|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. COLORINDO ANEKA CHEMICALS |
|
|
|
|
Registered Office : |
Jalan Raya
Citeras, Rangkas Bitung Km. 1.8, Desa Cikande, Kec. Cikande Kp. Banjarasari RT.01,
RW.02., Serang 42186, Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
19.01.1989 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-21562 |
|
|
|
|
Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Dyestuff Industry |
|
|
|
|
No. of Employees : |
665 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 (31.03.2012) |
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 |
Name of Company :
P.T. COLORINDO
ANEKA CHEMICALS
A d d r e s s :
Head Office &
Factory
Jalan Raya Citeras
Rangkas Bitung Km.
1.8
Desa Cikande, Kec.
Cikande
Kp. Banjarasari
RT.01, RW.02.
Serang 42186, Banten Province
Indonesia
Phone -
(62-254) 402288 (Hunting), 401261-66
Fax. - (62-254) 401267
Email - info@colorindo.com
Website - http://www.colorindo.com
Land Area - 25.0 hectares
Building Space - 5.5 hectares
Region - Commercial
Status - Owned
Date of Incorporation
:
a. 19 January 1989 as P.T. COLORINDO CHEMICALS
b. 04 August 1989 as P.T. COLORINDO ANEKA CHEMICALS
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C-5572.HT.01.04.TH.2001
Dated 23 April 2001
b. No. AHU-19620.AH.01.02.Tahun 2009
Dated 08 May 2009
c. No.
AHU-AH.01.10-21562
Dated 08 July 2011
Company Status
:
Domestic Investment Company (PMDN)
Permit by the Government Department :
a. The Department of
Finance
NPWP No. 01.483.476.6-415.000
b. The Capital
Investment Coordinating Board
a. No. 378/I/PMDN/1989
Dated 16 June 1989
b. No. 858/III/PMDN/1991
Dated 8 October 1991
a. P.T. CIKANDE
INDSUTRIAL ESTATE (Industrial Estate Development)
b. P.T. KRIKRAS
(Metal Printing and Can Making)
c. P.T. MARSICO
BISCUITS (Biscuit and Wafer Manufacturing)
d. P.T. POLKRIK
CHEMICAL (Textile Chemical Manufacturing)
Capital Structure :
Authorized Capital
- Rp. 9,675,000,000.-
Issued Capital - Rp. 9,675,000,000.-
Paid up Capital - Rp. 9,675,000,000.-
Shareholders/Owners :
a. Mr. Kadi
Marsudidjaja -
Rp. 9,645,000,000.- (99.7%)
Address : Jl. Pasar Baru Timur No. 20-21
Kel. Pasar Baru, Kec. Sawah
Besar
Central Jakarta - Indonesia
b. Mr. Indratno
Marsudidjaja -
Rp. 10,000,000.- ( 0.1%)
Address : Jl. Pasar Baru Timur No. 20-21
Kel. Pasar Baru, Kec. Sawah
Besar
Central Jakarta - Indonesia
c. Mrs. Indrajati
Marsudidjaja -
Rp. 10,000,000.- ( 0.1%)
Address : Taman Kebon Jeruk Blok F.1/12
Kel. Srengseng, Kec.
Kembangan
West Jakarta -
Indonesia
d. Mr. Indrati
Marsudidjaja -
Rp. 10,000,000.- ( 0.1%)
Address : Taman Kebon Jeruk Blok F.1/12
Kel. Srengseng, Kec.
Kembangan
West Jakarta - Indonesia
Lines of Business
:
Dyestuff Industry
Production
Capacity :
a. Disperse Dyestuff - 8,000
tons p.a.
b. Reactive Dyestuff - 2,000
tons p.a.
