MIRA INFORM REPORT
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Report Date : |
13th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
PT
COLORINDO ANEKA CHEMICALS |
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Registered Office : |
Jalan Raya Citeras, Rangkas Bitung Km. 1,8, Serang 42186, Banten Province, Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
2005 |
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Date of Incorporation : |
10.01.1989 |
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Com. Reg. No.: |
C-5572.HT.01.04.TH.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Dyestuff Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Report on :P.T. COLORINDO ANEKA
CHEMICALS
Your Ref. No. :19305 (Year 2006)
Reports Type :Company Standard Report
Service Type :Express Service
Order Date :E-mail, 09 June 2006
Date Report Sent :13 June 2006
Name of
Company
P.T. COLORINDO ANEKA CHEMICALS
Address
Head Office & Factory
Jalan Raya Citeras
Rangkas Bitung Km. 1,8
Serang 42186, Banten Province
Indonesia
Phone - (62-254) 402288 (Hunting), 401261-66
Fax. - (62-254) 401267
Building Area - Factory
Office Space - 4 hectares
Region - Commercial
Status - Owned
Representative
Office
Jalan Tanah Abang II No. 61
Jakarta Pusat
Indonesia
Phone - (62-21) 3851128, 3851133
Fax. - (62-21) 3851132
Building Area - Office
Office Space - 500 meters
Region - Commercial
Status - Owned
Date of
Incorporation
a. 19 January 1989 as P.T. COLORINDO CHEMICALS
b. 04 August 1989 as P.T. COLORINDO ANEKA CHEMICALS
Legal
Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company
Reg. No.
The
Ministry of Law and Human Rights
No. C-5572.HT.01.04.TH.2001
Dated 23 April 2001
Company
Status
Private and Domestic Investment (PMDN) Company
Permit by
the Government Department
The
Capital Investment Coordinating Board
- No. 378/I/PMDN/1989
Dated 16 June 1989
- No. 858/III/PMDN/1991
Dated 8 October 1991
Related Companies :
a. P.T. CIKANDE INDSUTRIAL ESTATE (Industrial Estate Development)
b. P.T. KRIKRAS (Metal Printing and Can Making)
c. P.T. MARSICO BISCUITS (Biscuit and Wafer Manufacturing)
d. P.T. POLKRIK CHEMICAL (Textile Chemical Manufacturing)
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 9,675,000,000.-
Issued Capital : Rp. 9,675,000,000.-
Paid up Capital : Rp. 9,675,000,000.-
Shareholders/Owners :
a. Mr.
Kadi Marsudidjaja - Rp.
9,645,000,000.-
Address : Jalan Pasar Baru Timur No. 220-21
RT. 005/ RW. 003Kecamatan Sawah Besar
Pasar Baru, Jakarta Pusat, Indonesia
b. Mr.
Indratno Marsudidjaja, BSc. - Rp. 10,000,000.-
Address : Jalan Pasar Baru Timur No. 220-21
RT. 005/ RW. 003Kecamatan Sawah Besar
Pasar Baru, Jakarta Pusat, Indonesia
c. Mrs. Indrajati Marsudidjaja, BSc. -
Rp. 10,000,000.-
Address : Taman Kebon Jeruk Block F-1/12
RT. 003 /RW. 010, Kelurahan Srengseng
Kecamatan Kembangan, Jakarta Barat
Indonesia
d. Mrs.
Indrati Marsudidjaja, MBA. -
Rp. 10,000,000.-
Address : Taman Kebon Jeruk Block K-1/7
RT. 008 /RW. 004, Kelurahan Srengseng
Kecamatan Kembangan, Jakarta Barat
Indonesia
BUSINESS
ACTIVITIES
Lines
of Business:
Dyestuff Industry
Production
Capacity :
a. Disperse Dyestuff - 4,000 tons p.a.
b. Reactive Dyestuff - 1,500 tons p.a.
c. Sulphurs Dyestuff * - 50 tons p.a.
d. Direct Dyestuff * - 150 tons p.a.
e. Acid Dyestuff * - 50 tons p.a.
