|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. BASF |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
62275.AH.01.02.TH |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Polymer Dispersion and Chemical Processing · Pesticides Formulating Industry · Chemical Construction Industry · Trading and Export Import of Chemical · Styrene Butadiene Latex Industry |
|
|
|
|
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 |
|
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. BASF
INDONESIA
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
a. Jalan Daan
Mogot Km. 14
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
b. Jalan Raya
Cibitung Km. 46
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
c. Jalan Jababeka
V Block I No. 1
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
d. Jalan Raya Salira Merak (ex P.T. LATEXIA
INDONESIA)
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
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a.
DEUTSCHE Bank AG
Deutsche Bank Building
Jalan Imam Bonjol 80
Jakarta 10310
Indonesia
b.
CITIBANK N.A.
Landmark Center
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
c.
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
2014 – Rp.
1,210.0 billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 175.0
billion
2012 – Rp. 190.0
billion
2013 – Rp. 201.6
billion
2014 – Rp. 111.5
billion (January – June)
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
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
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 has 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. As from January to June 2014 the sales turnover has amounted at Rp.
1,210.0 billion with a net profit of at least Rp. 111.5 billion. It is
projected the sales turnover will be increasing by at least 6% in 2015. 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.61.02 |
|
|
1 |
Rs.99.99 |
|
Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.