MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SINAR SYNO KIMIA |
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Registered Office : |
Bekasi International Industrial Estate, Block C-8 No. 4-6, Desa Sukaresmi,
Lemahabang, Cikarang, Bekasi 17550, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
19.09.1990 |
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Com. Reg. No.: |
No.
C-08306.HT.01.04.TH. 2001 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturer of Specialty
Chemical |
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$ 5,450,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of the company
P.T. SINAR SYNO
KIMIA
Address
Head Office &
Factory
Bekasi International Industrial Estate,
Block C-8 No. 4-6
Desa Sukaresmi, Lemahabang
Cikarang, Bekasi 17550
West Java
Phones - (62-21) 8972390
(hunting)
Fax. - (62-21)
8972388
Email - support@sinarsyno.com
Website - http://www.sinarsyno.com
Land Area - 200,000 sq. meters
Building Area - 23,500 sq. meters
Region - Industrial Estate
Status - owned
Date of Establishment
19 September 1990
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Registration
The
Ministry of Law and Human Rights
a. No.
C-08306.HT.01.04.TH. 2001
Dated 13 September 2001
b. No.
C-UM.02.01.9582
Dated 10 August 2004
Company Status
:
Foreign Investment Company (PMA)
Permit by the Government
Department
a. The President of the Republic of Indonesia
No.
B-246/Pres/7/1990
Dated 31 July 1990
b. The Capital Investment
Coordinating Board
- No. 254/I/PMA/1990
Dated 13 August 1990
- No. 110/II/PMA/1993
Dated 25 October 1993
- No. 1103/III/PMA/2000
Dated 10 August 2000
- No.228/II/PMA/2000
Dated 08 September 2000
Affiliated Companies :
a. SPECTRA CHEMICALS Pte., Ltd., of Singapore
b. The SINAR MAS Group Member
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$.
8,000,000.-
Issued
Capital :
US$. 8,000,000.-
Paid up
Capital :
US$. 8,000,000,-
Shareholders/Owners :
a. SPECTRA
CHEMICALS PTE. LTD., - US$. 4,000,000 (50%)
Address : 77 High Street 04-10
High Street Plaza
Singapore
Singapore
b. P.T. SINAR MAS - US$. 4,000,000 (50%)
Address : Wisma BII
Jl. M.H. Thamrin Kav. 22
Jakarta Pusat
BUSINESS ACTIVITIES
Lines of Business:
Specialty Chemical Manufacturing
Production
Capacity :
a. C.P.C. Green Intermediates -
2,600 tons p.a.
b. C.P.C. Blue Pigments - 400 tons p.a.
c. Cyanine Green Pigments - 170 tons p.a.
d. Direct, Reactive and Disperse Dyes -
1,200 tons p.a.
e. Optical Brightening Agent -
3,600 tons p.a.
Total Investment :
a. Equity Capital - Rp. 8.0
million
b. Loan
Capital - Rp. 12.0 million
c. Total
Investment - Rp. 20.0
million
Started Operation :
1992
Brand Name :
a. SINARCION e. SINARCRYL
b. SINARFANE f. SINARJEANS
c.
SINARDIRECT g. SINAR LEATHER
d. SINARCID h. SINARWHITE
Technical Assistance :
SPECTRA CHEMICALS Pte. Ltd., of Singapore
Number of Employee :
242 persons
Marketing Area :
a. Domestic
(Local) - 40 %
b. Overseas
(Export) - 60 %
Main Customer :
a. Textile
Industries
b. Leather
Industry (Tanning)
c. Pulp and Paper
Industries
d. Paint
Manufacturing, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. POLKRIK
CHEMICALS
b. P.T. DYSTAR
INDONESIA
c. P.T. CLARIANT
INDONESIA
d. P.T. BIPORIN
AGUNG
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
INTERNASIONAL INDONESIA Tbk.
Wisma BII
Jl. M.H. Thamrin Kav. 22
Jakarta Pusat
b. The HONGKONG
& SHANGHAI BANKING Corp.
World Trade Centre
Jl. Jend. Sudirman Kav. 54
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 298.0 billion
2005 – Rp. 345.0 billion
2006 – Rp. 380.0 billion
2007 – Rp. 425.0 billion
2008 – Rp. 480.0 billion
Net Profit
(estimated) :
2004 – Rp. 25.0 billion
2005 – Rp. 28.5 billion
2006 – Rp. 32.0 billion
2007 – Rp. 36.0 billion
2008 – Rp. 40.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director
- Mr. Suphat Sivasriamphai
Vice President Director - Mr. Muktar Widjaja aka Oei Siong Lian
Directors - a. Mr.
