|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SULFINDO ADIUSAHA |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
25.11.1987 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Subject is a leading chemical producer ·
Investment Holding |
|
|
|
|
No. of Employees |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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) |
|
Indonesia |
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. SULFINDO ADIUSAHA
Head Office
Panin Tower
Senayan City 9th Floor
Komplek Senayan City
Jalan Asia Afrika Lot. 19
Jakarta Pusat, 10270
Indonesia
Phones - (62-21) 7278
1810 (Hunting)
Fax - (62-21) 7278
1808
E-mail - sulfindo@sulfindo.com
Website - http://www.sulfindo.com
Building Area - 25 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory (Plant)
Desa Mangunrejo,
Kecamatan Pulo Ampel
Kabupaten Serang,
Cilegon
Banten Province
Indonesia
Phones - (62-254)
5750035, 5751386
Fax - (62-254) 5750039, 5750540
Land Area - 30 hectares
Building Space - 270,000 sq.
meters
Region - Industrial
Zone
Status - owned
Date of Incorporation :
25 November 1987
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
C2-2493 HT.01.01.TH.1990
Dated
24 April 1990
- No.
C-11943 HT.01.04.TH.2005
Dated
3 May 2005
- No.
AHU-62118.AH.01.02.TH.2008
Dated
12 September 2008
- No.
AHU-AH.01.10-24096
Dated
24 November 2008
- No.
AHU-AH.01.10-33860
Dated
21 October 2011
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department
:
The Department of Finance
NPWP No. 01.062.213.2-092.000
The Capital Investment Coordinating
Board
- No.
176/V/PMA/2000
Dated
10 November 2000
- No.
197/III/PMA/2005
Dated
2 March 2005
Related Companies :
a. P.T.
ARTHA SUMATERA ENERGI (Holding Company/ Investment Holding)
b. P.T.
CAHAYA BUMI (Coal Mining)
c. P.T.
INDRA SAPTA RAHAYU (Coal Mining)
d. P.T.
MASINDO ARTHA RESOURCES (Coal Mining)
e. P.T.
MERAK ENERGI INDONESIA (Electric Steam Power Plant Development)
f. P.T.
REALITA JAYA MANDIRI (Coal Mining)
g. P.T. SULFINDO ADIUSAHA (Petrochemical
Processing Industry and
Investment Holding)
h. P.T.
SUMATERA COAL TRANS (Coal Transportation Services)
Capital Structure
:
Authorized
Capital : Rp.
750,000,000,000.-
Issued Capital : Rp.
353,291,000,000.-
Paid up Capital : Rp.
353,291,000,000.-
Shareholders/Owners
:
a. DURABILITY ENTERPRISES LTD. - Rp. 291,248,000,000.-
Address :
Road Town, Tortola
British Virgin Island
b. NEW PARTNER INVESTMENT LTD. - Rp. 41,564,000,000.-
Address : Offshore
Incorporations Centre
Road Town,
Tortola, British Virgin Island
c. BRENSWICK LTD. -
Rp. 20,479,000,000.-
Address : 7 Floor Burfield Commercial Building
143 Connaught
Road, Hong Kong
Lines of Business :
a. Petrochemical
Industry
b. Investment
Holding
Production Capacity :
a. Caustic
Soda -
320,000 tons p.a.
b. Chlorines - 300,000
tons p.a.
c. Ethylene
Dichloride -
370,000 tons p.a.
d. Vinyl
Chloride Monomer (VCM) - 130,000
tons p.a.
e. Poly
Vinyl Chlorine (PVC) - 95,000 tons p.a.
f. Caustic
Soda Flake (NaOH 98%) - 130,000 tons
p.a.
g. Hydrochloric
Acid (HCI 32%) ` - 131,000 tons p.a.
h. Sodium
Hypochlorite (NaOCI 10%) - 30,000 tons p.a.
Total Investment :
a. Equity
Capital -
Rp. 353.3 billion
b. Loan
Capital - Rp.
1,627.6 billion
c. Total
Investment - Rp.
1,980.9 billion
Started Operation :
1991
Brand Name :
Sulfindo Adi Usaha
Technical Assistance :
Asahi Kasei Corp, Japan
Number of Employee :
794 persons
Marketing Area :
Export - 65%
Local - 35%
Main Customer :
Chemical Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASAHIMAS CHEMICAL Tbk
b. P.T. CHANDRA ASRI PETROCHEMICAL
Tbk
c. P.T. HUMPUS AROMATIC
d. P.T. STYRINDO MONO INDONESIA
e. P.T. TRANS PACIFIC PETROCHEMICAL
INDOTAMA
Business Trend :
Growing
B a n k e r s
:
P.T. Bank CENTRAL
ASIA Tbk
Menara BCA Grand
Indonesia
Jalan M.H.
