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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INTERNATIONAL PAINT INDONESIA |
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Formerly Known As : |
P.T. INTERNATIONAL COATING |
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Registered Office : |
Gedung Intiland Tower 5th Floor, Jalan Jend. Sudirman Kav. 32, Kelurahan Karet Tengsing, Kecamatan Tanah Abang, Jakarta Pusat, 10220 |
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Country : |
Indonesia |
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Date of Incorporation : |
20.10.1992 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-05872 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturer of industrial paint |
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No. of Employees : |
155 |
RATING & COMMENTS
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 |
P.T. INTERNATIONAL PAINT INDONESIA
Head Office
Gedung
Intiland Tower 5th Floor
Jalan
Jend. Sudirman Kav. 32
Kelurahan
Karet Tengsing, Kecamatan Tanah Abang
Jakarta
Pusat, 10220
Indonesia
Phones -
(62-21) 5700075 (Hunting)
Fax - (62-21) 5701135
Building Area - 32 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Cikarang
Industrial Estate
Jalan Jababeka Raya Block E 9-11
Cikarang,
Bekasi, 17530
West
Java
Indonesia
Phones -
(62-21) 8934270 (Hunting)
Fax - (62-21) 8934275
Land Area - 34,000 sq.
meters
Building Space - 10,000 sq. meters
Region - Industrial
Estate
Status - Owned
Branches
a. Jalan Arief Rahman Hakim No. 24 A
Surabaya
East Java
Phone -
(62-31) 5965188
Fax - (62-31) 5965199
b. Jalan Gunung Krakatau No. 9 G
Medan, 20731
North Sumatera
Phone -
(62-61) 6610938
Fax - (62-61) 6632775
c. Jalan Urip
Sumoharjo 172
Makassar
South Sulawesi
Phone -
(62-411) 447095
Fax - (62-411) 447069
d. Jalan Letjend. S. Parman No. 12
Gunung Guntur, Balikpapan
East Kalimantan
Phone -
(62-542) 730700
Fax - (62-542) 418134
e. Jalan R. Sukamto RT. 037/RW. 010 20 Ilir
Palembang
South Sumatera
Phone -
(62-711) 7939788
Fax - (62-711) 365166
f. Jalan Hang Tuah No. 97 D
Duri 28884
Riau
Phone -
(62-765) 94197
Fax - (62-765) 94198
g. Komplek Ruko Batu Aji Centre Block A No.
01-03
Batu Aji, Batam
Kepulauan Riau Province
Phone -
(62-788) 395007
Fax - (62-788) 394940
a.
20 October 1992 as P.T. COURTAULDS COATING INDONESIA
b.
9 December 1998 as P.T. INTERNATIONAL COATING
c.
15 March 2004 as P.T. INTERNATIONAL PAINT INDONESIA
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. AHU-AH.01.10-21313
Dated 10 September 2008
- No. AHU-AH.01.10-05872
Dated 21 February 2013
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP
No. 01.070.635.6-052.000
The President of
the Republic of Indonesia
No.
B-229/Pres/10/1992
Dated
1 October 1992
The Capital
Investment Coordinating Board
- No. 206/I/PMA/1992
Dated 14 October 1992
- No. 43/II/PMA/1997
Dated 19 March 1997
- No. 769/III/PMA/1998
Dated 16 June 1998
- No. 50/III/PMA/1999
Dated 15 January 1999
- No. 104/III/PMA/2002
Dated 28 January 2002
- No. 1112/III/PMA/2002
Dated 9 October 2002
A
Member Company of the AKZO NOBEL Group, Netherlands
Capital
Structure :
Authorized
Capital : US$
14,499,609.-
Issued
Capital :
US$ 14,499,609.-
Paid
up Capital :
US$ 14,499,609.-
Shareholders/Owners
:
a.
AKZO NOBEL © HOLDINGS B.V. -
US$ 13,774,629.-
Address :
Strawinskylaan 2555
1077 ZZ Amsterdam
The Netherlands
b.
PANTER B.V. -
US$ 724,980.-
Address :
Aelbrechtskade 122
3023 JE Rotterdam
The Netherlands
Lines
of Business :
Paint
Manufacturing
Production
Capacity :
a.
