|
Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SOLVAY
MANYAR |
|
|
|
|
Formerly Known As : |
P.T. JAYAKIMIA |
|
|
|
|
Registered Office : |
Jalan Raya Sembayat Km. 24 Desa Sukumulyo, Kec. |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.05.1978 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-25744 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Alkyl Benzene Sulfonate, Alcohol Ether
Sulphates and Alcohol Sulphates Industry |
|
|
|
|
No. of Employees : |
99 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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
Name of Company :
P.T. SOLVAY MANYAR
Address :
Head Office &
Factory
Jalan Raya Sembayat Km. 24
Desa Sukumulyo, Kec. Manyar
Gresik, 61151
East Java
Indonesia
Phone -
(62-31) 395 0893, 395 0388
Fax - (62-31) 395 1388
Land Area - 40,000 sq.
meters
E-mail - rhodia-mnyar@rhodia.com
Factory Space - 20,000 sq. meters
(including factory, building, warehouse)
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 11 May 1978 as P.T.
JAYAKIMIA
b. 15 January 1987 as P.T.
MANYAR KIMINDO
c. 28 February 1991 as P.T.
ALBRIGHT AND WILSON MANYAR
d. 15 June 2001 as P.T.
RHODIA MANYAR
e. 25 March 2013 as P.T.
SOLVAY MANYAR
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-7405.HT.01.04.TH.92
Dated
8 September 1992
- No. AHU-60253.AH.01.02.TH.2008
Dated
8 September 2008
- No.
AHU-18137.AH.01.02.TH.2013
Dated 9 April 2013
- No. AHU-AH.01.10-25744
Dated 25 June 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.451.934.2-641.000
b. The President of the Republic of Indonesia
No. B-445/Pres/12/1990
Dated 17 December 1990
c. The Capital Investment Coordinating Board
- No. 06/V/PMA/1991
Dated 28 January 1991
- No. 19/II/PMA/1991
Dated 15 February 1991
- No. 92/III/PMA/1992
Dated 6 February 1992
- No. 381/III/PMA/1996
Dated 17 June 1996
- No. 1357/III/PMA/1998
Dated 29 September 1998
Related Companies
:
a. A Member Company of the JAMAFAC Group (see attachment)
b. A Member Company of the LAUTAN LUAS Group (see attachment)
c. A Member Company of the SINAR
ANTJOL Group (see attachment)
Capital Structure :
Authorized Capital : Rp. 10,800,000,000.-
Issued Capital :
Rp. 10,000,000,000.-
Paid up Capital : Rp. 10,000,000,000.-
Shareholders/Owners :
a. RHODIA UK LIMITED -
Rp. 5,000,000,000.-
Address : Oak House, Reed Crescent
Wetford, Hertefordshire,
Netherlands
b. Mr. Kusman Wongsodihardjo AKA Wong Kin Man - Rp. 2,000,000,000.-
Address : Jl. R.A. Kartini No. 53
Surabaya, East Java, Indonesia
c. P.T. SINAR ANTJOL -
Rp. 1,000,000,000.-
Address : Jl. Orpa No. 1-3
Jakarta Barat, Indonesia
d. P.T. SUMBER INDOKEMJAYA -
Rp. 1,000,000,000.-
Address : Jl.
Danau Sunter Komplek Royal Sunter
Block A No. 5-6, Jakarta Utara, Indonesia
e. P.T. LIKU TELAGA -
Rp. 1,000,000,000.-
Address : Jl.
Waspada No. 69-C
Surabaya, East Java,
Indonesia
Lines of Business :
Alkyl Benzene Sulfonate, Alcohol Ether
Sulphates and Alcohol Sulphates Industry
Production Capacity :
a. Dodecyl Benzene S.A. - 10,800 tons p.a.
b. Natural Lauryl E.S. - 1,000 tons
p.a.
c. Synthetic Lauryl E.S. -
1,000 tons p.a.
d.
