MIRA INFORM REPORT

 

 

Report Date :

06.07.2013

 

IDENTIFICATION DETAILS

 

Name :

P.T. ALCAN PACKAGING FLEXIPACK

 

 

Formerly Known As :

P.T. INTERKEMAS FLEXIPACK

 

 

Registered Office :

C/o P.T. AMCOR FLEXIBLES INDONESIA

Jalan Gatot Subroto Km. 5,4, Jatiuwung – Cibodas,Tangerang 15134, Banten

 

 

Country :

Indonesia

 

 

Date of Incorporation :

04.11.1996

 

 

Com. Reg. No.:

No. AHU-42037.AH.01.02.TH.2010

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Plastic Film Converting and Plastic Flexible Packaging Manufacturing (Inactive)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Ceased Operation

Payment Behaviour :

--

Litigation :

--

 

 

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. ALCAN PACKAGING FLEXIPACK

 

 

Address

 

Head Office

c/o P.T. AMCOR FLEXIBLES INDONESIA

Jalan 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

 

 

Registration data

 

Date of Incorporation :

a.   4 November 1996 as P.T. INTERKEMAS FLEXIPACK

b.   12 April 2003 as P.T. ALCAN PACKAGING FLEXIPACK

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C-UM.02.01.18106 

  Dated 13 December 2005

- No. AHU-42037.AH.01.02.TH.2010

  Dated 25 August 2010

 

Company Status :

Foreign Investment (PMA) Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.788.384.4-052.000

 

 

 

The Capital Investment Coordinating Board

- No. 81/V/PMA/1997

  Dated 6 October 1997

- No. 1515/III/PMA/1997

  Dated 27 October 1997

- No. 300/III/PMA/2000

  Dated 8 March 2000

- No. 112/III/PMA/2003

  Dated 31 January 2003

- No. 444/III/PMA/2003

  Dated 25 April 2003

- No. 726/III/PMA/2003

  Dated 30 June 2003

 

Related Company :

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 65,000,000,000.-

Issued Capital                                  : Rp. 65,000,000,000.-

Paid up Capital                                : Rp. 65,000,000,000.-

 

Shareholders/Owners :

a. ALCAN INC., of Canada                                                 - Rp. 64,999,000,000.-

    Address : Montreal

                    Canada

b. ALUMINIUM COMPANY of Canada                                - Rp.          1,000,000.- 

    Address : Montreal

                    Canada

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Plastic Film Converting and Plastic Flexible Packaging Manufacturing (Inactive)

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

January 1998 but ceased operation since October 2010

 

 

Brand Name :

Alcan Packaging Flexipack

 

 

Technical Assistance :

Alcan Inc., Canada

 

Number of Employee :

None

 

Marketing Area :

Domestic - 100%

 

Main Customer :

None

 

Market Situation :

Very Competitive

 

Main Competitors :

None

 

Business Trend :

No Comment

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r   :

P.T. Bank CIMB NIAGA Tbk

Jalan Jend. Gatot Subroto No. 1

Lippo Karawaci

Banten Province

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

None

 

Net Profit (estimated) :

None

 

Payment Manner :

Average

 

Financial Comments :

Weak

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Mark Andrew Hunter

 

Board of Commissioners :

Commissioner                                 - Mr. Lindsay Wilson Kirsner

 

Signatories :

Director (Mr. Mark Andrew Hunter) which must be approved by Board of Commissioner

 

 

CAPABILITIES

 

Management Capability :

Weak

 

Business Morality :

Prudent

 

Credit Risk :

Very High

 

Credit Recommendation :

Not qualified for credit assessment

 

Proposed Credit Limit :

Deposit or Advance Payments

 

 

OVERALL PERFORMANCE

 

Initially named P.T. INTERKEMAS FLEXIPACK was established in November 1996 with an authorized capital of Rp. 50,000,000,000 issued capital of Rp. 12,500,000,000 wholly paid-up. Founders and original shareholders are Mr. Tejo Utomo, Mr. Hendra Adiwijaya and Mr. Nuralim Erlangga wholly Chinese origin Indonesian businessmen. The company notary deed has frequently been revised. In November 1997, its entire original shareholders withdrew as shareholders and replaced by P.T. LINTANG ARUNA, a national private company and VAW EUROPACK GmbH of Germany. In December 1999, the authorized capital was increased to Rp. 65,000,000,000 wholly issued and paid-up. In April 2003, whole shareholders of the company withdrew and into the company entered ALCAN INC (99.99%) and ALUMINUM COMPANY OF CANADA LTD (0.01%), both of Canada as new shareholders. Concurrently the company renamed P.T. ALCAN PACKAGING FLEXIPACK (P.T. APF). The deed of amendment was made by Mrs. Mellyani Noor Shandra, SH., a public notary in Banten Province under Company Registration Number C-UM.02.01.18106, dated December 13, 2005. Then according to the latest revision of notary documents of Mrs. Mellyani Noor Shandra, SH., No. 141 dated 14 July 2010 the company board of director and the board of commissioner had been changed (see profile of this report). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-42037.AH.01.02.TH.2010 dated 25 August 2010.

 

Previously P.T. APF obtained a Foreign Investment (PMA) facility for dealing with converting and plastic packaging industry. The plant has been operation as from January 1998 by taking over and continuing the operation of plastic film converting and plastic packaging unit of P.T. ARGHA KARYA PRIMA Tbk. The plant is located in Tangerang, Banten Province standing on around 6 hectares land. The plant has been expanded for a couple of times to increase its annual production capacity to 55,000 tons of aluminum laminating & printing, 25,200 tons of paper/film laminating, 1,875 tons of printed matters, 3,000 tons of plastic packaging and 6,000 tons of cylinder matters. The development of the plant has absorbed an investment of Rp. 135.0 billion coming from own capital of Rp. 65.0 billion and the rest from loans.

 

Whole company products are locally marketed to various foods processing industries including the INDOFOOD Group, the ABC Group, P.T. ARNOTTS INDONESIA, P.T. UNILEVER INDONESIA Tbk, P.T. MARSH INDONESIA, P.T. NESTLE INDONESIA, P.T. KRAFT INDONESIA, P.T. TAKEDA INDONESIA, P.T. DINOKAO INDONESIA, P.T. ULTRA PRIMA PANGAN MAKMUR and others. The plant produces flexible packaging for food, non food, and pharmaceutical products.

 

However since February 2010, P.T. AMCOR FLEXIBLES INDONESIA has signed a sales purchase agreement to acquire the whole factory assets. Since October 2010 the operation of P.T. ALCAN PACKAGING FLEXIPACK has been ceased operation and there was not activity. Since that time automatically P.T. ALCAN PACKAGING FLEXIPACK was dispersed by law without prior liquidation. Later according information from P.T. AMCOR FLEXIBLES INDONESIA explained the whole factory and assets was taken over by P.T. AMCRO FLEXIBLE INDONESIA.   

 

We refrain from informing the business prospect of P.T. APF because since October 2010 it has been ceased operation and automatically P.T. APF was dispersed without prior liquidating process.

 

Pursuant to the latest revision of notary deed of P.T APF management is led by Mr. Mark Andrew Hunter (52) a professional manager of Australia as Director. Daily he is assisted by Mr. Lindsay Wilson Kirsner (45) as Commissioner. In view of P.T. ALCAN PACKAGING FLEXIPACK has been ceased operation and automatically was dispersed without prior liquidating process, we recommend to stop whole business transaction and loan to the company.

 

           


                                   

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.90.78

Euro

1

Rs.77.81

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.