MIRA INFORM REPORT

 

 

Report Date :

08.06.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. ROHA LAUTAN PEWARNA

 

 

Formerly Known As :

P.T. LAUTAN LUAS PEWARNA

 

 

Registered Office :

Jalan Tol Cikampek Km. 37, Kawasan Industri Grand Land Batavia Kota Delta Mas Block BD/2, Cikarang, Bekasi, 17530, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

08.11.1991

 

 

Com. Reg. No.:

No. AHU-20438.AH.01.02.TH.2012

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Additives Colours Manufacturing

 

 

No. of Employees :

55

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Name of Company

 

P.T. ROHA LAUTAN PEWARNA

 

 

company Address

 

Head Office & Factory

Jalan Tol Cikampek Km. 37

Kawasan Industri Grand Land Batavia Kota Delta Mas Block BD/2

Cikarang, Bekasi, 17530

West Java

Indonesia

Phones             - (62-21) 8997 0302 (Hunting)

Fax                   - (62-21) 8997 3247

E-mail               - roha.indonesia@rohagroup.com

Land Area         - 7,500 sq. meters

Factory Space   - 6,000 sq. meters

Region              - Industrial Estate

Status               - Rent

 

 

Date of Incorporation

 

a. 8 November 1991 as P.T. LAUTAN LUAS PEWARNA

b. June 2004 as P.T. ROHA LAUTAN PEWARNA

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

 

- No. C-16814 HT.01.04.TH.2004

  Dated 06 July 2004

 

- No. AHU-AH.01.10-2307

  Dated 29 January 2008

 

- No. AHU-20438.AH.01.02.TH.2012

  Dated 19 April 2012

Company Status

 

Foreign Investment (PMA) Company

 

           

Permit by the Government Department

 

a. The Department of Finance

    NPWP No. 01.560.736.9-052.000

 

b. The Capital Investment Coordinating Board

    No. 20/V/PMA/2004

    Dated 6 July 2004

 

 

Related Company

 

A Member Company of the LAUTAN LUAS Group (see attachment)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 2,000,000,000.-

Issued Capital                                  : Rp. 1,000,000,000.-

Paid up Capital                                : Rp. 1,000,000,000.-

 

Shareholders/Owners :

a. ROHA DYECHEM PRIVATE LIMITED                   - Rp. 700,000,000.-

    Address : 12 Abhishek, Samuel Street

                     Vadgadi Mumbai

                     India                           

b. P.T. LAUTAN LUAS Tbk                                     - Rp. 300,000,000.-

    Address : Jl. AIP II KS Tubun 77

                    Jakarta Barat

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Additives Colours Manufacturing

 

Production Capacity :

Additives Colours                             - 180 tons p.a.

 

Total Investment :

a. Equity Capital                              - Rp. 1.0 billion

b. Loan Capital                                - Rp. 1.0 billion

c. Total Investment                           - Rp. 2.0 billion

 

Started Operation :

1993

 

Brand Name :

Roha Dyechem

 

Technical Assistance :

Roha Dyechem Private Limited of India

 

Number of Employee :

55 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customers :

a. Food and Beverages Processing

b. Cosmetic and Personal Care Industries

c. Pharmaceutical Industries

d. Etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. COGNIS INDONESIA

b. P.T. FIRMENICH INDONESIA

c. P.T. GUNACIPTA MULTI RASA

d. P.T. INDO FERMEX

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank EKONOMI RAHARDJA Tbk

Graha Ekonomi

Jalan Setiabudi Selatan KAv. 7-8

Jakarta Selatan

Indonesia

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 18.0 billion

2010 – Rp. 19.3 billion

2011 – Rp. 21.0 billion

 

Net Profit (estimated) :

2009 – Rp. 1.6 billion

2010 – Rp. 1.8 billion

2008 – Rp. 2.0 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Harin Dharamdas Juthani

Directors                                         - a. Mr. Rikesh Dhirendra Parikh

                                                        b. Mr. Herman Santoso

 

Board of Commissioners :

President Commissioner                   - Mr. Ramakant Jagoishprasad

Commissioners                                - a. Mr. Tibrewala

                                                        b. Mr. Jimmy Masrin

 

Signatories :

