|
Report Date : |
19.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CLARIANT |
|
|
|
|
Formerly Known As : |
P.T. SANDOZ CHEMICALS |
|
|
|
|
Registered Office : |
Jalan Gatot Subroto Km. 4 Kali Sabi No. 1, Kec. Jati Uwung Tangerang 15138 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
17.04.1989 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-17540 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Industrial Chemical Processing |
|
|
|
|
No. of Employees : |
544 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. CLARIANT
Head Office & Factory I
Jalan Gatot
Subroto Km. 4
Kali Sabi No. 1, Kec. Jati Uwung
Tangerang 15138
Phone -
(62-21) 5538-589 - 90 (Hunting)
Fax - (62-21) 5520-390, 5520-394
Land Area - 20,000 sq.
meters
Building Area - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Jend. A. Yani
Pulomas
Jakarta Timur
Phone -
(62-21) 489-2208, 489-5608, 489-1995
Fax - (62-21) 489-2464
Land Area - 10,000 sq.
meters
Building Area - 5,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III
Kabupaten Serang
Phone -
(62-254) 396954, 396955
Fax - (62-254) 396956
Land Area - 10,000 sq.
meters
Building Area - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 17 April 1989
as P.T. SANDOZ CHEMICALS
b. 21 October
1995 as P.T. CLARIANT
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
W7-HT.01.10-11310
Dated 30 July 2007
b. No. AHU-85372.AH.01.02.Tahun 2008
Dated 13 November 2008
c. No.
AHU-AH.01.10-17540
Dated 13 October 2009
Company Status :
Foreign Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
1.061.809.8-052
The President of the Republic
No.
B-40/Pres/3/1989
Dated 8 March
1989
The Capital Investment Coordinating Board
- No.
41/I/PMA/1989
Dated 18 March 1989
- No.
159/II/PMA/1990
Dated 9 October 1990
- No.
151/II/PMA/1998
Dated 19 October 1998
- No.
123/II/PMA/2000
Dated 16 June 2000
Holding
Companies :
a. CLARIANT
INTERNATIONAL Ltd., of Switzerland (Investment Holding)
b. CLARIANT
BETEILIGUNGEN AG of Switzerland (Investment Holding)
Capital
Structure :
Authorized Capital - Rp. 37,086,150,000.-
Issued Capital - Rp. 37,086,150,000.-
Paid up Capital - Rp. 37,086,150,000.-
Shareholders/Owners
:
a. CLARIANT
INTERNATIONAL LTD.,
of Switzerland - Rp. 35,231,842,500.- (95%)
b. CLARIANT
BETEILIGUNGEN AG of
of Switzerland - Rp 1,854,307,500.- ( 5%)
Lines of
Business :
Industrial
Chemical Processing
Production
Capacity :
Factory I
a. Reactive Dyes - 1,200 tons p.a.
b. Pigment
Dispersion - 100 tons p.a.
c. Sulfur Dyes - 1,000 tons p.a.
d. Specialty
Chemicals - 10,000
tons p.a.
e. Optical
Brightening Agents - 6,000 tons p.a.
f. Disperse Dyes - 1,200 tons p.a.
g. Masterbatches - 1,200 tons p.a.
Factory II
a. Synthetic
Resin Emulsion
(PPA Polymers) - 13,500 tons p.a.
b. Textile
Chemicals - 3,750 tons p.a.
c. Pigments - 350 tons p.a.
d. Special
Chemicals - 850 tons p.a.
Factory III
a. Synthetic
Resin Emulsion
(PVA Polymers) - 8,000 tons p.a.
b. Acrylate Size - 7,200 tons p.a.
Total Investment
:
Factory I
a. Equity Capital - US$ 23.9 million
b. Loan
Capital -
US$ 3.4 million
c. Total
Investment - US$ 27.3 million
Factory II
a. Equity Capital - US$ 3.6 million
b. Reinvested
Profit - US$ 0.7
million
c. Loan
Capital -
US$ 5.3 million
d. Total
Investment - US$ 9.6 million
Factory III
a. Equity Capital - None
b. Reinvested
Profit - US$ 5.4 million
c. Loan
Capital -
US$ 4.7 million
d. Total
Investment - US$ 10.1 million
Started
Operation :
April 1989
Brand Name :
CLARIANT
Technical
Assistance :
CLARIANT
INTERNATIONAL Ltd., of Switzerland
Number of
Employee :
544 persons
Marketing Area
:
Export -
35%
Local -
65%
Main Customers
:
a. P.T. SANDI
ANEKA WARNA (Trading and Distribution of Industrial Chemical)
b. Buyers in the
Europe Union, the Middle East, Japan, 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
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. CITIBANK N.A.
