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Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. POLYPET KARYAPERSADA |
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Registered Office : |
c/o PT. Indorama Polypet |
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Country : |
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Date of Incorporation : |
11.06.1993 |
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Com. Reg. No.: |
AHU-AH.01.10-02504 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Polyethylene Terephthalate (PET) Resin Manufacturing (inactive) |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Ceased Operation |
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Payment Behaviour : |
-- |
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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Indonesia |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
BASIC SEARCH
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Name of Company :
P.T. POLYPET KARYAPERSADA
Address :
Head Office
c/o PT. Indorama Polypet Indonesia
Jl. Raya Anyer Km. 121
Kel. Kepuh, Kec. Ciwandan
Cilegon, Serang, Banten Province
Indonesia
Phones - (62-254) 602 300, 601 715
Fax -
(62-254) 602 940 601 697
Land Area - 70,500 sq. meters
Building Area - 52,800 sq. meters
Region - Industrial Zone
Status - Sold out
Date of Incorporation :
11 June 1993
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human
Rights
a. No. C2-16137.HT.01.04.TH.99
Dated 08
September 1999
b. No. C-15900.HT.01.04.TH.2005
Dated 09 June
2005
c No. AHU-04703.AH.01.02.Tahun 2013
Dated 06 February
2013
d No. AHU-AH.01.10-02504
Dated 21 January
2014
Company Status :
Foreign Investment Company (PMA)
Permits by the Government Department :
a.
The Department of Finance
NPWP No.
01.626.217.2-052.000
b.
The Capital Investment Coordinating Board
No. 79/V/PMA/2001
Dated 13 July 2001
Affiliated/Associated Companies :
a. P.T. PERMATA SURYA GITATAMA (Investment Holding)
b. P.T. INDIKA INTI MANDIRI (Investment Holding)
c. EVERBLESSED INVESTMENTS Pte. Ltd., of Singapore
(Investment Holding)
d. UOB KAY HIAN FINANCE Ltd., of Hong Kong (Investment
Holding)
CAPITAL AND OWNERSHIP
|
Capital Structure :
Authorized Capital - Rp. 1,840,000,000,000.-
Issued Capital - Rp. 460,001,000,000.-
Paid up Capital - Rp.
460,001,000,000.-
Shareholders/Owners :
a. P.T. PERMATA SURYA GITATAMA of Indonesia - Rp. 222,502,000,000.- (48.37%)
b. P.T. INDIKA INTI MANDIRI of Indonesia - Rp. 2,898,000,000.- ( 0.63%)
c. EVERBLESSED INVESTMENTS Pte. Ltd., of Singapore - Rp. 207,386,000,000.- (45.08%)
d. UOB KAY HIAN FINANCE Ltd., of Hong Kong - Rp. 27,215,000,000.- ( 5.92%)
BUSINESS ACTIVITIES
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Lines of Business
:
Polyethylene Terephthalate (PET) Resin Manufacturing (inactive)
Production
Capacity :
PET Resins - 105,000 tons p.a. (inactive)
Total Investment :
None
Started Operation
:
1995 but, the company has been ceased operation since June 2011
Brand Name :
POLYPET KARYAPERSADA
Number of Employee
:
None
Marketing Area :
No Comment
Market Situation :
Very Competitive
Business Trend :
No Comment
BANKER, AUDITOR &
LITIGATION
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Banker :
No Comment
Auditor :
No Comment
Litigation :
No litigation record in our database
FINANCIAL FIGURE
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Annual Sales :
No Comment
Net Profit (Loss)
:
No Comment
Payment Manner :
No Comment
Financial Comments
:
No Comment
KEY EXECUTIVES
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Board of Management :
President Director - Mr. Deddy Hariyanto Sudarijanto
Directors - a. Mr. Tonyadi Halim
b. Mr. Luthano Harry Budyanto
Board of Commissioners :
President Commissioner - Mr. Agus Lasmono
Commissioner - Mr. Mohammad Arsjad Rasjid Prabu
Mangkuningrat
Signatories :
President Director (Mr. Deddy Hariyanto
Sudarijanto) or one of the Directors (Mr. Tonyadi Halim or Mr. Luthano Harry
Budyanto which must be approved by the Board of Commissioner (Mr. Agus Lasmono)
CAPABILITIES
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Management Capability :
Weak
Business Morality :
Doubted
OVERALL PERFORMANCE
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P.T. POLYPET KARYAPERSADA (P.T. PK) was
established in Jakarta on June 11, 1993 with the authorized capital of Rp.
70,000,000,000 of which Rp. 14,000,000,000 was issued and fully paid up. The founding
shareholders of the company are the late Mr. Ibrahim Risjad, the late Mr.
Sudwikatmono, the late Mr. Gunadharma Hartarto (all three indigenous
businessmen), Mr. Wilson Pribadi AKA Liem Oen Hauw, Mr. Andry Pribadi AKA Liem
Like Mien, Mr. Henry Halim, Mr. Dedy Kusuma, Mr. Eddy Suriaatmadja and Mr.
tirto Utomo AKA Kwa Sien Biauw (all the latter being Indonesian businessmen of
Chinese extraction. The articles of
association of the company have frequently been revised. In July 2001, the authorized capital was
raised to Rp. 1,840,000,000,000 of which Rp. 460,001,000,000 was issued and
fully paid up. At the same time, into
the companty entered several financial institutions and some creditors to take
over P.T. PK’s shares, the taking over of shares is in the frame work of debts
converted into shares of P.T. PK. The
financial institutions and creditors are P.T. Perusahaan Pengelola Aset or PPA
(formerly IBRA), PT. Bank Maybank Indocorp, American Express Bank, Ltd., of
Singapore, Deutsche Bank AG, Salomon Brothers Holding Co. Inc., Chase Manhattan
Bank Ltd, of Singapore, Credit Agricole Indosuez, PT. Permata Surya Gitatama,
PT. Polyprima Karyapersada and others.
