|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CISADANE RAYA CHEMICALS |
|
|
|
|
Registered Office : |
Jalan Imam Bonjol No. 88 Kampung Bojong Larang Karawaci, Tangerang, 15115 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
11.02.1974 |
|
|
|
|
Com. Reg. No.: |
No. AHU-33228.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Crude Palm Oil Fractionation and Distillation |
|
|
|
|
No. of Employees : |
800 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 : |
Regular |
|
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
Name of
Company :
P.T.
CISADANE RAYA CHEMICALS
A d d r e s s
:
Head Office & Factory
Jalan Imam Bonjol
No. 88
Kampung Bojong Larang
Karawaci, Tangerang, 15115
Banten Province
Indonesia
Phones -
(62-21) 5531 912 (Hunting), 5520 522
Fax -
(62-21) 5525 676, 5520 834
E-mail - info@cisadane.co.id
Website - http://www.cisadane.co.id
Land Area - 35,000 sq.
meters
Building Area - 25,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
11 February 1974
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. Y.A.5/376/5
Dated 4 November 1975
- No. AHU-AH.01.10-7988
Dated 07 April 2008
- No. AHU-35236.AH.01.02.TH.2008
Dated 23 June 2008
- No. AHU-33228.AH.01.02.TH.2011
Dated 4 July 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No.
01.002.663.1-038.000
The Capital Investment Coordinating Board
No. 26/V/PMA/2001
Dated 30 December
2001
Related
Company :
A Member Company
of the CISADANE Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
950,000,000,000.-
Issued Capital : Rp.
326,491,000,000.-
Paid up Capital : Rp.
326,491,000,000.-
Shareholders/Owners
:
a. OLEO CHEM FAR EAST PTE, LTD. - Rp.
278,170,332,000.-
Address :
808 French Road
07-163
Kitchener Complex
Singapore
b. P.T.
DINARETTA LESTARI -
Rp. 31,996,118,000.-
Address : Jl. Kali Besar Barat No. 50-HH
Kelurahan Roa Malaka, Kecamatan Tambora
Jakarta Barat, Indonesia
c. Mrs. Tjhang Margaret - Rp. 16,324,550,000.-
Address : Pantai Mutiara Block
K. No. 9, RT. 006 RW. 016
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, Indonesia
Lines of Business
:
Crude Palm Oil
Fractionation and Distillation
Production
Capacity :
a. Stearic Acids - 85,000 tons p.a.
b. Fatty Acids - 97,000 tons p.a.
c. Harder Fats - 20,000 tons p.a.
d. Glycerin - 25,500 tons p.a.
e. Crude Oleins -
136,500 tons p.a.
f. Crude Stearines -
20,700 tons p.a.
g. Stabilizer (Heavy Metal Soap) -
36,000 tons p.a.
h. Soap Chip Toilet Soaps - 27,000 tons
p.a.
i. Soap Powder - 18,000 tons p.a.
j. Margarine - 17,280 tons p.a.
k. Cocoa Butters - 36,000 tons p.a.
l. Fatty Alcohols - 114,000 tons p.a.
m. RBD Oleins - 143,600 tons
p.a.
n. RBD Stearines - 25,650 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 242.5
billion
b. Loan
Capital -
None
c. Total
Investment - Rp.
242.5 billion
Started Operation
:
1975
Brand Name :
Cisadane Raya
Chemicals
Technical
Assistance :
AGITRADE
International Pte., Ltd., Singapore
Number of
Employee :
800 persons
Marketing Area
:
Export -
50%
Local - 50%
Main Customers
:
a. Distributors,
soap and detergent industries, etc.
b. Buyers in
Singapore, Japan, Australia, Europe Union, the USA, Middle East etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ECOGREEN
OLEOCHEMICALS
b. P.T. FLORA
SAWITA
c. P.T. MEDAN
OLEOCHEMICALS
d. P.T. SINAR
OLEOCHEMICALS
e. P.T. SUMIASIH
OLEOCHEMICALS
Business Trend
:
Growing
B a n k e r s
:
a. Hongkong and Shanghai Banking Corp. Ltd.
World
Trade Center
Jalan
Jend. Sudirman Kav. 29-31
Jakarta
Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 810.0
billion
2011 – Rp. 860.0
billion
2012 – Rp. 897.0
billion
Net Profit
(Loss) :
2010 – Rp. 68.8
billion
2011 – Rp. 73.5
billion
2012 – Rp. 76.2
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of Management
:
President Director - Mrs. Tjhang Margaret
Directors -
a. Mr. Yap Cheong Wee
b.
