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Report Date : |
07.06.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. FUCOLOR CHEMICAL INDUSTRY |
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Registered Office : |
Jl. Irian Blok E-06, Kawasan Industri Berikat Nusantara, Cakung – Cilincing, |
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Country : |
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Date of Incorporation : |
04.03.2004 |
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Com. Reg. No.: |
No. AHU-AH.01.10-14656 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Textile
Chemical Processing |
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No. of Employees : |
140 |
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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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
P.T. FUCOLOR CHEMICAL INDUSTRY
Head Office &
Factory
Jl. Irian Blok
E-06
Kawasan Industri
Berikat Nusantara
Cakung - Cilincing
Jakarta 14140
Indonesia
Phone -
(62-21) 4483 3456 (hunting)
Fax - (62-21) 4483 0123
Land Area - 22,500 sq.
meters
Building Area - 8,800 sq. meters
Region - Industrial
Zone
Status - Owned
04 March 2004
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
a. No. C-08558
HT.01.01.TH.2004
Dated 08 April 2004
b. No. AHU-79740.AH.01.02.Tahun 2008
Dated 30 October 2008
c. No.
AHU-AH.01.10-14656
Dated 15 June 2010
Foreign Investment (PMA) Company
a. The Department of Finance
NPWP No. 02.026.649.0-052.000
b. The Capital Investment Coordinating Board
No. 002/KBN/31/PMA/2004
Dated 02 March 2004
Not available
Capital
Structure :
Authorized Capital - US$. 400,000.- (Rp. 3,376,800,000)
Issued Capital - US$. 100,000.- (Rp. 844,200,000)
Paid up Capital - US$. 100,000.- (Rp. 844,200,000)
Shareholders/Owners
:
a. Mrs. Shen, Hsiu-Mei - US$. 60,000.- (60%)
Address: No. 777, Hsin Sen Road,
Kuan Inn
village
Taoyuan Shien, Taiwan
b. Mr. Chen Chyi Yang -
US$. 40,000.- (40%)
Address: Hsin Red Road Blok 18
Kuan Inn village
Taoyuan Shien, Taiwan
Lines of
Business :
Textile Chemical
Processing
Production
Capacity :
a. Dyestuffs - 5,000 tons p.a.
b. Auxiliaries - 3,500 tons p.a.
c. Raw Materials - 4,000 tons p.a.
d. Pigment - 200
tons p.a.
Total Investment :
a. Equity Capital - US$ 100,000
b. Loan Capital - US$ 100,000
c. Total Investment -
US$ 200,000
Started
Operation :
2005
Brand Name :
FUCOLOR
Technical
Assistance :
None
Number of
Employee :
140 persons
Marketing Area
:
Export - 60%
Local - 40%
Main Customers
:
a. Textile
Industries
b. Buyers in
Taiwan, Vietnam, Cambodia, Sri Lanka, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DYSTAR
COLOURS INDONESIA
b. P.T. COLORINDO
ANEKA CHEMICAL
c. P.T.
