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Report No. : |
316228 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ROYAL CHEMIE
INDONESIA |
|
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|
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Registered Office : |
Barclays House, 7th Floor, Jl. Jend. Sudirman Kav. 22-23,
Jakarta 12920 |
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Country : |
Indonesia |
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Date of Incorporation : |
16.12.2003 |
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Com. Reg. No.: |
AHU-AH.01.10-13037 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Business Management Consulting Services · Investment Holding |
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No. of Employees : |
12
Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name
of Company :
P.T. ROYAL CHEMIE INDONESIA
Registration
Address :
Head
Office
Barclays House, 7th Floor
Jl. Jend. Sudirman Kav. 22-23
Jakarta 12920
Indonesia
Phones -
(62-21) 571 2998 (hunting)
Fax - (62-21) 571 2678
Building Area - 32 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
16
December 2003
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Laws and Human Rights
a.
No. C-15034.HT.01.04.TH.2004
Dated 16 June 2004
b.
No. AHU-12073.AH.01.02.Tahun 2008
Dated 11 March 2008
c.
No. AHU-17263.AH.01.02.Tahun 2012
Dated 03 April 2012
d.
No. AHU-AH.01.10-13037
Dated 17 April 2012
Company
Status :
Foreign
Investment Company (PMA)
Permit
by the Government Department :
The Department of Finance (Tax
License)
NPWP
No. 02.194.180.2-058.000
Holding
Companies :
a.
ROYAL CHEMIE CORPORATION Ltd., (Investment Holding)
b.
P.T. KEDUNG SARI PRATAMA (Investment Holding)
Capital
Structure :
Authorized Capital - Rp.
3,492,940,200,000.- (US$. 409,400,000)
Issued Capital - Rp. 868,235,050,000.- (US$. 102,350,000)
Paid up Capital - Rp. 868,235,050,000.- (US$. 102,350,000)
Shareholders/Owners
:
a. ROYAL CHEMIE CORPORATION Ltd. - Rp. 868,226,567,000.- (99.999%)
Address: GPO BOX 365
Suite 307 St.
James Court
Mauritius
b. P.T. KEDUNG SARI PRATAMA - Rp.
8,483,000.- ( 0.001%)
Address: Jl. Giri Kencana No.
80
Cilangkap,
Jakarta Timur
Indonesia
Lines
of Business :
a.
Business Management Consulting Services
b. Investment Holding
Production
Capacity :
None
Total
Investment :
Equity Capital - US$ 102,350,000.-
Started
Operation :
April 2004
Brand
Name :
ROYAL
CHEMIE INDONESIA
Technical
Assistance :
ROYAL CHEMIE CORPORATION Ltd., of Mauritius
Number
of Employee :
12
persons
Marketing
Area :
Domestic (Local) - 100%
Main
Customers :
A
members of the ETERINDO Group
Market
Situation :
Very
Competitive
Business
Trend :
Growing
B a n k e r s :
a. The Hong Kong Shanghai Banking Corp. (HSBC)
The World Trade Center, 3rd
Floor
Jl. Jend. Sudirman Kav. 29-31
South Jakarta – Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha CIMB Niaga
Jl. Jend. Sudirman Kav. 58
South Jakarta – Indonesia
c.
P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Pusat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Total
Income/Revenues (estimated) :
2011
– Rp. 230.0 billion
2012
– Rp. 260.0 billion
2013
– Rp. 305.0 billion
2014
– Rp. 460.0 billion
Net
Profit (estimated) :
2011
– Rp. 26.5 billion
2012
– Rp. 30.0 billion
2013
– Rp. 36.0 billion
2014
– Rp. 55.0 billion
Payment
Manner :
Fairly
good
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Choi Choon Ha
Directors -
a. Mr. Yudianto Kosman
b. Mr. Ubbo Wilhelm Von Oehsen
c. Mr. Bambang Heru Purwanto
Board of Commissioners :
President Commissioner -
Mr. Hadisan Sridjaja
Commissioner -
Mr. Runtung Sitepu
Signatories :
President
Director (Mr. Choi Choon Ha) or one of the directors (Mr. Yudianto Kosman, Mr.
Ubbo Wilhelm Von Oehsen or Mr. Bambang Heru Purwanto) which must be approved by
the Board of Commissioner (Mr. Hadisan
Sridjaja)
Management Capability :
Good
Business Morality :
Good
P.T. ROYAL CHEMIE
INDONESIA (P.T. RCI) was established in 2003 with the authorized capital of US$
400,000 of which US$ 100,000 was issued and fully paid up. The founding
shareholders of the company are ROYAL CHEMIE CORPORATION Ltd of Mauritius and
P.T. KEDUNG SARI PRATAMA of Indonesia.
