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Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CLARIANT INDONESIA |
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Formerly Known As : |
P.T. SANDOZ CHEMICALS INDONESIA |
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Registered Office : |
Jalan Gatot Subroto Km. 4, Kali Sabi No. 1, Kec.
Jati Uwung , Tangerang 15138 Banten Province |
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Country : |
Indonesia |
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|
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Date of Incorporation : |
17.04.1989 |
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Com. Reg. No.: |
No. AHU-AH.01.10-33229 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Industrial Chemical Processing |
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No. of Employees : |
560 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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Restricted |
C2 |
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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. CLARIANT
INDONESIA
A d d r e s s :
Head Office & Factory I
Jalan Gatot Subroto Km. 4
Kali Sabi No. 1, Kec. Jati Uwung
Tangerang 15138
Banten Province
Indonesia
Phone -
(62-21) 5538-589 - 90 (Hunting)
Fax - (62-21) 5520-390, 5520-394
Land Area - 20,000 sq.
meters
Building Area - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Jend. A. Yani
Pulomas
Jakarta Timur
Indonesia
Phone -
(62-21) 489-2208, 489-5608, 489-1995
Fax - (62-21) 489-2464
Land Area - 10,000 sq.
meters
Building Area - 5,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III
Kabupaten Serang
Banten Province
Banten Province
Indonesia
Phone -
(62-254) 396954, 396955
Fax - (62-254) 396956
Land Area - 10,000 sq.
meters
Building Area - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 17 April 1989 as P.T. SANDOZ CHEMICALS INDONESIA
b. 21 October 1995 as P.T. CLARIANT INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. W7-HT.01.10-11310
Dated 30 July 2007
b. No. AHU-85372.AH.01.02.Tahun 2008
Dated 13 November
2008
c. No. AHU-AH.01.10-17540
Dated 13 October 2009
d. No. AHU-AH.01.10-33229
Dated 15 August 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
a. The Department of Finance
NPWP No. 01.061.809.8-092.000
b. The President of the Republic Indonesia
No. B-40/Pres/3/1989
Dated 8 March 1989
c. The Capital Investment Coordinating Board
- No. 41/I/PMA/1989
Dated 18 March 1989
- No. 159/II/PMA/1990
Dated 9 October 1990
- No. 151/II/PMA/1998
Dated 19 October 1998
- No. 123/II/PMA/2000
Dated 16 June 2000
Holding Company :
CLARIANT INTERNATIONAL Ltd., of Switzerland (Investment Holding)
Related/Affiliated Companies :
a. CLARIANT BETEILIGUNGEN AG of Switzerland (Investment Holding)
b. A member of CLARIANT Group of Switzerland
Capital Structure :
Authorized Capital - Rp.
37,086,150,000.-
Issued Capital - Rp. 37,086,150,000.-
Paid up Capital - Rp. 37,086,150,000.-
Shareholders/Owners :
a. CLARIANT
INTERNATIONAL Ltd. - Rp. 35,231,842,500.- (95.000%)
Address :
Rothausstrasse 61, CH-4132
Muttenz 1
Switzerlands
b. CLARIANT
BETEILIGUNGEN AG -
Rp. 1,699,459,274.- ( 4.996%)
Address :
Rothausstrasse 61, CH-4132
Muttenz 1
Switzerlands
c. Mrs. Amelia
Christianingsih - Rp. 154,848,226.- ( 0.004%)
Address : Jl. Bangun
Cipta Raya E-2
RT.001/RW.011, Jakrta Timur
Indonesia
Lines of Business :
Industrial Chemical Processing
Production Capacity :
Factory I
a. Reactive Dyes -
1,200 tons p.a.
b. Pigment Dispersion - 100 tons p.a.
c. Sulfur Dyes - 1,000 tons p.a.
d. Specialty Chemicals - 10,000 tons p.a.
e. Optical Brightening Agents - 6,000 tons p.a.
f. Disperse Dyes -
1,200 tons p.a.
g. Masterbatches -
1,200 tons p.a.
Factory II
a. Synthetic Resin Emulsion
(PPA Polymers) -
13,500 tons p.a.
b. Textile Chemicals -
3,750 tons p.a.
c. Pigments -
350 tons p.a.
d. Special Chemicals - 850 tons p.a.
Factory III
a. Synthetic Resin Emulsion
(PVA Polymers) -
8,000 tons p.a.
b. Acrylate Size - 7,200 tons p.a.
