|
Report Date : |
22.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BASF INDONESIA |
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Formerly Known As : |
P.T. BASF INDONESIA MANETIS |
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Registered Office : |
DBS Bank Tower 27th Floor, Ciputra World 1, Jalan Prof. Dr. Satrio Kav. 3-5, Jakarta Selatan, 12940 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.12.1974 |
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Com. Reg. No.: |
No. AHU-AH.01.10-27650 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
·
Polymer Dispersion and Chemical Processing ·
Trading and Export Import of Chemical Pesticides
Formulating Industry ·
Styrene Butadiene Latex Industry |
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No. of Employees : |
1,085 |
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 – 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 |
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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 |
Name of Company :
P.T. BASF INDONESIA
A d d r e s s :
Head Office
DBS Bank Tower 27th Floor, Ciputra World 1
Jalan Prof. Dr. Satrio Kav. 3-5
Jakarta Selatan, 12940
Indonesia
Phones -
(62-21) 2988 6000 (Hunting)
Fax - (62-21) 2988 5930
Building Area - 30 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factories
Cengkareng
Jakarta Barat, 11750
Indonesia
Phones - (62-21) 6190007 (7 lines)
Fax - (62-21) 6190741
Land Area - 111,651 sq. meters
Building Space - 90,000 sq. meters
Region -
Industrial Zone
Status -
Owned
Desa Sukadanau, Cibitung
Bekasi, 17520
West Java
Indonesia
Phones - (62-21) 88328445, 88328434
Fax - (62-21) 88328423
Land Area - 10,000 sq. meters
Building Space - 7,000 sq. meters
Region -
Industrial Zone
Status -
Owned
Cikarang Industrial Estate
Bekasi, 17530
West Java
Indonesia
Phones - (62-21) 8934339 (Hunting)
Fax -
(62-21) 8934342
Land Area - 12,000 sq. meters
Building Space - 8,400 sq. meters
Region - Industrial Estate
Status - Owned
Desa Mangunrejo, Bojonegara
Merak, 42438
Banten Province
Indonesia
Phones - (62-254) 5750011 (Hunting)
Fax
- (62-254)
5750012
Land Area - 67,000 sq. meters
Building Space - 45,000 sq. meters
Region - Industrial Zone
Status - Owned
Representative
Office
Jalan Raya Bogor Km. 27.3
Jakarta Timur, 13710
Indonesia
Phones -
(62-21) 87710030 (Hunting)
Fax - (62-21) 8729563
Land Area - 10,000 sq.
meters
Building Space - 7,000 sq. meters
Region - Commercial
Building
Status - Owned
Date of
Incorporation :
a. 3 December 1974 as P.T. BASF INDONESIA MANETIS
b. 1984 as P.T. BASF INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-12973.AH.01.02.TH.2008
Dated
17 March 2008
- No. AHU-AH.01.10-11946
Dated
14 May 2008
- No.
62275.AH.01.02.TH.2008
Dated
12 September 2008
- No. AHU-AH.01.10-05345
Dated
6 May 2009
- No. AHU-AH.01.10-24660
Dated 30 September 2010
- No.
AHU-33683.AH.01.02.TH.2012
Dated 20 June 2012
- No. AHU-AH.01.10-27650
Dated 26 July 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
a. The Department of Finance
NPWP No. 01.000.561.9-092.000
b. The President of the Republic of Indonesia
- No. B-99/Pres/10/1974
Dated 23 October 1974
No. B-01/Pres/1/1976
Dated 6 January 1976
c. The Capital Investment Coordinating Board
- No.
273/VI/PMA/1983
Dated 23 March 1983
- No.
25/II/PMA/1985
Dated 2 November 1985
- No.
11/III/PMA/1988
Dated 12
January 1988
- No.
44/III/PMA/1988
Dated 12
February 1988
- No.
176/III/PMA/1989
Dated 13
May 1989
- No.
100/III/PMA/1991
Dated 14
February 1991
- No.
52/II/PMA/1992
Dated 3
July 1992
- No.
93/II/PMA/1997
Dated 02 June 1997
- No.
283/II/PMA/2001
Dated 06
November 2001
- No.
89/II/PMA/2002
Dated 15
May 2002
- No.