Oxo Alcohol E.S.S. - 880 tons p.a.
e.
Alkyl Benzene Sulfonates - 3,600 tons p.a.
f.
Alcohol Ether Sulphates - 8,500 tons p.a.
g.
Alcohol Sulphates - 2,500 tons p.a.
Total Investment :
a. Equity Capital - Rp. 9.0 billion
b. Loan Capital - Rp. 23.0 billion
c. Total Investment -
Rp. 32.0 billion
Started Operation :
1988 Commercial Operation
Brand Name :
Solvay Manyar
Technical Assistance :
RHODIA UK Ltd., of Netherlands
Number of Employee :
99 persons
Marketing Area :
Local - 40%
Export - 60%
Main Customers :
a. Through distributor P.T. SUMBER INDOKEMJAYA
b. Soap and detergent industry such as P.T. SINAR
ANTJOL, P.T. LION WINGS, P.T. UNILEVER
INDONESIA, Etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AKTIF INDONESIA INDAH
b. P.T. FINDECO JAYA
c. P.T. TIMUR RAYA TUNGGAL
d. P.T. KAO INDONESIA CHEMICAL
e. Etc.
Business Trend :
Growing
Bankers :
a. ABN-AMRO Bank N.V.
Jalan Pemuda No. 54
Surabaya, East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Dr. Soetomo No. 142
Surabaya, East Java
Indonesia
Auditor :
Purwantono, Sarwoko & Sandjaja (ERNST
& YOUNG)
Litigation :
No litigation record in our database
Annual Sales (estimated):
2010 – Rp. 302.0 billion
2011 – Rp. 314.0 billion
2012 – Rp. 321.0 billion
Net Profit (estimated):
2010 – Rp. 24.6 billion
2011 – Rp. 25.1 billion
2012 – Rp. 26.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Ir. Suryo
Wongsodihardjo
Director - Mr. Andre Arifin
Board of Commissioners :
President
Commissioner - Mr. Pierre Franck Matie
Yves Valentin
Vice
President Commissioner - Mr. Ir.
Kusnan Wongsodihardjo AKA Wong King Man
Commissioners -
a. Mr. Eka Leonard Gunawan AKA Go Ka Leng
b. Mr. Jimmy Masrin
c. Mr. Sofian
Signatories :
President
Director (Mr. Ir. Suryo Wongsodihardjo) or the Director (Mr. Andre Arifin)
which must be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should
be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
The company originally named P.T. JAYAKIMIA set-up in 1978 with
authorized capital of Rp.
600,000,000 issued capital of Rp. 120,000,000 wholly paid-up. Founders and
original shareholders of the company were Mr. Ir. Kusman Wongsodihardjo AKA
Wong King Man, his wife Mrs. Henniwati
Chaelany AKA Chu Lan Hing, his son Mr.
Ir. Suryo Wongsodihardjo, his daughter Mrs. Lily Wongsodihardjo and his other
family members, Mr. Hendro Salim. They are Chinese origin Indonesian business
family. Its articles of association have subsequently been revised for several
times. In 1987, the company was renamed to P.T. MANYAR KIMINDO. On the same
occasion, most of the above shareholders except Mr. Ir. Kusman Wongsodihardjo
and Mrs. Henniwati Chaelany pulled out and then they were replaced by new
shareholders Mr. Raden Pandji Soebagio. In 1991, the company was renamed to
P.T. ALBRIGHT AND WILSON MANYAR and its status was changed to be a Foreign
Investment (PMA) company since it was joined by a foreign investor ALBRIGHT AND
WILSON LTD of the United Kingdom. In November
1991, the authorized capital was increased to Rp. 4,800,000,000 with an issued
capital to Rp. 3,000,000,000 entirely paid-up.
Then in the early May 2001 ALBRIGHT AND WILSON MANYAR pulled out and its
shares was entirely taken over by RHODIA ASIA PACIFIC Pte., Ltd., of Singapore.
