|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SARICHEM POLYWARNA |
|
|
|
|
Registered Office : |
Jl. Pluit Timur
Block G Utara No. 19 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.08.1988 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-23582 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Supplying
and Distribution of Textile Chemicals |
|
|
|
|
No. of Employees |
56 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, 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.
SARICHEM POLYWARNA
Head Office
Jl. Pluit Timur
Block G Utara No. 19
Jakarta 14450
Indonesia
Phones -
(62-21) 667 8666, 667 6726, 660 5133
Fax - (62-21) 6605132
E-mail - info@sarichem.com
Website - http://www.sarichem.com
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Branches
a. Jl. H. Holis No. 262
Bandung,
West Java
Indonesia
Phones - (62-22) 601 6019, 603 6421
Fax -
(62-22) 607 7760
b. Jl. Bina Griya Raya No. 67
Pekalongan,
Central Java
Indonesia
Phones - (62-285) 25064
Fax -
(62-285) none
c. Jl. Wilis No. 5, Manahan
Solo,
Central Java
Indonesia
Phones - (62-271) 711084
Fax -
(62-271) none
d.
Perumahan
Pondok Nirwana
Jl.
Baruk Utara I Blok BE No.40
Surabaya,
East Java
Indonesia
Phones - (62-31) 872 1078, 870 8415
Date of Incorporation :
a. 25 April 1988
as P.T. SARI WARNA PRATAMA
b. 16 August 1988
as P.T. SARICHEM POLYWARNA
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-21618 HT.01.04.TH.2006
Dated 25 July 2006
b. No. C-05609 HT.01.04.TH.2007
Dated 06 December 2006
c. No. AHU-AH.01.10-23582
Dated 28 December 2009
Company Status :
National Private Company
Permit by the Government Department
:
The Department of Finance
NPWP No. 01.318.946.9-046.000
Related/Affiliated Company :
Not available
Capital
Structure :
Authorized
Capital - Rp.
1,500,000,000.-
Issued Capital - Rp.
1,000,000,000.-
Paid up Capital - Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. Rizal Purnali Liu - Rp. 999,900,000.-
Address: Jl. Pluit Timur Blok G
No. 19
Penjaringan,
Jakarta Utara
Indonesia
b. Mr. Lie Ferry Linardi - Rp. 100,000.-
Address: Jl. Muara Karang Blok L5 B/12
Penjaringan,
Jakara Utara
Indonesia
Lines of
Business :
Trading,
Supplying and Distribution of Textile Chemicals
Production
Capacity :
None
Total Investment
:
None
Started Operation :
1988
Brand Name :
a. ATLACRON (Disperse)
b. ATLACION (Reactive)
c. TAIACRYL (Cationic)
d. ATLARUS (Direct)
e. ATLACID (Acid)
Technical Assistance :
None
Number of Employee :
56 persons
Marketing Area :
Local - 100%
Main Customer :
Textile industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDOKEMIKA JAYATAMA
b. P.T. HADI PUTRA JAYA
c. P.T. MULYA ADHY PARAMITRA
d. P.T. PINTUMAS KIMIA MULIATAMA
e. Etc.
Business Trend :
Growing
B a n k e r s
:
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pluit Selatan 2000
Jakarta Utara
Indonesia
b. P.T. Bank
CHINATRUST INDONESIA
Jl. Mangga Dua Raya Blok E 4 No. 2
Ruko Textile, Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 80.0 billion
2011 – Rp. 91.0 billion
2012 – Rp. 104.0
billion
2013 – Rp. 118.0
billion
Net Profit
(estimated) :
2010 – Rp. 4.2
billion
2011 – Rp. 4.8
billion
2012 – Rp. 5.5
billion
2013 – Rp. 6.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Rizal Purnali Liu
Director -
Mr. Lie Ferry Linardi
Board of Commissioners :
Commissioner -
Mrs. Vandalita Prayogo
Signatories :
President Director (Mr.
Rizal Purnali Liu) or the Director (Mr. Lie Ferry Linardi) which must be approved
by Board of Commissioner (Mrs. Vandalita Prayogo)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially named P.T. SARI WARNA PRATAMA, it
was established in Jakarta in April 1988 with the authorized capital of Rp.
