MIRA
INFORM REPORT
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Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
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Name : |
PT. PQ SILICAS
INDONESIA |
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Registered Office : |
Jalan Rembang Industri Raya No. 24, Pasuruan Industrial Estate Rembang
(PIER), Bangil, Pasuruan 67152, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
28.05.1996 |
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Com. Reg. No.: |
No. AHU-AH.01.10-39745 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
·
Amorphous Silica Processing ·
Main Distributor, Import and Export of In Organic
Chemical Products |
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No. of Employees : |
77 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
BASIC SEARCH
Name of Company :
PT. PQ SILICAS INDONESIA
Address :
Head Office &
Factory
Jalan Rembang Industri Raya No. 24
Pasuruan Industrial Estate Rembang (PIER)
Bangil, Pasuruan 67152
East Java
Indonesia
Phones -
(62-343) 740114 (Hunting), 740106
Fax - (62-343) 740113
Land Area - 10,000 sq.
meters
Office Space - 8,500 sq.
meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
a. 28 May 1996 as PT.
CROSSFIELD INDONESIA
b. 1 February 2001 as PT.
INEOS SILICAS INDONESIA
c. 29 August 2008 as PT. PQ
SILICAS INDONESIA
Legal Form :
PT. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
AHU-84688.AH.01.02.TH.2008
Dated 12 November 2008
b. No. AHU-AH.01.10-39745
Dated 24 September 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.071.566.2-052.000
The President of the Republic of Indonesia
No. B-310/Pres/4/1996
Dated 25 April 1996
The Capital Investment Coordinating Board
- No. 381/I/PMA/1996
Dated 13 May 1996
- No. 791/III/PMA/1998
Dated 18 June 1998
- No. 959/III/PMA/1999
Dated 29 July 1999
- No. 60/III/PMA/2001
Dated 1 February 2001
- No. 257/II/PMA/2001
Dated 28 September 2001
Related Companies :
a. PQ GERMANY GMBH of Germany
(Investment Holding)
b. PQ INTERNATIONAL
COOPERATIE U.A. of Netherlands (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$
24,800,000.-
Issued Capital : US$
24,800,000.-
Paid up Capital : US$
24,800,000.-
Shareholders/Owners :
a. PQ GERMANY GMBH -
US$ 24,796,000.-
Address : AM Wachtelberg 8A, 04808 Wurzen
Germany
b. PQ INTERNATIONAL COOPERATIE U.A. -
US$ 4,000.-
Address : DE Brand 24, 3823 LJ Amersfoort
Netherlands
BUSINESS ACTIVITIES
Lines of Business :
a. Amorphous Silica
Processing
b. Main Distributor, Import
and Export of In Organic Chemical Products
Production Capacity :
Amorphous Silica - 10,000
tons p.a.
Total Investment :
a. Equity Capital - US$ 24.8 million
b. Loan Capital - US$
0.3 million
c. Total Investment - US$ 25.1 million
Started Operation :
May 1998
Brand Name :
PQ Silicas Indonesia
Technical Assistance :
PQ GERMANY GMBH, Germany
Number of Employee :
77 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Buyers in Asian and Southeast Countries
Market Situation :
Very Competitive
Main Competitors :
a. PT. ARBE CHEMINDO
b. PT. DARISA INTIMITRA
c. PT. EONCHEMICALS PUTRA
d. PT. ETERINDO WAHANATAMA Tbk
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. STANDARD CHARTERED BANK
Surabaya Main Branch
East Java, Indonesia
b. DEUTSCHE BANK AG
Surabaya Main Branch
East Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2010 – Rp. 213.0 billion
2011 – Rp. 221.0 billion
2012 – Rp. 229.8 billion
2013 – Rp. 117.5 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 18.1 billion
2011 – Rp. 19.2 billion
2012 – Rp. 19.8 billion
2013 – Rp. 10.2 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Asrofi Sidqon, MSc
Director - Mr. Ir. Slamet Pramono
Board of Commissioners :
President Commissioner - Mr. Koentoro Wreksoatmodjo
Commissioners - a. Mr. William James Sichko Junior
b. Mr. Erwin Johan Goede
Signatories :
President Director (Mr. Ir. Asrofi
Sidqon, MSc.) or the Director (Mr. Ir. Slamet Pramono) which must be approved
by Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Small amount – periodical review
OVERALL PERFORMANCE
Originally named PT. CROSFFIELD INDONESIA, the company was established
in October 1994 with an authorized capital of US$ 4,000,000 and an issued capital
of US$ 2,000,000 of which US$ 1,000,000 was paid up. The company was founded by
two companies of the Netherlands, namely DOMA B.V. and MAVIBEL (MAATSCHAPPIJ
VOOR INTERNATIONALE BELEGGINGEN) B.V., as the original shareholders. In July
1998 the authorized capital was increased to US$ 24,800,000 entirely issued and
paid up. On this occasion the above two shareholders withdrew and were replaced
by IMPERIAL CHEMICAL INDUSTRIES PLC of the UK and ICI ALPHA B.V. of the
Netherlands. In February 2001 the company's name was changed to PT. INEOS
SILICAS INDONESIA.
