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Report No. : |
347714 |
|
Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDACHI PRIMA |
|
|
|
|
Registered Office : |
Desa Cibinong Ubrug, Jatiluhur Purwakarta 41152, West Java |
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|
|
|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
24.11.2004 |
|
|
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Com. Reg. No.: |
AHU-AH.01.10-22306 |
|
|
|
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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|
|
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Line of Business : |
Acrylic and Nylon Filament Yarns Spinning Mills.
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|
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No. of Employee : |
280 Persons |
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 |
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|
|
|
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 |
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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. INDACHI PRIMA
Head Office &
Factory
Desa Cibinong Ubrug, Jatiluhur
Purwakarta 41152, West Java
Indonesia
Phone -
(62-264) 200713, 200720
Fax - (62-264) 200710, 200620
P.O. Box - 104 Purwakarta
E-mail - mail@indachiprima.co.id
Website - http://www.indachiprima.co.id
Land Area - 33,500 sq.
meters
Factory Space - 11,600 sq. meters
Region - Industrial
Zone
Status - Owned
24 November 2004
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C-28580.HT.01.01.Th.2004
Dated 24 November 2004
b. No. C-UM.02.01.16813
Dated 22 November 2005
c. No. AHU-49620.AH.01.02.Tahun 2011
Dated 11 October
2011
d. No. AHU-AH.01.10-22306
Dated 05 June 2013
Foreign Investment Company (PMA)
a. The Department
of Finance
NPWP No. 02.420.464.6-441.000
b. The Capital
Investment Coordinating Board
- No. 22/I/PMDN/2005
Dated 16 February 2005
- No. 93/II/PMDN/2006
Dated 28 September 2006
a.
P.T. DALITAEX KUSUMA (Textile Industry and Investment
Holding)
b.
P.T. MAKMUR REKASANTIKA (Textile Industry and
Investment Holding)
c.
A member of the DALIATEX Group
CAPITAL
AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp.
79,000,000,000.-
Issued Capital - Rp.
79,000,000,000.-
Paid up Capital - Rp.
79,000,000,000.-
Shareholders/Owners:
a. P.T. DALIATEX
KUSUMA - Rp.
31,600,000,000.- (40%)
Address : Jl. Cipaganti No. 35
Bandung, West Java
Indonesia
b. Mrs. Susie
Unjati -
Rp. 7,900,000,000.- (10%)
Address : Jl. Dokter Cipto No. 32
Bandung, West Java
Indonesia
c. Mrs. Sutie
Unjati -
Rp. 7,900,000,000.- (10%)
Address : Jl. Belibis No. 16
Bandung, West Java
Indonesia
d. Mr. Ir. Riki
Munaba -
Rp. 790,000,000.- ( 1%)
Address : Jl. Dokter Cipto No. 32
Bandung, West Java
Indonesia
e. SUN INVESTMENT
HOLDINGS Pte. Ltd. - Rp.
30,810,000,000.- (39%)
Address : 30 Robinson Road 11-01
Robinson Tower
Singapore
BUSINESS
ACTIVITIES
|
Lines of Business
:
Acrylic and Nylon Filament Yarns Spinning
Mills
Production
Capacity :
a. Initial Plant
Nylon Filament Yarns - 6,900 tons p.a.
b. Expansion Plant (Planned)
Nylon Filament Yarns - 1,700 tons p.a.
Total Investment :
a. Initial Plant
a. Equity Capital - Rp.
79.0 billion
b. Loan Capital - Rp.
23.8 billion
c. Total Investment -
Rp.102.8 billion
b. Expansion
Plant (Planned)
a. Equity Capital - None
b. Loan Capital - Rp. 24.0 billion
c. Total Investment - Rp.
24.0 billion
Started Operation
:
January 2005
Brand Name :
INDACHI
Technical
Assistance :
ASAHI KASEI FIBER Corporation of Japan
Number of Employee
:
280 persons
Marketing Area :
Domestic - 40%
Export - 60%
Main Customer :
The DALIATEX Group Members, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. EVER SHINE TEX Tbk
b. P.T. INDONESIA SYSTHETIC MILLS
c. P.T. ACRYL TEXTILE MILLS
d. P.T. INDONESIA TORAY SYNTEHTICS
e. P.T. INDORAMA SYNTHETICS
f. P.T.
MATAHARI SENTOSA
g. P.T. RPIMA RAJULI SUKSES
h. Etc.
Business Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank CENTRAL ASIA
Tbk
Purwakarta Main
Branch
West Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Purwakarta Main Branch
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 380.0 billion
2012 – Rp. 410.0 billion
2013 – Rp. 360.0 billion
2014 – Rp. 340.0 billion
2015 – Rp. 185.0 billion (January – June)
Net Profit (Loss)
:
2011 – Rp. 22.6 billion
2012 – Rp. 24.4 billion
2013 – Rp. 21.3 billion
2014 – Rp. 20.1 billion
2015 – Rp. 10.9 billion (January – June)
Payment Manner :
No Complaints
Financial Comments
:
Fairly
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Drs. Rudy Unjoto
Directors - a. Mr. Stanley Unjoto
b. Mr. Antony Kusmawiraputra
Board of Commissioners :
President Commissioner - Mr. Sukendar Unjoto
Commissioner - Mr. Djonie Unjoto
Signatories :
President Director (Mr. Drs. Rudy
Unjoto) or one of the Directors (Mr. Stanley Unjoto and Mr. Antony
Kusmawiraputra) which must be approved
by Board of Commissioners (Mr. Sukendar Unjoto and Mr. Djonie Unjoto)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
PT. INDACHI PRIMA (P.T. IP) was established in
Purwakarta, West Java on 4 November 2004 with an authorized capital of Rp.
