MIRA INFORM REPORT
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Report No. : |
352717 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CHEIL JEDANG INDONESIA |
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|
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Registered Office : |
Menara Jamsostek, 21st Floor, Jalan Jend. Gatot Subroto Kav. 38, Jakarta Selatan, 12710 |
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Country : |
Indonesia
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.10.1996 |
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Com. Reg. No.: |
AHU-AH.01.10-50940 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· MSG, Lysine and
L-Threonine and Nucleid Acid Manufacturing · Investment Holding |
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No. of Employees : |
1,176 |
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 |
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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 |
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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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
CHEIL JEDANG INDONESIA
A
d d r e s s :
Head
Office
Menara
Jamsostek, 21st Floor
Jalan Jend. Gatot Subroto Kav. 38
Jakarta Selatan, 12710
Indonesia
Phones -
(62-21) 5299 5000 (Hunting), 2525858
Fax - (62-21) 5299 5191-4
Building Area - 28 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Factory
1
Jalan Raya Brantas Km. 3.5
Desa Jati Gedong, Kecamatan Ploso
Kabupaten
Jombang 61453
East
Java
Indonesia
Phones -
(62-321) 887700 (Hunting)
Fax - (62-321) 887711
Land Area - 320,000 sq.
meters
Building Area - 220,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory
II
Desa Arjosari, Kecamatan Rejoso
Pasuruan 67101
East Java
Indonesia
Phones -
(62-343) 482333 (Hunting), 401333
Fax - (62-343) 482768, 482788
Land Area - 310,600 sq.
meters
Building Area - 180,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
28
October 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C-230871.HT.01.04.TH.2004
Dated
22 December 2004
- No. AHU-54920.AH.01.02.TH.2008
Dated
25 August 2008
- No. AHU-AH.01.10-03817
Dated
16 April 2009
- No. AHU-29907.AH.01.02.TH.2011
Dated 15 June 2011
- No. AHU-43620.AH.01.02.TH.2011
Dated 26 August 2011
- No. AHU-AH.01.10-25528
Dated 13 July 2012
- No. AHU-AH.01.10-50940
Dated 27 November 2013
Company Status :
Foreign Investment
(PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.071.816.1-057.000
b. The Capital Investment Coordinating Board
-
No. 739/I/PMA/1996
Dated 2 October 1996
- No. 463/III/PMA/1999
Dated 26 April 1999
- No. 172/II/PMA/2000
Dated 26 July 2000
- No. 1211/III/PMA/2004
Dated 6 December 2004
- No. 120/II/PMA/2005
Dated 11 May 2005
- No. 65/II/PMA/2006
Dated 9 March 2006
Related Companies :
a. P.T. AGROBIS PANCA EKATAMA (Day Old Chicks
Farming)
b. P.T. CHEIL JEDANG SUPERFEED (Animal Feed
Milling)
c. P.T. CJ FEED JOMBANG (Animal Feed Milling)
d. P.T. SUPER UNGGAS JAYA (Poultry)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - US$ 107,911,000.-
Issued Capital - US$ 107,911,000.-
Paid up Capital - US$ 107,911,000.-
Shareholders/Owners
:
a. CJ CHEIL JEDANG CORP., of Korea - US$ 107,910,000.- (99,999%)
Address :
12 Floor, CJ Building 500,
5-GA, Namdaemoon-Ro, Ciang-Ku
South Korea
b. CJ CHINA LTD., of China - US$ 1,000.- (
0.001%)
Address :
Suite 1 R/F New Henry House
10 Ice House Street
China
BUSINESS
ACTIVITIES
|
Lines
of Business :
a.
MSG, Lysine and L-Threonine and Nucleid Acid Manufacturing
b.
Investment Holding
Production
Capacity :
a.
MSG/GA - 20,000 tons p.a.
b.
L-lysine HCL -
140,000 tons p.a.
c.
Liquid Organic Fertilizers -
594,090 tons p.a.
d.
Solid Organic Fertilizers -
279,000 tons p.a.
e.
Cell Protein - 30,000 tons p.a.
f.
Gypsums - 8,600 tons p.a.
g.
Humus - 4,000 tons p.a.
h.
L-Threonine - 40,000 tons p.a.
i.
Food Seasoning - 1,500 tons p.a.
j.
Guanosine Monophosphate - 2,500 tons p.a.
k.
Inosine Monophospate - 2,500 tons p.a.
l.
Dextrose (SOD) -
890,000 tons p.a.
m.
Glutamine Acids - 500 tons p.a.
Total
Investment :
a.
