MIRA
INFORM REPORT
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Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SIEGWERK INDONESIA |
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Formerly Known As : |
P.T. SICPA
PURINDO |
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Registered Office : |
Jalan Pajajaran No. 10, RT. 001 RW. 03 Desa Gandasari, Kecamatan Jatiuwung Tangerang, 15134 Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
31.01.1995 |
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Com. Reg. No.: |
No. AHU-AH.01.10-02819 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Printing Ink Industry |
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No. of Employees : |
238 persons |
RATING & COMMENTS
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MIRAs 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$ 3,300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T.
SIEGWERK INDONESIA
Address
Head Office &
Factory I
Jalan Pajajaran No. 10, RT. 001 RW. 03
Desa Gandasari,
Kecamatan Jatiuwung
Tangerang, 15134
Banten Province
Indonesia
Phones -
(62-21) 591 7941 (Hunting)
Fax - (62-21) 591 3073
E-mail - info@siegwerk.com
Website - http://www.siegwerk.com
Land Area - 1,500 sq.
meters
Building Space - 920 sq. meters
Region - Industrial
Zone
Status - Rent
Factory II
Jalan Rungkut
Industri III No. 26 A
Kawasan SIER,
Surabaya, 60293
East Java
Indonesia
Phones -
(62-31) 843 1884, 7033 7364, 7033 7365
Fax - (62-31) 843 7157
Land Area - 1,500 sq.
meters
Building Space - 860 sq. meters
Region - Industrial
Estate
Status - Rent
Registration data
Date of Incorporation :
a. 31 January 1995 as P.T. SICPA PURINDO
b. 8 September 2005 as P.T. SIEGWERK INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-20775.HT.01.04.TH.2002
Dated 25 October 2002
- No. AHU-96389.AH.01.02.TH.2008
Dated 15 December 2008
- No. AHU-AH.01.10-02819
Dated 31 March 2009
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.070.961.6-052.000
The Department of Industry
- No. 48/T/Industri/1999
Dated 3 February 1999
- No. 767/T/Industri/2005
Dated 25 August 2005
The President of the Republic of Indonesia
No.
B-348/Pres/10/1994
Dated 27 October
1994
The Capital Investment Coordinating Board
- No. 351/I/PMA/1994
Dated 16 November 1994
- No. 94/III/PMA/2002
Dated 2 September 2002
- No. 952/III/PMA/2005
Dated 18 August 2005
- No. 312/III/PMA/2006
Dated 16 March 2006
Related
Company :
SIEGWERK GROUP
INTERNATIONAL of Germany
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
5,600,000.-
Issued Capital : US$
5,600,000.-
Paid up Capital : US$
5,600,000.-
Shareholders/Owners
:
a. SIEGWERK DRUCKFARBEN AG - US$ 5,599,000.-
Address : Alfred Keller Street
5553721
Sieburg,
Germany
b. SIEGWERK ALPHA GmbH - US$ 1,000.-
Address : : Alfred Keller Street
5553721
Sieburg,
Germany
BUSINESS ACTIVITIES
Lines of
Business :
Printing Ink
Industry
Production
Capacity :
a. Specialty (Security) Inks -
500 tons p.a.
b. Write Inks -
1,200 tons p.a.
c. Intaglio Transparent White -
1,000 tons p.a.
d. Gravure Inks - 600 tons p.a.
e. Commercial Inks - 400 tons p.a.
Total
Investment :
a. Equity Capital -
US$. 5.6 million
b. Loan Capital - None________
c. Total Investment - US$. 5.6 million
Started
Operation :
1996
Brand Name :
Siegwerk
Indonesia
Technical
Assistance :
SIEGWERK GROUP
INTERNATIONAL of Germany
Number of
Employee :
238 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Perum PERURI
b. P.T. DJARUM
c. P.T. HM SAMPOERNA Tbk
e. P.T. UNILEVER INDONESIA Tbk
f. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CEMANI
TOKA
b. P.T. DIC
GRAPHICS
c. P.T. INKOTE INDONESIA
d. P.T. SAKATA INX INDONESIA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. The Hongkong and Shanghai Bank
Corp. Ltd. (HSBC)
World Trade Center
Jalan Jend. Sudirman Kav.
29-31
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
c. DEUTSCHE Bank AG
Wisma Deutsche Bank
Jalan Imam Bonjol 81
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 Rp. 240.0 billion
2009 Rp. 248.0
billion
2010 Rp. 255.0
billion
2011 Rp. 130.0
billion (January June)
Net Profit
(estimated) :
2008 Rp. 18.0
billion
2009 Rp. 19.3
billion
2010 Rp. 20.4
billion
2011 Rp. 11.0
billion (January June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Janar Nallasura
Director -
Mr. Ralf Wolfgang Hildenbrand
Board of Commissioners :
President Commissioner -
Mr. Oliver Wittmann
Commissioners -
Mr. Herbertgeong Forker
Signatories :
President Director (Mr.
