MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CISADANE
RAYA CHEMICALS |
|
|
|
|
Registered Office : |
Jalan Imam Bonjol No. 88 Kampung Bojong Larang Karawaci, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.02.1974 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-3236.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Crude Palm Oil
Fractionation and Distillation |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 13,300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. CISADANE RAYA CHEMICALS
Address
Head Office &
Factory
Jalan Imam Bonjol
No. 88
Kampung Bojong
Larang
Karawaci,
Tangerang
Phones -
(62-21) 5531 912 (Hunting), 5520 522
Fax - (62-21) 5525 676
Email - email@cisadane.co.id
Land Area - 35,000 sq.
meters
Building Area - 25,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Registration data
Date of
Incorporation :
11 February 1974
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
AHU-AH.01.10-7988
Dated 07 April 2008
b. No.
AHU-3236.AH.01.02.Tahun 2008
Dated 23 June 2008
Company Status
:
Foreign
Investment Company (PMA)
Permit by the Government Department :
The Department of Finance
NPWP No.
01.002.663.1-033.000
The Capital Investment Coordinating Board
No. 26/V/PMA/2001
Dated 30 December
2001
Related
Company :
A Member Company
of the CISADANE Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 950,000,000,000.-
Issued Capital - Rp. 242,500,000,000.-
Paid up Capital - Rp. 242,500,000,000.-
Shareholders/Owners
:
a. AGITRADE INTERNATIOANAL Pte. Ltd. - Rp. 175,000,000,000.- (72.16%)
Address :
b. P.T. DINARETTA LESTARI - Rp.
67,305,500,000.- (27.76%)
Address :
Jl. Kali Besar Barat, Roa Malaka
Tambora,
c. Mr. Seman Sendjaja Suhenda -
Rp. 194,500,000.- ( 0.08%)
Address :
Jl. Tanah Sereal IV No. 30
Kel. Duri
Utara, Tambora
BUSINESS ACTIVITIES
Lines of
Business :
Crude Palm Oil
Fractionation and Distillation
Production
Capacity :
a. Stearic Acids - 85,000 tons p.a.
b. Fatty Acids - 97,000 tons p.a.
c. Harder Fats - 20,000 tons p.a.
d. Glycerin - 25,500 tons p.a.
e. Crude Oleins - 136,500 tons
p.a.
f. Crude
Stearines - 20,700 tons p.a.
g. Stabilizer
(Heavy Metal Soap) - 36,000 tons p.a.
h. Soap Chip
Toilet Soaps - 27,000 tons p.a.
i. Soap Powder - 18,000 tons p.a.
j. Margarine - 17,280 tons p.a.
k. Cocoa Butters - 36,000 tons p.a.
l. Fatty Alcohols - 114,000 tons
p.a.
m. RBD Oleins - 143,600 tons
p.a.
n. RBD Stearines - 25,650 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 485.0
billion
b. Loan
Capital -
None_________
c. Total
Investment - Rp.
485.0 billion
Started
Operation :
1975
Brand Name :
CRC
Technical
Assistance :
AGITRADE
International Pte. Ltd., of
Number of
Employee :
820 persons
Marketing Area
:
Domestic (Local) - 50%
Export - 50%
Main Customer
:
a. Distributors,
soap and detergent industries, etc.
b. Buyers in
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. SINAR
OLEOCHEMICALS
b. P.T. FLORA
SAWITA
c. P.T. ECOGREEN
OLEOCHEMICALS
d. P.T.
e. P.T. SUMIASIH
OLEOCHEMICALS
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. Hongkong and
Shanghai Banking Corp. Ltd.
Jalan Jend. Sudirman Kav. 29-31
b. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Auditor :
International
Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 720.0 billion
2008 – Rp. 750.0 billion
2009 – Rp. 840.0 billion
2010 – Rp 960.0 billion
Net Profit
(Loss) :
2007 – Rp. 57.0
billion
2008 – Rp. 60.0
billion
2009 – Rp. 67.0
billion
2010 – Rp. 76.5
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Haji Mohamad Taha
Directors -
a. Mr. Tatang Suhenda
b. Mrs. Tjhang Margaret
Board of
Commissioner :
President Commissioner -
Mr. Ng Say Pek
Commissioner -
Mr. Afandi Bunnawan
Signatories :
President Director (Mr. Haji Mohamad
Taha) or one of the Directors (Mr. Tatang Suhenda and Mrs. Tjhang Margaret)
which must be approved by Board of Commissioners (Mr. Ng Say Pek and Mr. Afandi
Bunnawan).
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$ 13,300,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. CISADANE
RAYA CHEMICALS (P.T. CRC) was established in February 1974 in
The company
notary deed has frequently been revised. In November 2001, the authorized
capital was raised to Rp. 1,900,000,000,000 issued capital to Rp.
