|
Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR SYNO KIMIA |
|
|
|
|
Registered Office : |
Bekasi International
Industrial Estate Block C 8 No. 4-6 Desa Sukaresmi, Lemahabang Cikarang,
Bekasi, 17550 West Java |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
19.09.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of C.P.C Intermediate for Dyestuff and Cyanine Pigments |
|
|
|
|
No. of Employees : |
599 |
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 |
B1 |
|
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 |
P.T. SINAR
SYNO KIMIA
Head Office
Bekasi
International Industrial Estate Block C 8 No. 4-6
Desa Sukaresmi,
Lemahabang
Cikarang, Bekasi,
17550
West Java
Indonesia
Phones -
(62-21) 897 2390 (Hunting)
Fax - (62-21) 897 2388
E-mail - ptssk@sinarsyno.com
Website - http://www.sinarsyno.com
Land Area - 200,000 sq.
meters
Building Space - 23,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
19 September 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-3272.HT.01.01.TH.91
Dated 23 July 1991
- No. AHU-AH.01.10-05885
Dated 13 May 2009
- No. AHU-52504.AH.01.02.TH.2011
Dated 28 October 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.09.256.4-052.000
The President of the Republic of Indonesia
No.
B-246/Pres/7/1990
Dated 31 July
1990
The Capital Investment Coordinating Board
- No. 254/I/PMA/1990
Dated 13 August 1990
- No. 87/III/PMA/1993
Dated 18 February 1993
- No. 110/II/PMA/1993
Dated 25 October 1993
- No. 47/III/PMA/1995
Dated 6 February 1995
- No. 26/II/PMA/1996
Dated 23 January 1996
- No. 228/II/PMA/2000
Dated 8 September 2000
- No. 1407/III/PMA/2003
Dated 15 December 2003
- No. 93/II/PMA/2006
Dated 3 April 2006
Related
Company :
A Member Company
of the SINAR MAS Group
Capital
Structure :
Authorized
Capital : Rp.
124,988,000,000.-
Issued Capital : Rp. 124,988,000,000.-
Paid up Capital : Rp.
124,988,000,000.-
Shareholders/Owners
:
a. S.K. CORPORATION LTD. - Rp. 62,494,000,000.-
Address :
Flat B 16 F Shun Fai Building
64 66A,
Kimberly Ruad
Malaysia
b. P.T.
SINAR MAS -
Rp. 62,494,000,000.-
Address : Wisma BII
Jl. M.H.
Thamrin Kav. 22
Jakarta Pusat
Indonesia
Lines of
Business :
C.P.C. Intermediate for Dyestuff and
Cyanine Pigments Processing
Production Capacity :
a. CPC
Blue Intermediate - 2,600 tons p.a.
b. CPC
Green Intermediate - 400 tons p.a.
c. Cyanine
Blue Pigment - 280 tons p.a.
d. Cyanine
Green Pigment - 170
tons p.a.
e. Direct/Reactive/Disperse
Dyes -
1,800 tons p.a.
f. Brightening
Agent - 30,000
tons p.a.
g. Printing
Inks - 1,800 tons p.a.
Total Investment :
a. Equity
Capital -
US$ 8.0 million
b. Loan
Capital -
US$ 9.5 million
c. Total
Investment - US$
17.5 million
Started Operation :
1992
Brand Name :
Sinar Syno Kimia
Technical Assistance :
S.K. Corporation Ltd., Malaysia
Number of Employee :
599 persons
Marketing Area :
Export -
60%
Local - 40%
Main Customer :
a. Leather
Industry
b. Paint
Industry
c. Pulp
and Paper Industry
d. Textile
Industry
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT INDONESIA
b.
P.T. COLORINDO ANEKA CHEMTRA
c.
P.T. DYSTAR COLOURS INDONESIA
d.
P.T. MATSUMOTOYUSHI INDONESIA
e.
Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Wisma BII
Jalan M.H.
Thamrin Kav. 22
Jakarta Pusat
Indonesia
b. P.T. Bank
SINARMAS
Plaza BII
Jalan M.H.
