MIRA INFORM REPORT
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Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. DYSTAR COLOURS INDONESIA |
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Formerly Known As : |
P.T. DYSTAR CILEGON |
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Registered Office : |
Menara Global
22nd Floor, Jalan Jend. Gatot Subroto Kav. 27, Jakarta 12930 |
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Country : |
Indonesia |
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Date of Incorporation : |
16.06.1982 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14871 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile Chemical (Dyestuff) Industry |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – September 30th, 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. DYSTAR
COLOURS INDONESIA
company Address
Head Office
Menara Global 22nd
Floor
Jalan Jend. Gatot Subroto Kav. 27
Jakarta 12930
Indonesia
Phone -
(62-21) 5270550 (Hunting)
Fax - (62-21) 5270520
Email - info@dystar.com
Website - http://www.dystar.com
Building Area - 28 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rental
Factory I
Krakatau
Indonesia Estate Cilegon
Jl. Australia I
Blok F I
Cilegon 42443
Banten Province
Indonesia
Phones - (62-254)
360001
Fax - (62-254)
360002
Land area - 30,000 sq.
meters
Factory space - 18,500 sq. meters
Region -
Krakatau Industrial Zone
Status -
Owned
Factory II
Jalan Raya
Citeras Rangkasbitung Km. 3.8
Desa Gabus,
Serang
Banten Province
Indonesia
Phones - (62-254)
401741 (16 lines)
Fax - (62-254)
401751
Land area - 530,145 sq.
meters
Factory space - 220,540 sq.
meters
Region - Industrial
Zone
Status - Owned
Branches
a. Jalan Kopo Jaya II No. 2
Komplek Kopo Jaya
Bandung
West
Java
Phones -
(022) 5405222 (9 lines)
Fax - (022) 5407140, 5403324
b. Jalan Dr. Setia Budi 77
Solo 77134, Central Java
Phones
- (0271) 712738, 719584
Fax - (0271) 712738
c. Jalan Porong
No. 14
Surabaya 60241
East
Java
Phones -
(031) 5666390 (Hunting)
Fax -
(031) 5666154
Date of Incorporation
a. 16 June 1982 as P.T. HOECHST CILEGON KIMIA
b. 4 January 1996 as P.T. DYSTAR CILEGON
c. 15 May 2001 as P.T. DYSTAR COLOURS INDONESIA
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C2-4957.HT.01.01.TH.83
Dated 6 June 1983
- No. AHU-66911.AH.01.02.TH.2008
Dated 22 September 2008
- No. AHU-AH.01.10-02989
Dated 5 February 2010
- No. AHU-AH.01.10-14871
Dated 18 May 2011
Company Status
Foreign Investment (PMA) Company
Permit by the Government
Department
The President of
the Republic of Indonesia
No. B-26/Pres/1/1982
Dated 30 June 1982
The Capital Investment
Coordinating Board
- No. 1806/III/PMA/2000
Dated 11 December 2000
- No. 14/II/PMA/2001
Dated 26 January 2001
- No. 595/III/PMA/2001
Dated 17 May 2001
- No. 485/III/PMA/2007
Dated 13 April 2007
Related
Company :
DYSTAR Textilefarben GmbH of Germany (Dyestuff Manufacturing and
Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
US$ 44,500,000.-
Issued Capital :
US$ 44,500,000.-
Paid up Capital :
US$ 44,500,000.-
Shareholders/Owners
:
a. KIRI
HOLDING SINGAPORE PRIVATE LTD. -
US$ 44,499,000.-
Address :
8 Cross Street, 11-00
FWC Building,
048424
Singapore
b. Mr. Hari
Sudiono of Indonesia -
US$ 1,000.-
Address :
Jl. DR. Sumeru No. 108
Bogor, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
a. Textile Chemical (Dyestuff) Industry
b. Trading, Import and Distribution of Textile Chemicals
Production
Capacity :
a. Dyestuff -
24,750 tons p.a.
b. Trading, Import and Distribution of Textile Chemicals
Total
Investment :
a. Equity Capital -
US$ 40.8 million
b. Reinvested Profits -
US$ 8.0 million
c. Loan Capital - US$ 59.7 million
d. Total Investment - US$ 108.5 million
Started
Operation :
March 1986
Brand Name :
DYSTAR
Technical
Assistance :
DYSTAR Textilefarben GmbH of Germany
Number of
Employee :
835 persons
Marketing Area
:
Domestic (Local) - 20%
Export - 80%
(Australia, Japan, Asian countries)
Main Customers
:
a. The BATIK KERIS Group
b. The DAMATEX Group
c. Textile industries, Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CLARIANT INDONESIA
b. P.T. COLORINDO ANEKA
CHEMICAL
c. P.T. MATSUMOTOYUSHI
INDONESIA
d. Etc.
