|
Report No. : |
325003 |
|
Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. FINDECO JAYA |
|
|
|
|
Registered Office : |
Jalan Raya Bekasi Km. 21, Pulogadung Industrial Estate, Rawa Terate, Cakung Jakarta Timur, 13920, Surabaya |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
16.01.1975 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10.08883 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture
of Alkyl Benzene Sulfonic Acid |
|
|
|
|
No. of Employees : |
65 |
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 |
BASIC SEARCH
|
Name
of Company :
P.T.
FINDECO JAYA
A
d d r e s s :
Head Office & Factory
Jalan
Raya Bekasi Km. 21
Pulogadung
Industrial Estate
Rawa
Terate, Cakung
Jakarta
Timur, 13920
Surabaya,
Indonesia
Phones -
(62-21) 460 2920 (Hunting)
Fax - (62-21) 460 2575
E-mail - edi.zulchaidir@findeco.com
Website - http://www.findeco.com
Land Area - 25,000 sq.
meters
Building Space - 18,900 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
16
January 1975
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. Y.A. 5/306/3
Dated 3 June 1976
-
No. AHU-58573.AH.01.02.TH.2009
Dated 1 December 2009
-
No. AHU-AH.01.10.08883
Dated 6 March 2014
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.000.558.5-052.000
The President of the Republic of
Indonesia
No.
B-86/Pres/8/1974
Dated
21 August 1974
The Capital Investment Coordinating
Board
- No. 244/III/PMA/1988
Dated 22 August 1988
- No. 560/III/PMA/2005
Dated 20 May 2005
- No. 983/III/PMA/2005
Dated 25 August 2005
Related
Companies :
a.
A Member Company of the LAUTAN LUAS
Group
b. A Member Company of the WINGS Group
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
4,600,000.-
Issued
Capital :
US$ 4,600,000.-
Paid
up Capital :
US$ 4,600,000.-
Shareholders/Owners
:
a. P.T. LAUTAN LUAS Tbk - US$ 1,512,020.-
b. P.T. WINGS SURYA - US$ 1,344,120.-
c. P.T. SINAR ANTJOL - US$ 368,000.-
d. P.T. UICCP INDONESIA - US$ 317,860.-
e. Mr. Anthoni Salim - US$ 276,000.-
f. Mr. Ong Ing Sing - US$ 276,000.-
g. P.T. CATURWANGSA INDAH - US$
276,000.-
h. P.T. GADING MASINDOTAMA - US$
230,000.-
BUSINESS ACTIVITIES
|
Lines
of Business :
Manufacture
of Alkyl Benzene Sulfonic Acid
Production
Capacity :
Alkyl
Benzene Sulfonic Acid - 30,000
tons p.a.
Total
Investment :
a. Equity Capital - US$ 4.6 million
b. Loan Capital - US$ 2.0 million
c. Total Investment - US$ 6.6 million
Started
Operation :
1
August 1978
Brand Name :
FINDECO
Technical Assistance
:
Tyaca Corporation,
Japan
Number of Employee :
65 persons
Marketing Area :
Local - 100%
Main Customer :
Laundry
Bars, Cream and Pastes, Cleaners, Textile Auxiliaries, Emulsifiers, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BASF
INDONESIA Tbk
b. P.T. BOZZETTO
INDONESIA
c. P.T. KAO INDONESIA
CHEMICALS
d. P.T.
MATSUMOTOYUSHI INDONESIA
e. P.T. SNOGEN
INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r :
P.T. Bank EKONOMI RAHARDJA Tbk
Graha Ekonomi
Jalan Setiabudi Selatan KAv. 7-8
Jakarta Selatan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 98.0 billion
2013
– Rp. 109.0 billion
2014
– Rp. 122.0 billion
Net
Profit (estimated) :
2012
– Rp. 7.8 billion
2013
– Rp. 8.8 billion
2014
– Rp. 9.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director -
Mrs. Joan Fudiana
Vice President Director - Mr. Handoyo Sutanto
Directors -
a. Mr. Eka Leonard Gunawan
b. Mr. Ridwan Kartolo
c. Mr. Paulus Iwan Setiawan
d. Mrs. Eridah Surjanah
Board of Commissioners :
President Commissioner - Mr. Teddy Jeffrey Katuari
Commissioners - a. Mr. Herman Santoso
b. Mr. Andi Hartandi
Signatories :
President
Director (Mrs. Joan Fudiana) or Vice President Director (Mr. Handoyo Sutanto)
or one of the Directors (Mr. Eka Leonard Gunawan, Mr. Ridwan Kartolo, Mr.