Equity Capital -
US$ 107.9 million
b.
Loan Capital -
US$ 298.5 million
c.
Total Investment -
US$ 406.4 million
Started
Operation :
May
1998
Brand
Name :
Cheil
Jedang Indonesia (CJI)
Technical Assistance
:
CHEIL JEDANG
CORPORATION of South Korea
Number of Employee :
1,176 persons
Marketing Area :
Export - 90%
Local -
10%
Main Customers :
Buyers in Asia
Pacific, Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AJINOMOTO
INDONESIA
b. P.T. AJINEX INDONESIA
c. P.T. MIWON INDONESIA
d. P.T. SASA INTERNATIONAL
e. Etc.
Business Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a.
P.T. Bank WOORI SAUDARA INDONESIA
Jalan Jenderal
Sudirman Kav. 52-53
Jakarta
Selatan
Indonesia
b.
P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya
Darmo No. 59
Surabaya,
East Java
Indonesia
c. P.T. Bank KEB INDONESIA
Jalan Jend.
Sudirman No. 28
Jakarta Pusat
Indonesia
Auditor
:
Tanudiredja,
Wibisana & Rekan (a member of PWC)
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales :
2012
– US$ 891.2 million
2013
– US$ 808.1 million
2014
– US$ 850.0 million (estimated)
Net
Profit (Loss) :
2012
– US$ 85.9 million
2013
– (US$ 6.8 million)
2014
– US$ 25.0 million (Estimated)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Son Young
Vice President Directors - Mr. Lim Seung Ho
Directors -
a. Mr. Kim Hansu
b. Mr. Kim Wonyoung
c. Mr. Kim Bong Joo
d. Mr. Kim Hak Yun
e. Mr. Shin Hee Sung
f. Mr.
Agus Sutijono
Board of Commissioners :
President Commissioner - Mr. Kim Chul Ha
Commissioners - a. Mr. Lee Jay Hyun
b. Mrs. Man Jo Kim
c. Mr. Admiral (Retired) Bernard Kent Sondakh
Signatories :
President
Director (Mr. Son Young) or Vice President Directors (Mr. Lim Seung Ho) or one
of the Directors (Mr. Kim Hansu, Mr. Kim Wonyoung, Mr. Kim Bong Joo, Mr. Kim
Hak Yun, Mr. Shin Hee Sung or Mr. Agus Sutjijono) which must be approved by
Board of Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T. CHEIL JEDANG INDONESIA (P.T. CJI) was established in
Surabaya, East Java on 28 October 1996 with the authorized capital of US$ 15,000,000
entirely issued and paid up. The founding shareholders are CHEIL JEDANG
CORPORATION (90%) of South Korea and P.T. CHEIL SAMSUNG INDONESIA (10%). The
articles of association of the company have frequently been revised. In
December 2004, its holding company P.T. CHEIL SAMSUNG INDONESIA was merged into
P.T. CHEIL JEDANG INDONESIA (Survival Company) and concurrently the authorized
capital of the company was raised to US$ 102,225,000 wholly issued and paid up.
Since the merging of P.T. CHEIL SAMSUNG INDONESIA into P.T. CJI, whole
properties, assets, liabilities, employees and businesses of P.T. CHEIL SAMSUNG
INDONESIA ware taken over by P.T. CHEIL JEDANG INDONESIA and since that time
P.T. CHEIL SAMSUNG INDONESIA was dispersed by law without prior liquidation. At
the same time, whole shares of the company were controlled by CHEIL JEDANG
CORPORATION of South Korea (99.99%) and CHEIL JEDANG CHINA LIMITED of China
(0.01%).
Later in May 2011, the authorized capital was raised
again to US$ 107,911,000 entirely issued and paid up. With this development the
composition of its shareholders has been changed to become CJ CHEIL JEDANG
CORPORATION of South Korea (99.999%) and CJ CHINA LIMITED of China (0.001%).
Then according to the latest revision of notarial deed of Mr. I Gede Buda
Gunamanta, SH., no. 60 dated 15 November 2013 the company board of directors
and the board of commissioners had been changed. The amendment to Articles of
Association has been approved by the Minister of Law and Human Rights through
Decision Letter No. AHU-AH.01.10-50940 dated November 27, 2013.
