MIRA
INFORM REPORT
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Report Date : |
15th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DYSTAR COLOURS INDONESIA |
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Formerly Known as: |
P.T. DYSTAR CILEGON |
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Registered Office : |
Menara Global 22nd Floor, Jalan Jend. Gatot Subroto Kav. 27, Jakarta 12930, Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
16.06.1982 |
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Com. Reg. No.: |
C-02994.HT.01.04.H.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ø Textile Chemical (Dyestuff) Industry Ø Trading, Import and Distribution of Textile Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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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Maximum Credit Limit : |
US$ 8,360,000 |
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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
Address
Head Office
Menara Global 22nd Floor
Jalan Jend. Gatot Subroto Kav. 27
Jakarta 12930
Indonesia
Phone - (62-21) 5270550 (Hunting)
Fax. - (62-21) 5270520
Email - info@dystar.com
Website - http://www.dystar.com
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
Land area - 30,000 sq. meters
Factory space - 18,500 sq. meters
Region - Krakatau 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
Land area - 530,145 sq. meters
Factory space - 220,540 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 16 June 1982 as P.T. HOECHST CILEGON KIMIA
b.
4 January 1996 as P.T. DYSTAR
CILEGON
c.
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-02994.HT.01.04.H.2001
Dated 9 July 2001
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:
a. Textile Chemical (Dyestuff) Industry
b. Trading, Import and Distribution of Textile Chemicals
Production Capacity
a. Dyestuff - 24,750 tons p.a.
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
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers :
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
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 :
2004 – US$. 77.0 million
2005 – US$. 66.9 million
2006 – US$. 69.5 million
Net Profit (Loss) :
2004 – US$ 628.5 thousand
2005 – (US$ 1,996.5 thousand)
2006 – (US$ 1,180.0 thousand)
Payment Manner :
Promptly
Financial Comments :
Unhealthy
KEY EXECUTIVES
Board of Management :
President Director - Mr. Joachim Groh
Directors - a. Dr. Rolf Hinrich
b. Mr. Bambang Nurctjahyo
c. Mr. Sunarto Djunardi
Board of Commissioner :
President Commissioner -
Dr. Benhard Clemens Friedrich Wilee
Commissioners - a. Dr. Mathias
Lutgendorf
b. Mr. peter Zinser
Signatories :
President Directors (Mr. Joachim Groh) or one of the Directors
(Dr. Rolf Hinrich, Mr. Bambang Nurctjahyo or Mr. Sunarto Djunardi) which must
be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Below average
Credit Recommendation
Credit can be proceeded
normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 8,360,000.- on the 90 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-02994.HT.01.04.TH. 2001, dated July 9, 2001.
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 fluctuating in the last
three years. 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.
Generally, demand for textile and garment in international market has
been fluctuating in the last five years as evident from t he figures of
Indonesia textile and garment export.
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 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 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).
According to financial report with audited by Public Accountant
(Prasetio, Sarwoko & Sandjaja) the total sales of the company in 2004
amounted to US$ 77.0 million with a net profit of US$ 628,485.- declining to
US$ 66.9 million with a net loss of US$ 2.0 million in 2005 and estimated rose
again to US$ 69.5 million with a net loss of US$ 1,2 million in 2006. Its projected the total sales turnover will
be higher by at least 5% in 2007. So
far, we have never heard of the company having been black listed by the Central
Bank (Bank Indonesia). P.T. DCI’s
operation is backed by foreign partner, DYSTAR Textilefarben GmbH of Germany, a
financially very strong textile chemical company of Germany. The company’s financial statement as per 31
December 2004 and 2005 are attached on this
report.
P.T. DCI’s management is led by Mr. Joachim Groh (54), a professional
manager of Systar Textilefarben of Germany.
Daily, he is assisted by three director namely Dr. Rolf Hinrichs, Mr.
Sunarto Djuardi and Mr. Bambang Nurcahyo.
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.
Considering unstable economic condition in the country , we recommend
treating prudently in extending loan to the company.
Attachment
Financial Statements per 31 December 2004 and 2005
(in US Dollars)
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DESCRIPTION |
31 December |
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2005 |
2004 |
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A.
ASSETS |
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a. Current Assets : |
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- Cash and cash equivalents |
746,459 |
544,837 |
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- Accounts Receivable - Net |
10,021,894 |
11,538,905 |
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- Inventories - Net |
20,549,584 |
23,545,464 |
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- Prepaid Expenses |
576,601 |
259,983 |
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- Prepaid Taxes |
5,578,240 |
3,129,601 |
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Total Current Assets |
37,472,778 |
39,018,790 |
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b. Non Current Assets : |
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- Fixed Assets |
54,626,536 |
58,163,910 |
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Total Non Current Assets |
54,626,536 |
58,163,910 |
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TOTAL
ASSETS |
92,099,314 |
97,182,700 |
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B.
LIABILITIES & STOCKHOLDERS’ EQUITY |
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a. Current Liabilities : |
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- Bank loan – current maturity |
7,500,000 |
6,900,000 |
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- Accounts payable and accruals |
19,478,693 |
20,351,588 |
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- Other loans – short term |
0 |
3,000,000 |
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- Taxes payable |
75,183 |
158,683 |
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Total Current Liabilities |
27,053,876 |
30,410,271 |
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b. Non Current Liabilities : |
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- Bank loans – long term maturity |
1,000,000 |
1,750,000 |
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- Advances |
25,000,000 |
23,301,584 |
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- Provision for employee benefits |
1,381,243 |
1,302,541 |
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- Deferred tax liabilities |
761,627 |
1,519,264 |
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Total Non Current Liabilities |
28,142,870 |
27,873,389 |
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c. Stockholders’ Equity : |
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- Share capital |
44,500,000 |
44,500,000 |
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- Difference from fixed assets revaluation |
1,161,476 |
1,161,476 |
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- Statutory Reserve |
16,689 |
16,689 |
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- Retained Earnings |
(8,775,597) |
(6,779,125) |
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Total Stockholders’ Equity |
36,902,568 |
38,899,040 |
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TOTAL
LIABILITIES & STOCKHOLDERS’ EQUITY |
92,099,314 |
97,182,700 |
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DESCRIPTION |
31 December |
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2005 |
2004 |
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C.
INCOME STATEMENTS |
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a. Net Sales |
66,958,820 |
77,059,228 |
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b. Cost of Sales |
(58,295,434) |
(66,219,628) |
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c. Gross Profit |
8,663,386 |
10,839,600 |
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d. Operating Expenses |
(7,665,759) |
(8,115,768) |
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e. Operating Profit |
997,627 |
2,723,832 |
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f. Other Income (Charges) |
(3,751,736) |
(1,741,182) |
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g. Profit Before Tax |
(2,754,109) |
982,650 |
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h. Income Tax |
757,637 |
(354,165) |
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i. Net Profit |
(1,996,472) |
628,485 |
Audited by : Prasetio, Sarwoko & Sandjaja
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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