MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. PULCRA CHEMICALS INDONESIA |
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Registered Office : |
Jalan Raya
Jakarta Bogor Km. 31, Cimanggis, Depok 16953, Bogor, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
01 .07.2007 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-24192 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading, Import
and Distribution of Industrial Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 89,900 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. PULCRA
CHEMICALS INDONESIA
Address
Head Office
Jalan Raya
Jakarta Bogor Km. 31
Cimanggis, Depok
16953
Bogor
West Java
Indonesia
Phones - (62-21) 8711096,
87756838
Fax - (62-21) 8710309
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
1 July 2007
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-AH.01.10-24192
Dated 26 November
2008
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
02.648.166.3-056.000
The Capital Investment Coordinating Board
No.
405/I/PMA/2007
Dated 9 April
2007
Related Companies
a. P.T. COGNIS
INDONESIA (Industrial Chemical Processing)
b. P.T. HENKEL
INDONESIEN (Industrial Chemical Processing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
1,600,000.-
Issued Capital : US$
1,600,000.-
Paid up Capital : US$
1,600,000.-
Shareholders/Owners
:
a. FASHION CHEMICALS GmbH & CO., KG. - US$ 1,599,040.-
Address :
Leienstrase 3, Monheim AM
Rhein 40789
Germany
b. Mr. Christoph Kowitz - US$ 960.-
Address : Gerhart – Hauptmann
– Weg 48
Koln, Neuss
Germany
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import
and Distribution of Industrial Chemicals
Production
Capacity :
None
Total
Investment :
Owned Capital - US$ 1.6
million
Started
Operation :
July 2007
Brand Name :
Pulcra
Technical
Assistance :
FASHION Chemicals
GmbH & Co., KG of Germany
Number of
Employee :
16 persons
Marketing Area
:
Local - 100%
Main Customer
:
Textile
industries and leather industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. HADI
PUTRA JAYA
b. P.T. MULYA
ADHI PARAMITRA
c. P.T.
INDOKEMIKA JAYATAMA
d. P.T. DOVER
CHEMICALS
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. DEUTSCHE Bank (Asia)
Jalan Imam Bonjol No. 80
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk.
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 8.5
billion (July-December)
2008 – Rp. 9.5
billion (January-June)
Net Profit
(estimated) :
2007 – Rp. 0.4
billion
2008 – Rp. 0.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Sonny Koesoemaharsono
Director -
Mr. Sigit Subagio
Board of Commissioners :
President Commissioner -
Mr. Yusuf Aktalay
Commissioners -
a. Mr. Salih Ogul
b. Mr. Heru Jatmiko
Signatories :
President Director (Mr.
Sonny Koesoemaharsono) or the Director (Mr. Sigit Subagio) which must be
approved by Board of Commissioner.
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$ 89,900 on 90
days D/A
OVERALL PERFOMANCE
P.T. PULCRA CHEMICALS INDONESIA (P.T. PCI) was established in Jakarta in July 2007 with the authorized capital of US$ 100,000 entirely issued and paid up. The founding shareholders of the company originally are P.T. COGNIS INDONESIA and COGNIS B.V., of Netherlands. The company notarial deed has been changed and in October 2008 the authorized capital was raised to US$ 1,600,000 entirely issued and paid up. On the same occasion P.T. COGNIS INDONESIA and COGNIS B.V., of Netherlands withdrew and the whole shares sold to FASHION CHEMICALS GmbH & Co., KG and Mr. Christoph Kowitz both of Germany. The deed of amendment was made by Mrs. Mirah Dewi Ruslim Sukmadjaja, SH., MH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-24192, dated November 26, 2008.
We observe that P.T. PCI is affiliated with P.T. COGNIS INDONESIA and P.T. HENKEL INDONESIEN both are engaged in the field of industrial chemical processing.
P.T. PCI was established in the frame works of Foreign Investment (PMA) facility to deal with trading, import, distribution and supplying of industrial chemicals. P.T. PCI which supplies process chemicals to the textile and leather industries was previously the process chemical strategic business unit (SBU) of COGNIS. The strategic business unit was carved out into separate legal entities on July 1, 2007 and renamed P.T. PULCRA CHEMICALS INDONESIA. The company operates production sites and service centers in Brazil, China, Germany, India, Italy, Spain, Turkey and the USA. The above merchandising goods are including Foamaster 340, Quellax P 24 HAP, Belfasin 2597 CONC F, Belsoft 200 CONC F, Stabiflex OB, Stabiform CID-3 Plus, Cottoclarin OK-1, Perenol 1400-M, Securon 540 T, Floranit LT, Lameprint NT, Belfasin OET CONC and etc. The whole products is imported through PULCRA CHEMICAL of Germany, the USA, China, India, and other countries. Mrs. Rika Kartika, marketing staff of the company explained the whole products marketed locally to various textile industries and leather industries operating in the country such as P.T. INDORAMA SYNTHETICS Tbk, P.T. PANASIA INDOSYNTHECS Tbk, P.T. SAMWOO INDONESIA, P.T. LENGTAT INDONESIA and others. We observe that the operation of the company had been running smoothly and developing well in the last two years.
Generally, demand for industrial chemical and others has kept on rising in the last five years in the country in line with the activities of paint industry, textile industry, furniture industry and other industries in the country. The demand is estimated to be increasing by 8% to 10% per annum in the next three years. The competition is very tight on account of many similar companies operating in the country. The business position of P.T. PCI is good for it has established a wide marketing networks in the country. Besides, the products are well known in the country.
Import Value of Basic Materials
Chemicals for Food and Beverages and
Basic Material for Industry,
2000-2006
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Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry
(Million US$) |
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Primary |
Processed |
Primary |
Processed |
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2000 |
1,009.8 |
507.6 |
2,020.3 |
12,421.4 |
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2001 |
797.1 |
503.6 |
2,228.9 |
10,970.2 |
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2002 |
1,096.5 |
441.2 |
1,758.6 |
10,541.7 |
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2003 |
1,127.4 |
531.6 |
1,697.8 |
10,570.8 |
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2004 |
1,456.7 |
568.6 |
2,236.3 |
15,357.8 |
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2005 |
1,325.3 |
830.4 |
2,064.4 |
17,407.0 |
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2006 |
1,352.2 |
909.1 |
2,438.7 |
18,050.7 |
Source : Central
Bureau of Statistic
Until this time P.T. PCI 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 the first year
operation as from July to December 2007 amounted to Rp. 8.5 billion rose to Rp.
9.5 billion in 2008 (January-June) and projected to go on rising by at least 4%
in 2009. The operation in 2008 yielded an estimated net profit of at least Rp.
0.5 billion and the company has an estimated total networth of at least Rp.
15.0 billion. We observe that P.T. PCI is supported by foreign partner of
Germany with has financially strong and sound behind it. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of P.T. PCI is led by Mr. Sonny Koesoemaharsono (44) a
professional manager with experience in trading, import, distribution and
supplying of industrial chemicals. Daily operation he is assisted by Mr. Sigit
Subagio (56) as a director. The management is handled by experienced staff in
this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors. So far, we
did not hear 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.
P.T. PULCRA CHEMICALS INDONESIA is sufficiently 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
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%)