|
Report Date : |
05.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. APOLLO AGUNG CHEMICAL INDUSTRY |
|
|
|
|
Registered Office : |
Jalan Kedung Halang Talang No. 135, Kedung Halang Bogor, Bogor Utara, West Java |
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|
|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
05.05.1980 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-24052 |
|
|
|
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Legal Form : |
Limited
Liability Company |
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|
|
|
Line of Business : |
Trader and
Distributor of Textile Chemicals
such as sizing agent, pigment, pre-treatment, dyeing, printing, and
finishing in Indonesia |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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. APOLLO AGUNG CHEMICAL INDUSTRY
Registered Office
Jalan
Kedung Halang Talang No. 135
Kedung
Halang Bogor
Bogor
Utara
West
Java
Indonesia
Phone -
(62-251) 656 886
Fax - (62-251) 656 886
Operational Office
Jalan
Paradise Timur Raya Block G II No. 1 & 2
Sunter Agung Podomoro
Jakarta Utara, 10350
Indonesia
Phones -
(62-21) 6404 690 (Hunting)
Fax - (62-21) 6400 522-23
E-mail - acci@cbn.net.id
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Building
Status - Rent
5 May 1980
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. Y.A. 5/2/1
Dated 2 January 1981
- No. AHU-66412.AH.01.02.TH.2008
Dated 19 September 2008
- No. AHU-AH.01.10-24052
Dated 14 June 2013
National
Private Company
The Department of
Finance
NPWP
No. 01.254.256.9-404.000
The Department of
Industry and Trade
TDP No. 10.04.1.52.00589
Dated
22 March 2006
P.T.
MEGASETIA AGUNG KIMIA (Trading and Distribution of Industrial Chemical)
Capital
Structure :
Authorized
Capital : Rp.
2,600,000,000.-
Issued
Capital :
Rp. 2,600,000,000.-
Paid
up Capital :
Rp. 2,600,000,000.-
Shareholders/Owners
:
a.
Mr. Sutedja Sidarta -
Rp. 1,124,500,000.-
Address : Jl
Rajawali Selatan VII/7 RT. 011 RW. 002
Kel. Gunung Sahari Utara, Kec. Sawah
Besar, Jakarta Pusat
Indonesia
b.
Mr. Iswanto Effendi -
Rp. 617,500,000.-
Address :
Jl. Ampasit Raya 12, RT. 011 RW. 002
Kel. Cideng, Kec. Gambir
Jakarta Pusat
Indonesia
c.
Mr. Halim Djunarto -
Rp. 364,000,000.-
Address : Jl. Jelambar Utara Raya No. 30, RT. 002
RW. 008, Kel. Jelambar,
Kec. Grogol
Petamburan, Jakarta Barat
Indonesia
d. Mrs. Siska Sidarta -
Rp. 260,000,000.-
Address : Jl
Rajawali Selatan VII/7 RT. 011 RW. 002
Kel. Gunung Sahari Utara, Kec. Sawah
Besar, Jakarta Pusat
Indonesia
e.
Mr. Ali Iskandar -
Rp. 169,000,000.-
Address :
Jl. Kembarmas IV No. 21, RT. 006 RW.
005, Kel. Pasirluyu, Kec. Regol,
Bandung, West Java
Indonesia
f.
Mrs. Rusmini Sidarta -
Rp. 65,000,000.-
Address :
Jl. Taman Indah Block ZE 12/6, RT. 009
011, Kedoya Barat, Kec. Kebon Jeruk
Jakarta Barat
Indonesia
Lines of Business :
Trading and
Distribution of Textile Chemicals
Production Capacity :
None
Total Investment :
None
Started Operation :
1982
Brand Name :
Apollo Agung Chemical
Industry
Technical Assistance
:
None
Number of Employee :
15 persons
Marketing Area :
Local - 100%
Main Customer :
Textile Industry
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ATLANTIK
SEJAHTERA RAYA
b. P.T. GALIC BINA MADA
c. P.T. HADI PUTERA JAYA
d. P.T. WADAH MAKMUR KENCANA
Business Trend :
Growing
Banker
:
P.T.
