|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR SYNO KIMIA |
|
|
|
|
Registered Office : |
Bekasi International Industrial Estate Block C 8 No. 4-6 Desa Sukaresmi, Lemahabang Cikarang, Bekasi, 17550 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
19.09.1990 |
|
|
|
|
Com. Reg. No.: |
No. AHU-52504.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
C.P.C. Intermediate for Dyestuff and Cyanine Pigments Processing |
|
|
|
|
No. of Employees : |
253 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 – 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. SINAR
SYNO KIMIA
Head Office
Bekasi
International Industrial Estate Block C 8 No. 4-6
Desa Sukaresmi,
Lemahabang
Cikarang, Bekasi,
17550
West Java
Indonesia
Phones -
(62-21) 897 2390 (Hunting)
Fax - (62-21) 897 2388
E-mail - ptssk@sinarsyno.com
Website - http://www.sinarsyno.com
Land Area - 200,000 sq.
meters
Building Space - 23,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
19 September 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
:
The Ministry of Law and Human Rights
- No. C2-3272.HT.01.01.TH.91
Dated 23 July 1991
- No. AHU-AH.01.10-05885
Dated 13 May 2009
- No. AHU-52504.AH.01.02.TH.2011
Dated 28 October 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.09.256.4-052.000
The President of the Republic of Indonesia
No.
B-246/Pres/7/1990
Dated 31 July
1990
The Capital Investment Coordinating Board
- No. 254/I/PMA/1990
Dated 13 August 1990
- No. 87/III/PMA/1993
Dated 18 February 1993
- No. 110/II/PMA/1993
Dated 25 October 1993
- No. 47/III/PMA/1995
Dated 6 February 1995
- No. 26/II/PMA/1996
Dated 23 January 1996
- No. 228/II/PMA/2000
Dated 8 September 2000
- No. 1407/III/PMA/2003
Dated 15 December 2003
- No. 93/II/PMA/2006
Dated 3 April 2006
Related
Company :
A Member Company
of the SINAR MAS Group
Capital
Structure :
Authorized
Capital : Rp.
124,988,000,000.-
Issued Capital : Rp. 124,988,000,000.-
Paid up Capital : Rp.
124,988,000,000.-
Shareholders/Owners
:
a. S.K. CORPORATION LTD. - Rp. 62,494,000,000.-
Address :
Flat B 16 F Shun Fai Building
64 66A,
Kimberly Ruad
Malaysia
b. P.T.
SINAR MAS -
Rp. 62,494,000,000.-
Address : Wisma BII
Jl. M.H.
Thamrin Kav. 22
Jakarta Pusat
Indonesia
Lines of
Business :
C.P.C. Intermediate for Dyestuff and
Cyanine Pigments Processing
Production
Capacity :
a. CPC Blue Intermediate - 2,600 tons
p.a.
b. CPC Green Intermediate - 400 tons
p.a.
c. Cyanine Blue Pigment - 280 tons
p.a.
d. Cyanine Green Pigment - 170 tons p.a.
e. Direct/Reactive/Disperse Dyes -
1,800 tons p.a.
f. Brightening Agent - 30,000 tons p.a.
g. Printing Inks - 1,800 tons p.a.
Total
Investment :
a. Equity Capital - US$
8.0 million
b. Loan Capital - US$
9.5 million
c. Total Investment - US$ 17.5 million
Started
Operation :
1992
Brand Name :
Sinar Syno Kimia
Technical
Assistance :
S.K. Corporation
Ltd., Malaysia
Number of
Employee :
253 persons
Marketing Area
:
Export -
60%
Local - 40%
Main Customer
:
a. Leather Industry
b. Paint Industry
c. Pulp and Paper Industry
d. Textile Industry
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CLARIANT
INDONESIA
b. P.T. COLORINDO ANEKA CHEMTRA
c. P.T. DYSTAR COLOURS INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan M.H.
Thamrin Kav. 22
Jakarta Pusat
Indonesia
b. P.T. Bank
SINARMAS
Plaza BII
Jalan M.H.
