|
Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PT. PQ SILICAS |
|
|
|
|
Registered Office : |
Jalan Rembang
Industri Raya No. 24 Pasuruan Industrial Estate Rembang (PIER) Bangil,
Pasuruan 67152 |
|
|
|
|
Country : |
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|
|
|
Date of Incorporation : |
29.08.2008 |
|
|
|
|
Legal Form : |
Foreign
Investment (PMA) Company |
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|
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|
Line of Business : |
· Amorphous Silica Processing · Import and Export of Inorganic Chemical Products |
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|
|
|
No. of Employees |
77 |
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 |
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Payment Behaviour : |
No complaints |
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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
PT. PQ SILICAS INDONESIA
Head Office & Factory
Jalan Rembang
Industri Raya No. 24
Pasuruan
Industrial Estate Rembang (PIER)
Bangil, Pasuruan
67152
East Java
Indonesia
Phones -
(62-343) 740114 (Hunting), 740106
Fax - (62-343) 740113
Land Area - 10,000 sq.
meters
Office Space - 8,500 sq.
meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
a. 28 May 1996 as PT. CROSSFIELD INDONESIA
b. 1 February 2001 as PT. INEOS SILICAS
INDONESIA
c. 29 August 2008 as PT. PQ SILICAS INDONESIA
Legal Form :
PT. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No. AHU-84688.AH.01.02.TH.2008
Dated 12 November 2008
b. No. AHU-AH.01.10-39745
Dated 24 September 2013
Company Status
:
Foreign Investment
(PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.071.566.2-052.000
The President of the Republic of Indonesia
No.
B-310/Pres/4/1996
Dated 25 April
1996
The Capital Investment Coordinating Board
- No. 381/I/PMA/1996
Dated 13 May 1996
- No. 791/III/PMA/1998
Dated 18 June 1998
- No. 959/III/PMA/1999
Dated 29 July 1999
- No. 60/III/PMA/2001
Dated 1 February 2001
- No. 257/II/PMA/2001
Dated 28 September 2001
Related
Companies :
a. PQ GERMANY GMBH of Germany (Investment
Holding)
b. PQ INTERNATIONAL COOPERATIE U.A. of
Netherlands (Investment Holding)
Capital
Structure :
Authorized
Capital : US$
24,800,000.-
Issued Capital : US$
24,800,000.-
Paid up Capital : US$
24,800,000.-
Shareholders/Owners
:
a. PQ GERMANY GMBH -
US$ 24,796,000.-
Address :
AM Wachtelberg 8A, 04808 Wurzen
Germany
b. PQ INTERNATIONAL COOPERATIE U.A. - US$ 4,000.-
Address : DE Brand 24, 3823 LJ
Amersfoort
Netherlands
Lines of
Business :
a. Amorphous Silica Processing
b. Main Distributor, Import and Export of In
Organic Chemical Products
Production
Capacity :
Amorphous Silica - 10,000 tons p.a.
Total Investment
:
a. Equity Capital - US$ 24.8 million
b. Loan Capital - US$
0.3 million
c. Total Investment - US$ 25.1 million
Started
Operation :
May 1998
Brand Name :
PQ Silicas Indonesia
Technical Assistance :
PQ GERMANY GMBH, Germany
Number of Employee :
77 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Buyers in Asian and Southeast
Countries
Market Situation :
Very Competitive
Main Competitors :
a. PT. ARBE CHEMINDO
b. PT. DARISA INTIMITRA
c. PT. EONCHEMICALS PUTRA
d. PT. ETERINDO WAHANATAMA Tbk
e. Etc.
Business Trend :
Growing
B a n k e r s
:
a. STANDARD CHARTERED BANK
Surabaya Main Branch
East Java, Indonesia
b. DEUTSCHE BANK AG
Surabaya Main Branch
East Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 221.0
billion
2012 – Rp. 229.8
billion
2013 – Rp. 235.0
billion
Net Profit
(estimated) :
2011 – Rp. 19.2
billion
2012 – Rp. 19.8
billion
2013 – Rp. 20.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Asrofi Sidqon, MSc
Director -
Mr. Ir. Slamet Pramono
Board of Commissioners :
President Commissioner -
Mr. Koentoro Wreksoatmodjo
Commissioners -
a. Mr. William James Sichko Junior
b. Mr. Erwin Johan Goede
Signatories :
President Director (Mr. Ir.
Asrofi Sidqon, MSc.) or the Director (Mr. Ir. Slamet Pramono) 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
Originally named PT. CROSFFIELD INDONESIA, the company was established
in October 1994 with an authorized capital of US$ 4,000,000 and an issued capital
of US$ 2,000,000 of which US$ 1,000,000 was paid up. The company was founded by
two companies of the Netherlands, namely DOMA B.V. and MAVIBEL (MAATSCHAPPIJ
VOOR INTERNATIONALE BELEGGINGEN) B.V., as the original shareholders. In July
1998 the authorized capital was increased to US$ 24,800,000 entirely issued and
paid up. On this occasion the above two shareholders withdrew and were replaced
by IMPERIAL CHEMICAL INDUSTRIES PLC of the UK and ICI ALPHA B.V. of the
Netherlands. In February 2001 the company's name was changed to PT. INEOS
SILICAS INDONESIA.
