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Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. CABOT |
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Formerly Known As : |
P.T. CONTINENTAL CARBON RESTU PERTIWI P.T. CONTINENTAL CARBON P.T. KARBON |
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Registered Office : |
Wisma Sejahtera, 2nd Floor |
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Country : |
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Date of Incorporation : |
02.08.1983 |
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Com. Reg. No.: |
AHU-AH.01.10-47391 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in Integrated Food Seasoning Processing |
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No of Employees : |
280 persons |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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B1 |
B1 |
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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 |
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Source
: CIA |
BASIC SEARCH
|
Name of Company :
P.T. CABOT INDONESIA
Address :
Head Office
Wisma Sejahtera, 2nd Floor Suite 202
Jl. Letjend. S. Parman Kav. 75
Jakarta 11410
Indonesia
Phones -
(62-21) 534 7260 (hunting)
Fax - (62-21) 548 4152
Building Area - 18 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Factories
a. Jl. Salira Raya, Desa Sumuranja
Kabupaten Serang,
Merak
Banten Province
Indonesia
Phones - (62-254) 500 093 (hunting)
Fax -
(62-254) 500 310
Land
Area - 20,000 sq. meters
Building
Area - 12,800 sq. meters
Region - Industrial Zone
Status - Owned
b. Krakatu Industrial Estate Complex
Jl. Raya Anyer,
Cilegon 42404
Banten Province
Indonesia
Phones - (62-254) 311 606 (hunting)
Fax -
(62-254) 311 525
Land
Area - 56,000 sq. meters
Building
Area - 45,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
a. 02 August 1983 as P.T. CONTINENTAL CARBON RESTU PERTIWI
b. 08 September 1989 as P.T. CONTINENTAL CARBON INDONESIA
c. 18 February 1998 as P.T. KARBON INDONESIA
d. 19 September 2001 as P.T. CABOT INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human
Rights
a. No. C-1757.HT.01.04.TH.2004
Dated 14 July
2004
b No. AHU-69099.AH.01.02.Tahun 2008
Dated 24
September 2008
c No. AHU-AH.01.10-47391
Dated 08 November
2013
Company Status :
Foreign Investment Company (PMA)
Permits by the Government Department :
a.
The Department of Finance
NPWP No.
01.060.631.7-052.000
b.
The Capital Investment Coordinating Board
- No. 209/III/PMDN/2001
Dated 19 September 2001
- No. 119/v/PMA/2001
Dated 16 October 2001
- No. 73/II/PMA/2004
Dated 10 May 2004
Holding Company :
CABOT CORPORATION of the USA (Investment holding)
Affiliated/Associated Companies :
a. P.T. TASPEN (Persero) of Indonesia (Financing and
Investment Holding)
b. PERMODALAN NASIONAL BERHAD of Malaysia (Investment
Holding)
c. CABOT MALAYSIA Bhd. Sdn., of Malaysia (Investment
Holding)
CAPITAL AND OWNERSHIP
|
Capital Structure :
Authorized Capital - Rp.
637,800,000,000.-
Issued Capital - Rp.
637,800,000,000.-
Paid up Capital - Rp.
637,800,000,000.-
Shareholders/Owners :
a. CABOT CORPORATION of the USA - Rp. 523,881,000,000.-
(82.1%)
b. P.T. TASPEN (Persero) of
Indonesia - Rp. 14,000,000,000.- ( 2.2%)
b. PERMODALAN NASIONAL BERHAD of Malaysia - Rp.
75,132,000,000.- (11.8%)
c. CABOT MALAYSIA Bhd. Sdn., of Malaysia - Rp. 15,792,000,000.- ( 2.5%)
d. CABOT S.A. of Spain -
Rp. 1,095,000,000.- ( 0.2%)
e. Mr. Lili Soemantri of Indonesia - Rp. 7,900,000,000.- ( 1.2%)
BUSINESS ACTIVITIES
|
Lines of Business :
Integrated Food Seasoning Processing
Production Capacity :
a. Initial Units
- Carbon Black - 150,000 tons p.a.
b. Expansion Units
- Carbon Black - 140,000 tons p.a.
