MIRA INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. COLORINDO ANEKA CHEMICALS |
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Formerly Known As : |
P.T. COLORINDO CHEMICALS |
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Registered Office : |
Jalan Raya
Citeras, Rangkas Bitung Km. 1,8, Serang 42186, |
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Country : |
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Date of Incorporation : |
19.01.1989 |
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Com. Reg. No.: |
No.
AHU-19620.AH.01.02.Tahun 2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Dyestuff Industry |
RATING & COMMENTS
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MIRA’s 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$ 5,270,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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.
COLORINDO ANEKA CHEMICALS
company Address
Head
Office & Factory
Jalan Raya Citeras
Rangkas Bitung Km. 1,8
Serang 42186,
Phone - (62-254) 402288 (Hunting), 401261-66
Fax. -
(62-254) 401267
Email - info@colorindo.com
Website - http://www.colorindo.com
Land Area - 25.0 hectares
Building Space - 5.5
hectares
Region - Commercial
Status - Owned
Date of Incorporation
a. 19 January 1989
as P.T. COLORINDO CHEMICALS
b. 04 August 1989 as
P.T. COLORINDO ANEKA CHEMICALS
Legal Form
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No. C-5572.HT.01.04.TH.2001
Dated 23 April 2001
b. No. AHU-19620.AH.01.02.Tahun 2009
Dated 08 May 2009
Company Status
Domestic Investment
Company (PMDN)
Permit by the Government
Department
The Capital Investment Coordinating Board
a. No.
378/I/PMDN/1989
Dated 16 June 1989
b. No.
858/III/PMDN/1991
Dated 8 October 1991
Related Companies
a. P.T. CIKANDE INDSUTRIAL ESTATE (Industrial
Estate Development)
b. P.T. KRIKRAS (Metal Printing and Can
Making)
c. P.T. MARSICO BISCUITS (Biscuit and Wafer
Manufacturing)
d. P.T. POLKRIK CHEMICAL (Textile Chemical
Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 9,675,000,000.-
Issued Capital - Rp. 9,675,000,000.-
Paid up Capital - Rp. 9,675,000,000.-
Shareholders/Owners
:
a.
Mr. Kadi Marsudidjaja -
Rp. 9,645,000,000.- (99.7%)
Address : Jl. Pasar Baru Timur No. 20-21
Kel. Pasar Baru, Kec. Sawah
Besar
Central Jakarta -
b.
Mr. Jamin Jabanto -
Rp. 30,000,000.- ( 0.3%)
Address :
Kel. Srengseng, Kec.
Kembangan
West Jakarta -
BUSINESS ACTIVITIES
Lines of Business :
Dyestuff Industry
Production Capacity :
a. Disperse Dyestuff - 8,000 tons p.a.
b. Reactive Dyestuff - 2,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 9.7
billion
b. Loan Capital - Rp. 17.7 billion
c. Total Investment -
Rp. 27.4 billion
Started
Operation :
November 1991
Brand
Name :
BEGACRON for disperse and POLKATIVE for
reactive disperse
Technical
Assistance :
HOECHST of
Number
of Employee :
650 persons
Marketing
Area :
a. Local (Domestic) - 15%
b. Export -
85%
Main
Customer :
Buyers in Asian countries and textile
industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DYSTAR COLOURS
b. P.T. POLKRIK CHEMICALS
c. P.T. CLARIANT
d. P.T. MATSUMOTOYUSHI
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers
:
a. P.T. Bank
INTERNATIONAL
Jalan Kalibesar Barat No. 18
b. DEUTSCHE Bank AG
Jalan Iman Bonjol 80
Auditor :
Internal Auditor
Litigation
:
No litigation record
in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2003 – Rp. 290.0 billion
2004 – Rp. 330.0 billion
2010 – Rp. 380.0 billion
Net Profit (estimated) :
2003 – Rp. 13.4
billion
2004 – Rp. 15.6
billion
2005 – Rp. 18.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Indratno Marsudidjaja, BSc.
Directors - a.
Mr. Paulus Nusjirwan Tamin
b. Mr. Twindy Zakaria
c. Mr. Suhandy Sutanto
Board of Commissioners :
President
Commissioner - Mr. Jamin Jabanto
Commissioners - a. Mrs.
Lusmiti Marsudidjaja
b. Mrs. Indrajati Marsudidjaja, BSc.
