|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DINITO JAYA SAKTI |
|
|
|
|
Registered Office : |
Jalan
Kapuk Kayu Besar No. 23, Kapuk, Cengkareng, Jakarta Barat, 11730 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
25.01.1993 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-30207 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Plastic Pet &
PC Bottle Manufacturing |
|
|
|
|
No of Employees : |
305 |
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 – 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 |
BASIC SEARCH |
Name
of Company :
P.T.
DINITO JAYA SAKTI
A
d d r e s s :
Head
Office & Plant A
Jalan
Kapuk Kayu Besar No. 23
Kapuk,
Cengkareng
Jakarta
Barat, 11730
Indonesia
Phones -
(62-21) 555 3651, 555 3678 – 79, 555 7465
Fax - (62-21) 555 7466
E-mail - sales@dinito.com
Website - http://www.dinito.com
Land Area - 12,000 sq.
meters
Building Space - 8,000 sq. meters
Region - Industrial
Zone
Status - Rent
Plant
B (Cileungsi)
Jalan
Raya Narogong Km. 23 block C 6-7-8
Klapa
Nunggal, Cileungsi
Bogor
West
Java
Indonesia
Phones -
(62-21) 8231301, 8231404, 8231405
Fax - (62-21) 8231423
Building Area - 1 storey
Office Space - 230 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation :
a. 10 December 1990 as P.T. DINITO JAYA
b. 25 January 1993 as P.T. DINITO JAYA SAKTI
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-11.340.HT.01.01.TH.94
Dated 23 July 1994
- No. C-05343 HT.01.04.TH.2007
Dated 4 December 2007
- No. AHU-AH.01.10-30207
Dated 23 July 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.592.140.6-046.000
Related
Company :
None
CAPITAL AND OWNERSHIP |
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued
Capital :
Rp. 630,000,000.-
Paid
up Capital :
Rp. 630,000,000.-
Shareholders/Owners
:
a. Mr. Sudianto AKA Soen Tji Seng - Rp. 619,000,000.-
Address : Jl. Teluk Gong No. 300, RT. 008 RW. 008
Kelurahan Pejagalan, Kecamatan Penjaringan
Jakarta Utara
Indonesia
b. Mr. Soen Wandi -
Rp. 11,000,000.-
Address :
Jl. Teluk Gong No. 300, RT. 008 RW. 008
Kelurahan Pejagalan, Kecamatan Penjaringan
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES |
Lines of Business :
Plastic Pet & PC
Bottle Manufacturing
Production Capacity :
a. Plastic Bottles (Gallon) - 691 tons p.a.
b. Plastic Bottles ( 1 liters) - 12,500 tons p.a.
c. Cap Plastic Bottles - 19,500 tons p.a.
Total Investment :
Owned Capital - Rp. 6.0
billion
Started Operation :
1992
Brand Name :
Dinito Jaya Sakti
Technical Assistance
:
None
Number of Employee :
305 persons
Marketing Area :
Local - 100%
Main Customer :
Food and beverages
industries, mineral waters drinks bottles industries, lubricants industries,
etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYNAPLAST Tbk
b. P.T. KEMASINDO
INDAH TRIUTAMA
c. P.T. NAMASINDO
PLAS
d. P.T. SURYASUKSES
ABADI PRIMA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B
a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk
Jalan
Kapuk Muara Block K 32-33
Jakarta
Barat
Indonesia
b.
P.T. Bank NEGARA INDONESIA Tbk
Jalan
Letjend. S. Parman Kav. 55-56
Jakarta
Barat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE |
Annual
Sales (estimated) :
2011
– Rp. 33.0 billion
2012
– Rp. 34.8 billion
2013
– Rp. 35.6 billion
2014
– Rp. 18.5 billion (January – June)
Net
Profit (estimated) :
2011
– Rp. 2.2 billion
2012
– Rp. 2.4 billion
2013
– Rp. 2.7 billion
2014
– Rp. 1.4 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
Director - Mr. Sudianto AKA Soen Tjie Seng
General Manager - Mr. Soen Wandi
Board of Commissioners :
Commissioner - Mrs. Kie Sioe Kie
Signatories :
Director
(Mr. Sudianto AKA Soen Tjie Seng) which must be approved by Board of
Commissioner
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL PERFORMANCE |
Based on investigation the correct name of the Subject is
P.T. DINITO JAYA SAKTI not P.T. DINITO JAYA SAKTI INDONESIA as stated in your
order ref. no. 290671 dated 15 October 2014.
Originally named P.T. DINITO JAYA established in December
1990 in Jakarta with an authorized capital of Rp. 100,000,000 issued capital of
Rp. 40,000,000 wholly paid-up. Founders and original shareholders are Mr.
Sudianto AKA Soen Tji Seng and Mr. Juan Ruleman, both are Indonesian
businessmen of Chinese extraction. Its articles of association had subsequently
been revised frequently. In January 1993, Mr. Juan Ruleman pulled-out and
replaced by a new shareholders, Mr. Soen Wandi, the son of Mr. Sudianto AKA
Soen Tji Seng. In the same occasion the company renamed P.T. DINITO JAYA SAKTI
(P.T. DJS). Then on 4 March 1998 the authorized capital was increased to Rp.
300,000,000 issued capital of Rp. 100,000,000 entirely paid up. Later in
November 2007 the company authorized capital was increased to Rp. 1,000,000,000
issued capital to Rp. 630,000,000 entirely paid up. With this development the
composition of its shareholders has been changed to become Mr. Sudianto AKA
Soen Tjie Seng (78.25%) and Mr. Soen Wandi (1.75%). The latest according to the
revision of notary deed Mrs. Karin Christiana Basoeki, SH., no. 1 dated 5 June
2013 the company board of director and the board of commissioner had been
changed. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-30207 dated July 23, 2013.
P.T. DJS started with operation in 1992 in plastic
product manufacturing whose plant is located at Jalan Kapuk Kayu Besar No. 23,
Kapuk Cengkareng, West Jakarta, standing on 12,000 sq. meters land. The plant
produces plastic products including cap seal for pet bottles, cap seal for 5
gallon bottles, glass/pet bottle cap (screw/regular type closure, fit to
glass/pet bottle in 28/30 mm lip diameter, caps work with both high and low
speed capper machine, material is NSF/FDA approved), co-ex (three layer) bottle
(continuous extrusion of HDPE with nylon, excellent heat, chemical and abrasion
resistance, good properties), other products (dust cap for aerosol can,
cosmetic jar, exclusive design), stationery, toys, house ware (tape dispenser,
memo shell, ruler, plastic pencil box, toy cars, plastic snake, plastic coat hanger, plastic part for gas
stove, oven and other kitchen appliances), cap for 5 gallons polycarbonate
bottle (fit on five gallons polycarbonate bottle, easy to tear, tamper-evident
strip allows quick cap removal, various color are available, custom emborsing
on the top of cap), 5 gallon no-spill closure (easy to placement/replacement
from water dispenser without splash, cap stay with the bottle during placement
and removal from dispenser, cap has valve that regulates the flow of water),
flip top cap (designed for soy sauce bottle, ketchup bottle and other type of
glass bottles to prevent excessive spillage, easy to open, simple re-close
after used), push pull cap (suitable for pet bottles that are designed for
sport and other outdoor activities).
Today P.T. Dinito Jaya Sakti has expanded its business to
include industrial and household products. It is now one of the biggest rigid
plastic container suppliers in Indonesia serving industries such as food and
beverages, oil companies, cosmetics and homecare products. The company
currently utilizes compression machines to manufacture plastic cap for beverage
containers, including hot fill closure. It also use European machines such as
Bekum and Uniloy to produce Five-Gallon Polycarbonate bottles. P.T. DJS is
currently one of the largest manufactures of the Five-Gallon jugs, with output
of 20,000 bottles per day.
