MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
RHODIA MANYAR |
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Registered Office : |
Jalan Raya Sembayat Km. 24, Desa Sukumulyo, Kec. Manyar , Gresik, 61151, East Java, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
11.05.1978 |
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Com. Reg. No.: |
C2-7405.HT.01.04.TH.92 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Alkyl
Benzene Sulfonate, Alcohol Ether Sulphates and Alcohol Sulphates 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$
1,900,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. RHODIA MANYAR
Address
Head Office & Factory
Jalan Raya Sembayat Km. 24
Desa Sukumulyo, Kec. Manyar
Gresik, 61151
East
Java
Indonesia
Phone - (62-31) 395 0893, 395 0388
Fax. -
(62-31) 395 1388
Land
Area - 40,000 sq. meters
E-mail - rhodia-mnyar@rhodia.com
Factory
Space - 20,000 sq. meters (including
factory, building, warehouse)
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 11
May 1978 as P.T. JAYAKIMIA
b. 15
January 1987 as P.T. MANYAR KIMINDO
c. 28
February 1991 as P.T. ALBRIGHT AND WILSON MANYAR
d. May
2001 as P.T. RHODIA MANYAR
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Justice and Human Rights
No. C2-7405.HT.01.04.TH.92
Dated 8 September 1992
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The
President of the Republic of Indonesia
No.
B-445/Pres/12/1990
Dated 17
December 1990
The Capital Investment
Coordinating Board
- No.
06/V/PMA/1991
Dated 28 January 1991
- No.
19/II/PMA/1991
Dated 15 February 1991
- No.
92/III/PMA/1992
Dated 6 February 1992
- No.
381/III/PMA/1996
Dated 17 June 1996
- No. 1357/III/PMA/1998
Dated 29 September 1998
Related Company
a. The
JAMAFAC Group Members
b. The
LAUTAN LUAS Group Members
c. The
SINAR ANTJOL Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp.
10,800,000,000.-
Issued Capital : Rp. 9,000,000,000.-
Paid up Capital : Rp. 9,000,000,000.-
Shareholders/Owners :
a. RHODIA
ASIA PACIFIC Pte. Ltd., of Singapore -
Rp. 4,500,000,000.-
b. Mr. Ir. Kusman Wongsodihardjo
AKA Wong King Man of Indonesia -
Rp. 1,800,000,000.-
c. P.T. LIKU TELAGA of Indonesia - Rp. 900,000,000.-
d. P.T. SINAR ANTJOL of Indonesia - Rp. 900,000,000.-
e. P.T. SUMBER INDOKEMJAYA of
Indonesia - Rp. 900,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Alkyl Benzene Sulfonate, Alcohol Ether
Sulphates and Alcohol Sulphates Industry
Production Capacity
a. Dodecyl Benzene S.A. - 10,800 tons p.a.
b. Natural Lauryl E.S. - 1,000 tons p.a.
c. Synthetic Lauryl E.S. -
1,000 tons p.a.
d. Oxo Alcohol E.S.S. - 880
tons p.a.
e. Alkyl Benzene Sulfonates -
3,600 tons p.a.
f. Alcohol Ether Sulphates -
8,500 tons p.a.
g.
Alcohol Sulphates - 2,500 tons p.a.
Total Investment
a. Equity Capital - Rp. 9.0 billion
b. Loan Capital - Rp. 23.0 billion
c. Total Investment -
Rp. 32.0 billion
Started Operation
1980
Brand Name
Rhodia Manyar
Technical Assistance
RHODIA
ASIA PACIFIC Pte. Ltd., of Singapore
Number of Employee
135 persons
Marketing Area
Domestic - 40%
Export - 60%
Main Customer
a. Through distributor P.T.
SUMBER INDOKEMJAYA
b. Soap and detergent industry
such as P.T. SINAR ANTJOL, P.T. LION WINGS, P.T. UNILEVER
INDONESIA, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. AKTIF INDONESIA INDAH
b. P.T. FINDECO JAYA
c. P.T. TIMUR RAYA TUNGGAL
d. P.T. KAO INDONESIA CHEMICAL
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a.
