MIRA
INFORM REPORT
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Report Date : |
21st
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DELTA COLOR ABADI |
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Registered Office : |
Intercon Plaza, Blok A-3 No. 18-19, Jalan Meruya Ilir No. 14, Meruya Selatan – Kembangan, Jakarta 11650 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.02.2002 |
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Com. Reg. No.: |
C-07687.HT.01.04.TH.2003 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and Distribution of Chemicals and Plastic Granular |
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$
135,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Correct Name of company
P.T.
DELTA COLOR ABADI
Address
Head Office
Intercon Plaza, Blok A-3 No. 18-19
Jalan Meruya Ilir No. 14
Meruya Selatan - Kembangan
Jakarta 11650
Phones - (021) 5868812, 5874387, 5874375
Fax -
(021) 5491093, 5847896
Building
Area - 3 Storey
Office
Space - 180 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
28 February 2002
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No.
C-07687.HT.01.04.TH.2003
Dated 09 April
2003
Company Status
National
Private Company
Permit by the Government
Departments
a. The
Department of Finance
No. NPWP 02.125.282.0-035.000
Dated 28 February 2002
b. The Department of Trade and
Industry
No. TDP 0902215423443
Dated 3 May 2002
Related Company
P.T.
HUTAMA CHEMINDO INDUSTRI (Paint Manufacturing)
CAPITAL
AND OWNERSHIP
Capital Structure
Authorized Capital : Rp.
1,000.000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners
a. Mr. Ir. Stefanus Tjetje
Wirjadi - Rp. 250,000,000.- (50%)
Address : Jl. Kenangan Indah II, Blok HC,
No. 4 Bekasi, West Java Indonesia
b. Mr. Teddy Tio - Rp. 200,000,000,- (40%)
Address : Jl. Taman Kebon Jeruk Blok D7 No.
6 akarta Barat Indonesia
c. Mr. Budi Santoso - Rp.
50,000,000,- (10%)
Address : Jl. Kampung Eeureup No. 18 Pasar
Kemis, Tangerang Banten, Indonesia
BUSINESS
ACTIVITIES
Lines of Business
Trading and Distribution of Chemicals and
Plastic Granular
Agent of
: Riverside Industries Ltd., Phthalocyanine Pigments of India.
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 500.0
million
b. Loan Capital - Rp. --
million
c. Total Investment -
Rp. 500.0 million
Started Operation
April 2002
Brand Name
None
Technical Assistance
None
Number of Employee
16 persons
Marketing Area
Domestic (Local) - 100%
Main Customers
a. P.T. Hutama Chemindo Industri
b. P.T. Bina Adidaya Paint
c. P.T.
Mikatasa Agung
d. P.T.
Warna Agung, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. Halim Sakti Pratama
b. P.T. Colorindo Aneka Chemical
c. P.T. Lautan Luas Pewarna
d. P.T. Sari Sarana Kimia
e. Etc.
Business Trend
Growing
BANKER,
AUDITOR & LITIGATION
Bankers
a.
P.T.
Bank International Indonesia Tbk.
Jl. Ir. H. Juanda No. 37-38
Jakarta Pusat
Indonesia
b.
P.T.
Bank Central Asia Tbk.
