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Report No. : |
335584 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
INDOKEMIKA JAYATAMA |
|
|
|
|
Formerly Known As : |
P.T. INDOJAYA ANEKAKEMIKA |
|
|
|
|
Registered Office : |
Wisma Unggul Indah Cahaya (UIC), 3rd Floor Jl. Jend.
Gatot Subroto Kav. 6-7 Jakarta 12930 |
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|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.10.1987 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-44250 |
|
|
|
|
Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Import and Distribution of Industrial Chemicals. |
|
|
|
|
No. of Employee : |
328
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 |
|
Status : |
Satisfactory |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
P.T. INDOKEMIKA JAYATAMA
Head
Office
Wisma Unggul Indah Cahaya (UIC), 3rd Floor
Jl. Jend. Gatot Subroto Kav. 6-7
Jakarta 12930
Indonesia
Phones -
(62-21) 522 2172, 525 5674
Fax - (62-21) 520 1617
Email - ronny@indokemika.co.id
Website - http://www.indokemika-group.com
Building Area - 22 storey
Office Space - 650 sq. meters
Region - Commercial
Status - Rent
Branches
a. Rich
Palace
Jl. Mayjen Sungkono No. 149-151 Blcok C-10
Surabaya 60225, East Java
Indonesia
Phones -
(62-31) 5651350, 5568910
Fax
- (62-31) 5651351
b. Kawasan
Industri Candi
Jl. Gatot Subroto
11 C No. 5A
Semarang
50147, Central Java
Indonesia
Phones - (62-24) 7627369, 7627371
Fax - (62-24) 7627370
c. Jl. Raya Padalarang Km. 2
Bandung 40553, West
Java
Indonesia
Phones -
(62-22) 6808537, 6808538
Fax
- (62-22) 6808381
d. Jl.
Kayu Putih No. 999
Medan 20241, North Sumatra
Indonesia
Phones -
(62-61) 6857801, 6857928
Fax -
(62-61) 657833
e. Jl. Pasindangan (d/h J. Tangkil) No. 22/11
Cirebon 45151, West
Java
Indonesia
Phones -
(62-231) 243 287
Fax -
(62-231) 221 089
f. Komp. Ruko Solo Baru
Jl. Raya
Solo Baru Blok C No. 4
Solo 57552, Central Java
Indonesia
Phones - (62-271) 623 303
Fax -
(62-271) 623 303
g. Jl. Pantai Lepang
Dusun Lepang –
Desa Takmung
Kec.
Banjarankan, Kab. Klungkung
Bali 80752 - Indonesia
Phones -
(62-271) 343 8488
Fax
- (62-271) 343 8489
h. Jl. Kima Raya No. 2
Kompleks Kima Square Warehouse Unit No. 16
Makassar 90241, South Sulawesi
Indonesia
Phones -
(62-411) 472 3150, 570 1881
Fax
- (62-411) 472 3237
i. No. 11 South Binjiang Road
Taicang Port
Development Zone
Jiangsu
Province
China, PO Box 215433
Phones -
(+86-512) 3301 9010
Fax
- (+86-512) 5359 9019
j.
Unit
1001 (Penthouse), Level 10, Block A, No. 17
Jalan SS7/26,
Kelana Square 47301 Kelana Jaya
Selangor Darul Ehsan
Malaysia
Phones -
(+603) 7805 7288
Fax
- (+603) 7805 7289
26
October 1987 as P.T. PANADIA INDAH DIRGANTARA, changed its name to P.T.
INDOJAYA ANEKAKEMIKA on December 1988 and changed its again to P.T. INDOKEMIKA
JAYATAMA on September 16, 1992
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
C2-2218.HT.01.04.TH.99
Dated 01 February 1999
b. No. AHU-17062.AH.01.02.Tahun 2011
Dated 05 April 2011
c. No. AHU-AH.01.10-44250
Dated 25 October 2013
National
Private Company
The Department of Finance
NPWP
No. 01.328.570.5-007.000
a.
P.T. INTI IDOLA SEJATI (Investment Holding)
b.
P.T. TARUNA DINAMIKA CITRINDO (Investment Holding)
c.
