|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUD-CHEMIE |
|
|
|
|
Registered Office : |
Jl. Raya Narogong Km. 14, Pangkalan 10, Desa Limusnunggal, Cileungsi, Bogor 16820 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.01.1987 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-02391 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Bleaching Earth
and Sulfuric Acid Industry |
|
|
|
|
No. of Employees : |
620 |
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. SUD-CHEMIE INDONESIA
Head Office &
Factory
Jl. Raya Narogong
Km. 14,
Pangkalan
10, Desa Limusnunggal,
Cileungsi, Bogor
16820
West Java
Indonesia
PO Box - 143 JKWK
Phones -
(62-21) 823 0124, 824 0743
Fax - (62-21) 823 0584
Email - info-scindo@sud-chemie.com
Website - http://www.sud-chemie.com
Land Area - 30,680 sq.
meters
Building - 10,250 sq.
meters
Region - Industrial
Zone
Status - Owned
Factories
a. Desa
Jampang Tengah
Sukabumi, West Java
Indonesia
Phones - (62-266) 461 015
Fax -
(62-266) 460 297
b. Kawasan
Industri Medan (KIM)
Jl. Pulau Pinang, Medan 20242
North Sumatra
Indonesia
Phones - (62-61) 6871038, 6871041
Fax -
(62-61) 6871037
24 January 1987
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C2-8239 HT.01.04.TH.1998
Dated 03 July 1998
b. No. AHU-72535.AH.01.02.Tahun 2008
Dated 13 October 2008
c. No. AHU-AH.01.10-02391
Dated 24 January 2012
Foreign
Investment Company (PMA)
a. The
Department of Finance
NPWP No. 01.061.610.0-052.000
b. The
President of the Republic of Indonesia
No. B-48/Pres/11/1986
Dated 29 November 1986
c. The
Investment Coordinating Board
- No. 43/I/PMA/1986
Dated 03 December 1986
- No. 136/II/PMA/1991
Dated 27 December
1991
- No. 112/II/PMA/1999
Dated 22 June 1999
- No. 204/II/PMA/2000
Dated 23 August 2000
- No. 39/II/PMA/2006
Dated 16 February
2006
SUD-CHEMIE SOUTH
EAST ASIA PTE LTD, of Singapore
A member of the SUD-CHEMIE
Group of Germany
Capital
Structure :
Authorized Capital - US$. 7,500,000.- (Rp.
12,375,000,000.-)
Issued Capital - US$. 7,500,000.- (Rp.
12,375,000,000.-)
Paid up Capital - US$. 7,500,000.- (Rp.
12,375,000,000.-)
Shareholders/Owners
:
a. SUD-CHEMIE
South East Asia Pte. Ltd. - US$.
7,499,000.- (99.99%)
Address: 138 Cecil Street, 18-00
Cecil Court
Singapore
b. Mr. Ricky
Setiawan Nazir -
US$. 1,000.- ( 0.01%)
Address: Jl. Adhyaksa IX No. 7
Jakarta Selatan
Indonesia
Lines of
Business :
a. Bleaching
Earth and Sulfuric Acid Industry
b. General
Trading, Export-Import and Distribution Services
Production
Capacity :
Initial Units
a.
Bleaching Earth -
120,000 tons p.a.
b.
Sulfuric Acid - 30,000 tons p.a.
c.
Foundry Bentonite - 30,000 tons p.a.
d.
Paper Bentonite - 10,000 tons p.a.
e.
Civil engineering Bentonite - 20,000 tons p.a.
f. Distribution Service - US$ 250,000.- p.a.
Expansion Units (2006)
a.
Sud Flocks -
36,000 tons p.a.
b.
Aluminium Chloride Hydrate - 20,000 tons
p.a.
Total
Investment :
Initial Units
a.
Equity Capital - US$. 7,500,000.-
b.
Loan Capital - US$. 7,000,000.-
c.
Total Investment - US$. 14,500,000.-
Expansion Units
a.
Equity Capital - US$. 400,000.-
b.
Loan Capital - US$. None
c.
Total Investment - US$. 400,000.-
Started
Operation :
1991
Brand Name :
Sud-Chemie
Indonesia
Technical
Assistance :
None
Number of
Employee :
620 persons
Marketing Area
:
a. Local -
70%
b. Export - 30%
Main Customers :
a. Cooking Oil
Industries
b. Pulp and Paper
Industries
c. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Aimtopindo Nuansa
Kimia
b. PT. Bentonit
Alam Indonesia
c. PT. Madu Lingga
Perkasa
d. PT. Pelita
Elang Mas
e. PT. Tunasinti
Bhaktimakmur
f. PT. Yudhistira Surya Graha
Business Trend
:
Growing
Banker :
The DEUTSCHE Bank
Deutsche Bank Building
Jl. Imam Bonjol
No. 80
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – US$. 49.5
million
2010 – US$. 55.0
million
2011 – US$. 62.0
million
Net Profit
(estimated) :
2009 – US$. 3.0
million
2010 – US$. 3.4
million
2011 – US$. 3.9
million
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Dieter Seng
Directors -
a. Mr. Franz Kleindl
b. Mr. Hieronymus Himawan
Board of Commissioners :
Commissioner -
Mr. Thomas Antonius Marx
Signatories :
President Director (Mr.