Total Investment :
Factory I
a. Equity Capital - US$
23.9 million
b. Loan Capital - US$ 3.4 million
c. Total Investment - US$ 27.3 million
Factory II
a. Equity Capital - US$
3.6 million
b. Reinvested Profit - US$
0.7 million
c. Loan Capital - US$ 5.3 million
d. Total Investment - US$ 9.6 million
Factory III
a. Equity Capital - None
b. Reinvested Profit -
US$ 5.4 million
c. Loan Capital - US$ 4.7 million
d. Total Investment - US$ 10.1 million
Started Operation :
April 1989
Brand Name :
CLARIANT
Technical Assistance :
CLARIANT INTERNATIONAL Ltd., of Switzerland
Number of Employee :
560 persons
Marketing Area :
Export - 35%
Local - 65%
Main Customers :
a. P.T. SANDI ANEKA WARNA (Trading and Distribution of Industrial
Chemical)
b. Buyers in the Europe Union, the Middle East, Japan, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR COLOURS INDONESIA
b. P.T. COLORINDO ANEKA CHEMICAL
c. P.T. MATSUMOTOYUSHI INDONESIA
d. P.T. POLKRIK INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. CITIBANK N.A.
Citibank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta
Selatan, 12910
Indonesia
c. The Bank of AMERICA
Wisma Antara
Jalan
Merdeka Selatan No. 17
Jakarta Pusat
Indonesia
Auditor :
Tanudiredja, Wibisana & Rekan (a member of PriceWaterhouseCoopers)
Litigation :
No litigation record in our database
Total Sales/Revenue (estimated) :
2009 – Rp. 1,382.7 billion
2010 – Rp. 1,387.3 billion
2011 – Rp. 1,440.7 billion
2012 – Rp. 1,528.0 billion
2013 – Rp. 816.0 billion
(January – June)
Net Profit (estimated):
2009 – Rp. 73.4 billion
2010 – Rp. 71.7 billion
2011 – Rp. 74.4 billion
2012 – Rp. 78.9 billion
2013 – Rp. 42.0 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Hans Gert Herrel
Directors -
a. Mr. Bernard Jean Ritz
b. Mr.
Hieronymus Himawan
Board of Commissioners :
President Commissioner -
Mr. Francois Didier Bleger
Commissioners - a.
Dr. Ralf Henri Erich Wolfram Schloemer
b. Mr. Daniel Hug
Signatories :
President Director (Mr. Hans Gert
Herrel) or one of the Directors (Mr. Bernard Jean Ritz or Mr. Hieronymus
Himawan) which must be approved by President Commissioners (Mr. Walter r. Mohr)
or one of Commissioners (Mr. Francois Didier Bleger, Dr. Ralf Henri Erich
Wolfram Schoemer or Mr. Daniel Hug)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Initially named P.T. SANDOZ CHEMICALS INDONESIA, the company was
established in Jakarta in 1989 with an authorized capital of US$ 8,350,000
entirely was issued and paid up. The original founding shareholders were SANDOZ
LTD., of Switzerland and P.T. SANDI ANEKA WARNA of Indonesia. In 1993 the
authorized capital was raised to US$ 11,350,000 wholly issued and paid up, and
by the same time came in a new shareholder Mr. Nico Gontha, a Chinese origin
Indonesian businessman. In October 1995 the company was renamed P.T. CLARIANT
INDONESIA (P.T. CI), and by the same time SANDOZ LTD., and P.T. SANDI ANEKA
WARNA pulled out and joined in a new shareholder CLARIANT INTERNATIONAL LIMITED
of Switzerland. In May 1999, the authorized capital of P.T. CI was increased to
US$ 20,350,000 wholly issued and paid-up.
On September 30, 2003, P.T. CLARIANT INDONESIA sister company namely
P.T. PULOSYNTHETICS was merged with P.T. CLARIANT INDONESIA (survived company)
and having been legalized by the Ministry of Law and Human Right on 13 November
2003. Therefore as from 13 November 2003 P.T. PULOSYNTHETICS has by law
dispersed and the entire right and liabilities of P.T. PULOSYHTHETICS were
shifted to P.T. CLARIANT INDONESIA. On the same occasion, the authorized
capital was increased to US $ 23,950,000 wholly issued and paid-up. In July
2007, Mr. Nico Gontha withdrew from the company and entered new shareholder
CLARIANT BETEILIGUNGEN AG of Switzerland.
On November 2008, the authorized capital was converted from US dollar to
rupiah (IDR) to Rp. 37,086,150,000.- wholly issued and fully paid up. The
latest shareholders are CLARIANT INTERNATIONAL LIMITED (95%) and CLARIANT
BETEILIGUNGEN AG (5%) both of Switzerland. Latest on July 2013, the composition
of company’s shareholders are CLARIANT INTERNATIONAL Ltd. (95%), ClARIANT
BETEILIGUNGEN AG (4.996%) and Mrs. Amelia Christianingsih of Indonesia
(0.004%). Concurrently, the company
board of directors and board of commissioner was changed. The Deed of amendment was made by Notary
Irene Yulia, SH., a public notary in Jakarta under Company Registration No.