Emulsion Paints -
7,683 tons p.a.
b.
Powder Paints - 300 tons p.a.
Total
Investment :
a.
Equity Capital -
US$ 14.5 million
b.
Loan Capital -
None
c.
Total Investment -
US$ 14.5 million
Started
Operation :
1993
Brand
Name :
CHARTEK
Fireproofing, CELLCOTE, ENVIROLINE
Technical
Assistance :
AKZO
NOBEL of Netherlands
Number
of Employee :
155
persons
Marketing
Area :
Local - 100%
Main
Customers :
a.
Oil and gas industry
b.
Pulp and paper
c.
Power generation
d.
Bridge
e.
Petrochemical plants
f. Distributors
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. CHUGOKU PAINT INDONESIA
b.
P.T. HEMPEL INDONESIA
c.
P.T. JOTUN POWDER PAINT INDONESIA
d.
P.T. OTTOPAINTS COLOURS INDONESIA
e. P.T. OXYPLAS INDONESIA
f. Etc.
Business
Trend :
Growing
Bankers :
a. ABN AMRO BANK NV.
Jalan Ir. H.
Juanda
Jakarta Pusat
Indonesia
b. P.T. Bank RABOBANK INTERNATIONAL INDONESIA
Plaza 89
Jalan H.R.
Rasuna Said Kav. X-7 No. 6
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 182.0 billion
2011
– Rp. 190.0 billion
2012
– Rp. 197.0 billion
Net
Profit (estimated) :
2010
– Rp. 15.5 billion
2011
– Rp. 16.1 billion
2012
– Rp. 17.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Fong Vean Kieong
Director -
Mr. Graham Stephen George Morrison
Board of Commissioners :
Commissioner - Mr. Victor Geza Fraser
Signatories :
President
Director (Mr. Fong Vean Kieong) or the Director (Mr. Graham Stephen George
Morrison) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Originally named P.T. COURTAULDS COATING INDONESIA, it was established in October 1992 with the authorized capital of US$ 2,460,000 wholly issued and paid up. Founders and original shareholders are P.T. JAINDO METAL INDUSTRIES (20%) of Indonesia and INTERNATIONAL PAINT (Holding) Ltd., (80%) of United Kingdom. The company notary deed has frequently been revised. In December 1998, P.T. JAINDO METAL INDUSTRIES pulled out and its entire shares went into over COURTAULDS COATING (Holdings) Ltd., also of the UK. On the same occasion, the company renamed to P.T. INTERNATIONAL COATINGS but on 15 March 2004, the company was renamed again to P.T. INTERNATIONAL PAINT INDONESIA (P.T. IPI).
In December 2006, INTERNATIONAL PAINT (HOLDING) Ltd., and COURTAULDS COATING (HOLDING) Ltd., withdrew and its entire shares were taken over by AKZO NOBEL (C) HOLDINGS B.V., (95%) and PANTER B.V., (5%), both are from the Netherlands. Concurrently the company’s authorized capital was increased to US$ 14,499,609 entirely issued and paid up. Since then P.T. IPI becomes a member of the AKZO NOBEL Group, a large sized company group of the Netherlands. Then according to the latest revision of notary documents of Mr. Muchlis Patahna, SH., No. 13 dated 10 January 2013 the company board of director and the board of commissioner had been changed. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-05872 dated January 10, 2013.
P.T. IPI is a Foreign Investment (PMA) company dealing with
industrial paint manufacturing by managing a plant located in Cikarang
Industrial Estate, Jalan Jababeka Raya Lot E 9-11, Bekasi, West Java standing
on 3.4 hectares land operating as from March 1993. The plant has been expanding
frequently to increasing production capacity in powder paint and emulsion
paint. According to the license the plants has a total production capacity of
300 tons of powder paint and 7,683 tons of emulsion paint per annum. Total investment of the company is amounted
to US$ 14.5 million originally coming from owned capital.
Initially P.T. IPI
obtained a license and technology from INTERNATIONAL PAINT (HOLDING) Ltd. of
the United Kingdom. But since late 2006, it was changed to AKZO NOBEL (C)
HOLDING B.V., of the Netherlands. Main products of P.T. IPI are paint and
coating for ships, pipes and construction steels under the brands of
INTERNATIONAL and INTERNA. Besides that, the company is also producing interior
and exterior paint.