1780/III/PMA/2009
Dated 28 December 2009
d. The Department of Industry
No. 31/M/SK/2/1976
Dated 12 February 1976
Related Company :
A Member Company of the BASF Group, Germany
Capital Structure :
Authorized Capital : US$
28,517,000.-
Issued Capital : US$ 28,517,000.-
Paid up Capital : US$ 28,517,000.-
Shareholders/Owners :
a. BASF SE -
US$ 28,516,900.-
Address : Carl – Bosch Strasse 38
67057 Ludwigshafen AM
Berlin
Germany
b. Mr. Human Effendi -
US$ 100.-
Address : Puspita Loka Block
F.2/18
Bumi Serpong Damai
Tangerang, Banten
Indonesia
Lines of Business :
a. Polymer Dispersion and Chemical Processing
b. Pesticides Formulating Industry
c. Chemical Construction Industry
d. Trading and Export Import of Chemical
e. Styrene Butadiene Latex Industry
Production Capacity :
A. Initial Plant
a. Pigment
and Pigment Dispersions - 2,600 tons p.a.
b. Polymer
Dispersions (Styrene Butadiene
Latex, Acrylonitrile Butadiene Latex and
Supplementary Products) - 97,000 tons p.a.
c.
Demulsifiers - 600 tons p.a.
d.
Flocculation Agents - 400 tons p.a.
e. Vitamin
Concentrates - 250 tons p.a.
f. Premixes - 750
tons p.a.
g. Liquide
Pesticides - 2,000 kiloliters p.a.
h. Powder
Pesticides - 1,000 tons p.a.
i. Brake
Fluids - 500 kiloliter p.a.
j. Concrete
admixture products - 8,400 tons p.a.
k.Grout
products - 3,600 tons p.a.
l. Floor
Protection products - 2.800 tons p.a.
m. Concrete
repair products - 1,000 tons p.a.
n. Water
proofing & others
protection products - 1,600 tons p.a.
B. Factory (ex. P.T.
LATEXINDO INDONESIA)
o. Styrene Butadiene
Latex -
30,000 tons p.a.
p. Styrene
Acrylic Latex - 5,000 tons p.a.
q. Polymer
Dispersion - 5,000 tons p.a.
r.
Precipitated Calcium -
20,000 tons p.a.
Total Investment :
A. Initial Plant
a. Equity
Capital - US$ 13.1 million
b.
Reinvested Profit - US$ 3.8 million
c. Total
Investment - US$ 53.1 million
d. Total
Investment - US$ 70.0 million
B. Styrene Butadiene (ex. P.T. LATEXINDO INDONESIA)
a. Equity Capital -
US$ 16.4 million
b. Total
Investment - None
c. Total
Investment - US$ 16.4 million
Started Operation :
1988
Brand Name :
BASF
Technical Assistance :
BASF SE of Germany
Number of Employee :
1,085 persons
Marketing Area :
Export - 100%
Main Customers :
a. Chemical Industries
b. Paint Industries
c. Feed Mill Industries
d. Agricultural Industries
e. Other Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARISTEK HIGHPOLYMER
b. P.T. INKOMAS LESTARI
c. P.T. REHAU INDONESIA
d. P.T. TUNAS TASIK
Business Trend :
Growing
B a n k e r s :
DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta 10310
Indonesia
CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 2,289.0 billion
2012 – Rp. 2,320.0 billion
2013 – Rp. 2,372.0 billion
Net Profit (estimated) :
2011 – Rp. 175.0 billion
2012 – Rp. 190.0 billion
2013 – Rp. 201.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Henry Choo Kim Hong
Directors - a. Mr. Drs. Prawira Atmadja
b. Mr. Soehari Liono
c. Mr. Nabil Farid Tamzil
Board of Commissioners :
President Commissioner - Mr. Dean Trevor Draper
Commissioners - a. Mr. Gopalan Pillay
b. Ms. Joane Leong Lai Fun
Signatories :
President Director (Mr. Henry Choo Kim
Hong) or one of the Directors (Mr. Drs. Prawira Atmadja, Mr. Soehari Liono or
Mr. Nabil Farid Tamzil) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Initially named P.T. BASF INDONESIA MANETIS, the company was established
in 1974 with an authorized capital of US$ 2,750,000 entirely was issued and
paid up. The original founding shareholders were BASF AG of Germany and P.T.
