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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO RAYA
KIMIA |
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Registered Office : |
Kawasan Industri Kujang Cikampek Jalan Jend. A. Yani No. 39 Kalihurip,
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Country : |
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Date of Incorporation : |
January, 2003 |
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Com. Reg. No.: |
No. AHU-AH.01.10-38316 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Specialty Chemical Manufacturing |
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No. of Employees |
94 persons |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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Source
: CIA |
Name of Company :
P.T. INDO RAYA KIMIA
A d d r e s s :
Head Office &
Factory
Kawasan Industri Kujang Cikampek
Jalan Jend. A. Yani No. 39
Kalihurip, Ciampel
Cikampek, 41373
Phones -
(62-264) 317901 (Hunting)
Fax - (62-264) 317916
E-mail - sks@indorayakimia.com
Land Area - 60,000 sq.
meters
Building Space - 12,500 sq. meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
27 November 2002
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C-01020.HT.01.01.TH.2002
Dated 17 January 2002
- No. AHU-49555.AH.01.02.TH.2008
Dated 11 August 2008
- No. AHU-AH.01.10-38316
Dated 22 July 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.165.761.4-408.000
The Capital
Investment Coordinating Board
- No. 825/I/PMA/2002
Dated 25 November 2002
- No.27/III/PMA/2005
Dated 13 January 2005
Related Company :
A Member Company of the ADITYA BIRLA or BIRLA INDONESIA Group
Capital Structure :
Authorized Capital : US$
3,000,000.-
Issued Capital : US$ 1,000,000.-
Paid up Capital : US$ 1,000,000.-
Shareholders/Owners :
a. P.T. INDO-BHARAT RAYON -
US$ 400,000.-
Address : Menara
Batavia, 16th Floor
Jl. K.H. Mas Mansyur Kav.
126
Kelurahan Karet, Kecamatan
Tanah Abang
b. RAMA TRADING CO., LTD. -
US$ 300,000.-
Address : 886/160-1 Mahatun Plaza Building Phloen
Chit Road Lumpini,
Pathumwan, Bangkok
Thailand
c. OM FINANCIAL INC. -
US$ 150,000.-
Address : Road
Town, Tortola
British Virgin Island
d. ASSEAU COMPANY LIMITED -
US$ 150,000.-
Address : Road Town, Tortola
British Virgin Island
Lines of Business :
Specialty Chemical Manufacturing
Production Capacity :
Carbon Disulfide -
50,000 tons p.a.
Total Investment :
a. Equity Capital - US$ 1.0 million
b. Loan Capital - US$ 3.0 million
c. Total Investment - US$ 4.0 million
Started Operation :
January 2003
Brand Name :
Indo Raya Kimia
Technical Assistance :
None
Number of Employee :
94 persons
Marketing Area :
Local - 75%
Export - 25%
Main Customer :
Viscose Rayon Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. EKA CHEMICALS INDONESIA
b. P.T. INDO BHARAT RAYON
c. P.T. SOUTH PACIFIC VISCOSE
d. P.T. TOBA PULP LESTARI Tbk
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
M.H. Thamrin No. 5
Jakarta
Pusat
Indonesia
b. CITIBANK, Jakarta Branch
Landmark Building
Jalan Jend. Sudirman No. 1
Jakarta 12910
Indonesia
c. Hongkong and Shanghai Banking Corp., Ltd.
World Trade Center, 3rd Floor
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 181.0 billion
2012 – Rp. 192.0 billion
2013 – Rp. 205.0 billion
Net Profit (estimated) :
2011 – Rp. 11.0 billion
2012 – Rp. 12.1 billion
2013 – Rp. 13.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Sunay Bhagwant Kamat
Directors - a. Mr. Ashok Saboo
b. Mr. Waris Jais
c. Mr. Chaplendu Kumar Dutta
d. Mr. Shibnath Agarwalla
Board of Commissioners :
President Commissioner - Mr. Halim Setiono
Commissioners - a. Mr. Ajay Kumar Gupta
b. Mr. Hari Krishna Agarwal
Signatories :
President Director (Mr. Sunay Bhagwant
Kamat) or one of the Directors (Mr. Ashok Saboo, Mr. Waris Jais, Mr. Chaplendu
Kumar Dutta or Mr. Sibnath Agarwalla) 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
P.T. INDO RAYA KIMIA (P.T. IRK) was established in Karawang, West Java
in November 2002 with the authorized capital of US$ 3,000,000 of which US$
1,000,000 was issued and fully paid up. The founding shareholders of the
company are P.T. INDO BHARAT RAYON of Indonesia, GANARIA INTERNATIONAL and OM
FINANCIAL INC, both of Switzerland. The articles of association of the company
have frequently been revised. In July 2005 into the company entered a new
shareholder ASSEAU COMPANY LIMITED of Switzerland. With this time the
composition of its shareholders has been changed to become P.T. INDO-BHARAT
RAYON (40%), RAMA TRADING CO., LTD., of Thailand (30%), OM FINANCIAL INC., of
British Virgin Island (10%) and ASSEAU COMPANY LIMITED of British Virgin Island
(10%). The latest according to the latest revision of notary deed Mr. Ashoya
Ratam, SH., K.Kn., no. 118 dated 22 July 2013 the company board of director and
the board of commissioner had been restructured to lead and runs of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-38316 dated September
12, 2013.
