|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CONNELL BERSAUDARA CHEMINDO |
|
|
|
|
Registered Office : |
Menara Bidakara 2, 9th Floor Jalan Jend. Gatot Subroto Kav. 71-73 Jakarta
Selatan, 12870 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
06.10.1993 |
|
|
|
|
Com. Reg. No.: |
No. AHU-45930.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Importing, Agent and Distribution of Industrial Chemicals |
|
|
|
|
No. of Employees : |
41 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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.
CONNELL BERSAUDARA CHEMINDO
Head Office
Menara Bidakara
2, 9th Floor
Jalan Jend. Gatot Subroto Kav. 71-73
Jakarta Selatan, 12870
Indonesia
Phones -
(62-21) 8379 5720 (Hunting)
Fax - (62-21) 8379 5721
E-mail - asutandi@cbcindo.co.id
Building Area - 10 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Warehouse
Jalan Imam Bonjol
Km. 3.5
(Jl. Bojong Larang 21)
Tangerang, 15115
Banten Province
Indonesia
Phone -
(62-21) 55767612
Fax - (62-21) 5520439
Land Area - 2,200 sq.
meters
Building Space - 120 sq. meters
Region - Industrial
Zone
Status -
Rent
Branch &
Warehouse
Komplek Pergudangan Sinar Gedangan Block G 17
Gemurung,
Gedangan
Sidoarjo, East
Java
Indonesia
Phones -
(62-31) 8910407 (Hunting)
Fax - (62-31) 8010411
Land Area - 2,000 sq.
meters
Building Space - 100 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
06 October 1993
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. W7-HT.01.10-4683
Dated 8 December 2006
- No. AHU-48453.AH.01.02.TH.2008
Dated 07 AUGUST 2008
- No. AHU-45930.AH.01.02.TH.2011
Dated 21 September 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.642.700.7-059.000
b. The Department of Trade and Industry
TDP No. 090315115514
c. The Capital Investment Coordinating Board
No. 140/V/PMA/2000
Year
2000
Related
Companies :
a. P.T. CAHAYA BUMI CEMERLANG (Personal Care and
Household Care Industry)
b. WILBUR ELLIS COMPANY of the USA (Investment
Holding)
Capital
Structure :
Authorized
Capital : Rp.
825,000,000.-
Issued Capital : Rp.
825,000,000.-
Paid up Capital : Rp.
825,000,000.-
Shareholders/Owners
:
a. WILBUR ELLIS COMPANY -
Rp. 660,000,000.-
Address :
345 California Street, 27th Floor
San
Francisco USA
b. CONNEL BROSS. CO., (Thailand) Ltd. - Rp. 165,000,000.-
Address : 345 California
Street, 27th Floor
San
Francisco USA
Lines of
Business :
Trading,
Importing, Agent and Distribution of Industrial Chemicals
Production
Capacity :
Agent and
Distributor for :
a.
AARBOR
INTERNATIONAL - Aluminum Paste
b.
ADM
– l-Lysine
c.
ALBERDINGK
BOLEY – Linseed & Castor Oil
d.
ALCO
– Water Treatment Chemical
e.
AMERICAN
CHEMET – Cuprous Oxide
f.
BENTOLI
– Feed Additive
g.
CPDD
– Pigments; Coating & Food Grade
h.
COLUMBIAN
– Carbon Black
i.
CFF
– Food Fibre
j.
CHEVRON
PHILIPS – Petrochemicals
k.
DOW
CORNING – Silicone Fluid
l.
DURACHEM
– Drier
m.
ELEMENTIS
– Rheological Additives
n.
HERCULES
– Paper Sizing
o.
INEOS
– Peg, Mea, Dea
p.
JAPAN
SUN OIL – Parrafinic and Naphtenic Oil
q.
JM
HUBER – Structure Clay / Silicate
r.
KEMIRA
– TiO2
s.
LEPRINO
– Lactose & WPC
t.
MALKARA
– Whey Powder
u.
MGP
– Wheat Protein
v.
NEWASIA
– Isolated Soya Protein
w.
NOVUS
– Methionine
x.
PCS
SALES – Feed Phoshate
y.
PMC
– Corrosion Inhibitor
z.
RHOM
& HASS – Resin / Latex / Additives
aa.
UOP
ADSORBENT – Activated Alumina, Molecular Sieve
bb.
VELSICOL – Sodium Benzoate, Benzoic Acid
cc.
BIRLA
Carbon, India
Total Investment
:
a. Equity Capital - Rp. 0.8 billion
b. Loan
Capital -
Rp. 1.2 billion
c. Total
Investment - Rp.
2.0 billion
Started
Operation :
1994
Brand Name :
Connell
Bersaudara Chemindo
Technical
Assistance :
Wilbur-Ellis
Company, USA
Number of Employee
:
41 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. P.T. CHAROEN
POKPHAND INDONESIA Tbk
b. P.T. DAIRYFOOD
INTERNUSA
c. P.T. DANAPAINT
INDONESIA
d. P.T. GUTEN BRAUN
e. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DOW
CHEMICAL INDONESIA
b. P.T. EAC
INDONESIA
c. P.T.
EOCHEMICAL INDONESIA
d. P.T. HALIM SAKTI PRATAMA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
Gedung Citra Graha
Jalan Jend. Gatot
Subroto Kav. 35-36
Jakarta
Selatan
Indonesia
b. CITIBANK N.A.