Citibank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta
Selatan, 12910
Indonesia
c. The Bank of
AMERICA
Wisma Antara
Jalan Merdeka
Selatan No. 17
Jakarta Pusat
Indonesia
Auditor :
Tanudiredja,
Wibisana & Rekan (a member of PriceWaterhouseCoopers)
Litigation :
No litigation
record in our database
Total
Sales/Revenue :
2009 – Rp.
1,382.7 billion
2010 – Rp.
1,387.3 billion
2011 – Rp.
1,440.7 billion (estimated)
Net Profit :
2009 – Rp. 73.4
billion
2010 – Rp. 71.7
billion
2011 – Rp. 74.4
billion (estimated)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Hans Gert Herrel
Directors -
a. Mr. Bjoern Bucher
b. Mr. Gede Suyasa
Board of Commissioners :
President Commissioner
- Mr. Walter R. Mohr
Commissioners -
a. Mr. Stephan Lynen
b. Mr. Ralf Henri Erick Wolfram Schloemer
c. Mr. Norman Rovani
Signatories :
President Director (Mr. Hans Gert Herrel) or one of the Directors
(Mr. Bjoern Bucher or Mr. Gede Suyasa) which must be approved by President
Commissioners (Mr. Walter r. Mohr) or one of Commissioners (Mr. Stephan Lynen,
Mr. Ralf Henri Erick Wolfram Schloemer and Mr. Norman Rovani).
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Initially named
P.T. SANDOZ CHEMICALS INDONESIA, the company was established in Jakarta in 1989
with an authorized capital of US$ 8,350,000 entirely was issued and paid up.
The original founding shareholders were SANDOZ LTD., of Switzerland and P.T.
SANDI ANEKA WARNA of Indonesia. In 1993 the authorized capital was raised to
US$ 11,350,000 wholly issued and paid up, and by the same time came in a new
shareholder Mr. Nico Gontha, a Chinese origin Indonesian businessman. In
October 1995 the company was renamed P.T. CLARIANT INDONESIA (P.T. CI), and by
the same time SANDOZ LTD., and P.T. SANDI ANEKA WARNA pulled out and joined in
a new shareholder CLARIANT INTERNATIONAL LIMITED of Switzerland. In May 1999,
the authorized capital of P.T. CI was increased to US$ 20,350,000 wholly issued
and paid-up.
On September 30,
2003, P.T. CLARIANT INDONESIA sister company namely P.T. PULOSYNTHETICS was
merged with P.T. CLARIANT INDONESIA (survived company) and having been
legalized by the Ministry of Law and Human Right on 13 November 2003. Therefore
as from 13 November 2003 P.T. PULOSYNTHETICS has by law dispersed and the
entire right and liabilities of P.T. PULOSYHTHETICS were shifted to P.T.
CLARIANT INDONESIA. On the same occasion, the authorized capital was increased
to US $ 23,950,000 wholly issued and paid-up. In July 2007, Mr. Nico Gontha
withdrew from the company and entered new shareholder CLARIANT BETEILIGUNGEN AG
of Switzerland.
On November
2008, the authorized capital was converted from US dollar to rupiah (IDR) to
Rp. 37,086,150,000.- wholly issued and fully paid up. The latest shareholders
are CLARIANT INTERNATIONAL LIMITED (95%) and CLARIANT BETEILIGUNGEN AG (5%)
both of Switzerland. The Deed of amendment was made by Mrs. Rini Soemintapoera,
SH., a public notary in Jakarta under Company Registration No.
AHU-85372.AH.01.02.Tahun 2008 dated November 13, 2008 and No.
AHU-AH.01.10-17540, dated October 13, 2009.
P.T. CI obtained
a Foreign Capital Investment (PMA) license from the Capital Investment
Coordinating Board (BKPM) to engage in industrial chemical manufacturing.
Initially the company used to manage 2 plants each of which located at
Cimanggis, Bogor and at Tangerang, Banten Province. But since 1992 the
Cimanggis plant was combined into one plant in Tangerang, Banten Province, on a
land of some 10.0 hectares. As from September 2003 after the merger P.T. CI is
now operating three factories. The two factories previously owned by P.T.
PULOSYNTHETICS are located at Jalan A. Yani, Pulo Mas, East Jakarta and at
Serang Regency (Banten Province). All of the above three factories had been
expanded for increasing production capacity. According to the license all of
the three factories production capacity are reactive dyes of 1,200 tons,
pigment dispersion of 100 tons, sulfur dyes of 1,000 tons, specialty chemical
of 10,000 tons, optical brightening agents of 6,000 tons, disperse dyes of
1,200 tons, masterbatches of 1,200 tons. The second factory produces synthetic
resin emulsion (PVA Polymers) of 13,500 tons, textile chemical of 3,750 tons,
pigments of 350 tons, specialty chemical of 850 tons and the third factory produces
of synthetic resin emulsion (PVA Polymers) of 8,000 tons and acrylic size of
7,200 tons respectively per annum.
