|
Report Date : |
25.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DUA KUDA INDONESIA |
|
|
|
|
Registered Office : |
Kawasan Berikat Nusantara Jalan Madiun Block
C-2 No. 11-13 Unit Usaha Kawasan Marunda
Jakarta Utara, 14120 |
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Country : |
Indonesia |
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Date of Incorporation : |
23.05.2006 |
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|
|
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Com. Reg. No.: |
No. AHU-29176.AH.01.02.TH.2008 |
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|
|
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Oleo Chemical Industry |
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No. of Employees : |
315 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) |
|
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 |
Name of Company :
P.T. DUA KUDA INDONESIA
Address:
Head Office &
Factory
Kawasan Berikat Nusantara
Jalan Madiun Block C-2 No. 11-13
Unit Usaha Kawasan Marunda
Jakarta Utara, 14120
Indonesia
Phones -
(62-21) 4485 3559, 4485 2388
Fax - (62-21) 4485 3640, 4485 3616
E-mail - info@duakuda.com
Website - http://www.duakuda.com
Land Area - 43,000 sq.
meters
Building Space - 35,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
23 May 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C-17270
HT.01.01.TH.2006
Dated 13 June 2006
- No.
AHU-29176.AH.01.02.TH.2008
Dated 30 May 2008
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.193.126.6-057.000
The Department of
Industry and Trade
TDP No. 09.01.1.15.22223
Dated 10 July 2008
The Capital
Investment Coordinating Board
- No.
012/KBN/31/I/PMA/2006
Dated 28 April 2006
- No. 045/KBN/31/PMA/04/2008
Dated 18 April 2008
Related Companies :
a. INTELLIOIL CHEMICALS PTE
LTD., Singapore (Investment Holding)
b. RUGAO CITY SHUANGMAS
CHEMICAL CO, LTD., China (Investment Holding)
Capital Structure :
Authorized Capital : US$
120,000,000.-
Issued Capital : US$
120,000,000.-
Paid up Capital : US$ 120,000,000.-
Shareholders/Owners :
a. RUGAO CITY SHUANGMA CHEMICAL CO, LTD. -
US$ 98,400,000.-
Address : 15th Team, South Dong Chen Village
Dongchen Town, Rugao City
Jiangsu Province
P.R. China
b. Mr. Dachlah AKA Tjia Ke Seng -
US$ 12,000,000.-
Address : Jl. Pratama 7 Block X/22, RT. 006 RW. 021
Kelurahan Bojong Rawalumbu,
Kecamatan
Rawalumbu, Bekasi, West
Java
Indonesia
c. INTELLIOIL CHEMICALS PTE, LTD. -
US$ 9,600,000.-
Address : 371, Beach Road # 07 – 01 Key Point
Singapore
Lines of Business :
Oleo Chemical Industry
Production Capacity :
Oleo Chemicals - 250,000 tons
Stearic Acid
Hydrogenated Palm Oil (HPO)
Palm Wax
Glycerine
Total Investment :
a. Equity Capital - US$ 120.0 million
b. Loan Capital - US$ 30.0 million
c. Total Investment - US$ 150.0 million
Started Operation :
2007
Brand Name :
Dua Kuda Indonesia
Technical Assistance :
Rugao City, P.R. China
Number of Employee :
315 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in P.R. China
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CISADANE RAYA CHEMICALS
b. P.T. ECOGREEN OLEOCHEMICALS
c. P.T. FLORA SAWITA CHEMINDO
d. P.T. MEDAN OLEOCHEMICALS
e. P.T. SINAR OLEOCHEMICALS
f. P.T. SUMI ASIH OLEOCHEMICALS
Business Trend :
Growing
Bankers :
a. P.T. Bank CHINA TRUST
INDONESIA
Tamara
Centre, 16th Floor
Jalan Jend.
Sudirman Kav. 24
Jakarta
Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA
Tbk
Jalan Kelapa Gading Boulevard Block LB 1 No. 15-16
Jakarta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 785.0 billion
2011 – Rp. 812.0 billion
2012 – Rp. 876.5 billion
Net Profit (estimated) :
2010 – Rp. 62.8 billion
2011 – Rp. 65.0 billion
2012 – Rp. 71.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director -
Mr. Tjian Jian
Directors - a. Mr. Sun Gang
b. Mr. Ji Xiaobing
c. Mr. Jiang Quenfeng
d. Mr. Cheng Yun Kang
Board of Commissioners :
President Commissioner - Mr. Mao Chun Ming
Vice President Commissioner - Mr. Shen Ya Ming
Commissioners - Mr. Dachlan AKA Tjia Ke Seng
Signatories :
President Director (Mr. Tjian Jian) or
one of the Directors (Mr. Sun Gang, Mr. Ji Xiaobing, Mr. Jiang Quenfeng or Mr.
