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Report No. : |
335343 |
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Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDRA ERAMULTI LOGAM INDUSTRI |
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Registered Office : |
Jalan Gardu Induk PLN No. 5, Margomulyo,
Tandes Lor, Surabaya, 60187 East Java |
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Country : |
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Date of Incorporation : |
06.01.1988 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Subject is engage in lead and lead
ally |
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No. of Employee : |
365 |
RATING & COMMENTS
|
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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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
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 has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Name of
Company :
P.T. INDRA ERAMULTI
LOGAM INDUSTRI
Address :
Head Office
Jalan Gardu Induk PLN No. 5
Margomulyo, Tandes Lor
Surabaya, 60187
East Java
Indonesia
Phones -
(62-31) 297 7777 (Hunting)
Fax - (62-31) 748 4546
E-mail - comm_support@indoprima-group.co.id
Website - http://www.indoprima-group.com
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Raya
Gununggangsir
Desa
Gununggangsir, Kecamatan Beji
Pasuruan
East Java
Indonesia
Phones -
(62-343) 656 451-52
Fax - (62-343) 656 880
Land Area - 20,985 sq.
meters
Building Space - 13,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
6 January 1988
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-03620 HT.01.04.TH.2006
Dated 9 February 2006
- No.
AHU-50436.AH.01.02.TH.2012
Dated
27 September 2012
- No.
AHU-AH.01.10-39736
Dated
25 September 2013
- No.
AHU-AH.01.10-01428
Dated
13 January 2014
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department
:
The Department of Finance
NPWP No. 01.456.233.4-651.000
The Capital Investment Coordinating Board
- No. 05/35/PMA/2004
Dated 15 June 2004
- No. 136/II/PMA/2005
Dated 23 May 2005
The Department of Industry
No. 75/35/T/INDUSTRI/2004
Dated 18 August 2004
Related Company :
A Member Company of the INDOPRIMA
Group (see attachment)
Capital Structure :
Authorized Capital : Rp.
45,000,000,000.-
Issued Capital : Rp.
32,500,000,000.-
Paid up Capital : Rp.
32,500,000,000.-
Shareholders/Owners :
a. Mr. Rianto Nurhadi -
Rp. 22,188,000,000.-
Address :
Jl. Dr. Sutomo No. 65-67
Surabaya, East Java
Indonesia
b. P.T. INDRA PUTRA MEGA -
Rp. 5,625,000,000.-
Address :
Desa Brambangan
Kelurahan Kebomas, Kecamatan Gresik
Surabaya, East Java, Indonesia
c. P.T. INDONESIA ROYAL RESOURCES -
Rp. 2,500,000,000.-
Address :
Penghe, Bridge Pizhou City
Jiangsu 221300
China
d. Mrs. Indrawati Tjandra -
Rp. 2,187,000,000.-
Address : Jl. Dr. Sutomo No. 65-67
Surabaya, East Java
Indonesia
Lines of Business :
Lead and Lead Ally manufacturing
Production Capacity :
a. Leads - 112,000
tons p.a.
b. Leads
Alloys - 27,200 tons p.a.
c. Red
Leads - 4,600 tons p.a.
d. Pure
Tins - 4,800 tons p.a.
Total Investment :
a. Equity
Capital -
Rp. 38.2 billion
b. Reinvested
Profit - Rp. 2.0 billion
c. Loan
Capital - Rp.
103.8 billion
d. Total
Investment - Rp.
144.0 billion
Started Operation :
1989
Brand Name :
Indra Eramulti Logam Industri
Technical Assistance :
JIANGSU CHUNXING ALLOY GROUP, China
Number of Employee :
365 persons
Marketing Area :
Export -
90%
Local - 10%
Main Customer :
Buyers in Japan, South Korea,
Malaysia, Thailand, Taiwan, China
Market Situation :
Competitive
Main Competitors :
P.T. KARABHA WIRATAMA
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Jend. Basuki Rachmat 98-104
Surabaya, East Java
Indonesia
b. Hongkong and Shanghai Banking Corp. Ltd.
1/F – 3/F Hyatt Graha Bumi
Modern
Jalan Jend. Basuki Rachmat 106-128
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2012 – Rp. 430.0
billion
2013 – Rp. 446.0
billion
2014 – Rp. 458.0
billion
Net Profit
(estimated) :
2012 – Rp. 30.1
billion
2013 – Rp. 32.0
billion
2014 – Rp. 34.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Wiranto Nurhadi
Directors -
a. Mr. Zhao Kaihong
b. Mr. Drs. Moch. Chanafi
Board of Commissioners :
President Commissioner -
Mr. Ir. Achmaad Safiun
Commissioners -
a. Mr. Bambang Hero Sanyoto
b. Mr. Widijono Nurhadi
c. Mr. Yang Chunming
Signatories :
President Director (Mr.