Business Trend
:
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers :
a. DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta 10310,
Indonesia
b. CITIBANK N.A.
Bapindo Plaza Office Tower
Jalan Jend. Sudirman Kav.
53-54
Jakarta Selatan
Indonesia
c. P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Prasetio, Sarwoko & Sandjaja, a public accountant
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – US$ 78.4 million
2008 – US$ 85.0 million
2009 – US$ 92.0 million
2010 – US$ 95.0 million
Net Profit
(estimated) :
2007 – (US$ 826.0 thousand)
2008 – US$ 460.0 thousand
2009 – US$ 450.0 thousand
2010 – US$ 520.0 thousand
Payment Manner
:
Sometimes delay
Financial
Comments :
Unhealthy
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Sunarto
Djuardi
Directors - a. DR. Heinz Gunter Zorn
b. Mr. Eko Pratikto
c. Mr. Hari Sudiono
Board of Commissioner :
President Commissioner -
Mr. Viktor Nikolaus Leendertz
Commissioner - Mr. Harry Chng Huck Tat
Signatories :
President Director (Mr. Sunarto Djuardi)
or one of the Directors (DR. Heinz Gunter Zorn, Mr. Eko Pratikto or Mr. Hari
Sudiono) which must be approved by Board of Commissioners
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit can be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
No Comment
OVERALL PERFORMANCE
Initially the company’s name of P.T. HOECHST CILEGON KIMIA established in 1982 in Jakarta with an authorized capital of US$ 11,000,000 issued capital of US$ 2,200,000 was fully paid up. Founders and original shareholders are HOECHST AG of Germany, a state owned bank P.T. Bank Pembangunan Indonesia (BAPINDO), P.T. PIONEER KIMIA AGUNG and P.T. GAJAH PURA INDAH and now it was renamed P.T. FADJARPURNAMA PRATAMAINTI, and both are private national companies. Its articles association was converted for several times. Only a short time after its establishment, the company had been joined by a new shareholder of the foreign party named DEITSCHE Finanzierunggesellschaft Fuer Beteiligungen in Enwickkklungslaerdern GmbH, a financing company of Germany.
In January 1996 the company was renamed P.T. DYSTAR CILEGON, and concurrently joined in new shareholder DYSTAR Textilfarben GmbH of Germany (joint venture for textile dyes of BAYER and HOECHST in dyes textile, July 1995). In April 1998 the whole shares had been controlled by DYSTAR Textilfarben GmbH of Germany, P.T. BAPINDO and P.T. PIONEER KIMIA AGUNG, both of Indonesia. In July 1998 the authorized capital was raised again to US$ 16,500,000 issued and paid up capital to US$ 12,500,000. On the same occasion P.T. BAPINDO pulled out and the whole share owned by DYSTAR Textilfarben GmbH of Germany and P.T. PIONEER KIMIA AGUNG.
In December 2000, P.T. DYSTAR CILEGON merger with P.T. DYSTAR INDONESIA and the company taking the merger was P.T. DYSTAR CILEGON. In May 2001 the company was renamed P.T. DYSTAR COLOURS INDONESIA (P.T. DCI) and concurrently the authorized capital was raised to US$ 44,500,000 wholly issued and paid up. On the same occasion the whole share owned by DYSTAR Textilfarben GmbH of Germany and Mrs. Susilowati Poorwo Soedarmo (Susilowati Priyono) of Indonesia. Laater in April 2007, Mrs. Susilowati Poerwo Soedarmo pulled out and whole shares are sold to Mr. Bambang Nurcahyo, an indigenous businessman. The Deed of amendment was made by Mr. Singgih Susilo, SH., a public notary in Jakarta under Company Registration Number AHU-66911.AH.01.02.Tahun 2008 dated September 22, 2008.