Thamrin No. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp.
2,985.0 billion
2012 – Rp. 3,128.0
billion
2013 – Rp.
3,315.7 billion
Net Profit
(estimated) :
2011 – Rp. 208.5
billion
2012 – Rp. 234.0
billion
2013 – Rp. 245.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Dra. Diana Lumakso
Vice President Director -
Mr. Lokita Prasetya
Director -
Mr. Iskandar Utina
Board of Commissioners :
President Commissioner -
Mr. Samhadi Wira Cendana
Commissioners -
a. Mr. Ir. Sujatim Abdurachman Habibie
b. Mrs. Henny Nasar Tjandra
Signatories :
President Director (Mrs.
Dra. Diana Lumakso) or Vice President Director (Mr. Lokita Prasetya) or the
Director (Mr. Iskandar Utina) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. SULFINDO
ADIUSAHA (P.T. SA) was established in Jakarta on 25 November 1987 with an
authorized capital of Rp. 150,000,000, of which Rp. 120,000,000 was issued and
paid up. The company was founded by Mr. Soetojo Koerniawan AKA (also known as)
Koo Swi and Mr. Ir. Widodo Purnomosidi, both Indonesian businessmen of Chinese
extraction. In July 1988 the company's entire shares were sold to Mr. Anthony
Salim AKA Liem Hong Sien, Mr. Andree Halim AKA Liem Sien Djien (both top
figures of the SALIM or LIEM SIOE LIONG Group, now the largest private business
group in the country), P.T. BIMANTARA CITRA (the parent company of the
BIMANTARA Group, a big-sized and fast growing national private business group),
Mr. Ir. George Hardjosoesilo AKA Lim Hong San (a prominent Indonesian businessman
and a top figure of the BIMANTARA Group) and Mrs. Ayfen Yuliana, an
ethnic-Chinese Indonesian businesswoman. According to the revision of the
company's articles of association in 1993, the authorized capital was increased
to Rp. 98,000,000,000 entirely issued and paid up. Concurrently Mr. Ir. George
Hardjosoesilo and Mrs. Ayfen Yuliana pulled out and were replaced by P.T.
GALAKSI ULTRAPRIMA (a private company) and 3 Indonesian businessmen of Chinese
extraction, namely Mr. Soenarjo Adikoesoemo (a top figure of the ASTRA Group),
Mr. Solichin Sumardjo and Mr. Soenarno.
In December 1998
the whole shares of the late Mr. Soedono Salim family in P.T. SULFINDO ADIUSAHA
had been taken over by P.T. HOLDIKO PERKASA, a company intentionally founded in
connection with the settlement of bad debts of SALIM Group to Indonesian Bank
Restructuring Agency (IBRA) for the loan given by P.T. Bank CENTRAL ASIA Tbk.,
to companies affiliated with the SALIM Group. In December 2000 the authorized
capital of P.T. SA was increased to Rp. 300,000,000,000 issued and paid up
capital to Rp. 211,712,000,000.
At that time the
shareholders were P.T. DUNIA MUSTIKA (98.5%), a company which the whole shares
are controlled by P.T. HOLDIKO PERKASA, P.T. TARUNA DINAMIKA CITRINDO (ex P.T.
TIMSCO DEVELOPMENT CORPORATION) (1.4%) and EXCEL PROJECT GROUP (B.VI) LIMITED
(0.1%) a company owned by the SALIM Group based in British Virgin Island which
is now the whole shares are controlled by P.T. HOLDIKO PERKASA.
In December 2001
the whole shares owned by P.T. HOLDIKO PERKASA in P.T. SA and subsidiaries
namely P.T. SATOMO INDOVYL MONOMER and P.T. SATOMO INDODVYL POLYMER (SULFINDO
Group) had been sold to DURABILITY ENTERPRISE LTD. (EMPEROR Group) of Hong Kong
worth US$ 41.2 million. In May 2004, the issued and paid up capital was raised
to Rp. 291,248,000,000 and concurrently the shareholders of P.T. SA were
DURABILITY ENTERPRISES LTD of British Virgin Island and P.T. TARUNA DINAMIKA
CITRINDO (ex. P.T. TIMSCO DEVELOPMENT CORPORATION of Indonesia). In March 2005,
the authorized capital of the company was raised to Rp. 750,000,000,000 of
which Rp. 353,291,000,000 was issued and fully paid up and concurrently into
the company entered new shareholders BRENSWICJ LIMITED of Hong Kong and NEW
PARTNER INVESTMENTS LIMITED of British Virgin Island.
