|
Report No. : |
300481 |
|
Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOPHERIN JAYA |
|
|
|
|
Registered Office : |
Wisma Nusantara, 6th Floor, Jl. M.H. Thamin No.
59, Jakarta Pusat 10350 |
|
|
|
|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
24.02.1995 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-24006 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in Phenolic Resin Processing Industry [We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
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|
|
|
No of Employees : |
280 |
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 |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. The government also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source : CIA |
P.T. INDOPHERIN
JAYA
Head Office
Wisma Nusantara, 6th Floor
Jl. M.H. Thamin No. 59
Jakarta Pusat 10350
Indonesia
Phones -
(62-21) 391 4010, 391 4011
Fax. - (62-21) 391 4012
Building Area - 29 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Brantas Km. 1
Probolinggo Regency
East Java
Indonesia
Phones -
(62-335) 420 480 (hunting)
Fax. - (62-335) 420 482
Land Area - 24,000 sq.
meters
Building Area - 12,800 sq.
meters
Region - Industrial
Zone
Status - Owned
24 February 1995
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C2-7875.HT.01.01.Th.95
Dated 21 June 1995
b. No. C-05333.HT.01.04.Th.2001
Dated 09 August
2001
c. No. AHU-62924.AH.01.02.Tahun 2008
Dated 15 September 2008
d. No. AHU-AH.01.10-24006
Dated 14 June 2013
Foreign Investment Company (PMA)
a. The Department of Finance
NPWP No. 01.070.991.5-052.000
b. The President of the Republic of Indonesia
No. B-61/Pres/02/1995
Dated 31 January 1995
c. The Investment Coordinating Board
- No. 101/I/PMA/1995
Dated 16 February 1995
- No. 1746/III/PMA/1997
Dated 08 December 1997
- No. 437/III/PMA/2001
Dated 18 April 2001
SUMITOMO BAKELITE
Co. Ltd., of Japan (Investment Holding)
a. A member of
SUMITOMO Group of Japan
b. A member of
PROSPECT MOTOR Group of Indonesia
Capital Structure
:
Authorized Capital - US$.
4,800,000.-
Issued Capital - US$.
4,800,000.-
Paid up Capital - US$. 4,800,000.-
Shareholders/Owners
:
a.
SUMITOMO BAKELITE Co. Ltd., -
US$ 3,120,000.- (65%)
Address : 2-5-8 Higashi Shinagawa
Shinagawa-Ku
Tokyo, Japan
b.
P.T. PROSPECT MOTOR -
US$ 1,200,000.- (25%)
Address : Jl. Yos Sudarso
Kav.46-47
North Jakarta
Indonesia
c.
P.T. PAMOLITE ADHESIVE INDUSTRY -
US$ 480,000.- (10%)
Address : Wisma Nusantara, 6th
Floor
Jl. M.H.
Thamrin No. 59
Central Jakarta
Indonesia
Lines of Business
:
Phenolic Resin Processing Industry
Production
Capacity :
Phenolic Resins -
10,848 tons p.a.
Total Investment :
a. Owned Capital - US$.
4.8 million
b. Loan Capital -
US$ 1.9 million
c. Total Investment - US$. 6.7 million
Started Operation
:
January 1996
Brand Name :
INDOPHERIN JAYA
Technical
Assistance :
SUMITOMO BAKELITE Co. Ltd., of Japan
Number of Employee
:
280 persons
Marketing Area :
a. Local - 60%
b. Export -40%
Main Customers :
a. P.T. PROSPECT MOTOR
b. P.T. PAMOLITE ADHESIVE INDUSTRY
c. P.T. REMINDO PRIMA MITRA
d. P.T. MITRAMETAL PERKASA
e. P.T. INTI BAGAS PERKASA
f. P.T. INDUSTRI KARET DELI
g. Etc.
Market Situation :
Very Competitive
Business Trend :
Growing
Bankers :
a. The Bank of Tokyo – Mitsubishi UFJ Ltd.
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
South Jakarta
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk.
Wisma 46 Kota
BNI
Jl. Jend. Sudirman Kav. 1
Central
Jakarta
Indonesia
c. P.T. Bank CIMB NIAGA Tbk.
Graha
CIMB NIAGA
Jl. Jend. Sudirman Kav. 58
South
Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – US$. 40.5 million
2011 – US$. 46.0 million
2012 – US$. 52.0 million
2013 – US$. 58.0 million
2014 – US$. 32.0 million (January – June)
Net Profit
(estimated) :
2010 – US$.3.2 million
2011 – US$. 3.6 million
2012 – US$. 4.1 million
2013 – US$. 4.6 million
2014 – US$. 2.5 million (January – June)
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director
- Mr. Kazua Tanaka
Vice President Director -
Mr. Hitoshi Suzuki
Directors -
a. Mr. Hendry Agus
b. Mrs. Linda Anwar
Board
of Commissioners :
President Commissioner - Mr. Kusnadi Budiman
Commissioners -
a. Mr. Makoto Suzuki
b. Mr. Noboru Yamawaki
c. Mr. Tatsuo Yoshihara
d. Mrs. Elza Anwar
Signatories :
President
Director (Mr. Kazua Tanaka) or Vice President Director (Mr. Hitoshi Suzuki) one
of Directors (Mr. Hendry Agus or Mrs. Linda Anwar) which must be approved by
Board of Commissioner (Mr. Kusnadi Budiman)
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Below average
P.T. INDOPHERIN JAYA (P.T. IPJ) was established in Jakarta
based on Notarial Deed of Bandoro Raden Ayu Mahyastoeti Notonagoro, SH., No.
