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Report No. : |
315474 |
|
Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DKSH INDONESIA |
|
|
|
|
Registered Office : |
Wisma Jaksa Tiga,
Jl. Jaksa No. 3, Kebon Sirih, Jakarta Pusat 10340 |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
10.05.2005 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-01969 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Importer and Distribution of
Chemicals Raw Materials for Food and Beverage Industry, Personal Care
Industry, Pharmaceutical Industry, Specialty Chemicals Industry and Textile
Industry. |
|
|
|
|
No. of Employees : |
55 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
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.
DKSH INDONESIA
A d d r e s s :
Head
Office
Wisma Jaksa Tiga
Jl. Jaksa No. 3,
Kebon Sirih
Jakarta Pusat 10340
Indonesia
Phones - (62-21) 3192 4289 (hunting)
Fax -
(62-21) 3192 4292
Building Area - 6 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Branches
a. BizPark Blok A3
No. 2
Jl. Kopo No. 455
Bandung 40227, West Java
Indonesia
Phone -
(62-22) 8888 6808
Fax
- (62-22) 8888 6809
b. Ruko Bisnis
Jl. Honggowongso No. 12-G
Solo 57153, Central Java
Indonesia
Phone -
(62-271) 668 319, 668 348
Fax
- (62-271) 635 683
c. Gedung Graha Pena
Jawa Post, 11th Floor
Jl. A. Yani No. 88
Surabaya 60234, East Java
Indonesia
Phone -
(62-31) 8286 317
Fax
- (62-31) 8286 318
Date of
Incorporation :
a. 02 October 1996 as PT. COSATEC INDO
b. 31 March 1999 as P.T. EDWARD KELLER INDONESIA
c. 10 May 2005 as P.T. DKSH INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-9095.HT.01.01.TH.97
Dated 08 September 1997
b. No. C-14658.HT.01.04.TH.2005
Dated 30 May 2005
c. No. AHU-32141.AH.01.02.Tahun 2008
Dated 11 June 2008
d. No. AHU-55766.AH.01.02.Tahun 2013
Dated 01 November
2013
e. No. AHU-AH.01.10-01969
Dated 17 January
2014
Company Status :
Foreign Investment Company (PMA)
Permits by the
Government Department :
a. The
Department of Finance
NPWP No. 01.772.287.7-056.000
b. The
Department of Industry and Trade
TDP No. 09.02.1.51.19423
Dated 25 July 2005
c. The
Investment Coordinating Board
No. 27/V/PMA/1999
Dated 12 March 1999
a. DKSH HOLDING AG., of Switzerland (Investment Holding)
b. DKSH MANAGEMENT AG., of Switzerland (Investment
Holding)
A member of DKSH
Group of Switzerland
CAPITAL
AND OWNERSHIP
|
Capital Structure
:
Authorized Capital -
Rp. 60,000,000,000.-
Issued Capital -
Rp. 58,328,000,000.-
Paid up Capital -
Rp. 58,328,000,000.-
Shareholders/Owners
:
a. DKSH HOLDING AG -
Rp. 58,178,000,000.- (99.74%)
Address : Switzerland\
b. DKSH MANAGEMENT AG. -
Rp. 150,000,000.- ( 0.26%)
Address :
Switzerland
BUSINESS
ACTIVITIES
|
Lines of Business
:
Trading, Importer and Distribution of Chemicals
Raw Materials for Food and Beverage Industry, Personal Care Industry,
Pharmaceutical Industry, Specialty Chemicals Industry and Textile Industry.
Production
Capacity :
None
Total Investment :
Equity Capital - Rp.
60.0 billion
Started Operation
:
1999
Brand Name :
DKSH INDONESIA
Technical
Assistance :
DKSH HOLDING A.G., of Switzerland
Number of Employee
:
55 persons
Marketing Area :
Domestic
- 100%
Main Customers :
a. Food and Beverage Industries
b. Personal Care Industries
c. Pharmaceutical Industries
d. Specialty Chemicals Industries
e. Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Cognis Indonesia
b. PT. Masa Subur Sejahtera
c. PT. Petrakemindo Pratama
Mandiri
d. PT. Surya Kejayan Jaya Farma
e. PT. Tanduk Air Mas
f. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. Hong Kong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta
Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan
Jend. Sudirman No. 22-23
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 95.0 billion
2012 – Rp. 108.0 billion
2013 – Rp. 127.0 billion
2014 – Rp. 148.0 billion
Net Profit
(estimated) :
2011 – Rp. 4.2 billion
2012 – Rp. 4.8 billion
2013 – Rp. 5.6 billion
2014 – Rp. 6.5 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
KEY
EXECUTIVES
|
Board
of Management :
President Director - Mr. Walter Leo Widmer
Director -
a. Mr. Jeffrey Wayne Moore
b. Ms. Marina Joice Hutabarat
Board
of Commissioner :
Commissioner - Mr. Sebastian
Heuer
Signatories :
President
Director (Mr. Walter Leo Widmer) or one of the Directors (Mr. Jeffrey Wayne
Moore or Ms. Marina Joice Hutabarat) which must be approved by Board of
Commissioners (Mr. Sebastian Heuer)
CAPABILITIES
|
Management Capability
:
G o
o d
Business Morality :
G o o d
OVERALL
PERFORMANCE
|
Originally named P.T. COSATEC
INDO, the company was established in Jakarta based on Notarial Deed of
Sutjipto, SH., No. 19 dated October 2, 1996 with an authorized capital of Rp.
