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Report No. : |
307678 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. ARCHROMA SPECIALTIES |
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Formerly Known As : |
PT CLARIANT |
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Registered Office : |
Jalan Gatot Subroto Km. 4, Kali Sabi No. 1,
Building Ground Floor, Kec. Cibodang, Tangerang 15138 Banten Province |
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Country : |
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Date of Incorporation : |
20.01.2014 |
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Com. Reg. No.: |
AHU-05971.AH.01.01.Tahun 2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Distribution of Specialty Chemicals |
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No. of Employee : |
560 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
BASIC SEARCH |
Name of
Company :
P.T.
ARCHROMA SPECIALTIES INDONESIA
A d d r e s s
:
Head Office & Factory I
Jalan Gatot Subroto Km. 4
Kali Sabi No. 1, Building Ground Floor
Kec. Cibodang, Tangerang 15138
Banten Province
Indonesia
Phone -
(62-21) 2971 4200, 553 8589
Fax - (62-21) 552 0390
Email - textile.indonesia@archroma.com
Building Area - 2 storey
Office Space - 220 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
20 January 2014
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-05971.AH.01.01.Tahun 2014
Dated 12 February 2014
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department
:
The Department of Finance
NPWP No. – not available
Holding Companies :
a. P.T. ARCHROMA INDONESIA of
Indonesia (Investment Holding)
b. ARCHROMA TEXTILES, S.A.R.L., of
Luxemburg (Investment Holding)
CAPITAL AND OWNERSHIP |
Capital
Structure :
Authorized Capital - US$. 1,200,000.- (Rp.
13,291,200,000.-)
Issued Capital - US$. 300,000.- (Rp. 3,322,800,000.-)
Paid up Capital - US$. 300,000.- (Rp. 3,322,800,000.-)
Shareholders/Owners
:
a. P.T. ARCHROMA INDONESIA of
Indonesia - US$. 297,000.-
(99%)
b. ARCHROMA TEXTILES, S.A.R.L. of
Luxemburg - US$. 3,000.- (
1%)
BUSINESS ACTIVITIES |
Lines of
Business :
Trading and
Distribution of Specialty Chemicals
Production
Capacity :
None
Started Operation :
June 2014
Brand Name :
ARCHROMA SPECIALTIES INDONESIA
Technical Assistance :
ARCHROMA TEXTILES, S.A.R.L. of
Luxemburg
Number of Employee :
560 persons
Marketing Area :
Export -
35%
Local -
65%
Main Customers :
a. Textile Industries
b. Paint and Printing Ink Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DYSTAR COLOURS INDONESIA
b. P.T. COLORINDO ANEKA CHEMICAL
c. P.T. MATSUMOTOYUSHI INDONESIA
d. P.T. POLKRIK INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a. CITIBANK N.A.
Citibank Tower
Jalan Jend. Sudirman Kav. 54-55
Jakarta
Selatan, 12910
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE |
Total
Sales/Revenues :
2014 – None
Net Profit
(Loss) :
2014 – None
Payment Manner
:
No Comment
Financial
Comments :
No Comment
KEY EXECUTIVES |
Board of Management :
President Director - Mr. Roland Michael Waibel
Directors -
a. Mr. Thomas Winkler
b. Mr. Indra Gunawan
Board of Commissioners :
Commissioner - Mr. Johannes Marinus
Machiel Lourens
Signatories :
President Director (Mr. Roland Michael Waibel) or one of the
Directors (Mr. Thomas Winkler or Mr. Indra Gunawan) which must be approved by
the Board of Commissioner (Mr. Johannes Marinus Machiel Lourens)
CAPABILITIES
|
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Above average
OVERALL PERFORMANCE |
P.T. ARCHROMA SPECIALTIES INDONESIA (P.T.
ASI) was established in Jakarta in January 2014 with an authorized capital of US$
1,200,000.- (Rp. 13,291,200,000) of which US$ 300,000.- (Rp. 3,322,800,000.-)
was issued and paid up. The founding shareholders of the company are P.T.
ARCHROMA INDONESIA of Indonesia (99%) and ARCHROMA TEXTILES, S.A.R.L. of
Luxemburg (1%). The Deed of
establishment was approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decision Letter No. AHU-05971.AH.01.01.Tahun
2014 dated 12 February 2014. No changes have been effected in term of its shareholding composition
and capital structure to date.
We observed that P.T. ARCHROMA INDONESIA is a subsidiary of ARCHROMA is a global color and specialty chemicals company located in Reinach near Basel, Switzerland. ARCHROMA is a portfolio company of SK Capital Partners, a private investment firm with a disciplined focus on the specialty materials, chemicals and healthcare sectors.
P.T. ASI obtained a Foreign Capital
Investment (PMA) license from the Capital Investment Coordinating Board (BKPM)
to engage in trading, import and distribution of specialty chemicals. According
to the plan P.T. ASI and its holding company P.T. ARCHROMA INDONESIA will take
over the business activities of P.T. CLARIANT INDONESIA, a company specialty
chemical industries located on Jalan Gatot Subroto Km. 4, Kali Sabi No. 1,
Tangerang, Banten Province. The plant produces a variety of chemicals such as
reactive dyes, pigment dispersion, sulfur dyes, specialty chemical, optical
brightening agent, disperse dyes, master-batches, etc. According to plant, 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. We observed that P.T.
ASI is still relatively new company in trading, import and distribution of
agricultural products.
Generally, the demand for specialty
chemicals such as; 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 rose again
to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013. The export volume and value of the national
TPT products and garment in 2005 to 2013 are pictured on the following table.
|
Year |
Textile Products
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Garment |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2005 2006 2007 2008 2009 2010 2011 2012 2013 |
1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,633.1 |
3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 5,293.6 |
369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 7,501.0 |
The financial condition of the company is
appraised to be less strong and its financial condition at present is as the paid
up capital of US$.300,000.- (Rp. 3,322,800,000.-) as stated in the articles of
association of the company. The financial condition of the company still
depends on the financial condition of its shareholders. The management of P.T. ASI is also very reclusive
towards outsiders and rejected to disclose its financial condition. So far, we did not heard that the company
having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. ASI is led by Mr.
Roland Michael Waibel (57) a professional manager with more than 20 years
experience in trading, import and distribution of specialty chemicals. He was
previously as the Board of Directors at Archroma Pakistan Ltd., Adval Tech
Holding AG, and Hustadmarmor AS. In
daily activities he is assisted by two directors namely Mr. Thomas Winkler of
Germany and Mr. Indra Gunawan of Indonesia. The Company’s management has 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.
Since this company
(PT. ASI) just about six months in operation commercially, so we recommend
caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.