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Report No. : |
347439 |
|
Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOCERA UTAMA
PRECISI |
|
|
|
|
Registered Office : |
Jalan Pangeran Jayakarta 141 Block B No. 15, Jakarta Pusat, 10730 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
14.03.1989 |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Notrocellulose
Manufacturing |
|
|
|
|
No. of Employee : |
65 |
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 |
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|
|
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
P.T. INDOCERA UTAMA PRECISI
Name
of Company :
P.T.
INDOCERA UTAMA PRECISI
Address
:
Head Office
Jalan
Pangeran Jayakarta 141 Block B No. 15
Jakarta
Pusat, 10730
Indonesia
Phones -
(62-21) 6499084, 6499085
Fax - (62-21) 6499083
E-mail - marketing@indocera-utama.com
Website - http://www.indocera-utama.com
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
Raya Rangkasbitung Km. 0.5
Kelurahan
Cikande, Kecamatan Cikande
Banten
Province
Indonesia
Land Area - 8,000 sq.
meters
Building Space - 3,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
14
March 1989
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-194.HT.01.01.TH.90
Dated 17 January 1990
- No. AHU-38125.AH.01.02.TH.2010
Dated 2 August 2010
- No. AHU-AH.01.10-31788
Dated 30 July 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.062.401.3-026.000
Related
Companies :
a. P.T. INTAN PRIMA KARBON INDUSTRI (Activated
Carbon Manufacturing)
b. P.T. INITI CELLULOSEUTAMA INDONESIA
(Cellulose Nitrates Manufacturing)
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued
Capital :
Rp. 2,100,000,000.-
Paid
up Capital :
Rp. 2,100,000,000.-
Shareholders/Owners
:
a. Mr. Cakra Mega Tjuanta -
Rp. 1,890,000,000.-
Address : Jl. Pantai Mutiara Block J No. 21
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, Indonesia
b. Mrs. Intan Wijaya -
Rp. 210,000,000.-
Address : Jl. Pantai Mutiara Block J No. 21
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, Indonesia
Lines
of Business :
Notrocellulose
Manufacturing
Production
Capacity :
Nictrocellulose
- 1,200
tons p.a.
Total
Investment :
Owned
Capital -
Rp. 5.0 billion
Started
Operation :
1991
Brand
Name :
Indocera
Utamaprecisi
Technical
Assistance :
None
Number of Employee :
65 persons
Marketing Area :
Local - 100%
Main Customer :
Printing ink, paint
and coating industries, etc
Market Situation :
Very Competitive
Main Competitors :
P.T. INTI
CELLULOSEUTAMA INDONESIA
Business Trend :
Growing
Bankers
:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan K.H. Samanhudi No. 8
Jakarta Pusat
b. P.T. Bank PRIMA EXPRESS
Jalan Krekot Bunder Raya 75-A
Jakarta Pusat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 48.0 billion
2013
– Rp. 52.0 billion
2014
– Rp. 56.0 billion
Net
Profit (estimated) :
2012
– Rp. 3.8 billion
2013
– Rp. 4.2 billion
2014
– Rp. 4.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. I Wayan Karsa
Director -
Mrs. Intan Wijaya
Board of Commissioners :
Commissioner - Mr. Cakra Mega Tjuanta
Signatories :
President
Director (Mr. I Wayan Karsa) or the Director (Mrs. Intan Wijaya) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. INDOCERA UTAMA PRECISI (P.T. IUP) was established in
Jakarta based on notary deed Mr. Haji Abdul Kadir Usman, SH., no. 35 dated 14
March 1989 with an authorized capital of Rp. 5,000,000,000 issued capital of
Rp. 2,100,000,000 entirely paid up. The founding and shareholders of the
company originally are Mr. Sufandi Tjuanta, his wife Mrs. Intan Wijaya, both of
are Indonesian business family of Chinese extraction and Mr. Zainuddin Marpaung
an indigenous businessman. Its article of association had been changed a couple
of times in July 2010 Mr. Zainuddin Marpaung pulled out and the whole share
sold to Mr. Cakra Mega Tjuanta as new shareholder. With this time the
composition of its shareholders has been changed to become Mr. Cakra Mega
Tjuanta (90%) and his mother Mrs. Intan Wijaya (10%).
