|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. CRODA INDONESIA |
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Formerly Known As : |
P.T. UNIQEMA INDONESIA |
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Registered Office : |
Kawasan Industri Jababeka Jalan Jababeka IV Block V Kav. 74-75 Cikarang, Bekasi 17530 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
09.03.1995 |
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Com. Reg. No.: |
No. AHU-AH.01.10-31913 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Surfactant Industry |
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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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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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 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. CRODA
INDONESIA
Head Office & Factory
Kawasan Industri
Jababeka
Jalan Jababeka IV Block V Kav. 74-75
Cikarang, Bekasi
17530
West Java
Indonesia
Phones -
(62-21) 8934923 (Hunting)
Fax - (62-21) 8934926
Land Area - 10,000 sq.
meters
Building Area - 8,500 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
a. 9 March 1995
as P.T. ICI SURFACTANTS INDONESIA
b. 25 November
1999 as P.T. UNIQEMA INDONESIA
c. 15 December
2006 as P.T. CRODA INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. AHU-AH.01.10-2143
Dated 28 January 2008
- No. AHU-58141.AH.01.02.TH.2010
Dated 14 December 2010
- No. AHU-AH.01.10-31913
Dated 3 September 2012
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.084.747.3-431.000
The President of the Republic of Indonesia
No.
B-83/Pres/02/1995
Dated 10 February
1995
The Capital Investment Coordinating Board
- No. 125/I/PMA/1995
Dated 23
February 1995
- No. 670/III/PMA/1998
Dated 25 May 1998
- No. 1709/III/PMA/1999
Dated 22 December 1999
- No. 22/II/PMA/2003
Dated 27 January 2003
Related
Company :
A Member Company
of CRODA CHEMICALS Group, India
Capital
Structure :
Authorized
Capital : US$
7,500,000.-
Issued Capital : US$
7,500,000.-
Paid up Capital : US$
7,500,000.-
Shareholders/Owners
:
a. CRODA CHEMICALS (INDIA) PRIVATE LIMITED - US$ 7,498,000.-
Address :
Plot No. 1/1 Part TTC Industries Area
Thane Belapur
Road, Koparkhairne
Navi Mumbai,
400 710, Maharashtra
India
b. CRODA OVERSEAS HOLDINGS LIMITED - US$ 2,000.-
Address : Cowock Hall, Snaith
Goole
East Yorkshire,
DN14 9AA
England
Lines of
Business :
a. Surfactant Industry
b. Export Import Chemicals
Production
Capacity :
a. Surfactants -
15,000 tons p.a.
b. Export Import Chemicals - US$ 3.8 million
c. Import Services (Agro Chemicals) - 0.7 million
Total
Investment :
a. Equity Capital - US$ 7.5 million
b. Loan
Capital -
US$ 5.0 million
c. Total
Investment - US$
12.5 million
Started Operation
:
1996
Brand Name :
CRODA
Technical
Assistance :
CRODA
INTERNATIONAL PLC., of the United Kingdom
Number of
Employee :
76 persons
Marketing Area
:
Local - 60%
Export -
40%
Main Customers
:
a. P.T. MERMAID
TEXTILE INDUSTRY
b. P.T. ARGO MANUNGGAL INDUSTRY
c. P.T. KITM
TEXTILE INDUSTRY
d. P.T. INSAN SANDANG INTERNUSA
e. Etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. LAUTAN
LUAS Tbk
b. P.T.
MATSUMOTOYUSHI INDONESIA
c. P.T. GOO
CHEMICAL INDONESIA
d. P.T. INDOKIMIA
MAKMUR
e. Etc
Business Trend
:
Growing
B a n k e r s :
a. CITIBANK
N.A.
Jalan
Jend. Sudirman Kav. 70 A
Jakarta Pusat
Indonesia
b. BANGKOK
Bank
Jalan
M.H. Thamrin No. 3
Jakarta
Pusat
Indonesia
c. P.T.
Bank SBI INDONESIA
Gedung Graha Mandiri
Jalan Imam Bonjol No.61 lantai 1
Jakarta Pusat, 10310
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 87.5
billion
2011 – Rp. 94.0
billion
2012 – Rp. 98.0
billion
Net Profit
(estimated) :
2010 – Rp. 7.0
billion
2011 – Rp. 8.1
billion
2012 – Rp. 9.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director
- DR. Anand Aminbhavi
Directors -
a. Mr. Arthur Donald Knox
b. Mr. Ritesh Tanna
c. Mr. Rupark Sarswat
Board of Commissioners :
President Commissioner -
Mr. Annottam Ghosh
Commissioners -
a. Mr. David Edward Barrachlough
b. Mr. Graham Lloyd Myers
Signatories :
President Director (DR.
