|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ASAHIMAS
CHEMICAL |
|
|
|
|
Formerly Known as : |
P.T. ASAHIMAS SUBENTRA CHEMICAL |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.09.1986 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-26253 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Engaged in producing Basic Chemicals such as Caustic Soda (NaOH), Ethylene Dichloride (EDC), Vinyl Chloride Monomer (VCM), Polyvinyl Chloride (PVC), Hydrochloric Acid (HCl), Liquid Chlorine (Cl2) and Sodium Hypochlorite (NaC1O). |
|
|
|
|
No of Employees : |
1,150 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. ASAHIMAS
CHEMICAL
Head Office
Summitmas Tower, 9th Floor
Jl. Jend. Sudirman Kav. 61-62
Jakarta 12190
Indonesia
Phones -
(62-21) 5202111 (hunting), 5201741
Fax. - (62-21)
5202110, 5253730
Email - info@asc.co.id
Website - http://www.asc.co.id
Building Area - 34 storey
Office Space - 460 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Gunung Suih
Jl. Raya Anyer Km. 11
Cilegon 42447, Banten
Indonesia
| Phones - (62-254)
601252
Fax. - (62-254)
602027
Land Area - 90 hectares
Building Space - 46 hectares
Region - Industrial
zone
Status - Owned
8 September 1986 as P.T. ASAHIMAS SUBENTRA CHEMICAL, changed its name to P.T. ASAHIMAS CHEMICAL on July 1, 1999
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No.
C2-436.HT.01.01.TH.88
Dated 23 January 1988
b. No.
AHU-97793.AH.01.02.Tahun 2008
Dated 18 December 2008
c. No.
AHU-AH.01.10-26253
Dated 18 July 2012
Foreign
Investment Company (PMA)
a. The Department of Finance
NPWP No. 01.061.615.9-092.000
b. The President of the Republic Indonesia
No. B-20/Pres/6/1986
Dated 14 June 1986
c. The Capital Investment Coordinating Board
- No. 19/I/PMA/1986
Dated 1 July 1986
- No. 39/II/PMA/1988
Dated 8 September 1988
- No. 10/II/PMA/1991
Dated 30 January 1991
- No. 126/II/PMA/1994
Dated 3 August 1994
ASAHIMAS GLASS CO. LTD. (Investment Holding)
a. A member of
the ASAHIMAS Group of Japan
b. A member of
the RODAMAS Group of Indonesia
Capital
Structure :
Authorized Capital - Rp. 47,460,000,000.-
Issued Capital - Rp. 47,460,000,000.-
Paid up Capital - Rp. 47,460,000,000.-
Shareholders/Owners
:
a. ASAHIMAS GLASS Co. Ltd., of Japan -
Rp. 24,916,500,000.- (52.5%)
b. ABLEMAN FINANCE Ltd., of UK -
Rp. 8,542,800,000.- (18.0%)
c. MITSUBISHI Corp., of Japan -
Rp. 5,457,900,000.- (11.5%)
d. PT. RODAMAS of Indonesia -
Rp. 8,542,800,000.- (18.0%)
Lines of Business
(Source Notary Deed of PT. Asahimas Chemical) :
Engaged in producing Basic Chemicals such as Caustic Soda (NaOH), Ethylene Dichloride (EDC), Vinyl Chloride Monomer (VCM), Polyvinyl Chloride (PVC), Hydrochloric Acid (HCl), Liquid Chlorine (Cl2) and Sodium Hypochlorite (NaC1O).
Actual Lines
of Business :
Integrated Chemical Industry
Production
Capacity :
a. Caustic Soda (100% NaOH) - 370,000 tons p.a.
b. Flake Caustic Soda (F-NaOH) - 30,000 tons p.a.
c. Hydrochloric Acid (HCL) - 62,000 tons p.a.
d.
Sodium Hypochlorite (NaCLO) - 25,000 tons p.a.
e. Liquid Chlorine (L-CL2) - 12,000 tons p.a.
f.
Vinyl Chloride Monomers (VCM) -
400,000 tons p.a.
g. Polyvinyl Chlorides (PVC) - 285,000 tons p.a.
