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Report No. : |
306606 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CLARIANT INDONESIA |
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|
|
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Registered Office : |
Jalan Gatot Subroto Km. 4 Kali Sabi No. 1, Kec.
Jati Uwung Tangerang 15138 Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
21.10.1995 |
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|
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Com. Reg. No.: |
AHU-AH.01.10-06701 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Industrial Chemical Processing |
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No. of Employee : |
560 Person |
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 |
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Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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 |
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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. CLARIANT
INDONESIA
Head Office &
Factory I
Jalan Gatot Subroto Km. 4
Kali Sabi No. 1, Kec. Jati Uwung
Tangerang 15138
Banten Province
Indonesia
Phone -
(62-21) 5538-589 - 90 (Hunting)
Fax - (62-21) 5520-390, 5520-394
Land Area - 20,000 sq.
meters
Building Area - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Jend. A. Yani
Pulomas
Jakarta Timur
Indonesia
Phone -
(62-21) 489-2208, 489-5608, 489-1995
Fax -
(62-21) 489-2464
Land Area - 10,000 sq.
meters
Building Area - 5,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III
Kabupaten Serang
Banten Province
Banten Province
Indonesia
Phone -
(62-254) 396954, 396955
Fax - (62-254) 396956
Land Area - 10,000 sq.
meters
Building Area - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
a. 17 April 1989 as P.T. SANDOZ CHEMICALS INDONESIA
b. 21 October 1995 as P.T. CLARIANT INDONESIA
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. W7-HT.01.10-11310
Dated 30 July 2007
b. No. AHU-85372.AH.01.02.Tahun 2008
Dated 13 November
2008
c. No. AHU-AH.01.10-17540
Dated 13 October 2009
d. No. AHU-AH.01.10-06701
Dated 26 February 2014
Foreign Investment (PMA) Company
Permits by the Government Department :
a. The
Department of Finance
NPWP No.
01.061.809.8-092.000
b. The
President of the Republic Indonesia
No.
B-40/Pres/3/1989
Dated 8
March 1989
c. The
Capital Investment Coordinating Board
- No. 41/I/PMA/1989
Dated
18 March 1989
- No. 159/II/PMA/1990
Dated
9 October 1990
- No. 151/II/PMA/1998
Dated
19 October 1998
- No. 123/II/PMA/2000
Dated
16 June 2000
a. CLARIANT INTERNATIONAL Ltd., of Switzerland (Investment Holding)
b. CLARIANT BETEILIGUNGEN AG of Switzerland (Investment Holding)
Capital Structure :
Authorized Capital - Rp.
37,086,150,000.-
Issued Capital - Rp.
37,086,150,000.-
Paid up Capital - Rp.
37,086,150,000.-
Shareholders/Owners :
a.
CLARIANT INTERNATIONAL LTD.,
of Switzerland - Rp. 37,075,310,624.- (99.97%)
b.
Ms. Amelia Christianingsih
of Indonesia - Rp
10,839,376.- ( 0.03%)
Lines of Business :
Industrial Chemical Processing
Production Capacity :
Factory I
a. Reactive Dyes - 1,200 tons p.a.
b. Pigment Dispersion - 100 tons p.a.
c. Sulfur Dyes - 1,000 tons p.a.
d. Specialty Chemicals - 10,000
tons p.a.
e. Optical Brightening Agents - 6,000 tons p.a.
f. Disperse Dyes - 1,200 tons p.a.
g. Masterbatches - 1,200 tons p.a.
Factory II
a. Synthetic Resin Emulsion
(PPA Polymers) - 13,500 tons p.a.
b. Textile Chemicals - 3,750 tons p.a.
c. Pigments - 350 tons p.a.
d. Special Chemicals - 850 tons p.a.
Factory III
a. Synthetic Resin Emulsion
(PVA Polymers) - 8,000 tons p.a.
b. Acrylate Size - 7,200 tons p.a.