P.T. PERKA CIPTA TERANG (Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
2,100,000,000.-
Issued
Capital -
Rp. 2,100,000,000.-
Paid
up Capital -
Rp. 2,100,000,000.-
Shareholders/Owners
:
a. P.T. INTI IDOLA SEJATI - Rp. 1,768,200,000.-
(84.2%)
Address : Jl. Jend. Gatot Subroto Kav. 6-7
Setiabudi, South Jakarta
Indonesia
b. P.T. TARUNA DINAMIKA CITRINDO -
Rp. 226,800,000.- (10.8%)
Address :
Jl. Kwini No. 1
Senen, Central Jakarta
Indonesia
c. P.T. PERKASA CIPTA TERANG -
Rp. 105,000,000.- (
5.0%)
Address : Jl. Jend. Gatot Subroto Kav. 6-7
Setiabudi, South Jakarta
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Trading,
Import and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
Owned
Capital -
Rp. 40.0 billion
Started
Operation :
January
1989
Brand
Name :
Indokemika
Jayatama
Technical
Assistance :
None
Number
of Employee :
328
persons
Marketing
Area :
a. Local - 80%
b. Export - 20%
Main
Customer :
a.
Ink and Coating Industries
b.
Cosmetic Industries
c.
Food and Beverage Industries
d.
Pharmaceutical Industries
e.
Plastic Industries
f. Crumb Rubber Industries
g.
Textile Industries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Dow Chemical Indonesia
b. PT. Cipta Prima Chemindo
c. PT. Makmur Jaya Kharisma
d. PT. Galic Bina Mada
e. PT. Mulya Adhy Paramita
f. PT.
Tritunggal Arthamakmur
g. PT. Pintu Mas Mulia Kimia
h. PT. Fadjar Kimia Pratama Prima
i. PT. Lautan Luas
Tbk
j. Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Bankers:
a. P.T.
Bank CENTRAL ASIA Tbk
Menara
BCA
Jl. M.H. Thamrin No. 1
Jakarta Pusat
b. The
Hongkong & Shanghai Banking Corporation Ltd
World
Trade Center
Jl. Jend. Sudirman Kav. 29-31
Jakarta Selatan
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2011
– Rp. 2,860.0 billion
2012
– Rp. 3,102.0 billion
2013
– Rp. 3,360.0 billion
2014
– Rp. 3,640.0 billion
Net
Profit (estimated) :
2011
– Rp. 136.0 billion
2012
– Rp. 158.0 billion
2013
– Rp. 172.0 billion
2014
– Rp. 186.0 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Strong
and sound
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Andi Solaiman
Directors -
a. Mr. Suyatim Abdurachman Habibie
b. Mr. Paulus Iwan Setiawan
c. Mr. Kho Cing Siong
Board of Commissioners :
Commissioner - Mr. Andi Hartandi
Signatories :
President
Director (Mr. Andi Solaiman) or one of the Directors (Mr. Suyatim Abdurachman
Habibie, Mr. Setiaki Witjaksono, Mr. Paulus Iwan Setiawn) which must be
approved by Board of Commissioners (Mr. Andi Hartandi and Mr. Lioe Seng Tjin)
CAPABILITIES
|
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
OVERALL
PERFORMANCE
|
Originally named P.T PANADIA INDAH DIRGANTARA, the
company was established in October 1987 with an authorized capital of Rp
300,000,000.- of which Rp 100,000,000.- was issued and paid up. The company was
founded by Mr. Indarto Adikoesoemo, Mr. Soeripjo Adiokoesoemo, Mr. Kristianto
Adikoesoemo and Mrs. Yafen Yuliana as the original shareholders. They are an
Indonesian business family of Chinese extraction. The company's notarial act
was since revised a couple of times. In December 1988, the company's entire
shares were taken over by P.T. INDOJAYA ANEKAKEMIKA, and in September 1992 the
company's name was changed to P.T. INDOKEMIKA JAYATAMA. In October 2004, the authorized capital was
raised to Rp 2,100,000,000.- and the wholly was issued and paid-up. Since the time, the shareholders of the
company are P.T. SALIM CHEMICAL CORPORA (89.2%) and P.T. CAKRASAKTI MANDIRI
(10.8%).
On March 2011, P.T. SALIM CHEMICAL CORPORA and P.T.
CAKRASAKTI MANDIRI pulled out and the whole shares are sold to P.T. INTI IDOLA
SEJATI (84.2%), P.T. TARUNA DINAMIKA CITRINDO (10.8%) and P.T. PERKASA CIPTA
TERANG (5.0%), the third are private companies. The amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decision Letter No.