Bank UOB INDONESIA
Jalan Danau Agung Sunter Utara Block D 1 No. 6 B
Sunter Agung Podomoro
Jakarta Utara
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 15.2 billion
2011
– Rp. 16.5 billion
2012
– Rp. 17.8 billion
Net
Profit (estimated) :
2010
– Rp. 0.9 billion
2011
– Rp. 1.0 billion
2012
– Rp. 1.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Sutedja Sidarta
Directors -
a. Mr. Halim Djunarto
b. Mr. Ali Iskandar
c. Mrs. Rusmini Sidarta
d. Mr.
Ridwan Widjaja
e. Mrs. Siska Sidarta
Board of Commissioners :
Commissioner - Mr. Iswanto Effendi
Signatories :
President
Director (Mr. Sutedja Sidarta) or one of the Directors (Mr. Halim Djunarto, Mr.
Ali Iskandar, Mrs. Rusmini Sidarta, Mr. Ridwan Widjaja or Mrs. Siska Sidarta)
which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. APOLLO AGUNG CHEMICAL INDUSTRY (P.T. AACI) was incorporated in Bogor, West Java on May 5, 1980 with the authorized capital of Rp. 20,000,000 issued capital of Rp. 4,000,000 entirely paid up. The founding shareholders of the company are Mr. Budiharto Mertohadikusumo, Mr. Sutedja Sidarta and Mr. Bustam Said, as the original shareholders. The company notary documents had been changed frequently. Then in May 2008 the authorized capital was increased to Rp. 2,600,000,000 wholly issued and paid up. According to the latest revision of notary documents that the whole shares had been controlled by Mr. Sutedja Sidarta (56.5%), Mr. Iswanto Effendi (25%), Mr. Halim Djunarto (12%) and Mr. Ali Iskandar (6.5%). The revision of notary documents was made by Mr. Buhari, SH., a public notary in Bogor, West Java and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-66412.AH.01.02.TH.2008 dated September 19, 2008. Later according to the latest revision of notary documents of Mr. Yudha Setyagraha Tedianto, SH., No. 24 dated 19 April 2013 Mrs. Siska Sidarta and Mrs. Rusmini Sidarta entered into the company as new shareholders. With this time the composition of its shareholders has been changed to become Mr. Sutedja Sidarta (43.25%), Mr. Iswanto Effendi (23.75%), Mr. Halim Djunarto (14%), Mrs. Siska Sidarta (10%), Mr. Ali Iskandar (6.5%) and Mrs. Rusmini Sidarta (2.5%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-24052 dated June 14, 2013.
We observe that Mr. Sutedja Sidarta is also business stakes owner of P.T. MEGASETIA AGUNG KIMIA dealing with trading and distribution of industrial chemicals.
P.T. AACI started to be operating since 1988 to deal with trading and distribution of textile chemicals. The company sells various types of textile chemicals such as sizing agent, pigment, pre-treatment, dyeing, printing, and finishing in Indonesia. The whole merchandise goods imported from the USA, Germany, Spain, Japan, South Korea, India, China, Taiwan and Hong Kong. The company policy is to achieve best results, which consistently satisfy their customers. Mr. Halim Djunarto, Director of P.T AACI, explained that the company sells its products directly to the end users especially textile companies such as the CANDRATEX Group, the FUJITEX Group, the BINTANG AGUNG Group, HADTEX Group, P.T GIRI ASIH JAYA, P.T ARGO PANTES and so forth. Some 85% of P.T AACI customers are located in Bandung, West Java and the others in Jakarta, Central Java and East Java. We observe the company’s operation has kept on growing slowly in the last three 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 textile chemical in the above period of times 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. AACI 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, 2007-2012
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
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 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
Source: Central
Bureau of Statistic (BPS)
Until this time P.T. AACI has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. AACI 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. 15.2 billion rose to Rp. 16.5 billion in 2011 increased to Rp. 17.8 billion in 2012 and projected to go on rising by at least 4% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 1.2 billion and the company has an estimated total networth of at least Rp. 4.0 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.
The management of P.T. AACI is led by Mr. Sutedja Sidarta
(67) a businessman and professional manager with experience in trading, import
and distribution of textile chemicals. Daily activity he is assisted by Mr. Ali
Iskandar (55), Mrs. Rusmini Sidarta (50), Mr. Ridwan Widjaja (55) and Mrs.
Siska Sidarta (38) as directors. 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. APOLLO AGUNG CHEMICAL INDUSTRY is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.