|
Report No. : |
316227 |
|
Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ETERNAL BUANA CHEMICAL INDUSTRIES |
|
|
|
|
Registered Office : |
Jl. Raya Serang Km. 14 Desa Dukuh, Kec.
Cikupa Tangerang 15710 Banten Provinc |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
30.04.1979 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-36773 |
|
|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in Specialty Resins and Biodiesel Industry |
|
|
|
|
No. of Employee : |
990 persons |
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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
P.T.
ETERNAL BUANA CHEMICAL INDUSTRIES
Head
Office & Factory
Jl.
Raya Serang Km. 14
Desa
Dukuh, Kec. Cikupa
Tangerang
15710
Banten
Province
Indonesia
Phones -
(62-21) 522 5630-2, 596 0680
Fax - (62-21) 522 5634, 5940 0141
Land Area - 162,354 sq.
meters
Building Area - 105,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Jakarta
Office
Barclays House, 7th Floor
Jl. Jend. Sudirman Kav. 22-23
Jakarta 12920
Indonesia
Phones -
(62-21) 571 2998 (hunting)
Fax - (62-21) 571 2678
Building Area - 32 storey
Office Space - 380 sq. meters
Region - Commercial
Status - Rent
30 April 1979
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Justice and Human Rights
a. No. C-22385.HT.01.04.TH.2003
Dated 18 September 2003
b. No. AHU-06749.AH.01.02.Tahun 2009
Dated 10 March 2009
c. No. AHU-AH.01.10-36773
Dated 11 October 2012
Foreign Investment Company (PMA)
a. The
Department of Finance
NPWP No. 01.219.924.6-415.000
b. The Capital
Investment Coordinating Board
- No. 105/V/PMA/1998
Dated 12 November 1998
- No. 1234/III/PMA/2003
Dated 22 October 2003
- No. 558/III/PMA/2004
Dated 15 June 2004
- No. 401/II/PMA/2006
Dated 13 December 2006
c. The
Department of Industry and Trade
- No.
01470/10/DN/DU-PMDN/III/1983
Dated 25 March 1983
- No. 228/M/2/1991
Dated 16 February 1991
P.T. ROYAL CHEMIE INDONESIA (Management Consulting and Investment
Holding)
a. P.T. BUANA MAKMUR ANDALAN (Trading and Investment Holding)
b. A member of the ETERINDO Group (see attachment)
Capital Structure
:
Authorized Capital - Rp.
2,200,000,000,000.-
Issued Capital -
Rp. 555,275,300,000.-
Paid up Capital -
Rp. 555,275,300,000.-
Shareholders/Owners
:
a.
P.T. ROYAL CHEMIE INDONESIA -
Rp. 550,875,300,000.- (99.20%)
Address : Menara
BTN, 19th Floor
Jl. Gajah
Mada No. 1
Jakarta Pusat
Indonesia
b. P.T. BUANA MAKMUR ANDALAN - Rp. 4,400,000,000.- ( 0.80%)
Address : Menara
BTN, 15th Floor
Jl. Gajah
Mada No. 1
Jakarta Pusat
Indonesia
Lines of Business
:
Specialty Resins and Biodiesel Industry
Production
Capacity :
Initial
Units
a. Synthetic Latex Resins - 30,000 tons p.a.
b. Alkyd Acrylic and Amino Resins - 20,000 tons p.a.
c. Unsaturated Polyester Resins - 20,000 tons p.a.
d. Plasticizers - 30,000 tons p.a.
Expansion
Units
a. Biodiesel (FAME) - 20,000 tons p.a.
b. Glycerin -
10,000 tons p.a.
Total Investment :
Initial
Units
a. Equity Capital - Rp. 555.3 billion
b. Loan Capital - --
billion
c. Total
Investment - Rp. 555.3
billion
Expansion Units
a. Equity Capital - Rp. --
billion
b. Loan Capital - Rp. 399.7 billion
c. Total
Investment - Rp. 399.7
billion
Started Operation
:
1979 (in trading of industrial chemicals) and 1982 (producing of
specialty resins)
Brand Name :
ETERNAL BUANA CHEMICAL
Technical
Assistance :
Eternal Chemical Co. Ltd., of Taiwan
Number of Employee
:
990 persons
Marketing Area :
Domestic - 80%
Export - 20%
Main Customers :
a. Paint, Building Materials, Fiberglass and Sanitary Ware Industries in
the country
b. Overseas buyers in Southeast Asia, China, India, Bangladesh, Middle
East, Japan, Korea, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CITRA RESINS INDUSTRIES
b. P.T. JUSTUS SAKTI RAYA
c. P.T. NUPLEX RAUNG RESINS
d. P.T. JAYA WARINDO ABADI
e. P.T. NIPPON PAINT INDONESIA
f. Etc.