The Company’s article of association has been amended for several times.
In April 2004, the authorized capital was raised to US$ 409,400,000 of which
US$ 102,250,000 was issued and fully paid up. The shareholders of the company
are still ROYAL CHEMIE CORPORATION Ltd of Mauritius (99,999%) and P.T. KEDUNG
SARI PRATAMA (0,001%). Notary deed of
the company was made by Veronica Nataadmadja, SH., a public notary in Jakarta
and it was approved by the Minister of Laws and Human Rights of the Republic of
Indonesia under No. C-15034.HT.01.04.TH.2004, dated 16 June 2004.
On
March 2008 the authorized capital of the company was converted to IDR, to become
Rp. 3,472,940,200,000.- of which Rp. 868,235,050,000.- was issued and fully
paid up. The shareholders of the company are not change. The amendment deed of
the company has obtained registration number from the Department of Laws and
Human Rights under No. AHU-12073.AH.01.02.Tahun 2008, dated 11 March 2008. The most recently by
notarial Deed No. 64 dated 30 March 2012 was made by Notary Fathiah Helmi, SH.,
structure director and commissioner of the company were changed. The amendment to Deed has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-17263.AH.01.02.Tahun 2012 dated 3 April 2012
and No. AHU-AH.01.10-13037 dated 17 April 2012.
Since then, no changes have been effected in term of its shareholding
composition and capital structure to date.
P.T. RCI obtained a
Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) in December 2003 to deal with business and management
consulting services. Initially, total investment being invested by P.T. RCI
amounted to US$ 100 thousand but in April 2001 the investment was raised to US$
102.35 million entirely coming from ROYAL CHEMIE Corporation Ltd, a foreign
company based in Mauritius, tax-free country. Companies in Mauritius generally
have no obligation to register the owner of the company but use lawyers as
proxies and law office as registration office.
Besides, P.T. RCI is
also active in investment holding by controlling 99.20% shares of P.T. ETERNAL
BUANA CHEMICAL INDUSTRIES (EBCI) and the rest is owned by P.T. BUANA MAKMUR
ANDALAN (0.80%). P.T. EBCI started with
operation in 1979 in trading and the distribution of specialty chemical and
resins particularly for textile, leather, paint and plastic industries. P.T. RCI also controlling 95.50% shares of
P.T. ETERINDO NUSA GRAHA (ENG) and the rest is owned by P.T. EBCI (4.50%). P.T. ENG is dealing with industrial chemical
processing and manages a plant in Gresik, East Java, operating since October
1997 with an investment of Rp 126.0 billion.
P.T. ENG produces Dioctyl phthalates (DOP), Resin and Bio-diesel.
Until this time P.T. RCI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore,
the company has no obligation to publish financial statement publicly. We have
checked to Department of Trade and Industry and found that no financial
statement has been reported. P.T. RCI’s management is very reclusive to
outsider and rejecting to disclose its financial condition. We observed that total income/revenues of the
company in 2012 amounted to Rp. 260.0 billion increased to Rp. 305.0 billion in
2013 and rose again to Rp. 460.0 billion in 2014. The operation in 2014 yielded an estimated
net profit at least Rp. 55.0 billion and the company has an estimated total net
worth at Rp. 860.0 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2015.
We observed that P.T. RCI is supported by
financially strong business family behind it.
So far, we did not hear 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. RCI is led by Mr.
Choi Choon Ha (64) as president director and CEO of the company. He is also as president director of P.T.
ETERNAL BUANA CHEMICAL INDUSTRIES, a subsidiary of P.T. RCI. In daily his operation, he is assisted by
three directors namely Mr. Yudianto Kosman (56), Mr. Ubbo Wilhelm Von Oehsen
(66) and Mr. Bambang Heru Purwanto (59). The management is very creative and
dynamic, having maintained a wide business relation with private businessmen at
home and abroad and with the government sectors as well. We observed that management’s
reputation in said business is fairly good. So far, we did not hear that the
company’s management involved in a dirty business practice or detrimental cases
that settled in the country. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia.
P.T. ROYAL CHEMIE INDONESIA is 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.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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 |
|
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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 |
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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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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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.