Total Investment :
a. Initial Units
- Equity Capital -
Rp 637.8 billion
- Loan Capital -
Rp 554.7 billion
- Total Investment -
Rp 1,192.5 billion
b. Expansion Units (planned)
- Equity Capital -
Rp -- billion
- Loan Capital -
Rp 950.0 billion
- Total Investment -
Rp 950.0 billion
Started Operation :
1 9 9 1
Brand Name :
CABOT INDONESIA
Technical Assistance :
Cabot Corporation of the USA
Number of Employee :
280 persons
Marketing Area :
Local (Domestic) - 100%
Main Customers :
a. PT. Gajah
Tunggal Tbk.
b. PT. Bridgestone
Tire Indonesia
c. PT. Goodyear
Indonesia Tbk.
d. PT. Multistrada
Arah Sarana Tbk.
e. PT. Industri
Karet Deli
f. PT. Mega Rubber Factory
Market Situation :
Very Competitive
Main Competitors :
Import Product
from South Korea, India and Thailand
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
B a n k e r s :
a. CITIBANK N.A.
Landmark Building
Jl. Jend. Sudirman kav. 1
Jakarta Selatan
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk.
Jl. Raya Merak, Cilegon
Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No detrimental filling was recorded in the local courts
FINANCIAL FIGURE
|
Total Sales/Revenues :
2010 – Rp. 720.0
billion
2011 – Rp. 815.0
billion
2012 – Rp. 926.0
billion
2013 – Rp. 1,050.0 billion
Net Profit (loss) :
2010 – Rp. 82.0 billion
2011 – Rp. 93.0
billion
2012 – Rp. 106.0 billion
2013 – Rp. 120.0 billion
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Tan Toon Howe
Directors - a. Mr.
Poltak Sibarani
b. Mr. Ir. Fery Faizal Buchori
c. Mr. Indrayudha Vardhana Koroh
d. DR. Djoko Hidayanto, SE., MM
e. Mr. Benjamin Arief Muskita
Board of Commissioners :
President Commissioner - Mr. Zhu Ji
Commissioners - a. Mr. Arifin
Siregar
b. Mr. Daniel Budiman
c. Mr. Lin See Yan aka Tan Sri Dato Lin See
Yan
d. Mr. Sri Hamad Kama Piah Bin Che Othman
e. Mr. Drs. Parluhutan Hutahaen, MA
f. Mr.
Piter Bi aka Bi Deqing
Signatories :
President Director (Mr. Tan
Toon Howe) or one of the directors (Mr. Poltak Sibarani, Mr. Ir. Fery Faizal
Buchori, Mr. Indrayudha Vardhana Koroh, DR. Djoko Hidayanto, SE, MM., or Mr.
Benjamin Arief Muskita) which must be approved by Board of Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
OVERALL PERFORMANCE
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Originally named P.T. CONTINENTAL CARBON
RESTU PERTIWI, the company was established in 1983 with an authorized capital of
Rp 20,000,000,000.- of which Rp 4,000,000,000.- was issued and paid up. The
company was founded by Mr. Surya Riyadi, Mrs. Cecilia Wendy Wiardi (both are
Indonesian entrepreneurs of Chinese extraction) and Mr. Sri Martono (an
indigenous businessman) as the original shareholders. The articles of
association of the company have frequently been revised. In September 1989, the
company renamed to P.T. CONTINENTAL CARBON. In February, the company name was
changed again to P.T. KARBON INDONESIA. In September 2001 P.T. CABOT INDONESIA
was merged into P.T. KARBON INDONESIA (survived company) and concurrently whole
assets and activities of P.T. CABOT INDONESIA were shifted to P.T. KARBON
INDONESIA and P.T. CABOT INDONESIA was dispersed by law. At the same time, the name
of P.T. CABOT INDONESIA (P.T. CI) was used again so that the company name is
P.T. CABOT INDONESIA.
