|
Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDRA
ERAMULTI LOGAM INDUSTRI |
|
|
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Registered Office : |
Jalan Gardu Induk PLN No. 5, Margomulyo, Tandes Lor, Surabaya, 60187, East Java |
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Country : |
Indonesia |
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|
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Date of Incorporation : |
06.01.1988 |
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|
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Com. Reg. No.: |
No. AHU-AH.01.10-39736 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Lead and Lead Ally manufacturing |
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No. of Employees : |
365 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 |
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|
|
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
Name of Company :
P.T. INDRA ERAMULTI LOGAM INDUSTRI
Address :
Head Office
Jalan Gardu Induk PLN No. 5
Margomulyo, Tandes Lor
Surabaya, 60187
East Java
Indonesia
Phones -
(62-31) 297 7777 (Hunting)
Fax - (62-31) 748 4546
E-mail - comm_support@indoprima-group.co.id
Website - http://www.indoprima-group.com
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Raya Gununggangsir
Desa Gununggangsir, Kecamatan Beji
Pasuruan
Phones -
(62-343) 656 451-52
Fax - (62-343) 656 880
Land Area - 20,985 sq.
meters
Building Space - 13,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
6 January 1988
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C-03620
HT.01.04.TH.2006
Dated 9 February 2006
- No.
AHU-50436.AH.01.02.TH.2012
Dated 27 September 2012
- No. AHU-AH.01.10-39736
Dated 25 September 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.456.233.4-651.000
The Capital
Investment Coordinating Board
- No. 05/35/PMA/2004
Dated 15 June 2004
- No. 136/II/PMA/2005
Dated 23 May 2005
The Department of
Industry
No. 75/35/T/INDUSTRI/2004
Dated 18 August 2004
Related Company :
A Member Company of the INDOPRIMA Group (see attachment)
Capital Structure :
Authorized Capital : Rp.
45,000,000,000.-
Issued Capital : Rp.
32,500,000,000.-
Paid up Capital : Rp.
32,500,000,000.-
Shareholders/Owners :
a. Mr. Rianto Nurhadi -
Rp. 22,188,000,000.-
Address : Jl. Dr. Sutomo No. 65-67
b. P.T. INDRA PUTRA MEGA -
Rp. 5,625,000,000.-
Address : Desa Brambangan
Kelurahan Kebomas,
Kecamatan Gresik
c. JIANGSU CHUNXING ALLOY GROUP -
Rp. 2,500,000,000.-
Address : Penghe,
d. Mrs. Indrawati Tjandra -
Rp. 2,187,000,000.-
Address : Jl. Dr. Sutomo No. 65-67
Lines of Business :
Lead and Lead Ally manufacturing
Production Capacity :
a. Leads - 112,000 tons p.a.
b. Leads Alloys -
27,200 tons p.a.
c. Red Leads -
4,600 tons p.a.
d. Pure Tins -
4,800 tons p.a.
Total Investment :
a. Equity Capital - Rp. 38.2 billion
b. Reinvested Profit - Rp. 2.0 billion
c. Loan Capital - Rp. 103.8 billion
d. Total Investment -
Rp. 144.0 billion
Started Operation :
1989
Brand Name :
Indra Eramulti Logam Industri
Technical Assistance :
JIANGSU CHUNXING ALLOY GROUP,
Number of Employee :
365 persons
Marketing Area :
Export - 90%
Local - 10%
Main Customer :
Buyers in
Market Situation :
Competitive
Main Competitors :
P.T. KARABHA WIRATAMA
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Jend.
Basuki Rachmat 98-104
Surabaya,
East Java
Indonesia
b. Hongkong and Shanghai
Banking Corp. Ltd.
1/F – 3/F Hyatt Graha Bumi Modern
Jalan Jend. Basuki
Rachmat 106-128
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 376.7 billion
2011 – Rp. 404.0 billion
2012 – Rp. 430.0 billion
2013 – Rp. 223.0 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 25.7 billion
2011 – Rp. 28.3 billion
2012 – Rp. 30.1 billion
2013 – Rp. 15.6 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Wiranto Nurhadi
Directors - a. Mr. Zhao Kaihong
b. Mr. Drs. Moch. Chanafi
Board of Commissioners :
President Commissioner - Mr. Ir. Achmaad Safiun
Commissioners - a. Mr. Bambang Hero Sanyoto
b. Mr. Widijono Nurhadi
c. Mr. Yang Chunming
Signatories :
President Director (Mr. Wiranto
Nurhadi) or one of the Directors (Mr. Zhao Kaihong or Mr. Drs. Moch. Chanafi)
which must be approved by Board of Commissioner
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. INDRA ERAMULTI LOGAM INDUSTRI (P.T. IMLI) was established in
January 1988 in Surabaya, East Java with an authorized capital of Rp.
