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Report Date : |
22.09.2012 |
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IDENTIFICATION DETAILS
|
Name : |
P.T. DIAMOND COLD STORAGE |
|
|
Registered Office : |
Jalan Pasir Putih
Kav. 1 Ancol Timur |
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Country : |
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Date of Incorporation : |
16.10.1970 |
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Com. Reg. No.: |
No. AHU-AH.01.10-05344 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ice Cream and Soft Drink Industry |
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No. of Employees : |
290 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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source
: CIA
P.T.
DIAMOND COLD STORAGE
Head Office & Factory
Jalan
Pasir Putih Kav. 1
Ancol
Timur
Jakarta
14430
Indonesia
Phones -
(62-21) 6405678 (hunting)
Fax - (62-21) 6402861
Email - dave@diamond.co.id
Website - http://www.diamond.co.id
Land Area - 5,600 sq.
meters
Building Space - 2,800 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
16
October 1970
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Laws and Human Rights
a. No. AHU-17479.AH.01.02.Tahun 2008
Dated 08 April 2008
b. No.
AHU-AH.01.10-05344
Dated 21 February 2011
Company
Status :
Domestic Investment Company (PMDN)
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.002.917.1-046.000
The Department of Industry
- No. 313/DJAI/IUT-1/PMDN/VII/1989
Dated 12 August 1989
-
No.
APIT No. 3583-N
Dated 19 June 1985
The Investment Coordinating Board
-
No.
12/V/PMDN/1981
Dated 20 November 1981
-
No.
167/II/PMDN/1991
Dated 10 September 1991
-
No.
187/II/PMDN/1993
Dated
19 October 1993
-
No.
09/II/PMDN/2006
Dated
07 February 2006
Affiliated/Associated
Companies :
a.
P.T. SUKANDA DJAYA (Trading and Distribution of Consumer Goods)
b.
P.T. DAYACIPTA SEMPURNA (Trading and Importer of Ice Cream Raw Materials)
c.
FIRMA HASTA (Trading and Importer of Food, Beef and Juice)
Capital
Structure :
Authorized Capital - Rp.
604,800,000.-
Issued Capital - Rp.
604,800,000.-
Paid up Capital - Rp.
604,800,000.-
Shareholders/Owners
:
a. Mr. Chen Wa Tek -
Rp. 308,448,000.- (51%)
Address: Jl. Walet No. 1
Kel. Bintaro, Kec.
Pasanggrahan
Jakarta Selatan
b. Mr. Kenneth Chen AKA Chen Tsen Yung -
Rp. 120,960,000.- (20%)
Address:
Jl. Pasir Putih VII/7
Kel. Ancol, Kec. Pademangan
Jakarta Utara
c. Mr. Norman Chen AKA Chen Tsen Nan -
Rp. 120,960,000.- (20%)
Address: Jl. Merak No. 8
Kel. Bintaro, Kec.
Pasanggrahan
Jakarta Selatan
d. Ms. Chen Wai Sioe -
Rp. 54,432,000.- ( 9%)
Address: Jl. Walet No. 1
Kel. Bintaro, Kec.
Pasanggrahan
Jakarta Selatan
Lines
of Business :
a.
Ice Cream and Soft Drink Industry
b.
Dry Ice minus 78% C. for:
- Vapor and Imitation Cloud
- Engineering Behave
c.
Rental of Cold Storage and Refrigerated Truck
d.
Investment Holding by controlling 51% shares of P.T. SUKANDA DJAYA
Production
Capacity :
a.
Initial Units
- Ice Creams - 2,400,000 liters p.a.
- Ice Sticks - 2,700,000 liters p.a.
- Cold Storages -
2,500 cu. meters p.a.
- Dry Ice - 1,000 tons p.a.
- Milk Juice - 420,000 liters p.a.
- Orange Juice -
12,000 liters p.a.
b.
Expansion Units
- Frozen Beef - 1,200 tons p.a.
- Vegetables -
200 tons p.a.
- Frozen Fishes - 1,200 tons p.a.
- Yoghurt -
350,000 liters p.a.