Later in March
2005, P.T. SATOMO INOVYL MONOMER and P.T. SATOMO INDOVYL POLYMER merged to P.T.
SULFINDO ADIUSAHA (surviving company). After merged the merged the composition
of its shareholders has been changed to become DURABILITY ENTERPRISES LIMITED
of British Virgin Islands (81.28%), NEW PARTNER INVESTMENT LIMITED of British
Virgin Island (11.77%), BRENSWICK LIMITED of Hong Kong (5.80%), and P.T. TARUNA
DINAMIKA CITRINDO (1.15%). After that on 12 August 2008 the company’s board of
director and the board of commissioner had been changed.
Then according
to the latest revision of notary documents of Mr. Deni Thanur, SH., M.Kn., No.
28 dated 12 October 2011 P.T. TARUNA DINAMIKA CITRINDO pulled out and the whole
share sold to DURABILITY ENTERPRISES LIMITED of British Virgin Islands. With
this time the composition of its shareholders has been changed to become
DURABILITY ENTERPRISE LIMITED of Brtish Virgin Island (82.44%), NEW PARTNER
INVESTMENT LIMITED of British Virgin Islands (11.76%) and BRENSWICK LIMITED of
Hong Kong (5.80%). The latest revision of notary documents was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-33860
dated October 21, 2011.
P.T. SA is a
leading chemical producer in Indonesia which started operation since 1991.
Initially, the company obtained a Domestic Capital Investment (PMDN) facility
issued by the Capital Investment Coordinating Board (BKPM) to deal with Vinyl
Chloride Monomer (VCM) and Ethylene Dichloride (EDC) industry. However, since
November 2000, by the entrance of its foreign partner of Hong-Kong, the
facility of the company was changed to Foreign Capital Investment (PMA)
facility. Its plant is located at
Mangunrejo Village, Serang Regency, Merak, Banten Province, on a land of
282,935 sq. meters. In September 1995, the company expanded its activities by
taking over assets, liabilities, and whole activities of its sister company
P.T. INDOCHLOR PRAKARSA INDUSTRIES dealing with the processing of caustic soda
and chlorine of which the plant is at the same location with its previous
plant. After the merged since March 2005, the plant produces of Caustic Soda,
Chlorines, Chlorinated Descendant, Ethylene Dichloride (EDC), Vinyl Chloride
Monomer (VCM) and Poly Vinyl Chloride (PVC).
P.T. SA produces
caustic soda capacity around 320.000 DMT/year with membrane technology. As a
world technology, besides supplying to domestic market, they also serve
international market. Over the time they has diversified our chemical business
by creating products such of EDC, VCM, and PVC. P.T. SA produces 320.000 metric
ton of EDC, 130.000 metric tons of VCM, and 95.000 metric tons of PVC annually.
All these products have strengthened and supported Sulfindo's presence in the
market as an integrated Chlor-Alkali producer in Indonesia. Their mission is to
sustain long-term growth as a leading chemicals producer in ASEAN with
Indonesia as its home base. They are committed to produce high quality
chemicals at globally competitive prices and deliver efficient customer service
at all times. Being in the business for long period of time Sulfindo has earned
international standard for quality assurance recognition. Sulfindo received ISO
9001 Certificate for caustic soda appreciation in April 2000. P.T. SA or
Sulfindo plant is located in Merak covering a total area of 30 ha. Fast and
efficient distribution of products is supported by presence of truck terminal
that handles daily transportation activity. The plant is also equipped with a
jetty with a loading and unloading capability of 55,000 DWT.
Using
electrolysis technologies from salt as basic raw material is processed to
produce Caustic soda & chlorine. Some portion of Caustic soda liquid then
processed further to create caustic soda flake. Chlorine through chlorinization
process, producing EDC by thermal cracking of EDC and polymerization of VCM to
produce PVC. Besides that, Sulfindo also developing to gain derivatives such as
Hydrochloric Acid and Sodium Hypochlorite.
