|
|
|
MIRA INFORM REPORT
|
Report No. : |
492997 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INTERCHEM PLASAGRO
JAYA |
|
|
|
|
Formerly Known As : |
P.T. INTERCHEM PLASINDO JAYA |
|
|
|
|
Registered Office : |
Wisma SMR, 5th Floor Unit 503, Jl. Yos Sudarso Kav. 89, Jakarta Utara 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
19.02.1994 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.03-0188928 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Import and Distribution of Industrial Chemicals |
|
|
|
|
No. of Employees : |
140 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
BASIC
SEARCH
|
Correct
Name of Company :
P.T.
INTERCHEM PLASAGRO JAYA
Address
:
Head
Office
Wisma
SMR, 5th Floor Unit 503
Jl. Yos Sudarso Kav. 89
Jakarta Utara 14350
Indonesia
Phones -
(62-21) 6530 8462(hunting)
Fax - (62-21) 6507 821
Email - plasagro@pacific.net.id
Website - www.interchem.co.id
Building Area - 4 storey
Office Space - 240 square meter
Region - Commercial
Status - Rent
Branches
a. Jl. Tanah Abang I/12C
Jakarta Pusat 10160
Indonesia
Phone - (62-21) 3808638
Fax -
(62-21) 3808645
b. Jl.
Prapen Indah Timur VI/8
Blok AG 4 Komplek Persada Prapen
Mas
Surabaya, East Java
Indonesia
Phone -
(62-31) 8476739
Fax
- (62-31) 8411962
c. Komplek
Ruko Merbau Mas RK-05
Medan 20113, North Sumatra
Indonesia
Phones -
(62-61) 4552303, 4156129
Fax
- (62-61) 4552303
d. Jl.
Cicukang Holis No. 11-A
Caringin, Bandung 40113
West Java
Indonesia
Phone -
(62-22) 7077 4186
Fax
- (62-22) 6046 022
e. Perumahan
Sunjaya Indah A-5
Jl. Sunjoyo
No. 2
Semarang, Central Java
Indonesia
Phone -
(62-24) 352 1615
Fax
- (62-24) 352 0815
Date of Incorporation :
a.
19 February 1994 as P.T. INTERCHEM PLASINDO JAYA
b.
05 August 1999 as P.T. INTERCHEM PLASAGRO JAYA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C2-7204.HT.01.01.TH.94
Dated 05 May 1994
b. No.
C-19059 HT.01.04.TH.2000
Dated 29 August 2000
c. No. AHU-18318.AH.01.02.Tahun 2009
Dated 05 May 2009
d. No. AHU-AH.01.10-00997
Dated 16 January 2013
e. No.
AHU-AH.01.03-0188928
Dated 08 November 2017
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.654.366.2-073.000
Related/Affiliated
Companies:
a.
P.T. TIRTA BENING MULIA (Sodium Silicate Glass and Liquid Sodium Silicate
Industry)
b.
P.T. MEGAYAKU KEMASAN PERSADA (Plastic Packaging Industry)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - Rp. 2,000,000,000.-
Issued Capital - Rp. 1,000,000,000.-
Paid up Capital - Rp. 1,000,000,000.-
Shareholders/Owners
:
a.
Mr. Heng Erik Harvy Hendriek - Rp.
760,000,000.- (76%)
Address : Jl. Kelapa Lilin III No. 7/20
Pegangsaan Dua, Kelapa Gading
Jakarta Utara
b. Mrs. Sandrawati
Iskandar - Rp. 160,000,000.- (16%)
Address : Jl. Kelapa Lilin III No. 7/20
Pegangsaan Dua, Kelapa Gading
Jakarta Utara
c. Mrs. Lindawati Iskandar - Rp. 80,000,000.- (
8%)
Address : Jl. Wirasaba No. 9
Adiarsa Timur, Karawang
West Java
BUSINESS
ACTIVITIES
|
Lines
of Business :
Trading,
Import and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
June
1994
Brand
Name :
IPJ
Technical
Assistance :
None
Number
of Employee :
140
persons
Marketing
Area :
Local - 100%
Main
Customers :
a.
Food and Beverage Industries
b.
Soap and Detergent Industries
c.
Feed Livestock Industries
d.
Agricultural Industries
e.
Leather and Paper Industries
f. Oil Drilling Companies
g.
Glassware and Ceramic Industries
h.
Etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. United Chemicals Inter Aneka
b.
PT. Wadah Makmur Kencana
c.
PT. Dunia Kimia Utama
d. PT. Halim Sakti Pratama
e. PT. Kharindo Prakarsa
f. PT. Indokemika
Jayatama
g.
