MIRA INFORM REPORT
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Report Date : |
5th May 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
DYSTAR COLOURS INDONESIA |
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Registered Office : |
Menara Global 22nd
Floor Jalan Jend. Gatot Subroto
Kav. 27 Jakarta
12930 |
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Date of Incorporation : |
16
June 1982 |
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Com. Reg. No.: |
C-12480
HT.01.04.TH.2000 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Dyestuff
Industry and Trading, Import and Distribution of Textile Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. DYSTAR COLOURS INDONESIA
A d d r e s s
Head Office
Menara Global 22nd Floor
Jalan Jend. Gatot Subroto Kav. 27
Jakarta 12930
Indonesia
Phone - (62-21) 5270550 (Hunting)
Fax. - (62-21) 5270520
Building Area - 28 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rental
Factory I
Kawasan Industri Berat
P.T. KRAKATAU STEEL ESTATE CILEGON
Cilegon, Banten Province
Indonesia
Phones - (62-254) 396960, 396957
Fax - (62-254) 396961
Building area - Factory
Factory space - 30,000 sq. meters
Region - Commercial (Industrial Zone)
Status - Owned
Factory II
Jalan Raya Citeras Rangkasbitung Km. 3.8
Desa Gabus, Serang
Banten Province
Indonesia
Phones - (62-254) 401741 (16 lines)
Fax - (62-254) 401751
Building area - Factory
Factory space - 530,145 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
16 June 1982 as P.T. HOECHST CILEGON KIMIA
4 January 1996 as P.T. DYSTAR CILEGON
15 May 2001 as P.T. DYSTAR COLOURS INDONESIA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-12480 HT.01.04.TH.2000
Dated 27 June 2000
Company Status
Foreign Investment (PMA) Company
Permit by the Government Department
The President of the Republic of Indonesia
No. B-26/Pres/1/1982
Dated 30 June 1982
The Capital Investment Coordinating Board
No. 1806/III/PMA/2000
Dated 11 December 2000
No. 14/II/PMA/2001
Dated 26 January 2001
No. 595/III/PMA/2001
Dated 17 May 2001
Related Company
DYSTAR Textilefarben GmbH of Germany (Dyestuff Manufacturing and Investment Holding)
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : US$ 44,500,000.-
Issued Capital : US$ 44,500,000.-
Paid up Capital : US$ 44,500,000.-
Shareholders/Owners :
a. DYSTAR Textilefarben GmbH
of Germany - US$ 44,499,000.-
b. Mrs. Susilo Poorwo Soedarmo of Indonesia - US$ 1,000.-
BUSINESS ACTIVITIES |
Lines of Business:
Dyestuff Industry and Trading, Import and Distribution of Textile Chemicals
Production Capacity :
a. Dyestuff - 24,750 tons p.a.
b. Trading, Import and Distribution of Textile Chemicals
Total Investment :
a. Equity Capital - US$ 40.8 million
b. Reinvested Profits - US$ 8.0 million
c. Loan Capital - US$ 59.7 million
d. Total Investment - US$ 108.5 million
Started Operation :
March 1986
Brand Name :
None
Technical Assistance :
None
Number of Employee :
835 persons
Marketing Area :
Domestic (Local) - 22.47%
Export - 77.53 % (Australia, Japan, Asian countries)
Main Customer :
a. The BATIK KERIS Group
b. The DAMATEX Group
c. Textile industries, etc.,
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT INDONESIA
b. P.T. COLORINDO ANEKA CHEMICAL
c. P.T. MATSUMOTOYUSHI INDONESIA
d. ETC.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a. DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta 10310, Indonesia
b. CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat, Indonesia
c. P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2003 – Rp. 580.0 billion
2004 – Rp. 600.0 billion
2005 – Rp. 630.0 billion
Net Profit (Loss) :
2003 – Rp. 32.0 billion
2004 – Rp. 33.0 billion
2005 – Rp. 37.0 billion
Payment Manner :
Promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President Director - Mr. Joachim Groh
Directors -
a. Mr. Rolf Hinrich
b. Mr. Bambang Nurctjahyo
c. Mr. Sunarto Djunardi
Board of Commissioner :
Commissioner - Mr. Dr.
Benhard Clemens Friedrich Wilee
Signatories :
President Directors (Mr. Joachim Groh) or
one of the Directors (Mr. Rolf Hinrich, Mr. Bambang Nurctjahyo or Mr. Sunarto
Djunardi) which must be approved by Supervisory Board.
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below
average
Credit Recommendation :
Credit
can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 2,800,000.- on the 30 days of payments
OVERALL PERFOMANCE |
Initially
the company’s name of P.T. HOECHST CILEGON KIMIA established in 1982 in Jakarta
with an authorized capital of US$ 11,000,000.- issued capital of US$
2,200,000.- was fully paid up. Founders and original shareholders are HOECHST
AG of Germany, a state owned bank P.T. Bank Pembangunan Indonesia (BAPINDO),
P.T. PIONEER KIMIA AGUNG and P.T. GAJAH PURA INDAH and now it was renamed P.T.