Total Investment :
a. Equity Capital - US$ 42.0 million
b. Reinvested Profit - US$ 115.0 million
c. Loan Capital - US$ 388.0 million
d. Total Investment - US$ 545.0 million
Started
Operation :
June 1989
Brand Name :
Asahimas Chemical
Technical
Assistance :
Asahimas Glass
Co. Ltd., of Japan
Number of
Employee :
1,150 persons
Marketing Area
:
a. Local - 40%
b. Export - 60%
Main Customers
:
a. Pulp and Paper
Industries
b. Soap and
Detergent Industries
c. Oil and Gas
Industries
d. Pharmaceutical
Industries
e. Plastic
Product Industries
f. Paint and Ink Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Makro
Chemindo
b. PT. Adimitra Prima Lestari
c. PT. Indokemika Jayatama
d. PT. Manggala Indah Makmurf
e. PT. Asrikima Utama
f. PT. Esmalglass Indonesia
Business Trend
:
Growing
Bankers :
a. P.T.
Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav.1
Jakarta Pusat
b. The
Bank of Tokyo Mitsubishi UFJ Ltd.
Mid Plaza Building
Jl. Jend. Sudirman Kav. `0-11
Jakarta
Selatan
c. P.T. Bank MANDIRI
Mandiri
Plaza
Jl. Gatot
Subroto Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Total Sales
(estimated) :
2010 – US$. 790.0 million
2011 – US$. 975.0 million
2012 –
US$.1,180.0 million
2013 –
US$.1,256.0 million
Net Profit
(estimated) :
2010 – US$. 54.9
million
2011 – US$. 67.8
million
2012 – US$. 82.5
million
2013 – US$. 88.0
million
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Jun Miyazaki
Vice President Director -
Mr. Ronny Budirahardjo
Directors -
a. Mr. Anton Kustedja
b. Mr. Arif Suherman
c. Mr. Takashi Yoshida
d. Mr. Tetsu Honjo
e. Mr. Eddy Sutanto
f. Mr.
Yusuyuki Ueda
Board of Commissioners :
President Commissioner -
Mr. Masao Nemoto
Vice President Commissioner -
Mr. Tan Pei Ling
Commissioners -
a. Mr. Suryo Suherman
b. Mr. Takashizu Minato
Signatories :
President Director (Mr.
Jun Miyazaki) or Vice President Director (Mr. Ronny Budirahardjo) or one of the
Directors (Mr. Anton Kustedja, Mr. Arif Suherman, Mr. Takashi Yoshida, Mr. Tetu
Honjo, Mr. Eddy Sutanto or Mr. Yusuyuki Ueda) which must be approved by Board
of Commissioners (Mr. Masao Nemoto, Mr. Tan Pei Ling, Mr. Suryo Suherman and
Mr. Takashizu Minato)
Management Capability :
Good
Business Morality :
Good
Originally named P.T. ASAHIMAS SUBENTRA CHEMICAL
CO. LTD., it was established in Jakarta by virtue of Natarial Deed of Ms.
Koerniatini Karim, SH., No. 20 dated September 8, 1986 with an authorized
capital of US$ 42,000,000.- (Rp 47,460,000,000) of which US$ 4,200,000.- (Rp
4,746,000,000) was issued and fully paid up.
The founding shareholders are
ASAHI GLASS Co. Ltd., of Japan,
P.T. RODAMAS and P.T. SUBENTRA
both are private companies. The company
notary deed was approved by the Ministry of Justice in its decision letter No.
C2-436.HT.01.01.TH.88 dated January 23, 1988.
The articles of association of the company have frequently been revised. In the end
of 1987, all authorized capital of US$ 42,000,000.- was issued and paid
up. On the same occasion, AG FINANCE Co.
ltd., of Japan and PPG INDUSTRIES Inc., of the USA entered into the Company as
new shareholders. But, in January 1999,
AG FINANCE Co. Ltd., of Japan and P.T. SUBENTRA of Indonesia pulled out and
replaced by ABLEMAN FINANCE Ltd., of British Virgin Island.