Total Investment :
Factory I
a. Equity Capital - US$
23.9 million
b. Loan Capital - US$ 3.4 million
c. Total Investment - US$ 27.3 million
Factory II
a. Equity Capital - US$
3.6 million
b. Reinvested Profit - US$ 0.7
million
c. Loan Capital - US$ 5.3 million
d. Total Investment - US$ 9.6 million
Factory III
a. Equity Capital - None
b. Reinvested Profit -
US$ 5.4 million
c. Loan Capital - US$ 4.7 million
d. Total Investment - US$ 10.1 million
Started Operation :
April 1989
Brand Name :
CLARIANT
Technical Assistance :
CLARIANT INTERNATIONAL Ltd., of Switzerland
Number of Employee :
560 persons
Marketing Area :
Export - 35%
Local - 65%
Main Customers :
a. P.T. SANDI ANEKA WARNA (Trading and Distribution of Industrial
Chemical)
b. Buyers in the Europe Union, the Middle East, Japan, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR COLOURS INDONESIA
b. P.T. COLORINDO ANEKA CHEMICAL
c. P.T. MATSUMOTOYUSHI INDONESIA
d. P.T. POLKRIK INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. CITIBANK N.A.
Citibank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta Selatan,
12910
Indonesia
c. The Bank of AMERICA
Wisma Antara
Jalan
Merdeka Selatan No. 17
Jakarta Pusat
Indonesia
Auditor :
Tanudiredja, Wibisana & Rekan (a member of PriceWaterhouseCoopers)
Litigation :
No litigation record in our database
Total Sales/Revenues (estimated) :
2010 – Rp. 1,387.3 billion
2011 – Rp. 1,440.7 billion
2012 – Rp. 1,484.0 billion
2013 – Rp. 1,513.6 billion
2014 – Rp. 1,695.0 billion
Net Profit (estimated) :
2010 – Rp. 71.7 billion
2011 – Rp. 74.4 billion
2012 – Rp. 76.5 billion
2013 – Rp. 78.0 billion
2014 – Rp. 86.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Hans Gert Herrel
Directors - a. Mr. Bernard Jean Ritz
b. Mr. Hieronymus Himawan
Board of Commissioners :
President Commissioner -
Mr. Francois Didier Bleger
Commissioners - a. Mr. Mario Brocchi Neto
b. Mr. Daniel Hug
Signatories :
President Director (Mr. Hans Gert
Herrel) or one of the Directors (Mr. Bernard Jean Ritz or Mr. Hieronymus
Himawan) which must be approved by President Commissioners (Mr. Francois Didier
Bleger) or one of Commissioners (Mr. Mario Brocchi Neto and Mr. Daniel Hug)
Management Capability :
G o o d
Business Morality :
Good
Initially named P.T. SANDOZ CHEMICALS INDONESIA, the company was
established in Jakarta in 1989 with an authorized capital of US$ 8,350,000 entirely
was issued and paid up. The original founding shareholders were SANDOZ LTD., of
Switzerland and P.T. SANDI ANEKA WARNA of Indonesia. In 1993 the authorized
capital was raised to US$ 11,350,000 wholly issued and paid up, and by the same
time came in a new shareholder Mr. Nico Gontha, a Chinese origin Indonesian
businessman. In October 1995 the company was renamed P.T. CLARIANT INDONESIA
(P.T. CI), and by the same time SANDOZ LTD., and P.T. SANDI ANEKA WARNA pulled
out and joined in a new shareholder CLARIANT INTERNATIONAL LIMITED of
Switzerland. In May 1999, the authorized capital of P.T. CI was increased to
US$ 20,350,000 wholly issued and paid-up.
On September 30, 2003, P.T. CLARIANT INDONESIA sister company namely
P.T. PULOSYNTHETICS was merged with P.T. CLARIANT INDONESIA (survived company)
and having been legalized by the Ministry of Law and Human Right on 13 November
2003. Therefore as from 13 November 2003 P.T. PULOSYNTHETICS has by law
dispersed and the entire right and liabilities of P.T. PULOSYHTHETICS were
shifted to P.T. CLARIANT INDONESIA. On the same occasion, the authorized
capital was increased to US $ 23,950,000 wholly issued and paid-up. In July
2007, Mr. Nico Gontha withdrew from the company and entered new shareholder
CLARIANT BETEILIGUNGEN AG of Switzerland.
On November 2008, the authorized capital was converted from US dollar to
rupiah (IDR) to Rp. 37,086,150,000.- wholly issued and fully paid up. The
lshareholders are CLARIANT INTERNATIONAL LIMITED (95%) and CLARIANT BETEILIGUNGEN
AG (5%) both of Switzerland. The amendment to Deed was approved by the Minister
of Law and Human Rights through its Decision Letter No.
AHU-85372.AH.01.02.Tahun 2008 dated November 13, 2008 and No.
AHU-AH.01.10-17540, dated October 13, 2009.
