|
Report Date : |
12.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOLATEX JAYA ABADI |
|
|
|
|
Registered Office : |
Rukan Puri Niaga 3 Block M8/ 2-C, Jalan Puri Kencana, Puri Kembangan, Kembangan, Jakarta Barat, 11610 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
10.04.1999 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-41305 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the Crumb Rubber Industry |
|
|
|
|
No. of Employees : |
127 |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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. INDOLATEX JAYA ABADI
A d d r e s s :
Head Office
Rukan Puri Niaga 3 Block M8/ 2-C
Jalan Puri Kencana
Puri Kembangan, Kembangan
Jakarta Barat, 11610
Indonesia
Phones -
(62-21) 5830 3445, 5830 3446, 5830 0164, 5830 0168
Fax - (62-21) 5830 4569, 5830 4566
E-mail - info@indolatex.co.id
Website - http://www.indolatex.co.id
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Raya Lintas Sumatra Km. 80
Desa Tanjung Ratu, Kecamatan Way Pengubuan
Kabupaten Lampung Tengah
Lampung Province
Indonesia
Phone -
(62-725) 529 888
Fax - (62-725) 529 888
E-mail - ptindolatex@gmail.com
Land Area - 2,000 sq.
meters
Building Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
10 April 1999
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-00723
HT.01.01.TH.2001
Dated 11 May 2001
- No.
AHU-42294.AH.01.02.TH.2013
Dated 12 August 2013
- No. AHU-AH.01.10-41305
Dated 9 October 2013
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.984.451.3-321.000
The Department of Industry and Trade
TDP No. 0901.1.52.13936
Dated 25 June 2001
Related Companies :
a. P.T. PUMAS ROTUA
GEMILANG (Crumb Rubber Manufacturing)
b. P.T. TIRTANA AGRO
BERUANG (Agro Technical Consultant)
Capital Structure :
Authorized Capital : Rp.
150,000,000.-
Issued Capital :
Rp. 75,000,000.-
Paid up Capital :
Rp. 75,000,000.-
Shareholders/Owners :
a. Mr. Lukkas Anggono -
Rp. 74,900,000.-
Address : Jl. Taman Kebon Jeruk J 13/20
Kelurahan Meruya Selatan,
Kecamatan
Kembangan, Jakarta Barat
Indonesia
b. Mr. Ang Bingtono Hariwijaya -
Rp. 100,000.-
Address : Jl. Pulau Anyer I/20
Kelurahan Kembangan
Selatan, Kecamatan
Kembangan, Jakarta Barat
Indonesia
Lines of Business :
Crumb Rubber Industry
Production Capacity :
Crumb Rubber (SIR – 20) -
200 tons per month
Total Investment :
Owned Capital - Rp. 1.0 billion
Started Operation :
2001
Brand Name :
Indolatex Jaya Abadi
Technical Assistance :
None
Number of Employee :
127 persons
Marketing Area :
Local - 60%
Export - 40%
Main Customer :
Buyers in Asian, Europe and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADEI CRUMB RUBBER INDUSTRY
b. P.T. BAKRIE SUMATERA PLANTATIONS Tbk
c. P.T. BRIDGESTONE SUMATRA RUBBER
d. P.T. KIRANA MUSI PERSADA
e. P.T. PRASIDHA ANEKA NIAGA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Raya
Puri Indah Block A/20-22
Jakarta
Barat
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Puri
Indah Raya Block I/12A
Jakarta
Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 23.0 billion
2012 – Rp. 25.0 billion
2013 – Rp. 27.0 billion
Net Profit (estimated) :
2011 – Rp. 1.8 billion
2012 – Rp. 2.0 billion
2013 – Rp. 2.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Lukkas Anggono
Board of Commissioners :
Commissioner - Mr. Ang Bingtono Hariwijaya
Signatories :
Director (Mr. Lukkas Anggono) which
must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. INDOLATEX JAYA ABADI (P.T. IJA) was established in Jakarta in April
1999 with the authorized capital of Rp. 150,000,000 issued capital of Rp. 75,000,000
fully and paid up. The company was founded by Mr. Lukkas Anggono (99.87%) and
his young brother Mr. Ang Bingtono Hariwijaya (0.13%), both are Indonesian
business family of Chinese descents. The company notary deed had been changed a
couple of times and according to the latest revision of notary deed Mr. Bangkit
Robert Gultom, SH., No. 06 dated 17 May 2013 the company board of director and
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.01.10-41305 dated October 9, 2013.