President Director (Mr. Harin Dharamdas Juthani) or one of the Directors (Mr. Rikesh Dhirendra Parikh or Mr. Herman Santoso) which must be approved by Board of Commissioner

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

 

OVERALL PERFOMANCE

 

Initially the company named P.T. LAUTAN LUAS PERWARNA was established in November 1991 in Jakarta with an authorized capital of Rp. 2,000,000,000 issued capital of Rp. 400,000,000 wholly paid-up. Founders and shareholders of the company originally are P.T.  LAUTAN LUAS Tbk., Mr. Indrawan Masrin and Mr. Utaya Yososudarmo, both are Indonesian businessmen of Chinese extraction. Its articles of association had frequently been changed for a couple of times. Later in April 1997, the issued capital was increased to Rp. 1,000,000,000 entirely paid-up. On  the same occasion, Mr. Indrawan Masrin withdrew as shareholder and the latest in March 1998 Mr. Utaya Yosusudarmo resigned and joined in a new shareholder i.e. Mr. Herman Santoso, MBA, a Chinese-Indonesian businessman. In June 2004, the whole shares had been taken over by ROHA DYECHEM PRIVATE LIMITED of India (70%) and P.T. LAUTAN LUAS Tbk (30%). Concurrently the company status was converted into Foreign Investment (PMA) facility. On the same occasion the company was changed to P.T. ROHA LAUTAN PEWARNA (P.T. RLP). The deed of amendment was made by Mrs. Hannywati Gunawan, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-2307, dated January 29, 2008. According to the latest revision of notary documents of Mrs. Kulima Nur Surliani Tanjung, SH., No. 02 dated 25 November 2011 the company legal domicile has been moved into Cikarang, Bekasi, West Java. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-20438.AH.01.02.TH.2012 dated April 19, 2012.

 

We observe the local partner P.T. LAUTAN LUAS Tbk., is a publicly listed national private company and holding firms of the LAUTAN LUAS Group, a national private company whose majority business stakes is owned and handled by Mr. Adyansyah Masrin AKA Keesi AKA Ng Kee Chun and his family members. One of the group's major business activities is in import and the distribution of chemical basic materials.

 

P.T. RLP started with operation in 1993 in chemical manufacturing industry whose plant located at Jalan Toll Cikampek Km. 37, Kawasan Industri Green Land Batavia Kota Delta Mas Block Bd 2, Cikarang, Bekasi, West Java standing on 7,500 sq. meters land. P.T. RLP produces all type of pigment for foods, pharmaceutical, cosmetic, sugar boiled confectionery, soft drink, cattle food, meat, seafood, dairy products & bakery, etc.  P.T. RLP was also appointed by its holding company P.T. LAUTAN LUAS Tbk., as one of distributors of chemical products additive colours, dyes & dye stuff for textile, paper, wood, soap, pencil slat and many others. P.T. RLP now offers a greater range of colourants, including food and non-food, that are widely used as base ingredients by processed foods, pharmaceuticals, cosmetics, household, personal care and other industries. These include the reputed Idacol Food Colours, which have gained a worldwide market due to their quality and consistency; Idalacol Lake Pigments, which are widely used by the pharmaceutical and cosmetic industries; and the well known Sunsea Food and Non-Food Colours. In terms of manufacturing, the joint venture enables RLP a larger production capacity. Customers are now able to enjoy the advantages of wider product range, higher quality standard, larger quantity, and customized packs. In addition, the joint venture better equips RLP to offer value added products to its customers by manufacturing blended colourants that cater to specific customer requirements and industry needs. P.T. RLP is still classifiable as a medium-size company in the above business in Indonesia and its business operation has evidently been running smoothly in the last five years.

 

We note that generally the demand for food chemicals was rising by some 10% - 12% per year in the last five years in line with the growth of food processing industries as the consumers. But since the end of 2008 the demand has been falling under the impact of the global economic crisis in the worldwide. The crisis has badly hurt various industrial sectors, particularly those relying on imports for their basic materials or feedstock. Moreover, the intake capacity of chemical consuming industries has been shrinking due to many food-processing companies having cut down production. On the other hand, the food chemical business is highly competitive on account of the many companies with similar activities and selling comparable imported products in the country. We find the demand for food chemical will be increasing in the next two years as a result of the improving economic condition in Indonesia. P.T. RLP is appraised to still have quite good business prospects once the economy starts recovering.

