MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. DEGUSSA
PEROXIDE |
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Registered Office : |
Jalan Jababeka V
Block H-2, Kawasan Industri Cikarang, Jababeka 1, Cikarang Bekasi, 17530, |
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Country : |
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Date of Incorporation : |
16 February 2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Hydrogen Peroxide Processing and Plastic
Packaging Manufacturing |
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$ 2,000,000 |
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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. DEGUSSA PEROXIDE
Address
Head Office &
Factory
Jalan Jababeka V
Block H-2
Kawasan Industri
Cikarang
Jababeka 1,
Cikarang
Bekasi, 17530
Phone -
(62-21) 898 34993 (Hunting)
Fax. - (62-21) 898 34364
Land Area - 10,000 sq.
meters
Building Space - 7,800 sq. meters
E-mail - sales@degussa.co.id
Region - Industrial
Zone
Status - Owned
Date of Incorporation
16 February 2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
W7-HT.01.10-786
Dated 18 January
2007
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
No. 33/I/PMA/2004
Dated 28 January 2004
The Directorate of General Tax
NPWP No. 02.116.321.7-413.001
Related Company
P.T. STOCKHAUSEN
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$
4,000,000.-
Issued Capital : US$
4,000,000.-
Paid up Capital : US$
4,000,000.-
Shareholders/Owners :
a. DEGUSSA AG -
US$ 3,999,500.-
Address : 40474
b. Mr. Shawn Allen
Abrams - US$ 500.-
Address :
NJ07946,
United State of
BUSINESS ACTIVITIES
Lines of Business:
Hydrogen Peroxide Processing and Plastic
Packaging Manufacturing
Production Capacity
a. Hydrogen Peroxide (H2O2) - 30,000 tons p.a.
b. Jerrycan -
750,000 pcs p.a.
Total Investment
a. Equity Capital - US$ 4.0 million
b. Loan Capital - US$ 8.5 million
c. Total
Investment - US$ 12.5 million
Started Operation
February 2004
Brand Name
DEGUSSA PEROXIDE
Technical Assistance
UHDE of
Number of Employee
74 persons
Marketing Area
Domestic - 100%
Main Customer
Pulp and Paper
Industry, Pharmaceutical Industry, Textile Industry, Rubber Industry
Market Situation
Very Competitive
Main Competitors
a. P.T. SINDOPEX
PETROTAMA
b. P.T. PEROXIDA
c. P.T. SAMATOR
INTI PEROXIDA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. DEUTSCHE Bank AG
Jalan Imam Bonjol No. 80
b. P.T. Bank NIAGA Tbk
Jalan Jend. Sudirman Kav. 53
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 130.0
billion
2005 – Rp. 145.0
billion
2006 – Rp. 155.0
billion
Net Profit :
2004 – Rp. 11.3 billion
2005 – Rp. 13.0 billion
2006 – Rp. 13.9
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Kamaluddin
Board of Commissioners :
President Commissioner - Mr. Shawn Allen Abrams
Commissioner - Mr. Uwe Henrik Hillgaertner
Signatories :
Director (Mr. Kamaluddin) which must be
approved by Board of Commissioners (Mr. Shawn Allen Abrams and Mr. Uwe Henrik
Hillgaerthner)
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$ 2,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. DEGUSSA PEROXIDE INDONESIA (P.T. DPI) was set-up on 16
February 2004 in Bekasi,
P.T. DPI obtained a Foreign Investment (PMA) license for
dealing with hydrogen peroxide processing and plastic packaging manufacturing
by taking over factory, assets and factory employee of P.T. RISJAD BRASALI
PEROXIDE which had been operating since 1996. The plant located at Jalan
Jababeka V Block H No. 2, Kawasan Industri Cikarang, Bekasi,
The whole products is supplied to pulp and paper industry such as P.T. TOBA PULP LESTARI Tbk, P.T. RIAU ANDALAN PULP AND PAPER, P.T. LONTAR PAPYRUS SAKTI, P.T. INDAH KIAT PULP AND PAPER, P.T. TJIWI KIMIA, P.T. TANJUNG ENIM LESTARI PULP AND PAPER; textile industry such as P.T. PANAYSIA INDOSYNTEC, P.T. INDOGERMAN TECHNOLOGY; pharmaceutical industry such as P.T. BEIERSDORF INDONESIA, P.T. SQUIP MYERS INDONESIA, P.T. BAYER INDONESIA and others industries. Besides, the product is also distributed by P.T. STOCKHAUSEN ASIA dealing with trading and distribution of industrial chemicals. We see the operation P.T. DPI has been had been running and growing well within the three years.
In overall views we find the demand for hydrogen peroxide
(H2O2) had been rising by 6% to 8% per year in the last five years, in line
with the growth of pulp and paper industries, pharmaceutical industries,
textile industries, foams and rubber industries as consumers. The annual demand
for ground calcium carbonate in
Ground Hydrogen
Peroxide producers, and production capacity 2007
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No. |
Producers |
Production Capacity (Tons/year) |
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1. 2. 3. 4. |
P.T. SINDOPEX PEROXIDE P.T. PEROXIDA P.T. SAMATOR INTI PEROXIDA P.T. DEGUSSA PEROXIDA |
30,000 50,000 60,000 30,000 |
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Total |
170,000 |
Source : The Department of Industry
Until this time P.T. DPI 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. 130.0 billion increased to Rp. 145.0 billion in 2005 and to Rp.
155.0 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 13.9 billion and the company has an estimated total net worth at
least Rp. 87.5 billion. It is projected that total sales turnover of the
company will increase at least 8% in 2007. We observe that P.T. DPI is
supported by financially strong foreign partner behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
The management of P.T. DPI is led by Mr. Kamaludin (46) with 12
years of experience in the field of hydrogen peroxide processing and trade. But
the primemover of the company is Mr. Shawn Allen Abrams (48) a professional
manager of the
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. |
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)