|
Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR SYNO KIMIA |
|
|
|
|
Registered Office : |
Bekasi International Industrial Estate Block C 8 No. 4-6, Desa
Sukaresmi, Lemahabang, Cikarang, Bekasi, 17550, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
19.09.1990 |
|
|
|
|
Com. Reg. No.: |
No. AHU-52504.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the C.P.C. Intermediate for Dyestuff and Cyanine
Pigments Processing |
|
|
|
|
No. of Employees : |
253 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. SINAR SYNO KIMIA
A d d r e s s :
Head Office
Bekasi International Industrial Estate Block C 8 No. 4-6
Desa Sukaresmi, Lemahabang
Cikarang, Bekasi, 17550
West Java
Indonesia
Phones -
(62-21) 897 2390 (Hunting)
Fax - (62-21) 897 2388
E-mail - ptssk@sinarsyno.com
Website - http://www.sinarsyno.com
Land Area - 200,000 sq.
meters
Building Space - 23,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
19 September 1990
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No.
C2-3272.HT.01.01.TH.91
Dated 23 July 1991
- No. AHU-AH.01.10-05885
Dated 13 May 2009
- No.
AHU-52504.AH.01.02.TH.2011
Dated 28 October 2011
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.09.256.4-052.000
The President of
the Republic of Indonesia
No. B-246/Pres/7/1990
Dated 31 July 1990
The Capital Investment
Coordinating Board
- No. 254/I/PMA/1990
Dated 13 August 1990
- No. 87/III/PMA/1993
Dated 18 February 1993
- No. 110/II/PMA/1993
Dated 25 October 1993
- No. 47/III/PMA/1995
Dated 6 February 1995
- No. 26/II/PMA/1996
Dated 23 January 1996
- No. 228/II/PMA/2000
Dated 8 September 2000
- No. 1407/III/PMA/2003
Dated 15 December 2003
- No. 93/II/PMA/2006
Dated 3 April 2006
Related Company :
A Member Company of the SINAR MAS Group
Capital Structure :
Authorized Capital : Rp.
124,988,000,000.-
Issued Capital : Rp.
124,988,000,000.-
Paid up Capital : Rp.
124,988,000,000.-
Shareholders/Owners :
a. S.K.
CORPORATION LTD. -
Rp. 62,494,000,000.-
Address : Flat B
16 F Shun Fai Building
64 66A, Kimberly Ruad
Malaysia
b. P.T. SINAR MAS -
Rp. 62,494,000,000.-
Address : Wisma
BII
Jl. M.H. Thamrin Kav. 22
Jakarta Pusat
Indonesia
Lines of Business :
C.P.C. Intermediate for Dyestuff and Cyanine Pigments Processing
Production Capacity :
a. CPC Blue Intermediate -
2,600 tons p.a.
b. CPC Green Intermediate -
400 tons p.a.
c. Cyanine Blue Pigment -
280 tons p.a.
d. Cyanine Green Pigment -
170 tons p.a.
e. Direct/Reactive/Disperse
Dyes -
1,800 tons p.a.
f. Brightening Agent - 30,000 tons p.a.
g. Printing Inks -
1,800 tons p.a.
Total Investment :
a. Equity Capital - US$
8.0 million
b. Loan Capital - US$
9.5 million
c. Total Investment - US$ 17.5 million
Started Operation :
1992
Brand Name :
Sinar Syno Kimia
Technical Assistance :
S.K. Corporation Ltd., Malaysia
Number of Employee :
253 persons
Marketing Area :
Export - 60%
Local - 40%
Main Customer :
a. Leather Industry
b. Paint Industry
c. Pulp and Paper Industry
d. Textile Industry
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT INDONESIA
b. P.T. COLORINDO ANEKA
CHEMTRA
c. P.T. DYSTAR COLOURS
INDONESIA
d. P.T. MATSUMOTOYUSHI
INDONESIA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNATIONAL
INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin Kav. 22
Jakarta
Pusat
Indonesia
b. P.T.
Bank SINARMAS
Plaza
BII
Jalan
M.H. Thamrin Kav. 50-51
Jakarta Pusat
Indonesia
c. Hongkong and Shanghai
Banking Corp. Ltd.
World Trade
Center
Jalan Jend.
