MIRA INFORM REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. APOLLO AGUNG CHEMICAL INDUSTRY |
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Registered Office : |
Jalan Kedung Halang Talang No. 135, Kedung Halang Bogor, Bogor Utara, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
05.05.1980 |
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Com. Reg. No.: |
No. AHU-66412.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Trading and
Distribution of Textile Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
a1 |
a1 |
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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. APOLLO AGUNG CHEMICAL INDUSTRY
company Address
Registered Office
Jalan Kedung
Halang Talang No. 135
Kedung Halang
Bogor
Bogor Utara
West Java
Indonesia
Phones -
(62-254) None
Fax - (62-254) None
Operational Office
Jalan Paradise
Timur Raya Block G II No. 1 & 2
Sunter Agung
Podomoro
Jakarta Utara,
10350
Indonesia
Phones -
(62-21) 6404 690 (Hunting)
Fax - (62-21) 6400 522-23
E-mail - acci@cbn.net.id
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
5 May 1980
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No. Y.A. 5/2/1
Dated 2 January 1981
- No. AHU-66412.AH.01.02.TH.2008
Dated 19 September 2008
Company Status
Private National
Company
Permit by the Government
Department
The Department
of Finance
NPWP No. 01.254.256.9-431.000
The Department
of Industry and Trade
TDP No.
10.04.1.52.00589
Dated 22 March
2006
Related Company
P.T. MEGASETIA
AGUNG KIMIA (Trading and Distribution of Industrial Chemical)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital
: Rp.
2,600,000,000.-
Issued Capital : Rp.
2,600,000,000.-
Paid up Capital : Rp.
2,600,000,000.-
Shareholders/Owners
:
a. Mr. Sutedja
Sidarta -
Rp. 1,469,000,000.-
Address : Jl Rajawali Selatan
VII/7 RT. 011 RW. 002
Kel. Gunung
Sahari Utara, Kec. Sawah
Besar, Jakarta
Pusat
Indonesia
b. Mr. Iswanto
Effendi -
Rp. 650,000,000.-
Address : Jl. Ampasit Raya 12,
RT. 011 RW. 002
Kel. Cideng,
Kec. Gambir
Jakarta Pusat
Indonesia
c. Mr. Halim
Djunarto -
Rp. 312,000,000.-
Address : Jl. Jelambar Utara Raya No. 30, RT. 002
RW. 008, Kel. Jelambar,
Kec. Grogol
Petamburan, Jakarta
Barat
Indonesia
d. Mr. Ali Iskandar -
Rp. 169,000,000.-
Address : Jl. Kembarmas IV No.
21, RT. 006 RW.
005, Kel.
Pasirluyu, Kec. Regol,
Bandung, West
Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Distribution of Textile Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1982
Brand Name :
Apollo Agung
Chemical Industry
Technical
Assistance :
None
Number of
Employee :
15 persons
Marketing Area
:
Local - 100%
Main Customer
:
Textile Industry
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ATLANTIK
SEJAHTERA RAYA
b. P.T. GALIC BINA MADA
c. P.T. HADI PUTERA JAYA
d. P.T. WADAH MAKMUR KENCANA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank UOB
BUANA Tbk
Jalan Danau Agung Sunter Utara Block D 1 No. 6 B
Sunter Agung Podomoro
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 13.0
billion
2009 – Rp. 14.0
billion
2010 – Rp. 15.2
billion
Net Profit
(estimated) :
2008 – Rp. 780
million
2009 – Rp. 910
million
2010 – Rp. 988
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sutedja Sidarta
Directors -
a. Mr. Halim Djunarto
b.
Mr. Ali Iskandar
c. Mrs. Rusmini Sidarta
d. Mr. Ridwan Widjaja
Board of Commissioners :
President Commissioner -
Mrs. Pratiwi Muliani
Commissioner -
Mrs. Lim Le Tjoe
Signatories :
President Director (Mr.