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor
Internal
Auditor
Litigation
No
litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated)
2003 – Rp. 6.5 billion
2004 – Rp. 8.4 billion
2005 – Rp. 9.6 billion
2006 – Rp. 5.4 billion (January –
June)
Net Profit (estimated)
2003 –
Rp. 330.0 million
2004 –
Rp. 420.0 million
2005 – Rp. 480.0 million
2006 – Rp. 270.0 million (January
– June)
Payment Manner
Promptly
Financial Comments
Satisfactory
KEY
EXECUTIVES
Board of
Management
Director -
Mr. Ir. Stefanus Tjetje Wirjadi
Marketing Manager -
Mr. Rudi Budiharjo
Board of
Commissioner
President Commissioner -
Mr. Teddy Tio
Commissioner - Mr. Budi Santoso
Signatories
President
Directors (Mr. Ir. Stefanus Tjetje Wirjadi)
which must be approved by the President Commissioner (Mr. Teddy Tio) or
Commissioner (Mr. Budi Santoso)
CAPABILITIES
Management
Capability
Fairly Good
Business Morality
Fairly Good
Credit Risk
Average
Credit
Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit
Limit
US$
135,000.- on the 90 days D/A terms of payments
OVERALL
PERFOMANCE
P.T. DELTA COLOR ABADI (P.T. DCA) was established in Jakarta
on February 28, 2002 with the authorized capital of Rp. 1,000,000,000 issued
and paid capital of Rp. 500,000,000. The founders and original shareholders are
Mr. Rudi Budiharjo and Mr. Budi Santoso, both are businessmen of Chinese
extraction. In March 2003, the whole
shared had been controlled by Mr. Ir. Stefanus Tjetje Wirjadi (50%), Mr. Teddy
Tio (40%) and Mr. Budi Santoso (10%), all are businessmen of Chinese
extraction. We have never heard of any
change having been made in the company's notarial act to date. The deed of amendment was made by Mrs.
Wasiati Basoeki, SH., a public notary in Jakarta under Company Registration
Number C-07687.HT.01.04.TH.2003, dated April 9, 2003. Mr. Ir. Stefanus Tjetje Wirjadi is also the main founder and
majority business stakes owner of P.T. HUTAMA CHEMINDO INDUSTRI, a national
private company dealing with the pain manufacturing.
P.T. DCA has been in operation since April 2002 dealing with trading and
distribution of chemical products and plastic granular. Mr. Rudi Budiharjo,
marketing manger of P.T. DCA explained that Types of chemical products sold
are phthalocyamine pigments and colour
chemicals for paint, plastic and ink industry. The chemical products are
imported from India, China and Belgium,
and plastic granular are local products. The products are sold to
several plastics, ink and dye producers in Jakarta, Bogor, Tangerang and Bekasi
and its surrounding. Mr. Budiharjo
explained that they sold its products to a number of paint and plastick factory
in Indonesia, such as, among others, P.T. Hutama Chemindo Industri and others
like P.T. Bina Adidaya Paint, P.T. Mikatasa Agung, P.T. Warna Agung, etc. We observed that the company’s business in
running smoothly and growing up in the last three years.
In overall we find until the end 1997 the demand for chemical products
had been rising by 8% to 10% per year in line with the growth of various
industrial sectors in the country. But it declined sharply in 1998 due to lack
of activities of various industrial sectors as the impact of economic crisis
occurred in the country since the
second-half 1997 followed by declining demand for chemical products. It seems
the demand rose again within the last three years, but still in a small scale.
It is estimated the demand will be higher by at least 5% at least until next
year. The competition is very tight on
account of many similar companies operating in the country. We note that the
business position of P.T. DCA is good in line with wide operational networks
and marketing coverage.
The
management of P.T. DCA is very closed to outsiders and rejected to disclose its
financial conditions. The sales turnover in 2003 is estimated to have reached
Rp. 6.5 billion with a net profit of Rp. 330 million, increased to Rp 8.4
billion with a net profit of Rp. 420
million in 2004 and rose again to Rp 9.6 billion with a net profit of Rp 480
million in 2005. Total networth of the
company is about Rp. 5.5 billion. It is
forecasted that their sales turnover will increase about 12% in 2006. So far,
we have never heard that the company has been black listed by Bank Indonesia
(Central Bank). Its payment to suppliers is running punctually.
The management of P.T. DCA
is led by Mr. Ir. Stefanus Tjetje Wirjadi (40), with more than five years of experience in trading and
distribution of chemical products. The management is handled by professional
managers, having wide relation with overseas and national private businessmen.
They have wide relations with the private businessmen in or outside the
country. They also have good relations with the government. 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 relation in banking sector is good
enough and P.T. DCA has not registered with the black list of Bank of
Indonesia.
Of our whole observation, we may conclude that P.T. DCA is considered to be good for normal business
transactions. 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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