By the same time the company was renamed P.T. RHODIA MANYAR effective as from
15 June 2001. Then in August 2008, RHODIA ASIA PACIFIC Pte., Ltd., of Singapore
withdrew and replaced by RHODIA UK LIMITED of Netherlands as new shareholders.
On the same occasion the authorized capital was raised to Rp. 10,000,000,000
entirely issued and paid up. With this development the composition of its
shareholders changed to become RHODIA UK LIMITED (50%), Mr. Kusman
Wongsodihardjo (20%), P.T. LIKU TELAGA (10%), P.T. SINAR ANTJOL (10%) and P.T.
SUMBER INDOKEMJAYA (10%). The deed of amendment was made by Mr. Jusuf Patrianto
Tjahjono, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-60253.AH.01.02.TH.2008, dated September 8, 2008. Later
in March 2013 the company name was changed to P.T. SOLVAY MANYAR (P.T. SM).
Then according to the latest revision of notary documents of Mr. Jusuf
Patrianto Tjahjono, SH., No. 75 dated 27 May 2013 the company board of director
and the board of commissioner has been reappointed (see profile of this
report). The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-25744 dated May 27, 2013.
P.T. RM is affiliated to several other companies among others are RHODIA
UK LIMITED of Netherlands, a subsidiary of RHODIA Co., of France. Mr. Ir.
Kusman Wongsodihardjo AKA Wong King Man is the main founder and majority
business stakes owner of the JAMAFAC Group, a business group with main business
in match, detergent and plastic industries. While P.T. LIKU TELAGA is a member
of the LAUTAN LUAS Group, the largest private business group in chemical
industry headed by Mr. Ng Adiyansyah Masrin. While P.T. SINAR ANCOL and P.T.
SUMBER INDOKEMJAYA, the other two shareholders are members of the SINAR ANTJOL
Group.
P.T. RM is engaged in detergent and soap raw materials manufacturing
including alkyl benzene sulfonate, alcohol ether sulphates and alcohol
sulphates. It present, it operates a plant located at Jalan Raya Sembayat
Km.24, Desa Sukomulyo, Kecamatan Manyar, Gresik, East Java. In Indonesia, P.T.
Solvay Manyar, located in Surabaya, produces surfactants mainly for the home
& personal care and agrochemical formulations industries, both for local consumption
as well as for export to mostly Asian countries. The plant stands over around
4.0 hectares wide land with total factory building, office, warehouses and
other facilities wide of around 20,000 square meters. Originally, the plant is
having a capacity to produce 10,000 tons of dodecyl benzene SA, 1.000 tons of
natural lauryl E.S., 1,000 tons of synthetic lauryl E.S. and 880 tons of oxo
alcohol E.S.S., per annum respectively. In 1991, P.T. RM expanded its existing
plant to respectively produce 3,600 tons of alkyl benzene sulfonates, 8.500
tons of alcohol ether sulphonates and 2,500 tons of alcohol sulphates
respectively per annum. Construction of its plant has absorbed a total
investment of Rp. 32.0 billion, coming from owned capital of Rp. 9.0 billion
and the rest from loans, mainly from the ABN-AMRO Bank Jakarta and P.T. Bank
CIMB NIAGA Tbk., Gresik branch.
The production realization has reached the average 2,200 tons to 2,400
tons per month within the last three years some 80% to 90% belongs to Linier
Alkyl Benzene Sulforic Acid (LABSA) and some 75% to 80% to Sodium Lauryl Ether
Sulfate (SLES). P.T. SM produces surfactants mainly for home & personal
care and agrochemical formulation industries, both for local consumption as
well as for export market mostly Asian countries and distributed by BRENTAG
Singapore. Besides, some of the raw materials bought from P.T. UNGGUL INDAH
CAHAYA Tbk. Some 60% of the products used to be exported to Asian and Middle
East countries like Singapore, Thailand, Malaysia, the Philippines, Vietnam,
Bangladesh, India, Taiwan, Japan and Jordan at the average price of some US$
350.- to US$ 365.- (fob) per metric ton.