Mrs. Diana AKA Diana Tjhang
Board of
Commissioner :
President Commissioner -
Mr. Haji Mohamad Taha
Commissioners -
a. Mr. Sony Suhendra
b. Mr. Johny Sanggam Edison
Signatories :
President Director (Mrs. Tjhang
MArgaret) or one of the Directors (Mr. Yap Cheong Wee or Mrs. Diana AKA Diana
Tjhang) which must be approved by Board of Commissioners
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. CISADANE
RAYA CHEMICALS (P.T. CRC) was established in Jakarta based on notary deed of
Mr. Ridwan Suselo, SH., No. 134 dated 11 February 1974 in Jakarta with the
authorized capital of Rp. 1,000,000,000 issued capital of Rp. 225,000,000
entirely paid up. Founder and original shareholders of the company were the late
Mr. Ishak Suhendra AKA Tjang Kwen Tjong, Mr. Rudi Suhenda AKA Tjhang Jam Sen,
Mr. Opo Damidi AKA Tjoeng Kauw Fo, Mr. Teddy Damidi, Mr. Oemar Sakim AKA Woen
Foeng Njan, wholly are Indonesian businessmen of Chinese origins, the late Mr.
Haji Andi Noerdin Pangurinseng and Mr. Mas Surjana, the latter are two
indigenous businessmen. The company notary deed has frequently been revised.
Since 1990 the authorized capital was raised to Rp. 20,000,000,000 with an
issued capital to Rp. 19,860,000,000 entirely paid up. Since 1998 the
authorized capital was raised to Rp. 500,000,000,000 issued capital Rp.
135,000,000,000 fully paid up. In November 2001, the authorized capital was
raised to Rp. 1,900,000,000,000 issued capital to Rp. 485,000,000,000 entirely
paid up.
On the same
occasion, Mr. Ishak Suhendra AKA Tjang Kwen Tjong, Mr. Opo Damidi AKA Tjoeng
Kauw Fo, Mr. Teddy Damidi, Mr. Oemar Sakim AKA Woeng Foeng Njan and Mr. Mas
Surjana pulled out and replaced by AGITRADE INTERNATIONAL Pte. Ltd., of
Singapore, P.T. DINARETTA LESTARI and Mrs. Hiu Suk Yun, both are of Indonesia.
Concurrently the company legal status was converted to Foreign Investment (PMA)
facility. Later based on notary deed of Mr. Robert Purba, SH., No. 40 dated 11
March 2008, Mrs. Hiu Suk Yun and the late Mr. Haji Andi Nurdin Pangurinseng
pulled out and replaced by Mr. Seman Sendjaja Suhenda, an Indonesian
businessman of Chinese origin as new shareholder. The deed of amended was made
by Mr. Robert Purba, SH, a public notary in Jakarta, under Company Registration
Number AHU-AH.01.10-7988, dated April 7, 2008. Then based on notary deed of Mr.
Robert Purba, SH., No. 81 dated 17 June 2008 the authorized capital was reduced
to Rp. 950,000,000,000 issued capital Rp. 242,500,000,000 fully and paid up.
With this time
the composition of its shareholders has been changed to become AGRITRADE
INTERNATIONAL PTE LTD of Singapore (72.16%), P.T. DINARETTA LESTARI (27.76%)
and Mr. Seman Sendjaja (0.08%). The revision of notary documents was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-35236.AH.01.02.TH.2008 dated June 23, 2008.
Later according
to the latest revision of notary documents of Mr. Desman, SH., No. 36 dated 3
June 2011 the company issued capital was increased to Rp. 326,491,000,000
wholly paid up. On the same occasion AGITRADE INTERNATIONAL PTE, LTD.,
Singapore and Mr. Seman Sendjaja Suhendra pulled out and the whole shares was
taken over by OLEO CHEM FAR EAST PTE., LTD., Singapore and Mrs. Tjhang Margaret
as new shareholders. With this development the composition of its shareholders
has been changed to become OLEH CHEM FAR EAST PTE LTD., (85.2%), P.T. DINARETTA
LESTARI (9.8%) and Mrs. Tjhang Margaret (5%). The latest revision of notary
deed was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-33228.AH.01.02.TH.2011 dated April 4, 2011.
We observe that
the partner local P.T. DINARETTA LESTARI is a national private company under
the wing of the CISADANE Group, a developing business group and majority
business stakes is controlled by Mr. Rudi Suhendra AKA Tjhang Jam Sen and his
family members.
P.T. CRC
operates in the frame works of Foreign Investment Company (PMA) facility
engaged in the field of crude palm oil fractionation and distillation. The
plant is located at Jalan Imam Bonjol No. 88, Karawaci, Tangerang, Banten
Province on a land 35,000 sq. meters wide of the plant’s building and other
facilities. The plant has been expanding for several times to increasing
production capacity. The plant has been operating since 1975 by produce of
stearic acids of 85,000 tons, Fatty acids of 97,000 tons, harder fats of 20,000
tons, glycerin of 25,500 tons, crude oleins of 136,500 tons, stabilizer (heavy
metal soap) of 36,000 tons, soap chip toilet soaps of 27,000 tons, soap powder
of 18,000 tons, margarine of 17,280 tons, cocoa butters of 36,000 tons, fatty
alcohols of 114,000 tons, RBD olein of 143,600 tons and RBD stearines of 25,650
tons per annum respectively. The plant has absorbed an investment of Rp. 485.0
billion originally from owned capital.