Janar Nallasura) or the Director (Mr.Ralf Wolfgang Hildenbrand ) 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$ 3,300,000 on
90 days D/A
OVERALL PERFORMANCE
Initially named
P.T. SICPA PURINDO was established in January 1995 with the authorized capital
of US$ 2,500,000 fully issued and paid up. The founding shareholders are P.T.
PUNDI PURI SEJAHTERA, a national private company, and SICPA HOLDING S.A. of
Switzerland. The articles of association of the company have been changed for a
couple of times. In November 2002, the authorized capital was raised to US$
5,600,000 entirely issued and paid up and concurrently SICPA HOLDING S.A
withdrew and replaced by SICPA SOCIATE ANONYME of Switzerland. In August 2005,
SIGPA SOCIATE ANONYME of Switzerland and P.T. PUNDI PURI SEJAHTERA both are
pulled out and replaced by SIEGWERK Druckfarben A.G., of Germany and P.T.
ASKOMINDO DINAMIKA of Indonesia. And in September 2005, the company changed to
P.T. SIEGWERK INDONESIA (P.T. SI). In March 2006, P.T. ASKOMINDO DINAMIKApulled
out and the whole share sold to SIEGWERK ALPHA GmbH of Germany. Then again the
composition of its shareholders changed to become SIEGWERK DRUCKFARBEN AG
(99.98%) and SIEGWERK ALPHA GmbH (0.02%) both are of Germany.
The deed of
amendment was approved by the Ministry of Law and Human Right in its Decision
Letter No. AHU-96389.AH.01.02.TH.2008 dated December 15, 2008 and No.
AHU-AH.01.10-02819 dated March 31, 2009.
P.T. SI obtained
Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with the production of special ink (security)
and write inks. Its plant is located in Perum PERURI Industrial Estate,
Tangerang, Banten Province on a land of 1,500 square meters with rental status.
The plant has been operating since June 1996 by producing 500 tons of special
ink (security) and 1,200 tons of write inks per annum. The plant has absorbed
an investment of US$ 2.5 million wholly coming from own capital. In February
1999, P.T. SI obtained a license to establish a new plant in Surabaya producing
1,000 tons of intaglio transparent white, 600 tons of gravure inks and 400 tons
of commercial papers respectively per annum having been in production since end
2001. The new plant is located at Jalan
Rungkut Industri III No. 26 A, Surabaya, East Java on a land of 1,500 square
meters having absorbed an investment of US$ 3.1 million wholly coming from own
capital. Whole ink products of P.T. SI use technology and brand of its foreign
partners SIEGWERK GmbH of Germany. Whole special ink (security) products of
P.T. SI are marketed to Perum PERURI while write inks, intaglio transparent
white, gravure inks and commercial ink are locally marketed through its distributor
P.T. ACC GRAFIKA RAYA and other dealers. We observe the operation of P.T. SI
has been growing and developing well in the last three years.
We note that
generally the printing ink processing industry in Indonesia has kept on
increasing in line with developing of industrial manufacturing in the country
as customers. Later since the global economic crisis in October 2008 the
printing ink industry has been decreased. Later since the early 2009 the demand
of printing ink has been increasing do the amelioration economic condition in
the country. Meanwhile, the above trade is heavily competitive with some 11
companies now active in the same business line in the country and with imported
products being also widely available in the domestic market. The development of
the printing ink industry is shown by the data on the industry's production and
utilization below.
Development of Printing Ink
Capacity, Production and
Utilization Rate in Indonesia
|
|
2007 |
2008 |
2009 |
2010 |
|
Capacity (tons) |
50,220 |
50,220 |
50,220 |
50,220 |
|
Production
(tons) |
35,154 |
35,154 |
36,209 |
37,295 |
|
Utility (%) |
70.00 |
70.00 |
72.10 |
74.26 |
Source: The Department of Industry
and Trade
Until this time
P.T. SI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
SI is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2008
amounted to Rp. 240.0 billion rose to Rp. 248.0 billion in 2009 increased to
Rp. 255.0 billion in 2010. As from January to June 2011 the sales turnover has
reached at least Rp. 130.0 billion with a net profit of Rp. 11.0 billion and
projected to go on rising by at least 5% in 2012. The company has an estimated
total networth of at least Rp. 83.0 billion. We observe that P.T. SI is
supported by foreign partner 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 company usually pays its debts punctually to
suppliers.
The management
of P.T. SI is led by Mr. Janar Nallasura (46) a professional manager of Inda
with experience in printing ink industry and trading. Daily activity he is
assisted by Mr. Ralf Wolfgang Hildenbrand (48) as director. The company's
management is handled by professional staff in the above business. They have
wide relations with private businessmen within and outside the country. So far,
we did not hear that the management of the company being filed to the district
court for detrimental cases or involved in any business malpractices. The
companys litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. SIEGWERK INDONESIA is sufficiently fairly good
for 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
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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 SCs 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.