P.T. CJI obtained a Foreign Capital Investment (PMA)
facility issued by the Capital Investment Coordinating Board (BKPM) to deal
with food seasoning and animal feed processing. P.T. CJI the first CJ Group`s
investment in Indonesia has demonstrated itself as one of the biggest producer
of Lysine, MSG and L-Threonine in the world. Located in Pasuruan, East Java,
the area`s abundant natural resources and good infrastructure add to the
growing success of P.T. CJI, with four times lysine production capacity
expansion ended in 1995 and 1998. Located in Jombang of East Jawa region,
P.T.CJI is the second largest manufacturer of nucleic acid in the world.
Nucleic acids have put Cheil Jedang on the globe, and its manufacturing
technology has been further refined and developed in PT.CJI. The plant is
equipped with the most modern and sophisticated facilities and hopes to add
amino acid, a promising product for the future, to its product portfolio.
Thus, in the near future, it will become CJ Indonesia’s
second amino acids complex, following P.T.CJI in Pasuruan. Currently, P.T.CJI
manages a massive manufacturing complex, armed with latest technology practices
and the most skillful resources. Its plant is located at Jalan Raya Brantas Km.
3.5, Jati Gedong Village, Ploso, Jombang on a land of 32.0 hectares. According
to its license, the plant has annual production capacity of 1,500 tons of food
seasoning, 2,500 tons of guanosine and 1,000 tons of inosine monophospats. The
plant has been in operation since July 1998 with an investment of US$ 75.4
million coming from own capital of US$ 15.0 million and the rest from loans.
Mr. Heri, a staff of the company said that the company just produces food
seasoning such as IMP, GMP and I & G.
In December 2004, since the merging of P.T. CHEIL SAMSUNG
INDONESIA into P.T. CJI, the company operates a plant of P.T. CHEIL SAMSUNG
INDONESIA located in Arjosari Village, Rejoso, Pasuruan, West Java on a land of
31.6 hectares. The plant has been in commercial operations in 1990 and expanded
for a couple of times to increasing production capacity. The plant produces of
20,000 tons of monosodium glutamate (MSG)/glutamate acid (GA), 140,000 tons of
L-Lysine HCL, 10,000 tons of L-Threonine, 594,000 tons of Liquid Organic
Fertilizer, 279,650 tons of Solid Organic Fertilizer, 240,000 tons of chicken
feed mill, 30,000 tons of cell protein, 8,600 ton of gypsum and 4,000 ton of
humus. The main products are Lysine, MSG/GA and chicken feed. The company's
product in the form of Lysine uses the L-Lysine HCL brand, its MSG uses the
MIPUNG brand for the local market and MIPOONG for the export market, while its
chicken feed uses the SUPERFEED brand. Some 90% of the company products is
exported to Asia, Europe and the USA using JCITIDE brand and the remaining 10%
being marketed in the country. Meanwhile, chicken feed, liquid and solid
organic fertilizer are entirely marketed in the country.
P.T. CJI products:
ü L-Lysine
The principal component of all living organism
is protein, which mainly composed of some 20 different amino acid. Some of
these amino acids ( non essential amino acids ) are biologically produce by the
body, and other called as essential amino acid, must to be constantly
supplemented from outside.
Lysine is one of the essential amino
acid needed in a comparatively large amount by living organism. It is an
ingredient needed for maximum animal growth, for it is the first limiting amino
acid in swine feed and second limiting amino acid in poultry feed. Most foods
are short of lysine, and should be supplemented for the protein to be balanced
and efficient. In most animal feed in the market, approximately 75% - 86% of
lysine is generally considered available to the animals. Recent research has
shown, however that CJ Lysine successfully performs 100% availability among all
monograstic animals.
ü L-Threonine
Similiar to Lysine, L-Threonine is
important amino acid in the process of protein synthesis of livestock. If
Lysine is usually added into poultry feed, however, L-Threonine is needed in
swine dietary supply. Swine farm add L-Threonine in feeds to boost nutrition
and therefore quality of the swine. L-Threonine not only increase biological
value of the feed protein, but it also decreases nitrogen excretion and reduces
environmental pollution.
ü MSG
MSG, also known as Monosodium
Glutamate, is a flavour enhancer in most food products all over the world. It
is a from glutamate, a group of bio chemical used by the human body impulse
transmitter. Made from natural ingredients, such as tapioca starch, sugar
beets, sugar cane or molassses, MSG is the result of careful and meticulous
fermentation process, developed by CJ Group long standing manufacturing
knowledge.
ü Nucleotide
Nucleotides, which are abundant in
nature, have been known as flavor enhancers since the early centry. For many
years, monosodium glutamate (MSG) has been the principal flavor enhancer used
in soup, sauce and variety of foods, However, nucleotides have increasingly
been replacing MSG since they were commercially introduces in 1960. Because of
its higher flavor potency. They are producing three kinds of nucleotides:
Disodium inosine 5"-monophosphat (IMP), Disodium guanosine
5"-monophosphate (GMP) and IMP &GMP (50:50) which we call I&G.
