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Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. A SCHULMAN PLASTICS |
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Registered Office : |
Desa Ngerong
Km. 39, (Jl. Raya Gempol Km. 39), Gempol 67155, Pasuruan, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
15.07.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-21734 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Thermoplastic
Compound Industry |
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No. of Employees |
140 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices
|
Source
: CIA |
Name of
Company :
P.T. A
SCHULMAN PLASTICS
A d d r e s s
:
Head Office & Factory
Desa Ngerong Km.
39
(Jl. Raya Gempol
Km. 39)
Gempol 67155,
Pasuruan
East Java
Indonesia
Phones -
(62-343) 854 240 (hunting)
Fax - (62-343) 854 238
E-mail - schulman@rad.net.id
Land Area - 2.7 hectares
Building Space - 1.0 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
15 July 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C2-658.HT.01.01.TH.1997
Dated 29 January 1997
b. No.
AHU-93758.AH.01.02.TH.2008
Dated 5 December 2008
c. No.
AHU-AH.01.10-21734
Dated 11 July 2011
Company Status
:
Foreign
Investment Company (PMA)
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.071.764.3-052.000
b. The Capital Investment Coordinating Board
- No. 283/I/PMA/1996
Dated
03 April 1996
- No. 236/II/PMA/2001
Dated
21 September 2001
c. The Department of Industry and Trade
No. 548/T/Industri/2000
Dated 31 August 2000
Holding
Companies :
a. A SCHULMAN
INTERNATIONAL Inc., of the USA (Investment Holding)
b. PT. PRIMA
POLICON INDAH of Indonesia (Investment Holding)
Capital
Structure :
Authorized
Capital - US$.
5,000,000.- (Rp 11,690,000,000.-)
Issued Capital - US$.
3,500,000.- (Rp 8,183,000,000.-)
Paid up Capital - US$.
3,500,000.- (Rp 8,183,000,000.-)
Shareholders/Owners
:
a. A SCHULMAN INTERNATIONAL Inc. - US$. 2,275,000.- (65%)
Address :
Akron, Ohio
USA
b. PT. PRIMA POLICON INDAH - US$. 1,225,000.- (35%)
Address : Jl. Raya WAru No. 1
Sidoarjo, East
Java
Indonesia
Lines of
Business :
Thermoplastic
Compound Industry
Production
Capacity :
Thermoplastic Compound - 25,000 tons p.a.
Total
Investment :
a. Equity Capital - US$. 3.5 million
b. Reinvested Profit - US$. 2.0 million
c. Loan Capital - US$. 12.7 million
d. Total Investment - US$. 18.2 million
Started
Operation :
1998
Brand Name :
A SCHULMAN
PLASTIC
Technical
Assistance :
A Schulman
Plastic International Inc., of the USA
Number of Employee :
140 persons
Marketing Area :
a. Locals - 70%
b. Export - 30%
Main Customers :
a. Plastic Bag Industries
b. Overseas buyers in Singapore,
Malaysia, Japan, etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Hexa Indonesia
b. PT. Nippisun Indonesia
c. PT. Polypackindo Uttama
d. PT. Taralon Polyalloy
e. PT. S-IK Indonesia
f.
Etc.
Business Trend :
Growing
B a n k e r s :
a. CITIBANK
N.A.
Jl. Basuki Rahmat No. 86
Surabaya, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Palem Raya
Sidoarjo, East
Java
Indonesia
c. ABN AMRO Bank N.A.
Jl. Pemuda No. 54
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – US$. 35.0
million
2011 – US$. 37.8
million
2012 – US$. 41.2
million
2013 – US$. 45.0
million
Net Profit
(estimated) :
2010 – US$. 2.4
million
2011 – US$. 2.6
million
2012 – US$. 2.8
million
2013 – US$. 3.1
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Frans Cornelis Anna Cornelis AKA
Frans Corneelanna Cornelis
Directors -
a. Mr. Jonathan Francis Vear
b. Mr. David Claude Minc
Board of Commissioners :
President Commissioner -
Mr. Derek Roy Bristow
Commissioner -
Mr. Kindarto Kohar
Signatories :
President Director (Mr.
Frans Corneis Anna Cornelis) or one of the Directors (Mr.Jonathan Francis Vear
or Mr. David Claude Minc) which must be approved by Board of Commissioners
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T.
