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Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. NUR KENCANA LESTARI INTI |
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|
|
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Registered Office : |
Jl.
Gandaria III No. 5A,
Kel. Kramat Pelat, Kec. Kebayoran Baru, Jakarta Selatan 12130 |
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Country : |
Indonesia |
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Date of Incorporation : |
24.01.1981 |
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|
|
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Com. Reg. No.: |
No.
AHU-62482.AH.01.02.Tahun 2012 |
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|
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Legal Form : |
Limited Liability
Company |
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|
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Line of Business : |
engage in
trading, exporting, and distribution of oleo chemicals such as Lauric Acid, Myristic
Acid, Palmitic Acid, Oleic Acid, Citric Acid & Linoleic Acid |
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|
|
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No. of Employees : |
40 |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew more than 6% annually in 2010-12. The government
made economic advances under the first administration of President YUDHOYONO (2004-09),
introducing significant reforms in the financial sector, including tax and
customs reforms, the use of Treasury bills, and capital market development and
supervision. During the global financial crisis, Indonesia outperformed its
regional neighbors and joined China and India as the only G20 members posting
growth in 2009. The government has promoted fiscally conservative policies,
resulting in a debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%,
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 in 2013 faces the ongoing challenge of improving Indonesia''s
insufficient infrastructure to remove impediments to economic growth, labor
unrest over wages, and reducing its fuel subsidy program in the face of high
oil prices.
|
Source : CIA |
P.T. NUR KENCANA LESTARI INTI
Head Office
Jl. Gandaria III No. 5A
Kel. Kramat Pelat, Kec. Kebayoran Baru
Jakarta Selatan 12130
Indonesia
Phones - (62-21) 7234822, 7266914
Fax - (62-21) 7245837, 7392717
Email - aha1143@indosat.net.id
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
24 January 1981
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C2-4656.HT.01.01.Th.86
Dated 04 July 1985
b. No.
AHU-62482.AH.01.02.Tahun 2012
Dated 06 December 2012
National Private Company
The Department of
Finance
NPWP No.
02.066.935.4-019.000
P.T. TRADE
SERVISTAMA INDONESIA (Distributor,
Trading, Import and Export)
Capital
Structure :
Authorized
Capital - Rp.
5,000,000,000.-
Issued Capital - Rp.
1,250,000,000.-
Paid up Capital - Rp.
1,250,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Abdul Hamid Ali - Rp. 400,000,000.- (40%)
Address : Jl. Gandaria Tengah VI
No.41
South Jakarta
Indonesia
b. Mr. Riza Aditya Ghautama - Rp. 250,000,000.- (25%)
Address : Jl. Gandaria Tengah VI
No.43
South Jakarta
Indonesia
c. Mr. Zaki Albiansyah - Rp. 250,000,000.- (25%)
Address : Jl. Gandaria Tengah IX
No.15
South Jakarta
Indonesia
d. Mrs. Sri Syulasmi Hamid Ali - Rp. 350,000,000.- (35%)
Address : Jl. Gandaria Tenagah VI
No.43
South Jakarta
Indonesia
Lines of
Business :
Trading,
Export-Import and Distribution of Oleo Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1981
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
40 persons
Marketing Area
:
a. Export - 95%
b. Local - 5%
Main
Customers:
a. Overseas
buyers in Japan, India, Egypt, South Africa, Holland and other European
countries
b. Cosmetic and Pharmaceutical
Industries in the country
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Sinar
Oleochemical International
b. PT. Ecogreen Oleochemical
c. PT. Musim Mas Oleochemical
d. PT. Graha Jaya Pratama
e. PT. Salim
Oleochemical
f. Etc.
Business Trend
:
Growing
Bankers :
a. P.T.
Bank MANDIRI Tbk.
Melawai Branch
Jl. Melawai Raya No. 12-14
Jakarta Selatan
Indonesia
b. PT.
Bank INTERNASIONAL INDONESIA Tbk.