Sutedja Sidarta) or one of the Directors (Mr. Halim Djunarto, Mr. Ali Iskandar,
Mrs. Rusmini Sidarta or Mr. Ridwan Widjaja) which must be approved by Board of
Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 200,000 on 90
days D/A
OVERALL PERFORMANCE
The correct name of the Subject is P.T. APOLLO AGUNG CHEMICAL INDUSTRY not P.T. APOLLO AGUNG CHEMIECAL INDUSTRY as stated in your order ref. no. 147495 dated 4 July 2011. Besides, the registered office located at Jalan Kedung Halang Talang No. 135, Kedung Halang Bogor, West Java. Meanwhile the operational office located at Paradise Timur Raya Block G II No. 1 & 2, Sunter Agung Podomoro, Jakarta Utara.
P.T. APOLLO AGUNG CHEMICAL INDUSTRY (P.T. AACI) was incorporated in Bogor, West Java on May 5, 1980 with the authorized capital of Rp. 20,000,000 issued capital of Rp. 4,000,000 entirely paid up. The founding shareholders of the company are Mr. Budiharto Mertohadikusumo, Mr. Sutedja Sidarta and Mr. Bustam Said, as the original shareholders. The company notary documents had been changed frequently. The latest in May 2008 the authorized capital was increased to Rp. 2,600,000,000 wholly issued and paid up. According to the latest revision of notary documents that the whole shares had been controlled by Mr. Sutedja Sidarta (56.5%), Mr. Iswanto Effendi (25%), Mr. Halim Djunarto (12%) and Mr. Ali Iskandar (6.5%). The latest revision of notary documents was made by Mr. Buhari, SH., a public notary in Bogor, West Java and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-66412.AH.01.02.TH.2008 dated September 19, 2008.
We observe that Mr. Sutedja Sidarta is also business stakes owner of P.T. MEGASETIA AGUNG KIMIA dealing with trading and distribution of industrial chemicals.
P.T. AACI started to be operating since 1988 to deal with trading and distribution of textile chemicals. The company sells various types of textile chemicals such as sizing agent, pigment, pre-treatment, dyeing, printing, and finishing in Indonesia. The whole merchandise goods imported from the USA, Germany, Spain, Japan, South Korea, India, China, Taiwan and Hong Kong. The company policy is to achieve best results, which consistently satisfy their customers. Mr. Halim Djunarto, Director of P.T AACI, explained that the company sells its products directly to the end users especially textile companies such as the CANDRATEX Group, the FUJITEX Group, the BINTANG AGUNG Group, HADTEX Group, P.T GIRI ASIH JAYA, P.T ARGO PANTES and so forth. Some 85% of P.T AACI customers are located in Bandung, West Java and the others in Jakarta, Central Java and East Java. We observe the company’s operation has kept on growing slowly in the last three years.
The domestic demand for various types of chemical products had been rising by 8% to 10% on the average per annum in the last five years in line with the rapid growth of various industrial sectors including textile chemical in the above period of times as the consumers. But, later dwindled as the global economic slowdown since October 2008, followed by tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also heated by political issue in the country. The demand growth started to awake in June 2009 in line with the amelioration of economic condition in the country. Market competition is very tough on account of large number of other similar companies operating in the country.
P.T. AACI business position in this case is not too badly because it has built regular customers and extensive marketing network all across the country.
Imports of
Raw Materials and Auxiliary Goods, 2004-2010
|
Year |
Food and Beverages Mainly for Industry (Million US$) |
Raw
Materials for Industry (Million
US$) |
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Primary |
Processed |
Primary |
Processed |
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2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
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2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
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2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
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2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
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|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
Source: Central Bureau of Statistic (BPS)
Until this time P.T. AACI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. AACI 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. 13.0 billion rose to Rp. 14.0 billion in 2009 increased to Rp. 15.2 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 988 million and the company has an estimated total networth of at least Rp. 3.0 billion. 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. AACI is led by Mr. Sutedja Sidarta (65) a businessman and professional manager with experience in trading, import and distribution of textile chemicals. Daily activity he is assisted by Mr. Ali Iskandar (53), Mrs. Rusmini Sidarta (48) and Mr. Ridwan Sidarta (53) as directors. 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 company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. APOLLO AGUNG CHEMICAL INDUSTRY is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.