However since February 2010, KIRI DYES AND CHEMICALS (KDCL) of India has acquired DYSTAR Group of Germany for €50 million. The buyout was executed through a special purpose vehicle, KIRI HOLDING SINGAPORE PRIVATE LTD, along with KDCL's joint venture partner, LONGSHENG Group of China. The deal includes the acquisition of DyStar's 200 live patents, IP rights, brand names, trademarks and subsidiaries in 22 countries. Legally in April 2011 some 99.99% of stakes holds by KIRI HOLDING SINGAPORE PRIVATE LTD., of Singapore and the rest 0.01% holds by Mr. Hari Sudiono. On the same occasion the board of directors and the board of commissioners had been changed (see profile of this report). The latest revision of notary documents was made by Mrs. Irene Yulia, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-14871 dated May 18, 2011.
P.T. DCI started with operation in March 1986 in synthetic organic dyestuff whose plant located at Kawasan Industry Berat, Krakatau Industrial Estate Cilegon, Banten Province. Before the merger, P.T. DYSTAR INDONESIA which had a factory in Serang produced dyestuff of the type of disperse dye, a dyestuff for polyester and P.T. DYSTAR CILEGON produced with a factory in the Heavy Industry Zone P.T. KSIC in Cilegon produced reactive dye, a textile dyestuff for cotton cloth. After the merger of P.T. DYSTAR INDONESIA in the end of December 2000, P.T. DCI took over and managed the plant located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus, Serang, Banten Province, standing on 530,145 square meters land. Both of the above plants (P.T. DCI) produce 24,750 tons of dyestuff per annum.
The company produces High Quality Dyestuff through the Century for: Workwear, Uniform, Corporate Fashion, Sportwear, Military / Camouflage and Medical Textile. Having seen from its production, P.T. DCI concentrates on the production of reactive dyes for cellulosic fiber finishing and besides it has been undergone modernization program.
P.T. DCI’s operation and technology
is backed by its holding company DYSTAR Textilefarben GmbH of Germany. Some 80%
of its products is exported to Australia, Japan and other Asian countries while
the rest is marketed locally particularly to textile industries. The supplies
of basic materials in the form of oxysulton blue, parabaester, H. acid TTRG and
others is imported from Germany, Hong Kong, etc. Besides that, P.T. DCI is also
engaged in trading and distribution of textile chemicals by importing textile
chemical from Germany and other countries through companies owned by DYSTAR
Group. We observed that P.T. DCI is
classified as a large sized company of its kind in the country of which the
operation has been growing slowly in the last three years.
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 INDONESIA and P.T. COLORINDO ANEKA
CHEMICAL. The country’s garment industry is facing serious marketing problem
not only in the country but also abroad. According to the Central Bureau of
Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100
tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to
327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0
million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons
(US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in
2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons
(US$ 6,598.0 million) in 2010. The Indonesia textile products export in 2002
amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6
million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons
(US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to
1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$
4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and
to 1,525.9 tons (US$ 4,721.8 million) in 2010.
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.), Japan, and European Union region. The Export Textiles
and the Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent
compared to the last year. In the year 2008 the export value reached 10.8
billion US dollars. While this year’s the exports expected fall into US$ 9.7
billion.
The Chairman of the Indonesian Textile Association (API), Mr. Benny
Soetrisno said that the decline in global purchasing power caused of the demand
in the Indonesian textile products could not be able to grow as tight as 2008.
The export volume and value of the national TPT products in 2002 to 2010 are
pictured on the following table.
|
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 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of
Statistic
Until this time P.T. DCI 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 2007 amounted to US$ 78.4 million, increased to US$ 85.0 million
in 2008 and rose again to US$ 92.0 million in 2009 increased to US$ 95.0
million in 2010 and estimated to be higher by at least 3% in 2011. We estimated
the company has yielded a net profit of US$ 520,000 in 2010 and the company has
an estimated total networth at least US$ 120 million. We observe that P.T. DCI
is supported by financially strong behind it. So far, we did not hear that the
company having been black listed by the Central Bank (Bank Indonesia). We hear
information from their clients that P.T. DCI has filed insolvency.
P.T. DCI’s management is led by Mr. Sunarto Djuardi (51), a professional
manager with has experience for more than 20 year in dyestuff industry and
trade. He has been worked and begun his career as Business Management Reactive
since 2001. Daily, he is assisted by three directors namely DR. Heinz Gunter
Zorn (48) from Koln (Germany), Mr. Eko Pratikto (55) and Mr. Hari Sudiono (46)
from Indonesia. The management is 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. Considering the company’s
operation has been growing slowly and the company has filed insolvency since
2009 we recommend treating prudently in extending loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
UK Pound |
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
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 |
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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.