AHU-AH.01.10-33229 dated August 15, 2013.
P.T. CI obtained a Foreign Capital Investment (PMA) license from the
Capital Investment Coordinating Board (BKPM) to engage in industrial chemical
manufacturing. Initially the company used to manage 2 plants each of which
located at Cimanggis, Bogor and at Tangerang, Banten Province. But since 1992
the Cimanggis plant was combined into one plant in Tangerang, Banten Province,
on a land of some 10.0 hectares. As from September 2003 after the merger P.T.
CI is now operating three factories. The two factories previously owned by P.T.
PULOSYNTHETICS are located at Jalan A. Yani, Pulo Mas, East Jakarta and at
Serang Regency (Banten Province). All of the above three factories had been
expanded for increasing production capacity. According to the license all of
the three factories production capacity are reactive dyes of 1,200 tons,
pigment dispersion of 100 tons, sulfur dyes of 1,000 tons, specialty chemical
of 10,000 tons, optical brightening agents of 6,000 tons, disperse dyes of
1,200 tons, masterbatches of 1,200 tons. The second factory produces synthetic
resin emulsion (PVA Polymers) of 13,500 tons, textile chemical of 3,750 tons,
pigments of 350 tons, specialty chemical of 850 tons and the third factory
produces of synthetic resin emulsion (PVA Polymers) of 8,000 tons and acrylic
size of 7,200 tons respectively per annum.
P.T. CI plans to increase production capacity of about
5% to 10% this year. The addition is performed for all lines of business that
they have in Indonesia. P.T. CI is also
planning to build a plant of paste pigment to supply domestic industries and
exports, with an investment of US$ 8.5 million.
P.T.
CI gets technical assistant from CLARIANT INTERNATIONAL Ltd., of Switzerland.
Some 35% of its products are exported to several countries including Europe,
the Middle East, Japan and others and the rest is marketed locally to various
industrial companies located in West Java, Banten Province, Central Java and
East Java. P.T. CI is classified as a
large sized company of its kind in the country of which the operation had been
running smoothly and growing steadily in the last five years.
The growth of dyestuff industry had yet to recover until the end of 2004
in line with the sluggish TPT industry. The incessant unstable economic
condition in the country has bad impact to the TPT production and to dyestuff
industry as well. We therefore estimated that the demand for basic chemical
substance for yarn industry and fabrics will be increasing after 2006. There
are eleven domestic dyestuff producers which are still active with a combined
production capacity of 43,845 tons per annum. Some of the largest producers are
P.T. DYSTAR COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA
CHEMICAL. The supply of dyestuff in Indonesia declined in 2003 due to the
decline of the demand for dyestuff required by domestic TPT producers.
Besides, the demand for textile chemicals tended to be fluctuating
within the last five years in line with the fluctuating of Indonesian textile
industry in general. According to the
Central Bureau of Statistics (BPS), the Indonesia textile products export in
2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$
3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to
1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.800 tons (US$ 3,908.6
million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to
1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8
million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to
1,493,3000 tons (US$ 5,563.3 million) in 2011 and rose again to 1,508,500 tons
(US$ 5,278.1 million) in 2012. The
export volume and value of the national TPT products in 2002 to 2012 are
pictured on the following table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 |
According to statement of income (source: the Department of Trade and
Industry), the total sales/revenues of P.T. CI in fiscal 2009 amounted to Rp.
1,382.7 billion with a net profit of Rp. 73.4 billion increased to Rp. 1,387.3
billion with a net profit of Rp. 71.7 billion in 2010. Up to present, we have yet to gain the
statement of income of P.T. CI in fiscal 2011.
However, we estimated that net income of the company in 2011 rose again
to Rp. 1,440.7 billion increased to Rp. 1,528.0 billion in 2012 and as of 30
June 2013 the company’s total sales amounted of Rp 816.0 billion. The operation
in 2012 yielded a net profit at least Rp. 78.9 billion and the company has a
total net worth of Rp. 980.0 billion.
So far we did not hear that the P.T. CI 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 is headed by Mr. Hans Gert Herrel (55) a professional
manager of Germany, with experience for more than 23 years in industrial
chemicals trading and processing. Daily
operation he is assisted by Mr. Bernard Jean Rits (46) of Switzerland and Mr.
Hieronymus Himawan (54) of Indonesia, respectively as directors. We observed that management’s reputation in
said business is fairly good. The management is also supported by a team of professional
managers having maintained a wide business relation among private businessmen
at home and abroad as well as among
government sectors. So far, we have never heard of the management of the
company being filed to the district court for detrimental cases.
P.T. CLARIANT INDONESIA is considered to be good for normal business
transaction. But, considering unstable economic condition in the country, we
recommend to treat prudently in extending loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.