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Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MONOKEM SURYA |
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Registered Office : |
Rukan Permata Senayan Blok D No. 53, Jl. Tentara Pelajar, Senayan, Jakarta 12210 |
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Country : |
Indonesia |
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Date of Incorporation : |
08.06.1988 |
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Com. Reg. No.: |
No. AHU-AH.01.10-26877 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Specialty Chemical |
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No. of Employees : |
260 |
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 |
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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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. MONOKEM SURYA
A d d r e s s :
Head Office
Rukan Permata Senayan Blok D No. 53
Jl. Tentara Pelajar, Senayan
Jakarta 12210
Indonesia
Phone -
(62-31) 5794 1388, 5794 139
Fax. - (62-31) 5794 1390
Email - info@monokem.com
Website - http://www.monokem.com
Building Area - 4 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Anggadita Raya No. 127
Rengas Dengklok, Karawang
West Java
Indonesia
Phone -
(62-31) 5794 1388, 5794 139
Fax. - (62-31) 5794 1390
Land Area - 60,000 sq.
Meters
Building Area - 12,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
08 June 1988
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-8812.HT.01.01.TH.88
Dated 17 September 1988
b. No. AHU-43136.AH.01.02.Tahun 2012
Dated 08 August 2012
c. No. AHU-AH.01.10-26877
Dated 02 July 2013
Company Status :
Domestic Investment Company (PMDN)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.068.220.1-062.000
b. The Capital Investment Coordinating Board
- No. 91/I/PMDN/1989
Dated 15 February 1989
- No. 55/II/PMDN/1991
Dated 05 March 1991
- No. 222/II/PMDN/1993
Dated 03 December 1993
- No. 225/II/PMDN/1995
Dated 04 August 1995
- No. 1/II/PMDN/2004
Dated 07 January 2004
Related/Affiliated Companies :
A member of the TIMUR RAYA Group Member
Capital Structure
:
Authorized Capital - Rp.
60,000,000,000.-
Issued Capital - Rp.
48,000,000,000.-
Paid up Capital - Rp.
48,000,000,000.-
Shareholders/Owners
:
a. Mr. Eddy Djohan - Rp. 26,940,000,000.- (56.13%)
Address : Jl.
Permata Intan I S/No. 3A
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
b. Mrs. Yulin
Djohan - Rp. 4,800,000,000.- (10.00%)
Address : Jl.
Permata Intan I S/No. 3A
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
c. Mr. Beni Djohan - Rp.
4,800,000,000.- (10.00%)
Address : Jl.
Permata Intan I S/No. 3A
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
d. Mr. Husin Halim - Rp.
2,440,000,000.- ( 5.08%)
Address : Jl.
Permata Hijau Blok M1
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
e. Mrs. Henny
Djohan - Rp. 2,400,000,000.- ( 5.00%)
Address : Simprug
Garden Blok E/14
Kel. Grogol Selatan, Keb. Lama
Jakarta Selatan
f. Mrs. Sanny Djohan -
Rp. 3,380,000,000.- ( 7.04%)
Address : Jl.
Simpang Garden III-C/12
Kel. Grogol Selatan, Keb. Lama
Jakarta Selatan
g. Mr. Sardimin
Sungkarto - Rp. 3,240,000,000.- ( 6.75%)
Address : Taman
Alfa Indah Blok B-19/17
Kel. Puri Indah, Kec. Kembangan
West Jakarta
Lines of Business
:
Specialty Chemical Manufacturing
Production Capacity
of :
a. Crude Pigments -
4,600 tons p.a.
b. Blue Crude Pigments - 875 tons p.a.
c. Red, Yellow, Blue Pigments - 460 tons p.a.
Total Investment :
a. Equity Capital -
Rp 2.4 billion
b. Reinvested Profit - Rp.
23.2 billion
c. Loan Capital - Rp.
24.2 billion
d. Total Investment - Rp.
49.8 billion
Started Operation
:
1990
Brand Name :
Monokem Surya
Technical
Assistance :
None
Number of Employee
:
260 persons
Marketing Area :
Domestic (65%) and Export (35%)
Main Customers :
a. Ceramic Tile Industries
b. Sanitary and Table ware Industries
c. Foundry and Refractory Industries
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Sinar Kimia Utama
b. PT. Intechem Plasagro jaya
c. PT. Hadi Putra Jaya
d. PT. Pintu Mas Mulia Kimia
e. PT. Mulya Adhi
Paramita
f. PT. Sari Sarana Kimia
g. PT. Adimitra Prima
Lestari
Business Trend :
Growing
B a n k e r s :
a. CITIBANK N.A.
Landmark building
Jl. Jend.
Sudirman Kav. 1
Jakarta
Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk.