 

P.T. RLP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. RLP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 18.0 billion rose to Rp. 19.3 billion in 2010 increased to Rp. 21.0 billion in 2011 and projected to go on rising by at least 5% in 2012. We estimate the operation of the company in 2011 has gained a net profit of Rp. 2.0 billion and the company has an estimated total networth of at least Rp. 9.0 billion. We observe that P.T. RLP is supported by foreign partner with has financially strong and sound behind it. 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. RLP is led by Mr. Harin Dharamdas Juthani (55) a businessman and professional manager of India with experience in additive colours manufacturing and trading. Daily operation in Indonesia he is assisted by Mr. Rikesh Dhirendra Parikh (33) of India and Mr. Herman Santoso (51) as a directors. The management is handled by experienced staff 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 did not hear that the company’s management 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. P.T. ROHA LAUTAN PEWARNA is sufficiently fairly good for business transaction.

 

Attachment:

 

 

List of the LAUTAN LUAS Group Member

 

1.          ADVANCE STABILINDO INDUSTRY, P.T. (Methyltine Stabilizer Processing)

2.          ALBRIGHT AND WILSON MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates and Alcohol Suphates Industry)

3.          ASPIRASI LUHUR, P.T. (Investment Holding)

4.          BUKITSUGIH SETIAMAS, P.T. (Contracting Service)

5.          CATURKARSA MEGATUNGGAL, P.T. (Property Management)

6.          CIPTA MAPAN LOGISTIC, P.T. (Freight Forwarding Services)

7.          DAITI CARBON NUSANTARA, P.T. (Activated Carbon Manufacturing)

8.          DUNIA KIMIA UTAMA, P.T. (Sulphuric Acid and Aluminum Sulphate Processing)

9.          DUNIA KIMIA JAYA, P.T. (Poly Aluminum Chloride, Band Poly Lubricant and Textile Auxiliaries Processing)

10.      DUTA KIMIA, P.T. (Chemical Trading)

11.      FINDECO JAYA, P.T. (Alkyl Benzene Sulfonic Acid and Dodecyl Benzene Sulfonic Acid Industry)

12.      HYDRO HITECH OPTIMA, P.T. (Water Solution Provider)

13.      INDONESIAN ACID INDUSTRY, P.T. (Chemical Industry)

14.      KRYTON LAUTAN INDONESIA, P.T. (Specialty Cements, Concrete Additives and Specialty Paints and Coating Industries)

15.      LAUTAN JASINDO, P.T. (Trading & Investment Holding)

16.      LAUTAN LUAS Tbk., P.T. (Industrial Chemical Distribution)

17.      LAUTAN OTSUKA CHEMICAL, P.T. (Chemical Industry)

18.      LAUTAN SULFAMAT LESTARI, P.T. (Sulfamic Acid Manufacturing)

19.      LENTERA LAUT RAYA, P.T. (Chemical Trading)

20.      LIKU TELAGA, P.T. (Chemical Processing)

21.      MAHKOTA INDONESIA, P.T. (Industrial Chemical Industry)

22.      METABISULPHITE NUSANTARA, P.T. (Sodium Metabisulphite Manufacturing)

23.      MUSTIKA ARTA MAS, P.T. (Investment Holding)

24.      PACINESIA CHEMICAL INDUSTRY, P.T. (Poly Aluminum Chlorida (PAC) Industry)

25.      PERAK TIMUR PERMAI, P.T. (Tank Terminal Management)

26.      PETRO CENTRAL, P.T. (Sodium Try Poly Sulphate Processing)

27.      RHODIA MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates

28.      and Alcohol Sulphates Industry ;    Importing and Distribution Services (inactive)

29.      ROHA LAUTAN PEWARNA, P.T. (Additives Colour Manufacturing)

30.      SAMUDRA LUAS, P.T. (Chemical Trading)

31.      SERUNI GANDAMEKAR, P.T. (Sulphur Powders Processing)

32.      SUKINDO JAYA, P.T. (Chemical Trading)

33.      UNGGUL INDAH CORPORATION Tbk., P.T. (Alkyl Benzene Processing)

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.15

UK Pound

1

Rs.85.22

Euro

1

Rs.69.24

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.