Total Investment :
a. Equity Capital - Rp. 9.7 billion
b. Loan Capital - Rp. 17.7 billion
c. Total
Investment - Rp. 27.4 billion
Started Operation :
November 1991
Brand Name :
BEGACRON for
disperse and POLKATIVE for reactive disperse
Technical Assistance :
HOECHST of Germany
Number of Employee :
665 persons
Marketing Area :
a. Local
(Domestic) - 15%
b. Export - 85%
Main Customer :
Buyers in Asian
countries and textile industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR
COLOURS INDONESIA
b. P.T. POLKRIK
CHEMICALS
c. P.T. CLARIANT 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
Jalan Kalibesar Barat No. 18
Jakarta Barat
Indonesia
b. DEUTSCHE Bank
AG
Deutsche Bank Building
Jalan Iman Bonjol 80
Jakarta Pusat,
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 330.0
billion
2010 – Rp. 380.0
billion
2011 – Rp. 412.5
billion
2012 – Rp. 448.0
billion
Net Profit (estimated)
:
2009 – Rp. 15.6 billion
2010 – Rp. 18.2
billion
2011 – Rp. 19.7
billion
2012 – Rp. 21.4
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President Director - Mr. Indratno Marsudidjaja, BSc
Directors -
a. Mr. Paulus Nusjirwan Tamin
b. Mr. Twindy Zakaria
c. Mr. Suhandy Sutanto
Board
of Commissioners :
President
Commissioner - Mr. Jamin Jabanto
Commissioners - a. Mrs. Lusmiti
Marsudidjaja
b. Mrs. Indrajati Marsudidjaja, BSc
Signatories :
President
Director (Mr. Indratno Marsudidjaja, BSc.) or one of the Directors (Mr. Paulus
Nusjirwan Tamin, Mr. Twindy Zakaria or Mr. Suhandy Sutanto) 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
Initially named
P.T. COLORINDO CHEMICALS, established in January 1989 with an authorized
capital of Rp. 5,000,000,000.- issued capital of Rp. 1,000,000,000.- entirely
paid up. The founding shareholders of the company are Mr. Kadi Marsudidjaja
(99.7%) and his three children Mrs. Indrati Marsudidjaja, MBA., (0.1%), Mrs.
Indrajati Marsudidjaja, BSc. (0.1%), and Mr. Indratno Marsudidjaja, BSc.
(0.1%). They are Chinese origin Indonesia business family. The articles of
association has been changed a couple of times. In August 1989 the company was
renamed P.T. COLORINDO ANEKA CHEMICALS. In December 1991, its authorized
capital was raised to Rp. 9,675,000,000.- wholly was issued of which Rp.
5,000,000,000.- was paid up. In
September 2000, the issued capital was raised Rp. 9,675,000,000.- entirely pad
up. The deed of amendment was made by Mrs. Agustina Junaedi, SH., a public
notary in Jakarta under Company Registration Number C-5572 HT.01.04.TH. 2001,
dated April 23, 2001.
The latest, in
September 2008, Mrs. Indrati Marudijdjaja, Mrs. Indrajati Marsudijaja and Mr.
Indratno Marsudijaja pulled out and the whole shares are sold to Mr. Jamin
Jabanto. The deed of amendment was made
by Mrs. Agustina Junaedi, SH., a public notary in Jakarta and has been approved
by the Minister of Law and Human Rights through Decision Letter No.
AHU-19620.AH.01.02.Tahun 2009 dated 8 May 2009. The latest based on notarial
Deed No. 17 dated May 27, 2011 of Hardi Widjaja, SH., Mr. Jamin Jabanto pulled
out again and replaced again by Mr. Indratno Marsudijaja, Mrs. Indrajati
Marsudijaja and Mrs. Indrajati Marsudidjaja.
The amendment to notarial Deed has been approved by the Minister of Law
and Human Rights through Decision Letter No. AHU-AH.01.10-21562 dated July 8,
2011.
We see that
the majority business stakes is controlled by Mr. Kadi Marsudidjaja and his
family members. The Marsudidjaja family is also founders and majority business
stakes owners of P.T. CIKANDE INDUSTRIAL ESTATE engaged in industrial estate
development, P.T. KRIKRAS engaged in metal printing and can making, P.T.
MARSICO BISCUITS in biscuit and wafer manufacturing and P.T. POLKRIK CHEMICAL
in textile chemical manufacturing.