ABN-AMRO Bank N.V.
Jalan Pemuda No. 54
Surabaya, East Java
Indonesia
b. P.T.
Bank NIAGA Tbk
Jalan Dr. Soetomo No. 142
Surabaya, East Java
Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 132.0 billion
2005 – Rp. 141.0 billion
2006 – Rp. 150.0 billion
Net Profit (Loss) :
2004 –
Rp. 9.2 billion
2005 –
Rp. 9.8 billion
2006 – Rp. 10.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Suryo
Wongsodihardjo
Directors -
a. Mr. Andre Arifin
b. Mr. Kiat Kurniawan
Board of Commissioners :
President Commissioner - Mr. Ir. Kusnan Wongsodihardjo
AKA Wong King Man
Commissioners - a.
Mr. Eka Leonard Gunawan
AKA Go Ka Leng
b. Mr. Sutejo Monthaniyachat
Signatories :
President Director (Mr. Ir. Suryo Wongsodihardjo)
or one of the Directors (Mr. Andre Arifin or Mr. Kiat Kurniawan) 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$
1,900,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company originally named P.T. JAYAKIMIA set-up in 1978 with
authorized capital of Rp. 600,000,000.- issued capital of Rp. 120,000,000.-
wholly paid-up. Founders and original shareholders of the company were Mr. Ir.
Kusman Wongsodihardjo AKA Wong King Man, his wife Mrs. Henniwati Chaelany AKA Chu Lan Hing, his son Mr. Ir. Suryo Wongsodihardjo, his daughter Mrs. Lily
Wongsodihardjo and his other family members, Mr. Hendro Salim. They are Chinese
origin Indonesian business family. Its articles of association has subsequently
been revised for several times. In 1987, the company was renamed to P.T. MANYAR
KIMINDO. On the same occasion, most of the above shareholders except Mr. Ir. Kusman
Wongsodihardjo and Mrs. Henniwati Chaelany pulled out and then they were
replaced by new shareholders Mr. Raden Pandji Soebagio. In 1991, the company
was renamed to P.T. ALBRIGHT AND WILSON MANYAR and its status was changed to be
a Foreign Investment (PMA) company since it was joined by a foreign investor
ALBRIGHT AND WILSON LTD of the United Kingdom. In November 1991, the authorized capital was increased to Rp.
4,800,000,000.- with an issued capital to Rp. 3,000,000,000.- entirely paid-up.
The latest in the early May 2001 ALBRIGHT AND WILSON MANYAR pulled out and its
shares was entirely taken over by RHODIA ASIA PACIFIC Pte. Ltd., of Singapore.
By the same time the company was renamed P.T. RHODIA MANYAR (P.T. RM) effective
as from 15 June 2001.
P.T. RM is affiliated to several other companies among others are RHODIA
ASIA PACIFIC Pte.Ltd. of Singapore, a subsidiary of RHODIA Co., of France. Mr.
Ir. Kusman Wongsodihardjo AKA Wong King Man is the main founder and majority
business stakes owner of the JAMAFAC Group, a business group with main business
in match, detergent and plastic industries. While P.T. LIKU TELAGA is a member
of the LAUTAN LUAS Group, the largest private business group in chemical
industry headed by Mr. Ng Adiyansyah Masrin. While P.T. SINAR ANCOL and P.T.
SUMBER INDOKEMJAYA, the other two shareholders are members of the SINAR ANTJOL
Group.
P.T. RM is engaged in detergent and soap raw materials manufacturing
including alkyl benzene sulfonate, alcohol ether sulphates and alcohol sulphates.
It present, it operates a plant located at Jalan Raya Sembayat Km.24, Gresik,
East Java. The plant stands over around 4.0 hectares wide land with total
factory building, office, warehouses and other facilities wide of around 20,000
square meters. Originally, the plant is having a capacity to produce 10,000
tons of dodecyl benzene SA, 1.000 tons of natural lauryl E.S., 1,000 tons of
synthetic lauryl E.S. and 880 tons of oxo alcohol E.S.S., per annum
respectively.
