|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. UNITED CHEMICALS INTER ANEKA |
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|
|
|
Formerly Known As : |
C.V. UNITED CHEMICALS |
|
|
|
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Registered Office : |
Jalan Kesehatan Raya No. 21, Jakarta Pusat, 10160 |
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Country : |
Indonesia |
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Year of Establishment : |
1978 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-37803 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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|
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Line of Business : |
Trading, Agency and Distribution of Industrial Chemicals and
Machineries |
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|
|
No of Employees : |
55 Persons |
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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|
|
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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 (30.09.2013) |
Current Rating (01.12.2013) |
|
Indonesia |
B1 |
B1 |
|
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. UNITED CHEMICALS INTER ANEKA
Address :
Head Office
Jalan Kesehatan Raya No. 21
Jakarta Pusat, 10160
Indonesia
Phones -
(62-21) 3803805-09, 3820220
Fax - (62-21) 3803837
E-mail - unichem@unitedchemicals.com
Website - http://www.unitedchemicals.com
Building Area - 3 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Owned
Sales Offices
a. Jalan
Satria Raya II No. 38-40
Caringin, Bandung
40224
West Java
Phone -
(62-22) 540-7360 (Hunting)
Fax - (62-22) 540-7361
E-mail
- bandung@interaneka.com
b. Jalan
Berbek Industri II No. 7
Sidoarjo 60293
Surabaya,
East Java
Phone - (62-31) 843-1417 (Hunting)
Fax - (62-31) 843-2009
E-mail -
surabaya@interaneka.com
Warehouse
Jalan Raya Serang Km. 24.5
Balaraja, Tangerang
Banten Province
Phone - (62-21)
5951412
Fax - (62-21)
5951415
Land Area - 8,000 sq.
meters
Building Space - 6,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 1978 as C.V. UNITED CHEMICALS
b. 4 January 1983 as P.T. UNITED CHEMICALS INTER ANEKA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-UM.02.01.2317
Dated 02 March 2004
- No.
AHU-57065.AH.01.02.TH.2011
Dated 22 November 2011
- No. AHU-AH.01.10-37803
Dated 23 November 2011
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.361.882.2-073.000
The Department of Trade
SIUP No. 205/1461/09-03/BP/85
Dated 7 August 1985
Related Companies :
a. P.T. ADI CAKRA UTAMA
MULIA (Trading)
b. P.T. ANEKA SARIVITA
(Vegetarian Meat Manufacturing)
c. P.T. HIDUPMAKMUR
LESTARIABADI (Trading of Chemicals)
d. P.T. INTER ANEKA LESTARI
KIMIA (Manufacture of Premium Quality Masterbatch and
Compound for All
Plastic Converting Industries)
e. P.T. UNICHEM INDOMULIA
(Investment Holding)
f. AYMO SINGAPORE PTE,
LTD. (Investment Holding)
Capital Structure :
Authorized Capital : Rp.
16,000,000,000.-
Issued Capital : Rp.
10,800,000,000.-
Paid up Capital : Rp.
10,800,000,000.-
Shareholders/Owners :
a. AYMO SINGAPORE PTE, LTD. -
Rp. 6,480,000,000.-
Address : 502 Bad Gateway
Singapore
b. Mr. David Tanuwijaya -
Rp. 2,700,000,000.-
Address : Jl. Laksamana Muda
Nurtanio No. 63
Bandung, West Java, Indonesia
c. Mr. Ir. Herman Moeliana -
Rp. 1,620,000,000.-
Address : Jl. Taman Tanah Abang III No. 28, RT.
002 RW. 004, Kelurahan Petojo Selatan
Kecamatan Gambir, Jakarta
Pusat
Indonesia
Lines of Business :
a. Trading, Agency and Distribution of Industrial Chemicals and
Machineries
b. Investment Holding
Production Capacity :
None
Total Investment :
None
Started Operation :
1978 when it was C.V. UNITED CHEMICALS
Brand Name :
United Chemicals Inter Aneka
Technical Assistance :
AYMO Singapore Pte., Ltd., Singapore
Number of Employee :
55 persons
Marketing Area :
Locals - 100%
Main Customer :
Industrial Manufacturing
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GALIC BINA MADA
b. P.T. HALIM SAKTI PRATAMA
c. P.T. PINTU MAS MULIA KIMIA
d. P.T. TRITUNGGAL ARTHA MAKMUR
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Jend. Sudirman Kav. 22-23
Jakarta
Selatan, Indonesia
b. P.T. Bank UOB INDONESIA
Jalan
Kesehatan No. 56-58
Jakarta
Pusat, Indonesia
c. ABN - AMRO Bank
Jakarta
Stock Exchange Building
Jalan
Jenderal Sudirman Kav. 52-53
Jakarta Pusat, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 395.0 billion
2012 – Rp. 408.0 billion
2013 – Rp. 413.0 billion
Net Profit (estimated) :
2011 – Rp. 19.7 billion
2012 – Rp. 20.4 billion
2013 – Rp. 21.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Budi Widjaja
Directors - a. Mr. Ir. Herman Moeliana
b. Mr. Ian Tanuwijaya
c. Mr. Franz Peter Antonius Pier
d. Mr. David William Cherrie
e. Mr. John Leslie Coyle
Board of Commissioners :
President Commissioner - Mr. Foo Siong Choong
Commissioners - a. Mr. David Tanuwijaya
b. Mrs. Rilantini Harjani Muljawan
c. Mr. Kim Heon Yong
d. Mrs.