485,000,000,000 entirely paid up. On the same occasion, Mr. Ishak Suhendra AKA
Tjang Kwen Tjong, Mr. Opo Damidi AKA Tjoeng Kauw Fo, Mr. Teddy Damidi, Mr.
Oemar Sakim AKA Woeng Foeng Njan and Mr. Mas Surjana pulled out and replaced by
AGITRADE INTERNATIONAL Pte. Ltd., of
The latest in
June 2008, the authorized capital was declined to Rp. 950,000,000,000 of which
Rp. 242,500,000,000 was issued and fully paid up. Since the time, shareholders
of the company are AGRITRADE INTERNATIONAL Pte. Ltd., of
We observe that
the partner local P.T. DINARETTA LESTARI is a national private company under
the wing of the CISADANE Group, a developing business group and majority
business stakes is controlled by Mr. Rudi Suhendra AKA Tjhang Jam Sen and his
family members.
P.T. CRC
operates in the frame works of Foreign Investment Company (PMA) facility
engaged in the field of crude palm oil fractionation and distillation. The
plant is located at Jalan Imam Bonjol No. 88, Karawaci, Tangerang,
Generally
outlook, the demand for edible oil and oleo-chemical products has kept on
rising well within the last five years in line with the increasingly growing
demand for CPO and PKO products both from the local and foreign market. From
the production sector, Indonesian CPO and PKO production has kept on rising
significantly. The increase in production is caused by the increasingly growing
wider of new oil palm estate development and production in
|
Year |
Production |
Export of Palm Oil
Volume & Value |
||
|
Palm Oil (000 tons) |
Palm Kernel (000 ton) |
(000 ton) |
(million |
|
|
2001 |
5,016.4 |
1,137.9 |
4,903.3 |
1,080.8 |
|
2002 |
6,195.6 |
1,209.7 |
6,333.7 |
2,092.4 |
|
2003 |
6,923.5 |
1,529.2 |
6,386.5 |
2,454.7 |
|
3004 |
8,479.3 |
1,862.0 |
8,661.6 |
3,441.8 |
|
2005 |
10,119.0 |
2,155.9 |
10,376.2 |
3,756.3 |
|
2006 |
10,961.8 |
2,363.1 |
12,101.0 |
4,817.4 |
|
2007 |
11,438.0 |
2,593.2 |
11,101.0 |
7,868.7 |
|
2008 |
11,623.8 |
2,646.6 |
14,290.7 |
12,375.3 |
|
2009 |
12,618.9 |
2,784.9 |
16,829.0 |
10,367.7 |
|
2010 *) |
967.1 |
229.4 |
973.3 |
691.1 |
Source: Statistic of Central
Board
*) As of 31 January 2010
Until this time
P.T. CRC 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 2008 amounted to Rp. 750.0 billion increased
to Rp. 840.0 billion in 2009 rose again to Rp. 960.0 billion in 2010 and
projected to go on rising by at least 8% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 76.5 billion and the company has an
estimated total networth of at least Rp. 420.0 billion. We observe that P.T.
CRC is supported by the CISADANE Group, a developing business group 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
The company is
led by Mr. Haji Mohamad Taha (76), a
professional manager with has experienced for more than 38 years in the field
of crude palm oil fractionation and distillation. Daily activity, he assisted
by Mr. Tatang Suhenda (52) and Mrs. Tjhang Margaret (63), both are as
directors. We observe that Mr. Tatang
Suhenda is also one of a top figure of the CISADANE Group, a developing
business group in
P.T. CISADANE
RAYA CHEMICALS is sufficiently fairly good for business transaction.
Attachment:
List of
CISADANE Group Members
1.
ADITYAWARMAN, P.T. (Trading)
2.
CISADANE ACID CORPORATION, P.T. (Stearin & Crude Olein
Processing)
3.
CISADANE RAYA CHEMICALS, P.T. (Crude Palm Fractionation
& Distillation)
4.
CISADANE SAWIT RAYA, P.T. (Oil Palm
5.
CISADANE SEJAHTERA Bank, P.T. (Banking)
6.
CIQUITA TALONPAS ZIPPER CO.LTD., P.T. (Zipper Manufacturing)
7.
DINARETTA LESTARI, P.T. (Investment Holding)
8.
INTI SUMBER SARI INDUSTRI SUBUR, P.T. (Cosmetic
Manufacturing)
9.
LABU MAS, P.D. (Cooking Oil Refinery & Soap
Manufacturing)
10.
MADAME IKI ORIENTAL COSMETIC, P.T. (Cosmetic Manufacturing)
11.
YKK INDONESIA ZIPPER CO. LTD., P.T. (Plastic, Nylon &
Metalic Zipper & Manufacturing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.