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MIRA
INFORM REPORT
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Report No. : |
503958 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. FISTAR CEMERLANG |
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Registered Office : |
Jl. Raya Pakin No. 1, Block A/6,Komplek Mitra Bahari, Kelurahan/ Kecamatan PenjaringanJakarta Utara 14440 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.11.2001 |
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Com. Reg. No.: |
AHU-AH.01.03-0045737 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Packing, Bottling and Canning Industry |
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No. of Employees : |
40 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
Name of Company
P.T.
FISTAR CEMERLANG
Company summery
A d d r e s s :
Head Office & Factory
Jl. Raya Pakin No. 1, Block A/6,
Komplek Mitra Bahari, Kelurahan/
Kecamatan Penjaringan
Jakarta Utara 14440
Indonesia
Phones -
(62-21) 6669 6441-2
Fax. - (62-21) 662 5880
Land Area - 1,200 sq.
meters
Building Area - 680 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
02 November 2001
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-07169.HT.01.01.TH.2003
Dated 03 April 2003
b. No. AHU-AH.01.10-11547
Dated 28 July 2009
c. No.
AHU-88285.AH.01.02.Tahun 2008
Dated 20 November
2008
d. No. AHU-AH.01.03-0045737
Dated 03 May 2016
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.076.784.4-041.000
Related/Associated Company :
P.T. SUNNY TRAVELINDO (Tours and Travel Services)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized Capital - Rp.
20,000,000,000.-
Issued Capital - Rp.
12,800,000,000.-
Paid up Capital - Rp.
12,800,000,000.-
Shareholders/Owners
:
a. Mr. Erwin Taufik Kusumawan -
Rp. 12,775,000,000.- (99.80%)
Address : Jl. Pluit Timur Blok Y Utara No.1
Penjaringan, North Jakarta
Indonesia
b. Mrs. Regina Yunika Setiawan -
Rp. 25,000,000.- ( 0.20%)
Address : Jl. Jembatan Gambang II Blok H/7,
Penjaringan, North Jakarta
Indonesia
BUSINESS ACTIVITIES
Lines of Business
:
Packing, Bottling and Canning Industry
Production
Capacity :
On the order basis
Total Investment :
a. Equity Capital - Rp.
12.8 billion
b. Loan Capital -
Rp. 20.0 billion
c. Total Investment - Rp.
32.8 billion
Started Operation
:
2002
Brand Name :
Fistar Cemerlang
Technical
Assistance :
None
Number of Employee
:
40 persons
Marketing Area :
Domestic - 100%
Main Customers :
Corporate
and Individual
Market Situation :
Very Competitive
Main Competitors :
a. PT. Cometa Can
b. PT. Ancol Terang Metal
Printing
c. PT. Multi Makmur Indah Industri
d. PT. Pelangi Indah
Canindo
e. PT. Sinar Djaja Can
f. PT. Incap Altin Utama
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Jl. Pluit Permai
Raya No. 60
Jakarta UItara
Indonesia
b. P.T.
Bank MANDIRI Tbk
Jl. Raya Pluit
Kencana No. 51-53,
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2014 – Rp. 46.0 billion
2015 – Rp. 38.0 billion
2016 – Rp. 34.0 billion
2017 – Rp. 26.0 billion
Net Profit (Loss)
:
2014 – Rp. 2.2 billion
2015 – Rp. 1.8 billion
2016 – Rp. 1.6 billion
2017 – Rp. 1.2 billion
Payment Manner :
Slow but Correct
Financial Comments
:
Fairly
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Erwin Taufik Kusumawan
Director - Mr. Firmansyah
Rukman
Board of Commissioners :
Commissioner -
Mrs. Christine Mery Tjakra
Signatories :
President Director (Mr. Erwin Taufik
Kusumawan) or Director (Mr. Firmansyah Rukman) which must be approved by Board
of Commissioner (Mrs. Christine Mery Tjakra)
CAPABILITIES
Management Capability :
Fairly
Business Morality :
Fairly
OVERALL PERFORMANCE
P.T.
FISTAR CEMERLANG (P.T. FC) was established in Jakarta based on Notary Deed No.
8 dated November 2, 2001 was made by Agung Aribowo, SH., notary in Jakarta with
the authorized capital of Rp. 5,000,000,000.- of which Rp. 1,250,000,000.- was
issued and fully paid up. The founding
shareholders of the company are Mr. Erwin Taufik Kusumawan (60%), Mr. Teddy
Surya (20%) and Mr. Eka Sapanca (20%). The Deed of establishment has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. C-07169.AH.01.01.Tahun 2003 dated April 3, 2003.
