|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HALIM SEJAHTERA CIPTA MANDIRI |
|
|
|
|
Registered Office : |
Jalan Yose Rizal No. 1-E, Medan 20214 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
08.04.1995 |
|
|
|
|
Com. Reg. No.: |
No. AHU-48452.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Specialty and
Industrial Chemicals |
|
|
|
|
No. of Employees : |
37 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 |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6% annually
in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source
: CIA |
Name of Company :
P.T.
HALIM SEJAHTERA CIPTA MANDIRI
Address :
Head Office
Jalan Yose Rizal No. 1-E
Medan 20214
Indonesia
Phones - (62-21) 7345292, 7345293
Fax - (62-21)
7345287
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status -
Rent
Jakarta Office
Jalan Tomang Raya No. 4
Jakarta 11430
Indonesia
Phones - (62-21)
5600400, 5660708
Fax - (62-21)
5600390, 5667440
E-mail - marketing@halim-sakti.com
Website - www.halim-sakti.com
Building Area - 16 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
08 April 1995
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of Laws and Human Rights
- No.
C2-8.852.HT.01.01.TH.95
Dated 24 July 1995
- No.
AHU-81486.AH.01.02.TH.2008
Dated 04 November 2008
- No.
AHU-48452.AH.01.02.TH.2009
Dated
8 October 2009
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance (Tax License)
NPWP No. 01.727.163.6-123.000
Related Company :
A Member Company of the HALIM SAKTI Group (see
attachment)
Capital Structure :
Authorized Capital - Rp. 2,000,000,000.-
Issued Capital -
Rp. 2,000,000,000.-
Paid up Capital - Rp. 2,000,000,000.-
Shareholders/Owners :
a. P.T. HALIM SAKTI - Rp. 1,600,000,000.-
b. Mr.
Suwandy Salim -
Rp. 100,000,000.-
c. Mr.
Bodhiwan Tanu -
Rp. 48,000,000.-
d. Mr. Hans Chandra Minata - Rp. 28,000,000.-
e. Ms. Erni Taslim - Rp. 28,000,000.-
f. Mr. Widyantoro Setiawan - Rp. 16,000,000.-
g. Mr.
Drs. Swino Wantoro -
Rp. 16,000,000.-
h. Mr.
Stanislas Hartanto -
Rp 14,000,000.-
i. Mr. Faridj Masrur - Rp. 10,000,000.-
j. Mr. Barabas Gouw - Rp. 10,000,000.-
k. Mr.
Jakop -
Rp. 12,000,000.-
l. Mr. Rudy Khoswanto - Rp. 8,000,000.-
m. Ms. Srimuljati Setionegoro - Rp. 8,000,000.-
n. Ms.
Champs Elysees Roos Tanutama - Rp. 10,000,000.-
o. Mr.
Hartono Malim -
Rp. 9,000,000.-
p. Mr.
Ferris Kaloko -
Rp. 9,000,000.-
q. Mr.
Alex Solekan -
Rp. 10,000,000.-
r. Mr. Benny Agustinus Sugiharto - Rp. 48,000,000.-
s. Mr. Jimmy Hidayat - Rp.
16,000,000.-
Lines of Business :
Trading and Distribution of Specialty and
Industrial Chemicals
Production Capacity :
None
Total Investment :
Owned Capital -
Rp. 2.5 billion
Started Operation :
1995
Brand Name :
None
Technical Assistance :
None
Number of Employee :
37 persons
Marketing Area :
Domestic
- 100%
Main Customers :
Industries and Chemical Dealers in Medan,
North Sumatra and surrounding areas
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRATACO CHEMIKA
b.
P.T. FERRO MAS DINAMIKA
c.
P.T. HOETAMA CHEMINDO SEPAKAT ABADI
d.
P.T. KARSAVICTA SATYA
e.
P.T. PARAMA MANDYADANA
Business Trend :
Growing
Bankers :
a. P.T. Bank EKONOMI RAHARJA Tbk
Rukan Graha Mas Block C No. 2
Jalan Raya Pejuangan
Jakarta Barat
Indonesia
b. P.T. Bank PERMATA Tbk
Bank
PERMATA Plaza
Jalan Jend. Sudirman Kav. 27
Jakarta
Selatan
Indonesia
c. ABN
AMRO BANK N.A.