Wiranto Nurhadi) or one of the Directors (Mr. Zhao Kaihong or Mr. Drs. Moch.
Chanafi) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. INDRA ERAMULTI LOGAM INDUSTRI (P.T. IMLI) was
established in January 1988 in Surabaya, East Java with an authorized capital
of Rp. 5,000,000,000 issued capital of Rp. 1,500,000,000 which was entirely
paid up. Founders and shareholders of the company were Mr. Haji Aboejamin
(Retired Armed Forces/TNI-AD) indigenous entrepreneur, Mr. Rianto Nurhadi, Mr.
Ir. Iman Santoso, Dr. Soewondo Basuki and Mr. Ir. Soetrisno Basoeki, wholly are
Indonesian businessmen of Chinese origins. The articles of association has been
changed a couple of times. In November 1988, the authorized capital was
increased to Rp. 7,000,000,000 with an issued capital to Rp. 5,600,000,000
which was paid up. In August 2004, the authorized capital increased to Rp.
25,000,000,000 issued capital to Rp. 12,500,000,000 was paid up. On the same
occasion, Mr. Haji Aboejamin, Mr. Ir. Iman Santoso, Dr. Soewandi Basoeki and
Mr. Ir. Soetrisno Basoeki pulled out and replaced by JIANGSU CHUNXING ALLOY
(Group) Co. Ltd., of the People Republic of China, P.T. INDOPRIMA GEMILANG and
Mrs. Indrawati Tjandra as new shareholders.
Concurrently, the company’s status was changed to Foreign
Investment (PMA) Company facility license. The latest in July 2005, the
authorized capital was raised again to Rp. 45,000,000,000 issued capital to Rp.
32,500,000,000 entirely paid up. Later according to revision of notary
documents Mrs. Margaretha Dyanawati, SH., No. 2039 dated 24 May 2013 P.T.
INDOPRIMA GEMILANG pulled out and replaced by P.T. INDRA PUTRA MEGA as new
shareholder. The latest according to revision of notary deed Mrs. Margaretha
Dyanawati, SH., no. 2055 dated 26 September 2013 JIANGSU CHUNXING ALLY GROUP of
China pulled out and into the company entered by P.T. INDONESIA ROYAL RESOURCES
as new shareholder.
With this time the composition of its shareholders has been
changed to become Mr. Rianto Nurhadi (68.27%), P.T. INDRA PUTRA MEGA (17.31%),
P.T. INDONESIA ROYAL RESOURCES (7.69%) and Mrs. Indrawati Tjandra (6.73%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-01428 dated January 13, 2014.
We see that majority business stakes of the company is
controlled by Mr. Rianto Nurhadi. He also majority business stakes of the
INDOPRIMA or INDOSPRING Group, medium-size business group dealing with
automotive component manufacturing, lead and lead alloy manufacturing, wire
harness manufacturing, leaf spring and coil spring, etc.
P.T. IMLI has obtained a Foreign Investment (PMA) facility
to be engaged in the field of lead and leads alloy manufacturing. The company is the biggest producer of leads
and lead alloys whose plant located in Desa Gununggangsir, Beji, Pasuruan, East
Java on a land of 20,985 sq. meters. P.T. IMLI is a Lead Ingot
manufacturer located in Pasuruan, Indonesia. As a subsidiary of Indoprima
Group, IMLI handles the Non Ferrous business centering in manufacture and trade
of Non Ferrous Metals, Ferro Alloys, and Mining Sectors such as:
§
Pure
Lead and Lead Alloy
§
Copper
Scrap
§
Nickel
Ore
§
Iron
Ore
§
Steam
Coal
§
Ferro
Silicon
§
Electrolytic
Manganese Metal
Imported lead crude bullion and local battery scrap is our main material
on producing Lead ingot. The whole production process is carried out by skilled
and experienced workers combining a technology from United States of America,
Taiwan and China. With modern laboratory equipped with computerized Spectrolab
Systems from Germany, we deliver a vast quality product to their customers. The
plant has been operating since 1989 and has expanding frequently to increasing
production capacity. The plant produce lead of 112,000 tons, leads alloy of
27,200 tons, red leads of 4,600 tons and pure tin of 4,800 tons respectively
per annum. The plant has absorbed an investment of Rp. 144.0 billion, come from
owned capital of Rp. 38.2 billion, reinvested profit of Rp. 2.0 billion and the
rest from loans. P.T. IMLI is selling product of Pure Lead and Lead Alloy
mostly to Japanese battery manufacturer in Indonesia, Malaysia, Thailand,
Taiwan and Vietnam. With experienced group members in international trade and
purchasing of main materials, P.T. IMLI has grown into a reputable supplier of
Lead. The company production capacity of Lead Ingot is more than 5,000 MT per
month.