Concurrently the above two shareholders pulled out and were replaced by
two companies of the UK, namely INEOS SILICAS HOLDINGS LIMITED and INEOS
HOLDINGS LIMITED. Later in August 2008 the company’s name was changed again to
PT. PQ SILICAS INDONESIA (PT. PSI). Concurrently the whole shares had been
taken over by PQ GERMANY GMBH of Germany (99.98%) and PQ INTERNATIONAL
COOPERATIE U.A. of the Netherlands (0.02%). The company’s latest revision of
notary act was made by Mrs. Titi SADW Bagiono, SH., M.Hum, was approved by the
Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-39745,
dated 24 September 2013.
PT. PSI operates under Foreign Investment (PMA) facilities in amorphous
silica processing, by managing a plant located on a 10,000 sq. meter land plot
in Pasuruan, East Java. The plant started production in May 1998, but due to
the economic crisis and the steep Rupiah depreciation to foreign currencies at
the time, the plant in the same year suspended operation for five months. The
production achieved up to end 1998 was relatively very small. With the national
economy showing improvement in early 1999, PT. PSI was revived, bringing its
plant back into production. PT. PSI has an installed production capacity of
10,000 tons of precipitated silica (white carbon) per year. In 1999 the plant
was able to produce just 4,800 tons, which in 2000 increased to 5,400 tons and
in 2001 went up further to 6,600 tons and the latest reached to 9,000 tons in
2010.
The main basic material in the form of water glass is entirely imported
from Malaysia and South Africa, while industrial salt is imported from
Australia. The company's production is marketed under the brands of SORBOSIL TM
(Toothpaste Silicas), GASIL (Anti Blocking Silicas), NEOSYL, MICROCAL, MICROSIL
and LUSIL (Anti Caking/Free Flow Aids and Rubber Filters). At present about 50%
of PT. PSI's production is exported to Malaysia, the Philippines, India,
Thailand, Vietnam, China, Japan, Australia, South Africa with the rest being
supplied to various local companies producing tooth paste, rubber filler/rubber
compound, plastic industry, food and drink industry and pharmaceutical
industry.
An amorphous silica suitable for use in a dental composition has a
weight mean particle size in the range 3 to 15 μm with at least 90 per
cent by weight of particles having a size below 20 μm, a Radioactive
Dentine Abrasion (RDA) determined on an aqueous slurry of the silica powder of
100 to 220, a Pellicle Cleaning Ratio (PCR), when incorporated in a dental
composition at 10 per cent by weight, greater than 85, the ratio of PCR to RDA
being in the range 0.4:1 to less than 1:1 and having a Plastics Abrasion Value
(PAV) in the range 11 to 19.
Silica having the above properties is prepared by a precipitation route.
The silica made available by the invention is also useful as an anti-blocking
agent in plastics. In 2001 PT. PSI became main distributor, export and export
inorganic chemicals by using an investment of US$ 0.3 million totally from
loan. We consider PT. PSI to have been running well and making good progress in
the last three years.
We find that the domestic demand for precipitated silica (white carbon)
was developing well and rising in the last five years in line with the growth
of such manufacturing industries as the tooth paste industry, rubber
filler/rubber compound industry, plastic industry, food & drink industry
and pharmaceutical industry. The demand is projected will be higher by at least
6% in the next two to three years. Competition is very heavy with there a lot
off companies now operating in the above business line in the country, namely
PT. TIRTA BENING MULIA with a production capacity of 8,000 tons per year, PT.
PQ SILICAS INDONESIA with a production capacity of 10,000 tons/year, PT. DARISA
INTIMITRA with a capacity of 20,000 tons/year and other companies. Besides,
also available is imported white carbon from P.R. China, Taiwan, South Korea,
Japan, Canada and other countries selling at quite competitive prices. We
consider PT. PSI to be doing not very badly with the company having already
established a wide domestic and export marketing network.
Until this time PT. PSI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of PT. PSI 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. 221.0 billion rose to Rp. 229.8 billion in 2012
increased to Rp. 235.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The company’s operation in 2013 has yielded a net profit of
at least 20.5 billion. The company has an estimated total networth of at least
Rp. 102.0 billion. We observe that PT. PSI 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 PT. PSI is led by Mr. Ir. Asrofi Sidqon, M.Sc (45) a
president director with experience in amorphous silica processing industry. In
day-to-day operations he is assisted by Mr. Ir. Slamet Pramono (48) as director. The company's
management is further handled by experienced personnel in the amorphous silica
processing industry. 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. PT. PQ SILICAS
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
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.