5,000,000,000 issued capital of Rp. 1,500,000,000 which was entirely paid up.
Founders and shareholders of the company were Mr. Haji Aboejamin (Retired Armed
Forces/TNI-AD) indigenous entrepreneur, Mr. Rianto Nurhadi, Mr. Ir. Iman
Santoso, Dr. Soewondo Basuki and Mr. Ir. Soetrisno Basoeki, wholly are
Indonesian businessmen of Chinese origins. The articles of association has been
changed a couple of times. In November 1988, the authorized capital was
increased to Rp. 7,000,000,000 with an issued capital to Rp. 5,600,000,000
which was paid up. In August 2004, the authorized capital increased to Rp.
25,000,000,000 issued capital to Rp. 12,500,000,000 was paid up. On the same
occasion, Mr. Haji Aboejamin, Mr. Ir. Iman Santoso, Dr. Soewandi Basoeki and
Mr. Ir. Soetrisno Basoeki pulled out and replaced by JIANGSU CHUNXING ALLOY
(Group) Co. Ltd., of the People Republic of China, P.T. INDOPRIMA GEMILANG and
Mrs. Indrawati Tjandra as new shareholders.
Concurrently, the company’s status was changed to Foreign Investment
(PMA) Company facility license. The latest in July 2005, the authorized capital
was raised again to Rp. 45,000,000,000 issued capital to Rp. 32,500,000,000
entirely paid up.
Later according to the latest revision of notary documents Mrs.
Margaretha Dyanawati, SH., No. 2039 dated 24 May 2013 P.T. INDOPRIMA GEMILANG
pulled out and replaced by P.T. INDRA PUTRA MEGA as new shareholder. With this
time the composition of its shareholders has been changed to become Mr. Rianto
Nurhadi (68.27%), P.T. INDRA PUTRA MEGA (17.31%), JAINGSU CHUNXING ALLOY GROUP
of China (7.69%) and Mrs. Indrawati Tjandra (6.73%). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-39785 dated September 25, 2013.
We see that majority business stakes of the company is controlled by Mr.
Rianto Nurhadi. He also majority business stakes of the INDOPRIMA or INDOSPRING
Group, medium-size business group dealing with automotive component
manufacturing, lead and lead alloy manufacturing, wire harness manufacturing,
leaf spring and coil spring, etc.
P.T. IMLI has obtained a Foreign Investment (PMA) facility to be engaged
in the field of lead and leads alloy manufacturing. The company is the biggest
producer of leads and lead alloys whose plant located in Desa Gununggangsir,
Beji, Pasuruan, East Java on a land of 20,985 sq. meters. P.T. IMLI is a
Lead Ingot manufacturer located in Pasuruan, Indonesia. As a subsidiary of
Indoprima Group, IMLI handles the Non Ferrous business centering in manufacture
and trade of Non Ferrous Metals, Ferro Alloys, and Mining Sectors such as:
Pure Lead and Lead Alloy
Copper Scrap
Nickel Ore
Iron Ore
Steam Coal
Ferro Silicon
Electrolytic Manganese Metal
Imported lead crude bullion and local battery scrap is our main material
on producing Lead ingot. The whole production process is carried out by skilled
and experienced workers combining a technology from United States of America,
Taiwan and China. With modern laboratory equipped with computerized Spectrolab
Systems from Germany, we deliver a vast quality products to our customer. The
plant has been operating since 1989 and has expanding frequently to increasing
production capacity. The plant produce lead of 112,000 tons, leads alloy of
27,200 tons, red leads of 4,600 tons and pure tin of 4,800 tons respectively
per annum. The plant has absorbed an investment of Rp. 144.0 billion, come from
owned capital of Rp. 38.2 billion, reinvested profit of Rp. 2.0 billion and the
rest from loans. P.T. IMLI is selling product of Pure Lead and Lead Alloy
mostly to Japanese battery manufacturer in Indonesia, Malaysia, Thailand,
Taiwan and Vietnam. With experienced group members in international trade and
purchasing of main materials, P.T. IMLI has grown into a reputable supplier of
Lead. The company production capacity of Lead Ingot is more than 5,000 MT per
month.