URECON UTAMA, a private company of Indonesia. Its notarial act has frequently
been revised and in 1984 it was renamed P.T. BASF INDONESIA (P.T. BI).
According to the revision its authorized capital was in 1984 raised to US$
13,083,300 wholly issued and paid up, and the whole shares since were
controlled by BASF AG, P.T. URECON UTAMA, P.T. ASEAM INDONESIA Bank, P.T. Bank
FINCONESIA and Mr. Danny Jozal Salimsyah.
In May 2008, the whole shares of the company were controlled by BASF SE
of Germany and Mr. Human Effendi, an Indonesian businessman of Chinese
extraction. In November 2001, P.T. DHARMA ARDHA FORMA was merged into P.T. BASF
INDONESIA (surviving company). On the same occasion, P.T. DHARMA ARDHA FORMA had
dissolved without prior to liquidation. Then in May 2008 P.T. BASF CONSTRUCTION
CHEMICALS INDONESIA was merged into P.T. BASF INDONESIA (surviving company) and
P.T. BASF CONSTRUCTION CHEMICALS INDONESIA had also dissolved without prior to
liquidation. Then in May 2009, board management of management and board of
commissioner of the company has been changed. However, the capitalization
structure of the company remained the same. The deed of amendment was made by
Mrs. Misahardi Wilamarta, SH., was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-AH.01.10-05345, dated May 06, 2009.
After that based on notary deed of Mrs. Misahardi Wilamarta, SH., No. 10
dated 21 January 2010, P.T. LATEXIA INDONESIA was merged into P.T. BASF INDONESIA
(surviving company) and P.T. LATEXIA INDONESIA had dissolved without prior to
liquidation. On the same occasion the authorized capital was increased to US$
28,517,000 wholly issued and paid up. With this development the composition of
its shareholders has been changed to become BASF SE of Germany (99.99%) and Mr.
Human Effendi (0.01%). The merged process was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-08342.AH.01.02.TH.2010 dated 16
February 2010. Then latest based on notary deed of Mrs. Misahardi Wilamarta,
SH., No. 2 dated 1 September 2010 the board of directors and the board of
commissioners was reappointed to lead and runs of the company’s operation. The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-24660 dated September 30, 2010. Then according
to the latest revision of notary documents of Mr. Bagus Nugraha Kusuma
Wardhana, SH., M.Kn., No. 3 dated 10 July 2012 the board of director and the
board of commissioner had been changed to lead and runs of the company’s
operation (see profile). The latest revision of notary documents was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-27650 dated July 26, 2012.
P.T. BASF INDONESIA (P.T. BI) was incorporated the frame work of Foreign
Capital Investment (PMA) to be engaged in the field manufacturing of audio
& video recording, electronic data processing media, magnetic media,
prerecorded tape & record assembling of audio/video equipments &
pigment dispersion. It plant located at Jalan Daan Mogot Km. 14,
Cengkareng, West Jakarta over
around 111,651 square meters wide land. The plant has been commercial operating
since 1988 and has been expanded for several times. Prior in 1985, it was
expanded for increasing the production capacity of its polymer dispersions
(styrene butadiene latex, acrylonitrile butadiene latex and supplementary
products), emulsifiers, flocculation agents, vitamin concentrates and premixes.
Later in 2002, the plant was expanded again for increasing the production
capacity of its dispersions.
In November 2001, P.T. DHARMA ARDHA FORMA (P.T. DAF) operation as from
1981 in pesticides formulation industry whose plant is located at Jalan Raya
Cibitung Km.46, Desa Sukadanau, Cibitung, Bekasi (West Java) merged into P.T.
BI and its whole assets and business activities also shifted to P.T. BI. Since
May 2008, P.T. BASF CONSTRUCTION CHEMICALS INDONESIA, a company having been in operation since 1993 dealing with
chemical construction industry by managing a plant located at Jalan Jababeka V
Block I No. 1, Cikarang Industrial Estate on a land of 1.2 hectares, has been
merged into P.T. BI.