*) has yet been produced
Total
Investment :
a. Equity Capital - Rp. 9.7 billion
b. Loan Capital - Rp. 17.7 billion
c. Total Investment - Rp. 27.4 billion
Started Operation :
November 1991
Brand Name :
Colacron disperse and Colative reactive disperse
Technical Assistance :
HOECHST of Germany
Number of Employee :
400 persons
Marketing Area :
- Export - 70%
- Domestic - 30%
Main Customer :
Buyers in Asian countries and textile industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR COLOURS INDONESIA
b. P.T. POLKRIK CHEMICALS
c. P.T. CLARIANT INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan Kalibesar Barat No. 18
Jakarta Barat
Indonesia
b. DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Iman Bonjol 80
Jakarta Pusat, Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated) :
2003 – Rp. 52.0 billion
2004 – Rp. 56.0 billion
2005 – Rp. 60.0 billion
Net
Profit (Loss) :
2003 – Rp. 3.6 billion
2004 – Rp. 4.5 billion
2005 – Rp. 4.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Indratno
Marsudidjaja, BSc.
Directors - a.
Mr. Paulus Nusjirwan Tamin
b. Mr. Twindy Zakaria
c. Mr. Suhandy Sutanto
Board of Commissioners :
President
Commissioner - Mr. Kadi Marsudidjaja
Commissioners - a. Mrs.
Tjahjani Elisa Haninjaya
b. Mrs. Indrajati Marsudidjaja, BSc.
Signatories :
President Director (Mr. Indratno Marsudidjaja, BSc.) or one of
the Directors (Mr. Paulus Nusjirwan Tamin, Mr. Twindy Zakaria or Mr. Suhandy
Sutanto) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with
monitor
Proposed Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 800,000.- on the 90 days of payments
OVERALL
PERFOMANCE
Initially
named P.T. COLORINDO CHEMICALS, established in January 1989 with an authorized
capital of Rp. 5,000,000,000.- issued capital of Rp. 1,000,000,000.- entirely
paid up. The founding shareholders of the company are Mr. Kadi Marsudidjaja and
his three children Mrs. Indrati Marsudidjaja, MBA., Mrs. Indrajati
Marsudidjaja, BSc., and Mr. Indratno Marsudidjaja, BSc. They are Chinese origin
Indonesia business family. The articles of association has been changed a
couple of times. In August 1989 the company was renamed P.T. COLORINDO ANEKA
CHEMICALS (P.T. CAC). In December 1991, its authorized capital was raised to
Rp. 9,675,000,000.- wholly was issued of which Rp. 5,000,000,000.- was paid up.
The latest in September 2000, the issued capital was raised Rp. 9,675,000,000.-
entirely pad up. The deed of amendment was made by Mrs. Agustina Junaedi, SH.,
a public notary in Jakarta under Company Registration Number C-5572
HT.01.04.TH. 2001, dated April 23, 2001.
We see that
the majority business stakes is controlled by Mr. Kadi Marsudidjaja and his
family members. The Marsudidjaja family is also founders and majority business
stakes owners of P.T. CIKANDE INDUSTRIAL ESTATE engaged in industrial estate
development, P.T. KRIKRAS engaged in metal printing and can making, P.T.
MARSICO BISCUITS in biscuit and wafer manufacturing and P.T. POLKRIK CHEMICAL
in textile chemical anufacturing.
P.T.
CAC is a Domestic Capital Investment Company (PMDN) dealing with textile
chemical manufacturing. Its plant is located at Jalan Raya Citeras, Rangkas
Bitung Km. 1,8, Serang, banten Province, on a land of some 4.0 hectares. The
plant had been operating since 1991. It was licensed to produced disperse
dyestuff of 4,000 tons, reactive dyestuff of 1,500 tons, sulphur dyestuff of 50
tons, direct dyestuff of 150 tons and acid dyestuff of 50 tons respectively per
years. The plant has absorbed an investment of Rp. 27.4 billion come from owned
capital of Rp. 9.7 billion and thre rest from loans. The management of the
company said to our inquiry the company now only produces disperse dyestuff and
reactive dyestuff. Meanwhile, sulphur dyestuff, direct dyestuff an acid
dyestuff has yet been produced up to now. Some of 70% of the products like
disperse dyestuff and reactive dyestuff is exported to Asian countries such as
Taiwan, Thailand, South Korea, Philippine, Singapore, Turkey, and Japan. While
the rest 30% is marketed locally using Colacron brand for disperse and Colative for reactive
dyestuff. The supplies of basic materials in the form of Marasperse 52 CP, Reax
910, Reax 915, Lignosol SD-60, Ultrazine NA, Lignosol FTA, Sodium Nitrite,
Sodium Choride, Sodium Sulphte, Acetic Acid, Hydroclorde Acid, Sulphuric Acid,
Oxalic Acid, Magnesium Chloride and others is imported from China, Europe and
the USA.
