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Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DIC ASTRA
CHEMICALS |
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|
|
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Registered Office : |
Jl. Pulobuaran Raya Blok III-DD5-10, Kawasan Industri
Pulogadung, Jakarta Timur |
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Country : |
Indonesia |
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Date of Incorporation : |
07.02.1990 |
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|
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Com. Reg. No.: |
No.
AHU-AH.01.10-22857 |
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Legal Form : |
Limited
Liability Company |
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|
|
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Line of Business : |
Manufacturing
of Coloring Chemical for Textile, Plastic and Leather |
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No. of Employees : |
180 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 |
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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 |
|
Restricted |
C2 |
|
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 |
P.T. DIC ASTRA CHEMICALS
Head
Office & Factory
Jl. Pulobuaran Raya Blok III-DD5-10
Kawasan Industri Pulogadung
Jakarta Timur
Indonesia
Phones -
(62-21) 460 3255 (hunting)
Fax - (62-21) 460 5557
Land Area - 2,800 sq.
meters
Building Space - 2,200 sq. meters
Region - Industrial
Estate
Status - Rent
07
February 1990
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
C2-4817.HT.01.01.TH.90
Dated
15 August 1990
b. No. AHU-12010.AH.01.02.Tahun 2009
Dated 08 April 2009
c. No.
AHU-AH.01.10-22857
Dated
22 June 2012
Foreign
Investment Company (PMA)
Permit
by the Government Department :
a. The
Department of Finance
NPWP No. 01.061.969.0-052.000
b. The President of the Republic of Indonesia
No. B-264/Pres/11/1989
Dated 20 November 1989
c. The Capital Investment Coordinating Board
-No. 247/I/PMA/1989
Dated 07 December 1989
-No. 66/II/PMA/1997
Dated 22 April 1997
Affiliated
/Associated Company :
a.
A member of the ASTRA Group of Indonesia
b.
A member of the DIC Group of Japan
Capital
Structure :
Authorized Capital - US$ 18,000,000 (Rp. 32,310,000,000.-)
Issued Capital - US$ 18,000,000 (Rp.
32,310,000,000.-)
Paid up Capital - US$ 18,000,000 (Rp.
32,310,000,000.-)
Shareholders/Owners
:
a. DIC CORPORATION - US$ 13,500,000.- (75%)
Address:
Waterras Tower, 101
Kanda Awajicho 2-Chome
Chiyoda-ku, Japan
b. PT. ASTRAO OTOPARTS Tbk - US$
4,500,000.- (25%)
Address:
Jl. Pegangsaan Dua Km. 2,2
Kelapa Gading
Jakarta Utara – Indonesia
Lines
of Business :
Manufacturing
of Coloring Chemical for Textile, Plastic and Leather
Production
Capacity :
a. Flame Retardant Compounds - 800 tons p.a.
b. Coloring Compounds - 6,500 tons p.a.
c. Coloring for PVC, PE, PS, ABS and PP - 4,200 tons p.a.
d. Coloring for textile, leather and Paint - 1,500 tons p.a.
e. Binding Agent for Textile and Leather - 1,000 tons p.a.
Total
Investment :
a. Equity Capital - US$. 18.0 million
b. Loan Capital - US$. 2.8 million
c. Total Investment - US$. 20.8 million
Started
Operation :
September
1991
Brand
Name :
DIC
ASTRA CHEMICALS
Number
of Employee :
180
persons
Marketing
Area :
Local -
80%
Export - 20%
Main
Customers :
a.
Plastic, Textile, Leather and Paint Industries
b.
Overseas buyers in Japan, Malaysia, Singapore, Vietnam, Australia and New
Zealand
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. United Chemicals Inter Aneka
b.
PT. Wadah Makmur Kencana
c.
PT. Dunia Kimia Utama
d. PT. Halim Sakti Pratama
e. PT. Kharindo Prakarsa
f. PT. Indokemika
Jayatama
g.
PT. Lautan Luas Tbk
Business
Trend :
Fluctuating
B a n k e r s :
a. The
Bank of Tokyo-Mitsubishi UFJ Ltd
MidPlaza
Building
Jl.
Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
b. P.T.
Bank MANDIRI Tbk
Plaza
Mandiri
Jl. Jend. Gatot Subroto Kav.36-38
Jakarta Selatan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
detrimental filling was recorded at the local court
Annual
Sales (estimated) :
2009
– Rp. 153.0 billion
2010
– Rp. 179.5 billion
2011
– Rp. 165.0 billion
2012
– Rp. 160.0 billion
Net
Profit (estimated) :
2009
– Rp. 6.8 billion
2010
– Rp. 7.8 billion
2011
– Rp. 7.2 billion
2012
– Rp. 6.5 billion
Payment
Manner :
Fairly good
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Takeshi Fujioka
Directors -
a. Mr. Kazuo Kudo
b. Mr. Gustav Afdhol Husein
c. Mr. Yoshiki Sugiura
d. Mr. Ignatius Robby Sani
e. Mr. Ridwan Sjahjadi
f. Mr.
