MIRA INFORM REPORT
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Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. DKSH INDONESIA |
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Formerly Known As : |
PT. DKSH TUNGGAL |
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Registered Office : |
Menara Jamsostek, 22nd
Floor, Jl. Jend. Sudirman Kav. 38, Jakarta 12710 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.10.1996 |
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Com. Reg. No.: |
No. AHU-32141.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading, Importer and Distribution of
Chemicals Raw Materials for Food and Beverage, Specialty Chemicals, Animal
Care, Pharmaceutical, Personal and Cosmetics Industries |
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$ 1,200,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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. DKSH
INDONESIA
company Address
Head Office
Menara Jamsostek, 22nd
Floor
Jl. Jend. Sudirman Kav. 38
Jakarta 12710
Indonesia
Phones - (62-021) 5297 1570 (hunting)
Fax -
(62-021) 5297 1571
Building Area - 24 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
02 October 1996 as PT. COSATEC INDO, changed its name to PT. DKSH
TUNGGAL, on March 12, 1999 and changed its name again to P.T. DKSH INDONESIA,
on May 12, 2005.
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No. C2-9095.HT.01.01.TH.97
Dated 08 September 1997
b. No.
C-14658.HT.01.04.TH.2005
Dated 30 May 2005
c. No. AHU-32141.AH.01.02.Tahun 2008
Dated 11 June 2008
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.772.287.7-056.000
The Department of
Industry and Trade
TDP No. 09.02.1.51.19423
Dated 25 July 2005
The Investment
Coordinating Board
No. 27/V/PMA/1999
Dated 12 March 1999
Holding Companies
:
a. DKSH HOLDING AG., of Switzerland (Investment Holding)
b. DKSH MANAGEMENT AG., of Switzerland (Investment Holding)
Affiliated/Associated
Companies :
a. DKSH VIETNAM Co. Ltd., of Vietnam (Trading of
Chemical Raw Materials)
b. DKSH MANAGEMENT Pte., Ltd., of Singapore
(Trading of Chemical Raw Materials)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 3,000,000,000.-
Issued Capital - Rp. 3,000,000,000.-
Paid up Capital - Rp. 3,000,000,000.-
Shareholders/Owners :
a. DKSH HOLDING AG - Rp. 2,850,000,000.- (95%)
Address : Switzerland\
b. DKSH MANAGEMENT AG. - Rp.
150,000,000.- ( 5%)
Address : Switzerland
BUSINESS ACTIVITIES
Lines of Business
:
Trading, Importer and Distribution of
Chemicals Raw Materials for Food and Beverage, Specialty Chemicals, Animal
Care, Pharmaceutical, Personal and Cosmetics Industries
Production
Capacity :
None
Total Investment :
Equity Capital -
Rp. 3.0 billion
Started Operation :
1999
Brand Name :
DKSH INDONESIA
Technical Assistance :
DKSH HOLDING A.G., of Switzerland
Number of Employee :
20 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. Food and
Beverage Industries
b. Specialty
Chemical Industries
c. Animal Care
Industries
d. Pharmaceutical
Industries
e. Personal and
Cosmetics Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Cognis
Indonesia
b. PT. Masa Subur Sejahtera
c. PT. Petrakemindo Pratama Mandiri
d. PT. Surya Kejayan Jaya Farma
e. PT. Tanduk Air Mas
f. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta
Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan
Jend. Sudirman No. 22-23
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 68.4
billion
2009 – Rp. 76.0
billion
2010 – Rp. 85.0
billion
2011 – Rp. 47.6
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 3.0
billion
2009 – Rp. 3.4
billion
2010 – Rp. 3.8
billion
2011 – Rp. 2.1
billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr. Soren Bech
Director -
a. Mr. Budi Setiawan
b. Mr. Philipp Reto Von Buren
Board of Commissioner :
Commissioner - Mr. David Macdonald
Signatories :
President
Director (Mr. Soren Bech) or one of the Directors (Mr. Budi Setiawan and Mr.
Philipp Reto von Buren) which must be approved by Board of Commissioners (Mr.