Besides, some of the raw materials likes Sodium Sulphite and others used local product from P.T. ANEKA KIMIA RAYA Tbk, P.T. LAUTAN LUAS Tbk, etc. We observed that P.T. CAC is a comparatively medium-sized industry of its kind in the country and the operation had been growing well within the last five years. Sharp rupiah depreciation against the US Dollar and other hard foreign currencies has good impact to P.T. CAC's financial condition because some 70% of its products is exported. But, on the contrary, the prolonged economic crisis has also bad impact to P.T. CAC's operation due to sharp rise in its production cost.
The growth of dyestuff industry had yet to recover until the end of 2004
in line with the sluggish TPT industry. The incessant unstable economic
condition in the country has bad impact to the TPT production and to dyestuff
industry as well. We therefore estimated that the demand for basic chemical
substance for yarn industry and fabrics will be increasing after 2006. There
are eleven domestic dyestuff producers which are still active with a combined
production capacity of 43,845 tons per annum. Some of the largest producers are
P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA
CHEMICAL. The supply of dyestuff in Indonesia declined in 2003 due to the
decline of the demand for dyestuff required by domestic TPT producers.
Besides, demand for garment in international market has been fluctuating in the last five years as evident from figures of Indonesian garment export. According to the Central Bureau of Statistic (BPS) the Indonesian garments export in 2000 amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 tons (US$ 4,476.7 million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons (US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 and to 317,100 tons (US$ 4,244.2 million) in 2005 (January-October). The Indonesian textile products export in 2000 amounted 1,365.1 tons (US$ 3,634.1 million), declined to 1,269.5 tons (US$ 3,198.9 million) in 2001, to 1,425.9 tons (US$ 3,075.9 million) in 2002 to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 and to 1,194.8 tons (US$ 3,109.6 million) in 2005 (January-October). The export volume and value of the national TPT products in 2002 to 2005 are pictured on the following table.
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Year |
Garment |
Textile
Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 2001 2002 2003 2004 2005* |
370.3 473.8 333.1 339.9 327.3 317.1 |
4,702.6 4,476.7 3,887.2 4,037.9 4,351.9 4,244.2 |
1,365.1 1,269.5 1,425.9 1,307.5 1,300.4 1,194.8 |
3,634.1 3,198.9 3,075.9 3,064.6 3,354.6 3,109.6 |
*) January – October
Source : Central Bureau of Statistic
Until this time P.T. CAC has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
P.T. CAC’s management adopted very reclusive attitude towards outsiders and
rejected to unveil its financial condition but we estimated that the company’s
operation in 2003 booked a total sales turnover of Rp. 52.0 billion rose to Rp.
56.0 billion in 2004 to Rp. 60.0 billion in 2005 and estimated to be rising by
at least 6% in 2006. We estimated that P.T. CAC’s operation in 2005 yielded a
total net profit of Rp. 4.8 billion with a total networth of Rp. 75.0 billion.
So far, we have never heard of the company having been black listed by the
Central Bank (Bank Indonesia). Besides, the company has a punctual payment
habit within 1 to 2 months.
P.T. CAC’s management is led by Mr. Indratno Marsudidjaja, BSc, ( 40) with experience in dyestuff manufacturing and trade. The management is handled by experienced professional managers in dyestuff trading industry, trading and distribution having wide relation with home and overseas private businessmen as well as with the government sectors. So far, we have never heard of the management of the company being filed to the district court for detrimental cases. P.T. COLORINDO ANEKA CHEMICALS is considered to be good for normal business transaction. Considering unstable economic condition in the country, we recommend to treat prudently in extending loan to the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |