.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ETERNAL
BUANA CHEMICAL INDUSTRIES |
|
|
|
|
Registered Office : |
Jl. Raya Serang
Km. 14 Desa Dukuh, Kec. Cikupa Tangerang 15710 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
30.04.1979 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in Specialty Resins and
Biodiesel Industry |
|
|
|
|
No. of Employees : |
980 |
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 : |
Slow but correct |
|
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 |
P.T. ETERNAL BUANA CHEMICAL INDUSTRIES
Head Office &
Factory
Jl. Raya Serang
Km. 14
Desa Dukuh, Kec.
Cikupa
Tangerang 15710
Banten Province
Indonesia
Phones -
(62-21) 522 5630-2, 596 0680
Fax - (62-21) 522 5634, 5940 0141
Land Area - 162,354 sq.
meters
Building Area - 105,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Jakarta Office
Barclays House, 7th
Floor
Jl. Jend. Sudirman Kav. 22-23
Jakarta 12920
Indonesia
Phones -
(62-21) 571 2998 (hunting)
Fax - (62-21) 571 2678
Building Area - 32 storey
Office Space - 380 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
30 April 1979
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
:
The Ministry of Justice
and Human Rights
a. No.
C-22385.HT.01.04.TH.2003
Dated 18 September 2003
b. No.
AHU-06749.AH.01.02.Tahun 2009
Dated 10 March 2009
c. No.
AHU-AH.01.10-36773
Dated 11 October 2012
Company Status :
Foreign Investment Company (PMA)
Permits by the Government Department :
a. The
Department of Finance
NPWP No. 01.219.924.6-415.000
b. The Capital
Investment Coordinating Board
- No. 105/V/PMA/1998
Dated 12 November 1998
- No. 1234/III/PMA/2003
Dated 22 October 2003
- No. 558/III/PMA/2004
Dated 15 June 2004
- No. 401/II/PMA/2006
Dated 13 December 2006
c. The
Department of Industry and Trade
- No.
01470/10/DN/DU-PMDN/III/1983
Dated 25 March 1983
- No. 228/M/2/1991
Dated 16 February 1991
Holding Company :
P.T. ROYAL CHEMIE INDONESIA (Management Consulting and Investment
Holding)
Related/Affiliated Companies :
a. P.T. BUANA MAKMUR ANDALAN (Trading and Investment Holding)
b. A member of the ETERINDO Group (see attachment)
Capital Structure :
Authorized Capital
- Rp.
2,200,000,000,000.-
Issued Capital - Rp. 555,275,300,000.-
Paid up Capital - Rp. 555,275,300,000.-
Shareholders/Owners :
a. P.T. ROYAL CHEMIE INDONESIA - Rp. 550,875,300,000.- (99.20%)
Address : Menara
BTN, 19th Floor
Jl. Gajah Mada No. 1
Jakarta Pusat
Indonesia
b.
P.T. BUANA MAKMUR ANDALAN - Rp. 4,400,000,000.- ( 0.80%)
Address : Menara BTN, 15th Floor
Jl. Gajah Mada No. 1
Jakarta Pusat
Indonesia
Lines of Business
:
Specialty Resins and Biodiesel Industry
Production
Capacity :
Initial
Units
a. Synthetic Latex
Resins - 30,000 tons p.a.
b. Alkyd Acrylic
and Amino Resins - 20,000 tons p.a.
c. Unsaturated
Polyester Resins - 20,000 tons p.a.
d. Plasticizers - 30,000 tons
p.a.
Expansion
Units
a. Biodiesel
(FAME) - 20,000
tons p.a.
b. Glycerin - 10,000
tons p.a.
Total Investment :
Initial
Units
a. Equity Capital - Rp. 555.3 billion
b. Loan Capital - --
billion
c. Total
Investment - Rp. 555.3 billion
Expansion Units
a. Equity Capital - Rp. --
billion
b. Loan Capital - Rp. 399.7 billion
c. Total
Investment - Rp. 399.7 billion
Started Operation :
1979 (in trading
of industrial chemicals) and 1982 (producing of specialty resins)
Brand Name :
ETERNAL BUANA
CHEMICAL
Technical Assistance :
Eternal Chemical Co. Ltd., of Taiwan
Number of Employee :
980 persons
Marketing Area :
Domestic - 80%
Export - 20%
Main Customers :
a. Paint, Building
Materials, Fiberglass and Sanitary Ware Industries in the country
b. Overseas buyers
in Southeast Asia, China, India, Bangladesh, Middle East, Japan, Korea, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CITRA
RESINS INDUSTRIES
b. P.T. JUSTUS
SAKTI RAYA
c. P.T. NUPLEX
RAUNG RESINS
d. P.T. JAYA
WARINDO ABADI
e. P.T. NIPPON
PAINT INDONESIA
f. Etc.
Business Trend :
Growing
B a n k e r s :
a. The Hong Kong Shanghai Banking Corp. (HSBC)
The World Trade Center, 3rd
Floor
Jl. Jend. Sudirman Kav. 29-31
South Jakarta – Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha CIMB Niaga
Jl. Jend. Sudirman Kav. 58
South Jakarta - Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 1,190.0
billion
2011 – Rp. 1,360.0
billion
2012 – Rp. 1,550.0
billion
2013 – Rp. 1,760.0
billion
Net Profit
(estimated) :
2010 – Rp. 52.0 billion
2011 – Rp. 60.0
billion
2012 – Rp. 68.3
billion
2013 – Rp. 77.6
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Choi Choon Ha
Director - Mr. Hadisan Sridjaja
Board of Commissioners :
President Commissioner - Mr. Sudiharto Sridjaja
Commissioner -
Mr. Jasin Sridjaja
Signatories :
President Director (Mr. Choi Choon Ha)
or the Director (Mr. Hadisan Sridjaja) which must be approved by Board of
Commissioners (Mr. Sudirharto Sridjaja and Mr. Jasin Sridjaja)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
P.T. ETERNAL BUANA CHEMICAL INDUSTRIES (P.T.
EBCI) was established in Jakarta on April 1979 with an authorized capital of
Rp. 20,000,000.- of which Rp. 4,000,000.- was issued and fully paid up. The founding shareholders are Mr. Balijo
Ardinoto, an Indonesian businessman of Chinese extraction and Mr. Ali Husni, an
indigenous businessman. The Articles of
association of the company have frequently been revised. In 1981, Mr. Balijo Ardinoto pulled out and
replaced by Mr. Buyung Tahib, an indigenous businessman. In 1983, the company had been joined by new
shareholder respectively Mr. Yasin Sridjaja, Mr. Sudiharto Sridjaya, Mrs.
Suminah Hasim, wholly Chinese origin Indonesian entrepreneurs and Mr. Syarif
Anwar Soehoed, an indigenous businessman.
In February 1998, the authorized capital was raised to Rp
175,000,000,000.- entirely was issued and fully paid up. Then, in November 2004, the authorized capital
was raised again to Rp 2,200,000,000,000.- of which Rp 555,275,300,000.- was
issued and fully paid up.
Most recently by notarial Deed No. 56 dated
March 19, 2012 made by DR. Teddy Anwar, SH., the company’s shareholders are
P.T. ROYAL CHEMIE INDONESIA (99.20%) and P.T. BUANA MAKMUR ANDALAN
(0.80%). The capital structures and shareholder composition of P.T. EBCI in
details are as shown on page-3 of this report. 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.01.10-36773 dated October
11, 2012
P.T. ROYAL CHEMIE INDONESIA is a foreign
investment company which was established in 2003 by ROYAL CHEMIE CORPORATION
Ltd of Mauritius (99,999%) and P.T. KEDUNG SARI PRATAMA of Indonesia (0,001%). We are extremely difficult to
trace or investigate the shareholders of ROYEL CHEMIE CORPORATION Ltd., as this
company is incorporated under law of the Republic of Mauritius. But we allege or estimate that
the owners of this company are Mr. Sudiharto Sridjaja and his family members.
P.T. EBCI started with operation in 1979 in
trading and the distribution of specialty chemical and resins particularly for
textile, leather, paint and plastic industries.
Later in 1982, P.T. EBCI developed a plant located on Jalan Raya Serang
Km. 14, Cikupa, Tangerang (West Java) standing on 16.2 hectares
wide land operating in 1982 and
producing specialty resins such as synthetic latex resin under license and technology of
ETERNAL CHEMICAL CO. LTD., of Taiwan. In 1986, the plant
has been expanded for
manufacturing unsaturated polyester
resin, alkyd acrylic and
amino resins. In 1988, P.T. EBCI
started in producing plasticizers product. But,
its plant was of
May 1994 razed by fire and
therefore it stopped production activities.
After restoration and in the same time adding its production capacity,
the plant has resumed operation in 1995.
In 2008, P.T. EBCI started in producing Fatty Acid Methyl Ether (FAME)
or Biodiesel and Glycerin.
Some 80% of its products are for domestic
purpose by using ETERNAL brand licensed by ETERNAL CHEMICAL Co., Ltd., of
Taiwan. P.T. EBCI’s products are widely
used in manufacturer of consumer goods including raw material of paints, construction
materials, fiberglass material and sanitary ware. Meanwhile the rest 20% are exported to
Southeast Asia, China, India, Bangladesh, Middle East, Japan, Korea, etc. Domestically, its plasticizers products are marketed through P.T. INDOKEMIKA
JAYATAMA (a member company of the SALIM Group) while its other products are
directly distributed by P.T. EBCI to its customers in Jakarta, West
Java and Central Java regions.
Besides, P.T. EBCI also controls 4.50%
shares of P.T. ETERINDO NUSA GRAHA (ENG) and the rest is owned by P.T. ROYAL
CHEMIE INDONESIA (95.50%). P.T. ENG is
dealing with industrial chemical processing and manages a plant in Gresik, East
Java, operating since October 1997 with an investment of Rp 126.0 billion. P.T.
ENG produces Dioctyl phthalates (DOP), Resin and Bio-diesel.
Until this time P.T. EBCI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement.
Therefore, the company has no obligation to publish financial statement
publicly. We have checked to Department of Trade and Industry and found that no
financial statement has been reported. P.T. EBCI’s management is very reclusive
to outsider and rejecting to disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 1,360.0 billion increased to Rp. 1,550.0
billion in 2012 and rose again to Rp. 1,760.0 billion in 2013. The operation in
2013 yielded an estimated net profit at least Rp. 77.6 billion and the company
has an estimated total net worth at Rp. 850.0 billion. We observed that P.T. EBCI is supported by
financially strong business family behind it.
So far, we did not hear that the company having been black listed by the
Central Bank (Bank Indonesia).
The management of P.T. EBCI is led by Mr.
Choi Choon Ha (63) as president director, a professional manager with broad
experience in industrial chemical processing.
In daily his operation, he is assisted by Mr. Hadisan Sridjaja (47) as
director and a number of professional managers and expert in specialty resins
manufacturing. The management is very
creative and dynamic, having maintained a wide business relation with private
businessmen at home and abroad and with the government sectors as well. We observed
that management’s reputation in said business is fairly good. 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. EBCI is fairly good for business
transaction. However, in view of the unstable economic condition in the country
we recommend to treat prudently in extending a loan to the company.
List of the ETERINDO Group Members
1.
ANUGERAHINTI GEMANUSA, P.T. (Polyvinyl Alcohol and Acetic
Acids Processing)
2.
BUANA METALINDO, P.T. (Metalworking)
3.
BUANA MAKMUR ANDALAN, P.T. (Trading and Investment Holding)
4.
BUANA SOLVINDO, P.T. (Butyl Acetates Processing)
5.
ETERNAL BUANA CHEMICAL INDUSTRIES, P.T. (Specialty Resin and
Biodiesel Industry)
6.
GENERAL INTI UTAMA, P.T. (Investment Holding)
7.
ETERINDO NUSA GRAHA, P.T. (Biodiesel and Plasticizer
Manufacturing)
8.
ETERINDO ANUGERAH PRAKARSA, P.T. (Investment Holding)
9.
ETERINDO WAHANATAMA Tbk.,, P.T. (Trading and Investment
Holding)
10.
GLOBECHEM PACIFIC PERKASA, P.T. (Maleic Anhydride
Processing)
11.
HEXABUANA TOMANAS, P.T. (Modern Office Building Management)
12.
INDO BERLIAN BUANA PERKASA, P.T. (Maleic Anhydrides
Processing)
13.
INTIMUTIARA CHEMINCO, P.T. (Trading and Distribution of
Industrial Chemicals)
14.
INTIMUTIARA GASINDO, P.T. (Investment Holding and
Distributions)
15.
INTIMUTIARA KIMINDO, P.T. (Trading and Importer of
Industrial Chemicals)
16.
LARISJAYA, P.T. (Trading and Distributions of Industrial
Chemicals)
17.
MAISKA BHUMI SEMESTA, P.T. (Oil Palm Plantation)
18.
MALINDO PERSADA KHATULISTIWA, P.T. (Oil Palm Plantation)
19.
METRO PACIFIC CORP., Pte., Ltd., Singapore (Trading)
20.
MITSUI ETERINDO CHEMICALS, P.T. (Arcylamide Monomers
Processing)
21.
PETRO OXO NUSANTARA, P.T. (Oxo Alcohols Processing)
22.
PETROWIDADA Tbk., P.T. (Phthalic Anhydride and Maleic
Anhydride Processing)
23.
PROINTAL, P.T. (Chemical Storage Tanks Management)
24.
ROYAL CHEMIE INDONESIA, P.T. (General Trading and Investment
Holding)
25.
ROYAL CHEMIE Corp. Ltd., of Mauritius (Investment Holding)
26.
SOUTH EASTERN CHEMICALS Sdn., Bhd., Malaysia (Plasticizers
and Resins Processing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
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.