Cheng Yun Kang) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. DUA KUDA INDONESIA (P.T. DKI) was set-up in North Jakarta based on
notary deed of Mr. Buntario Tigris Darmawa NG, SH., No. 144 dated 23 May 2006
with the authorized capital of US$ 13,000,000 issued capital of US$ 5,000,000
entirely paid up. The founding and shareholders of the company are RUGAO CITY
SHUANGMA CHEMICALS CO, LTD., of P.R. China, INTELLIOIL CHEMICALS PTE, LTD., of
Singapore and Mr. Dachlan AKA Tjia Ke Seng an Indonesian businessman of Chinese
descent. The company notary deed has been changed and according to the latest
revision of notary documents of Mrs. Eva Misdawati, SH., No. 04 dated 7 May
2008 the company authorized capital was increased to US$ 120,000,000 wholly
issued and paid up. With this development the composition of its shareholders
has been changed to become RUGAO CITY SHUANGMA CHEMICAL CO, LTD., (82%), Mr.
Dachlan AKA Tjia Ke Seng (10%) and INTELLIOIL CHEMICALS PTE, LTD., (8%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-29176.AH.01.02.TH.2008 dated May 30, 2008.
P.T. DKI acquired a Foreign Investment (PMA) facility issued by Capital
Investment Coordinating Board (BKPM) for dealing with oleo chemical processing
by managing a plant located at Kawasan Berikat Nusantara, Jalan Madiun Block
C.2 No. 11-13, Cilincing, North Jakarta standing on 43,000 sq. meters land. The
plant has been operating since 2007 by produces of oleo chemicals such as
Stearic Acid, Hydrogenated Palm Oil (HPO), Palm Wax and Glycerine mostly for oriented
export manufacturing. P.T. DKI is a foreign invested enterprise mainly
specialized in producing all kinds of oleo chemicals, including stearic acid,
palm wax, hydrogenated palm oil and glycerin. The whole raw material in the
form of crude palm oil is obtained from several palm plantations in Kalimantan
and some other areas of Indonesia. P.T. DKI has the production capacity of all
the oleo chemicals has achieved 250, 000 tons/year.
P.T. DKI Products
Stearic Acid
Stearic acid has found wide application in the following industries such
as Plastic: lubricant, plasticizer, remover; rubber: curing agent, dispersant,
softener; Textile printing: softener, water-repellent; Wax and candles raw
material; Cosmetic: greasy material, emulsifier, softener, brightener; Food:
emulsifier, modifier; Pharmaceutical: surfactants, antiseptic; Paper making:
sizing agent, softener; School supply: crayon, pencil lead, thickener for glue
stick.
Hydrogenated Palm
Oil (HPO)
HPO is obtained from full hydrogenation of palm oil. Application for
make soap, candles, lubricating grease polishing paste, candles and margarine.
Its main derivate monoglyceride is commonly used in food processing and textile
industry.
Palm Wax
Palm Wax for Candle. With palm oil as the raw material, palm wax is
fully natural, biodegradable. It is a renewable and inexhaustible resource with
eco-friendliness. I is also has application in lubricant, waterproofing agent,
polishing agent etc. Benefits of waxes include Non toxic, clean burning, colour
stability and formulation flexibility. In the candle industry, the common
material paraffin wax has a high price. At the same time, the hydrogenated oil
has similar character with the paraffin wax. In order to reduce the cost, P.T.
DKI often mix paraffin was and hydrogenated oil together. Palm wax is suitable
for no crystal cup wax for its soft character.
Glycerine
Glycerine can be obtained from various oils and fats. However, the best
is derived from palm-based oleochemicals due to its natural purity. Hence, it
is preferred in pharmaceutical, food and personal care applications. It is
known to person that glycerin is widely used in toiletries, such as lotion,
cream, toothpaste, lipstick, liquid soap as well as in food as edulcorator. The
tobacco industry uses the glycerin as humectant when the medical industry can
use it in ointment, tincture, complexant, cough syrup etc. The paint and
printing needs it in resin, the plastic industry uses it as plasticizer and release
agent. The motoring industry relies on it for antifreeze agents. In the paper
industry, the glycerin used as cellophane and coated Paper. The glycerin also
can be used in the textile industry.
It has been growing consistently during these years. P.T. DKI maintains
close contact with the customer, helping in the solution to any problem or
process difficulty. P.T. DKI well-trained technical & marketing staffs are
ready at all times to serve and co-operate with the customer for one reason.
P.T. DKI believed that it is their superior quality along with on-going
customer service that has gained the confidence of highly valued customers
worldwide and hence contributed to success and achievement today. According
information the whole product exported to meet the demand of industrial
manufacturing in China. Compliance with ISO 9001:2008, Halal and Kosher Certification
is just a way of showing this commitment. The whole product is exported to
various industries in China. We observe that P.T. DKI is one the biggest
producers of oleo chemicals in the country with operation has been growing and
developing well in the last three years.