A. SCHULMAN PLASTICS (P.T. ASP) was established in July 1996 with an authorized
capital of US$ 5,000,000.- issued and paid up capital of US$ 3,500,000.- The
founding shareholders are P.T. PRIMA POLICON INDAH a private company of Indonesia (35%) and A.
SCHULMAN INTERNATIONAL INC., of the USA (65%).
The Deed of establishment has been approved by the Minister of Justice
of the Republic of Indonesia through its Decision Letter No.
C2-658.HT.01.01.TH.1997 dated January 29, 1997. The articles of association of the company
have frequently been changed. According
to notarial deed of Notary Dyah Ambarwaty Setyoso, SH., No. 26 dated July 16,
2008 concerning changes of the whole article of association of the Company’s to
conform with Law No. 40 Year 2007 concerning Limited Liability Company. The notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-93758.AH.01.02.Tahun
2009 dated December 5, 2008. Most
recently by Notarial Deed No. 74 dated April 28, 2011 made by Notary Siti Nurul
Yuliami, SH., the company board of director and commissioner was changed. The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-21734
dated July 11, 2011.
We
observe that P.T. PRIMA POLICON INDAH (local partner of the company) is a
private company is controlled by Mr. Kindarto Kohar and his family members. Mr.
Kohar is also the founder and majority owner of the PANGGUNG Group, a
medium-sized company group in the country.
P.T.
ASP operates under Foreign Investment (PMA) facilities licensed by Capital
Investment Coordinating Board (BKPM) in the thermoplastic compound industry,
managing a plant located on some 2.7 hectares landsite at Jalan Raya Gempol Km.
39, Pandaan, Desa Ngerong, Gempol, Pasuruan (East Java). The plant is licensed
to have a production capacity of 15,000 tons of thermoplastic compound per
year. Trial operation started in January 1997 and commercially in February 1998
with investment of US$ 14.0 million coming from company's capital of US$3.5
million and the rest from loan. In September 2001 the company acquired an
expansion permit to increase production capacity of 10,000 tons thermoplastic
compound per year with an investment of US$ 4.2 million.
Mr.
Fajar, an administrative staff of the company said that most of basic materials
like plastic resin are imported from the USA, Belgium, Japan, etc. and the
other is local product. He went on to say that some 70% of the products are
marketed locally among plastic bag industries and the other 30% is exported to
Singapore, Malaysia, Japan and other countries.
We note that P.T. ASP is classified as a medium sized company of its
kind in the country of which the operation has been growing in the last three
years.
In general we noticed that the domestic
market demand for thermoplastic compound still increase by about 6% to 7% per
annum in the last five years. This increase is
closely related to the growth of plastic products industries in the
country. Indonesia with a population of
about 240 million people represents the very potential market for plastic
products and equipments. Meanwhile, competition is very tight, because so many
companies in the country are engaged in the thermoplastic compound
industry. Business position
of P.T. ASP is quite well for it has controlled many customers and a wide
marketing network at home and abroad.
The
company is neither public listed nor bond issued company. Therefore, the
company has no obligation to publish financial statement publicly. P.T. ASP’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover in 2011 amounted
to US$. 37.8 million increased to US$. 41.2 million in 2012 to US$. 45.0
million in 2013 and estimated it will be higher by at least 8% in 2014. The
operation in 2013 yielded a net profit at least US$. 3.1 million and the
company has a total net worth of US$ 15.0 million. P.T. ASP is likely to be supported by a
financially strong and healthy foreign partner. So far, we have never heard of
the company having been black listed by the Central Bank (Bank Indonesia).
Besides, the company usually pays its debts
punctually to suppliers.
The management of P.T. ASP is headed by
Mr. Frans Cornelis Anna Cornelis AKA Frans Corneelana Cornelis (54) as
President Director. He is a professional
manager from Belgium with 20 years experience in thermoplastic compound
industry and trade. In his daily activities,
he is assisted by two directors namely Mr. Jonathan Francis Vear (48) and Mr.
David Claude Minc (66), and also a number of professional staff, having maintained a
wide business relation with private businessmen at home and abroad as well as
with government sector. So far, we did not hear that the company’s management
involved in a dirty business practice or detrimental cases that settled in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
P.T.
ASP is appraised to be good for business transaction. However, in view of the economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.71 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.76 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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.