|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INTI COLOURINDO |
|
|
|
|
Registered Office : |
Jalan Industri 1
No. 7, Kawasan Industri Batujajar Permai, Batujajar, Cimareme |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.09.1987 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-05078 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Import, and Distribution of Textile Dyestuff and Auxiliaries Chemicals |
|
|
|
|
No. of Employees : |
28 |
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 |
|
Payment Behaviour : |
No complaints |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
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. INTI
COLOURINDO
A d d r e s s
:
Head Office & Warehouse
Jalan Industri 1
No. 7
Kawasan Industri
Batujajar Permai
Batujajar, Cimareme
Bandung, 40553
Indonesia
Phones -
(62-22) 6868 468, 6868 469
Fax - (62-22) 6868 470
Land Area - 3,500 sq.
meters
Building Space - 1,200 sq. meters
Region - Industrial
Estate
Status - Rent
Branch Office
Jalan Sidoluhur
61-A
Cemani, Grogol
Solo, 57191
Central Java
Indonesia
Phones -
(62-271) 7890598, 7890599
Fax - (62-271) 7890600
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a. 8 September 1987 as P.T. INTI COLOUR CHEMICAL
b. 4 May 1988 as P.T. INTI COLOURINDO
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
C2-7237.HT.01.01.TH.88
Dated 16 August 1988
- No. AHU-65973.AH.01.02.TH.2008
Dated 18 September 2008
- No.
AHU-AH.01.10-05078
Dated 30 April 2009
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
500,000,000.-
Issued Capital : Rp.
200,000,000.-
Paid up Capital : Rp.
200,000,000.-
Shareholders/Owners
:
a. Mr. Aan Sukmanegara - Rp. 128,000,000.-
Address : Kampung
Pondok Hijau Indah A-20
Kelurahan
Babakan Ciparay, Kecamatan
Sumbersari
Indah, Bandung, West Java
Indonesia
b. Mrs. Tjatur Djanumartini - Rp. 52,000,000.-
Address : Kampung Pondok Hijau
Indah A-20
Kelurahan
Babakan Ciparay, Kecamatan
Sumbersari
Indah, Bandung, West Java
Indonesia
c. Mrs. Merryn Suciani - Rp. 20,000,000.-
Address : Kampung Pondok Hijau
Indah A-20
Kelurahan
Babakan Ciparay, Kecamatan
Sumbersari
Indah, Bandung, West Java
Indonesia
Lines of
Business :
Trading, Import,
and Distribution of Textile Dyestuff and Auxiliaries Chemicals
Production
Capacity :
None
Total
Investment :
None
Started Operation :
1988
Brand Name :
Inti Colourindo
Technical Assistance :
None
Number of Employee :
28 persons
Marketing Area :
Local - 100%
Main Customer :
Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. COLORINDO CHEMTRA
b. P.T. KARYA AGUNG CEMERLANG
c. P.T. KHARINDO PRAKARSA
d. P.T. SARICHEM POLYWARNA
e. Etc.
Business Trend :
Growing
B a n k e r s
:
a. P.T. Bank CIMB NIAGA Tbk
Jalan Ir. H. Juanda No. 165
Bandung, West Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Brigjend. Slamet Riyadi 3
Solo, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 22.8
billion
2012 – Rp. 23.5
billion
2013 – Rp. 25.0
billion
Net Profit
(estimated) :
2011 – Rp. 1.4
billion
2012 – Rp. 1.5
billion
2013 – Rp. 1.7
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Aan Sukmanegara
Director -
Ms. Merryn Sucini
Board of Commissioners :
Commissioner -
Mrs. Tjatur Djanumartini
Signatories :
President Director (Mr.
Aan Sukmanegara) or the Director (Ms. Merryn Suciani) which must be approved by
Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally the
company named P.T. INTI COLOUR CHEMICAL was set-up in Bandung, West Java on 8
September 1987 with the authorized capital of Rp. 50,000,000 issued capital of
Rp. 10,000,000 entirely paid up. The founding and shareholders of the company
originally are Mr. Aan Sukmanegara, Mr. Halim Djunarto and Mr. Drs. Daniel Dede
Tarin, they are Indonesian businessmen of Chinese extraction. The company
notary deed had been changed a couple of times and in February 2004 Mr. Halim
Djunarto and Mr. Drs. Daniel Dede Tarin pulled out and the whole share sold to
Mrs. Tjatur Djanumartini and her daughter Ms. Merryn Suciani as new
shareholders. Later in August 2008 the company authorized capital was increased
to Rp. 500,000,000 issued capital to Rp. 200,000,000 fully and paid up. With
this development the composition of its shareholders has been changed to become
Mr. Aan Sukmanegara (64%) his wife Mrs. Tjatur Djanumartini (26%) and daughter
Ms. Merryn Suciani (10%), they are Indonesian business family of Chinese
descents. The latest according to the revision of notary deed Mrs. Elly Puspita
Sunarya, SH., no. 05 dated 16 December 2008 the company board of director and
the board of commissioner re-elected 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.01.10-05078 dated April 30, 2009.
P.T. IC is a
national private company started to be operating since 1988 dealing with
trading, import, supply and distribution of dyestuff and auxiliaries chemicals.
The merchandise goods are reactive dyes and disperse dyes wholly for textile
industries. The types of dyestuff comprising disperse dyes, reactive dyes,
cationic dyes, direct dyes, and acid dyes. Ms. Merryn Suciani, director and
owner of the company explained the whole products imported from China and India
with uses UNICRON and UNIFIX brands. P.T. IC is leading textile dyestuff
Company in Indonesia, with the small sized distribution channel of textile
dyestuff all over Indonesia. They serve more than 300 customers and still keep
growing. With excellent services, trained staff, laboratory, focus on customer satisfaction
and wide-range textile dyestuff products make them as one of the small sized
and well-known textile dyestuff supplier in Indonesia. According information
from Mr. Ardi Widianto, marketing executive of Solo branch explained the whole
products supplied in various textile industries and batik industries in Solo,
Pekalongan, Central Java; and Bandung, West Java. The customers are P.T.
DAMATEX, P.T. WINNER SYNTHETIC, P.T. GUNA KADOTA MANUNGGAL, P.T. WORLD YAMATEX
and others textile industries in Bandung, West Java; and Solo, Pekalongan,
Central Java. P.T. IC is classified a small sized company of its kinds with
operation has been growing in the last three years.
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 textile industries 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. IC business position in this case is not too badly because it has
built regular customers and extensive marketing network all across the country.
Imports of
Raw Materials and Auxiliary Goods, 2007-2012
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
Source: Central Bureau of Statistic
(BPS)
Until this time
P.T. IC has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The
management of P.T. IC 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. 22.8 billion rose to Rp. 23.5 billion in
2012 increased to Rp. 25.0 billion in 2013 and projected to go on rising by at
least 5% in 2014. The operation in 2012 yielded an estimated net profit of at
least Rp. 1.7 billion and the company has an estimated total networth of at
least Rp. 3.0 billion. 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. IC is led by Mr. Aan Sukmanegara (65) a businessman with experience in
trading, import and distribution of textile dyestuff and auxiliaries chemicals.
Daily activity he is assisted by his daughter Ms. Merryn Suciani (32) as
director. 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. INTI COLOURINDO is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.