MIRA
INFORM REPORT
|
Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DIC GRAPHICS |
|
|
|
|
Formerly Known As : |
P.T. DIC COATES GRAPHICARTS INDONESIA |
|
|
|
|
Registered Office : |
Jl. Rawa Gelam III Blok II-L Kav. 8-9 Kawasan Industri Pulogadung Jakarta 13012 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.09.2002 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-19088 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Coating and Printing Ink Manufacturing |
|
|
|
|
No. of Employees : |
520 persons |
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$ 7.7 million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Correct Name of Company
P.T. DIC GRAPHICS
Address
Head Office &
Factory I
Jl. Rawa Gelam III Blok II-L Kav. 8-9
Kawasan Industri
Pulogadung
Jakarta 13012
Indonesia
Phones -
(62-21) 4613525 (hunting)
Fax. - (62-21) 4613529, 4613524
Land Area - 14,890 sq.
meters
Building Area - 10,500 sq.
meters
Region - Industrial
Estate
Status - Rent
Factory II
Jl. Haji Baping
No. 18
Kawasan Industri Pulogadung
Ciracas, Condet
Jakarta 13730
Indonesia
Phones -
(62-21) 8712690 (hunting)
Fax. - (62-21) 8712695
Land Area - 20,581 sq.
meters
Building Area - 12,620 sq.
meters
Region - Industrial
Zone
Status - Rent
Registration data
Date of
Incorporation :
24 September 2002 as P.T. DIC COATES GRAPHICARTS INDONESIA, changed its
name to P.T. DIC GRAPHICS on December 8, 2003.
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-33577.AH.01.02.Tahun 2009
Dated 17 July 2009
b. No.
AHU-AH.01.10-19088
Dated 28 July 2010
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The Department
of Finance
NPWP No. 02.026.603.7-052.000
b. The Investment
Coordinating Board
- No. 15/31/I/PMA/2002
Dated 13 May 2002
- No. 66/III/PMA/2002
Dated 12 September 2002
- No. 143/III/PMA/2003
Dated 22 December 2003
- No. 198/III/PMA/2004
Dated 08 March 2004
Holding Company
:
DIC ASIA PACIFIC
PTE LTD of Singapore (Investment Holding)
Affiliated/Associated
Company :
A member of DIC
(Dainipon Ink and Chemicals) Group of Japan
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- US$.
19,667,000.-
Issued Capital - US$.
19,667,000.-
Paid up Capital - US$.
19,667,000.-
Shareholders/Owners :
a. DIC ASIA
PACIFIC PTE LTD - US$.
19,560,000.- (99.96%)
Address : Benhard Street Lot 30
Singapore
b. DIC CORPORATION - US$. 7,000.- ( 0.04%)
Address : Benhard Street Lot 1
Singapore
BUSINESS ACTIVITIES
Lines of Business
:
Coating and Printing Ink Manufacturing
Production
Capacity :
a. Ink and Coatings -
1,070 tons p.a.
b. Printing Inks - 840 tons p.a.
c. Metal/Can Coatings -
1,020 tons p.a.
d. Offset/Letter Press Inks - 816 tons p.a.
e. Newspaper Inks - 640 tons p.a.
f. Gravure/Coating Flexo Inks - 3,680 tons p.a.
Total Investment :
a. Owned Capital - US$. 19.7 million
b. Loan Capital - US$ 0
million
c. Total
Investment - US$. 19.7 million
Started Operation :
2003
Brand Name :
DIC GRAPHICS
Technical Assistance :
Dainipon Ink and Chemicals Inc., of Japan
Number of Employee :
520 persons
Marketing Area :
a. Local - 95%
b. Export - 5%
Main Customers :
Printing Companies in the country
a. P.T. GRAMEDIA PRINTING
b. P.T. SINAR AGAPE PRESS
c. P.T. METRO SENTRAL
GRAPHIA
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SAKATA INK
INDONESIA
b. P.T. CEMANI
TOKA
c. P.T. COLORPAK
INDONESIA Tbk.
d. P.T. INKOTE INDONESIA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers:
a. The Bank of
Tokyo – Mitsubishi Ltd.
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
b. P.T. Bank CENTRAL ASIA Tbk
Jl. Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
c. P.T. Bank
NEGARA INDONESIA Tbk
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2007 – Rp. 318.0
billion
2008 – Rp. 392.0
billion
2009 – Rp. 465.0
billion
2010 – Rp. 560.0
billion
2011 – Rp. 320.0
billion (January – June)
Net Profit
(estimated) :
2007 – Rp. 28.6 billion
2008 – Rp. 35.2 billion
2009 – Rp. 42.0
billion
2010 – Rp. 49.0
billion
2011 – Rp. 28.0
billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr. Jusuf Kristanto
Directors - a. Mr. Kazuo Kudo
b. Mr. Morishita Shunici
c. Mr. Kentaro Egawa
d. Mr. Hayato Kashiwagi
e. Mr. Takeshi Fujioka
Board of Commissioners
:
President
Commissioner - Mr. Paul Koek
Signatories
:
President
Director (Mr. Jusuf Kristanto) one of Directors (Mr. kazoo Kudo, Mr. Morishita
Shunici, Mr. Kentaro Egawa, Mr. hayato kashiwagi and Mr. Takeshi Fujioka) which
must be approved by Board of Commissioner (Mr.Paul Keok)
CAPABILITIES
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Small amount –
periodical review
Maximum Credit
Limit :
US$ 7.7 million on the 90 days of payments
OVERALL PERFORMANCE
Originally named
P.T. DIC COATES GRAPHICARTS INDONESIA, the company was established in September
2002 with an authorized capital of US$ 200,000.- of which US$ 100,000.- was
issued and paid up. The founding shareholders of the company are DIC ASIA
PACIFIC Pte., Ltd., of Singapore and P.T. DIC INDONESIA of Indonesia. The
Articles of Association was approved by the
Minister of Law and Human Rights of the Republic of Indonesia by virtue of
Decision Letter No. C-10861.HT.01.01.TH.2003 dated May 19, 2003. The company's Articles of Association was
since revised a couple of times. On December 8, 2003 the company’s name was
changed to P.T. DIC GRAPHICS (P.T. DICG). In March 2004 the company’s
affiliated namely PT. COATES INDONESIA and P.T. DIC INDONESIA merged into P.T.