Signatories :
President Director (Mr. Indratno Marsudidjaja, BSc.) or one
of the Directors (Mr. Paulus Nusjirwan Tamin, Mr. Twindy Zakaria or Mr. Suhandy
Sutanto) which must be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded
normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 5,270,000.- on
the 90 days of payments
OVERALL PERFORMANCE
Initially named P.T. COLORINDO
CHEMICALS, established in January 1989 with an authorized capital of Rp.
5,000,000,000.- issued capital of Rp. 1,000,000,000.- entirely paid up. The
founding shareholders of the company are Mr. Kadi Marsudidjaja (99.7%) and his
three children Mrs. Indrati Marsudidjaja, MBA, (0.1%), Mrs. Indrajati
Marsudidjaja, BSc. (0.1%), and Mr. Indratno Marsudidjaja, BSc. (0.1%). They are
Chinese origin
The latest, in September 2008, Mrs. Indrati Marudijdjaja,
Mrs. Indrajati Marsudijaja and Mr. Indratno Marsudijaja pulled out and the
whole shares are sold to Mr. Jamin Jabanto.
The deed of amendment was made by Mrs. Agustina Junaedi, SH., a public
notary in
We see that the majority business stakes is controlled by Mr. Kadi Marsudidjaja and his family members. The Marsudidjaja family is also founders and majority business stakes owners of P.T. CIKANDE INDUSTRIAL ESTATE engaged in industrial estate development, P.T. KRIKRAS engaged in metal printing and can making, P.T. MARSICO BISCUITS in biscuit and wafer manufacturing and P.T. POLKRIK CHEMICAL in textile chemical manufacturing.
P.T. OROLINDO ANEKA CHEMICALS (PT. CAC) is a Domestic
Capital Investment Company (PMDN) dealing with textile chemical manufacturing.
Its plant is located at Jalan Raya Citeras, Rangkas Bitung Km. 1,8, Serang,
The
management of the company said to our inquiry the company now only produces
disperse dyestuff and reactive dyestuff.
At present the company produces 10,000 tons of dyestuff annually of
which 80% being Disperse dyes and 20% being Reactive dyes. The supplies of basic materials in the form of Marasperse 52
CP, Reax 910, Reax 915, Lignosol SD-60, Ultrazine NA, Lignosol FTA, Sodium
Nitrite, Sodium Choride, Sodium Sulphte, Acetic Acid, Hydroclorde Acid,
Sulphuric Acid, Oxalic Acid, Magnesium Chloride and others is imported from
China, Europe and the USA. Besides, some of the raw materials like Sodium
Sulphite and others used local product from P.T. ANEKA KIMIA RAYA Tbk, P.T.
LAUTAN LUAS Tbk, etc.
Some
of 85% of the company’s products like disperse dyestuff and reactive dyestuff
is exported to Asian countries such as
Generally, the demand for textile chemicals such as dyestuff, textile
auxiliaries, and others tended to be fluctuating within the last five years in
line with the fluctuating of Indonesian textile industry in general. There
are eleven domestic dyestuff producers which are still active with a combined
production capacity of 45,620 tons per annum. Some of the largest producers are
P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT
The domestic textile producers
are pessimism the textile export in 2009 could match the export numbers in 2008.
The blow of the global economic crisis is resulted in the reduced of demand
from the export destination countries like the United States (U.S.),
|
Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of Statistic
Until this time P.T. CAC has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
P.T. CAC’s management adopted very reclusive attitude towards outsiders and
rejected to unveil its financial condition but we estimated that the company’s
operation in 2008 booked a total sales turnover of Rp. 290.0 billion increased
to Rp. 330.0 billion in 2009 rose again to Rp. 380.0 billion in 2010 and
estimated to be rising by at least 8% in 2011. We estimated that P.T. CAC’s
operation in 2010 yielded a total net profit of Rp. 18.2 billion with a total
networth of Rp. 240.0 billion. So far,
we have never heard of the company having been black listed by the Central Bank
(Bank
P.T. CAC’s management is led by Mr. Indratno Marsudidjaja, BSc, (45), a
son of Mr. Kadi Marsudijaja (75), with experience in dyestuff manufacturing and
trade. In daily activities, he is
assisted by three directors namely Mr. Paulus Nusjirwan Tamin (48), Mr. Twindy
Zakaria (63) and Mr. Suhandy Sutanto (52). The management is also 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.
P.T. COLORINDO ANEKA CHEMICALS is considered to be good for normal
business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.18 |
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1 |
Rs.72.79 |
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Euro |
1 |
Rs.62.15 |
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 |
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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 |
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.