Business Trend :
Growing
Bankers:
a. The Hong Kong Shanghai Banking Corp. (HSBC)
The World Trade Center, 3rd
Floor
Jl. Jend. Sudirman Kav. 29-31
South Jakarta – Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Graha CIMB Niaga
Jl. Jend. Sudirman Kav. 58
South Jakarta - Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – Rp. 1,360.0 billion
2012 – Rp. 1,550.0 billion
2013 – Rp. 1,760.0 billion
2014 – Rp. 1,930.0 billion
Net Profit
(estimated) :
2011 – Rp. 60.0 billion
2012 – Rp. 68.3 billion
2013 – Rp. 77.6 billion
2014 – Rp. 85.0 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Choi Choon Ha
Director - Mr. Hadisan
Sridjaja
Board of Commissioners :
President Commissioner - Mr. Sudiharto Sridjaja
Commissioner -
Mr. Jasin Sridjaja
Signatories :
President Director (Mr. Choi Choon Ha)
or the Director (Mr. Hadisan Sridjaja) which must be approved by Board of
Commissioners (Mr. Sudirharto Sridjaja and Mr. Jasin Sridjaja)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
P.T. ETERNAL BUANA CHEMICAL INDUSTRIES (P.T.
EBCI) was established in Jakarta on April 1979 with an authorized capital of
Rp. 20,000,000.- of which Rp. 4,000,000.- was issued and fully paid up. The founding shareholders are Mr. Balijo
Ardinoto, an Indonesian businessman of Chinese extraction and Mr. Ali Husni, an
indigenous businessman. The Articles of
association of the company have frequently been revised. In 1981, Mr. Balijo Ardinoto pulled out and
replaced by Mr. Buyung Tahib, an indigenous businessman. In 1983, the company had been joined by new
shareholder respectively Mr. Yasin Sridjaja, Mr. Sudiharto Sridjaya, Mrs.
Suminah Hasim, wholly Chinese origin Indonesian entrepreneurs and Mr. Syarif
Anwar Soehoed, an indigenous businessman.
In February 1998, the authorized capital was raised to Rp 175,000,000,000.-
entirely was issued and fully paid up.
Then, in November 2004, the authorized capital was raised again to Rp
2,200,000,000,000.- of which Rp 555,275,300,000.- was issued and fully paid up.
The most recently by notarial Deed No. 56
dated March 19, 2012 drawn up by DR. Teddy Anwar, SH., notary in Jakarta, the
company’s shareholders are P.T. ROYAL CHEMIE INDONESIA (99.20%) and P.T. BUANA
MAKMUR ANDALAN (0.80%). The capital structures and shareholder
composition of P.T. EBCI in details are as shown on page-3 of this report. 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.01.10-36773
dated October 11, 2012. Since then no
changes have been effected in term of its shareholding composition and capital
structure to date.
P.T. ROYAL CHEMIE INDONESIA is a foreign
investment company which was established in 2003 by ROYAL CHEMIE CORPORATION
Ltd of Mauritius (99,999%) and P.T. KEDUNG SARI PRATAMA of Indonesia (0,001%). We are extremely difficult to
trace or investigate the shareholders of ROYEL CHEMIE CORPORATION Ltd., as this
company is incorporated under law of the Republic of Mauritius. But we allege or estimate that
the owners of this company are Mr. Sudiharto Sridjaja and his family members.
P.T. EBCI started with operation in 1979 in
trading and the distribution of specialty chemical and resins particularly for
textile, leather, paint and plastic industries.
Later in 1982, P.T. EBCI developed a plant located on Jalan Raya Serang
Km. 14, Cikupa, Tangerang (West Java) standing on 16.2 hectares
wide land operating in 1982 and
producing specialty resins such as synthetic latex resin under license and technology of
ETERNAL CHEMICAL CO. LTD., of Taiwan. In 1986, the plant
has been expanded for manufacturing unsaturated
polyester resin, alkyd acrylic
and amino resins. In 1988, P.T. EBCI started in
producing plasticizers product. But,
its plant was of
May 1994 razed by fire and
therefore it stopped production activities.
After restoration and in the same time adding its production capacity,
the plant has resumed operation in 1995.
In 2008, P.T. EBCI started in producing Fatty Acid Methyl Ether (FAME)
or Biodiesel and Glycerin.
Some 80% of its products are for domestic
purpose by using ETERNAL brand licensed by ETERNAL CHEMICAL Co., Ltd., of
Taiwan. P.T. EBCI’s products are widely
used in manufacturer of consumer goods including raw material of paints,
construction materials, fiberglass material and sanitary ware. Meanwhile the rest 20% are exported to
Southeast Asia, China, India, Bangladesh, Middle East, Japan, Korea, etc. Domestically, its plasticizers products are marketed through P.T. INDOKEMIKA
JAYATAMA (a member company of the SALIM Group) while its other products are directly distributed by P.T. EBCI to its customers in Jakarta, West
Java and Central Java regions.