The company has developed the operation target of excellent combination
of trade and industry, relying on Lead Smelter platform and expanded the
business to the trade of Copper Scrap, Ferro Alloy, Electrolytic Manganese
Metals, and Mining Sector such as Nickel Ore, Steam Coal and Iron Ore. As an
ISO certified company, consistency in quality and customer satisfaction has
been the company main goal. Basic materials such as battery scrap is imported
from Japan, Taiwan, Singapore, Australia, New Zealand, Dubai, Jordan, the
United Kingdom and selenium imported from Taiwan. Besides, some of the basic
material likes tin plate, soda ash dense, nitrate, NaOh, arsenic and others
from local products.
Some 90% of its products are exported to Japan, South Korea, Malaysia,
Thailand, Taiwan and China. Locally, P.T. IELI has also secured customer with
P.T. GS BATTERY in Jakarta and P.T. CONBAT in Surabaya, P.T. INDOBATT INDUSTRI
PERMAI in Surabaya, P.T. GRAMITRAMA BATTERY in Surabaya, P.T. TRI MEGA
BATERINDO in Surabaya, P.T. SELATAN JADI JAYA in Surabaya, all are in wet battery
manufacturers. P.T. IELI is a member company of the INDOPRIMA Group, a
medium-sized business group in Indonesia. We observe that operation of P.T.
IMLI has been growing in the last five years.
Generally we observe that the export demand for lead and lead
alloys has kept on growing around 8% to 10% per annum in the last five years.
Meanwhile, the local market demand for the above products have also continued
increasing in parallel lines with the progress achieved by battery
manufacturers in Indonesia. Market situation is very competitive due to the
fact that there are many companies now engaged in the field of lead
manufacturing in Indonesia. P.T. IMLI in this case is in a good business
position due to the fact that it has secured a wide range of export marketing
network. Besides that, they have also secured a wide range of business
connections with local battery producers. We are convinced that P.T. IMLI will
have ability to further maintain its business in the future.
Until this time P.T. IMLI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of the company is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2012 amounted to Rp. 430.0 billion
increased to Rp. 446.0 billion in 2013 rose to Rp. 458.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The operation in 2014 has
yielded a net profit of at least Rp. 34.0 billion and the company has an
estimated total networth of at least Rp. 129.0 billion. We observe that P.T.
IELI is supported by foreign partner with has financially strong and sound
behind it. 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. IMLI is led by Mr. Wiranto Nurhadi (50) a
professional manager with experience in lead and lead alloy manufacturing. Mr.
Wiranto Nurhadi serves as President Commissioner of P.T. Indospring Tbk. He
graduated from the Universitas Airlangga in Surabaya. He started his career at
P.T. Indoprima Gemilang in the Production Department. 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. INDRA
ERAMULTI LOGAM INDUSTRI is sufficiently fairly good for business transaction.
List of the INDOPRIMA Group
Members
1.
DIRGAPUTRA EKAPRATAMA, P.T. (Trading and Distribution of
Automotive Component Part and Motorcycle Parts)
2.
HANWA ROYAL METAL, P.T. (Metal Recycle Processing)
3.
INDONESIA ROYAL RESOURCES, P.T. (Investment Holding)
4.
INDOPRIMA GEMILANG, P.T. (Automotive Component Manufacturing)
5.
INDOSPRING Tbk (Leaf Spring and Coil Spring Manufacturing)
6.
INDOPRIMA INDUSTRINDO, P.T. (Woodworking Industry)
7.
INDOWIRE PRIMA INDUSTRINDO, P.T. (PVC Tube and Cable
Manufacturing)
8.
INDOPRIMA GEMILANG ENGINEERING, P.T. (Machinery, Brake
Lining, Mould,
Punch & Dies)
9.
INDRA ERAMULTI LOGAM INDUSTRI, P.T. Lead Alloys
Manufacturing)
10. INDOLITHARGE MEGAHTAMA, P.T.
(Litharge Manufacturing)
11. INDOBAJA PRIMA MURNI, P.T.
(Steel Products Manufacturing)
12. JATIM TAMAN STEEL
MANUFACTURING, P.T. (Iron, Steel and Foundry Industry)
13. KONSULINDO MUTU PRIMA, P.T.
(Business Management Services and
Accreditation)
14. MCI PRIMA GASKET, P.T.
(Automotive Component Manufacturing)
15. MK PRIMA INDONESIA, P.T.
(Automotive Component Manufacturing)
16. PROPINDO MEGAHTAMA, P.T. (Sea
Food Restaurant Management)
17. SUMI INDO WIRING SYSTEM,
P.T. (Wire Harness, Electric Cable and Related Parts
Manufacturing)
18. VALQUA INDONESIA, P.T.
Automotive Component Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
ASH |
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.