Most recently by notarial deed number 574
dated December 17, 2013 drawn up by notary Miryany Usman, SH., the latest
shareholders of P.T. PK are P.T. PERMATA SURYA GITATAMA (48.37%), P.T. INDIKA
INTI MANDIRI (0.63%), both companies of Indonesia, EVERBLESSED INVESTMENTS Pte.
Ltd., of Singapore (45.06%) and UOB KAY HIAN FINANCE Ltd., of Hong Kong (5.92%). But, no changes have been effected in term of
its capital structures to date. 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.01.10-02504 dated January 21, 2014.
We
are extremely difficult to trace or investigate the shareholders of EVERBLESSED
INVESTMENTS Pte. Ltd., as this company is incorporated under law of Singapore.
But we allege or estimate that the owners of this company are Mr. Agus
Lasmono. He is also the
founder and owner of a part of business stakes of the INDIKA ENERGY Group or
the INDIKA Group, a business group controlling a number of companies with
various business activities such as in coal mining, oil and gas exploration and
production, petrochemical industries and others.
Initially, P.T. PK (“the company”) obtained
a Domestic Capital Investment (PMDN) facility issued by the Capital investment
Coordinating Board (BKPM) in Polyethylene Terephthalate (PET) Resin Manufacturing. However, in July 2001 it was changed to a
Foreign Investment (PMA) facility by entering foreign shareholders. P.T. PK
manages a plant located in Cilegon, Banten Province, on a land of 7.0
hectares. The plant has been in operation
since 1995 with the production capacity of the plant at present is 105,000 tons
of PET Resin per annum. The basic
materials of P.T. PK in the form of Purified Terephthalic Acid (PTA) are
supplied by P.T. POLYPRIMA KARYAREKSA dealing with PTA industry of which the
plant is located at Jalan Raya Anyer Km. 121, Serang, Banten Province.
Mr. Anto, the former an administrative staff of P.T. POLYPET
KARYAPERSADA (P.T. PK), when reached by phone said that P.T. PK has not been in operation since mid-2011 (lockout) and all of its employees have also been dismissed. He also did not know why the company was shutdown. However it is likely that operations did not go smoothly and continuously suffered losses. According to Mr. Anto, that factory building and assets
owned by P.T. PK has been sold and occupied by P.T. INDORAMA POLYPET
INDONESIA (a member of the INDORAMA Group).
Furthermore we have checked to the Ministry of Law and Human Rights (MLHR) to ensure that whether the P.T. PK has been liquidated. But our source at MLHR said that until now there is no notice from the shareholders of P.T. PK concerning the shutdown of the company. According to our source in MLHR, that in Indonesia there are many companies that not actively operate or shut down, but never reported their case to MLHR. This is generally done by these companies, to avoid payment of taxes and duties.
We have a strong
suspicion that P.T. PK has been abandoned by its
shareholders. Company's financial strength was only Rp. 460 billion
which was paid capital as contained in its notary deed. But we strongly suspect that the capital had been spent and the
currently P.T. PK does not have any assets.
In
its last notary deed, P.T. PK was chaired by
Mr. Deddy Hariyanto Sudarijanto (42) as
president director and he is assisted by Mr. Tonyadi Halim (52) and Mr. Luthano
Harry Budyanto (42), both as directors respectively. Their
reputation in PET Resin manufacturing is not prominent. We strongly suspect that the management
company has been dissolved, but was not reported to the Department of Law and
Human Rights.
We therefore recommend to be very careful when doing business partnership with this company. We recommend to cancel the business transaction plan that was prepared for this company.
Attachment:
INDORAMA COMPLETES
POLYPET DEAL
By Gurdip Singh
Correspondent
Published: August 14, 2012 6:00 am ET
BANGKOK
(Aug 14, 12:45 p.m. ET) — Indorama Ventures Public Co. Ltd. (IVL) has completed
the acquisition of the PET assets of PT Polypet Karyapersada in Indonesia.
The
deal, first announced in March, provides IVL with 100,800 metric tons of PET
capacity adjacent to the purified terephthalic acid assets of PT Indorama
Petrochemicals (formerly known as PT Polyprima Karyesreska) at Cilegon, West
Java, which IVL acquired under a joint venture in 2011.
Indorama
Ventures Group CEO Aloke Lohia said, "Indorama Ventures has pursued an
integration strategy of our PET and PTA businesses in Thailand, Italy (under a
joint venture) and the Netherlands and earlier announced upstream integration
into MEG [monoethylene glycol] in North America. The acquisition of PT Polypet
Karyapersada creates synergies due to it being co-sited with our PTA plant PT
Indorama Petrochemicals in Indonesia, making it a strategic investment in the
most populous country in ASEAN.”
He
added: “We are very pleased to be participating in the strong growth of
Indonesia. The country is a very attractive market for long term investment and
the Polypet deal will allow us to keep pace with and serve the growth of our
major customers in the country.”
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 60.86 |
|
|
1 |
Rs. 102.67 |
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Euro |
1 |
Rs. 81.69 |
INFORMATION DETAILS
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Analysis Done by
: |
SMT |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
-- |
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.