|
Report Date : |
05.12.2014 |
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 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
23.05.2006 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-05867 |
|
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|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Oleo Chemical
Industry |
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|
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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 |
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
-
No. AHU-AH.01.10-05867
Dated 21 February 2013
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
B
a n k e r s :
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
2014
– Rp. 472.5 billion (January – June)
Net
Profit (estimated) :
2011
– Rp. 65.0 billion
2012
– Rp. 71.9 billion
2013
– Rp. 75.8 billion
2014
– Rp. 42.0 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Tjiang Jian
Directors -
a. Mr. Sun Gang
b. Mr. Ji Xiaobing
c. Mr. Jiang Quenfeng
d. Mr. Xu Ying Xiang
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. Xu Ying Xiang) 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 latest according to the revision of notary deed
Mrs. Eva Misdawati, SH., no. 33 dated 31 October 2012 the company board of
director and the board of commissioner had been changed. The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-05867 dated February 21, 2013.
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.
Glycerin
Glycerin 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, glycerin 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 glycerin 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, 2005-2013
|
Year |
Fatty Acid |
Production (Ton) |
Growth (%) |
||
|
Glycol |
Fatty Alcohol |
Total |
|||
|
2005 2006 2007 2008 2009 2010 2011 2012 2013 |
436,700 398,952 350,203 476,700 504,080 542,391 585,782 631,473 659,510 |
46,354 41,283 35,577 51,222 55,290 59,492 64,251 69,262 72,337 |
93,712 119,905 176,099 111,159 136,482 146,855 158,603 170,974 178,565 |
576,766 560,141 561,879 639,081 695,582 748,738 808,636 871,709 910,415 |
(2.88) 0.31 14.74 8.88 7.60 8.00 7.80 4.45 |
|
Growth, % /year |
4.44 |
||||
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. As from January to June 2014 the sales turnover has reached at least
Rp. 472.5 billion with a net profit of at least Rp. 42.0 billion. It is
projected the sales turnover will rising by at least 5% in 2015. 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.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.