The company has developed the operation target of excellent combination
of trade and industry, relying on Lead Smelter platform and expanded the
business to the trade of Copper Scrap, Ferro Alloy, Electrolytic Manganese Metals,
and Mining Sector such as Nickel Ore, Steam Coal and Iron Ore. As an ISO
certified company, consistency in quality and customer satisfaction has been
the company main goal. Basic materials such as battery scrap is imported from
Japan, Taiwan, Singapore, Australia, New Zealand, Dubai, Jordan, the United
Kingdom and selenium imported from Taiwan. Besides, some of the basic material
likes tin plate, soda ash dense, nitrate, NaOh, arsenic and others from local
products.
Some 90% of its products are exported to Japan, South Korea, Malaysia,
Thailand, Taiwan and China. Locally, P.T. IELI has also secured customer with
P.T. GS BATTERY in Jakarta and P.T. CONBAT in Surabaya, P.T. INDOBATT INDUSTRI
PERMAI in Surabaya, P.T. GRAMITRAMA BATTERY in Surabaya, P.T. TRI MEGA
BATERINDO in Surabaya, P.T. SELATAN JADI JAYA in Surabaya, all are in wet
battery manufacturers. P.T. IELI is a member company of the INDOPRIMA Group, a
medium-sized business group in Indonesia. We observe that operation of P.T.
IMLI has been growing in the last five years.
Generally we observe that the export demand for lead and lead alloys has
kept on growing around 8% to 10% per annum in the last five years. Meanwhile,
the local market demand for the above products have also continued increasing
in parallel lines with the progress achieved by battery manufacturers in
Indonesia. Market situation is very competitive due to the fact that there are
many companies now engaged in the field of lead manufacturing in Indonesia.
P.T. IMLI in this case is in a good business position due to the fact that it
has secured a wide range of export marketing network. Besides that, they have
also secured a wide range of business connections with local battery producers.
We are convinced that P.T. IMLI will have ability to further maintain its
business in the future.
Until this time P.T. IMLI 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 2010 amounted to Rp. 276.7 billion rose to Rp. 404.0 billion in
2011 increased to Rp. 430.0 billion in 2012. As from January to June 2013 the
sales turnover amounted at Rp. 223.0 billion with a net profit of Rp. 15.6
billion and projected to go on rising by at least 6% in 2014. The company has
an estimated total networth of at least Rp. 128.0 billion. We observe that P.T.
IELI 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. IMLI is led by Mr. Wiranto Nurhadi (49) a
professional manager with experience in lead and lead alloy manufacturing. Mr.
Wiranto Nurhadi serves as President Commissioner of PT Indospring Tbk. He
graduated from the Universitas Airlangga in Surabaya. He started his career at
PT. Indoprima Gemilang in the Production Department. 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. INDRA ERAMULTI LOGAM INDUSTRI is sufficiently fairly
good for business transaction.
Attachment:
List of the INDOPRIMA Group Members
DIRGAPUTRA EKAPRATAMA, P.T. (Trading and
Distribution of Automotive Component Part and Motorcycle Parts)
INDOPRIMA GEMILANG, P.T. (Automotive Component
Manufacturing)
4.
INDOSPRING Tbk (Leaf Spring and Coil Spring Manufacturing)
5.
INDOPRIMA INDUSTRINDO, P.T. (Woodworking Industry)
6.
INDOWIRE PRIMA INDUSTRINDO, P.T. (PVC Tube and Cable Manufacturing)
7.
INDOPRIMA GEMILANG ENGINEERING, P.T. (Machinery, Brake Lining, Mould,
Punch & Dies)
8.
INDRA ERAMULTI LOGAM INDUSTRI, P.T. Lead Alloys Manufacturing)
9.
INDOLITHARGE MEGAHTAMA, P.T. (Litharge Manufacturing)
10. INDOBAJA PRIMA MURNI, P.T. (Steel Products
Manufacturing)
11. KONSULINDO MUTU PRIMA, P.T. (Business
Management Services and
Accreditation)
12. MCI PRIMA GASKET, P.T. (Automotive
Component Manufacturing)
13. MK PRIMA INDONESIA, P.T. (Automotive
Component Manufacturing)
14. PROPINDO MEGAHTAMA, P.T. (Sea Food
Restaurant Management)
15. SUMI INDO WIRING SYSTEM, P.T. (Wire
Harness, Electric Cable and Related Parts
Manufacturing)
16. VALQUA INDONESIA, P.T. Automotive
Component Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
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.