Sudirman Kav. 29-31
Jakarta
Selatan
Indonesia
Auditor :
Richard Risambessy & Rekan
Litigation :
No litigation record in our database
Annual Sales :
2009 – Rp. 417.7 billion
2010 – Rp. 451.3 billion
2011 – Rp. 475.0 billion (estimated)
2012 – Rp. 497.0 billion (estimated)
2013 – Rp. 512.0 billion (estimated)
Net Profit :
2009 – Rp. 16.5 billion
2010 – Rp. 22.4 billion
2011 – Rp. 24.8 billion (estimated)
2012 – Rp. 29.8 billion (estimated)
2013 – Rp. 32.0 billion (estimated)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director -
Mr. Suphat Sivasriamphai
Vice President Director - Mr. Muktar Widjaja AKA Oei
Siong Lian
Directors - a. Mr. Venkatachalam
b. Mr. Pravat Suphavadeprasit
c. Mr. A Ie Saman
d. Mr. Siguan Tunaldi
Board of Commissioners :
President Commissioner - Mr. Franky Oesman Widjaja Oei Jong Nian
Vice President Commissioner - Mr. Pracha Sivasriamphai
Commissioners - a. Mr. Joseph Jo Liat Tjiang
b.
Mr. Kasem Sivasriampai
Signatories :
President Director (Mr. Suphat
Sivasriamphai) or Vice President Director (Mr. Muktar Widjaja) or one of the
Directors (Mr. Venkatachalam, Mr. Pravat Suphavadeprasit, Mr. A ie Saman or Mr.
Siguan Tunaldi) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. SINAR SYNO KIMIA (P.T. SSK) was established on September 19, 1990
with authorized capital of US$ 1,800,000 all of it has been fully subscribed
and paid up. The founders and the shareholders of the Company are P.T. ANEKA
SARAKINDO from Indonesia and three companies from South Korea namely KYUNG IN
SYNTHETIC CORPORATION, KYUNG IN SYNTHETIC Co. Ltd., and SSANGYONG CORPORATION.
The company notary deed had been changed a couple of times. In the middle of
1993, the authorized capital was increased to be US$ 3,600,000 and the issued
company was increased to be US$ 1,800,000 which was fully paid up. At the same
time, SSANGYONG CORPORATION resigned and replaced by P.T. ROLIMEX CORPORATION
(from Indonesia) as new shareholder.
On September 2001, the authorized capital was increased to be US$
8,000,000 (Rp. 14,792,000,000), all of it has been fully subscribed and paid
up. Since those times the shareholder’s composition of P.T. SSK are P.T. SINAR
MAS (50%) from Indonesia and SPECTRA CHEMICALS Pte., Ltd., from Singapore
(50%). Then on May 2008, the authorized capital was increased again to Rp.
101,013,000,000 entirely issued and fully paid up. The latest notary deed of
amendment was made by Ms. Yulia, SH, a public notary in Jakarta under Company
Registration Number AHU-AH.01.10-05885, dated May 13, 2009. Then according to
the latest revision of notary documents of Mrs. Yulia, SH., No. 35 dated 14
October 2011 the company authorized capital was raised to Rp. 124,988,000,000
wholly issued and paid up. On the same occasion SPECTRA CHEMICALS PTE, LTD.,
Singapore withdrew and the whole share taken over by S.K. CORPORATION LTD., of
Malaysia as new shareholders. With this time the composition of its
shareholders are P.T. SINAR MAS (50%) and S.K. CORPORATION LTD., (50%). The
latest revision of notary documents was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-52504.AH.01.02.TH.2011 dated
October 28, 2011.
P.T. SINAR MAS is parent company of the SINAR MAS Group, the greatest
companies group in Indonesia that presided over by Mr. Eka Tjipta Widjaja AKA
(also known as) Oei Ek Tjhong, an Indonesia businessman of Chinese descendant.
P.T. SSK is foreign investments company that carrying out business in
manufacturing of C.P.C Intermediate for Dyestuff and Cyanine Pigments. They
managed a factory in Bekasi International Industrial Estate, Bekasi, West Java.
The factory erected on the land measuring of 20 hectares. The building
factory’s extent is 2.35 hectares that consisting of plant, warehouse and
office. The factory has been operated since April 1992 with the investment as
much as US$ 6.0 consisting of the company’s capital as much as US$ 1.8 million
and the loan for the rest. In 1993, P.T. SSK expanded its business by producing
dying substances of direct, reactive and disperses dyes kinds, as many as 1,200
tons per year. In 2000, the company still expanded its business by producing
optical brightening agent, as many as 3,600 tons per year. Later in April 2006,
P.T. SSK obtained permit from the Capital Investment Coordinating Board (BKPM)
to expanding of its products by produces of Optical brightening Agent of 30,000
tons and Printing Inks of 1,800 tons respectively per annum. The expansion
plant has absorbed an investment of US$ 5.5 million originally come from loans.
