|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DURAQUIPT CEMERLANG |
|
|
|
|
Registered Office : |
Jalan Limo Raya No. 9 Limo – |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
14.11.2000 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-43733 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Industrial Pumps |
|
|
|
|
No. of Employees : |
76 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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6% annually
in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T.
DURAQUIPT CEMERLANG
Head Office
Jalan Limo Raya
No. 9
Limo – Depok
Bogor, 16515
West Java
Indonesia
Phones -
(62-21) 753 5559 (Hunting)
Fax - (62-21) 753 6031
E-mail - e-marketing@ptdqc.com
Website - http://www.ptdqc.com
Land Area - 8,000 sq.
meters
Building Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
14 November 2000
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-13049 HT.01.01.TH.2001
Dated 18 October 2001
- No. AHU-78787.AH.01.02.TH.2008
Dated 28 October 2008
- No. AHU-AH.01.10-43733
Dated 7 December 2012
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.039.017.5-431.000
Related
Company :
P.T. GUNAPERTIWI
CEMERLANG (Trading and Distribution of Industrial Valve and Pumps)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mrs. Ratna Reni Santoso - Rp. 890,000,000.-
Address : Kav. Polri Block F/1408, RT. 004 RW. 002
Kel. Jelambar, Kec. Grogol Petamburan
Jakarta Barat
Indonesia
b. Mr.
Suharto -
Rp. 50,000,000.-
Address : Kav. Polri Block F/1408, RT. 004 RW. 002
Kel. Jelambar, Kec. Grogol
Petamburan
Jakarta Barat
Indonesia
c. Mr. Arif Bachruddin Adji -
Rp. 30,000,000.-
Address : Jl. Alam Pesanggrahan
VII/OD 27, RT.
04 RW. 16, Kel.
Cinere, Kec. Limo
Kota Depok,
Bogor, West Java
Indonesia
d. Mrs. Maria Christina - Rp. 30,000,000.-
Address :
Jl. Alam Pesanggrahan VII/OD 27, RT.
04 RW. 16, Kel.
Cinere, Kec. Limo
Kota Depok,
Bogor, West Java
Indonesia
Lines of
Business :
Trading and
Distribution of Industrial Pumps
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2001
Brand Name :
Duraquipt
Cemerlang
Technical
Assistance :
None
Number of
Employee :
76 persons
Marketing Area
:
Local - 100%
Main Customer
:
Oil & Gas and
Petrochemical Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ANDALAN
INTI REKATAMA
b. P.T. BUMI
CAHAYA UNGGUL
c. P.T. GRUNDFOS
POMPA
d. P.T. JOHN
CRANE INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Cinere Raya No. OD 50
Depok, Bogor, West Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Cinere Raya No. NA
21
Depok, Bogor, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 35.0
billion
2011 – Rp. 37.0
billion
2012 – Rp. 40.0
billion
Net Profit
(estimated) :
2010 – Rp. 2.4
billion
2011 – Rp. 2.6
billion
2012 – Rp. 2.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Suharto
Board of Commissioners :
Commissioner -
Mrs. Maria Christina
Signatories :
Director (Mr. Suharto)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. DURAQUIPT
CEMERLANG (P.T. DQC) was established in Depok, Bogor, West Java on 14 November
2000 with the authorized capital of Rp. 1,000,000,000 issued capital of Rp.
500,000,000 fully and paid up. The company was founded by Mr. Hendra Oman, Mrs.
Ratna Reni Santoso, Mr. Suharto, and Mr. Arif Bachruddin Adji. The company
notary deed has been changed a couple of times and according to the latest
revision of notary documents of Mrs. Nelly Sylviana, SH., No. 03 dated 9 July
2008 the company issued capital was increased to Rp. 1,000,000,000 fully and
paid up. On the same occasion Mr. Hendra Oman pulled out and the whole shares
sold to Mr. Yudy Widjaja and Mr. Mangun Prayitno Sutanto as new shareholders.