FADJARPURNAMA PRATAMAINTI, and both are private national companies. Its
articles association was converted for several times. Only a short time after
its establishment, the company had been joined by a new shareholder of the
foreign party named DEITSCHE Finanzierunggesellschaft Fuer Beteiligungen in
Enwickkklungslaerdern GmbH, a financing company of Germany. In January 1996 the
company was renamed P.T. DYSTAR CILEGON, and concurrently joined in new
shareholder DYSTAR Textilfarben GmbH of Germany (joint venture for textile dyes
of BAYER and HOECHST in dyes textile, July 1995). In April 1998 the whole
shares had been controlled by DYSTAR Textilfarben GmbH of Germany, P.T. BAPINDO
and P.T. PIONEER KIMIA AGUNG, both of Indonesia. In July 1998 the authorized
capital was raised again to US$ 16,500,000.- issued and paid up capital to US$
12,500,000.-. On the same occasion P.T. BAPINDO pulled out and the whole share
owned by DYSTAR Textilfarben GmbH of Germany and P.T. PIONEER KIMIA AGUNG.
In December
2000, P.T. DYSTAR CILEGON merger with P.T. DYSTAR INDONESIA and the company
taking the merger was P.T. DYSTAR CILEGON. Lastly in May 2001 the company was
renamed P.T. DYSTAR COLOURS INDONESIA (P.T. DCI) and concurrently the
authorized capital was raised to US$ 44,500,000.- wholly issued and paid up. On
the same occasion the whole share owned by DYSTAR Textilfarben GmbH of Germany
and Mrs. Susilowati Poorwo Soedarmo (Susilowati Priyono) of Indonesia. But the
latest notarial act still under prosessing at the Ministry of Justice and Human
Right for legalization. The Deed of amendment was made by Mr. Singgih Susilo,
SH., a public notary in Jakarta under Company Registration Number
C-12480.HT.01.04.TH. 2000, dated April 27, 2000.
P.T. DCI started with operation in March 1986 in
synthetic organic dyestuff whose plant located at Kawasan Industry Berat, Krakatau
Industrial Estate Cilegon, Banten Province. Before the merger, P.T. DYSTAR
INDONESIA which had a factory in Serang
produced dyestuff of the type of disperse dye, a dyestuff for polyester and
P.T. DYSTAR CILEGON produced with a factory in the Heavy Industry Zone P.T.
KSIC in Cilegon produced reactive dye, a textile dyestuff for cotton cloth.
After the merger of P.T. DYSTAR INDONESIA in the end of December 2000, P.T. DCI
took over and managed the plant located at Jalan Raya Citeras Rangkasbitung Km.
3.8, Gabus, Serang, Banten Province, standing on 530,145 square meters land.
Both of the above plants (P.T. DCI) produce 24,750
tons of dyestuff per annum. The company produces High Quality Dyestuff through
the Century for: Workwear, Uniform,
Corporate Fashion, Sportwear, Military / Camouflage and Medical Textile. Having
seen from its production, P.T. DCI concentrates on the production of reactive
dyes for cellulosic fiber finishing and besides it has been undergone
modernization program.
Some 77.53% of its products is exported to
Australia, Japan and other Asian countries while the rest is marketed locally
particularly to textile industries. The supplies of basic materials in the form
of oxysulton blue, parabaester, H. acid TTRG and others is imported from
Germany, Hong Kong, etc. Besides that, P.T. DCI is also engaged in trading and
distribution of textile chemicals by importing textile chemical from Germany
and other countries through companies owned by DYSTAR Group. We observed that
P.T. DCI's operation has been growing in line with the growing activity of
textile industries as the products major consumers. Sharp rupiah depreciation
against the US Dollar and other hard foreign currencies has good impact to P.T.
DCI's financial condition because some 77.53% of its products are exported.
But, on the contrary, the prolonged economic crisis has also bad impact to P.T.
DCI'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 increase 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).
P.T. DCI’s
management adopted very reclusive attitude towards outsiders and rejected
tounveil its financial condition but we estimated that P.T. DCI’s operation in
2003 booked a total sales turnover of Rp. 580.0 billion rose to Rp. 600.0
billion in 2004 to Rp. 630.0 billion in 2005 and estimated to be rising by at
least 6% in 2006. We estimated that P.T. DCI’s operation in 2005 yielded a
total net profit of Rp. 37.0 billion with a total networth of Rp. 450.0
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. DCI’s operation is backed by foreign partner,
DYSTAR Textilefarben GmbH of Germany, a financially very strong textile
chemical company of Germany.
P.T. DCI’s
management is led by Mr. Joachim Groh (app. 53), a professional manager of
Systar Textilefarben of Germany. 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. DYSTAR
COLOURS INDONESIA is considered to be good for normal business transaction.
Considering unstable economic condition in the country, we recommend treating
prudently in extending loan to the company.
RATING EXPLANATIONS
RATING
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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 |