The most recently by Notarial Deed of Irene Yulia, SH., dated January 2,
2014, CLARIANT BETEILIGUNGEN AG pulled out and replaced by Ms. Amelia
Christianingsih of Indonesia as new shareholder. Since at the time, the shareholders of the
company are CLARIANT INTERNATIONAL Ltd., (99.97%) and Ms. Amelia
Christianingsih (0.03%). The latest amendment to Deed was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-AH.01.10-06701 dated February 26, 2014.
P.T. CI obtained a Foreign Capital Investment (PMA) license from the
Capital Investment Coordinating Board (BKPM) to engage in industrial chemical
manufacturing. Initially the company used to manage 2 plants each of which
located at Cimanggis, Bogor and at Tangerang, Banten Province. But since 1992
the Cimanggis plant was combined into one plant in Tangerang, Banten Province,
on a land of some 10.0 hectares. As from September 2003 after the merger P.T.
CI is now operating three factories. The two factories previously owned by P.T.
PULOSYNTHETICS are located at Jalan A. Yani, Pulo Mas, East Jakarta and at
Serang Regency (Banten Province). All of the above three factories had been
expanded for increasing production capacity. According to the license all of
the three factories production capacity are reactive dyes of 1,200 tons,
pigment dispersion of 100 tons, sulfur dyes of 1,000 tons, specialty chemical
of 10,000 tons, optical brightening agents of 6,000 tons, disperse dyes of
1,200 tons, masterbatches of 1,200 tons. The second factory produces synthetic
resin emulsion (PVA Polymers) of 13,500 tons, textile chemical of 3,750 tons,
pigments of 350 tons, specialty chemical of 850 tons and the third factory
produces of synthetic resin emulsion (PVA Polymers) of 8,000 tons and acrylic size
of 7,200 tons respectively per annum.
According to one local media "Kontan Newspaper" dated 27
October 2014, reported that PT CI will add chemicals production capacity by
building a new factory in Tangerang, Banten.
The new plant will have a production capacity of 12,000 tons per year.
Chemicals that would be produced by the new plant is a chemical type of esterquats and methylquats. The new plant will require an investment of around CHF
17 million or equal to US$ 16.15 million.
According to a new plant will begin in mid- 2015. P.T. CI gets technical assistant from
CLARIANT INTERNATIONAL LIMITED of Switzerland. Some 35% of its products are
exported to several countries including Europe, the Middle East, Japan and
others and the rest is marketed locally to various industrial companies located
in West Java, Banten Province, Central Java and East Java. P.T. CI is
classified as a large sized company of its kind in the country of which the
operation had been running smoothly and growing slowly in the last five years.
Besides, the demand for textile chemicals, auxiliary, dyestuff and
textile raw materials tended to be fluctuating within the last five years in
line with the fluctuating of Indonesian textile industry in general. According to the Central Bureau of Statistics
(BPS) the Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005
to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0
million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to
1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8
million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011 rose
again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and as of 30 November
2013 amounted to 1,360.7 thousand tons (US$ 4,833.1 million). The export volume and value of the national
TPT products in 2002 to as of 30 November 2013 are pictured on the following
table.
|
Year |
Textile Products |
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 * |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,360.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 4,833.1 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 398.0 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 6,847.7 |
Until this time P.T. CI 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. CI’s management is very reclusive
to outsider and rejecting to disclose its financial condition but we estimated
the total sales turnover of the company in 2011 amounted to Rp. 1,440.7 billion
increased to Rp. 1,484.0 billion in 2012 to Rp. 1,513.6 billion in 2013 and
rose again to Rp. 1,695.0 billion in 2014.
The operation in 2014 yielded a net profit at least Rp. 86.0 billion and
the company has a total asset of Rp. 720.0 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2015.
We observe that P.T. CI is supported by financially strong 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 is headed by Mr. Hans Gert Herrel (57) a professional
manager of Germany, with experience for more than 25 years in industrial
chemicals trading and processing. In his
daily operation he is assisted by Mr. Bernard Jean Ritz (48) of Switzerland and
Mr. Hieronymus Himawan (56) of Indonesia, both as directors respectively. The
management’s reputation in said business is fairly good. The management is also
supported by a team of professional managers having maintained a wide business
relation among private businessmen at home and abroad as well as among government sectors. So far, we have never
heard of the management of the company being filed to the district court for
detrimental cases.
P.T. CLARIANT INDONESIA is considered to be good for normal business
transaction. However, in view of the economic slowdown and political situation
in the country is warming, we
recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.