Landmark Building
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 37.0
billion
2011 – Rp. 40.0
billion
2012 – Rp. 44.0
billion
Net Profit
(estimated) :
2010 – Rp. 1.8
billion
2011 – Rp. 2.1
billion
2012 – Rp. 2.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Agus Sutandi
Directors -
a. Mr. Theodore Lyman Eliot III
b. Mr. Eugene Scott Graddy
Board of Commissioners :
President Commissioner -
Mr. Johhn Pomeroy Thacher
Commissioner -
Mr. David Peter Granoff
Signatories :
President Director (Mr.
Agus Sutandi) or one of the Directors (Mr. Theodore Lyman Eliot III or Mr.
Eugene Scott Graddy) which must be approved by Board of Commissioner.
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally the
Subject address is located at Gedung Menara Anugerah 16th Floor,
Kantor Taman E.3.3, Jalan Mega Kuningan Lot. 8.6 – 8.7, Kawasan Mega Kuningan,
South Jakarta. However since August 2011 the company office was moved into the
new address located at Menara Bidakara 2, 9th Floor, Jalan Jend.
Gatot Subroto Kav. 71-73, South Jakarta.
P.T. CONNELL
BERSAUDARA CHEMINDO (P.T. CBC) was established in Jakarta on October 06, 1993
with an authorized capital of Rp. 300,000,000 entirely was issued and paid up.
The founding shareholders of the company are Mr. Drs. Yosef Herwanto, a
Chinese-Indonesian businessman and Mr. Raden Soegiharto Pringgokoesoemo, a
native businessman. The company notary deed has been amended frequently. In
December 1996 the authorized capital was raised to Rp. 825,000,000 fully issued
and paid up. In December 2000, Mr. Raden Soegiharto Pringgokoesoemo withdrew as
shareholder and replaced by WILBUR ELLIS COMPANY of the USA and concurrently
its legal status changed to a Foreign Investment (PMA) company. The deed of
amendment was made by Mrs. Siti Safarijah, SH., was approved by the Ministry of
Law and Human Right in its Decision Letter No. AHU-48453.AH.01.02.TH.2008,
dated August 07, 2008. We observe that Mr. Drs. Yosef Herwanto is also business
stakes owner of P.T. CAHAYA BUMI CEMERLANG, a private national company engaged
in personal care and household industry. Then according to the latest revision
of notary documents of Mrs. Sri Hasmiyarti, SH., No. 07 dated 28 July 2011, the
late Mr. Drs. Yosef Herwanto (died 27 June 2010) pulled out and the whole share
sold to CONNELL BROS., CO., (THAILAND) LTD., of USA as new shareholder. With
this time the composition of its shareholders has been changed to become
WILBUR-ELLIS COMPANY ((80%) and CONNELL BROS. CO., (THAILAND) LTD., (20%). The
latest revision of notary documents was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-45930.AH.01.02.TH.2011 dated July
28, 2011.
P.T. CBC
obtained Foreign Investment (PMA) facility from Indonesian Investment
Coordinating Board (BKPM) to deal with trading, importing, agent and
distribution of industrial chemicals. The company has been operating since 1994
by sell various types of industrial chemical such as adhesive, animal feed,
building products, coating & ink, construction, food, latex & resin,
lubricant & grease, metal working fluid, oil & gas, petrochemicals,
plastic & rubber, pulp & paper, textile auxiliaries and water
treatment. The company is appointed as an agent for chemical products of
various producers like RHEOX Rheological Additives, AMERICAN CHEMET Cuprous
Oxides, both of the USA, PHILLIPS 66 Petroleum Chemical of Singapore, SCHULKE
& MAYR Biocide of Germany, ARMOR PROTEINES Caseinate, and RHONE POULENC
Defoamer both of France and GE TOSHIBA Silicon Oil of Japan, and others.
P.T. CBC's
products are sold to various business sectors in Indonesia among them are paint
manufacturing industries through paint industries such as P.T. DANAPAINT
INDONESIA, P.T. WARNA AGUNG, P.T. PROPAN RAYA INDUSTRIAL CO. LTD, cosmetic
companies like P.T.SAMA ASRI LESTARI, P.T. MOREL RENEE PARFUM MULTI INDUSTRIES,
food and beverages processing industries namely P.T. GUTEN BRAUN, P.T.
DAIRYFOOD INTERNUSA, animal feed mills P.T. CHAROEN POKPHAND INDONESIA Tbk,
P.T. JAFPA COMFEED INDONESIA Tbk, P.T. MALINDO FEED MILL, the SIERAD Group and
other industries.
The operation of
P.T. CBC has been increasing in the last three years in line with the improving
various business sectors using the above products including paint industries,
cosmetic manufacturing industries, food and beverage processing industries and
animal feed milling industries.
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. 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. CBC business position in this case is not too badly because it
has built regular customers and extensive marketing network all across the
country.
Imports of Raw Materials and Auxiliary Goods, 2005-2011
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409 |
|
Source: Central Bureau of Statistic (BPS)
Until this time P.T.
CBC has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. CBC
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. 37.0 billion rose to Rp. 40.0 billion in 2011 increased to Rp.
44.0 billion in 2012 and projected to go on rising by at least 4% in 2013. The
operation in 2012 yielded an estimated net profit of at least Rp. 2.3 billion
and the company has an estimated total networth of at least Rp. 7.0 billion. We
observe that P.T. CBC 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. CBC is led by Mr. Agus Sutandi (40) with 11 years experience in
industrial chemical trading and distribution. He replaced Mr. Drs. Yosef
Herwanto Hartono who was died on 27 June 2010. In business operations he is
assisted by two directors namely Mr. Theodore Lyman Eliot III (60) and Mr.
Eugene Scott Graddy (62). 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. CONNELL BERSAUDARA CHEMINDO is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
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 |
|
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.