P.T. OROLINDO ANEKA CHEMICALS (PT. CAC) is
a Domestic Capital Investment Company (PMDN) dealing with textile chemical
manufacturing. Its plant is located at Jalan Raya Citeras, Rangkas Bitung Km.
1,8, Serang, Banten Province, on a land of some 25.0 hectares. The plant had been operating since 1991. It
was licensed to produced disperse dyestuff of 4,000 tons, reactive dyestuff of
1,500 tons, sulphur dyestuff of 50 tons, direct dyestuff of 150 tons and acid
dyestuff of 50 tons respectively per years. The plant has absorbed an
investment of Rp. 27.4 billion come from owned capital of Rp. 9.7 billion and
the rest from loans. Meanwhile, sulphur
dyestuff, direct dyestuff an acid dyestuff has yet been produced up to
now.
The management of the company said to our
inquiry the company now only produces disperse dyestuff and reactive
dyestuff. At present the company produces
10,000 tons of dyestuff annually of which 80% being Disperse dyes and 20% being
Reactive dyes. The supplies of basic
materials in the form of Marasperse 52 CP, Reax 910, Reax 915, Lignosol SD-60,
Ultrazine NA, Lignosol FTA, Sodium Nitrite, Sodium Choride, Sodium Sulphte,
Acetic Acid, Hydroclorde Acid, Sulphuric Acid, Oxalic Acid, Magnesium Chloride
and others is imported from China, Europe and the USA. Besides, some of the raw
materials likes Sodium Sulphite and others used local product from P.T. ANEKA
KIMIA RAYA Tbk, P.T. LAUTAN LUAS Tbk, etc.
Some of 85% of the company’s products like
disperse dyestuff and reactive dyestuff is exported to Asian countries such as
Taiwan, Thailand, South Korea, Philippine, Singapore, Turkey, and Japan. While
the rest 15% is marketed locally using Begacron brand for disperse and
Polkative for reactive dyestuff. We
observed that P.T. CAC is a comparatively medium-sized industry of its kind in
the country and the operation had been growing well within the last five 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. There are eleven
domestic dyestuff producers which are still active with a combined production
capacity of 45,620 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 country’s garment industry is facing serious marketing problem
not only in the country but also abroad.
According to the Central Bureau of Statistics (BPS) the Indonesian
garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to
339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9
million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons
(US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 to
417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$
5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million)
in 2010 and to 450,900 tons (US$ 7,801.5 million) in 2011.
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 and declined to 1,493,3000 tons (US$ 5,563.3
million) in 2011.
The
export volume and value of the national TPT products in 2002 to 31 March 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* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
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 1,873.3 |
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 1,493.3 375.7 |
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 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
Until this
time P.T. CAC has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. P.T. CAC’s
management adopted very reclusive attitude towards outsiders and rejected to
unveil its financial condition but we estimated that the company’s operation in
2010 booked a total sales turnover of Rp. 380.0 billion increased to Rp. 412.5
billion in 2011 rose again to Rp. 448.0 billion in 2012 and estimated to be
rising by at least 8% in 2013. We estimated that P.T. CAC’s operation in 2012
yielded a total net profit of Rp. 21.4 billion with a total networth of Rp.
260.0 billion. So far, we have never
heard of the company having been black listed by the Central Bank (Bank
Indonesia). Besides, the company has a punctual payment habit within 1 to 2
months.
P.T. CAC’s
management is led by Mr. Indratno Marsudidjaja, BSc, (47), a son of Mr. Kadi
Marsudijaja (77), with experience in dyestuff manufacturing and trade. In daily activities, he is assisted by three
directors namely Mr. Paulus Nusjirwan Tamin (49), Mr. Twindy Zakaria (65) and
Mr. Suhandy Sutanto (54). The management is also handled by experienced
professional managers in dyestuff trading industry, trading and distribution
having wide relation with home and overseas private businessmen as well as with
the 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. COLORINDO
ANEKA CHEMICALS is considered to be good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.09 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.