Besides, P.T. EBCI also controls 4.50%
shares of P.T. ETERINDO NUSA GRAHA (ENG) and the rest is owned by P.T. ROYAL
CHEMIE INDONESIA (95.50%). P.T. ENG is
dealing with industrial chemical processing and manages a plant in Gresik, East
Java, operating since October 1997 with an investment of Rp 126.0 billion. P.T.
ENG produces Dioctyl phthalates (DOP), Resin and Bio-diesel.
Until this time P.T. EBCI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement.
Therefore, the company has no obligation to publish financial statement
publicly. We have checked to Department of Trade and Industry and found that no
financial statement has been reported. P.T. EBCI’s management is very reclusive
to outsider and rejecting to disclose its financial condition. We observed that total sales turnover of the
company in 2012 amounted to Rp. 1,550.0 billion increased to Rp. 1,760.0
billion in 2013 and rose again to Rp. 1,930.0 billion in 2014. The operation in 2014 yielded an estimated
net profit at least Rp. 85.0 billion and the company has an estimated total net
worth at Rp. 920.0 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2015.
We observed that P.T. EBCI is supported by
financially strong business family behind it.
So far, we did not hear 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. EBCI is led by Mr.
Choi Choon Ha (64) as president director and CEO of the company. He is also as president director of P.T.
ROYAL CHEMIE INDONESIA, holding company of the company. In daily his operation, he is assisted by Mr.
Hadisan Sridjaja (48) as director and a number of professional managers and
expert in specialty resins manufacturing.
The management is very creative and dynamic, having maintained a wide
business relation with private businessmen at home and abroad and with the
government sectors as well. We observed that management’s reputation in said
business is fairly good. So far, we did not hear that the company’s management
involved in a dirty business practice 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. EBCI is fairly good for business
transaction. However, in view of the unstable economic condition in the country
we recommend to treat prudently in extending a loan to the company.
List of the ETERINDO
Group Members
1.
ANUGERAHINTI GEMANUSA, P.T. (Polyvinyl
Alcohol and Acetic Acids Processing)
2.
BUANA METALINDO, P.T. (Metalworking)
3.
BUANA MAKMUR ANDALAN, P.T. (Trading and
Investment Holding)
4.
BUANA SOLVINDO, P.T. (Butyl Acetates
Processing)
5.
ETERNAL BUANA CHEMICAL INDUSTRIES, P.T.
(Specialty Resin and Biodiesel Industry)
6.
GENERAL INTI UTAMA, P.T. (Investment Holding)
7.
ETERINDO NUSA GRAHA, P.T. (Biodiesel and
Plasticizer Manufacturing)
8.
ETERINDO ANUGERAH PRAKARSA, P.T. (Investment
Holding)
9.
ETERINDO WAHANATAMA Tbk.,, P.T. (Trading and
Investment Holding)
10. GLOBECHEM
PACIFIC PERKASA, P.T. (Maleic Anhydride Processing)
11. HEXABUANA
TOMANAS, P.T. (Modern Office Building Management)
12. INDO
BERLIAN BUANA PERKASA, P.T. (Maleic Anhydrides Processing)
13. INTIMUTIARA
CHEMINCO, P.T. (Trading and Distribution of Industrial Chemicals)
14. INTIMUTIARA
GASINDO, P.T. (Investment Holding and Distributions)
15. INTIMUTIARA
KIMINDO, P.T. (Trading and Importer of Industrial Chemicals)
16. LARISJAYA,
P.T. (Trading and Distributions of Industrial Chemicals)
17. MAISKA
BHUMI SEMESTA, P.T. (Oil Palm Plantation)
18. MALINDO
PERSADA KHATULISTIWA, P.T. (Oil Palm Plantation)
19. METRO
PACIFIC CORP., Pte., Ltd., Singapore (Trading)
20. MITSUI
ETERINDO CHEMICALS, P.T. (Arcylamide Monomers Processing)
21. PETRO
OXO NUSANTARA, P.T. (Oxo Alcohols Processing)
22. PETROWIDADA
Tbk., P.T. (Phthalic Anhydride and Maleic Anhydride Processing)
23. PROINTAL,
P.T. (Chemical Storage Tanks Management)
24. ROYAL
CHEMIE INDONESIA, P.T. (General Trading and Investment Holding)
25. ROYAL
CHEMIE Corp. Ltd., of Mauritius (Investment Holding)
26. SOUTH
EASTERN CHEMICALS Sdn., Bhd., Malaysia (Plasticizers and Resins Processing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.91.06 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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.