|
Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FERRO MAS DINAMIKA |
|
|
|
|
Registered Office : |
Jl. Raya
Cikarang – Cibarusa Kp.
Tegal Gede, Desa Pasir Sari Kec. Lemahabang,
Bekasi 17550 West Java |
|
|
|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
18.06.1991 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
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|
|
|
Line of Business : |
Subject is dealing in Ceramic Frits and Color Masterbatch |
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|
|
|
No. of Employees : |
280 |
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. FERRO MAS
DINAMIKA
Head
Office & Factory
Jl.
Raya Cikarang - Cibarusa
Kp.
Tegal Gede, Desa Pasir Sari
Kec.
Lemahabang, Bekasi 17550
West
Java
Indonesia
Phones - (62-21) 893 4751 (hunting)
F a x -
(62-21) 893 4749
Land Area -
5.3 hectares
Building Area - 2.6 hectares
Region -
Industrial Zone
Status -
Owned
Date of
Incorporation :
18 June 1991
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-3865 HT.01.01.Th.91
Dated 14 August 1991
b. No. AHU-80453.AH.01.02.Tahun 2008
Dated 31 October
2008
c. No. AHU-AH.01.10-30132
Dated 22 July 2013
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.069.494.1-052.000
Holding
Company :
FERRO CORPORATION
of the USA (Investment Holding)
Related/Affiliated
Company :
P.T. ROLIMEX
KIMIA NUSAMA (Chemical Product Trading and Investment Holding)
Capital Structure
:
Authorized Capital -
US$ 5,400,000.-
Issued Capital -
US$ 2,800,000.-
Paid up Capital -
US$ 2,800,000.-
Shareholders/Owners
:
a. P.T. ROLIMEX KIMIA NUSAMAS - US$
140,000.- ( 5%)
Address : ITC Cempaka Mas, 10th Floor
Jl. Letjen Suprapto Kav. 1
Jakarta Pusat
b. FERRO CORPORATION - US$ 2,660,000.- (95%)
Address :
1000 Lakeside Avenue,
Cleveland, Ohio
USA
Lines of Business :
Ceramic Frits and Color Masterbatch
Industry
Production Capacity :
a. Ceramic Frits - 69,000 tons p.a.
b. Enamel Frits - 7,000 tons p.a.
c. Color Masterbatch - 12,500 tons p.a.
Total Investment :
Owned Capital - US$ 2,800,000
Started Operation :
1 9 9 3
Brand Name :
Ferro Mas Dinamika
Technical Assistance :
None
Number of Employee :
280 persons
Marketing Area :
a. Local - 75%
b. Export - 35%
Main Customer :
Ceramic Tile and Ceramic Tableware
Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Inter
Aneka Lestari Kimia
b. PT. Colorindo
Chemtra
c. PT. Clariant
Indonesia
d. PT. Dystar Colours
Indonesia
e. PT. Polkrik
Indonesia
f. PT. Colorindo Aneka Chemical
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank SINARMAS Tbk
Sinarmas
Land Plaza, Tower 1
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
b. P.T. Bank INTERNASIONAL INDONESIA Tbk
BII Plaza
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
c. DEUTSCHE Bank N.A.
Deutsche Bank Building
Jl. Imam Bonjol No. 80
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Total
Income/Revenues (estimated) :
2010 – US$. 43.0
million
2011 – US$. 49.0
million
2012 – US$. 56.0
million
2013 – US$. 31.5
million (January – June)
Net Profit
(estimated) :
2010 – US$. 3.7
million
2011 – US$. 4.2
million
2012 – US$. 4.8
million
2013 – US$. 2.7
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Rusdy Tano
Vice President Director -
Mr. Siguan Tunaldi
Directors -
a. Mr. Ferry Tirta Parma
b. Mr. Christian Nainggolan
c. Mr. Parin Mekabut
Board of Commissioners :
President Commissioner -
Mr. James Allen Barna
Vice President Commissioner -
Mr. Matthias Peter Bell
Commissioners -
a. Mr. Muktar Widjaja
b. Mr. Wu Seang Chau
Signatories :
President Director (Mr.