50,000,000,000 issued capital of Rp. 12,500,000,000 entirely paid up. The
founding shareholders of the company are P.T. DALIATEX KUSUMA, P.T. MAKMUR
REKASANTIKA, both are private company, Mrs. Susie Unjati and Mrs. Sutie Unjati,
both are Indonesian businesswomen of Chinese origins. The notary deed had been
changed a couple of times. In October 2005, the issued capital was increased to
Rp. 50,000,000,000 entirely paid up. On the same occasion, Mr. Ir. Riki Munaba
joined the company as new shareholder. The latest deed of amendment was made by
Dr. Herlien, SH., a public notary in Bandung, West Java, were approved by the
Ministry of Justice and Human Right in its Decision Letter No.
C-UM.02.01.16813, dated November 22, 2005.
The Company’s article of association has been amended for
several times. In September 2011, the
authorized capital was raised to Rp. 79,000,000,000.- entirely was issued and
fully paid up. Since then, the shareholders of the company are PT. DALIATEX
KUSUMA (50%), Mrs. Susie Unjati (10%), Mrs. Sutie Unjati (10%), Mr. Ir. Riki
Munaba (1%) and SUN INVESTMENT HOLDINGS Pte. Ltd., of Singapore (29%). The amendment to Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-49620.AH.01.02.Tahun
2011 dated October 11, 2011.
The most recently by Notary Deed No. 26 dated April 26,
2013 of Agung Sri Wijayanti, SH., concerning the change in composition of the
Company’s shareholders. Since then, the shareholders of the company are PT.
DALIATEX KUSUMA (40%), Mrs. Susie Unjati (10%), Mrs. Sutie Unjati (10%), Mr.
Ir. Riki Munaba (1%) and SUN INVESTMENT HOLDINGS Pte. Ltd., of Singapore (39%).
This amendment to Deed has been approved by the Minister of Law
and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-22306 dated June 5, 2013. Since then, no changes have been
effected in term of its shareholding composition and capital structure to date.
We see the majority business stakes owners namely P.T.
DALIATEX KUSUMA (P.T. DK) is private company in integrated textile industry and
the whole business stakes is controlled by Mr. Sukendar Unjoto and his family
members. P.T. P.T. DK is engaged in
integrated textile industry with its plant located at Jalan M. Toha No. 307,
Km. 7.3, Bandung, West Java on a land of 20 hectares.
Initially, P.T. INDACHI PRIMA (P.T. IP) obtained a domestic capital
investment (PMDN) facility issued by Investment Coordinating Board (BKPM) for
dealing with acrylic and nylon filament yarn spinning mills. The Company had been operating since the
early 2005 by taking over factory (assets), brand name and factory employee of
P.T. INDONESIA ASAHI KASEI. The plant
located at Desa Cibinong Ubrug, Purwakarta, West Java on a land of 33,500 sq.
meters. The Company produces of acrylic and nylon yarns 6,900 tons per annum.
The plant has absorbed an investment of Rp. 73.0 billion, come from owned
capital of Rp. 50.0 billion and the rest is loans. In September 2006, P.T. IP got an expansion
permit to increase production capacity which an investment of Rp. 24.0 billion
originally coming from loan. The expansion plant has been operating
commercially since in early 2009 by producing of nylon yarns of about 1,700
tons per annum.
In September 2011, the
company’s framework was changed to a foreign capital investment (PMA) and
approved by Investment Coordinating Board (BKPM). Nylon products produced by P.T. IP have
gained excellent reputation among major textile industries in Indonesia and
other countries including China, Hong Kong, Taiwan, South Korea, Japan,
Bangladesh, The Philippines, Malaysia, Vietnam, Pakistan, India, Syria, Egypt
and Turkey. About 60% of its production
is exported to the USA, Japan, Australia, Pakistan and Middle East while the
rest 40% is marketed in the country to various textile industries. We observe
that P.T. IP 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.
Generally, the demand
for textile and textile products including polyester textured yarn, finished
fabrics, garment, textile chemicals and raw materials has been fluctuating in
the last five years. 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 to 1,633.1 thousand tons
(US$ 5,293.6 million) in 2013 and to 1,815.6 thousand tons (US$ 5,379.9
million) in 2014. The export volume and value of the national TPT products in
2002 to as of January 2015 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 2014 2015* |
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 1,815.6 153.0 |
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 5,379.9 421.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 35.4 |
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 7,450.9 594.5 |
Until this time P.T. IP has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. We observed that total sales turnover of the company in 2012
amounted to Rp. 410.0 billion declined to Rp. 360.0 billion in 2013 to Rp.
340.0 billion in 2014 and projected to go on rising by at least 5% in 2015. The
operation in 2014 yielded an estimated net profit at least Rp. 20.1 billion and
the company has an estimated total net worth at least Rp. 180.0 billion. We
observe that P.T. IP is supported by financially fairly strong behind it. So
far, we did not hear that the company having been black listed by the Central
Bank (Bank Indonesia).
The management of P.T. IP is headed by Ir.
Drs. Rudy Unjoto (56) as president director and CEO of the company. He is a businessman
with more than 25 years of experience in integrated textile industry. He is the first son of Mr. Sukendar Unjoto
AKA Oey Ke Eng (79), the founder of the DALIATEX Group. In daily activities he is assisted by Mr.
Stanley Unjoto (51) and Mr. Antony Kusmawiraputra (30), both as directors
respectively. The management of the
company is handled by professional managers having wide relation with private
businessmen within and outside the country and with the government sectors as
well. We observed that management’s reputation in said business is fairly good.
So far, we have never heard that the company’s management involved in a dirty
business practice 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.
PT. INDACHI PRIMA is 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.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
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.