The supported basic materials in the form of
polycarbonate, polyethylene terephthalate and low densty polyethylene are
imported from Japan through SUMITOMO Corporation and MITSUI & CO. LTD.,
both of Japan. Besides that part of its supported basic materials are supplied
domestically by using local product of P.T. PETNESIA RESINDO.
Currently P.T. DJS is one of the biggest cap and plastic
bottle manufacturers in the mineral water industry. They use modern holding
machinery such as CNC milling and other high precision machines. Its whole
products are marketed to the rank of bottled drinking water industry such as
P.T. AQUA GOLDEN MISSISIPPI Tbk, P.T. TIRTA INVESTAMA (VIT), P.T. ADES ALFINDO
PUTRA SETIA, P.T. INDODRINKS (AVI), P.T. SANTA ROSA INDONESIA (OASIS), P.T.
COCA-COLA AMATIL INDONESIA, Mayora Mineral Water, NESTLE Mineral Water, SOSRO
Soft Drinks, TANGMAS Mineral Water, CLUB Air, P.T. CASTROL INDONESIA, P.T.
SURYA GEMILANG Lubricants, PERTAMINA Lubricants, P.T. JOHNSON HOME HYGIENE
PRODUCTS, P.T. SC JOHNSON, P.T. PROPAN RAYA, P.T. UNZA VITALIS, KINO CARE FOOD
& COSMETIC and to the rank of food processing industry, juice and soft
drink products, cosmetic products in Jakarta and its surrounding. We observe
that P.T. DJS has been growing and developing well in the last three years.
Potential of the
consumption of plastic products in Indonesia is still quite large. Moreover,
the national per capita consumption of only 10 pounds per years. This is
relatively low compared to other ASEAN countries, such as Singapore, Malaysia,
and Thailand, which reached 40 kilograms per capita per year. During this time,
the consumption of plastic packaging products was driven by growth in the food
and beverage industries to reach 60 percent. In Indonesia, the plastic
packaging industry, there were 892 units. Plastic packaging products (rigid
packaging), soft (flexible packaging) as well as thermoforming and extrusion
market products spread across a number of regions in Indonesia.
The current installed
capacity of the plastic packaging industry reached 2.35 million tons per year.
However, utilization of 70 percent, so that the average production reached 1.65
million tons, while the labor absorption around 350,000 people. Although the
structure of the national plastic industry is fairly complete or integrated
from upstream to downstream, but there are still some obstacles and barriers,
including import of plastic raw materials, such as polypropylene which reached
484,000 tons of total requirement of 976 000 ton per year. In addition, the
plastic industry is still not supported upstream petrochemical industry that
produces crude oil (naphtha) and condensate. Upstream petrochemical industry in
Indonesia, many of which do not have oil refineries (oil refinery) to produces
the basic raw material of plastic. Limitations of the processing makes the
upstream petrochemical industry is importing naphtha feedstock of 1.6 million
ton and 33 million barrels of condensate per year. Naphtha and condensate is
the base material for plastic industry raw materials. To reduce the import of
raw materials, the government continues to encourage the development of crude
oil processing industries (oil refinery) that is integrated with the structure
of the industry from upstream to downstream. In this case, the government is
ready to provide incentive, such as the abolition of tax (tax holiday), tax
relief (tax allowance), or exemption from import duty for capital goods. In
addition, the government will also encourage the development of human resources
required.
Until this time P.T. DJS has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. DJS 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. 33.0 billion rose to Rp. 34.8 billion in 2012 increased to
Rp. 35.6 billion in 2013. As from January to June 2014 the sales turnover has
reached at least Rp. 18.5 billion with a net profit of at least Rp. 1.4
billion. It is projected the sales turnover will be higher by at least 6% in
2015. 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. DJS is headed by Mr. Sudianto AKA
Soen Thi Seng (68) with 22 years experience in trading and plastic products
industry. The management is handled by experienced professional management
having wide relation with private businessmen of home and overseas and
government sectors as well. 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. DINITO JAYA SAKTI
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.