Thamrin Kav. 50-51
Jakarta Pusat
Indonesia
c. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor :
KAP, Wawan,
Pamudi & Rekan
Litigation :
No litigation
record in our database
Annual Sales :
2011 – Rp. 570.3
billion (estimated)
2012 – Rp. 607.5
billion
2013 – Rp. 859.1
billion
Net Profit :
2011 – Rp. 20.8
billion (estimated)
2012 – Rp. 22.7
billion
2013 – Rp. 32.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Suphat Sivasriamphai
Vice President Director -
Mr. Muktar Widjaja AKA Oei Siong Lian
Directors -
a. Mr. Venkatachalam Kishnan Iyer
b. Mr. Pravat Suphavadeprasit
c. Mr. A Ie Saman
d. Mr. Siguan Tunaldi
Board of Commissioners :
President Commissioner -
Mr. Franky Oesman Widjaja Oei Jong Nian
Vice President Commissioner -
Mr. Pracha Sivasriamphai
Commissioners -
a. Mr. Joseph Jo Liat Tjiang
b. Mr. Kasem Sivasriampai
Signatories :
President Director (Mr.
Suphat Sivasriamphai) or Vice President Director (Mr. Muktar Widjaja) or one of
the Directors (Mr. Venkatachalam, Mr. Pravat Suphavadeprasit, Mr. A ie Saman or
Mr. Siguan Tunaldi) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
P.T. SINAR SYNO
KIMIA (P.T. SSK) was established on September 19, 1990 with authorized capital
of US$ 1,800,000 all of it has been fully subscribed and paid up. The founders
and the shareholders of the Company are P.T. ANEKA SARAKINDO from Indonesia and
three companies from South Korea namely KYUNG IN SYNTHETIC CORPORATION, KYUNG
IN SYNTHETIC Co. Ltd., and SSANGYONG CORPORATION. The company notary deed had
been changed a couple of times. In the middle of 1993, the authorized capital
was increased to be US$ 3,600,000 and the issued company was increased to be
US$ 1,800,000 which was fully paid up. At the same time, SSANGYONG CORPORATION
resigned and replaced by P.T. ROLIMEX CORPORATION (from Indonesia) as new
shareholder.
On September
2001, the authorized capital was increased to be US$ 8,000,000 (Rp.
14,792,000,000), all of it has been fully subscribed and paid up. Since those
times the shareholder’s composition of P.T. SSK are P.T. SINAR MAS (50%) from
Indonesia and SPECTRA CHEMICALS Pte., Ltd., from Singapore (50%). Then on May
2008, the authorized capital was increased again to Rp. 101,013,000,000 entirely
issued and fully paid up. The latest notary deed of amendment was made by Ms.
Yulia, SH, a public notary in Jakarta under Company Registration Number
AHU-AH.01.10-05885, dated May 13, 2009. Then according to the latest revision
of notary documents of Mrs. Yulia, SH., No. 35 dated 14 October 2011 the
company authorized capital was raised to Rp. 124,988,000,000 wholly issued and
paid up. On the same occasion SPECTRA CHEMICALS PTE, LTD., Singapore withdrew
and the whole share taken over by S.K. CORPORATION LTD., of Malaysia as new
shareholders. With this time the composition of its shareholders are P.T. SINAR
MAS (50%) and S.K. CORPORATION LTD., (50%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-52504.AH.01.02.TH.2011 dated October 28, 2011.
P.T. SINAR MAS
is parent company of the SINAR MAS Group, the greatest companies group in
Indonesia that presided over by Mr. Eka Tjipta Widjaja AKA (also known as) Oei
Ek Tjhong, an Indonesia businessman of Chinese descendant.
P.T. SSK is
foreign investments company that carrying out business in manufacturing of
C.P.C Intermediate for Dyestuff and Cyanine Pigments. They managed a factory in
Bekasi International Industrial Estate, Bekasi, West Java. The factory erected
on the land measuring of 20 hectares. The building factory’s extent is 2.35
hectares that consisting of plant, warehouse and office. The factory has been
operated since April 1992 with the investment as much as US$ 6.0 consisting of
the company’s capital as much as US$ 1.8 million and the loan for the rest. In
1993, P.T. SSK expanded its business by producing dying substances of direct,
reactive and disperses dyes kinds, as many as 1,200 tons per year. In 2000, the
company still expanded its business by producing optical brightening agent, as
many as 3,600 tons per year. Later in April 2006, P.T. SSK obtained permit from
the Capital Investment Coordinating Board (BKPM) to expanding of its products
by produces of Optical brightening Agent of 30,000 tons and Printing Inks of
1,800 tons respectively per annum. The expansion plant has absorbed an
investment of US$ 5.5 million originally come from loans. Mrs. Dewi, one of
marketing staff of P.T. SSK explained that nowadays, 60% products of the
company are exported to Europe, Latin America, USA, Bangladesh, Hong Kong,
Japan, Korea, Pakistan, Srilanka and Taiwan. About 40% of the company’s
products are sold in the domestic market especially to textile factory,
painting factory, paper mill, leather industry (tanning), etc.