Anand Aminbhavi) or one of the Directors (Mr. Arthur Donald Knox, Mr. Ritesh
Tanna or Mr. Rupark Sarswat) 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
Originally named
P.T. ICI SURFACTANTS INDONESIA established in Cikarang, Bekasi, West Java in
March 1995 with an authorized capital of US$ 7,500,000 wholly issued of which
US$ 750,000 was paid up. Founders and shareholders are P.T. PERDONI, P.T. GALIC
BINA MADA (both of Indonesia) and ICI OMICRON B.V. from the Netherlands. Its
company notary deed has been changed a couple of times. In April 1998, the paid
up capital was increased to US$ 7,500,000. Later in November 1999, the company
renamed to P.T. UNIQEMA INDONESIA. Then in December 2006 the company renamed to
P.T. CRODA INDONESIA (P.T. CI). Concurrently ICI OMICRON BV., of Netherlands
withdrew and the whole share sold to CRODA INTERNATIONAL PLC., of the United
Kingdom as new shareholder. The shareholders are CRODA INTERNATIONAL PLC.,
(60%), P.T. PERDONI (20%) and P.T. GALIC BINA MADA (20%). The deed of amendment
was approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-2143, dated January 28, 2008. Then according the notary documents
in November 2010 the whole shares had been taken over by CRODA CHEMICALS
(INDIA) PRIVATE LIMITED of India (99.97%) and CRODA OVERSEAS HOLDINGS LIMITED
of United Kingdom (0.03%). The deed of amendments was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-58141.AH.01.02.TH.2010
dated December 14, 2010. Then according to the latest revision of notary
documents of Mrs. Fransiska Lilis Harja, SH., No. 10 dated 8 August 2012 the
board of director and the board of commissioner had been changed (see profile
of this report). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-31913 dated September 3,
2012.
P.T. CI is a
foreign capital investment (PMA) company licensed by Investment Coordinating
Board (BKPM) to deal with surfactant industry by managing a plant located at
Kawasan Industri Jababeka, Jalan Jababeka IV, Cikarang, operating since the
early 1996. P.T. CI manufactures and supplies a range of natural based
specialities and oleochemicals for personal care, health care, home care, crop
care, polymers and coatings, polymer additives, lubricants and lubricant
additives, and general industrial applications. The plant has absorbed a total
investment of US$ 12.0 million coming from company's capital of US$ 7.5 million
and the balance from loans. The plant is licensed to produce 15,000 tons of
surfactant per year. Chemical for textile industry types such as depsodye,
depsolube, edunine, lanapex, lanaryl and permalose. Some 40% of the products is
exported to Malaysia, Australia, Thailand, the Philippines, Vietnam, Srilanka,
etc., while the other 60% is for local textile industries among are P.T. KITM
TEXTILE INDUSTRY, P.T. INSANSANDANG INTERNUSA, P.T. ARGO MANUNGGAL INDUSTRY,
P.T. INDORAMA SYNTHETIS Tbk and others.
Besides, P.T. CI
also import of industrial chemical from various countries of CRODA Group
companies. Meanwhile some of the products is also supplied to various
industries such as personal care industries, soap industries and other
industries. P.T. CI belongs to a medium- sized company of its kind and the
operation had been growing in the last three years.
The domestic
demand for various types of chemical products had been rising by 8% to 10% on
the average per annum in the last five years in line with the rapid growth of various
industrial sectors including paint industry, plastic, ink, textile, rubber,
printing and others in the above period of times as the consumers. But, later
dwindled as the global economic slowdown since October 2008, followed by tight
money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the
country. Market competition is very
tough on account of large number of other similar companies operating in the
country. P.T. CI business position in this case is not too badly because it has
built regular customers and extensive marketing network all across the country.
Imports of Raw Materials and Auxiliary Goods, 2004-2011
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2004 |
1,456.7 |
568,6 |
2,236.3 |
15,357.8 |
|
|
2005 |
1,325.3 |
830,4 |
2,064.0 |
17,407.0 |
|
|
2006 |
1,352.2 |
909,1 |
2,438.7 |
18,050.7 |
|
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
|
Source:
Central Bureau of Statistic (BPS)
Until this time
P.T. CI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. We observed that total
sales turnover of the company in 2010 amounted to Rp. 87.5 billion rose to Rp.
94.0 billion in 2011 to Rp. 98.0 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. 9.0 billion and the company has an estimated total networth of
at least Rp. 55.0 billion. We observe that P.T. CI is supported by foreign
partner 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). Based on information obtained from some customers, the payment
habit of the company is smooth ranging from 1 to 3 months.
The management
of P.T. CI is led by Dr. Anand Aminbhavi (59) a professional manager of India
with experience in surfactants industry and trade. Daily operation in Indonesia
is runs by Mr. Arthur Donald Knox (50), Mr. Ritesh Tanna (39) and Mr. Rupark
Sarswat (41) as Directors.
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. CRODA INDONESIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
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.