Barklay Building
Jl. Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – Rp. 208.0 billion
2012 – Rp. 236.0 billion
2013 – Rp. 270.0 billion
Net Profit (Loss)
:
2011 – Rp. 17.6 billion
2012 – Rp. 20.0 billion
2013 – Rp. 22.8 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Eddy Djohan
Directors - a. Mr. Sardimin Sungkarto
b. Mr. Halim Chandra
c. Mr. Hasrul Rusli
Board of Commissioners :
Commissioner - Mrs. Yulin Johan
Signatories :
President Director (Mr. Eddy Djohan) or
one of the Directors (Mr. Sardimin Sungkarto, mr. Halim Chandra or Mr. Hasrul
Rusli) which must be approved by Board of Commissioner (Mrs. Yulin Johan)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. MONOKEM SURYA (P.T. MS) was established in Jakarta based on
notarial Deed No. 16 dated June 8, 1988 made by Notary Budiarti Karnadi, SH.,
notary in Jakarta with the authorized capital of Rp. 1,000,000,000.- of which
Rp. 200,000,000.- was issued and fully paid up.
The founding shareholders of the company are Mr. Eddy Djohan (60%), Miss
Sanny Djohan (5%), Mr. Husin Halim (10%), Mrs. Julin Djohan (10%), Miss Henny
Djohan (5%) and Mr. Benny Djohan (10%).
They are Indonesian entrepreneurs of Chinese extraction. The Deed of establishment has been approved
by the Minister of Justice of the Republic of Indonesia through its Decree No.
C2-8812.HT.01.01.Th.88 dated September 17, 1988.
The Articles of association of the company have frequently been revised,
most recently by notarial Deed No. 07 dated May 30, 2013 made by Notary Liliana Arif Gondoutomo,
SH., the authorized capital was raised to Rp 60,000,000,000.- of which Rp
48,000,000,000.- was issued and fully paid up.
Since that time, the shareholders of the Company are Mr. Eddy Djohan
(56.13%), Mrs. Yulin Djohan (10%), Mr. Beni Djohan (10%), Mr. Husin Halim
(5.08%), Mrs. Henny Djohan (5.0%), Mrs. Sanny Djohan (7.04%) and Mr. Sardimin
Sungkarto (6.75%). 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.01.10-26877 dated July 2,
2013. No changes have been effected in term of its shareholding
composition and capital structures to date.
P.T MS obtained a Domestic Capital Investment (PMDN) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with specialty
chemical industry by managing a plant located in Rengas Dengklok, Karawang,
West Java on a land of 60,000 square meters having been in commercial operation
since 1990. Initially, the Company specializes in the manufacturing of
specialty chemicals for ink and textile, zircon and ilmenite. In the beginning
of 2008, the company stated solely with the mining and purification of zircon
sand to its purity content of 65% minimum. Starting 2013; P.T. MS is focusing
more on the development of the zircon products.
Their products are widely used in ceramic tile, sanitary ware,
tableware, foundry, refractory and other chemicals. They are available in
various particle sizes range from 60 meshes to 5 micron and P.T. MS has
received ISO 9000 certification in compliance to international standard of
quality management.
Some 35% of the products are exported to various countries such as the
USA, Denmark, Germany, the Netherlands, Australia, Japan, South Korea and
Taiwan while the rest is locally marketed to various industries producing
textile, leather and plastic dyes. Besides, the products are also marketed
through industrial chemical shops in Jakarta, Bandung, Semarang, Surabaya and
other major cities in Indonesia. P.T. MS
is classified as a medium sized company in the country dealing with pigment
industry of which the operation has been running smoothly and growing in the
last five years.
We have noticed that the demand for specialty chemicals for ink,
textile, ceramic tile, sanitary and tableware had increased some 10% to 11% per
annum in the last five years in line with the growth of ink, textile, ceramic
tile, sanitary and tableware industries in the country. In the coming years, the growth rate of
demand is estimated at about 6% to 7% per annum. The present market situation
for specialty chemicals is very competitive for a large number of similar
companies operating in the country. Meanwhile, competition is quite heavy in
the trading and industry of specialty chemicals with many companies now doing
business in this field in Indonesia.
Until this time P.T. MS has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement.
The management of P.T. MS is very reclusive towards outsiders and
rejected to disclose its financial condition.
It is estimated that total sales turnover of the company in 2011
amounted to Rp. 208.0 billion increased to Rp. 236.0 billion in 2012 rose again
to Rp. 270.0 billion in 2013 and projected to be increasing by 8% in 2014. The operation of the company in 2012 is
estimated to have gained a profit of Rp. 22.8 billion with an estimated total asset
of Rp. 160.0 billion. So far, we did not
hear that P.T. MS has been black listed by Bank Indonesia (Central Bank) or
having detrimental cases being settled in local district court. The company
usually pays its debts punctually to suppliers.
The management of P.T. MS is led by Mr. Eddy Djohan AKA Tjoa Tan Seng
(83) as President Director, a businessman with more than 55 years experience in
trading, import and distribution of industrial chemicals. In daily activities he is assisted by three
directors namely Mr. Sardimin Sungkarto (57), Mr. Halim Chandra (52) and Mr.
Hasrul Rusli (65). Beside, they are also
assisted by a number of expert staffs in the above business. The Company’s
management has 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. MONOKEM SURYA 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.60.17 |
|
|
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
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.