With this time the composition of its shareholders has been changed to become
Mrs. Ratna Reni Santoso (89%), Mr. Suharto (5%), Mr. Arif Bachruddin Adji (3%),
Mr. Yudy Widjaja (1.5%) and Mr. Mangun Prayitno Sutanto (1.5%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-78787.AH.01.02.TH.2008 dated October 28, 2008. Later according to the
latest revision of notary documents of DR. Ir. Yohanes Wilion, SH., SE., MM.,
No. 1 dated 1 October 2012 Mr. Yudy Widjaja and Mr. Mangun Prayitno Sutanto
withdrew and the whole shares sold to Mrs. Maria Christina as new shareholder.
With this time the composition of its shareholders has been changed to become
Mrs. Ratna Reni Santoso (89%), Mr. Suharto (5%), Mr. Arif Bachruddin Adji (3%)
and his wife Mrs. Maria Christina (3%). The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-43733 dated December 7, 2012.
We observe the
majority shareholder Mrs. Ratna Reni Santoso is an Indonesian businesswoman of
Chinese origin who is also founder and business stakes owner of P.T.
GUNAPERTIWI CEMERLANG dealing with trading and distribution of industrial valve
and pumps.
P.T. DQC started
to be operating since 2001 dealing with trading, import, supply and
distribution of industrial pumps. The whole industrial pumps assembled in the
workshop located at Jalan Limo Raya No. 9, Depok, Bogor, West Java standing on
8,000 sq. meters. The company dealing with manufacturing of ASME/ ANSI B73.1M
Process Pumps, Fire Pumps Packager and provides maintenance & repair
services for industrial pumps & valves. They supplies pumps, repairs pumps
& valves and provide pumps & valve maintenance to industries like :
Chemical, Petrochemical, Oil & gas, Pulp & Paper, Fertilizer, Power
Plant, Mining, etc. After operation in 2000 as a response to the trend of
outsourcing for pumps & valves maintenance and repair services done by
foreign companies in Indonesia, especially by the Oil & Gas companies. For
Fire Pump Package, they do it from engineering stage, production until testing
the pump in accordance with NFPA 20 Standard. P.T. DQC are even also be able to
install and commissioning the pump when needed by the customers. For repair
service activities, they can repair any kind of centrifugal pumps, horizontal
or vertical type, single or multistage pump from various brands and standards.
P.T. DQC have adequate machineries, equipments and facilities to do pump
assembly, packages the Fire Pump, repairs pumps & valves, fabricates
pump parts and tests the pump & valve, and have technicians & engineers
who are experience and competence in the pumps & valves. To improve the quality, competitiveness, performance and customer
satisfaction, since July 2004 P.T. DQC have been awarded ISO 9001:2000
Certification by URS – UKAS. As for the Health, Safety and Environment, the
company has Health, Safety and Environment Standard that comply with Health,
Safety and Environment requirement from major Oil & Gas companies in
Indonesia.
Business Focus
and Products:
·
ANSI
Process Pump Assembly
·
Stationary
Fire Pump Packager as per NFPA-20, UL/FM Standard
·
Centrifugal
Pump Services, Repair & Maintenance
·
Valves
and Control Valves Repair, Services and Maintenance
·
Reciprocating
Compressor Component Supply and Services
·
Centrifugal
Pump Trainings and Consultancies
The whole
products & services directly supplied and marketed to industries like Oil
& Gas, Pulp & Paper, Chemical, Petrochemical, Power Plant, Mining,
Fertilizer, etc. or through Engineering Procurement & construction (EPC)
companies. Mr. Suharto, Director of P.T. DQC went on to say the above products
supplied thorough various oil and gas companies among others are CONOCOPHILIPS
INDONESIA INC; BRITISH PETROLEUM, BEYOUND PETROLEUM (BP); PETROCHINA
INTERNATIONAL INC.; CNOOC SES BV; P.T. MEDCO ENERGI INDONESIA; VICO INDONESIA
INC; CHEVRON INDONESIA COMPANY, P.T. CHEVRON PACIFIC INDONESIA; TOTAL E&P
INDONESIE; KONDUR PETROLEUM SA; EXXONMOBIL INDONESIA INC; P.T. ARUN NGL; P.T.
BADAK NGL; PREMIER OIL NATUNA SEA BV; STAR ENERGY (KAKAP) LTD; P.T. PERTAMINA
EP (UP II Dumai, Balikpapan, Balongan dan Sorong); P.T. MEDCO LPG INDONESIA.