Mrs. Dewi, one of marketing staff of P.T. SSK explained that nowadays, 60%
products of the company are exported to Europe, Latin America, USA, Bangladesh,
Hong Kong, Japan, Korea, Pakistan, Srilanka and Taiwan. About 40% of the
company’s products are sold in the domestic market especially to textile
factory, painting factory, paper mill, leather industry (tanning), etc.
P.T. SSK has successfully exported its high quality products to more than
25 countries and is effectively servicing user industries such as textile,
paper, leather, photographic printing and detergent industries. P.T. SSK
produces four main plants dedicated for optical brighteners, dyestuff, printing
inks and paper chemicals.
P.T. SSK customers are P.T. ROLIMEX KIMIA NUSAMAS, P.T. KEMINDO
INTERNATIONAL, P.T. Pabrik Kertas TJIWI KIMIA Tbk, P.T. INDAH KIAT PUL &
PAPER Tbk, P.T. PINDO DELI PULP AND PAPER, P.T. PURINUSA EKA PERSADA, P.T.
EKAMAS FORTUNA, P.T. ASIATEX SINAR INDOPRATAMA, P.T. SINAR ANTJOL, P.T.
PISMATEX TEXILE INDUSTRY, P.T. RATNAJAYA INDAH UTAMA, P.T. KEMIRA IINDONESIA,
P.T. KARANGBUANA INDAH, P.T. ENGGAL SUBUR KERTAS, P.T. SURABAYA MEKABOX, and
others. We observe that P.T. SSK operation has been growing and developing well
in the last thee years.
The domestic demand for various types of chemical products had been
rising by 8% to 10% on the average per annum in the last five years in line
with the rapid growth of various industrial sectors including paper, textile,
leather, photographic printing and detergent industries in the above period as
the consumers. But, later dwindled as the global economic slowdown since
October 2008, followed by tight money policy imposed by Indonesian Central Bank
(Bank Indonesia) and also heated by political issue in the country. The demand
growth started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market competition is very tough on account of large
number of other similar companies operating in the country. P.T. SSK business
position in this case is not too badly because it has built regular customers
and extensive marketing network all across the country.
Imports of Raw
Materials and Auxiliary Goods, 2007-2012
|
Year |
Food and Beverages Mainly for Industry (Million
US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
Source: Central Bureau
of Statistic (BPS)
According to financial statement of P.T. SSK which ended 31 December
2009 amounted at Rp. 417.7 billion with a net profit of Rp. 16.5 billion
increased to Rp. 451.3 billion with a net profit of Rp. 22.4 billion. We estimated
the sales turnover in 2011 amounted at least Rp. 475.0 billion rose to Rp.497.0
billion with a net profit Rp. 29.8 billion in 2012 rose to Rp. 512.0 billion
with a net profit of Rp. 32.0 billion in 2013. It is projected the sales
turnover will be higher by at least 6% in 2014. We observe that P.T. SSK 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. Financial condense per 31 December 2009 and 2010 is attached below.
(In Million Rupiah)
|
Descriptions |
As per 31
December |
|
|
2010 |
2009 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
281,541 |
245,940 |
|
b. Non Current Assets |
70,686 |
47,156 |
|
c. Other Assets |
13,569 |
210 |
|
TOTAL ASSETS =
TOTAL LIABILITIES
& EQUITY |
352,205 |
293,096 |
|
B. LIABILITIES &STOCKHOLDERS
EQUITY |
|
|
|
a. Current Liabilities |
109,899 |
89,317 |
|
b. Non Current Liabilities |
24,247 |
8,141 |
|
c. Stockholders Equity : Paid Up Capital Translation
adjustment Retained
Earnings Total Stock
holders Equity |
124,988 12,284 80,786 218,058 |
124,988 9,611 58,366 195,638 |
|
C. INCOME
STATEMENT |
|
|
|
a. Sales Net |
451,288 |
417,748 |
|
b. Gross Profit |
61,002 |
40,532 |
|
c. Net Profit |
22,420 |
16,512 |
Notes: Ended 31
March 2010 and 2009 Audited by Richard Risambessy & Rekan
The management of P.T. SSK is led by Mr. Suphat Sivasriamphai (68) a
professional manager of Thailand with experience in specialty chemical
manufacturing. 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. SINAR SYNO KIMIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.