Thamrin Kav. 50-51
Jakarta Pusat
Indonesia
c. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor :
Richard
Risambessy & Rekan
Litigation :
No litigation
record in our database
Annual Sales :
2009 – Rp. 417.7
billion
2010 – Rp. 451.3
billion
2011 – Rp. 475.0
billion (estimated)
2012 – Rp. 497.0
billion (estimated)
Net Profit :
2009 – Rp. 16.5
billion
2010 – Rp. 22.4
billion
2011 – Rp. 24.8
billion (estimated)
2012 – Rp. 29.8
billion (estimated)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Suphat Sivasriamphai
Vice President Director -
Mr. Muktar Widjaja AKA Oei Siong Lian
Directors -
a. Mr. Venkatachalam
b. Mr. Pravat Suphavadeprasit
c. Mr. A Ie Saman
d. Mr. Siguan Tunaldi
Board of Commissioners :
President Commissioner -
Mr. Franky Oesman Widjaja Oei Jong Nian
Vice President Commissioner -
Mr. Pracha Sivasriamphai
Commissioners -
a. Mr. Joseph Jo Liat Tjiang
b. Mr. Kasem Sivasriampai
Signatories :
President Director (Mr.
Suphat Sivasriamphai) or Vice President Director (Mr. Muktar Widjaja) or one of
the Directors (Mr. Venkatachalam, Mr. Pravat Suphavadeprasit, Mr. A ie Saman or
Mr. Siguan Tunaldi) 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. SINAR SYNO
KIMIA (P.T. SSK) was established on September 19, 1990 with authorized capital of
US$ 1,800,000 all of it has been fully subscribed and paid up. The founders and
the shareholders of the Company are P.T. ANEKA SARAKINDO from Indonesia and
three companies from South Korea namely KYUNG IN SYNTHETIC CORPORATION, KYUNG
IN SYNTHETIC Co. Ltd., and SSANGYONG CORPORATION. The company notary deed had
been changed a couple of times. In the middle of 1993, the authorized capital
was increased to be US$ 3,600,000 and the issued company was increased to be
US$ 1,800,000 which was fully paid up. At the same time, SSANGYONG CORPORATION
resigned and replaced by P.T. ROLIMEX CORPORATION (from Indonesia) as new
shareholder.
On September
2001, the authorized capital was increased to be US$ 8,000,000 (Rp.
14,792,000,000), all of it has been fully subscribed and paid up. Since those
times the shareholder’s composition of P.T. SSK are P.T. SINAR MAS (50%) from
Indonesia and SPECTRA CHEMICALS Pte., Ltd., from Singapore (50%). Then on May
2008, the authorized capital was increased again to Rp. 101,013,000,000
entirely issued and fully paid up. The latest notary deed of amendment was made
by Ms. Yulia, SH, a public notary in Jakarta under Company Registration Number
AHU-AH.01.10-05885, dated May 13, 2009. Then according to the latest revision
of notary documents of Mrs. Yulia, SH., No. 35 dated 14 October 2011 the
company authorized capital was raised to Rp. 124,988,000,000 wholly issued and
paid up. On the same occasion SPECTRA CHEMICALS PTE, LTD., Singapore withdrew
and the whole share taken over by S.K. CORPORATION LTD., of Malaysia as new
shareholders. With this time the composition of its shareholders are P.T. SINAR
MAS (50%) and S.K. CORPORATION LTD., (50%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-52504.AH.01.02.TH.2011 dated October 28, 2011.
P.T. SINAR MAS
is parent company of the SINAR MAS Group, the greatest companies group in
Indonesia that presided over by Mr. Eka Tjipta Widjaja AKA (also known as) Oei
Ek Tjhong, an Indonesia businessman of Chinese descendant.