P.T. IJA has been operating since 2001 dealing with crumb rubber
industry by manages a plant located at Jalan Raya Lintas Sumatra Km. 80, Desa
Tanjung Ratu, Kecamatan Way Pengubuan, Lampung Tengah, lampung Province
standing on a land of 2,000 sq. meters. In October 2004, management
expanded processing natural rubber to become crumb rubber SIR
20. Since then the company keeps improving in manufacturing technology.
Not only do the main machines of production process have cutting edge
technology, but the supporting machines also use machines with international
and modern standard. Those machines are maintained regularly so they are
capable of producing SIR 20 with international quality. The marketing and sales
of P.T. Indolatex Jaya Abadi’s SIR 20 so far spread out in domestic and
international markets. The biggest domestic market segments are tire
factory and other automotive industries which are directly supplied by PT
Indolatex Jaya Abadi. In international market, most sales are
through big traders that supply SIR 20 to international tire factories.
P.T. IJA is a professional manufacturer of Indonesian Natural Rubber Products
and a registered exporter of Standard Indonesia Rubber 20 (SIR-20), located in
the village of Tanjung Ratu, Way Pengubuan Subdistrict, Regency of Central
Lampung, Indonesia. Indonesia boasts one of the biggest areas of natural rubber
plantations in the world and the Natural Rubber products from here are world
wide acknowledged as the highest quality natural rubber. This is thanks to the
strict national industry standards that all Indonesian rubber producers.
Some 40% of the products are exported to the USA, Japan, France, South
Korea, as well as to local tire industries at home. The products of P.T. IJA
are used by rubber & tire manufacturing industries abroad like GOODYEAR
TIRE & RUBBER COMPANY (the USA), YOKOHAMA RUBBER & CO. (Japan),
BRIDGESTONE, MICHELIN (France), HANKOOK TIRE MFG.CO, and KUMHO & CO. (South
Korea). KM Group products in the form of SIR-20 and SIR-10—raw materials for
automotive tires—are destined for the export market as well as the domestic
market, such as P.T. Gajah Tunggal, an Indonesian tire producer. We observe that
P.T. IJA is classified a small size company of its kinds in the country with
operation has been growing in the last three years.
Prospect national rubber industry next year 2014 is
well in line with the global rubber consumption is shifting from Europe and
America to Asia, especially China and India. Moreover, Indonesia has the
largest rubber plantation in the world about 3.4 million hectares (ha), most of
which are owned by the people of the plantation rubber production reached 2.7
million tons per year. In addition , the productivity of Indonesia reached 1
ton / ha or still lower compared to neighboring countries like Malaysia which
reached 1.3 tons / ha and Thailand 1.9 ton/ ha. Work in the employment of the
national rubber industry pretty much on farm sector which includes as many as
2.1 million people and the farm sector off about 100 thousand people. It is an
opportunity for national rubber industry to continue to produce the fullest. To
that end, the challenge now is to guide the people's plantations in order to
increase productivity as well as downstream products crumb rubber and rubber
latex into downstream products of high added value. Results show that the
expert review world natural rubber trade prospects are very good. In the long
term, the development of rubber production and consumption according to the
forecast global rubber marketing expert who is also Secretary General of the
International Rubber Study Group, Dr. Hidde P. Smit, shows that consumption of
natural rubber will experience a significant increase from 8.5 million tons in
2005, rose to 9.23 in 2006, and is predicted to be 11.9 million tons in 2020.
Meanwhile the world's natural rubber production of
8.5 million tons in 2005, rising to 9.18 million tons in 2006, is predicted to
be 11.4 million ton in 2020. Natural rubber prices in the world market is also
predicted to remain at levels above US$ 1 per kg , even in the year 2013 is
estimated to reach US$ 2.4 per kg and even the price level has been achieved in
the year 2006. In 2020 the estimated price of natural rubber in the world
market remained at US$ 1.9 per kg.
Until this time P.T. IJA has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The
management of P.T. IJA is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 23.0 billion rose to Rp. 25.0 billion in 2012
increased to Rp. 27.0 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. 2.3 billion and the company has an estimated total networth of at least Rp.
5.0 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. IJA is led by Mr. Lukkas Anggono (47) a
businessman and professional manager with experience in crumb rubber industry
and trading. 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. INDOLATEX JAYA ABADI
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.70 |
|
|
1 |
Rs.100.97 |
|
Euro |
1 |
Rs.84.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.