214 dated 24 February 1995 with an authorized capital of US$ 2,400,000.-
entirely was issued and paid up. The founding shareholders of the company are
SUMITOMO DUREZ Co. Ltd., of Japan (65%), KANEMATZU Corp., of Japan (15%), P.T.
PROSPECT MOTOR of Indonesia (25%) and P.T. PAMOLIT ADHESIVE INDUSTRY of
Indonesia (15%). The Deed of
establishment was approved by the
Minister of Justice of the Republic of Indonesia in its Decree No.
C2-7875.HT.01.01.Th.95 dated 21 June 1995.
The Company’s article of association has been amended for several times. In December 1997, the authorized capital was raised to US$ 4,800,000.- entirely was issued and fully paid up. In April 2001, SUMITOMO DUREZ Co. Ltd., and KANEMATZU Corporation withdrew and the whole shares are sold to SUMITOMO BAKELITE Co., Ltd., of Japan. Since then, the composition shareholders of the company are SUMITOMO BAKELITE Co. Ltd., (65%), P.T. PROSPECT MOTOR (25%) and P.T. PAMOLITE ADHESIVE INDUSTRY (10). The amendment to Deed was approved by the Minister of Justice and Human Rights through its Decree No. C-05333.HT.01.04.TH.2001 dated 9 August 2001.
The most recently by notarial Deed No. 34 dated 16 May 2013 drawn up by BRAY. Mahyastoeti Notonagoro,SH., the company board of directors and the board of commissioners was 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-AH.01.10-24006 dated 14 June 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. IPJ was established within the framework of Foreign Investment (PMA), which has received permit from the Capital Investment Coordinating Board (BKPM) in February 1995, to engage in the field of Phenolic Resin Processing Industry by managing a plant located on Jalan Brantas Km. 1, Probolinggo, East Java, where it stands on a 2.4 hectares landsite. The plant has been in operation since January 1996 with a production capacity of 10,848 tons of Phenolic Resin per annum. The plant has used up an investment of US$ 6.7 million, with US$ 4.8 million having come from equity capital and the balance from loans. P.T. IPJ gets technological assistance from SUMITOMO BAKELITE Co. Ltd., of Japan. Some 60% of its products are sold to local market especially to its affiliates like P.T. PROSPECT MOTOR, P.T. PAMOLITE ADHESIVE INDUSTRY and others like P.T. REMINDO PRIMA MITRA, P.T. MITRAMETAL PERKASA, P.T. INTI BAGAS PERKASA, etc., and the rest 40% are exported to Japan and Asian countries. We observed that P.T. IPJ is classified as a large-sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, the domestic demand for Phenolic
Resin 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 such as
automotive industries, tire reinforcing industries, break lining, electric
circuit board, felt and others. According
to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the
total of car sales in 2007 amounted to 434 thousand units increased to 608
thousand units in 2008 and declined to 486 thousand units in 2009. The total of car sales in 2010 rose again to
765 thousand units to 894 thousand units in 2011 to 1,116 thousand units in
2012 and rose again to 1,226 thousand units in 2013. The growth of car and motorcycle sales in
Indonesia in 2007 to 2013 is pictured on the following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
|
2013 |
1,226 |
7,771 |
Source: GAIKINDO and the Indonesian
Motorcycle Manufacturer Association (AISMI)
Market competition is very tough on account of large number of other similar companies operating in the country, including import product from China, Taiwan, India and Japan. P.T.IPJ 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. IPJ 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 2011 amounted to US$. 46.0 million, increased to US$. 52.0 million in 2012 rose again to US$. 58.0 million in 2013 and its estimated to go on rising by at least 8% in 2014. The operation in 2013 yielded an estimated net profit of at least US$ 4.6 million and the company has an estimated total networth of at least US$. 28.0 million. We observe that P.T. IPJ 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.
Since May 2013, the management of P.T. IPJ is led by Mr. Kazua Tanaka (50) of Japan as President Director a professional manager of Japan with more than 20 years experience in Phenolic Resin Processing Industry. In his daily activities, he is assisted by Mr. Hitoshi Suzuki (51) of Japan as Vice President Director and two Directors namely Mr. Hendry Agus (60) and Mrs. Linda Anwar (60), both of Indonesia. 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 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. INDOPHERIN JAYA is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable and slowdown, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.29 |
|
UK Pound |
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.