The latest according to revision of notary deed Mrs.
Cecilia, SH., no. 43 dated 28 June 2013 the company board of director and the
board of commissioner had been changed. The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-31788
dated July 30, 2013.
P.T. IUP is a national private company started with
operating since 1991 dealing with nitro cellulose manufacturing. The plant is
located at Jalan Raya Rangkasbitung Km. 0.5, Cikande, Serang, Banten Province
standing on a land of 8,000 sq. meters. P.T. Indocera Utama Precisi is a
trading and manufacturing company focusing on providing superior quality of
chemical products. Established in 1989, P.T. Indocera Utama Precisi has been
expanding their horizon in nationally and internationally ever since. The
company strives for continuous improvement in catering quality and performance
while holding firmly to the value to meet or exceed each of the customer’s
expectation. Nitrocellulose has a wide range of uses in printing ink, paint and
coating industries. Nitrocellulose shows an easy way to make nitrocellulose
(also known as gun cotton). Nitrocellulose is a fun compound that is
safe to handle, burns very fast, and can be used in explosive mixtures like
smokeless powder and APNC (acetone peroxide and nitrocellulose). According
information the whole raw materials obtained from parent company P.T. INTI
CELLULOSEUTAMA INDONESIA and the rest imported from overseas. According
information the whole products marketed locally to various printing inks, paint
and coating industries among others are P.T. CEMANI TOKA, P.T. COLORPARK
INDONESIA, P.T. PRINTCOLOR INDONESIA, P.T. HI-TECH INK INDONESIA, P.T. SIEGWERK
INDONESIA, P.T. SAKATA INK INDONESIA, P.T. MIKATASA AGUNG, P.T. CHUGOKU PAINTS
INDONESIA, P.T. KANSAI PAINT INDONESIA, P.T. OXYPLAST INDONESIA, P.T. PACIFIC
PAINT INDONESIA, P.T. DANAPAINT INDONESIA, P.T. ISAMU RAYA, P.T. PROPAN RAYA
INDUSTRIES, P.T. SIGMAKALON INDONESIA, and others. We observe P.T. IUP
operation has been growing and running smoothly in the last three years.
Based on the forecast from some economists, Indonesia’s
economic growth in 2015 is still challenging. Bank Indonesia has decided to
maintain the BI Rate at 7.75% based on the evaluation of the 2015 economic
outlook. This is also in line with the efforts to steer inflation around 4% by
2015, while supporting the control of the current account deficit to a more
healthy level. The Rupiah currency is predicted to be in the average range of
Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that
Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above
conditions indicate that in general, Indonesia’s economic condition is not
growing optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has predicted the
following 2015 global economic challenges which cover; uncertain global economy
triggered by either economic downturn or economic crisis in many countries; the
risk caused by the fluctuating global commodity prices, especially the raw oil
price; commitment to support the ASEAN Economic Community (AEC); and
implementation of the global development agenda post 2015. Meanwhile, the
forecasted 2015 domestic economic challenges will cover: An increase in the
slowing down of economic growth; risk in the domestic financial market;
imbalanced payment balance sheet; and reduced social gap. This condition
potentially impacts both the industry and the market in which P.T. IUP is
engaged. It is estimated that industrial growth equal to or less compared to the previous year.
Until this time P.T. IUP has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. IUP is
very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2012
amounted to Rp. 48.0 billion increased to Rp. 52.0 billion in 2013 rose to Rp. 56.0
billion in 2014 and projected to go on rising by at least 6% in 2015.
The operation in 2014 yielded an estimated net profit of
at least Rp. 4.5 billion and the company has an estimated total networth of at
least Rp. 11.0 billion. 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.
The management of P.T. IUP is led by Mr. I Wayan Karsa
(51) a professional manager with experience in nitrocellulose manufacturing.
Daily activity he is assisted by Mrs. Intan Wijaya (61) as Director. 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. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. INDOCERA UTAMA PRECISI is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.