P.T. CI gets
technical assistant from CLARIANT INTERNATIONAL LIMITED of Switzerland. Some
35% of its products is exported to several countries including Europe, the
Middle East, Japan and others and the rest is marketed locally to various
industrial companies located in West Java, Banten Province, Central Java and
East Java. P.T. CI is classified as a large sized company of its kind in the
country of which the operation had been running smoothly and growing steadily
in the last five 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 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 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 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 1,477.800 tons (US$ 3,908.6 million) in 2006
to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$
4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and
rose again 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.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
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
According
to statement of income (source: the Department of Trade and Industry), the total
income/revenue of P.T. CI in fiscal 2009 amounted to Rp. 1,382.7 billion with a
net profit of Rp. 73.4 billion increased to Rp. 1,387.3 billion with a net
profit of Rp. 71.7 billion in 2010. Up
to present, we have yet to gain the statement of income of P.T. CI in fiscal
2011. However, we estimated that net
income of the company in 2011 rose again to Rp. 1,440.7 billion with a net profit of Rp. 74.4 billion. The company’s balance sheets and statement of
income in fiscal 2009 and 2010 are attached. So far we did not hear that the P.T. CI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
The management is headed by
Mr. Hans Gert Herrel (54) a professional manager of Germany, with experience
for more than 22 years in industrial chemicals trading and processing. Daily operation he is assisted by Mr. Bjoern
Bucher (40) of Germany and Mr. Gede Suyasa (43) of Indonesia, respectively as
directors. 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. CLARIANT INDONESIA 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.
Attachment:
P.T.
CLARIANT INDONESIA
Financial
Statement
As
of 31 December 2009 and 2010
(Expressed
in thousands of Rupiah)
|
DESCRIPTION |
31 December |
|
|
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
Current Assets |
|
|
|
- Cash on cash equivalents |
34,936,684 |
9,706,754 |
|
- Trade receivables |
241,032,797 |
247,993,317 |
|
- Other receivables |
10,144,715 |
4,316,998 |
|
- Inventories |
159,580,488 |
155,727,802 |
|
- Prepaid taxes |
31,210,134 |
18,675,351 |
|
- Prepaid expenses |
4,782,777 |
5,385,065 |
|
TOTAL CURRENT
ASSETS |
481,687,595 |
441,805,287 |
|
|
|
|
|
Non-Current
Assets |
|
|
|
- Fixed assets, net |
112,456,391 |
108,868,725 |
|
- Deferred expenditures, net |
8,867,818 |
9,543,310 |
|
- Other assets |
1,420,080 |
733,544 |
|
TOTAL
NON-CURRENT ASETS |
122,744,289 |
119,145,579 |
|
|
|
|
|
TOTAL ASSETS = TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
604,431,884 |
560,950,866 |
|
B. LIABILITIES
& SHAREHOLDERS EQUITY |
|
|
|
Current
Liabilities |
|
|
|
- Short-term bank loans |
-- |
18,843,148 |
|
- Trade payables |
178,098,653 |
137,943,700 |
|
- Other payables |
43,588,546 |
38,469,169 |
|
- Taxes payable |
7,061,786 |
10,226,041 |
|
- Accrued expenses and other provisions |
45,268,023 |
41,527,310 |
|
Total Current
Liabilities |
274,017,008 |
247,009,368 |
|
|
|
|
|
Non-Current
Liabilities |
|
|
|
- Employee benefits obligation |
39,251,489 |
34,441,577 |
|
Total
Non-current Liabilities |
313,268,497 |
281,450,945 |
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
- Authorized, Issued and Paid up Capital |
37,086,150 |
37,086,150 |
|
- Additional paid in capital |
23,003,157 |
23,003,157 |
|
- Difference in the value of restructuring transaction |
(4,157,358) |
(4,157,358) |
|
- Retained earnings |
235,231,438 |
223,567,972 |
|
TOTAL
SHAREHOLDERS’ EQUITY |
291,163,387 |
279,499,921 |
|
|
|
|
|
C. INCOME
STATEMENT |
|
|
|
a. Net revenue |
1,387,321,862 |
1,382,693,183 |
|
d. Cost of revenue |
(977,276,309) |
(942,033,280) |
|
e. Gross profit |
410,045,553 |
440,659,903 |
|
f. Operating expenses |
(306,042,939) |
(318,864,576) |
|
g. Operating income |
104,002,614 |
121,795,327 |
|
h. Other income (expenses) |
(6,085,026) |
(15,809,781) |
|
i. Profit before income tax |
97,917,588 |
105,985,546 |
|
j. Income tax expense |
(26,254,122) |
(32,559,648) |
|
k. Net Profit |
71,663,466 |
73,425,898 |
Remarks: Audited by Tanudiredja, Wibisana &
Rekan (a member of PWC)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.59 |
|
|
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.