Generally outlook we find the demand for fatty acid, glycerine has been
rising at home. It is in line with the growth of several industrial sectors,
including rubber products, textile industry, cosmetic and soap industries,
pharmaceutical, lubricating industry, paper making, and others as potential
consumers of the products. As the largest
producer of crude palm oil (crude palm oil / CPO) in the world,
Indonesia should likely be the basis of the oleochemical industry world beyond
Malaysia, China, India,
and even the European Union. National oleochemical
industries performance from year to year has been improvement. This is due to market demand and government policy
support. Currently, Malaysia
is still considered a benchmark constellation of global oleochemical industry
because of the high acquisition and integration technology
industry from upstream
to downstream.
Indonesia must change the mindset that initially
rely on the production of crude palm oil into various derivative manufacturers
high value-added palm oil, oleochemicals one
through industrialization, Ministry
of Industry, said Mr. Abdul, continues to
push the industry to support the progressive
imposition of export duty on CPO exports to ensure domestic
availability of raw materials. The
government also encouraged the
expansion of capacity and new investment in the area of the proposed facility oleochemical industry
through tax allowances and tax holidays. For tax
holiday, there are two companies that have been filed. A company
that P.T. Unilever Oleochemical Indonesia. Upon the
enactment of export duty on
CPO progressive, there
is an increase in the oleochemical industry investments
by 12 companies with
a total investment value of Rp.
14 trillion. Ministry
of Industry is also targeting 60% export of derivative
products, including oleochemicals,
and 40% of CPO.
Some of oleochemical products as a derivative product of Crude Palm Oil
(CPO) has been able to produce in Indonesia. But, actually the case is the
Indonesian oleochemical industry is not affordable yet to supply domestic
demand especially in the down-streamer, because of domestic oleochemical
products are still in the stage of semi-finished products. The semi-finished
products which consists of fatty acid, fatty alcohol and glycerol were exported
and after extending process then imported again by Indonesian as finished
products like additive matters for textile industry, rubber, plastic,
detergent, paint, cosmetic, processed-food, etc. Finally, as a consequence,
development of Indonesian oleochemical industry is still far left behind
compare to the one of Malaysian.
In 2011, for example, Indonesia has some 16 oleochemical producer
companies with a total capacity of 1.67 million tons, contains 1.00 million
tons of fatty acid, 490,000 tons of fatty alcohol and some 177,750 tons of
glycerol. Since all domestic oleochemical products were exported, afterwards
Indonesia’s market share in the world would be at 15% of 6.63 million tons of
fatty acid consumption whereas, fatty alcohol only has 12% of 3.95 million tons
and has only 8.9% of 2.00 million tons of glycerol. It is estimated both fatty
acid and glycerine will remain to rise in the coming years. Competition is very
tight due to a large number of similar companies operating in the country, like
P.T. ECOGREEN OLEOCHEMICALS, P.T. CISADANE RAYA CHEMICAL, P.T. SUMI ASIH, P.T.
MEDAN OLEOCHEMICAL and P.T. FLORA SAWITA. In overall we find that oleo
chemicals industry in the country keeps rising despite the export price was
lower and fluctuated. The growth of oleo chemicals industry in the country is
seen in the table below.
The Growth and
Production of Ole Chemical, 2005-2012
|
Year |
Fatty Acid |
Production (Ton) |
Growth (%) |
||
|
Glycol |
Fatty Alcohol |
Total |
|||
|
2005 2006 2007 2008 2009 2010 2011 2012 |
436,700 398,952 350,203 476,700 504,080 542,391 585,782 631,473 |
46,354 41,283 35,577 51,222 55,290 59,492 64,251 69,262 |
93,712 119,905 176,099 111,159 136,482 146,855 158,603 170,974 |
576,766 560,141 561,879 639,081 695,582 748,738 808,636 871,709 |
(2.88) 0.31 14.74 8.88 7.60 8.00 7.80 |
|
Growth, % /year |
4.44 |
||||
Source: Central Bureau of Statistic, processed by ICB
Until this time P.T. DKI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. DKI 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. 785.0 billion rose to Rp. 812.0 billion in 2011
increased to Rp. 876.0 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. 71.9 billion and the company has an estimated total networth of at
least US$ 122.0 million. We observe that P.T. DKI 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. DKI is led by Mr. Tjiang Jian (50) a professional
manager of Singapore with experience in oleo chemical industry. In his daily
activity he is assisted by Mr. Sun Gang (34), Mr. Ji Xiaobing (41), Mr. Jiang
Qunfeng (39) and Mr. Cheng Yun Kang (43) 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. DUA KUDA INDONESIA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.66 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.84.59 |
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.