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Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. RUDOLF POLYMERS INDONESIA |
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Registered Office : |
Jl. Raya Narogong Km. 26.5, Kelapanunggal, RT.01/RW.01, Cileungsi, Bogor, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
24.02.2011 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-00985 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged organic basic chemical industry such as polymer, emulsions, pigment, dyes and textile chemicals |
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No. of Employees : |
65 |
RATING & COMMENTS
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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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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. RUDOLF POLYMERS INDONESIA
Head Office &
Factory
Jl. Raya Narogong Km. 26.5
Kelapanunggal,
RT.01/RW.01
Cileungsi, Bogor
West Java
Indonesia
Phones -
(62-21) 823 2828 (hunting)
Fax - (62-21) 823 2424
Land Area - 6,500 sq. meters
Building Space - 2,800 sq. meters
Region - Industrial
Zone
Status - Owned
24 February 2011
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
a.
No.
AHU-11334.AH.01.01.Tahun 2011
Dated 07 March
2011
b.
No.
AHU-15574.AH.01.01.Tahun 2012
Dated 12 April
2012
c.
No.
AHU-AH.01.10-00985
Dated 16 January
2013
Foreign
Investment (PMA) Company
a. The Department of Finance
NPWP No. - Not available
b. The Capital Investment Coordinating Board
No. 00506/1/PPM/PMA/2011
Dated 22 February 2011
IB INDUSTRIESCHEMIE-BETEILIGUNGS GmbH of Germany
P.T. RUDOLF
CHEMICALS INDONESIA (Specialty Chemical Industry)
Capital
Structure :
Authorized Capital - Rp 14,688,000,000.-
Issued Capital - Rp 11,750,000,000.-
Paid up Capital - Rp 11,750,000,000.-
Shareholders/Owners
:
a. IB INDUSTRIESCHEMIE-BETEILIGUNGS
GmbH - Rp 11,633,000,000.-
Address : Streestrabe 3-7
8192
Geretstried
Germany
b. DR.
Wolfgang Anton Schumann -
Rp 117,000,000.-
Address : Donaustrasse 34,
81679 Munich
Germany
Lines of
Business :
Organic Basic
Chemical Industry
Production
Capacity :
Organic Basic Chemicals - 4,500 tons p.a.
Total
Investment :
a. Equity Capital -
Rp 11.8 billion
b. Loan Capital -
Rp 6.0 billion
c. Total Investment - Rp 18.8 billion
Started
Operation :
June 2011
Brand Name :
Rudolf Polymers
Technical
Assistance :
IB
Industrieschemie-Beteiligungs GmbH., Germany
Number of
Employee :
65 persons
Marketing Area
:
a. Local - 90%
b. Export - 10%
Main Customer
:
a. Paper and
Paint Industries
b. Textile
Industries and others
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Justus
Sakti Raya Chemicals
b. PT. Halim Sakti Pratama
c. PT. Indokemika Jayatama
d. PT. Colorindo
Chemtra
e. Etc.
Business Trend
:
Growing
Bankers :
a. DEUTSCHE Bank AG
Deutsche Bank Building
Jl. Imam Bonjol No. 80
Jakarta Pusat
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk.
Naroging Branch
Jl. Raya Narogong Km. 22.5
Cileungsi, Bogor, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 38.0
billion
2012 – Rp. 62.0
billion
Net Profit
(estimated) :
2011 – Rp. 2.8
billion
2012 – Rp. 4.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Ir. Andy Solaiman
Susetio
Factory Manager -
Mr. Syahrul Anis
Board of Commissioners :
President Commissioner -
DR. Wolfgang Anton Schumann
Commissioners - a. Mr. Ernst
Wolfgang Franz Schumann
b. DR. Oliver Kusterle
Signatories :
Director (Mr. Ir. Andy Solaiman
Susetio) which must be approved by Board of Commissioners (DR. Wolfgang Anton Schumann, Mr. Ernst Wolfgang Franz
Schumann or DR. Oliver Kusterle)
Management Capability :
Good
Business Morality :
Good
P.T. RUDOLF POLYMERS INDONESIA (P.T. RPI)
was established in Bogor, West Java based on notarial Deed No. 52 dated 24
February 2011 of Stephanie Wilamarta, SH., a notary in Jakarta with the
authorized capital of Rp 10,000,000,000.- of which Rp 8,000,000,000.- was
issued and fully paid up. The founding
shareholders of the company are IB INDUSTRIECHEMIE BETEILIGUNGS GmbH., of
Germany (99%) and DR. Wolfgang Anton Schumann (1%), a Germany businessman. The Deed of establishment has been approved
by the Minister of Law and Human Rights through its Decision Letter No.
AHU-1134.AH.01.01.Tahun 2011 dated 07 March 2011.
The Company’s article of association has
been amended, most recently by notarial Deed of Satria Amiputra Amimakmur, SH.,
No. 86 dated 19 June 2012, the authorized capital was raised to Rp
14,688,000,000.- of which Rp 11,750,000,000.- was issued and fully paid up.
But, no changes have been effected in term of its shareholding composition and
capital structures to date. The amendment to notarial Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-00985
dated 16 January 2013.
P.T. RPI was established within the
framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) with Number 00506/1/ppm/pma/2011 dated February 22,
2011, to be engaged in organic basic chemical industry such as polymer,
emulsions, pigment, dyes and textile chemicals.
P.T. RPI took over P.T. BERSAMA BESAR, a plant producing special binder
and polymers located at Jl. Raya Narogong Km. 26.5, Kelapanunggal, Cileungsi,
Bogor, West Java. The plant has been
commenced commercial production since June 2011 by produces of organic basic
chemicals such as polymer, emulsions, pigment, dyes and textile chemicals. P.T. RPI gets technological assistance from
their holding company IB Industriechemie Beteiligungs GmbH., of Germany. Mrs.
Kiwa, a marketing staff of P.T. RPI explained that about 90% of the company's
production is sold on the domestic market and the remaining 10% being exported
to South Africa, Nigeria, Saudi Arabia and others. We observe the operation of P.T. RCI has been
growing and developing well in the last two years.
Generally, 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, ink
& coating industries, leather industries, textile industries, pharmaceutical
industry, plastic, rubber, printing industries 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. RPI
business position in this case is not too badly because it has built regular
customers and extensive marketing network all across the country.
Until this time P.T. RPI has not been registered
with Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of the company is
very reclusive towards outsiders and rejected to disclose its financial
condition We observed that total sales turnover of the company in 2011
amounted to Rp. 38.0 billion incresed to Rp. 62.0 billion in 2012 and projected
to go on rising by at least 8% in 2013. The operation in 2012 yielded an
estimated net profit of at least Rp. 4.5 billion and the company has an estimated
total networth of at least Rp. 22.0 billion. We observe that P.T. RPI 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. RPI is led by Mr. Ir.
Andy Solaiman Susetio (44) a professional manager with experience in chemical
processing industry. He is also as
Director of P.T. RUDOLF CHEMICAL INDONESIA. 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
in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
Since this company
(PT. RPI) just about two years in operation commercially, so we recommend
caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
UK Pound |
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
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 |
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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 |
|
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NB |
New Business |
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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.