Gedung BII
Panglima Polim
Jl. Panglima
Polim Raya No. 79
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Total
Sales/Revenues (estimated) :
2010 – Rp. 110.0
billion
2011 – Rp. 125.0
billion
2012 – Rp. 142.0
billion
2013 – Rp. 160.0
billion
Net Profit
(estimated) :
2010 – Rp. 9.2 billion
2011 – Rp. 10.5
billion
2012 – Rp. 12.0
billion
2013 – Rp. 13.6
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Abdul Hamid Ali
Director -
Mr. Ery Thursina, MSc
Board of Commissioners :
President Commissioner -
Mr. Riza Aditya Ghautama
Commissioner -
Mr. Zaki Albiansyah
Signatories :
President Director (Mr.
Ir. Abdul Hamid Ali) or Director (Mr. Ery Thursina, MSc) which must be approved
by Board of Commissioners (Mr. Riza Aditya Ghautama and Mr. Zaki Albiansyah)
Management Capability :
Good
Business Morality :
Good
P.T. NUR KENCANA LESTARI INTI (P.T. NKLI) was established in January 1981 with an authorized capital of Rp 50,000,000.- issued capital of Rp 10.000.000.- entirely was paid up. The founding shareholders of the company are Mr. Yos Tjandra, Mrs. Miriam Djayakoesoema and Mr. Erry Haryanto Kurniawan. The Deed of establishment has been approved by the Minister of Justice and Human Rights through its Decree No. C2-4656.HT.01.01.Th.86 dated July 4, 1985. The articles of association of the company have frequently been revised. In February 1993, the founding shareholders pulled out and the whole shares are sold to Mr. Ir. Abdul Hamid Ali and his family member.
Most recently by notarial Deed No. 14 dated September 21,
2012 made by Notary Mohamad Rifat Tadjoedin, SH., the authorized capital was
raised to Rp 5,000,000,000.- of which Rp 1,250,000,000.- was issued and fully
paid up. Since at the time, the shareholders of the company are Mr. Ir. Abdul
Hamid Ali (40%), Mr. Riza Aditya Ghautama (25%), Mr. Zaki Albiansyah (25%) and
Mrs. Sri Syulasmi Hamid Ali (35%). The
capital structures and shareholder composition of P.T. SSK in details are as
shown on page-3 of this report. The amendment to Deed has been approved by
the Minister of Law and Human Rights of the Republic of Indonesia through
Decree No. AHU-AH.01.10-16852 dated May 10, 2012.
According to the results of our investigation we noticed that previously P.T. NKLI was engaged in business consulting services, mostly to provide an environmental impact analysis to manufacturing industries in the country. But the above business activity was not development well. Since 1993 the company’s activity has been shifted to engage in trading, exporting, and distribution of oleo chemicals such as Lauric Acid, Myristic Acid, Palmitic Acid, Oleic Acid, Citric Acid & Linoleic Acid. The oleo chemical products obtained from oleo chemical industries in the country. Ms. Yayah, an administrative staff of the Company explained that the above products are exported to Japan, India, Egypt, South Africa, Holland an other European countries. She went on to say that the company has also been cooperating with several international trading houses including Mitsui & Co., of Japan, Olive Impext Pvt,. Ltd., and Pan Oleo Enterprises Ltd., both of India. Besides, the company also engaged in investment holding by controlling majority business stakes of P.T. TRADE SERVISTAMA INDONESIA which operates as a distributor, trading, import and export of consumer goods. We observed that P.T. NKLI 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.
The domestic demand for various types of
oleo 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 cosmetic and pharmaceutical industries, food and beverage industries,
and others. 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. The growth rate is now estimated at 5% to 7%
per year. Market competition is very tight due to a large number of similar
companies operating in the country.
Business position of P.T. NKLI is favorable for it has controlled a wide
marketing network at home and abroad and their product has been widely known
among consumers in the country.
Until this time P.T. NKLI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. NKLI 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. 110.0 billion increased to Rp. 125.0 billion in 2011 rose again to Rp. 142.0 billion in 2012 and to Rp 160.0 billion in 2013. The operation in 2013 yielded an estimated net profit of at least Rp. 13.6 billion and the company has an estimated total net worth of at least Rp. 60.0 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. NKLI is led by Mr. Ir. Abdul Hamid Ali (71) a businessman who experienced for more than 40 years in the field of trading, supplier and distribution of oleo chemicals. Daily operation he is assisted by Mr. Ery Thursina, MSc. (41) as Director and a number of professional managers and experts in the business. The management is handled by experienced staff in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. 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. NKLI is sufficiently fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
UK Pound |
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.