Rusdy Tano) or Vice President Director (Mr. Siguan Tunaldi) or one of the
Directors (Mr. Ferry Tirta Parma, Mr. Christian Nainggolan or Mr. Parin
Mekabut) which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T. FERRO MAS DINAMIKA (P.T. FMD) was
established in Jakarta based on Notarial Deed No. 162 dated June 18, 1991 made
by Benny Kristianto, SH., notary in Jakarta with the authorized capital of Rp.
200,000,000.- of which Rp. 100,000,000.- was issued and fully paid up. The
founding shareholders of the company are P.T. SINAR MAS TUNGGAL (90%) and Mr.
Muktar Widjaja (10%), an Indonesian businessman of Chinese extraction. The Deed of establishment has been approved
by the Ministry of Justice of the Republic of Indonesia through its Decision
Letter No. C2-3865 HT.01.01.TH.91 dated August 14, 1991. The articles of association of the company
have frequently been changed. In 1998,
the authorized capital was raised to US$ 5,400,000.- of which US$ 1,080,000.-
was issued and fully paid up. Since that
time, the shareholders of the company are P.T. SINARINDO KIMIANUSA of Indonesia
(5%) and FERRO CORPORATION of the USA (90%).
Most recently by Notarial Deed No. 374 dated July 5, 2013 made by Notary
Miryany Usman, SH., the issued capital was raised to US$ 2,800,000.- and fully
paid up. The latest shareholders are
P.T. ROLIMEX KIMIA NUSAMAS (5%) and FERRO CORPORATION (95%). The
amendment to notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-30132 dated
July 22, 2013.
P.T. FMD obtained a foreign capital investment (PMA) company license for dealing with ceramic frits, enamel frits and color masterbatch manufacturing whose plant is located on Jalan Raya Cikarang Cibarusa, Kampung Tegal Sari, Lemahabang Sub-district, Bekasi (West Java) standing on 5.3 hectares land operating in 1993. The plant has production capacity of 45,000 tons of ceramic frits, 7,000 tons of enamel frits and 12,500 tons of color masterbatch per year. In March 2000 the company obtained license for increasing ceramic frits production capacity of 24,000 tons per year. Mr. Suryaka, an administrative staff of the company disclosed that the production capacity is still fluctuation around 80% to 90% of installed production capacity for ceramic frits, while for color masterbatch is about 6,500 to 7,000 tons per year. He went on to say that company products are 30% to 35% exported to Taiwan and India and the rest is for domestic purpose. We observed that P.T. FMD is classified as a medium sized company of its kind in the country of which the operation had been running smoothly and growing steadily.
Generally, the demand for ceramic frits,
enamel frits and color masterbatch had significantly rising by 8% to 10% per
year in the last five years, in line with the growth of industrial sectors
especially ceramic tile and ceramic tableware industries, granite industries,
porcelain industries and others. But, as from October 2008, the demand growth
for ceramic enamel frits and color masterbatch 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 6% per year. Market competition is very tight due to a large number of
similar companies operating in the country.
Business position of P.T. FMD is favorable for it has controlled a wide
marketing network at home and their product has been widely known among
consumers in the country.
Until this time P.T. FMD has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial
statement publicly. P.T. FMD’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total income/revenues of the company
in 2010 amounted to US$ 43.0 million increased to US$ 49.0 million in 2011 and
rose again to US$ 56.0 million in 2012.
The operation in 2012 yielded a net profit at least US$ 4.8 million and
the company has a total net worth of US$ 20.0 million.
It is projected that total sales turnover of
the company will increase at least 8% in 2013. So far we did not hear that P.T. FMD 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 Company's management is headed by Mr. Rusdy Tano (49) as President Director
and he is assisted by Mr. Siguan Tunaldi (62) as Vice President Director and
also assisted by three directors namely Mr.Fery Tirta Parma (44), Mr. Christian
Nainggolan (33) and Mr. Parin Mekabut (41).
The company’s management has experienced more than 20 years experience
in chemical processing industry. The
management of the company is handled by experienced professional manager having
wide relation with private businessmen of home and overseas as well as with the
government sectors. So far we have never
heard that the board of directors and commissioners of the company involved in
business malpractices or detrimental cases that settled through the court. The
company’s litigation record is clean and they have never involved in civil or
criminal cases in the country.
We appraise P.T. FMD to be still good for
normal business transactions. However,
in view of the unstable economic condition in the country we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.