)
Address : A-L House, 83 Tower
Road North
Warmley, Bristol BS, UK
b. AMCOR FLEXIBLES CHINA Co. Ltd. - US$.
28,813.- ( 1.0%)
Address : Unit 615-616, 6 F, Lippo
Sun Plaza
28 Canton Road,
Hong Kong
Lines of
Business :
Plastic Flexible Manufacturing
Production
Capacity :
Plastic Flexible – on the order basis
Total
Investment :
Owned Capital - US$. 2.9 million
Started
Operation :
January 2009
Brand Name :
Amcor Flexibles Indonesia
Technical
Assistance :
Amcor Flexibles Australia Pty. Ltd., of Australia
Number of
Employee :
145 persons
Marketing Area
:
Domestic - 100%
Main Customers
:
a. Food and Beverage Industries
b. Pharmaceutical Industries
c. Cosmetic Industries
d. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Cipta
Kemas Abadi
b. PT. Bina
Plaspac Indonesia
c. PT. Eiwa
Plastic Industry
d. PT. Muliapack
Intisempurna
e. PT. Plasindo Lestari
f. PT.
Supernova Fleible Packaging
g. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. The Hongkong and Shanghai Bank
Corp.
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta
Selatan
b. ABN AMRO Bank NV
Jl.
Ir. H. Juanda No. 23-24
Jakarta
Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 63.5 billion
2010 – Rp. 128.0 billion
2011 – Rp. 165.0 billion
2012 – Rp. 194.8 billion
Net Profit
(estimated) :
2009 – Rp. 3.0 billion
2010 – Rp. 6.3 billion
2011 – Rp. 8.2 billion
2012 – Rp. 9.7 billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Bobby Karnadi
Gandasaputra
Director -
Mrs. Anya Nathalie Ahlstrom
Board of Commissioners :
President Commissioner - Mr. Ralf Klaus Wunderlich
Commissioner - Mr. Andrew John Terry
Signatories :
President Director (Mr. Bobby Karnadi Gandasaputra) or Director (Mrs.
Anya Nathalie Ahlstrom) which must be approved by Board of Commissioners (Mr.
Ralf Klaus Wunderlich and Mr. Andrew John Terry)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Originally named
P.T. FLEXIPACK, the company was established on October 28, 2008 with an
authorized capital of US$ 11,525,000 (Rp 113,694,125,000) of which US$
2,881,250 (Rp 28,423,531,250) was issued and
fully paid up. The founding
shareholders of the company are AMCOR HOLDCO 3 LIMITED of United Kingdom (99%)
and AMCOR FLEXIBLES CHINA Co. Ltd., of China (1%). Notary deed of the company was approved by
the Ministry of Laws and Human Rights of the Republic of Indonesia in its
Decision Letter No. AHU-96466.AH.01.01.Tahun 2008 dated December 15, 2008. On October 12, 2010 the company's name was
changed to P.T. AMCOR FLEXIBLES INDONESIA (P.T. AFI). The amendment to Deed has been approved by
the Ministry of Law and Human Right through Decision Letter No.
AHU-49345.AH.01.02.Tahun 2010, dated October 20, 2010.
According to the
latest revision of notary Deed of Mrs. Etty Roswitha Moelia, SH., No. 11 dated
15 October 2012 the company board of director and the board of commissioner had
been changed. The amendment to Deed has been approved by the Ministry of Law
and Human Rights in its Decision Letter No. AHU-AH.01.10-37617 dated October
22, 2012. No changes have been effected in term of its shareholding composition
and capital structures to date.
P.T. AFI has
been operating since early 2009 in plastic flexible packaging industry with its
plant located at Jalan Gatot Subroto Km. 5,4 Tangerang, Banten Province on a
land of some 5.8 hectares. The company
acquired a flexible packaging plant in Tangerang (PT. Alcan Packaging Flexible)
in mid-2008. Mr. Daniel Prawiro, a
marketing staff of the company explained that P.T. AFI produces of plastic
flexible packaging for food and beverages industries, pharmaceutical and
cosmetic industries and others. He
added that a large extent of the products of P.T. AFI is locally marketed. The
main customers of the company are the ABC Group, PT. UNILEVER INDONESIA Tbk.,
P.T. JONSHON & SONS INDONESIA, P.T. SARALEE INDONESIA and others. Some 10% of the products are exported to
Malaysia, Singapore and others. We observed that P.T. AFI is supported by the
AMCOR FLEXIBLES Group.
Pursuant to internet, Amcor Flexibles is one
of the world’s largest suppliers of flexible packaging and folding carton
packaging for tobacco. It has three operating divisions: Amcor Flexibles Food,
Amcor Flexibles Healthcare and Amcor Rentsch. The business has approximately
7,600 co-workers, 45 plants and supplies a wide range of products to the food,
beverage and healthcare markets. These products include packaging for fresh
foods such as meat, fish, bread, produce and dairy, processed foods such as
confectionery, snack foods, coffee and ready meals, as well as high value-added
medical applications, hospital supplies, pharmaceuticals and personal care
products.
Source: http://www.amcor.com/annual_report_sites/annual_report_2009/ar2009_amcor_flexibles.html
Generally, the
demand for flexible packaging and plastic film printing in the country had
significantly rising by 8% to 10% per year in the last five years, in line with
the growth of snack food industries including instant noodle, biscuit,
confectioneries, pharmaceutical, cosmetic industries, etc. But, as from October 2008, the demand growth
for flexible packaging and printing has kept on dwindling as an impact of
global economic crisis as told above.
Beside, the competition is very tight on account many similar companies
operating in the country. The demand was
increasing in the early 2009 due to economic condition was gradually recovery
in the country. The growth rate is now estimated at 5% to 7% per year. P.T. AFI is considered to be in a favorable
business position in view of the company's experience in the above business.
The company is neither public
listed nor bond issued company. Therefore, the company has no obligation to
publish financial statement publicly.
P.T. AFI’s management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated that total sales turnover of
the company in 2010 increased to Rp. 128.0 billion increased to Rp. 165.0
billion in 2011 and rose again to Rp. 194.8 billion in 2012. The operation of the company in 2012 is
estimated to have gained a net profit of Rp. 9.7 billion with a total networth of Rp. 80.0 billion. It’s the sales turnover is projected
to be rising by 12% in 2013. So far, we
did not hear that P.T. AFI has been black listed by Bank Indonesia (Central
Bank) or involved in detrimental cases being settled in the court.
Since October 2012, the management of P.T. EFI led by Mr. Bobby Karnadi
Gandasaputra (39) replacing Mr. Tata Ismail (61) as President Director. In his daily activities, he is assisted by
Mrs. Anya Nathalie Ahlstrom (39) as Director.
The company’s
management is appraised to have experience in manufacturing of flexible
packaging products being supported by its affiliated company AMCOR FLEXIBLE
AUSTRALIA Pty. Ltd., of Australia. The
management also supported by a number team of professional managers 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.
We believed that P.T. EMCOR
FLEXIBLES INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.