ABN
AMRO Building
Jalan Ir. H. Juanda No. 23-24
Jakarta
Pusat
Indonesia
Auditor :
Internal
Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 55.0 billion
2011 – Rp. 58.0 billon
2012 – Rp. 62.0 billion
Net Profit (estimated) :
2010 – Rp. 2.7 billion
2011 – Rp. 3.0 billion
2012 – Rp. 3.2 billion
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Suwandy Salim
Directors - a. Mr.
Widyantoro Setiawan
b. Mr. Husin Salim
Board of Commissioners :
President
Commissioner - Mr. Januarlis
Halim
Commissioners - a. Mr. Hans Chandra
Minata
b. Mr. Hasan Halim
Signatories :
President
Director (Mr. Suwandy Salim) or one of Directors (Mr. Widyantoro Setiawan and
Mr. Husin Salim) which must be approved by the Board of Commissioners (Mr.
Januarlis Halim, Mr. Hans Chandra Minata and Mr. Hasan Halim)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should
be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. HALIM SEJAHTERA CIPTA MANDIRI (P.T. HSCM) was established on April
8, 1995 with an authorized capital of Rp. 2,000,000,000.- of which Rp.
1,000,000,000.- was issued and fully paid up. The founding and original
shareholders of the company are P.T. HALIM SAKTI, a private company, Mr. Benny Agustinus Sugiharto, Mr.
Bambang Hidayat, Mr. Hoesin, Mr. Widyantoro Setiawan, Mr. Faridj Masrur, Mr.
Hizbullah, Mr. Tan Stanislas Hartanto, Mr. Barabbas Gouw, Mr. Yeyek Santoso,
Mr. Bodhiwan Tanu, Mr. Drs. Swino Wantoro and
Ms. Erni Taslim. They are Indonesian businessmen/woman of Chinese
extraction. The company's notary deed has frequently been revised. On November
2008 the company's issued capital was increased to Rp. 2,000,000,000 and fully
paid up. The latest in September 2009 Mr. Ir. Soedarjono, Mr. Yusak Yahya and
Mrs. Dinda Susiani withdrew and the whole shares sold to Mr. Benny Agustinus
Sugiharto and Mr. Jimmy Hidayat as new shareholders. For further the company’s
structural and composition of shareholders see profile of this report. The
latest revision of notary deed was made by Mrs. Yanty Sulaiman Sihotang, SH; a
public notary in Jakarta under Company Registration Number
AHU-48452.AH.01.02.TH.2009 dated October 08, 2009.
P.T. HSCM is engaged in trading and supplying of industrial and
specialty chemicals covering Medan market, North Sumatra and surrounding areas.
At present the company became an authorized distribution of its affiliated
company P.T. HALIM SAKTI INTERUTAMA (plastic compound and master-batch manufacturing).
P.T. HSCM sells various specialty and chemical materials like ABS color
compounds, thermo plastic rubbers, calcium carbonate masterbatch compounds,
black jacketing compound for telecommunication cables, jelly filling compound
for telecommunication cable, impact modifier for polyolefin & polystyrene,
polyolefin, polystyrene, PC, Nylon and color masterbatch with high concentrate
pigment, ceramic chemicals, electroplating chemicals, food additives, feed
additives, leather chemicals, plywood adhesive chemicals, plastic resin,
plastic compound, thermo plastic rubber, PVC additives and other industrial
chemicals. Mr. Suwandy Salim, the president director of the company, said that
the company products consist of various brands including Hailac for ABS color
compound, Haiton for TPR products, Haimaster for polyolefin, polystyrene, PC,
Nylon, FORMOSA, DAICHEI, DSM, Asahi Denko Kogyo and others. The whole products
supplied and marketed to various industrial manufacturing such as plastic
industries, chemical industries, ceramic industries, pulp and paper industries,
food industries etc. The company also marketed products in Bandung, Semarang,
Surabaya, Medan, and other cities in Indonesia. We observed that P.T. HSCM is
classified as medium 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 paint industry,
plastic, ink, textile, rubber, printing and others in the above period of times
as the consumers. Starting in the second semester 2008, many markets in various
parts of the world experienced adverse economic condition. This condition was
triggered by, amongst others, the housing and mortgage loans crisis in the
United States of America (US) that spread to securities, structures products
and commodity markets. The volatility in the US markets coupled with the sharp
appreciation in the US Dollars and a series of corporate bankruptcies and
takeovers enabled the crisis to spread to other parts of the world. The impact
of the global economic crisis has also been felt in Indonesia as the Indonesian
Rupiah weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. Up to this time, the Company has not
significantly suffered from the economic crisis. In response to these economic
events, during 2010 the Company has plans as follows: Negotiation with main
customer regarding increasing selling price. Cost reduction in business trip,
pantry needs, technical support cost, etc. Reduction finishing cost and transportation cost
with transferring product to customers. In spite of the adverse economic conditions,
management believes that the Company will be able to continue operating as
going concern for the foreseeable future.