Total
Investment :
a. Equity Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 10.0 billion
c. Total Investment - Rp. 30.0 billion
Started
Operation :
January
1974
Brand
Name :
DIAMOND
Technical
Assistance :
None
Number
of Employee :
290
persons
Marketing
Area :
Local
(Domestic) - 100%
Main
Customers :
Hotels,
Restaurants, Supermarkets, Hypermarket, Mini-markets and others
Market
Situation :
Very
Competitive
Main
Competitors :
a. PT. CAMPINA ICE
CREAM
b. PT. UNILEVER
INDONESIA Tbk
c. PT. INDO VAN
HOUTEN
d. PT. INDOFREEZE INDUSTRIAL
Ltd
e. PT. ORLANDO ICE
CREAM
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Ancol Branch
Jl. Parang Tritis No. 4
Jakarta Selatan
b.
The Hongkong and Shanghai Bank Corp.
Hayam Wuruk Plaza
Jl. Hayam Wuruk No. 8
Jakarta Selatan
Auditor
:
Internal Auditor
Litigation
:
On 25 November
Total
Sales/Revenue (estimated) :
2008
– Rp. 95.0 billion
2009
– Rp. 102.0 billion
2010
– Rp. 114.5 billion
2011
– Rp. 128.0 billion
Net
Profit (estimated) :
2008
– Rp. 4.7 billion
2009
– Rp. 5.1 billion
2010
– Rp. 5.7 billion
2011
– Rp. 6.3 billion
Payment
Manner :
Sometime
delay
Financial
Comments :
Fairly
Board of Management :
President Director - Mr. Chen Wa Tek
Directors -
a. Mr. Norman Chen AKA Chen Tsen Nan
b. Mr. Kenneth Chen AKA Chen Tsen Yung
Board of Commissioners :
President Commissioner - Mrs. Lioe Mie Jin
Members -
a. Mrs. Suzanna Immanuel
b. Mrs. Astrawati Aluwi
c. Ms. Chen Wai Sioe
Signatories :
President
Director (Mr. Chen Wa Tek) or one of the directors (Mr. Norman Chen or Mr.
Kenneth Chen) which must be approved by Board of Commissioners (Mrs. Lioe Mie
Jin, Mrs. Suzanna Immanuel, Mrs. Astrawati Aluwi and Ms. Chen Wai Sioe)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
P.T. DIAMOND COLD STORAGE (P.T. DCS) was
established in 1970 with an authorized capital of US$ 1,600,000.-, issued and
paid up capital of US$ 320,000.- The previous founding shareholders are the
BRITISH TOBACCO CO.LTD., of Australia and local partner Mr. Chen Wa Tek, a
Chinese-Indonesian businessman. In 1981 the foreign partner pulled out and its
shares entirely were taken over by local partner. In 1984 the authorized
capital was converted into Rp 604,800,000.-, entirely issued and paid up. The
company's notarial act has frequently been amended. In 1998, the three children
of Mr. Chen Wa Tek namely Mr. Kenneth Chen AKA Chen Tsen Yung, Mr. Norman Chen
AKA Chen Tsen Nan and Miss Chen Wai Sioe joined in as new shareholders. Based on notary deed of Mrs. Lindasari
Bachroem, SH., No. 9 dated 18 January 2011, the shareholders of P.T. DCS are
Mr. Chen Wa Tek (51%), his three children Mr. Kenneth Chen AKA Chen Tsen Yung
(20%), Mr. Norman Chen AKA Chen Tsen Nan (20%) and Ms. Chen Wai Sioe (9%). The
company notary deed was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-05344 dated February 21, 2011. No changes have
been effected in term of its shareholding composition and capital structures to
date.
Mr.
Chen Wa Tek and his family members are also the founder and majority business
stakes owner of P.T. SUKANDA DJAYA (trading and distribution of consumer goods
and warehousing & cold storage), P.T DAYACIPTA SEMPURA (trading and importing
of ice-cream basic stuff) and Firma HASTA (trading and importing of food, beef
and juice).
P.T.
DCS has been operating since 1974 in ice-cream and soft drink making industry.
Its plant is located at Jalan Pasir Putih Kav.1, Ancol Timur, North Jakarta.
