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Report No. : |
302578 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. ARCHROMA SPECIALTIES INDONESIA |
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Formerly Known As : |
PT CLARIANT INDONESIA |
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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 : |
Indonesia |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
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
|
Garment |
||
|
(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.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
|
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 |
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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 |
|
<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.