MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DYSTAR
COLOURS INDONESIA |
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Formerly Known As : |
P.T. HOECHST CILEGON KIMIA |
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Registered Office : |
Menara Global 22nd Floor, Jalan Jend. Gatot Subroto Kav.
27, Jakarta 12930 |
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Country : |
Indonesia |
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Date of Incorporation : |
16.06. 1982 |
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Com. Reg. No.: |
W7-HT.01.10-1479 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile Chemical (Dyestuff) Industry 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$ 9,800,000 |
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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
A d d r e s s
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
Krakatau Indonesia Estate Cilegon
Jl. Australia I Blok F I
Cilegon 42443
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
Branches
a. Jalan Kopo Jaya II No. 2
Komplek Kopo Jaya
Bandung
West Java
Phones -
(022) 5405222 (9 lines)
Fax.
- (022) 5407140, 5403324
b. Jalan Dr. Setia Budi 77
Solo 77134, Central Java
Phones -
(0271) 712738, 719584
Fax.
- (0271) 712738
c. Jalan Porong No. 14
Surabaya 60241
East Java
Phones -
(031) 5666390 (Hunting)
Fax.
- (031) 5666154
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
a. No. C-02994.HT.01.04.H.2001
Dated 9 July 2001
b. No. W7-HT.01.10-1479
Dated 28 September 2006
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
832 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
B a n k e r s
:
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 :
Prasetio, Sarwoko & Sandjaja, a public accountant
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
:
2004 – US$. 77.0
million
2005 – US$. 66.9
million
2006 – US$. 72.5
million
2007 – US$. 78.4
million
Net Profit (Loss)
:
2004 – US$ 628.5 thousand
2005 – (US$
1,996.5 thousand)
2006 – (US$
1,180.0 thousand)
2007 – (US$ 826.0 thousand)
Payment Manner :
Almost promptly
Financial Comments :
Unhealthy
KEY EXECUTIVES
Board of
Management :
President
Director - Mr. Bambang
Nurcahyo
Directors - a. Dr. Rolf
Hinrich
c. Mr. Sunarto Djuardi
Board of
Commissioner :
President
Commissioner - Mr. Ian Michael
Stuart Downie
Commissioner - Miss Eva Monica
Kalawski
Signatories
:
President
Directors (Mr. Bambang Nurcahyo) or one of the Directors (Dr. Rolf Hinrich or Mr.
Sunarto Djuardi) which must be approved by Board of Commissioners.
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit can be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 9,800,000.- 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. 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 and
No. W7-HT.01.10-1479, dated September 28, 2006.
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 77.5% 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
five 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 77.5% 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 unstable economic condition in the country has bad impact to the
national TPT production and to dyestuff industry as well. 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.
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. According to the Central Bureau of Statistic (BPS)
the Indonesian textile products export in 2000 amounted 1,365.1 thousand tons
(US$ 3,634.1 million), declined to 1,269.5 thousand tons (US$ 3,198.9 million)
in 2001, to 1,425.9 thousand tons (US$ 3,075.9 million) in 2002 to 1,307.5
thousand tons (US$ 3,064.6 million) in 2003 to 1,300.4 thousand tons (US$
3,354.6 million) in 2004 to 1,427.3 thousand tons (US$ 3,704.0 million) in 2005
to 1,477.8 thousand tons (US$ 3,908.6 million) in 2006 and to 623.6 thousand
tons (US$ 1,715.5 million) in 2007 (January - May).
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 to 369,500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons
(US$ 5,608.1 million) in 2006 and to 160,700 tons (US$ 2,351.9 million) in 2007
(January – May). The export volume and
value of the national TPT products in 2000 to 2007 are :
|
Year |
Garment |
Textile
Product |
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|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 |
370.3 |
4,702.6 |
1,365.1 |
3,634.1 |
|
2001 |
473.8 |
4,476.7 |
1,269.5 |
3,198.9 |
|
2002 |
333.1 |
3.887.2 |
1,425.9 |
3,075.9 |
|
2003 |
339.9 |
4,037.9 |
1,307.5 |
3,064.6 |
|
2004 |
327.3 |
4,351.9 |
1,300.4 |
3,354.6 |
|
2005 |
369.5 |
4,967.0 |
1,427.3 |
3,704.0 |
|
2006 |
399.6 |
5,608.1 |
623.6 |
3,908.6 |
|
2007* |
160.7 |
2,351.9 |
623.6 |
1.715.5 |
Source : Central
Bureau of Statistic *) January – May
2007
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$ 72.5 million with a net loss of US$ 1.2 million in 2006 and to US$
78.4 million with a net loss of US$ 826 thousand in 2007. Its projected the total sales turnover will
be higher by at least 6% in 2008. 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.
P.T. DCI’s management is led by Mr. Bambang Nurchayo (52), a professional
manager with has experience for mor than 15 year in dyestuff industry and
trade. Daily, he is assisted by two
director namely Dr. Rolf Hinrichs and Mr. Sunarto Djuardi. 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 the company’s operation has been losing in the three last
years and unstable economic condition in the country , we recommend treating
prudently in extending 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 |
|
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 |
|
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 |
|
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%)