25,000,000 entirely was issued and paid up. The founding shareholders of the
company are PT. PRIWAT JASARAYA (95%) and PT. USAHA SWAKARYA SATYA (5%), both
are private companies. The Deed of
establishment was approved by the Minister of Justice of the Republic Indonesia
through its Decision Letter No. C2-9095 HT.01.01.TH.97 dated September 8, 1997.
The articles of association of
the company have frequently been revised. In March 1999, the company’s name was
changed to PT. EDWARD KELLER INDONESIA and changed its name again to P.T. DKSH
INDONESIA on May 10, 2005. Concurrently,
the founding shareholders pulled out and the whole shares are sold to DIETHELM
KELLER Services Asia AG., of Switzerland (95%) and Mr. U Thein Win of Singapore
(5%), both of Switzerland. On April 2008,
the authorized capital was raised to Rp. 3,000,000,000.- entirely was issued
and fully paid up. Since that time,
shareholders of the company are DKSH HOLDINGS AG., (95%) and DKSH MANAGEMENT
AG., (5%), both are of Switzerland. The amendment to Deed
was approved by the Minister of Law and Human Rights of the Republic of
Indonesia through its Decision Letter No. AHU-32141.AH.01.02.Tahun 2008 dated
June 11, 2008.
The most recently by notarial Deed No. 13
dated December 17, 2013 was made by Notary Siti Safarijah,
SH., the issued capital was raised to Rp. 60,000,000,000.- of which Rp.
58,328,000,000.- was issued and fully paid up.
Since then, the shareholders of the company are DKSH HOLDING AG (99.74%)
and DKSH MANAGEMENT AG (0.26%). 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.01.10-01969 dated January 17, 2014. Since then, no
changes have been effected in term of its shareholding composition and capital
structure to date.
P.T. DKSH INDONESIA (P.T.
DKSHI) has been in operation since 1999 dealing with trading, importer and
distribution of chemicals raw materials for food and beverage industry, personal
care industry, pharmaceutical industry, specialty chemicals industry and
textile industry. Ms. Margaretha, an administrative staff of P.T. DKSHI
explained that the company provides Market Expansion Services for products and
ingredients used in the industries like the food and beverage, specialty
chemical, pharmaceutical, personal care and cosmetics industries through
Business Unit: PM (Performance Materials).
Ms. Margaretha also explained that they sold their products to many
sector of industry in local market, among others food and beverage industries,
specialty chemical industries, personal care industries, pharmaceutical
industries and cosmetics industries. We
observed that condition of the company’s head office is fairly active and the
company is supported by its branch office domiciled in Bandung (West Java),
Solo (Central Java) and Surabaya (East Java). We observed that P.T. DKSHI is
classified as a medium sized company of its kind in the country of which the
operation has been growing in the last three years.
The domestic demand for various types of industrial
chemicals had been rising by 8% to 10% on the average per annum in line with
the rapid growth of various industrial sectors including food and beverage,
pharmaceutical, personal care and cosmetic products. Market competition is very tough on account
of large number of other similar companies operating in the country.
The solid and steady domestic economy,
increased government activity in infrastructure development and improving investment
climate in Indonesia with the rising of Country Rating to Investment Grade, and
also supported by Indonesia’s economic indicators such as inflation, exchange
rates and interest rates are expected to encourage the business sectors. The global economy is
expected to grow faster in 2015 than it did in 2013 and 2014, although it still
face risks stemming from the slowing economic growth in developed countries and
the on going crisis in Europe. Despite
the slowing global economy, Indonesia’s economy still grew quite briskly in
2013. Indonesia’s economic growth
reached 5.8% in 2013, or slightly below the projection contained in the 2013
Revised State Budget and 2012’s economic growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor
force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
The company is neither public listed nor bond issued
company. Therefore, the company has no
obligation to publish financial statements publicly. P.T. DKSHI’s management adopted very
reclusive attitude towards outsiders and rejected to unveil its financial
condition but we estimated that P.T. DKSHI operation in 2012 gained a total
sales turnover of Rp. 108.0 billion increased to Rp. 127.0 billion in 2013 rose
again to Rp. 148.0 billion in 2014 and projected to be rising at least 8% in
2015. P.T. DKSHI operation in 2014
yielded a total net profit of Rp. 6.5 billion with a total net-worth of Rp.
60.0 billion. So far, we have never
heard of P.T. DKSHI having been black listed by Bank Indonesia (Central Bank)
and being not registered in district court for detrimental cases.
Pursuant to the company’s notary deed, the management is
headed by Mr. Walter Leo Widmer (62) of Switzerland as president director, a
businessman with more than 30 years experience in chemical products trading and
distribution. Daily he is assisted by
Mr. Jeffrey Wayne Moore (51) of USA and Ms. Marina Joice Hutabarat (43) of
Indonesia, both as directors. The management is also handled by a number of
experienced professional managers in this business, having maintained a wide
business relation with private businessmen at home and abroad as well as with
government sectors. So far we have never yet heard of the company’s management
having been involved in business malpractices or detrimental cases that settled
in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
P.T. DKSHI is appraised to be good for
business transaction. However, in view of the economic condition in the country
is still unstable, we recommend to treat prudently in extending any new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
|
1 |
Rs.92.74 |
|
Euro |
1 |
Rs.68.23 |
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.