Cheil Jedang Group has been successfully commercializing nucleotide product
since 1977 with its own manufacturing technology. In 1998 CJ Indonesia established
its second amino acid complex in Indonesia, based on the accumulated
technology. The complex is currently active in manufacturing nucleotides high
purity level. Today, their nucleotide products are used all over the world by
major foods manufactures and our larges sales network reflects the high level
of customer satisfaction.
According
information from the company that 10% of the products marketed locally to
various food processing industries and food seasoning industries among others
are:
§ P.T. HEINZ ABC
INDONESIA
§ P.T. INDOFOOD SUKSES
MAKMUR Tbk
§ P.T. INDOFOOD CBP SUKSES
MAKMUR Tbk
§ P.T. P.T. KARUNIA
ALAM SEGAR (WINGS FOOD)
§ P.T. SIANTAR TOP Tbk
§ P.T. UNILEVER
INDONESIA Tbk
§ Etc.
Besides,
most of the raw materials like sugar imported from Thailand and the rest from
locals. Meanwhile molasses is obtained from State Plantation such as:
§ P.T. PERKEBUNAN
NUSANTARA IX
§ P.T. PERKEBUNAN
NUSANTARA X
§ P.T. PERKEBUNAN
NUSANTARA XI
§ P.T. RAJAWALI
NUSANTARA INDONESIA (RNI Group)
P.T. CJI is also engaged in vestment holding by
controlling 99.99% shares of CJ Do Brasil Industria Commercio de Produtos
Alimenticios (Brazil) dealing with production and sale of foodstufts and other
chemical products; 100% shares of CJ International Asia Pte., Ltd., (Singapore)
dealing with trading; 1% shares of P.T. AGROBIS PANCA EKATAMA dealing with Day Old
Chicken farming; 1% shares of P.T. CJ FEED JOMBANG dealing with animal feed
milling; 1% shares of P.T. CHEIL JEDANG SUPERFED dealing with animal feed
milling and 1% shares of P.T. SUPER UNGGAS JAYA dealing with poultry. P.T. CJI
is the second largest producer of MSG in the country. We observe that P.T. CJI
classified as a large sized company of its kind in the country of which the
operation has been fluctuating in the last three years.
MSG (monosodium
glutamate) or commonly known as MSG is a flavor enhancer in foods that have
been used extensively to provide good taste in food. D Indonesia, MSG is
generally produced from the molasses (molasses). MSG development is inseparable
from the various controversies. According to the US-FDA, MSG has a risk to human
health as it can penetrate the placenta during pregnancy, penetrate between
blood and brain tissue, and infiltrate the five circum ventricular organs. In
1995, FASEB (Federation of American Societies for Experimental Biology) proves
that foods containing more than 5 grams of MSG can trigger asthma. However,
many food scientists agree that MSG itself is not harmful to health. Even
widely, it plays an important role of MSG in the food industry as a flavor
enhancer. MSG is added to a product or a particular dish will produce tastes
better. MSG in the domestic market had declined in the early 2000's, as a
result of the rise of the proclamation of the negative impacts of consuming
MSG.
Ajinomoto, the world’s largest MSG producer, operates
wholly and partly owned plants in Japan, Brazil, Peru, the United States,
France, China, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
Ajinomoto accounts for approximately one-fourth of the world capacity for MSG.
MSG capacity is largely concentrated in Asia, where feed stocks and labor are
abundant and inexpensive and where demand is highest. Asian production
accounted for approximately 91% of world MSG production in 2009. In addition to
China, Indonesia, Taiwan and Thailand are other major producing countries in Asia.
Asian consumption is also the largest, accounting for
approximately 89% of MSG world consumption in 2009. MSG consumption in Asia,
excluding Japan, is expected to continue to increase during 2009–2014. Chinese
MSG capacity has increased rapidly in recent years. Overcapacity is expected.
Ingenuity towards
innovating firms MSG derivative products that seem more soft, like seasoning
broth, seasoned flour, instant seasoning, and so quite instrumental in reviving
the MSG industry in the country. Moreover, demand for MSG products in the
domestic market has also increased in the last six years, so the MSG market
creeping up again. Besides HORECA and street vendors, industrial users of MSG
as a modern industrial snacks, instant noodle, crackers, ketchup, frozen food,
canned food (especially vegetables, canned fish and meat), and so on also play
an important role in encouraging domestic demand MSG increasing . MSG export
market is also not less interesting, as the number of overseas industrial MSG
closed. MSG Indonesian export volume reached a peak in 2002 and is now
beginning to catch up and approach the golden age. Competition is very
tight in the MSG business on account of the many brands of this commodity being
available in the domestic market, including Ajinomoto, Sasa, Miwon, Mikimoto,
Indomoto, Intimoto and others.