Besides some of
the products is also supplied to petrochemical industries such as P.T. MITSUI
AMOCO INDONESIA, P.T. MITSUBISHI CHEMICAL INDONESIA, P.T. POLYPRIMA KARYAREKSA,
P.T. CHANDRA ASRI PETROCHEMICAL Tbk, P.T. PUPUK KALIMANTAN TIMUR Tbk, P.T.
PUPUK KUJANG, P.T. PUSRI, P.T. GT PETROCHEM Tbk, P.T. SATOMO MONOMER INDONESIA,
P.T. STYRINDO MONO INDONESIA, P.T. SULFINDO ADI USAHA, P.T. PETROWIDADA, P.T.
PETRO OXO NUSANTARA, P.T. ASAHIMAS CHEMICAL, P.T. DOW CHEMICAL INDONESIA, P.T.
UNGGUL INDAH CORPORATION Tbk, P.T. LAUTAN OTSUKA CHEMICAL. We observe the
operation of P.T. DQC has been growing and developing well in the last three
years.
Generally,
demand for oil and gas equipment, piping systems, fittings, flanges, actuators,
valves and other technical equipments had kept increasing by 8% to 10% per
annum in the last five years in line with the growth of industrial sectors
including oil and natural gas, chemical and petrochemical industry, LNG plant,
oil refinery and other sectors requiring these equipments. It is projected that
the demand will keep going up in five years to come. The competition is very
tight on account of many similar companies operating in the country. Besides
that the growing crude oil price started as from the middle of 1999 and
constantly rising within 2007 has blown fresh air to Indonesian government and
oil companies.
In the effort of
stabilizing the world's crude oil price above US$ 90 per barrel in 2008 and
sharply dropped to US$ 40 to US$ 100 per barrel in early 2011. Despite crude
oil price problem, Indonesia has kept on attempting to increase its crude oil
and natural gas production including natural gas. The business position of P.T.
DQC is favorable on account of having already established customers and wide
marketing networks in the country. Details on production growth of Indonesian
crude oil and natural gas as from 2000 to 2011 are pictured bellows.
|
Year |
Petroleum (000 barrels) |
Gas |
||
|
Gas (000 MSCF) |
LNG (000 MMBTU) |
LPG (MT) |
||
|
2000 |
516,503 |
2,907,327 |
1,411,608 |
2,062,616 |
|
2001 |
490,145 |
2,803,034 |
1,257,446 |
2,190,120 |
|
2002 |
474,884 |
3,031,028 |
1,352,878 |
1,792,575 |
|
2003 |
420,995 |
3,142,605 |
1,347,349 |
1,921,757 |
|
2004 |
438,455 |
3,113,338 |
1,390,466 |
1,677,619 |
|
2005 |
387,698 |
3,036,195 |
1,338,782 |
1,581,727 |
|
2006 |
366,993 |
3,178,278 |
1,159,770 |
1,238,572 |
|
2007 |
357,143 |
2,949,506 |
1,258,951 |
1,671,715 |
|
2008 |
357,501 |
3,136,657 |
1,093,435 |
1,800,383 |
|
2009 |
346,312 |
3,023,944 |
970,769 |
1,560,929 |
|
2010 |
341,228 |
3,291,912 |
1,017,216 |
2,538,106 |
|
2011 |
332,752 |
3,176,432 |
1,377,579 |
n.a. |
Source: Statistic of Central Board
Until this time
P.T. DQC has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of the
company is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2010 amounted to Rp. 35.0 billion rose to Rp. 37.0 billion in 2011 increased to
Rp. 40.0 billion in 2012 and projected to go on rising by at least 5% in 2013.
The operation in 2012 yielded an estimated net profit of at least Rp. 2.8
billion and the company has an estimated total networth of at least Rp. 7.0
billion. 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. DQC is led by Mr. Suharto (48) a businessman and professional manager
with experience in trading, import and distribution of industrial pumps. The
company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the
country. So far, we did not hear that the management of the company being filed
to the district court for detrimental cases or involved in any business
malpractices. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. P.T. DURAQUIPT CEMERLANG
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.94.21 |
|
Euro |
1 |
Rs.81.03 |
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.