Etsuo Sawada
Board of Commissioners :
President Commissioner - Mr. Kiyotaka Kawashima
Vice President Commissioner - Mr. Darmawan Widjaja
Commissioner - Mr. Shuichi Okamoto
Signatories :
President
Director (Mr. Takeshi Fujioka) or one of
the Directors (Mr. Kazuo Kudo, Mr. Gustav Afdhol Husein, Mr. Yoshiki
Sugiura, Mr. Ignatius Robby Sani, Mr.
Ridwan Sjahjadi or Mr. Etsuo Sawada)
which must be approved by Board of Commissioners (Mr. Kiyotaka
Kawashima, Mr. Darmawan Widjaja and Mr. Shuichi Okamoto)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under guarantee
P.T.
DIC ASTRA CHEMICALS (P.T. DAC) was established in Jakarta based on notarial
deed No. 107 dated 7 February 1990 of Arikanti Natakusumah, SH., a notary in
Jakarta with an authorized capital of US$ 10,000,000.- entirely issued, of
which US$ 2,000,000.- was paid up. The company was founded by P.T. FEDERAL
MOTOR (of Indonesia), DAINIPPON INK & CHEMICALS Inc., (DIC) and SUMITOMO
CORPORATION (both of Japan) as the original shareholders. The Deed of establishment has been approved by the Minister of Justice of
the Republic of Indonesia through Decision Letter No. C2-4817.HT.01.01.TH.90
dated 15 August 1990.
P.T.
DAC's notarial act was since revised a couple of times. In early 1997 the
company's authorized capital was increased to US$ 14,000,000.- wholly issued
and paid up. On this occasion the above local partner withdrew and was replaced
by P.T. ASTRA OTOPARTS Tbk. (ex-P.T. ASTRA DIAN LESTARI Tbk.). The Deed of amendment has been approved by the
Minister of Justice and Human Rights through Decision Letter No.
C2-19580.HT.01.04.TH.98 dated 13 October 1998.
Latest
based on notarial Deed No. 10 dated 1 June 2012, SUMITOMO CORPORATION pulled
out of the company. Since at the time,
the shareholder of P.T. DAC are DIC CORPORATION (75%) of Japan and P.T. ASTRA
OTOPARTS Tbk. (25%) of Indonesia. The amendment to Articles of Association has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia through
Decision Letter No. AHU-AH.01.10-22857 dated 22 June 2012. No changes have
been effected in term of its shareholding composition and capital structures to
date.
We
note that the local partner, P.T. ASTRA OTOPARTS Tbk., is a publicly listed member
of the ASTRA Group, the biggest national private business group at present in
Indonesia in automotive assembling, sole agency and distribution.
DIC
Corporation, one of the world’s leading diversified chemical companies, is also
the core of the DIC Group, a multinational organization with a network
comprising more than 180 companies in 64 countries and territories
worldwide. Established in 1908 as a
manufacturer of printing inks, DIC has capitalized on its extensive
technologies, know-how and experience in the years since to transform itself
into a global powerhouse in key fields of endeavor. Today, DIC and the companies of the DIC
Group supply an extensive lineup of products in four business segments: Printing
Inks & Supplies, Neo-Graphic arts Materials, Synthetic Resins and Chemical
Solution Materials.
P.T.
DAC operates under Foreign Investment (PMA) facilities in chemicals for
colorant of textiles, plastic and leather goods manufacturing. The company's
plant located on a some 3.8 hectare land in the Pulogadung Industrial Estate,
Jalan Pulobuaran Raya Block III-DD/No. 5-10, East Jakarta has been in
commercial operation since September 1991. The plant has been expanded several
times and now has a production capacity as listed under point 8 of this report.
Building of the plant has cost an investment of US$ 16.8 million (US$ 14.0
million from company capital and the balance from loans). Mr. Sumitro, a senior staff of the company
explained that about 80% of the company's production is marketed in the country
among various plastic, textile, leather, paint and other industries, with the
rest being exported to Japan, Malaysia, Singapore, Vietnam, Australia and New
Zealand. We observed that P.T. DAC is
classified as a medium sized company in the country dealing with chemicals for
colorant of textile, plastic and leather goods manufacturing of which the
operation had been declining in the last five years.
Until
this time P.T. DAC has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of P.T. DAC 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. 179.5 billion declined to Rp.165.0 billion in
2011 declined again to Rp. 160.0 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. 6.5 billion and the company has an estimated total net worth of
at least Rp. 120.0 billion. 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.
Since
June 2012, the Company’s management is headed by Mr. Takeshi Fujioka (47), a
professional manager of Japan with broad experience in chemicals products
trading and processing. In his daily activities, he is assisted by six
directors namely Mr. Kazuo Kudo (59), Mr. Gustav Afdhol Husein (58), Mr.
Yoshiki Sugiura (51), Mr. Ignatius Robby Sani (57), Mr. Ridwan Sjahjadi (53)
and Mr. Etsuo Sawada (53). 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.
Considering
the operation of P.T. DAC declined in the last three years and also economic
condition in the country is still unstable, we recommend to treat prudently in
extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.88 |
|
UK Pound |
1 |
Rs.83.65 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.