P.T. SSK is
foreign investments company that carrying out business in manufacturing of
C.P.C Intermediate for Dyestuff and Cyanine Pigments. They managed a factory in
Bekasi International Industrial Estate, Bekasi, West Java. The factory erected
on the land measuring of 20 hectares. The building factory’s extent is 2.35
hectares that consisting of plant, warehouse and office. The factory has been
operated since April 1992 with the investment as much as US$ 6.0 consisting of
the company’s capital as much as US$ 1.8 million and the loan for the rest. In
1993, P.T. SSK expanded its business by producing dying substances of direct,
reactive and disperses dyes kinds, as many as 1,200 tons per year. In 2000, the
company still expanded its business by producing optical brightening agent, as
many as 3,600 tons per year. Later in April 2006, P.T. SSK obtained permit from
the Capital Investment Coordinating Board (BKPM) to expanding of its products
by produces of Optical brightening Agent of 30,000 tons and Printing Inks of
1,800 tons respectively per annum. The expansion plant has absorbed an
investment of US$ 5.5 million originally come from loans. Mrs. Dewi, one of
marketing staff of P.T. SSK explained that nowadays, 60% products of the
company are exported to Europe, Latin America, USA, Bangladesh, Hong Kong,
Japan, Korea, Pakistan, Srilanka and Taiwan. About 40% of the company’s
products are sold in the domestic market especially to textile factory,
painting factory, paper mill, leather industry (tanning), etc.
P.T. SSK has
successfully exported its high quality products to more than 25 countries and
is effectively servicing user industries such as textile, paper, leather,
photographic printing and detergent industries. P.T. SSK produces four main
plants dedicated for optical brighteners, dyestuff, printing inks and paper
chemicals.
P.T. SSK
customers are P.T. ROLIMEX KIMIA NUSAMAS, P.T. KEMINDO INTERNATIONAL, P.T.
Pabrik Kertas TJIWI KIMIA Tbk, P.T. INDAH KIAT PUL & PAPER Tbk, P.T. PINDO
DELI PULP AND PAPER, P.T. PURINUSA EKA PERSADA, P.T. EKAMAS FORTUNA, P.T.
ASIATEX SINAR INDOPRATAMA, P.T. SINAR ANTJOL, P.T. PISMATEX TEXILE INDUSTRY,
P.T. RATNAJAYA INDAH UTAMA, P.T. KEMIRA IINDONESIA, P.T. KARANGBUANA INDAH,
P.T. ENGGAL SUBUR KERTAS, P.T. SURABAYA MEKABOX, and others. We observe that
P.T. SSK operation has been growing and developing well in the last thee 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 paper, textile, leather, photographic
printing and detergent industries in the above period 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. SSK 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)
According to financial
statement of P.T. SSK which ended 31 December 2009 amounted at Rp. 417.7
billion with a net profit of Rp. 16.5 billion increased to Rp. 451.3 billion
with a net profit of Rp. 22.4 billion. We estimated the sales turnover in 2011
amounted at least Rp. 475.0 billion rose to Rp.497.0 billion with a net profit
Rp. 29.8 billion in 2012. It is projected the sales turnover will be higher by
at least 5% in 2013. We observe that P.T. SSK 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). The
company usually pays its debts punctually to suppliers.
The company
usually pays its debts punctually to suppliers. Financial condense per 31
December 2009 and 2010 is attached below.
(In
Million Rupiah)
|
Descriptions |
As per 31 December |
|
|
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
281,541 |
245,940 |
|
b. Non Current Assets |
70,686 |
47,156 |
|
c. Other Assets |
13,569 |
210 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
352,205 |
293,096 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a. Current Liabilities |
109,899 |
89,317 |
|
b. Non Current
Liabilities |
24,247 |
8,141 |
|
c. Stockholders Equity
: -
Paid Up Capital -
Translation adjustment -
Retained Earnings Total Stock holders Equity |
124,988 12,284 80,786 218,058 |
124,988 9,611 58,366 195,638 |
|
C. INCOME STATEMENT |
|
|
|
a. Sales Net |
451,288 |
417,748 |
|
b. Gross Profit |
61,002 |
40,532 |
|
c. Net Profit |
22,420 |
16,512 |
Notes: Ended 31 March 2010 and 2009 Audited by Richard Risambessy &
Rekan
The management of
P.T. SSK is led by Mr. Suphat Sivasriamphai (67) a professional manager of
Thailand with experience in specialty chemical manufacturing. 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. SINAR SYNO KIMIA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
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.