Concurrently the above two shareholders pulled out and were replaced by
two companies of the UK, namely INEOS SILICAS HOLDINGS LIMITED and INEOS
HOLDINGS LIMITED. Later in August 2008 the company’s name was changed again to
PT. PQ SILICAS INDONESIA (PT. PSI). Concurrently the whole shares had been
taken over by PQ GERMANY GMBH of Germany (99.98%) and PQ INTERNATIONAL
COOPERATIE U.A. of the Netherlands (0.02%). The company’s latest revision of
notary act was made by Mrs. Titi SADW Bagiono, SH., M.Hum, was approved by the
Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-39745,
dated 24 September 2013.
PT. PSI operates under Foreign Investment (PMA) facilities in amorphous
silica processing, by managing a plant located on a 10,000 sq. meter land plot
in Pasuruan, East Java. The plant started production in May 1998, but due to
the economic crisis and the steep Rupiah depreciation to foreign currencies at
the time, the plant in the same year suspended operation for five months. The
production achieved up to end 1998 was relatively very small. With the national
economy showing improvement in early 1999, PT. PSI was revived, bringing its
plant back into production. PT. PSI has an installed production capacity of
10,000 tons of precipitated silica (white carbon) per year. In 1999 the plant
was able to produce just 4,800 tons, which in 2000 increased to 5,400 tons and
in 2001 went up further to 6,600 tons and the latest reached to 9,000 tons in
2010.
The main basic material in the form of water glass is entirely imported
from Malaysia and South Africa, while industrial salt is imported from
Australia. The company's production is marketed under the brands of SORBOSIL TM
(Toothpaste Silicas), GASIL (Anti Blocking Silicas), NEOSYL, MICROCAL, MICROSIL
and LUSIL (Anti Caking/Free Flow Aids and Rubber Filters). At present about 50%
of PT. PSI's production is exported to Malaysia, the Philippines, India,
Thailand, Vietnam, China, Japan, Australia, South Africa with the rest being
supplied to various local companies producing tooth paste, rubber filler/rubber
compound, plastic industry, food and drink industry and pharmaceutical
industry.
An amorphous silica suitable for use in a dental composition has a
weight mean particle size in the range 3 to 15 μm with at least 90 per
cent by weight of particles having a size below 20 μm, a Radioactive
Dentine Abrasion (RDA) determined on an aqueous slurry of the silica powder of
100 to 220, a Pellicle Cleaning Ratio (PCR), when incorporated in a dental
composition at 10 per cent by weight, greater than 85, the ratio of PCR to RDA
being in the range 0.4:1 to less than 1:1 and having a Plastics Abrasion Value
(PAV) in the range 11 to 19. Silica having the above properties is prepared by
a precipitation route. The silica made available by the invention is also
useful as an anti-blocking agent in plastics. In 2001 PT. PSI became main
distributor, export and export inorganic chemicals by using an investment of
US$ 0.3 million totally from loan. We consider PT. PSI to have been running
well and making good progress in the last three years.
We find that the domestic demand for precipitated silica (white carbon)
was developing well and rising in the last five years in line with the growth
of such manufacturing industries as the tooth paste industry, rubber
filler/rubber compound industry, plastic industry, food & drink industry
and pharmaceutical industry. The demand is projected will be higher by at least
6% in the next two to three years. Competition is very heavy with there a lot
off companies now operating in the above business line in the country, namely
PT. TIRTA BENING MULIA with a production capacity of 8,000 tons per year, PT.
PQ SILICAS INDONESIA with a production capacity of 10,000 tons/year, PT. DARISA
INTIMITRA with a capacity of 20,000 tons/year and other companies. Besides,
also available is imported white carbon from P.R. China, Taiwan, South Korea,
Japan, Canada and other countries selling at quite competitive prices. We
consider PT. PSI to be doing not very badly with the company having already
established a wide domestic and export marketing network.
Until this time PT. PSI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of PT. PSI 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. 213.0 billion rose to Rp. 221.0 billion in 2011
increased to Rp. 229.8 billion in 2012. As from January to June 2013 the sales
has amounted of Rp. 117.5 billion with a net profit of Rp. 10.2 billion. It is
projected the sales turnover will be rising by at least 6% in 2014. The company
has an estimated total networth of at least Rp. 102.0 billion. We observe that
PT. PSI 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 PT. PSI is led by Mr. Ir. Asrofi Sidqon, MSc (44) a
president director with experience in amorphous silica processing industry. In
day-to-day operations he is assisted by Mr. Ir.
Slamet Pramono (47) as director. The company's management is further handled by
experienced personnel in the amorphous silica processing industry. 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. PT. PQ SILICAS INDONESIA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.89 |
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|
1 |
Rs.101.14 |
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Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.