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Report No. : |
332659 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. NUR KENCANA LESTARI INTI |
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Registered Office : |
Jl. Gandaria III No. 5ª, Kel. Kramat Pelat, Kec.
Kebayoran Baru, Jakarta Selatan 12130 |
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Country : |
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Date of Incorporation : |
24.01.1981 |
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Com. Reg. No.: |
AHU-62482.AH.01.02.Tahun 2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading,
Export-Import and Distribution of Oleo Chemicals. |
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No. of Employees : |
40 |
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 : |
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 |
Name of
Company :
P.T. NUR KENCANA LESTARI INTI
A d d r e s s
:
Head Office
Jl. Gandaria III No. 5A
Kel. Kramat Pelat, Kec. Kebayoran Baru
Jakarta Selatan 12130
Indonesia
Phones - (62-21) 7234822, 7266914
Fax - (62-21) 7245837, 7392717
Email - aha1143@indosat.net.id
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
24 January 1981
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry
of Law and Human Rights
a. No.
C2-4656.HT.01.01.Th.86
Dated 04 July 1985
b. No.
AHU-62482.AH.01.02.Tahun 2012
Dated 06 December 2012
Company Status
:
National Private Company
Permit by the
Government Department :
The Department
of Finance
NPWP No.
02.066.935.4-019.000
Related/Associated
Company :
P.T. TRADE
SERVISTAMA INDONESIA (Distributor, Trading, Import and Export)
Capital
Structure :
Authorized
Capital - Rp.
5,000,000,000.-
Issued Capital - Rp.
1,250,000,000.-
Paid up Capital - Rp.
1,250,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Abdul Hamid Ali - Rp. 400,000,000.- (40%)
Address : Jl. Gandaria Tengah VI
No.41
South Jakarta
Indonesia
b. Mr. Riza Aditya Ghautama - Rp. 250,000,000.- (25%)
Address : Jl. Gandaria Tengah VI
No.43
South Jakarta
Indonesia
c. Mr. Zaki Albiansyah - Rp. 250,000,000.- (25%)
Address : Jl. Gandaria Tengah IX
No.15
South Jakarta
Indonesia
d. Mrs. Sri Syulasmi Hamid Ali - Rp. 350,000,000.- (35%)
Address : Jl. Gandaria Tenagah VI
No.43
South Jakarta
Indonesia
Lines of
Business :
Trading,
Export-Import and Distribution of Oleo Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1 9 8 1
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
40 persons
Marketing Area
:
a. Export - 95%
b. Local - 5%
Main
Customers:
a. Overseas
buyers in Japan, India, Egypt, South Africa, Holland and other European
countries
b. Cosmetic and
Pharmaceutical Industries in the country
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Sinar
Oleochemical International
b. PT. Ecogreen Oleochemical
c. PT. Musim Mas Oleochemical
d. PT. Graha Jaya Pratama
e. PT. Salim
Oleochemical
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T.
Bank MANDIRI Tbk
Melawai Branch
Jl. Melawai Raya No. 12-14
Jakarta
Selatan
Indonesia
b. PT.
Bank INTERNASIONAL INDONESIA Tbk
Gedung BII
Panglima Polim
Jl.
Panglima Polim Raya No. 79
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Total
Sales/Revenues (estimated) :
2011 – Rp. 125.0
billion
2012 – Rp. 142.0
billion
2013 – Rp. 160.0
billion
2014 – Rp. 195.0
billion
Net Profit
(estimated) :
2011 – Rp. 10.5
billion
2012 – Rp. 12.0
billion
2013 – Rp. 13.6
billion
2014 – Rp. 16.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Abdul Hamid Ali
Director -
Mr. Ery Thursina, MSc
Board of Commissioners :
President Commissioner -
Mr. Riza Aditya Ghautama
Commissioner -
Mr. Zaki Albiansyah
Signatories :
President Director (Mr.
