|
Report No. : |
333285 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SIKA INDONESIA |
|
|
|
|
Registered Office : |
Jalan Raya Cibinong-Bekasi Km. 20, Limusnunggal, Cileungsi, Bogor, 16820 West Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
June 2003 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-27925 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Chemical for Admixture and Mortar, Sodium Gluconate Processing Plant |
|
|
|
|
No. of Employees : |
133 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
SIKA INDONESIA
A
d d r e s s :
Head
Office & Factory
Jalan
Raya Cibinong-Bekasi Km. 20
Limusnunggal,
Cileungsi
Bogor,
16820
West
Java
Indonesia
Phone -
(62-21) 8230025 (Hunting)
Fax - (62-21) 8230026
E-mail - sikacare@id.sika.com
Website - http://www.sikaindo.com
Land Area - 14,000 sq.
meters
Building Area - 11,000 sq.
meters
Region - Industrial Zone
Status - Owned
Surabaya
Branch
Jalan
Raya Rungkut Mananggal No. 11
Puri
Niaga Block G No. 29
Surabaya,
East Java
Indonesia
Phone -
(62-31) 8690202
Fax - (62-31) 8682123
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Medan
Branch
Jalan
Pancing/Willem Iskandar No. 75 & 75 A
Kecamatan Medan Tembung
Medan, North Sumatera
Indonesia
Phone -
(62-61) 6619500
Fax - (62-61) 6619400
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status -
Rent
Batam Branch
Jalan Laksamana Bintan
Komplek Bumi Makmur Block E No. 3
Sungai Panas, Batam
Kepulauan Riau Province
Indonesia
Phone -
(62-778) 424928
Fax - (62-778) 450189
Building Area - 2 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a.
05 March 1987 as P.T. SIKA NUSA PRATAMA
b.
June 2003 as P.T. SIKA INDONESIA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-UM.HT.01.10-5240
Dated 06 December 2007
- No. AHU-06809.AH.01.02.TH.2009
Dated 10 March 2009
- No. AHU-AH.01.10-27925
Dated 30 July 2012
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
a.
The Department of Finance
NPWP No. 01.441.576.4-052.000
b.
The President of the Republic of
Indonesia
No. B-55/Pres/12/1986
Dated 31 December 1986
c.
The Capital Investment Coordinating
Board
- No. 50/1/PMA/1986
Dated 31 December 1986
- No. 150/II/PMA/1990
Dated 22 September 1990
- No. 110/II/PMA/1991
Dated 25 October 1991
- No. 54/II/PMA/1993
Dated 21 May 1993
- No. 45/II/PMA/1996
Dated 27 February 1996
- No. 578/III/PMA/1999
Dated 18 May 1999
- No. 02/32/II/PMA/2003
Dated 17 March 2003
- No. 194/II/PMA/2007
Dated 19 June 2007
d.
The Department of Industry
- No. 23/T/Industri/1991
Dated 24 January 1991
-
No.
36/32/T/Industri/2005
Dated
29 August 2005
Related
Companies :
a.
SIKA AG (Investment Holding)
b.
SIKA ASIA PACIFIC MANAGEMENT (PTE) LTD. (Investment Holding)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
2,000,000.-
Issued
Capital :
US$ 2,000,000.-
Paid
up Capital :
US$ 2,000,000.-
Shareholders/Owners
:
a. SIKA AG -
US$ 1,900,000.-
Address : Zugerstrasse 50, Baar 6341
Switzerland
b. SIKA ASIA PACIFIC MANAGEMENT PTE.
LTD., - US$ 100,000.-
Address : 200 Pandan Loop
#06-02 Pantech 21
Singapore 128388
Singapore
BUSINESS ACTIVITIES
|
Lines
of Business :
Manufacturing
of Chemical for Admixture and Mortar, Sodium Gluconate Processing Plant
Production
Capacity :
a.
Concrete Admixtures -
14,500 tons p.a.
b.
Mortar Admixtures - 1,700 tons p.a.
c.
Ready Mix Mortar - 4,500 tons p.a.
d.
Surface Products - 700 tons p.a.
e.
Epoxies - 1,050 tons p.a.
f.
Floor Treatments - 4,700 tons p.a.
g.