Until this time P.T. HSCM has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
P.T. HSCM's management is very closed to outsiders especially on the company's
financial condition. We estimate P.T. HISCM's sales turnover in 2010 at Rp.
55.0 billion increased to Rp. 58.0 billion in 2011 rose again to Rp. 62.0
billion in 2012 and projected to go on increasing by at least 5% in 2013. The
company is figured to have made a net profit of about Rp. 3.2 billion in 2012.
P.T. HSCM now has an estimated networth at around Rp. 11.0 billion. We observe
that P.T. HSCM is supported by financially 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.
P.T. HSCM's management is headed by Mr. Suwandy Salim (59) as president
director, who already has about 24 years of experience in the industrial
chemical trade and distributorship. In daily operation of the company is headed
by Mr. Widyantoro Setiawan (62) and Mr. Husin Salim (56), both are directors.
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. HALIM SEJAHTERA CIPTA
MANDIRI is sufficiently fairly good for business transaction.
Attachment:
List of the HALIM
SAKTI Group Members
BUMI AGUNG PERKASA INDAH, P.T. (Hot Dive Galvanized Steel Pipe Making)
BUMI KAYA, P.T. (Steel Pipe and G.I. Pipe Making)
BUDI MAKMUR ABADI, P.T. (Steel Pipe Making)
COSMO POLYURETHANE INDONESIA,
P.T. (Polyurethane Compound Manufacturing)
DELTA MAS SEJAHTERA ABADI, P.T. (Trading and Distribution of Industrial
Chemicals)
FINEXCO PRIMA, P.T. (Calcium Carbonate Processing)
HALIM SAKTI, P.T. (Holding Company)
HALIM SAKTI PRATAMA, P.T. (Trading and Distribution of Industrial
Chemicals)
HALIM SAMUDRA INTERUTAMA, P.T. (Specialty Chemicals Manufacturing)
HALIM SARANA CAHAYA SEMESTA, P.T. (Distribution of Industrial Chemicals)
HALIM SARIGANDUM PRIMA, P.T. (Wheat Flour Mills)
HALIM SEJAHTERA CIPTA MANDIRI, P.T. (Distribution of Specialty and
Industrial Chemicals)
HALIM SURYA INTERNATIONAL, P.T. (Specialty Chemicals Manufacturing)
INDO ASIA TIRTA MANUNGGAL, P.T. (Trading and Distribution of Industrial
Chemicals, Investment Holding)
MULTI ARTA SENTOSA Bank, P.T. (Banking Services)
PASTI LANCAR MITRA LANGGENG, P.T. (Freight Forwarding Services)
PINTU MAS MULIA KIMIA, P.T. (Distribution of Industrial Chemicals)
SINAR PERMATA HALIM SWADAYA, P.T. (Industrial Chemicals Manufacturing)
SUPER WORLDWIDE FOODSTUFF INDUSTRIES, P.T. (Glucose and Confectionery
Manufacturing)
TRITUNGGAL MULTI CHEMICAL, P.T. (Industrial Chemical Processing)
UOB INDONESIA Bank, P.T. (Banking Services)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.43 |
|
|
1 |
Rs.95.76 |
|
Euro |
1 |
Rs.81.76 |
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.