DICG (as survived company).
Concurrently, the company's authorized capital was increased to US$
19,667,000.- entirely issued and paid up. At the same time the company's entire
shares went over into the control of DIC ASIA PACIFIC Pte Ltd of Singapore
(99.96%) and DAINIPON INK AND CHEMICALS Inc., of Japan (0.04%).
In June 2010,
DAINIPON INK AND CHEMICALS Inc., pulled out and the whole shares are sold to
DIC CORPORATION of Singapore. The
amendment to Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia by
virtue of Decision Letter No. AHU-AH.01.10-19088, dated July 28,
2010. No changes have been effected in
term of its shareholding composition and capital structures to date.
P.T. DICG was established
within the framework of Foreign Investment (PMA), which has received permit
from the Capital Investment Coordinating Board (BKPM) in 2002, to engage in the
field of coatings and printing ink manufacturing. Initially the company only
operated a factory located at Jalan Rawagelam III Blok II-L, Kav. 8-9,
Pulogadung Industrial Zone, East Jakarta on an area of 14,890 square meters. The factory had a production
capacity of 570 tons of coatings and printing ink per year. In March 2004, two
its affiliated companies (PT Coates Indonesia and PT. DIC Indonesia) merged
into the PT DICG. Since then P.T. DICG operated one additional factory at Jalan
Haji Paping No. 18, Ciracas, East Jakarta on an area of 20,581 square meters. Since then P.T. DICG not only
manufactured coatings and printing ink, but also various types of other inks
and coatings such as metal/can coating, offset/letter press ink, newspaper
inks, and gravure/coating flexo inks.
For total production capacity of this company please refer to page three of
this report.
We observed that P.T. DICG
has a very extensive marketing network in the country. As many as 95% of
production of this company was sold the
domestic market mainly to a number of
printing and offset printing companies such as PT Gramedia Printing, PT. Sinar Agape Press, PT. Metro Sentral
Graphia, and so forth. In addition they also appointed a number of agents and
distributors in major cities in Indonesia, such as Bandung, Semarang, Surabaya,
Bali, Medan, Makassar and other big cities. About 5% of its production was
exported a number of Southeast Asian countries like Malaysia, Brunei
Darussalam, Philippines, Thailand and India.
We observe that P.T. DICG is classified as a large sized company in the
country dealing with printing ink industry of which the operation has been
running smoothly and growing in the last five years.
Generally
outlook, the demand for printing ink has kept on declining as from the middle
of 2007 until the early of 2009 in line with the weakening of printing house
industry in Indonesia due to the global economic crisis. Later from the middle of 2009, printing ink
industry started to increase again gradually in line with the amelioration of
economic condition in the country. Market competition is very tough on account
of many other similar companies operating in the country among them are PT.
Cemani Toka, PT. Colorpak Indonesia, PT. Durachem Indonesia, PT. Hi-Tech Ink
Indonesia, PT. IDS Manufacturing Indonesia, PT. Inkote Indonesia, PT. Inktech
Indahmulya and others. The business
position of P.T. DICG is favorable for having established regular customers and
wide marketing networks in the country.
The company is neither public
listed nor bond issued company. Therefore, the company has no obligation to
publish financial statement publicly.
The management of P.T. DICG is very reclusive to outsider and rejected
to disclose its financial condition. But we estimate the total sales turnover
in 2007 amounted to Rp 318.0 billion increased to Rp 392.0 billion in 2008 to
Rp 465.0 billion in 2009 to Rp 560.0 billion in 2010 and estimated it will be
higher by 15% to 16% in 2011. The operation of P.T. DICG in 2010 is estimated
to have gained a profit of Rp. 49.0 billion with an estimated networth of Rp.
380.0 billion. So far,
we did not hear that the P.T. DICG having been black listed by Bank Indonesia
(Central Bank) and registered in district court for detrimental cases. The
company has a punctual payment habit within 1 to 3 months.
The management
of P.T. DICG is headed by Mr. Jusuf Kristanto (49) as president director, a
professional manager of Indonesia, with broad experience in industry and
trading of printing ink. In his daily
activities, he is assisted by five directors of Japan, namely Kazuo Kudo (57),
Mr. Morishita Shunici (58), Mr. Kentaro Egawa (34), Mr. Hayato kashiwagi (35)
and Mr. Takeshi Fujioka (45). The
management is handled by professional managers having wide relation with
private businessmen of home and overseas as well as with the government
sectors. So far, we did not hear that
the company’s management involved in the business malpractices 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.
Of a thorough observation we may conclude
that P.T. DIC GRAPHICS is appraised
quite feasible for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.42 |
|
|
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
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.