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Report No. : |
355933 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. HUBER INKS INDONESIA |
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Registered Office : |
Jl. Gatot Subroto Km. 7,8 No. 88, Kelurahan Jatake,
Kec. Jati Uwung, Kota Tangerang, Banten |
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Country : |
Indonesia
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Date of Incorporation : |
03.08.2009 |
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Com. Reg. No.: |
AHU-AH.01.10-02663 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Offset Printing Ink Manufacturing |
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No. of Employees : |
495 |
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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Payment Behaviour : |
Slow but correct |
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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 |
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Risk Category |
ECGC
Classification |
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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.
HUBER INKS INDONESIA
A d d r e s s :
Head
Office & Factory
Jl. Gatot Subroto Km. 7,8 No. 88
Kelurahan Jatake, Kec. Jati Uwung
Kota Tangerang, Banten
Indonesia
Phones - (62-21) 5931 3306
(hunting)
Fax. - (62-21) 5931 3312
Land Area - 22,500 sq. meters
Building Area - 14,600 sq.
meters
Region - Industrial
Zone
Status - Rent
Warehouse
Kawasan Industri & Pergudangan bandara Mas Blok
A-6/28
Jl. Marsekal Suryadarma, Selapajang Jaya
Neglasari, Tangerang 15127
Kota Tangerang, Banten
Indonesia
Phones - (62-21) 550 6875 (hunting)
Fax. - (62-21) 550 7072
Date of
Incorporation :
03 August 2009
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-39847.AH.01.01.Tahun 2009
Dated 14 August
2009
b. No. AHU-49657.AH.01.02.Tahun 2012
Dated 21 September 2012
c. No. AHU-AH.01.10-02663
Dated 21 January 2014
Company Status :
Foreign Investment Company (PMA)
Permits by the
Government Department :
a. The Department
of Finance
NPWP No. 02.988.135.6-415.000
b. The Investment
Coordinating Board
No. 833/PMA/2009
Dated 14 July 2009
MICRO INKS LIMITED
of India (Investment Holding)
A member of HUBER
Group GmbH of Germany
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - US$.
10,000,000.-
Issued Capital -
US$. 2,750,000.-
Paid up Capital -
US$. 2,750,000.-
Shareholders/Owners
:
a. MICRO INKS LIMITED - US$. 2,735,000.- (99.45%)
Address : Bilakhia House,
Muktanand marg, Chala,
Vapi, India
b. MICHAEL HUBER MUNCHEN GmbH - US$. 15,000.- ( 0.55%)
Address : Feldkirchener Strabe
15,
D-85551,
Kirchheim
Germany
BUSINESS ACTIVITIES
|
Lines of Business
:
Offset Printing Ink Manufacturing
Production
Capacity :
Offset Printing Inks - 1,850
tons p.a.
Total Investment :
a. Owned Capital - US$.
10.0 million
b. Loan Capital -
US$ 2.0 million
c. Total Investment - US$. 12.0 million
Started Operation
:
2010
Brand Name :
HUBER INKS
Technical
Assistance :
Michael Huber Munchen GmbH of Germany
Number of Employee
:
495 persons
Marketing Area :
a. Local -
95%
b. Export -
5%
Main Customers :
Printing Companies in the country
a. P.T. TEMPO INTI MEDIA Tbk
b. P.T. SINAR PANCA SURYA
c. P.T. PRIMAGRAPHIA
DIGITAL
d. P.T. TEMPRINT
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SAKATA INK INDONESIA
b. P.T. CEMANI TOKA
c. P.T. COLORPAK INDONESIA Tbk.
d. P.T. INKOTE INDONESIA
e. P.T. DIC GRAPHICS
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. DEUTSCHE Bank
Deutsche Building
Jl. Imam Bonjol No. 61
Jakarta Pusat
b. P.T. Bank MANDIRI Tbk
Mandiri
Plaza
Jl. Jend. Gatot Surboto Kav. 36-38
Jakarta
Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 328.0 billion
2012 – Rp. 373.0 billion
2013 – Rp. 420.0 billion
2014 – Rp. 486.0 billion
2015 – Rp. 272.0 billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 28.0 billion
2012 – Rp. 32.0 billion
2013 – Rp. 36.0 billion
2014 – Rp. 42.0 billion
2015 – Rp. 23.5 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments
:
Fairly
KEY EXECUTIVES
|
Board of Management :
President Director
- Mr. Sambasive Pasumarthy
Directors -
a. Mr. Sandor Janos Merszaros
b. Mr. Prabir Kumar Guin
Board
of Commissioners :
Commissioner - Mr. Ashwani Kumar Bhardwaj
Signatories :
President
Director (Mr. Sambasive Pasumarthy) one of Directors (Mr. Sandor Janos
Merszaros or Mr. Prabir Kumar Guin) which must be approved by Board of
Commissioner (Mr. Ashwani Kumar Bhardwaj)
CAPABILITIES
|
Management
Capability :
G o o d
Business
Morality :
G o o d
OVERALL PERFORMANCE
|
P.T. HUBER INKS INDONESIA (P.T. HII) was established
in Serang (Banten) based on Notarial Deed of Simon Yos Suarso, SH., No. 02
dated 3 August 2009 with an authorized capital of US$ 500,000.- of which US$
350,000.- was issued and paid up. The founding shareholders of the company are
MHM HOLDING GmbH of Germany (99%) and MICHAEL HUBER MUNCHEN GmbH., of Germany
(1%). The Deed of establishment was approved by the Minister of Law and Human Rights of the Republic of Indonesia by
virtue of Decision Letter No. AHU-39847. AH.01.01.Tahun 2009 dated 14
August 2009.