Sodium Gluconate - 4,000 tons p.a.
h.
Mortar -
40,000 tons p.a.
Total
Investment :
a.
Equity Capital -
US$ 2.0 million
b.
Reinvested Profit -
US$ 0.3 million
c.
Loan Capital -
US$ 3.2 million
d.
Total Investment -
US$ 5.5 million
Started
Operation :
1988
Brand
Name :
Sika
Indonesia
Technical
Assistance :
SIKA
AG of Switzerland
Number
of Employee :
133
persons
Marketing
Area :
Domestic - 100%
Main
Customers :
a.
P.T. DWI PRATAMAS BANGUN SELARAS (Distributors)
b. P.T. JAYA ABADI MAKMUR SENTOSA (Distributors)
c.
PERMATA JAYA (Distributors)
d.
PURI PURNAMA (Distributors)
e.
Etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. EPOXINDO ART LESTARI
b.
P.T. FOSROC INDONESIA
c.
P.T. MBT INDONESIA
d. P.T. SPECTRO INTI PRATAMA
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. DEUTSCHE Bank AG
Jalan Imam
Bonjol No. 80
Jakarta Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 152.0 billion
2013
– Rp. 161.0 billion
2014
– Rp. 176.0 billion
Net
Profit (estimated) :
2012
– Rp. 12.0 billion
2013
– Rp. 12.6 billion
2014
– Rp. 13.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Charles Thomas Kidd
Directors -
a. Mr. Sondrajati Gosali
b. Mr. Gunadi
Board of Commissioners :
Commissioner - Mr. Heinz Gisel
Signatories :
President Director (Mr. Charles Thomas
Kidd) or one of the Directors (Mr. Sondrajati Gosali or Mr. Gunadi) which must
be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Initially named P.T. SIKA NUSA PRATAMA, it was
established in Bogor, West Java in March 1987 with the authorized capital of
US$ 1,000,000 wholly issued and paid up. The founding shareholders are P.T.
TECHNO CRETINDO JAYA SURYA of Indonesia and SIKA AG (ex SIKA FINANZ AG) of
Switzerland. The articles of association of the company have frequently been
revised. In July 1991, the authorized capital of the company was raised to US$
1,600,000 wholly issued and paid up and concurrently P.T. TECHNO CRETINDO JAYA
SURYA withdrew and into the company entered P.T. TEKNOKRIDA ADIMANDIRI of
Indonesia as a new shareholder. In May 1999 the authorized capital of the
company was increased to US$ 6,400,000 wholly issued and paid up and
concurrently P.T. TEKNOKRIDA ADIMANDIRI withdrew and replaced by SIKA
ASIA-PACIFIC MANAGEMENT (Pte) Ltd of Singapore. Since June 2003, the company
renamed to P.T. SIKA INDONESIA (P.T. SI). In March 2004, the company’s
authorized capital was reduced to US$ 2,000,000 entirely issued and paid up.
The latest shareholders are SIKA AG of Switzerland (95%) and SIKA ASIA PACIFIC
MANAGEMENT PTE., LDT. of Singapore (5%). The deed of amendment was made by Mrs.
Setiari Utami, SH., was approved by the Ministry of Law and Human Right in its
Decision Letter No. C-UM.HT.01.10-5240, dated December 06, 2007. Then according
to the latest revision of notary documents of Mrs. Setiari Utami, SH., No. 01 dated
8 June 2012 the board of director and the board of commissioner had been
changed (see profile of this report). The latest revision of notary documents
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-27925 dated July 30, 2012.
P.T. SI obtained a
Foreign Capital Investment (PMA) facility issued by the Capital Investment
Coordinating Board (BKPM) to deal with chemical industry for building materials
and sodium gluconate processing plant. Its plant is located on Jalan Raya
Cibinong-Bekasi, Limusnunggal village, Cileungsi, Bogor, West Java on a land of
1.4 hectares having been in commercial operation since 1988. The plant of the
company has frequently been expanded to increasing production capacity. The
company has gained market leadership in innovating, not only in products
design, but also in application techniques, services and customer relations.