AHU-17062.AH.01.02.Tahun 2011 dated April 5, 2011.
The most recently by Notarial Deed No. 29
dated September 12, 2013 of Agnes Angelika, SH., concerning the change in
composition of the Company’s board of Commissioners and Directors. This amendment to Deed has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-44250 dated October 25, 2013. Since then, no changes have been effected in
term of its shareholding composition and capital structure to date.
P.T. INDOKEMIKA JAYATAMA or better known as trading style
“INDOKEMIKA” has been in operation since January 1989 in general trading, as an
importer and distributor of chemicals. P.T. INDOKEMIKA is selling various
chemicals materials, including coating & ink chemicals, cosmetic &
personal care chemicals, food ingredients, industrial chemicals, oleo &
performance chemicals, pharmaceutical ingredients, plastic chemicals, rubber
chemicals, textile chemicals, etc. Mr.
Ronny, a marketing staff of the company explained that P.T. INDOKEMIKA was
appointed as sole agent for the above products imported from several countries
such as Australia (Albright & Wilson), Norway (Borregaard), Malaysia (AIC
Ingredients Sdn Bhd), Belgium (BBCA & GALACTIC Lactic Acid Co, Ltd), Taiwan
(Chi Mei Corporation), Akzo Nobel Personal Care, Angus, Ecogreen Chemical, Indo
Gum Ingredient Solution, Duxiang and also local products such as PT. BASF
INDONESIA (Industrial Chemical), PT. GUMINDO PERKASA (Indo Gum Ingredients),
P.T. HUNTSMAN INDONESIA and others.
All the company's merchandize products are sold to ink
& coating industries, cosmetic industries, food and beverage industries,
pharmaceutical industries, plastic industries, crumb rubber industries, textile
industries, etc. P.T. INDOKEMIKA has also been exporting part of the above
locally produced chemicals to Malaysia, Thailand, the Philippines, Taiwan and
Australia. To support its activities, P.T. INDOKEMIKA has opened branch offices
in Surabaya (East Java), Semarang (Central Java), Bandung (West Java), Medan
(North Sumatra), Cirebon (West Java), Sole (Central Java), Bali, Makassar
(South Sulawesi), Jiangsu (China) and Selangor (Malaysia). We observed that P.T. INDOKEMIKA is the
largest company of its kind in the country of which the operation has been
growing in the last three years.
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 ink
& coating industries, cosmetic industries, food and beverage industries,
pharmaceutical industry, paint, plastic, ink, textile, rubber, printing
industries and others in the above period of times as the consumers.
We notes that during 2014, the Government’s policy to
suppress domestic demand and curb the inflation rate has moderated economic
growth to 5.02% (source: Central Bureau of Statistics). This decrease was
partly due to the slowing exports, especially in commodities and a slowdown in
fixed investment and government spending (Source: ADB), inflation was
approximately 8.4% and the Rupiah exchange rate remained depressed against the
USD and stood at Rp. 12,440 at the end of the year, a depreciation of 13%
during 2014 and now the value of the rupiah (IDR) declined
further to Rp. 13
530 per US dollar.
Market competition is very tough on account of large number of other similar
companies operating in the country. P.T. CPC business position in this case is
not too badly because it has built regular customers and extensive marketing
network all across the country.
Until this time P.T. INDOKEMIKA has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. The management of P.T. INDOKEMIKA 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. 3,102.0
billion increased to Rp. 3,360.0 billion in 2013 rose again to Rp. 3,640.0
billion in 2014 and projected to go on rising by at least 6% in 2015. The
operation in 2014 yielded an estimated net profit of at least Rp. 186.0 billion
and the company has an estimated total net worth of at least Rp. 280.0 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. INDOKEMIKA is led by Mr. Andi
Solaiman (54) a businessman who experienced for more than 23 years in the field
of trading, import and distribution of chemicals. Daily operation he is assisted by three
directors namely Mr. Suyatim Abdurachman Habibie (65), Mr. Paulus Iwan Setiawan
(56) and Mr. Kho Cing Siong (43). Mr.
Suyatim Abdurachman Habibie is a younger brother of Prof. DR. B.J. Habibie
(79), the former of President RI. The management is handled by experienced
staff in this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with 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 business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
P.T. INDOKEMIKA JAYATAMA is sufficiently fairly good for
business transaction. However, in view of the economic condition in the country
is slowdown and unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.98.76 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.