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Report No. : |
309974 |
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Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOCHEMICAL CITRA KIMIA |
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Registered Office : |
Graha Indochem, 9th Floor, Jalan Pantai Indah Kapuk Boulevard, Kav. SSB/E, Kamal Muara, Penjaringan, North Jakarta 14470 |
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Country : |
Indonesia
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Date of Incorporation : |
07.04.1997 |
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Com. Reg. No.: |
AHU-15855.AH.01.02. |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Industrial
Chemicals. |
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No. of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, 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 |
BASIC
SEARCH
|
Name of Company :
P.T. INDOCHEMICAL CITRA KIMIA
Address :
Head Office
Graha Indochem, 9th
Floor
Jalan Pantai Indah
Kapuk Boulevard, Kav. SSB/E
Kamal Muara, Penjaringan
North Jakarta 14470
Indonesia
Phones -
(62-21) 5694 0000, 5694 1111
F a x -
(62-21) 5694 8701
Email - marketing@indochem.co.id
Building Area - 15 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Warehouses
a. Jalan Raya Serang Km. 12
Cikupa, Tangerang 15710
Banten
b. Kawasan Industri Modern IV, Kav. 18
Cikande, Serang 42186
Banten
Date of
Incorporation :
07 April 1997
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company
Reg. No. :
The Ministry of
Law and Human Right
a. No.
C2-5503.HT.01.01.TH.97
Dated
25 June 1997
b. No. AHU-15855.AH.01.02.Tahun 2011
Dated
29 March 2011
Company Status :
National Private Company
Permit
by the Government Department :
a. The Department of Finance
NPWP No. 01.781.285.0-091.000
b. The Department of Industry and Trade
TDP No. 09011610345
Dated 15 July 1997
P.T. SAKATA INX INDONESIA (Printing Ink
Manufacturing)
CAPITAL
AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp. 160,000,000,000.-
Issued Capital - Rp. 160,000,000,000.-
Paid up Capital - Rp. 160,000,000,000.-
Shareholders/Owners
:
a. Mr.
Rusli Gunawan -
Rp. 120,000,000,000.- (75%)
Address : Jalan Parang Tritis VII, No. 12
RT. 003/011,
Ancol
North Jakarta
b. Mr.
Rudy Gunawan -
Rp. 40,000,000,000.- (25%)
Address : Jalan Pantai Mutiara Blok YE, No. 19
RT. 011/016,
Pluit
North Jakarta
BUSINESS
ACTIVITIES
|
Lines of Business
:
Trading and Distribution of Industrial
Chemicals
Production
Capacity :
None
Total Investment :
Owned Capital - Rp. 160.0 billion
Started Operation
:
1998
Brand Name :
INDOCHEMICAL CITRA KIMIA
Technical
Assistance :
None
Number of Employee
:
550 Persons
Marketing Area :
Local -
95%
Export - 5%
Main
Customers :
a. Textile
Industries
b. Rubber
Industries
c. Paint
Industries
d. Cosmetic
Industries
e. Etc.
Market Situation :
Competitive
Main
Competitors :
a. P.T.
DYSTAR COLOURS INDONESIA
b. P.T.
POLKRIK CHEMICALS
c. P.T. CLARIANT INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
e. P.T. COLORINDO ANEKA CHEMICALS
f. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T.
BANK CENTRAL ASIA Tbk
Jalan Jembatan Dua No. 82, BB-BC
Pejagalan, Penjaringan
North Jakarta
Indonesia
b P.T.
BANK MANDIRI Tbk
Jalan Pantai Indah Utara 2, No. A-8F
Kapuk Muara, Penjaringan
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2012 – Rp. 740.0 billion
2013 – Rp. 825.0 billion
2014 – Rp. 900.0 billion
Net Profit
(estimated) :
2012 – Rp. 37.0 billion
2013 – Rp. 45.5 billion
2014 – Rp. 54.0 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director -
Mr. Rusli Gunawan
Directors a. Mr. Rudy Gunawan
b. Mr. Felix Gunawan
c. Mr. Edwin Gunawan
Board of Commissioner
:
Commissioner -
Mrs. Lie Ing Kun
Signatories :
The Presiden Director (Mr. Rusli Gunawan) which must be approved
by the Board of Commissioner
(Mrs. Lie Ing Kun)
|
CAPABILITIES |
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
|
P.T. INDOCHEMICAL CITRA KIMIA (P.T. ICK) was
established in Jakarta based on Notarial Deed No. 06 dated April 07, 1997 made
by Notary Rahmah Arie Soetardjo, SH., with an authorized capital of Rp. 20,000,000,000.-
of which Rp 2,500,000,000.- was issued and fully paid up. The founding
shareholders of the company are Mr. Rusli Gunawan (45%), Mr. Lily Gunawan (25%)
and Mr. Rudy Gunawan (30%). The Deed of establishment has been approved by the
Minister of Justice and Human Rights of the Republic of Indonesia through its
Decision Letter No. C2-5503.HT.01.01.TH.97 dated June 25, 1997.