According information from Mrs. While the rest, 40% of its products for
local market distributed by parent company P.T. SUMBER INDOKEMJAYA.
Besides, some of the product supplied to P.T. UNILEVER INDONESIA Tbk.,
the largest consumer goods industries and also as main buyers in the country,
P.T. LION WINGS, P.T. SINAR ANTJOL, P.T. SAYAP MAS UTAMA and others soap and
detergent manufacturing. The operation of P.T. SOLVAY MANYAR had been running
and growing well within the last four years.
We find that generally the demand for detergent and soap raw materials
including alkyl benzene sulfonates, alcohol ether sulphates and alcohol
sulphates have kept on increasing in the last five years. The increase was in
lines with the progress achieved by its consumer industries among others are
detergent and soap manufacturing soap and detergent industry is the most solid
industry during the crisis occurred in the country. We can see from the
production growth of detergent in the country within the last five years.
Business position of P.T. SM in this case is quite well for it has controlled a
wide marketing network in Asian and Middle East countries as well as in local
market including its group members.
Development of
Detergent Production, 2005 – 2012*
(Ton)
|
Year |
Powder |
Cream |
Bar |
Liquid |
|
2005 2006 2007 2008 2009 2010 2011 2012* |
165,057 174,960 185,457 196,213 207,789 220,256 231,279 245,156 |
450,460 477,460 504,108 529,108 560,854 594,505 624,230 661,684 |
78,918 83,653 88,583 93,898 99,531 104,507 110,777 117,424 |
56,962 60,380 64,003 67,843 71,913 75,509 80,039 84,841 |
Source: ICB Processing,
2012* (projected)
Until this time P.T. SM has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The
management of P.T. SM 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. 302.0 billion rose to Rp. 314.0 billion in 2011
increased to Rp. 321.0 billion in 2012 and projected to go on rising by at
least 6% in 2014. The operation in 2012 yielded an estimated net profit of at
least Rp. 26.0 billion and the company has an estimated total networth of at
least Rp. 297.0 billion. We observe that P.T. BBI 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. RM is led by Mr. Ir. Suryo Wongsodihardjo (57)
with 21 years of experience in the field of detergent and soap raw materials
manufacturing and distribution. Daily activity he is assisted by Mr. Andre
Arifin (53) as director. The management of the company is handled by
professional managers having wide relation with private businessmen within and
outside the country and with the government sectors as well. We observed that
management’s reputation in said business is fairly good.
So far, we have never heard that the company’s management involved in
business malpractice or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. SOLVAY MANYAR is fairly good for business
transaction.
List of the
JAMAFAC Group Members
BATUMURI, P.T. Jakarta (Travel Bureau)
JAMAFAC, P.T. (Matches Manufacturing)
JAMAYA PLASTIK INDONESIA PERKASA, P.T. (Plastic Goods Manufacturing)
JAYABAYA, P.T. Surabaya (Detergent Cream Industry)
MAYA SANTANA PLASTIK INDUSTRI, P.T. (Plastic Goods Manufacturing)
MEDISKA FARMA, P.T. Jakarta (Pharmaceutical)
PAKABAJA, P.T. Surabaya (Match Factory)
RHODIA MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates
and
Alcohol Sulphates Industry)
SETIA NASIONAL, P.T. Jakarta (General Trading, Export, Import)
Etc.