Some 65% of the
products are exported to several countries including Japan, India, Taiwan,
Thailand and several other countries and the rest is locally marketed among
manufacturing companies such as bathing soap industries, pulp & paper
industries, rayon, alumina, textile, water treatment, MSG industries, fiber
industries, and others. Sulfindo supplies caustic soda to customers in several
sectors such as Rayon, Soap and Detergent, Pulp & Paper, textile, water
treatment and many other uses in the chemical processing industry. PVC is
widely used in many other chemical manufacturers for many business sectors. The
need for good infrastructure in the region has led to a growing demand for PVC
products such as pipes and cables. The changing lifestyles of consumer also demand
high quality of PVC products such as leather for furniture, film for food
packaging, PVC doors, profile for housing and others. Each type of PVC is used
for different kind depend on application need.
P.T. Sulfindo Adiusaha Products are:
|
Product |
Production Capacity |
Process |
Licensor |
Applications |
|
Caustic Soda |
320,000 TPA |
Ion Exchange Membrane |
Asahi Kasei Corporation |
Pulp & Paper, Rayon, Allumina, Textile, Soap, Water
Treatment, MSG, General Industries |
|
Chlorine |
300,000 TPA |
Ion Exchange Membrane |
Asahi Kasei Corporation |
EDC/VCM/PVC, Pulp & Paper, HCl, Water Treatment, Other
Chemical Industries (Phosgene, Propylene Oxyde, etc.) |
|
Ethylene Dichloride |
370,000 TPA |
LTDC / HTDC |
Arkema Chemicals |
VCM |
|
Vinyl Chloride Monomer |
130,000 TPA |
Thermal Cracking |
Arkema Chemicals |
PVC |
|
Poly Vinyl Chloride (PVC) |
95,000 TPA |
Suspension Polymerization |
Tosoh Corporation |
Rigid Plate, various extruded sheets, Films, Blow bottle, Calendering,
Pipes, Hose, Corrugated sheets, Tapes, Wires, Cables, Leathers. |
|
Caustic Soda Flake (NaOH 98%) |
130,000 TPA |
Falling Film Concentration |
Bertrams |
|
|
Hydrochloric Acid (HCl 32%) |
131,000 TPA |
|
Mersen |
Metal pickling, Metal Chloride, Water Treatment, MSG |
|
Sodium Hypochlorite (NaOCl 10%) |
30,000 TPA |
|
. |
Bleaching, Desinfectant, Water Treatment |
Besides, P.T. SA engaged in investment holding by controls 92.86% shares
of P.T. MERAK ENERGI INDONESIA, a private company dealing with electric steam
power plant with capacity 2 x 60 MW. The whole electric power supplied to
parent company P.T. SULFINDO ADIUSAHA.
We note that the
demand for petrochemicals had been rising by some 6% up to 8% per year in the
five years in line with the fast growth of industries using petrochemical basic
materials like the plastic and plastic product industries in the country. Since
October 2008 the demand for the above petrochemicals had kept on dropping in
line with the decline of plastic and plastic goods industries as a result of
the global economic crisis in October 2008 and the very tight banking liquidity
in the country. The domestic demand for petrochemicals is projected to grow by
just 4% to 6% up to the next two years, in view of the still labile economic
condition. Besides, competition is very heavy from particularly petrochemicals
of Singapore, Malaysia, Thailand, Taiwan and South Korea. Besides, there are
now several companies planning to build petrochemical production centers like
P.T. HUMPUSS AROMATIC of the HUMPUSS Group and P.T. TRANS PACIFIC PETROCHEMICAL
INDOTAMA and others.
Until this time P.T. SA has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. SA is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 2,985.0 billion rose to Rp. 3,128.0 billion in
2012 increased to Rp. 3,315.7 billion in 2013 and projected to go on rising by
at least 6% in 2014. The operation in 2013 yielded an estimated net profit of
at least Rp. 245.3 billion and the company has an estimated total networth of
at least Rp. 750.0 billion. We observe that P.T. SA 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. SA is led by Mrs. Diana Lumaksi (57) a
businesswoman and professional manager with experience in petrochemical
industry. She has a good educational background graduated from University of
Diponegoro, Semarang, Central Java majoring in Economic. She married to Mr.
Hadi Siswanto and they have three children.
The management, which is
evaluated quite creative and dynamic, also has succeeded in expanding their
overseas marketing network. We consider the management is quite capable of
further developing business in the future. They have close relations with many
high-ranking government officials as well as with private businessmen within
and outside the country. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia. P.T. SULFINDO ADIUSAHA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.