MATSUMOTOYUSHI INDONESIA
d. P.T. POLKRIK
INDONESIA
Business Trend
:
Growing
Banker :
P.T. Bank CHINA TRUST INDONESIA
Jl. Boulevard Barat Raya Blok XC 09 No. 1-2
Kelapa Gading
Jakarta Utara
Indonesia
Auditor :
Internal auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated):
2009 – Rp. 160.0
billion
2010 – Rp. 185.0
billion
2011 – Rp. 208.0
billion
Net Profit
(estimated):
2009 – Rp. 9.0 billion
2010 – Rp. 10.5
billion
2011 – Rp. 11.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mrs. Shen, Hsiu-Mei
Board of Commissioners :
Commissioner - Mrs. Nerissa Moreno
Amay
Signatories :
The Director (Mrs. Shen, Hsiu-Mei) which must be approved by
President Commissioner (Mrs. Nerissa Moreno Amay)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit should be proceeded normally
P.T. FUCOLOR CHEMICAL INDUSTRY (P.T. FCI) was established in Jakarta in 2004 with an authorized capital of US$ 400,000.- of which US$. 100,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Ng Leong Sing (30%), Mrs. Shen, Hsiu-Mei (30%) and Mr. Chen, Wen-Lung (40%), they are Taiwan entrepreneurs. The Deed of company was made by Raden Johanes Sarwono, SH., a public notary in Jakarta and it was approved by the Minister of Law and Human Rights through Decision Letter No. C-08558 HT.01.01.TH.2004 dated 8 April 2004. In October 2008, Mr. Ng Leong Sing and Mr. Chen, Wen-Lung pulled out and the whole shares are sold to Mrs. Shen, Hsiu-Mei and Mr. Chen Chyi Yang as new shareholders. Since then, the shareholders of the company are Mrs. Shen, Hsiu-Mei (60%) and Mr. Chn Chyi Yang (40%). The deed of amended was made by RA H. Bagus Hidmatin Wargahadibrata, SH, a public notary in Jakarta, was approved by the Ministry of Law and Human Right through Decision Letter No. AHU-79740 HT.01.02.Tahun 2008 dated 30 October 2008 and No. AHU-AH.-01.10-14656 dated 15 June 2010. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. FCI obtained a Foreign Capital Investment (PMA) license from the Capital Investment Coordinating Board (BKPM) to engage in textile chemical manufacturing. The company manages a plant located at Jalan Irian Blok E-06, Kawasan Berikat Nusantara, Cakung-Cilincing, North Jakarta. According to the license of the production capacity are dyestuffs of 5,000 tons, auxiliaries of 3,500 tons, raw materials of 4,000 tons, and pigment of 200 tons per annum. Some 60% of its products are exported to several countries including Taiwan, Vietnam, Cambodia, Sri Lanka and others, and the rest is marketed locally to textile companies located in West Java, Banten Province, Central Java and East Java. P.T. FCI is classified as a medium sized company of its kind in the country of which the operation had been running smoothly and growing steadily in the last three years.
The growth of dyestuff industry had yet to recover until the end of 2004 in line with the sluggish TPT industry. The incessant unstable economic condition in the country has bad impact to the TPT production and to dyestuff industry as well. We therefore estimated that the demand for basic chemical substance for yarn industry and fabrics will be increasing after 2006. There are eleven domestic dyestuff producers which are still active with a combined production capacity of 43,845 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 supply of dyestuff in Indonesia declined in 2003 due to the decline of the demand for dyestuff required by domestic TPT producers.
Besides, the demand for textile chemicals tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2006 amounted to 339,600 tons (US$ 5,608.1 million) increased to 399,800 tons (US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010. The Indonesia textile products export in 2006 amounted to 1,477,800 tons (US$ 3,908.6 million) declined to 1,473.6 tons (US$ 4,178.0 million) in 2007 dropped again to 1,312,200 tons (US$ 4,127.9 million) in 2008, and rose again to 1,369,600 tons (US$ 3,602.8 million) in 2009 and to 1,525,900 tons (US$ 4,721.8 million) in 2010. The export volume and value of the national TPT products in 2002 to 2010 are pictured on the following table.
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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
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. FCI’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover in 2009 amounted to Rp. 160.0 billion increased to Rp. 185.0 billion in 2010 rose again to Rp. 208.0 billion in 2011 and estimated it will be higher by at least 8% in 2012. The operation in 2011 yielded a net profit at least Rp. 11.8 billion and the company has a total net worth of Rp. 60.0 billion. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.
The management is headed by Mrs. Shen, Hsiu-Meil (57) a businesswoman of Taiwan, with experience for more than 20 years in textile chemical manufacturing and trading. We observed that management’s reputation in said business is fairly good. The management is also supported by a team of professional managers having maintained a wide business relation among private businessmen at home and abroad as well as among 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. FUCOLOR CHEMICAL INDUSTRY is considered to be good for normal business transaction. But, considering unstable economic condition in the country, we recommend to treat prudently in extending loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.50 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.69.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.