PT. Lautan Luas Tbk
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Menara BCA
Jl. M.H. Thamrin No. 1
Jakarta Pusat
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta
Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
detrimental filling was recorded at the local court
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2013
– Rp. 395.0 billion
2014
– Rp. 442.0 billion
2015
– Rp. 480.0 billion
2016
– Rp. 520.0 billion
2017
– Rp. 566.0 billion
Net
Profit (estimated) :
2013
– Rp. 18.2 billion
2014
– Rp. 20.4 billion
2015
– Rp. 22.1 billion
2016
– Rp. 24.0 billion
2017
– Rp. 26.2 billion
Payment
Manner :
Fairly good
Financial
Comments :
Fairly
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Heng Erik Harvy Hendriek
Director -
Mrs. Lindawati Iskandar
Board of Commissioners :
Commissioner - Mrs. Sandrawati Iskandar
Signatories :
President
Director (Mr. Heng Erik Harvy Hendriek) or Director (Mrs. Lindawati Iskandar)
must be approved by Board of Commissioner (Mrs. Sandrawati Iskandar)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Initially named P.T. INTERCHEM PLASINCO
JAYA, the company was established in
Jakarta based on Notary Deed No. 151 dated 19 February 1994 of Veronica Lily
Dharma, SH., a notary in Jakarta with an authorized capital of Rp 100,000,000.-
of which Rp 25,000,000.- was issued and fully paid up. The founding shareholders
of the company are Mr. Heng Erik Harvy Hendriek (76%), Mrs. Sandrawati Iskandar
(16%) and Mrs. Lindawati Iskandar (8%), they are Indonesian family business
entrepreneurs of Chinese extraction. The Deed of establishment has been approved by the
Minister of Justice of the Republic of Indonesia through Decision Letter No.
C2-7204.HT.01.01.TH.94 dated 5 May 1994. Its articles of association have
subsequently been changed for several times. On August 5, 1999 the company's
name was changed to P.T. INTERCHEM PLASAGRO JAYA (P.T. IPJ) and the Deed of amendment has been approved by the
Minister of Justice and Human Rights through Decision Letter No.
C-19059.HT.01.04.TH.2000 dated 29 August 1999.
In
November 2012 based on Notary Deed No. 176 dated 30 November 2012 of Dian
Fitriana, SH., a notary in Jakarta, the authorized capital was raised to Rp.
2,000,000,000.- of which Rp. 1,000,000,000.- was issued and fully paid up. No
changes have been effected in term of its shareholding composition and capital
structures to date. The amendment to Deed was approved by the Minister of
Law and Human Rights of the Republic of Indonesia through Decision Letter No.
AHU-AH.01.10-00997 dated 16 January 2013.
The most recently by Notary Deed of Dian Fitriana, SH., No. 11 dated
November 08, 2017, concerning the reappointment in composition of the Company’s
board of Directors and Commissioners.
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.01.03-0188928 dated November 08, 2017.
P.T. IPJ has been in operation since the middle of 1994 in trading, importing and distribution of industrial chemicals. At the beginning, P.T. IPJ serve only import chemicals indent sales, but in its development so far the Company has become a stockist of chemicals that imported by their self and sole agent for some chemical products both in and outside the country. Mr. Fajar, an administrative staff of the company explained that most of the chemical products are imported from China, Taiwan, Japan, India, USA, Thailand, Belgium, Germany, Australia and others. P.T. IPJ is also as a distributor and agent of local companies such as PT. Sintas Kumara Perdana, PT. Evonik Degussa, PT. Pindo Deli Pulp and Paper and PT. Tjiwi Kimia. Chemicals trading that the company expertise is the procurement of chemicals for food and beverages, textile, soap and detergent, feed livestock, agriculture, leather, paper oil drilling, glassware, ceramics, chemicals and others. We observed that P.T. IPJ is classified as a large-sized company of its kind in the country of which the operation has been growing in the last five years.
The domestic demand for various types of 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
paint industry, plastic, ink, textile, rubber, printing and a stable economic
growth in the period. The growth rate is
now estimated at 6% to 8% per year. 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. 13.500 per US Dollar.
Table of
Indonesian Economic Indicators from 2012 to 2016
|
Indonesian
Economic Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Gross Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
|
Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
|
Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
|
Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
|
Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
|
Population (in millions) |
247 |
250 |
253 |
255 |
258 |
|
Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
|
Unemployment (percentage of workforce) |
6.1 |
6.3 |
5.9 |
6.2 |
5.6 |
|
Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Until this time P.T. IPJ has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. P.T.
IPJ’s management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2015 amounted to Rp. 480.0 billion increased to Rp. 520.0 billion in 2016 and
rose again to Rp. 566.0 billion in 2017.
The operation in 2017 yielded a net profit at least Rp. 26.2 billion and
the company has a total net worth of Rp. 120.0 billion. So far we did not hear that P.T. IPJ 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 Company’s management is headed by Mr.
Heng Erik Harvy Hendriek (64), a businessman with more than 25 years of
experience in trading, importing and distribution of industrial chemicals. In
his daily activities, he is assisted by Mrs. Lindawati Iskandar (61) and a
number of professional staffs in the 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.
We are convinced that
P.T. INTERCHEM PLASAGRO JAYA is fairly good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.94 |
|
IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.