The company has established wide marketing network throughout the
country. Presently, P.T. IPI also owns
several marketing offices located in Surabaya (East Java), Balikpapan (East
Kalimantan), Medan (North Sumatra), Palembang (South Sumatera), Duri (Riau
Province), Makasar (South Sulawesi) and Batam (Keplulauan Riau Province). Its major customers
are including foreign companies operating in Indonesia, oil and gas industry,
pulp and paper, power generation, bridge, port facility, petrochemical plants,
shipbuilding industries, automotive plants and others. In April 2008, P.T. IPI
was in cooperation with P.T. Dok & Perkapalan KODJA BAHARI (Persero) and
P.T. PANCA MERAK SAMUDERA to apply nititiram painting of Queen Soya ship which
could save 6% of fuel.
Mr. Hendrik Tjakra, a senior marine sales manager of P.T. IPI, said in Bisnis Indonesia daily newspaper that the new product of Intersleek 900 was used to paint ship body with smooth surface so the ship could run faster. “With the high smoothness, 6% of the fuel can be saved than other anti foulding products,” said Hendrik Tjakra. He added that the painting of a ship unit required Rp. 1 billion. Intersleek 900 is the newest ship painting products introduced by P.T. IPI besides Intersleek 900 (produced in 1996) and Intersleek 700 (produced in 1999). The whole products marketed in the country by using INTERNATIONAL, CHARTEK Fireproofing, CELLCOTE and ENVIROLINE brands.
Mr. Irwansyah, marketing executive of P.T. IPI explained the products protective coating sold to various projects such as Jakarta Refinery Marunda P.T. SMART Tbk; Tabang Coal Process, P.T. THIESS CONTRACTORS INDONESIA; Recoating Steam Generators P.T. CHEVRON PACIFIC INDONESIA; Tunu II TOTAL E&P INDONESIE; Coal Conveyor Recoating P.T. BUKIT ASAM Tbk; SSKIDDA Vessel Fireproofing; BP TANGGUH Tank; MATAK Fuel Tank CONOCOPHILIPS; Storage Tanks P.T. PERTAMINA; Chemical Tanks P.T. AKZO NOBEL EKA CHEMICAL; LPG Tank Leg Fireproofing CHEVRON SANTAN and other projects. P.T. IPI operation has kept on growing in the last three years.
Generally, demand for paint products has been increasing by 5% to 6% per annum in the last five years having close relation with the growth of various industrial sectors including property sectors like real estate, office buildings, apartments, shopping centers, manufacturing industrial sectors and fabrication, shipping sectors, automotive industrial sectors and other industrial sectors. The demand for paint is estimated to be rising by at least 5% in the coming five years. The competition is very tight on account of lots of similar company operating in the country. The business position of P.T. IPI is favorable being classified as one of large sized paint industries in the country.
National Paint Production, 2007-2012
|
Year |
Production (Ton) |
Growth % |
|
2007 |
608,403 |
- |
|
2008 |
632,739 |
4.0 |
|
2009 |
664,376 |
5.0 |
|
2010 |
697,595 |
5.0 |
|
2011 |
733,870 |
5.2 |
|
2012 |
772,765 |
5.3 |
|
Average growth % year |
0.26 |
|
Source: Central Bureau of Statistic,
processed
P.T. IPI has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. IPI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 182.0 billion rose to Rp. 190.0 billion in 2011 increased to Rp. 197.0 billion in 2012 and projected to go on rising by at least 5% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 17.0 billion and the company has an estimated total networth of at least Rp. 100.0 billion. We observe that P.T. IPI is supported by foreign partner with has financially strong and sound behind it. 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. IPI is led by Mr. Fong Vean Kieong (56) a businessman and professional manager of Malaysia with experience in paint (protective coating) manufacturing and trading. Daily activity, he is assisted by Mr. Graham Stephen George Morrison (62) a professional of Australia as Director. The company's management is handled by professional staff in the above business. 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. INTERNATIONAL PAINT INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
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.