Ir. Abdul Hamid Ali) or Director (Mr. Ery Thursina, MSc) which must be approved
by Board of Commissioners (Mr. Riza Aditya Ghautama and Mr. Zaki Albiansyah)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. NUR KENCANA LESTARI INTI (P.T. NKLI)
was established in January 1981 with an authorized capital of Rp 50,000,000.- issued capital of Rp 10.000.000.-
entirely was paid up. The founding
shareholders of the company are Mr. Yos Tjandra, Mrs. Miriam Djayakoesoema and
Mr. Erry Haryanto Kurniawan. The Deed of
establishment has been approved by the Minister of Justice and Human Rights
through its Decree No. C2-4656.HT.01.01.Th.86 dated July 4, 1985. The articles of association of the company
have frequently been revised. In
February 1993, the all founding shareholders pulled out and the whole shares
are sold to Mr. Ir. Abdul Hamid Ali and his family member.
The most recently by notarial Deed No. 14
dated September 21, 2012 made by Notary Mohamad Rifat Tadjoedin, SH., the
authorized capital was raised to Rp 5,000,000,000.- of which Rp 1,250,000,000.-
was issued and fully paid up. Since at the time, the shareholders of the
company are Mr. Ir. Abdul Hamid Ali (40%), Mr. Riza Aditya Ghautama (25%), Mr.
Zaki Albiansyah (25%) and Mrs. Sri Syulasmi Hamid Ali (35%). The capital structures and shareholder
composition of P.T. SSK in details are as shown on page-3 of this report. 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.01.10-16852
dated May 10, 2012. Since then, no
changes have been effected in term of its shareholding composition and capital
structure to date.
According to the results of our
investigation we noticed that
previously P.T. NKLI was engaged in business consulting services, mostly to provide
an environmental impact analysis to manufacturing industries in the
country. But the above business activity
was not development well. Since 1993 the company’s activity has been shifted
to engage in trading, exporting, and distribution of oleo chemicals such as
Lauric Acid, Myristic Acid, Palmitic Acid, Oleic Acid, Citric Acid, Linoleic
Acid, Refined Glycerine CP and others.
The oleo chemical products obtained from oleo chemical industries in the
country. Ms. Yayah, an administrative staff of the Company explained that the
above products are exported to Japan, India, Egypt, South Africa, Holland an
other European countries. She went on to
say that the company has also been cooperating with several international
trading house companies including Mitsui & Co., of Japan, Olivia Impex
Pvt,. Ltd., Pan Oleo Enterprises Ltd., Indo Amines Ltd., and VVT India Ltd.,
fourth of India.
Besides, the company also engaged in
investment holding by controlling majority business stakes of P.T. TRADE
SERVISTAMA INDONESIA which operates as a distributor, trading, import and
export of consumer goods. We observed
that P.T. NKLI is classified as a medium-sized 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
oleo 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 cosmetic and pharmaceutical industries, food and beverage industries,
and others. But, later dwindled as the
global economic slowdown since October 2008, followed by tight money policy
imposed by Indonesian Central Bank (Bank Indonesia) and also heated by
political issue in the country. The demand growth started to awake in June 2009
in line with the amelioration of economic condition 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. Business
position of P.T. NKLI is favorable for it has controlled a wide marketing
network at home and abroad and their product has been widely known among
consumers in the country.
Until this time P.T. NKLI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. NKLI 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 Rp. 125.0 billion increased to Rp.
142.0 billion in 2012 to Rp. 160.0 billion in 2013 and rose again to Rp 195.0
billion in 2014. The operation in 2014
yielded an estimated net profit of at least Rp. 16.5 billion and the company
has an estimated total net worth of at least Rp. 65.0 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2015. So far we did not hear that P.T. NKLI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
The management of P.T. NKLI is led by Mr.
Ir. Abdul Hamid Ali (72) a businessman who experienced for more than 41 years
in the field of trading, supplier and distribution of oleo chemicals. Daily operation he is assisted by Mr. Ery
Thursina, MSc. (42) as Director and a number of professional managers and
experts in the business. 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. NKLI is sufficiently fairly good for
business transaction. However, in view
of the unstable economic condition in the country we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
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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 |
|
|
<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.