According to its
license, the plant has a production capacity of concrete admixtures 14,500
tons, mortar admixtures of 1,700 tons, ready mix mortar of 4,500 tons, surface
products of 700 tons, epoxies of 1,050 tons, floor treatments of 4,700 tons and
sodium gluconate of 4,000 tons per annum respectively.
A marketing staff of
P.T. SI said that the products of the company are wholly marketed locally to
various private and state owned contractor companies, automotive OEM, marine
companies, appliances and equipment industries, building component and trading
etc. In June 2007, P.T. SI got an expansion permit to increase production
capacity which an investment of US$ 2.0 million originally coming from loan.
The expansion plant has been operating in the middle of 2009 and produce mortar
of about 40,000 tons per annum.
P.T. SI is a leading
supplier of construction chemicals in market segments ad diverse as:
transportation/infrastructure, power industry, manufacturing industry, building
and general contracting, ready mix concrete, precast concrete elements, water
industry. The products supplied also to automotive OEM, automotive aftermarket,
transportation (bus, truck, rail), marine, appliances & equipment and
building components. P.T. SI has been acted since 1987 to providing a full
range of products to various prestigious projects such P.T. INDOCEMENT TUNGGAL
PRAKARSA Tbk cement factory in Cibinong; the Paiton Steam Power Plant in
Probolinggo; the Balerang Bridges in Batam; the Singkarak Hydro Electric Power
Plant in West Sumatra and many others.
The company also
supplied some of its products through distributors such as P.T. DWI PRATAMAS
BANGUN SELARAS, P.T. JAYA ABADI MAKMUR SENTOSA, PERMATA JAYA, PURI PURNAMA,
C.V. ALISAN CATUR PERKASA, C.V. ALISAN CATUR JAYA, P.T. SATRIAKARYA ADIYUDHA,
ARMADA PEMBANGUNAN and other distributors in Sumatera, Kalimantan and Sulawesi.
In 1994, P.T. SI became the first construction chemical company in Indonesia to
receive ISO 9002 accreditation. These market segments are supplied from the
following products groups and systems: concrete and mortar production, repair,
protection and strengthening, grouting and anchoring, waterproofing, sealing
and elastic bonding, flooring and containment linings. P.T. SI is classified as
a medium sized company of its kind in the country of which the operation had
been running smoothly in the last three years.
Generally, demand for chemicals for building materials
had been increasing by 7% to 9% on the average per annum in the last five years
having close relation with the rapid development of various industrial sectors
like the development of office buildings, hotels, luxurious housings and others
in the above period as consumers. Based on the forecast from some economists,
Indonesia’s economic growth in 2015 is still challenging. Bank Indonesia has
decided to maintain the BI Rate at 7.75% based on the evaluation of the 2015
economic outlook. This is also in line with the efforts to steer inflation
around 4% by 2015, while supporting the control of the current account deficit
to a more healthy level. The Rupiah currency is predicted to be in the average
range of Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that
Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above
conditions indicate that in general, Indonesia’s economic condition is not
growing optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has predicted the
following 2015 global economic challenges which cover; uncertain global economy
triggered by either economic downturn or economic crisis in many countries; the
risk caused by the fluctuating global commodity prices, especially the raw oil
price; commitment to support the ASEAN Economic Community (AEC); and
implementation of the global development agenda post 2015. Meanwhile, the
forecasted 2015 domestic economic challenges will cover: An increase in the
slowing down of economic growth; risk in the domestic financial market;
imbalanced payment balance sheet; and reduced social gap. This condition
potentially impacts both the industry and the market in which P.T. SI is
engaged. It is estimated that industrial growth equal to or less compared to the previous year.
P.T. SI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The
management of P.T. SI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2012 amounted to Rp. 152.0 billion increased to Rp. 161.0 billion in
2013 rose to Rp. 176.0 billion in 2014 and projected to go on rising by at
least 6% in 2015. The operation in 2014 has gained a net profit of Rp. 13.5
billion. The company has an estimated total networth of at least Rp. 44.0
billion. We observe that P.T. SI is supported by foreign partner with has
financially strong and sound behind it. So far, we did not heard 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. SI is led by Mr. Charles Thomas
Kidd (62) a businessman with 23 years of experience in construction chemical
manufacturing and trade. The management is quite 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. SIKA
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.