In July
1999, the company renamed to P.T. ASAHIMAS CHEMICAL (P.T. AC). According to
amendment to it’s the articles of association on July 2004 the authorized
capital of the company was converted to Rp. 47,460,000,000.- entirely was
issued and fully paid up. Since at the
time, the shareholders of the company are ASAHI GLASS Co. Ltd. of Japan
(52.5%), ABLEMAN FINANCE Ltd., of United Kingdom (18.0%), PT. RODAMAS of
Indonesia (18.0%) and MITSUBISHI Corp. of Japan (11.5%). The amendment to notarial Deed has been approved by
the Minister of Law and Human Rights of the Republic of Indonesia through
Decree No. C-18327.HT.01.04.TH.2004 dated July 21, 2004. Based on notary deed of Ms.
Linda Herawati, SH., No. 12 dated November 20, 2008 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 notarial Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No.
AHU-97793.AH.01.02.Tahun 2008 dated December 18, 2008.
Most recently by notarial deed of Linda Herawati, SH., No.
51 dated April 17, 2013 the company’s board of directors and the board of
commissioners had been changed. However, no changes have been
effected in term of its shareholding composition and capital structures to
date. The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decision Letter
No. AHU-AH.01.10-16676 dated May 01, 2013.
P.T. AC (the Company) was established within the framework of Laws No. 1, 1967 and No. 11, 1970 regarding foreign capital investment, and approval from the President of the Republic of Indonesia and the Capital Investment Coordinating Board (BKPM) was obtained through their Letter No. 19/I/PMA/1986, both on July 1, 1986. The Company is involved in the manufacture of chemical products with its plant located in Cilegon, Banten, while the head office is located in Jakarta.
Based to our investigation, P.T. has been operating since June 1989 dealing with industrial chemicals processing whose plant is located in Cilegon (West Java) standing on 90.0 hectares land operating in June 1989 after an inauguration ceremony officiated by the former President Soeharto. Subsequent plant expansion programs have substantially increased production capacities and investment now totals US$ 545 million. P.T. AC produces basic chemicals utilized by a host of downstream industries: Caustic Soda (NaOH), Ethylene Dichloride (EDC), Vinyl Chloride Monomer (VCM), Polyvinyl Chloride (PVC), Hydrochloric Acid (HCl), Liquid Chlorine (Cl2) and Sodium Hypochlorite (NaC1O).
Around 70% of the basic materials namely ethylene is still imported while the rest 30% is obtained domestically. Meanwhile, other basic material including salt is still wholly imported. All of hydrochloric acids, sodium hypo-chlorides and liquid chlorines, 85% of its EDC products 30% of PVC, 30% of VCM and 80% of caustic soda products are marketed domestically and the rest exported to Singapore, Malaysia, Sri Lanka, China, Nepal, Pakistan, Bangladesh, Taiwan, India and Philippines. Today, P.T. AC is the largest integrated chemical factory of Chlor-Alkali (CA), Vinyl Chloride Monomer (VCM) and Polyvinyl Chloride (PVC) plants in Indonesia and South East Asia.
Until this time P.T. AC has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. AC 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 US$. 975.0 million, increased to US$. 1,180.0 million in 2012 and rose again to US$. 1,256.0 million in 2013. We estimated the company has yielded a net profit at least US$. 88.0 million in 2013 and the company has an estimated total asset at least US$.660.0 million. Its projected that total sales turnover of the company will increase at least 12% in 2014. We observe that P.T. AC is supported by financially strong behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
Pursuant to its latest notarial Deed, President Director of P.T. AC is Mr. Jun Miyazaki (53), a professional manager of Japan origins who experienced for more than 21 years in the field of basic chemical manufacturing and trading. In daily activities, he is assisted by Mr. Ronny Budirahardjo (63) of Indonesia as Vice President Director and six directors namely Mr. Anton Kustedja (78), Mr. Arif Suherman (36), Mr. Takashi Yoshida (52), Mr. Tetsu Honjo (51), Mr. Eddy Sutanto (51) and Mr. Yusuki Ueda (52). We observed that management’s reputation in said business is fairly good. They have wide relations with private businessmen within and outside the country and with the government sector. So far we have never heard that the board of directors and commissioners of the company involved in business malpractices or detrimental cases that settled through the court. Their litigation record is clean and they have never involved in civil or criminal cases or politics in the country. Both are not in bankruptcy condition as their business is running well.
P.T. ASAHIMAS CHEMICAL 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.60.00 |
|
UK Pound |
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.