In 2001, the authorized capital was raised
to Rp. 637,800,000,000 entirely issued and paid up and concurrently whole
shares of the company were controlled by CABOT CORPORATION of the USA, CABOT
MALAYSIA Sdn. Bhd., of Malaysia, CABOT S.A. of Spain, PERMODALAN NASIONAL
BERHARD of Malaysia, P.T. TASPEN (Persero) of Indonesia and Mr. Lili Soemantri
of Indonesia. The capital structures and shareholders composition of P.T. CI in
details are as shown on page 3 of this report.
Most recently by Notarial Deed No. 05 dated September 3, 2013 drawn up
by notary Mala Mukti, SH., the company’s board of directors and board of 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.01.10-47391
dated November 8, 2013.
P.T. CI has been in operation since 1991 in the
carbon black industry under the license of CABOT Corp., USA. The company's
plant is located on a 20,000 sq.m. and in Desa Sumuranja, Bojonegara/Serang
sub-province (Banten formerly West Java). P.T. CI started operation with a
licensed production capacity of 40,000 metric tons of carbon black per year.
Since merging, the company is also operating a plant in Krakatau Industrial
Estate, Cilegon, Banten Province. Both plants have annual production capacity
of 150,000 tons of black carbon. Mrs. Murni, an administrative staff of the
company, said that whole company products are locally marketed especially among
tire industries like P.T. GAJAH TUNGGAL Tbk, P.T. BRIDGESTONE TIRE INDONESIA,
P.T. GOODYEAR INDONESIA Tbk, P.T. MULTI STRADA ARAH SARANA Tbk, P.T. INDUSTRI KARET DELI, P.T. MEGA RUBBER
FACTORY and others.
P.T. CI plans to increase the carbon
black production capacity of 140,000 metric tons
per year with
an investment of US$ 100 million. With the increase
of the production capacity, so PT CI will have a total production capacity of 290,000 metric tons
per year. We
noticed that P.T.
CI is the only
company in Indonesia,
which produces carbon black,
licensed and acquired technology from CABOT
Corporation of the
USA.
Generally, the demand for carbon black in
the country had significantly rising by 8% to 10% per year in the last five
years, in line with the growth of car/motorcycle tire and rubber industries in
the country. According to the Indonesia Car Manufacturers Association
(GAIKINDO) explained that the total of car sales in 2007 amounted to 434
thousand units increased to 608 thousand units in 2008 and declined to 486 thousand units in
2009. The total of car sales in 2010
rose again to 765 thousand units to 894 thousand units in 2011 to 1,116
thousand units in 2012 and rose again to 1,226 thousand units in 2013.
The growth of car and motorcycle sales in
Indonesia in 2007 to 2013 is pictured on the following table:
|
Year |
Domestic
Car Sales (‘000
units) |
Domestic
Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
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2008 |
608 |
6,216 |
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2009 |
486 |
5,852 |
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2010 |
765 |
7,383 |
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2011 |
894 |
8,034 |
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2012 |
1,116 |
7,141 |
|
2013 |
1,226 |
7,771 |
Until this time P.T. CI has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. We observed
that total sales turnover of the company in 2011 amounted to Rp. 815.0 billion
increased to Rp. 926.0 billion in 2012 and rose again to Rp. 1,050.0 billion in
2013 and projected to go on rising by at least 10% in 2014. The operation in 2013 yielded an estimated
net profit of Rp. 120.0 billion and the company has an estimated total networth
of at least Rp. 980.0 billion. So far,
we did not heard that 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. cI is headed by Mr.
Tan Toon Howe (55) , a professional manager from Malaysia as President
Director. In daily activities, he is
assisted by five directors namely Mr. Poltak Sibarani (50), Mr. Ir. Fery Faizal
Buchori (46), Mr. Indrayudha Vardhana Koroh (47), DR. Dhjoko Hidayanto, SE, MM
(63) and Mr. Benjamin Arief Mustika (46).
The company is managed by experienced professional managers in the above
business. They are widely connected in domestic and foreign private business
circles and are also on quite good terms with the government sector. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in
business malpractices.
P.T. CABOT INDONESIA is sufficiently fairly
good for business transaction. However, in view of the political situation in
the country is warming, we recommend
to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.14 |
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|
1 |
Rs. 102.21 |
|
Euro |
1 |
Rs. 81.01 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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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 |
|
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 |
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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 |
|
<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.