Catherine Veronique Le Foll
e. Mr. Stefan Peter Kunzli
Signatories :
President Director (Mr. Budi Widjaja)
or one of the Directors (Mr. Ir. Herman Moeliana, Mr. Ian Tanuwijaya, Mr. Franz
Peter Antonius Pier, Mr. David William Cherrie or Mr. John Leslie Coyle) 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
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 1,500,000 on 90 days D/A
Originally named C.V. UNITED CHEMICALS, it was established in 1978 with
a legal status of a C.V. (Commanditaire Vennootschap) or partnership with
sleeping partners. The initial founders and owners of the company are Mr. Ir.
Herman Moeliana and Mr. David Tanuwijaya AKA David Tshin AKA Tshin Wai Than,
both are Chinese origin Indonesians businessmen. In January 1983 the company
renamed P.T. UNITED CHEMICAL INTER ANEKA (P.T. UCIA). In the meantime, its
legal status was converted to a P.T. (Perseroan Terbatas) or limited liability
company. The company has an authorized capital of Rp. 1,200,000,000 with an
issued capital of Rp. 830,000,000 entirely paid up. In December 1995 the
authorized capital was raised again to Rp. 10,000,000,000 issued and paid up
capital to Rp. 2,500,000,000. By the same time a new shareholder joined in
namely P.T. UNICHEM INDOMULIA, a private company. In November 2003 the issued
capital was increased to Rp. 3,600,000,000 fully and paid up. With this development
the composition of its shareholders has been changed to become P.T. UNCHEM
INDOMULIA (66.67%), Mr. David Tanuwijaya (25%) and Mr. Ir. Herman Moeliana
(8.33%).
Then according to the latest revision of notary documents of Mr. Satria Amiputra
Amimakmur, SH., M.Kn., No. 12 dated 15 November 2011, P.T. UNICHEM INDOMULIA
withdrew and the whole share sold to AYMO SINGAPORE PTE., LTD., Singapore as
new shareholder. Concurrently the company authorized capital was increased to
Rp. 16,000,000,000 issued capital to Rp. 10,800,000,000 fully and paid up. On
the same occasion the company status was converted into Foreign Investment
(PMA) status. With this development the composition of its shareholders has
been changed to become AYMO SINGAPORE PTE, LTD., (60%), Mr. David Tanuwijaya
(25%) and Mr. Ir. Herman Moeliana (15%). The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-37803 dated November 23, 2011.
We observe that Mr. Ir. Herman Moeliana and Mr. David Tanuwijaya are the
founding owners of P.T. ANEKA SARIVITA engaged in vegetarian meat
manufacturing, P.T. HIDUPMAKMUR LESTARIABADI engaged in trading of chemicals,
P.T. INTER ANEKA LESTARI KIMIA in industrial chemicals, P.T. ADHI CAKRA UTAMA
MULIA in trading, and P.T. UNICHEM INDOMULIA in trading and investment holding.
P.T. UCIA has been operating in industrial chemicals trading for paint,
printing ink, rubber adhesive, leather tanning, plastic, cosmetic, food,
pharmaceutical, feed milling, water treatment, building, cable industries,
paper/film converters, metallizing, asphalt additives etc. The products are
imported from Japan, the USA, Germany, Spain, the Netherlands, Taiwan, France
and other countries. Then in December 2011, P.T. UCIA has been appointed by
OMYA AG of Switzerland to marketing and distribution of specialty chemical
products in Indonesia. Omya AG is a leading global chemical distributor and
producer of industrial minerals. The company's major markets are food, nutraceuticals,
personal care, the paper, plastics, paint/coatings/adhesives, construction
industries as well as agriculture and environment.
Besides, the company is also dealing with trading of various machineries
and equipments for processing paints and printing inks, dyestuff &
pigments, leathers, rubber foods and pharmaceutical and other agrochemicals.
Those products are imported from various countries including European
countries, the USA, and others. P.T. UCIA is also marketing building material
chemical such as aqua proof and aqua seal produced by P.T. INTER ANEKA KIMIA
LESTARI. Mrs. Yeni, a staff of the company said to our inquiry the products are
sold to several industrial sectors in Jakarta, Bandung, Semarang and other
major cities in the country. Besides, P.T. UCIA is also as an investment
holding company controlling 95% shares of P.T. ADHI CAKRA UTAMA MULIA in
general trading and 95% shares of P.T. INTER ANEKA LESTARI KIMIA in chemicals
industry. P.T. UCIA belongs to a medium-sized company of its kind in the
country.
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 paint industry,
plastic, ink, textile, rubber, printing and others 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. UCIA 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. UCIA has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. UCIA 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. 395.0 billion
rose to Rp. 408.0 billion in 2012 increased to Rp. 413.0 billion in 2013 and
projected to go on rising by at least 4% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 21.5 billion and the company has an
estimated total networth of at least Rp. 121.0 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.
P.T. UCIA's management is led by Mr. Budi Widjaja (48) a businessman and
professional manager with 17 years experience in trading, agent, distribution
of industrial chemicals and manufacturing of aquaproof and aquashell and
compound polymers. The management is well-experienced and handled by
professional managers having wide relation with home and overseas private
businessmen as well as with the 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 fraudulent
dealings. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia. P.T. UNITED CHEMICALS INTER ANEKA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
Report Prepared
by : |
SHG |
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.