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Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DUA KUDA INDONESIA |
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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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Com. Reg. No.: |
No.
AHU-29176.AH.01.02.TH.2008 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engaged in producing all kinds of Oleo Chemicals,
including Stearic Acid, Palm Wax (Vegetable Wax), Hydrogenated Palm Oil and
Glycerine. |
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|
No. of Employees : |
315 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Indonesia - ECONOMIC
OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly
since 2010. During the global financial crisis, Indonesia outperformed its regional
neighbors and joined China and India as the only G20 members posting growth.
The government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25% 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 also faces the
challenges of quelling labor unrest and reducing fuel subsidies in the face of
high oil prices.
|
Source : CIA |
P.T. DUA KUDA INDONESIA
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
23 May 2006
P.T. (Perseroan
Terbatas) or Limited Liability Company
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
Foreign
Investment (PMA) Company
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
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 :
Engaged in producing all kinds of Oleo Chemicals, including
Stearic Acid, Palm Wax (Vegetable Wax), Hydrogenated Palm Oil and Glycerine.
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) :
2011 – Rp. 812.0
billion
2012 – Rp. 876.5
billion
2013 – Rp. 892.0
billion
Net Profit
(estimated) :
2011 – Rp. 65.0
billion
2012 – Rp. 71.9
billion
2013 – Rp. 75.8
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
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 2011 amounted to Rp. 812.0 billion
rose to Rp. 876.0 billion in 2012 increased to Rp. 892.0 billion in 2013 and
projected to go on rising by at least 5% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 75.8 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 (51) a professional
manager of Singapore with experience in oleo chemical industry. In his daily
activity he is assisted by Mr. Sun Gang (35), Mr. Ji Xiaobing (42), Mr. Jiang
Qunfeng (40) and Mr. Cheng Yun Kang (44) 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.60.34 |
|
UK Pound |
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
div |
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|
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|
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.