The demand for animal feed, fish meal, fish oil and
feather meals had been rising by 8% to 10% per year in the last five years, in line
with the growth of animal feed industry in the country. We observed that the
national poultry industry in 2007 is having a difficult time as production cost
has been increasing due to the high prices of the basic materials for animal
feed triggered by bad weather conditions and the world crude oil price
hike. Beside that the competition is
very tight due to a large number of similar companies operating in the country.
The feed production in Indonesia in 2011 amounted at 11.3 million tons
increased to 12.7 million tons in 2012. Increasing demand for meat and eggs has
seen driving domestic feed production. The business position of P.T. CJI is
appraised to be favorable for having established wide marketing networks within
and outside the country. This has encouraged expansion and entry of new players
to feed industry. It’s projected the demand for fish meal, fish oil and feather
meals will be rising in the future at least 6% per annum.
DOC (Day Old Chicken), Meat and Eggs production, 2012 –
2015*
|
Products |
2012 |
2013 |
2014 |
2015* |
|
DOC (Million Birds) |
1.800.000 |
2.200.000 |
2.500.000 |
3.000.000 |
|
Meat (Million Metric
Tons) |
2.691 |
2.852 |
3.023 |
3.210 |
|
Eggs (Million Metric
Tons) |
1.541 |
1.634 |
1.737 |
2.046 |
According
to the financial statement of the company being audited by Tanudiredja,
Wibisana & Rekan, a Public Accountant, that sales turnover of the company
in 2012 amounted to US$ 891.2 million with a net profit of US$ 85.9 million
decreased to US$ 808.1 million with a net loss of US$ 6.8 million in 2013. It
is estimated the total sales turnover in 2014 amounted at US$ 850.0 million
with a net profit of at least US$ 25.0 million and projected to go on rising by
at least 6% in 2015. We note that P.T. CJI is supported by a financially strong
and healthy foreign partner. So far, we have never heard of the company having
been black listed by the Central Bank (Central Bank) and registered in the
court for detrimental cases. The company usually pays its debts punctually to suppliers.
(In US Dollars)
|
Descriptions |
As per 31 December |
|
|
2013 |
2012 |
|
|
A.
ASSETS |
|
|
|
a.
Current Assets |
461.688.138 |
489.439.440 |
|
b. Non
Current Assets |
1.061.722.202 |
822.187.912 |
|
c.
Other Assets |
11.459.780 |
11.972.402 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
1.523.410.340 |
1.311.627.352 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a.
Current Liabilities |
414.309.415 |
432.152.537 |
|
b. Non
Current Liabilities |
566.546.976 |
321.736.126 |
|
c. Stockholder’s
Equity : - Paid Up Capital - Additional Paid in Capital - Retained Earnings Total Stock
holder’s Equity |
107.911.000 8.199.965 248.013.018 542.553.949 |
107.911.000 8.199.965 250.735.005 557.738.689 |
|
C. INCOME STATEMENT |
|
|
|
a.
Sales Net |
808.120.245 |
891.162.064 |
|
b.
Gross Profit |
147.215.458 |
227.373.542 |
|
c. Net Profit
(Loss) |
(6.841.346) |
85.890.729 |
Notes: Ended 31
December 2012 and 2013 Audited by KAP Tanudiredja, Wibisana and Rekan (PWC)
The management of P.T. CJI is headed by Mr. Son Young
(51) a professional manager of South Korea with experienced in MSG, Lysine and
L-Threonine and Nucleid Acid /food seasoning processing and animal feed
milling. The management is having wide relation with home and overseas private
businessmen as well as with government sectors. So far, we did not hear that
the company’s management involved in a business malpractice 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.
We have investigated to the district court and the high
court in Indonesia, but there is no file contained civil or criminal cases
involved the company management. Their litigation record is clean and they have
never involved in civil or criminal cases or politics in the country. Both are
not in bankruptcy condition as their business is running well. They have
extensive relations in national and foreign private business circles and with government
authorities as well. We are convinced P.T. CHEIL JEDANG INDONESIA is considered
to be good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
IDR |
1 |
Rs. 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.