75,000,000 of which Rp. 22,500,000 was issued and paid up. The founding
shareholders of the company are Indonesian businessmen of Chinese extraction.
The company notary deed has been changed. In August 1988, the name of the
company was changed to P.T. SARICHEM POLYWARNA (P.T. SP). In April 2001, the
authorized capital was raised to Rp. 1,500,000,000 of which Rp. 1,000,000,000
was issued and fully paid up and concurrently the shareholders of the company
were Mr. Rizal Purnali Liu and Mr. Lie Ferry Linardi, both are Indonesian
businessmen of Chinese origins. The deed of amendment was made by Mr. Sutjipto,
SH., was approved by the Ministry of Law and Human Right in its Decision Letter
No. W7-HT.01.10-1374, dated September 27, 2006 and No. C-05609 HT.01.04.TH.2007
dated December 6, 2007.
Most
recently by notarial Deed No. 03 dated December 2, 2009 made by Notary Makmur
Tridharma, SH., concerning changes of the whole article of association of the
Company’s to conform with Law No. 40 Year 2007 concerning Limited Liability
Company. The amendment to Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. AHU-AH.01.10-23582 dated on December 28, 2009.No changes have been effected
in term of its shareholding composition and capital structure to date.
P.T.
SP has been in commercial operation since 1988 dealing with trading, supplying
and distribution of textile chemicals. The company is focusing on Dyestuff for
textile, and they serving partnership from several dyestuff manufacturers all
over the world to Indonesia market.
Textile dyestuff products traded by the company consist of various
brands such as ATLACRON (Disperse), ATLACION (Reactive), TAIACRYL (Cationic),
ATLARUS (Direct) and ATLACID (Acid). Besides, the company equipped with trained
staff and dyestuff color matching service laboratory in Indonesia major market
to provide fast and reliable technical service to their clients. At present, the Company has more than 300
customer all across Indonesia and through their strong sales distribution which
are spread in Bandung, Pekalongan, Solo, Surabaya and Jakarta. We observed that
P.T. SP is classified as a medium sized company of its kind in the country of
which the operation has been growing in the last three years.
Generally,
the demand for textile chemicals tended to be fluctuating within the last five
years in line with the fluctuating of Indonesian textile industry in
general. According to the Central Bureau
of Statistics (BPS) the Indonesian textile products export in 2002 amounted to
1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in
2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0
million) in 2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6
tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9
million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900
tons (US$ 4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3
million) in 2011 rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and
as of 30 November 2013 amounted to 1,360.7 thousand tons (US$ 4,833.1
million). The export volume and value of
the national TPT products in 2002 to as of 30 November 2013 are pictured on the
following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 * |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 398.0 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 6,847.7 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,360.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 4,833.1 |
Until
this time P.T. SP has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We estimated that total sales turnover of
the company in 2011 amounted to Rp. 91.0 billion increased to Rp. 104.0 billion
in 2012 rose again to Rp. 18.0 billion in 2013 and projected will be declining
by at least 6% in 2014. The operation in 2013 yielded an estimated net profit
of at least Rp. 6.2 billion and the company has an estimated total net-worth of
at least Rp. 45.0 billion. We observe
that P.T. SP is supported by financially fairly strong and sound businessmen
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. SP is led by Mr. Rizal Purnali Liu (56) a businessman who
experience in trading, supplying and distribution of textile dyestuff. He has a good educational background and
graduate from FENG CHIA University of Taiwan in 1981. Before entering into
business, he used to work for P.T. BASF INDONESIA, a joint venture company
dealing with polymer dispersion and chemical processing, for five years. Daily
operation he is assisted by his business partner Mr. Lie Ferry Linardi (55) as
a director. The management is handled by experienced staff in this business,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sectors. So far, we did not hear that the
company’s management involved in a dirty business practice 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. SARICHEM POLYWARNA is sufficiently fairly
good for business transaction. However,
in view of the economic slowdown and political situation in the country is
warming we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.46 |
|
|
1 |
Rs.100.14 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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.