David Macdonald)
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below average
Credit
Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$ 1,200,000.- on the 90 days of payments
OVERALL PERFORMANCE
Originally named P.T. COSATEC INDO, the company was established in October 1996 with the authorized capital of Rp. 25,000,000 entirely was issued and paid up. The founding shareholders of the company are PT. PRIWAT JASARAYA (95%) and PT. USAHA SWAKARYA SATYA (5%), both are private companies. The Articles of Association was made by Mr. Sutjipto, SH., a public notary in Jakarta under Company Registration Number C2-9095 HT.01.01.TH.97 dated September 8, 1997. The articles of association of the company have frequently been revised. In March 1999, the company’s name was changed to PT. DKSH TUNGGAL and changed its name again to P.T. DKSH INDONESIA on May 120, 2005. Concurrently, the founding shareholders pulled out and the whole shares are sold to DIETHELM KELLER Services Asia AG., of Switzerland (95%) and Mr. U Thein Win of Singapore (5%), both of Switzerland. The latest on April 2008, the authorized capital was raised to Rp. 3,000,000,000.- entirely was issued and fully paid up. Since that time, shareholders of the company are DKSH HOLDINGS AG., (95%) and DKSH MANAGEMENT AG., (5%), both are of Switzerland. The latest deed of amendment was made by Mr. Ilmiawan Dekrit Supatmo, SH., a public notary in Jakarta under Company Registration Number AHU-32141.AH.01.02.Tahun 2008 dated June 11, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. DKSH INDONESIA (P.T. DKSHI) has been in operation since 1999 dealing with trading, importer and distribution of chemicals raw materials for food and beverage, specialty chemicals, animal care, pharmaceutical, personal and cosmetics industries. Ms. Shanty Margaretha, an administrative staff of P.T. DKSHI explained that the company provide formulation and ingredients to manufacturers in the food and beverage industry, active pharmaceutical ingredients such as anticancer, peptides, CNS and anesthetics, specialty chemicals for industries; graphics, paint and coating, polymer, fiber and adhesives, products for animal nutrition and animal health such as macro ingredients, feed additives, feed supplement and others. Ms. Margaretha also explained that they sold their products to many sector of industry in local market, among others food and beverage industries, specialty chemical industries, animal care industries, pharmaceutical industries, personal and cosmetics industries. We observed that condition of the company’s head office is fairly active and the company is supported by its branch office domiciled in Semarang (Central Java) and Surabaya (East Java).
The domestic demand for various type of chemical products had been rising by 8% to 10% on the average per annum in line with the rapid growth of various industrial sectors including food and beverage, pharmaceutical, animal care, personal and cosmetic products. Market competition is very tough on account of large number of other similar companies operating in the country. P.T. DKSHI business position in this case is not too badly because it has built regular customers and extensive marketing network all across the country.
Indonesia’s Economic Growth in 2008, 2009 and Forecast for 2010
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No. |
Sector |
2008 |
2009 |
2010 |
|
1. |
Agriculture |
4.8 |
3.6 |
3.3 |
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2. |
Mining and Quarrying |
0.5 |
3.7 |
3.7 |
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3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
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4. |
Electricity, Gas, and Clean Water |
10.9 |
13.4 |
13.4 |
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5. |
Construction |
7.3 |
7.1 |
7.0 |
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6. |
Trade, Hotel, and Restaurant |
7.2 |
1.2 |
5.8 |
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7. |
Transportation and Communication |
16.7 |
17.4 |
16.7 |
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8. |
Finance, Leasing and Business Services |
8.2 |
5.5 |
6.3 |
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9. |
Services |
6.4 |
6.7 |
6.9 |
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Gross Domestic Product (GDP) |
6.1 |
4.7 |
6.0 |
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The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statements publicly. P.T. DKSHI’s management adopted very reclusive attitude towards outsiders and rejected to unveil its financial condition but we estimated that P.T. DKSHI operation in 2008 gained a total sales turnover of Rp. 68.4 billion increased to Rp. 76.0 billion in 2009 rose again to Rp. 85.0 billion in 2010 and projected to be rising by 12% in 2011. P.T. DKSHI operation in 2010 yielded a total net profit of Rp. 3.8 billion with a total networth of Rp. 12.0 billion. So far, we have never heard of P.T. DKSHI having been black listed by Bank Indonesia (Central Bank) and being not registered in district court for detrimental cases.
Pursuant to the company’s notary deed, the management is headed by Mr. Soren Bech as president director, a businessman with more than 12 years experience in chemical products trading and distribution. Daily he is assisted by Mr. Budi Setiawan and Mr. Philip Reto von Burren, both as directors. The management is also handled by a number of experienced professional managers in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. So far we have never yet heard of the company’s management having been involved in 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. We appraise that P.T.DKSHI is quite feasible for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.84 |
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UK Pound |
1 |
Rs.75.40 |
|
Euro |
1 |
Rs.65.68 |
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 |
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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.