The articles of association of the company
have frequently been changed, most recently by notarial Deed No. 25 dated February
24, 2011 made by Notary Flavia Muliawati Onggo, SH., the authorized capital was
raised to Rp 160,000,000,000.- entirely was issued and fully paid up. The
latest shareholders of the company are Mr. Rusli Gunawan (75%) and Mr. Rudy
Gunawan (25%). The amendment to Deed has been approved by the Minister of Law
and Human Rights through its Decision Letter No. AHU-15855.AH.01.02.Tahun 2011
dated March 29, 2011. No changes have been effected in term of its shareholding
composition and capital structures to date.
P.T. ICK engaged in trading and distribution
of industrial chemicals. Its head office is located on Graha Indochem, 9th
Floor, Jalan Pantai Indah Kapuk Boulevard, Kav. SSB/E, Kamal Muara, Penjaringan
(North Jakarta) on an office space of some 280 sq. meters. The company had been
operating since 1998. According to Mr. Rey, a marketing staff of the company,
said to our inquiry that marketing offices of P.T. ICK are located on Jalan
Kapuk Pulo No. 28, Kapuk, Cengkareng (West Jakarta) and Jalan Muara Baru Ujung
No. 17, Penjaringan (North Jakarta). And P.T. ICK also have a warehouses are
located on Jalan Raya Serang Km. 12, Cikupa, Tangerang (Banten) and Kawasan
Industri Modern IV, Kav. 18, Cikande, Serang (Banten). P.T. ICK is sold an industrial chemicals, such as
hydrocarbons, alcohols, esters, glycol ethers
and monomers. Its
industrial chemical products are
distributed to the needs of
domestic industries, such as textile industries, rubber
industries, paint industries, cosmetic industries and other industrial needs. Most of the industrial chemical products supply from
Thailand. We observed that P.T. ICK 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 demand for specialty
chemicals such as; textile chemicals, auxiliary, dyestuff and textile raw
materials tended to be fluctuating within the last five years in line with the
fluctuating of Indonesian textile industry in general. According to the Central
Bureau of Statistics (BPS) the Indonesia textile products export in 2002
amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6
million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons
(US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006
to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$
4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to
1,525,900 tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons (US$
5,563.3 million) in 2011 rose again to 1,508,500 tons (US$ 5,278.1 million) in
2012 and rose again to 1,633.1 thousand tons (US$ 5,293.6 million) in
2013. The export volume and value of the
national TPT products and garment in 2002 to 2013 are pictured on the following
table.
|
Year |
Textile Products
|
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,633.1 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 5,293.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 7,501.0 |
The company is neither public listed nor
bond issued company. Therefore, the company has no obligation to publish
financial statement publicly. The
management is very reclusive and unlikely to expose its financial condition to
outsider. We estimate that sales turnover of the company in 2012
amounted to Rp. 740.0 billion increased to Rp. 825.0 billion in 2013 and rose again to Rp. 900.0 billion in 2014.
The operation of the company in 2014 yielded a net profit at least Rp. 54.0
billion and the company has a total net worth of Rp. 360.0 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. ICK 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. ICK is led by Mr.
Rusli Gunawan (58) as president director, a businessman with experience for
more 15 years in trading and distribution of industrial chemicals. In his daily
activities, he is assisted by three directors, namely Mr. Rudy Gunawan (54),
Mr. Felix Gunawan (33) and Mr. Edwin Gunawan (29). The management has
maintained a wide relation with private businessmen at home and abroad as well
as with government authorities. So far, we did not hear that the company's
management having been involved in the business malpractices.
P.T. ICK 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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
|
|
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 |
-- |
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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.