The company's Articles of Association was
since revised a couple of times.
According to the latest revision of notary Deed of Mr. Simon Yos
Sudarso, SH., No. 02 dated 3 January 2014 the authorized capital was raised to
US$ 10,000,000.- of which US$ 2,750,000.- was issued and fully paid up.
Concurrently, MHM HOLDING GmbH pulled out and replaced by MICRO INKS LIMITED of
India. Since at the time, the
shareholders of the company are MICRO INKS LIMITED (99.45%) and MICHAEL BUBER
MUNCHEN GmbH (0.55%). The amendment to Deed has been approved by the Minister
of Law and Human Rights in its Decision Letter No. AHU-AH.01.10-02663 dated 21
January 2014. No changes have been effected in term of its shareholding
composition and capital structures to date.
P.T. HII was established within the
framework of Foreign Investment (PMA), which has received permit from the
Capital Investment Coordinating Board (BKPM) in July 2009, to engage in the
field of offset printing ink manufacturing. The company operates a factory
located on Jalan Gatot Subroto Km. 7,8 No. 88, Jatake sub-district, Jati Uwung
district, Tangerang, Banten Province. The factory had a production capacity of
1,850 tons of offset printing ink per year.
We observed that P.T. HII has a very extensive marketing network in the
country. As many as 95% of production of this company was sold the domestic market mainly to a number of printing and offset
printing companies such as PT. Tempo Inti Media Tbk, PT. Sinar Panca Surya, PT. Primagraphia
Digital, PT. Temprint and so forth.
In addition they also appointed a number of
agents and distributors in major cities in Indonesia, such as Bandung,
Semarang, Surabaya, Bali, Medan, Makassar and other big cities. About 5% of its
production was exported a number of Southeast Asian countries like Malaysia,
Brunei Darussalam, Philippines, Thailand, etc.
We observe that P.T. HII is classified as a medium-sized company in the
country dealing with offset printing ink industry of which the operation has
been running smoothly and growing in the last three years.
Generally, the demand for offset printing
ink in the country had significantly rising by 8% to 10% per year in the last
five years, in line with the growth of offset printing industries, food and beverages,
electronic goods, snack, biscuit, instant noodle, biscuit, confectioneries,
pharmaceutical, cosmetic industries, etc.
But, as from October 2008, the demand growth for offset printing inks
has kept on dwindling as an impact of global economic crisis as told
above. The demand was increasing in the
early 2009 due to economic condition was gradually recovery in the country. The
growth rate is now estimated at 5% to 7% per year. Market competition is very
tight due to a large number of similar companies operating in the country such
as PT. Dic Graphics, PT. Cemani Toka, PT. Colorpak Indonesia, PT. Durachem
Indonesia, PT. Hi-Tech Ink Indonesia, PT. IDS Manufacturing Indonesia, PT.
Inkote Indonesia, PT. Intech Indahmulya and others. Business position of P.T. HII is favorable
for it has controlled a wide marketing network at home and their product has
been widely known among consumers in the country.
The company is neither public listed nor
bond issued company. Therefore, the company has no obligation to publish
financial statement publicly. The
management of P.T. HII is very reclusive to outsider and rejected to disclose
its financial condition. But we estimate the total sales turnover in 2012
amounted to Rp 373.0 billion increased to Rp 420.0 billion in 2013 and rose
again to Rp 486.0 billion in 2014. It is estimated it will be higher by 12% in
2015. The operation of P.T. HII in 2014 is estimated to have gained a profit of
Rp. 42.0 billion with an estimated net-worth of Rp. 190.0 billion.
So far, we did not hear that the P.T. HII having been black listed by Bank
Indonesia (Central Bank) and registered in district court for detrimental
cases. The company usually pays its debts punctually to suppliers.
The management of P.T. HII is headed by Mr.
Sambasive Pasumarthy (44) as president director, a professional manager of
Hyderabad, India, with broad experience in industry and trading of offset
printing ink. In his daily activities,
he is assisted by two directors, namely Mr. Sandor Janos Merszaros (53) of
Thailand and Mr. Prabir Kumar Guin (53) of India. The management is handled by professional
managers having wide relation with private businessmen of home and overseas as
well as with the government sectors. So
far, we did not hear that the company’s management involved in the business
malpractices 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. HUBER INKS INDONESIA is appraised to be
good for business transaction. However,
in view of the economic condition in the country is still 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.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
Rupiah |
1 |
Rs.0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
TPT |
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 |
|
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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 |
|
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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 |
|
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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-- |
NB |
New Business |
-- |
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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.