Its articles of association have
subsequently been changed for several times.
In 2008, based on notary Deed No. 100 dated August 14, 2008 drawn up by
Raden Johanes Sarwono, SH., concerning changes of the whole article of
association of the Company’s to conform with Law No. 40 Year 2007 concerning
Limited Liability Company. Concurrently, the authorized capital was raised to
Rp. 20,000,000,000.- of which Rp. 5,000,000,000.- was issued and paid up. Since then, the shareholders of the company
are Mr. Erwin Taufik Kusumawan (99.50%) and Mr. Sun Ho (0.50%). The amendment to Deed was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-88285.AH.01.02.Tahun 2008 dated November 20, 2008. The most recently by Notary Deed of
Yan Armin, SH., No. 7 dated May 02, 2016, the issued capital was raised to Rp.
12,800,000,000.- and fully paid up.
Since then, the shareholders of the Company are Mr. Erwin Taufik Kusumawan
(99.80%) and Mrs. Regina Yunika Setiawan (0.20%). This amendment
to Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decree No. AHU-AH.01.03-0045737 dated May 03,
2016.
In
accordance with article 3 (three) of the articles of association contained in
the deed of establishment, the scope of activities of the Company engaged in
industry, trading, development, mining, transportation, agriculture, printing,
workshop and services. The company
registered office located at Jl. Raya Pakin No. 1, Block A/6, Komplek Mitra
Bahari, Penjaringan district, North Jakarta and the company can open branch
offices or representative offices at home and abroad.
P.T.
FC has been in operation since 2002 dealing with packing, bottling, canning
industry. The company's plant, located
at Komplek Mitra Bahari Blok A/6, Jalan Raya Pakin No. 1, Penjaringan, North
Jakarta. In addition the company also runs a trade business which includes export
and import trading, sells its own products and the production of others, acts
as agent, grosser, distributor, supplier, franchise, commission house and
various representatives of other companies either from domestic and foreign.
But we noticed that the business activities of this company are not running
smoothly, because the level of competition is very tight, so it continues to
decline in the last three years.
The
domestic demand for bottling, canning and packing products had been rising by
6% to 8% on the average per annum in the last five years in line with the rapid
growth of various industrial sectors including food and beverages, mineral
waters, restaurants, hotels and others.
The solid and steady domestic economy, Indonesia with the rising of
Country Rating to Investment Grade, and also supported by Indonesia’s economic
indicators such as inflation, exchange rates and interest rates are expected to
encourage the business sectors.
Macroeconomic indicators from China showed downward trend. In contrary, macroeconomic indicators of the
US and India showed improvement. Both of
these indicated continued uncertainties. The global economic
crisis that accompanied the decline of the Indonesian Rupiah (IDR) against the
US Dollar in the past two months, resulting in Indonesian people's purchasing
power declined sharply. The value of the Rupiah from Rp. 11,800.- per US dollar
at the end of 2014, has now slumped to Rp. 13.700 per US Dollar.
Table of
Indonesian Economic Indicators from 2012 to 2016
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Indonesian
Economic Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
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Gross Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
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Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
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Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
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Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
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Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
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Population (in millions) |
247 |
250 |
253 |
255 |
258 |
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Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
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Unemployment (percentage of workforce) |
6.1 |
6.3 |
5.9 |
6.2 |
5.6 |
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Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until
this time P.T. FC has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The management of P.T. FC is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimate
the company's sales turnover in 2015 reached Rp. 38.0 billion declined to Rp.
34.0 billion in 2016 and dropped again to Rp. 26.0 billion in 2017. The operation in 2017 yielded an estimated
net profit of Rp. 1.2 billion and the company has an estimated total net worth
of at least Rp. 14.0 billion. So far,
we did not heard that the company having been black listed by the Central Bank
(Bank Indonesia).
P.T.
FC's management is headed by Mr. Erwin Taufik Kusumawan (63) as president
director with more than 30 years of experience in packing, bottling and canning
industry. In daily activities, he is
assisted by his son Mr. Firmansyah Rukman (51) as director. 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
fraudulent dealings. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia.
Considering
the operation of P.T. FISTAR CEMERLANG declined in the last three years and
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.45 |
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1 |
INR 93.28 |
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Euro |
1 |
INR 80.74 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.