The continuous
supply of raw materials from owned plantation in Northern Sumatra ensures the
quality of the raw material used for production. Samples are checked using a
batch system in every production processes in order to maintain consistency in
the finished product. P.T. CRC manufacturing
facility commands the latest in technology in both
Edible Oil and Oleochemicals fields. Machines, piping and tanks are
constructed from high quality stainless steel to meet the manufacturing
requirement of high quality products. Most of the
oleochemicals manufacturing facility is engineered by Lurgi GmbH of
Germany, a world leader in the Oleochemicals field. As for our Edible
Oil manufacturing facility, it is engineered by Alfa Laval Sweden. P.T. CRC
have set up a semi-automatic facility whereby man and machine support and are
dependent on each other to ensure the smooth process flow. The whole of its
products are marketed under CRC brand. Some of 50% of its products are
distributed domestically while the rest 50% are exported to Singapore, Japan,
Australia, Europe Union, the USA, Middle East and other. Oleo chemicals are
used in personal care products, soaps and detergents, food, plastics,
pharmaceuticals and many other industries. P.T. CISADANE RAYA CHEMICALS based
in Indonesia, is one of the world’s major producers of natural fatty alcohol
with total production capacity of 114,000 metric tons per annum of fatty
alcohol. We observe that P.T. CRC has been operating in the last three years.
Generally
outlook we find the demand for fatty acid, glycerine has been rising at home.
It is in line with the growth of several industrial sectors, including rubber
products, pvc, cosmetic and soap industries as potential consumers of the
products. It is estimated both fatty acid and glycerine will remain to rise in
the coming years. Competition is very tight due to a large number of similar
companies operating in the country, like P.T. ECOGREEN OLEOCHEMICALS, P.T.
CISADANE RAYA CHEMICALS, P.T. SUMI ASIH, P.T. MEDAN OLEOCHEMICAL, P.T. FLORA
SAWITA and others. In overall we find that oleo chemicals industry in the
country keeps rising despite the export price was lower and fluctuated.
Until this time
P.T. CRC has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The management of P.T.
CRC 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. 810.0 billion rose to Rp. 860.0 billion in 2011 increased to
Rp. 897.0 billion in 2012 and projected to go on rising by at least 6% in 2013.
It is projected the operation in 2012 has figured a net profit of Rp. 76.2 billion
and the company has an estimated total networth of at least Rp. 350.0 billion.
We observe that P.T. CRC is supported by the CISADANE Group, a developing
business group 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 is
led by Mrs. Tjhang Margaret (65), a professional manager with has experienced
for more than 37 years in the field of crude palm oil fractionation and
distillation. Daily activity, she assisted by Mr. Yang Cheong Wee (61) and Mrs.
Diana AKA Diana Tjhang (39) as directors. We observe that Mr. Tatang Suhenda is
also one of a top figure of the CISADANE Group, a developing business group in
Indonesia. We observed that management’s reputation in said business is
sufficiently fairly good. The company has had wide relation in the realm of the
private businessmen within and outside the country. So far, we did not hear
that the company’s management involved in a dirty business practice 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. CISADANE RAYA CHEMICALS is sufficiently fairly good for business
transaction.
Attachment:
List of
CISADANE Group Members
1.
ADITYAWARMAN, P.T. (Trading)
2.
CISADANE ACID CORPORATION, P.T. (Stearin & Crude Olein
Processing)
3.
CISADANE RAYA CHEMICALS, P.T. (Crude Palm Fractionation
& Distillation)
4.
CISADANE SAWIT RAYA, P.T. (Oil Palm Plantation & Processing)
5.
CISADANE SEJAHTERA Bank, P.T. (Banking)
6.
CIQUITA TALONPAS ZIPPER CO.LTD., P.T. (Zipper Manufacturing)
7.
DINARETTA LESTARI, P.T. (Investment Holding)
8.
INTI SUMBER SARI INDUSTRI SUBUR, P.T. (Cosmetic
Manufacturing)
9.
LABU MAS, P.D. (Cooking Oil Refinery & Soap
Manufacturing)
10.
MADAME IKI ORIENTAL COSMETIC, P.T. (Cosmetic Manufacturing)
11.
YKK INDONESIA ZIPPER CO. LTD., P.T. (Plastic, Nylon &
Metalic Zipper & Manufacturing)
12.
E t c.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
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.