Venkatachalam
b. Mr. Pravat Suphavadipra
c. Mr. Aie Saman
d. Mr. Siguan Tunaldi
Board of
Commissioners :
Chairman
- Mr. Franky Oesman Widjaja aka
Oei Jong Nian
Vice Chairman
- Mr. Shiv Nath Rai Bajaj
Commissioners - a. Mr. Joseph Jo Liat Tjiang
b. Mr. Kasem Sivasriampai
Signatories
:
President
Director (Mr. Suphat Sivasriamphai) or Vice President Director (Mr. Muktar
Widjaja) or one of the directors (Mr. Venkatachalam, Mr. Pravat Suphavadipra,
Mr. Aie Saman or Mr. Siguan Tunaldi) which must be approved by the Chairman of
Supervisory Board (Mr. Franky Oemsn Widjaja) or Vice Chairman (Mr. Shiv Nath
Rai Bajaj) or the commissioners (Mr. Joseph Jo Liat Tjiang and Mr. Kasem
Sivasraimpai)
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below Average
Credit
Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Limit of
Credit :
US$ 5,450,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. SINAR SYNO KIMIA (P.T. SSK) was established on September 19, 1990
with authorized capital of US$ 1,800,000.-,
all of it has been fully subscribed and paid up. The founders and the
shareholders of the Company are P.T. ANEKA SARAKINDO from Indonesia and three
companies from South Korea namely KYUNG IN SYNTHETIC CORPORATION, KYUNG IN
SYNTHETIC Co. Ltd., and SSANGYONG CORPORATION. In the middle of 1993, the
authorized capital was increased to be US$ 3,600,000.- and the issued
company was increased to be Rp
1,800,000.-, which was fully paid up. At the same time, SSANGYONG CORPORATION
resigned and replaced by P.T. ROLIMEX CORPORATION (from Indonesia) as new shareholder.
According to the last notary deed dated September 2001, the authorized capital was increased to be US$ 8,000,000.- (Rp. 14.792.000.000), all of it has been fully subscribed and paid up. Since those time the shareholder’s composition of P.T. SSK are P.T. SINAR MAS (50%) from Indonesia and SPECTRA CHEMICALS Pte. Ltd., from Singapore (50%). The notary deed was made by Emmy Halim, SH, a public notary in Jakarta under Company Registration Number C-08306.HT.01.04.TH.2001, dated September 13, 2001 and No. C-UM.02.01.9582, dated August 10, 2004.
P.T. SINAR MAS is parent company of the SINAR MAS Group, the greatest companies group in Indonesia that presided over by Mr. Eka Tjipta Widjaja aka (also known as Oei Ek Tjhong, an Indonesia businessman of Chinese descendant).
P.T. SSK is a foreign investment company that carrying out business in manufacturing of C.P.C Intermediate for Dyestuff and Cyanine Pigments. They managed a factory in Bekasi International Industrial Estate, Bekasi, West Java. The factory erected on the land measuring of 20 hectares. The building factory’s extent is 2,35 hectares that consisting of plant, warehouse and office. The factory has been operated since April 1992 with the investment as much as US$ 6.0 consisting of the company’s capital as much as US$ 1.8 million and the loan for the rest.
In 1993, P.T. SSK expanded its business by producing dying substances of direct, reactive and disperse dyes kinds, as many as 1,200 tons per year. In 2000, the company still expanded its business by producing optical brightening agent, as many as 3,600 tons per year. Nowadays, total investment that invested by P.T. SSK is reaching of US$ 20.0 million that consisting of the company’s capital of US$ 8 million and the loan for the rest. Mrs. Dewi, one of marketing staff of P.T. SSK explained that nowadays, 60% products of the company are exported to Europe, Latin America, USA, Bangladesh, Hongkong, Japan, Korea, Pakistan, Srilanka and Taiwan. About 40% of the company’s products are sold in the domestic market especially to textile factory, painting factory, paper mill, leather industry (tanning), etc. We observe that the company business activities in the last five years are running smoothly and grow up slowly.
Generally, we observe that demand of domestic market against dyestuff and pigment for textile, painting, paper, leather, pulp and paper industries is increasing around 6% to 7% on an average per year in the last two years. The increasing is connected closely to the demand for textile and textile products tended to be growing within the last five years in line with the fluctuating of Indonesian textile industry in general. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 and to 36,100 tons (US$ 519.8 million) in January 2008. The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 and to 73,400 tons (US$ 346.2 million) in January 2008.
The export
volume and value of the national TPT products in 2002 to 2008 are pictured on
the following table.
|
Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008* |
333.1 339.9 327.3 369.5 399.6 399.8 36.1 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 519.8 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 73.4 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 346.2 |
Source : Central Bureau of
Statistic
*) January 2008
The business competition is very tight because there are many companies
carrying out business in dyestuff and pigment industries, among others P.T.
Polkrik Chemicals, P.T. Dystar Indonesia, P.T. Clariant Indonesia, P.T. Biporin
Agung etc. Business position of P.T. SSK is good enough cause 60% of its
products is exported. Other than P.T. SSK is supported by SINAR MAS Group, a
greatest companies group in pulp and paper industries in Indonesia.
Until this time P.T. SSK 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 2006 amounted to Rp. 380.0 billion increased to Rp. 425.0 billion in 2007 and to Rp. 480.0 billion in 2008. The operation in 2007 yielded an estimated net profit at least Rp. 36.0 billion rose to Rp. 40.0 billion in 2008 and the company has an estimated total net worth at least Rp. 220.0 billion. We observe that P.T. SSK is supported by financially fairly strong 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. SSK is led by Mr. Suphat Sivasriamphai as president director, a professional manager from Thailand. He is assisted by Mr. Muktar Widjaja aka Oei Siong Lian as Vice President Director, and four directors namely Mr. Venkatachalam, Mr. Pravat Suphavadipra (both are from Thailand), Mr. Aie Saman dan Mr. Siguan Tunaldi (both are from Indonesia). The management reputation in dyestuff and pigment industries is very good. 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. SINAR SYNO KIMIA 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
|
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%)