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Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RUDOLF CHEMICALS INDONESIA |
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|
|
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Registered Office : |
Jababeka Industrial Park, Jalan Jababeka SFB Kav. K-2 FGH, Cikarang,
Lemahabang Bekasi, 17530 |
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|
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Country : |
Indonesia |
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|
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Date of Incorporation : |
09.05.1995 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-11240 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Specialty Chemical Industry |
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No. of Employees : |
75 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 – 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 |
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. RUDOLF CHEMICALS INDONESIA
Address :
Head Office &
Factory
Jababeka Industrial Park
Jalan Jababeka SFB Kav. K-2 FGH
Cikarang, Lemahabang
Bekasi, 17530
Indonesia
Phones -
(62-21) 893 5171- 72, 893 6542, 893 30320
Fax - (62-21) 893 5173, 893 7832
E-mail - sales@rudolf.co.id
Website - http://www.rudolf.co.id
Land Area - 5,000 sq.
meters
Building Space - 2,500 sq. meters
Region - Industrial
Estate
Status - Owned
Branch Offices
a. Jalan Raya Gado Bangkong No. 94 E
Kelurahan Bangkong, Kecamatan Ngamprah
Padalarang, 40552
West Java
Indonesia
Phones -
(62-22) 664 8003, 664 8004, 663 2422
Fax - (62-22) 665 3648
E-mail - rcibdg@rudolf.co.id
Land Area -
1,000 sq. meters
Building Space - 100 sq. meters
Region - Industrial Zone
Status - Rent
b. Jalan Supriadi No. 100
Semarang, 50198
Central Java
Indonesia
Phones -
(62-24) 673 4634, 670 6023, 670 6057
Fax - (62-24) 671 1527
E-mail - rcismg@rudolf.co.id
Land Area - 800
sq. meters
Building Space - 100 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
a. 9 May 1995 as P.T.
RUDOLF POLY CHEMICALS
b. 28 February 2002 as P.T.
RUDOLF CHEMICALS INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C2-3114
HT.01.01.TH.96
Dated 29 February 1996
- No. C-14536 HT.01.04.TH.2002
Dated 5 August 2002
- No.
AHU-04459.AH.01.02.TH.2009
Dated 19 January 2009
- No. AHU-AH.01.10-11240
Dated 2 April 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.071.047.3-052.000
The President of
the Republic of Indonesia
No. B-162/Pres/4/1995
Dated 5 April 1995
The Capital
Investment Coordinating Board
- No. 205/I/PMA/1995
Dated 26 April 1995
- No. 3550/II/PMA/2000
Dated 12 December 2000
- No. 713/III/PMA/2004
Dated 23 July 2004
Related Company :
P.T. RUDOLF POLYMER INDONESIA (Polymer Processing)
Capital Structure :
Authorized Capital : US$
2,000,000.-
Issued Capital : US$ 1,800,000.-
Paid up Capital : US$ 1,800,000.-
Shareholders/Owners :
a. IB INDUSTRIESCHEMIE-BETEILIGUNGS GmbH -
US$ 1,799,998.-
Address :
Streestrabe 3-7
8192 Geretstried
Germany
b. Mr. Wolfgang
Schumann -
US$ 2.-
Address : Tattenkofenestrasze, 24
Germany
Lines of Business :
Specialty Chemical Industry
Production Capacity :
Textile Auxiliaries -
6,500 tons p.a.
Total Investment :
a. Equity Capital - US$ 1.8 million
b. Loan Capital - US$ 0.6 million
c. Total Investment - US$ 2.4 million
Started Operation :
1996
Brand Name :
Rudolf Chemicals
Technical Assistance :
IB Industrieschemie-Beteiligungs GmbH., Germany
Number of Employee :
75 persons
Marketing Area :
Local - 100%
Main Customer :
Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. APOLLO AGUNG CHEMICAL INDUSTRY
b. P.T. DUMACHO CHEMICALS
c. P.T. MATSUMOTOYUSHI INDONESIA
d. P.T. SARICHEM POLYWARNA
e. Etc.
Business Trend :
Growing
Bankers :
a. DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam
Bonjol No. 80
Jakarta
Pusat
Indonesia
b. P.T. Bank DANAMON
INDONESIA Tbk
Menara Bank Danamon 5th Floor
Jalan Prof. Dr. Satrio Kav. E4 No. 6
Mega Kuningan
Jakarta Selatan, 12950
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 48.0 billion
2011 – Rp. 53.0 billion
2012 – Rp. 58.0 billion
Net Profit (estimated) :
2010 – Rp. 3.4 billion
2011 – Rp. 3.9 billion
2012 – Rp. 4.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Ir. Andy Solaiman Susetio
Board of Commissioners :
President Commissioner - DR. Wolfgang Anton Schumann
Commissioners - a. Mr. Ernst Wolfgang
Franz Schumann
b.