P.T. SSK has
successfully exported its high quality products to more than 25 countries and
is effectively servicing user industries such as textile, paper, leather, photographic
printing and detergent industries. P.T. SSK produces four main plants dedicated
for optical brighteners, dyestuff, printing inks and paper chemicals.
P.T. SSK
customers are P.T. ROLIMEX KIMIA NUSAMAS, P.T. KEMINDO INTERNATIONAL, P.T.
Pabrik Kertas TJIWI KIMIA Tbk, P.T. INDAH KIAT PUL & PAPER Tbk, P.T. PINDO
DELI PULP AND PAPER, P.T. PURINUSA EKA PERSADA, P.T. EKAMAS FORTUNA, P.T.
ASIATEX SINAR INDOPRATAMA, P.T. SINAR ANTJOL, P.T. PISMATEX TEXILE INDUSTRY,
P.T. RATNAJAYA INDAH UTAMA, P.T. KEMIRA IINDONESIA, P.T. KARANGBUANA INDAH,
P.T. ENGGAL SUBUR KERTAS, P.T. SURABAYA MEKABOX, and others. We observe that
P.T. SSK operation has been growing and developing well in the last thee years.
The domestic
demand for various types of chemical products had been rising by 8% to 10% on
the average per annum in the last five years in line with the rapid growth of
various industrial sectors including textile chemical in the above period of
times as the consumers. But, later dwindled as the global economic slowdown
since October 2008, followed by tight money policy imposed by Indonesian
Central Bank (Bank Indonesia) and also heated by political issue in the
country. The demand growth started to awake in June 2009 in line with the
amelioration of economic condition in the country. Market competition is very
tough on account of large number of other similar companies operating in the
country. P.T. SSK business position in this case is not too badly because it
has built regular customers and extensive marketing network all across the
country.
Imports of Raw Materials and
Auxiliary Goods, 2007-2013
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2007 |
2,079.1 |
1,537.1 |
2,827.4 |
21,759.1 |
|
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53.409.6 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
|
2013 |
3,863,7 |
3,381,5 |
5,737.6 |
52,871.5 |
|
We estimated the
sales turnover of P.T. SSK in 2011 amounted at Rp. 570.3 billion with a net profit
of Rp. 20.8 billion. According to financial statement of P.T. SSK which ended
31 December 2012 the sales turnover of the company in 2012 amounted at Rp.
607.5 billion with a net profit of Rp. 22.7 billion increased to Rp. 859.1
billion with a net profit of Rp. 32.0 billion in 2013. It is projected the
sales turnover will be higher by at least 6% in 2014. We observe that P.T. SSK
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 company usually pays its debts punctually to suppliers.
Financial condense per 31 December 2012 and 2013 is attached below.
(In Million Rupiah)
|
Descriptions |
As per 31 December |
|
|
2013 |
2012 |
|
|
A. ASSETS |
|
|
|
a. Current Assets |
579,172 |
442,322 |
|
b. Non Current Assets |
125,853 |
104,512 |
|
c. Other Assets |
3,166 |
22,380 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
705,025 |
546,835 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
a. Current Liabilities |
340,397 |
240,260 |
|
b. Non Current
Liabilities |
80,455 |
54,451 |
|
c. Stockholders Equity
:
- Paid Up Capital
- Translation adjustment
- Retained Earnings Total Stock holders Equity |
124,988 12,284 146,901 284,173 |
124,988 12,184 114,851 252,123 |
|
C. INCOME STATEMENT |
|
|
|
a. Sales Net |
859,106 |
607,557 |
|
b. Gross Profit |
123,812 |
75,691 |
|
c. Net Profit |
32,050 |
22,716 |
The management of P.T. SSK is led by Mr. Suphat Sivasriamphai (68) a
professional manager of Thailand with experience in specialty chemical
manufacturing. 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. P.T. SINAR SYNO KIMIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.