Dieter Seng) or one of the Directors (Mr. Franz Kleindl and Mr. Hiernymus
Himawan) which must be approved by Board of Commissioner (Mr. Thomas Antonius
Marx)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T. SUD-CHEMIE INDONESIA (P.T. SCI) was established in Jakarta on
January 24, 1987 with an authorized capital of US$ 8,000,000,000.- entirely was
issued and fully paid up. The founding
shareholders of the company are P.T. MINERINDO UTAMA KHARISMA of Indonesia
(49%) and SUD-CHEMIE A.G., of Germany (51%).
The deed of company was made by Miryam Magdalena Indrani Wiardi, SH., a
public notary in Jakarta and it was approved by the Ministry of Law and Human
Right in its Decision Letter No. C2-1278.HT.01.01.TH.87 dated 14 February 1987.
The company's notarial deed has frequently been revised. In April 1998, the authorized capital was declined to US$. 5,000,000.- entirely was issued and fully paid up. Since then, the shareholders of the company are SUD-CHEMIE A.G., of Germany (99.98%) and SUD-CHEMIE FINANCE GmbH., of Germany (0.02%) The deed of amendment was made by Rachmat Santoso SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. C2-8239 HT.01.04.TH.1998 dated 3 June 1998.
The latest in September 2008, the authorized capital was raised again to US$. 7,500,000.- entirely was issued and fully paid up. Since then, the shareholders of the company are SUD-CHEMIE SOUTH EAST ASIA Pte. Ltd., of Singapore (99.99%) and Mr. ricky Setiawan Nazir of Indonesia (0.01%). The deed of amendment was made by P. Sutrisno A. Tampubolon, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-72535.AH.01.02.Tahun 2008 dated 13 October 2008 and No. AHU-AH.01.10-02391 dated 24 January 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. SCI was established within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) in 1986 in the field of
sulfuric acid and bleaching earth industry.
Originally P.T. SCI managed a bleaching earth and sulfuric acid factory in Sukabumi, West Java, with a production
capacity of about 40,000 tons of bleaching earth and 30 000 tons of sulfuric
acid per year. This plant has been operating commercially since 1988, with an
investment of approximately US$. 15.0 million. Subsequently, in 1999, P.T. SCI
received an expansion permit to build a new factory in Cileungsi, Bogor, West
Java, with a production capacity of 35,000 tons of bleaching earth per year. In
addition, P.T. SCI also produced other products such as foundry bentonite,
paper bentonite and civil engineering bentonite. Amount of investment for this
factory reached US$. 1.6 million which the funds came from reinvested profits.
Subsequently in 2001, P.T. SCI obtained expansion permit by building a new
factory in Medan, North Sumatra, with a production capacity of 45,000 tons of
bleaching earth per year and absorbed an investment of around US$. 10 million.
About 70% of P.T. SCI production was sold on the domestic market, especially to
industries of cooking oil factory, lubricant oil processing factory, pulp and
paper factory and others. Approximately 30% of its production was exported to
Vietnam, China, Pakistan, Cambodia and others. In 2006, P.T. SCI again obtained
expansion permit in industries of sud
flock and aluminum chloride hydrate, with an investment of US$. 400,000 with
fund sourced from its own capital. We noticed that this company’s operation run
smoothly and grew steadily.
In overall we find the demand for bleaching earth, sulfuric acid, bentonite and others had been rising by the average 6% to 8% per year within the last five years in line with the growth of cooking oil industries, pulp and paper industries, oil exploration industries and others. But, as from October 2008, the demand growth for the products has kept on dwindling as an impact of global economic crisis as told above. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The growth rate is now estimated at 5% to 7% per year. Market competition is very tight due to a large number of similar companies operating in the country. We consider P.T. SCI to be in a quite favorable position for having already got hold of a steady clientele in the country.
Until this time P.T. SCI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SCI is very reclusive towards outsiders and rejected to disclose its financial condition. We estimate that sales turnover of the company in 2009 amounted to US$. 49.5 million increased to US$. 55.0 million in 2010 rose again to US$. 62.0 million in 2011 and projected to be increasing by 6% in 2012. We estimate that the operation of the company in 2011 gained a net profit of US$. 3.9 million with a total assets of US$. 40.0million. So far we did not hear that P.T. CPI 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 of the company is headed by Mr. Dieter Seng (44), a
professional manager of Germany as President Director, with 15 years of
experience in bleaching earth industry.
In his daily activities, he is assisted by Mr. Franz Kleindl (65) of
Germany and Mr. Hieronymus Himawan (53) of Indonesia, both as Director of the company. The management is also handled by a number of
professional staff, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sector. So far, we
did not hear that the company’s management involved in the 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 believed that P.T.
SUD-CHEMIE INDONESIA is good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
|
UK Pound |
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.29 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.