List of the LAUTAN
LUAS Group Member
ADVANCE STABILINDO INDUSTRY, P.T. (Methyltine Stabilizer Processing)
ASPIRASI LUHUR, P.T. (Investment Holding)
BUKITSUGIH SETIAMAS, P.T. (Contracting Service)
CATURKARSA MEGATUNGGAL, P.T. (Property Management)
CIPTA MAPAN LOGISTIC, P.T. (Freight Forwarding Services)
DAITI CARBON NUSANTARA, P.T. (Activated Carbon Manufacturing)
DUNIA KIMIA UTAMA, P.T. (Sulphuric Acid and Aluminum Sulphate
Processing)
DUNIA KIMIA JAYA, P.T. (Poly Aluminum Chloride, Band Poly Lubricant and
Textile Auxiliaries Processing)
DUTA KIMIA, P.T. (Chemical Trading)
FINDECO JAYA, P.T. (Alkyl Benzene Sulfonic Acid and Dodecyl Benzene
Sulfonic Acid Industry)
HUAI AN DIAMOND CHEMICAL INDUSTRY LTD (Chemical Industry)
HYDRO HITECH OPTIMA, P.T. (Water Solution Provider)
INDONESIAN ACID INDUSTRY, P.T. (Chemical Industry)
KRYTON LAUTAN INDONESIA, P.T. (Specialty Cements, Concrete Additives and
Specialty Paints and Coating Industries)
LAUTAN HON HONGZE CHEMICAL INDUSTRY LIMITED (Sodium Sulphate Anhydrous
Industry and Trade)
LAUTAN JASINDO, P.T. (Trading & Investment Holding)
LAUTAN LUAS Tbk., P.T. (Industrial Chemical Distribution)
LAUTAN LUAS SINGAPORE PTE LTD (Trading)
LAUTAN LUAS THAILAND CO. LTD. (Trading)
LAUTAN LUAS VIETNAM CO. LTD. (Trading)
LAUTAN OTSUKA CHEMICAL, P.T. (Chemical Industry)
LAUTAN SULFAMAT LESTARI, P.T. (Sulfamic Acid Manufacturing)
LENTERA LAUT RAYA, P.T. (Chemical Trading)
LIKU TELAGA, P.T. (Chemical Processing)
MAHKOTA INDONESIA, P.T. (Industrial Chemical Industry)
METABISULPHITE NUSANTARA, P.T. (Sodium Metabisulphite Manufacturing)
MUSTIKA ARTA MAS, P.T. (Investment Holding)
PACINESIA CHEMICAL INDUSTRY, P.T. (Poly Aluminum Chlorida (PAC)
Industry)
PKG LAUTAN INDONESIA, P.T. (Solvent, Aromatic, Alcohol, Glycol, Ketones
Manufacturing)
PERAK TIMUR PERMAI, P.T. (Tank Terminal Management)
PETRO CENTRAL, P.T. (Sodium Try Poly Sulphate Processing)
RHODIA MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates
and Alcohol Sulphates
Industry)
ROHA LAUTAN PEWARNA, P.T. (Additives Colour Manufacturing)
SAMUDRA LUAS, P.T. (Chemical Trading)
SERUNI GANDAMEKAR, P.T. (Sulphur Powders Processing)
SIBELCO LAUTAN MINERALS, P.T. (Washed Dry Silica and Silica Flour
Manufacturing)
SUKINDO JAYA, P.T. (Chemical Trading)
UNGGUL INDAH CORPORATION Tbk., P.T. (Alkyl Benzene Processing)
WHITE OIL NUSANTARA, P.T. (White Oil and Petroleum Sulfonate Industry)
Etc.
List of the SINAR
ANTJOL Group Member
FINCO GLOBAL ARTHA, P.T. (Plastic Industry & Soap Manufacturing)
FINDECO JAYA, P.T. (Akyl Benzene Sulfonate Manufaccturing)
FIRST INDO-ETHIOPIA PVT., LTD., CO. (Trading)
RHODIA MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates
and Alcohol Sulphates Industry)
SINAR ANTJOL, P.T. (Detergent Industry and Investment Holding)
SINAR INDOGHANA LTD., (Trading)
SUMBER INDOKEMJAYA, P.T. (Trading and Distribution of Industrial
Chemical)
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.99.41 |
|
Euro |
1 |
Rs.84.12 |
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.