P.T. BASF CONSTRUCTION CHEMICAL INDONESIA produces various types of chemical
construction materials such as epoxy flooring, floor hardeners, grouts,
auxiliaries, air entertainment, specialty, super plasticizers, sealants,
repair, composite, and others under brands of MRACE, POLYHEED, GLENIUM,
POZZOLITH, BARRALASTIC, BARRAFER, BARRA, SONOPLASTIC, MASTERFLEX, RHEOMIX,
RHEOMAC, MICROAIR, RHEOFINISH, MASTERKURE, MASTERTOP, MASTERFLOW and others.
Since that time, whole assets and activities of P.T. BASF CONSTRUCTION CHEMICAL
INDONESIA have been shifted to P.T. BASF INDONESIA.
P.T. BI has annual production capacity of Pigment and Pigment
Dispersions of 2,600 tons, Polymer Dispersions (Styrene Butadiene Latex,
Acrylonitrile Butadiene Latex and Supplementary Products) of 97,000 tons,
Demulsifiers of 600 tons, Flocculation Agents of 400 tons, Vitamin Concentrates
of 250 tons, Premixes of 750 tons, Liquide Pesticides of 2,000 kiloliters,
Powder Pesticides of 1,000 tons, Concrete admixture products of 8,400 tons,
Grout products of 3,600 tons, Floor Protection products of 2.800 tons, Concrete
repair products of 1,000 tons, Water proofing & others protection products
of 1,600 tons respectively per annum. The construction of the above plants has
absorbed an investment of US$ 70.0 million.
Later P.T. LATEXIA INDONESIA was merged into P.T. BASF INDONESIA (P.T.
BI) in January 2010, the whole assets and factory was taken over by P.T. BASF
INDONESIA with its plant located at Jalan Salira Merak, Desa Mangunrejo,
Bojonegara, Merak, West Java, on a land of some 6.7 hectares with a production
capacity of 30,000 tons styrene butadiene latex, 5,000 tons styrene acrylic
latex, 5,000 ton polymer dispersion and 20,000 ton precipitatet calcium, all
per year. Management of the company said to our inquiry that some 85% of the
products marketed locally and the other 15% is exported to PR. China, Vietnam,
Malaysia, Singapore, etc. P.T. BI is the largest producers of polymer
dispersions controlling 22% of the local market shares. The products marketed
to various industries such as coating and paint industries, textile industries,
chemical processing, agricultural industries, feed milling industries, pulp and
paper industries and others industries. We observe the operation of P.T. BASF
INDONESIA has been growing and developing well in the last three years.
Generally, the demand for pigment/pigment preparation, polymer, vitamin,
and mineral premix had been rising by 8% to 10% in line with the growth of
textile, paper, leather, chemicals and fertilizer industries, feed milling
industry in the same period. But later it declined as the impact of the global
economic crisis and tight money policy imposed by government in October 2008.
Starting in the second semester 2008, many markets in various parts of the
world experienced adverse economic condition. This condition was triggered by,
amongst others, the housing and mortgage loans crisis in the United States of
America (US) that spread to securities, structures products and commodity
markets. The volatility in the US markets coupled with the sharp appreciation
in the US Dollars and a series of corporate bankruptcies and takeovers enabled
the crisis to spread to other parts of the world. The impact of the global
economic crisis has also been felt in Indonesia as the Indonesian Rupiah
weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. Up to this time, the Company has not
significantly suffered from the economic crisis. In response to these economic
events, during 2010 the Company have plans as follows: Negotiation with main
customer regarding increasing selling price. Cost reduction in business trip,
pantry needs, technical support cost, etc. Reduction finishing cost and transportation cost
with transferring product to customers, Improvement of internal production, increasing
cycle time and increasing machine running time.
P.T. BI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The management of P.T.
BI 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 Rp. 2,289.0 billion rose to Rp. 2,320.0 billion in 2012 increased
to Rp. 2,372.0 billion in 2013 and projected to go on rising by at least 6% in
2014. The operation in 2013 has yielded a net profit of Rp. 201.6 billion and
the company has an estimated total networth of at least Rp. 397.0 billion. We
observe that P.T. BI is supported by foreign partner of Germany 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. BI is headed by Mr. Henry Choo Kim Hong (61) a
professional manager with experience in broad experience in polymer
dispersions, chemical processing and pesticide formulating industry and
trading. The company's management is handled by professional managers in the
above business. The management has good reputation in the above industries and
has experienced. 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. BASF INDONESIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
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.