The plant produces ice-cream, ice-stick, milk juice, orange juice, dry ice and
equipped with cold storage of 2,500 cu.meters capacity. The products are
marketed under DIAMOND brand. Presently, P.T. DCS has annual production
capacity of 2.4 million liters of ice creams, 2.7 liters of ice sticks, 420
thousand liters of milk juice and 12 thousand liters of orange juices. In 1993,
P.T. DCS diversified its business into frozen beef processing with annual
production capacity of 1,200 tons of beef, 200 tons of vegetables and 1,200
tons of frozen fish. Total investment of the expanded project reached Rp. 4.7
billion coming from own capital of Rp. 0.5 billion and the rest from loans. The
expanded project has been in commercial operation since 1996. And then, in February 2006, P.T. DCS also
diversified its business into yoghurt industry with annual production capacity
of 350,000 liters of yoghurt. Total
investment of the expanded project reached Rp 3.27 billion entirely coming from
own capital and the project has been in commercial operation since 2008 of
which the operation has been running smoothly.
Products of P.T. DCS are marketed by its affiliated company P.T. SUKANDA
JAYA, a large sized company in the country.
P.T. DCS or DIAMOND Ice Cream is one of the popular ice creams in the
country of which the operation has been growing in the last three years.
Besides,
P.T. DCS is also active in investment holding by controlling 51% shares of PT.
SUKANDA DJAYA (P.T. SD) is operating in
trading, importing and distribution of food products such as ice cream, orange
juice, milk, cheese, and soft drinks.
Beside that the company is operating in trading of frozen food such as
meat, vegetables, dairy products, and sundries products which generally brought
in from France, the USA, Australia and New Zealand. In 1997 the company's activity was expanded
into cold storage industry. The cold storage is located at MM 2100 Industrial
Town, Jalan Irian Blok FF-2, Cibitung, Bekasi, West Java, on a land of some 1.5
hectares operating since the end 1999. So far, the company is freezing meat and
fish which mostly imported from the USA, Australia, New Zealand and Norway.
The
company’s products are sold to various hotels, restaurants, hypermarkets,
supermarkets, mini markets, fast food restaurants, oil companies, meat
processors and others. To support its activities, the company opens branch
offices in several major cities in the country including Bandung, Yogyakarta,
Surabaya, Bali, Pekan Baru, Palembang, Padang, Batam, Balikpapan, Makassar,
Menado, Mataram and others. We observed
that P.T. SD is classified as a large sized company of its kind in the country
of which the operation has been growing in the last three years.
Generally,
demand for food products like ice cream and soft drink has been increasing by
8% to 10% per annum in the last five years having close relation with the
increasing life standard of the publics.
However, the demand for ice cream and soft drink had been decreasing in
2007and 2008 as the impact of the global economic crisis. Then, the demand has
started increasing again. However, the competition is very tight on account of
lots of similar products being sold in domestic markets under various brands
including CAMPINA, WALLS, MEIJI, WOODY, LA REASSA, PESCA, RAGUSA, SWANIE and
others. The business position of P.T. DCS is favorable because DIAMOND ice
cream very popular in the country. The company also has wide marketing networks
in the country.
Until
this time P.T. DCS has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management is very reclusive and extremely refused to expose its financial
condition. But we estimated the total
sales turnover of P.T. DCS in 2009 amounted to Rp 102.0 billion increased to Rp
114.5 billion in 2010 to Rp 128.0 billion in 2011 and estimated it will be
higher further by 10% in 2012. The
operation in 2011 yielded an estimated net profit at least Rp 6.3 billion and
the company has an estimated total asset at about Rp 80.0 billion. So far we did not
hear that the P.T. DCS has been black listed by Bank Indonesia (Central Bank)
or having detrimental cases being settled in local district court.
The
management of P.T. DCS is headed by Mr. Chen Wa Tek (89) as president director,
a businessman with more than 45 years experience in ice cream producing
industry. In his daily activities, he is assisted by his sons Mr. Norman Chen
AKA Chen Tsen Nan (58) and Mr. Kenneth Chen AKA Chen Tsen Yung (60). The management has a good reputation in ice
cream industry. The company is managed by experienced professional managers in
the above business. They are widely connected in domestic and foreign private
business circles and are also on quite good terms with the government sector.
So far, we did not hear that the management of the company being filed to the
district court for detrimental cases or involved in business malpractices. P.T.
DIAMOND COLD STORAGE is appraised quite feasible for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.90 |
|
|
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
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.