The venture is a member of the ADITYA BIRLA Group or BIRLA INDONESIA
Group, a large business group based in India, and in Indonesia the Group set up
several companies like P.T. INDO LIBERTY TEXTILE, P.T. SUNRISE BUMI TEXTILES,
P.T. ELEGANT TEXTILE INDUSTRY three engaged in spinning mills and P.T. INDO
BHARAT RAYON in viscose rayon fiber and acrylic fiber industry.
P.T. IRK obtained a Foreign Capital Investment (PMA) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with organic chemical
industry producing special chemical materials. The company has been in
operation since January 2003 by taking over all assets of P.T. AKZO NOBEL
SATINDO. Its plant is located in Kujang Cikampek Industrial Estate, Jalan Jend.
Ahmad Yani No. 39, Ciampel, Karawang, West Java on a land of 60,000 square
meters. The plant annually produces 40,000 tons of carbon disulfide absorbing
an investment of US$ 4.0 million coming from own capital of US$ 1.0 million and
the rest from loans.
P.T. IRK is a leading producer of carbon disulfide in Asia Pacific using
the state of the art and environment friendly technology from AKZO NOBEL.
Acquired by the ADITYA BIRLA Group in January 2003, this plant is one of the
best methane gas-based plants in the world and is designed with a highly
sophisticated instrumentation, control and monitoring system to ensure
reliable, safe and environment responsible operations. The IRK plant has a
capacity of 40,000 ton per annum, and caters to the domestic demand as well as
exports to countries across the globe.
Carbon disulfide products are used as solvents not only by viscose rayon
industries but also by rubber, pesticide and carbon tetrachloride industries. The
supporting basic materials such as sulfur are mostly using local products of
P.T. PERTAMINA of Indramayu Unit, West Java and some other are imported. Some
75% of the company products are locally marketed especially to viscose rayon
industries including P.T. SOUTH PACIFIC VISCOSE, P.T. TOBA PULP LESTARI Tbk,
P.T. INDO BHARAT RAYON and other while the rest of 25% is exported to South
Korea, Australia, Thailand, Malaysia, India and South Africa. The operation of
P.T. IRK has been running smoothly and growing in the last three years.
Generally, demand for carbon disulfide (carbon bi-sulfide) has kept on
increasing by 7% to 9% per annum in the last five years having close relation
with the growing viscose rayon industries as consumers. There are only 3 carbon
disulfide producers with annual national production capacity of 83,550 tons
namely P.T. INDO RAYA KIMIA with annual production capacity of 50,000 tons,
P.T. INDO BHARAT RAYON of 25,400 tons and P.T. SOUTH PACIFIC VISCOSE of 18,150
tons. The carbon disulfide products are widely used by viscose rayon industries
in the country including P.T. INDO BHARAT RAYON, P.T. SOUTH PACIFIC VISCOSE and
P.T. TOBA PULP LESTARI Tbk. The demand for carbon disulfide is estimated to be
rising by at least 6% in the coming five years. The competition is less tight
on account of only three carbon disulfide producers operating in the country.
The two large sized disulfide producers in the country are P.T. IRK and P.T.
IBR, both are members of the ADITYA BIRLA Group of BIRLA INDONESIA Group. The
business position of P.T. IRK is favorable for having established regular
customers and wide marketing networks in the country.
Until this time P.T. IRK has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. IRK is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 181.0 billion rose to Rp. 192.0 billion in 2012
increased to Rp. 205.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The operation in 2013 yielded an estimated net profit of at
least Rp. 13.3 billion and the company has an estimated total networth of at
least Rp. 85.0 billion. We observe that P.T. IRK 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. IRK is led by Mr. Sunay Bhagwant Kamat (58) a
professional managers of India extraction with broad experience in industry and
trading of carbon disulfide. 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. INDO RAYA
KIMIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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UK Pound |
1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
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 |
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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.