DR. Oliver Kusterle
Signatories :
Director (Mr. Ir. Andy Solaiman
Susetio) 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
Based on investigation the correct name of the Subject is P.T. RUDOLF
CHEMICALS INDONESIA not P.T. RUDOLF CHEMICALS as stated in your order ref. no.
227885 dated 2 July 2013. The complete address is located at Kawasan Industri
Jababeka, Jalan SBF Kav. K-2 FGH, Cikarang, Bekasi, West Java, not Jalan Raya
Narogong Km. 26.5, Klapanunggal, Bogor, West Java. However, the company is
registered on P.T. RUDOLF POLYMER INDONESIA not P.T. RUDOLF CHEMICALS
INDONESIA.
Originally the company named P.T. RUDOLF POLY CHEMICALS was established
in Bekasi, West Java on 9 May 1995 with the authorized capital of US$ 1,000,000
issued capital of US$ 800,000 fully and paid up. The company was founded by
SCHUMANN AG of Germany and P.T. SURYA STRESNA of Indonesia. The company notary
deed has been changed a couple of times and on 28 February 2002 the company
name was changed to P.T. RUDOLF CHEMICALS INDONESIA (P.T. RCI). After that in
January 2009 the company authorized capital was increased to US$ 2,000,000
issued capital to US$ 1,800,000 fully and paid up. On the same occasion the
whole shares was taken over by IB INDUSTRIECHEMIE-BETEILIGUNGS GmbH of Germany
and DR. Wolfgang Schumann of Germany. With this development the composition of
its shareholders has been changed to become IB INDUSTRIECHEMIE-BETEILIGUNGS
GmbH (99.99%) and DR. Wolfgang Schumann (0.01%).
Then according to the latest revision of notary documents of Mr. Satria
Amiputra Amimakmur, SH., M.Kn., No. 33 dated 12 January 2012 the company board
of director and the board of commissioner had been changed. The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-11240 dated April 2, 2012.
P.T. RCI is obtained Foreign Capital Investment (PMA) company facility
to deal with specialty chemicals industry. The plant is located at Kawasan
Industri Jababeka, Jalan SBF Kav. K-2 FGH, Cikarang, Bekasi, West Java standing
on 5,000 sq. meters. The plant has been commenced commercial production since
1996 by produces of textile auxiliaries of 6,500 tons respectively per annum.
P.T. RCI cooperation with RUDOLF CHEMIE GmbH as the parent company has a range
of textile testing laboratories of international standard. Ranging from
identification of fiber (fiber dentification), textile performance testing,
analysis of water (water analysis), fire resistance test (flammability testing)
to test the product with regard to the effect on the environment (Eco - textile
testing). P.T. RCI and customer are concerned about the ecology, there is a growing
demand for green textiles. The company helps both buyers and manufacturers
satisfy the most stringent international eco testing requirements. The type of
auxiliaries products are pretreatment, dyeing, printing, finishing and sizing.
P.T. RCI is a company that since its inception in customer-focused design.
Service to customers is extended to perform tests and provide advice in the
form of textiles recipes textile applications for the development of products
and processes specific customer property including adequate marketing support.
The whole products marketed locally to various textile industries in West Java,
Solo, and Central Java. We observe the operation of P.T. RCI has been growing
and developing well in the last three years.
Generally, the demand for textile chemicals such as dyestuff, textile
auxiliaries, and others tended to be fluctuating within the last five years in
line with the fluctuating of Indonesian textile industry in general. 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
1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million)
in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6
tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in
2010 decreased to 1,493.3 tons (5,563.3 million) in 2011 increase to 1,508.5
tons (US$ 5,278.1 million) in 2012.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.), Japan, and European Union region. While this year’s
the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian
Textile Association (API), Mr. Benny Soetrisno said that the decline in global
purchasing power caused of the demand in the Indonesian textile products could
not be able to grow as tight as 2008. The export volume and value of the
national TPT products in 2002 to 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
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 |
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 |
Source: Central
Bureau of Statistic
Until this time P.T. RCI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of the company 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. 48.0 billion rose to Rp. 53.0 billion in
2011 increased to Rp. 58.0 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. 4.6 billion and the company has an estimated total networth of at
least Rp. 17.0 billion. We observe that P.T. RCI 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 management of P.T. RCI is led by Mr. Ir. Andy Solaiman Susetio (44)
a professional manager with experience in textile auxiliaries manufacturing and
trading. 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. RUDOLF CHEMICALS
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.