In 1991, P.T. RM expanded its existing plant to respectively produce
3,600 tons of alkyl benzene sulfonates, 8.500 tons of alcohol ether sulphonates
and 2,500 tons of alcohol sulphates respectively per annum. Construction of its
plant has absorbed a total investment of Rp. 32.0 billion, coming from owned
capital of Rp. 9.0 billion and the rest from loans, mainly from the ABN-AMRO
Bank Jakarta and P.T. Bank NIAGA Tbk., Gresik branch. The production
realization has reached the average 2,200 tons to 2,400 tons per month within
the last three years, some 55% to 60% belongs to Linier Alkyl Benzene Sulforic
Acid (LABSA) and some 40% to 45% to Sodium Lauryl Ether Sulfate (SLES). Some
60% of the products used to be exported to Asian and Mideast countries like
Singapore, Thailand, Malaysia, the Philippines, Vietnam, Bangladesh, India,
Taiwan, Japan and Jordan at the average price of some US$ 350.- to Rp 365.-
(fob) per metric ton.
The other 40% for local market distributed by parent company P.T. SUMBER
INDOKEMJAYA. Besides, some of the product supplied to P.T. UNILEVER INDONESIA
Tbk., the largest consumer goods industries and also as main buyers in the
country, P.T. LION WINGS, P.T. SINAR ANTJOL, P.T. SAYAP MAS UTAMA and others
soap and detergent manufacturing. In 1998 the company expanded its business in
imports and distribution of industrial chemicals. But due to market condition
in the country was uncondusive since the early 1999 this business was
discontinued and no indication to resume again imminent. The operation of P.T.
RM had been running and growing well within the last four years.
We find that generally the demand for detergent and soap raw materials
including alkyl benzene sulfonates, alcohol ether sulphates and alcohol
sulphates have kept on increasing in the last five years. The increase was in
lines with the progress achieved by its consumer industries among others are
detergent and soap manufacturing soap and detergent industry is the most solid
industry during the crisis occurred in the country. We can see from the production
growth of detergent in the country within the last five years. Business
position of P.T. RM in this case is quite well for it has controlled a wide
marketing network in Asian and Middle East countries as well as in local market
including its group members.
Development and Production of
Detergent, 1999-2005
(Ton)
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Year |
Powder |
Cream |
Bar |
Liquid |
Total |
Trend |
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1999 2000 2001 2002 2003 2004 2005 |
108,526 115,146 122,940 130,703 144,548 155,714 165,056 |
328,935 343,079 360,576 380,573 399,928 424,960 452,582 |
59,372 61,450 63,171 66,674 70,065 74,451 79,290 |
43,105 44,183 45,596 48,125 50,572 53,738 56,962 |
539,938 563,858 592,283 626,075 665,113 708,862 751,393 |
4.4 5.0 5.7 6.2 6.6 6.7 |
Source : Central Bureau of Statistic
Until this time P.T. RM has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. We observed that total sales turnover of
the company in 2004 amounted to Rp. 132.0 billion increased to Rp. 141.0 billion
in 2005 and to Rp. 150.0 billion in 2006. The operation in 2006 yielded an
estimated net profit at least Rp. 10.5 billion and the company has an estimated
total net worth at least Rp. 101.5 billion. It is projected that total sales
turnover of the company will increase at least 8% in 2007. We observe that P.T.
RM is supported by financially fairly strong foreign partner behind it. So far,
we have never heard of the company having been black listed by the Central Bank
(Bank Indonesia). The company usually pays its debts punctually to
suppliers.
The management of P.T. RM is led by Mr. Ir. Suryo Wongsodihardjo (48)
with 15 years of experience in the field of detergent and soap raw materials
manufacturing and distribution. The management of the company is handled by
professional managers having wide relation with private businessmen within and
outside the country and with the government sectors as well. We observed that
management’s reputation in said business is fairly good. 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 litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
PT. RHODIA MANYAR is fairly good for business transaction. However, in view of
the unstable economic condition in the country we recommend to treat prudently
in extending a 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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