Paulus Iwan Setiawan or Mrs. Eridah Surjanah) which must be approved by Board
of Commissioner.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T. FINDECO JAYA (P.T. FJ) was established in Jakarta based
on notary deed Mrs. Kartini Muljadi, SH., no. 58 dated 16 January 1975 with an
authorized capital of US$ 4,600,000 issued capital of US$ 1,600,000 entirely
paid up. The founding and shareholders of the company originally were P.T.
LAUTAN LUAS Tbk, P.T. SINAR ANTJOL, P.T. WINGS SURYA, P.T. SJAM & CO.,
TOMEN CORPORATION and TYACO CORPORATION both of Japan. Its article of
association had been changed a couple of times. Later in June 1995 the company
issued capital was increased to US$ 4,600,000 of which paid up. On the same
occasion P.T. SUPRA VERITAS, P.T. CATURWANGSA INDAH, P.T. SINARINDO GERBANGMAS,
Mr. Andree Halim, Mr. Anthoni Salim and Mr. Ong Ing Sing entered into the
company as new shareholders. The latest according to revision of notary deed Mrs.
Hannywati Gunawan, SH., dated February 2014 the composition of its shareholders
has been changed to become P.T. LAUTAN LUAS Tbk (32.87%), P.T. WINGS SURYA
(29.22%), P.T. SINAR ANTJOL (8.00%), P.T. UICCP INDONESIA (6.91%), Mr. Anthoni
Salim (6.00%), Mr. Ong Ing Sing (6.00%), P.T. CATURWANGSA INDAH (6.00%) and
P.T. GADING MASINDOTAMA (5.00%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-08883
dated March 6, 2014.
P.T. FJ of Findeco is a Foreign Investment (PMA) company
facility dealing with manufacture of alkyl benzene sulfonic acid. Its plants is
located in Pulogadung, East Jakarta, occupied a 2.5 acre area. It started for
commercial operation since 1 Augusts 1978. Findeco stands from the first
Indonesian detergent company, founded by domestic detergent companies in
cooperation with Tayca Corp. and Tomen Corp. Japan. As the only independent
sulphonation plant in Indonesia (unbonded with a certain soap factory) Findeco
is a BAS/LAS supplier of universal product quality standard which is acceptable
by all domestic and international customers.
Findeco’s new sulphonation plant was built in 2002,
and it started for commercial operation in July 2003. The plant is based on a
multi tube film reactor technology, which was developed by Ballestra Italy
since 1980. The plant is called Sulphurex F, a continuous SO3 sulphonation
plant for detergent alkylates, fatty alcohols, etoxilated alcohols,
alpha-olefins, methylesters etc. The plant consists of three sections, air
drying section, SO3 production section, and sulphonation section.
At the air drying
section the air required for sulphur combustion and the production of SO3 is
filtered and dehumidified to a dew point temperature. The dried air is then conveyed
to the sulphur combustion furnace where it meets the liquid sulphur in counter
flow, and converts it to SO2, by burning it. The Sulphur at temperature of 430
oC enters the converter for oxidation to SO3. This SO3 gas is fed to the upper
part of the reactor and equally distributed to each reaction tube. The organic
feedstock and SO3 gas are fed co-currently. The special design of the Ballestra
reactor ensures accurate dosing of organic feedstock and SO3 gas keeping the
exact mole ratio between them. Most of Findeco’s customers are using BAS as
main material to produce cream detergent. Similar with BAS the use of LAS is as
universal surfactants. Usually customers are using LAS powder, due to its
clarity. In quality, Findeco was awarded 14th International trophy
for Quality in 1986, Madrid, Spain and hold a Certificate of Indonesian
National Standard (SNI) since 1995. The whole alkyl benzene sulfonic acid
supplied to various detergent and soap industries among others are P.T. SAYAP
MAS UTAMA, P.T. WINGS SURYA, P.T. SINAR ANTJOL, P.T. UNILEVER INDONESIA Tbk,
P.T. BIRINA MULTIDAYA, P.T. CATURWANGSA INDAH, P.T. LIDAH BUAYA, P.T. TOTAL
CHEMINDO LOKA, P.T. MURNI CAKRAUTAMA LESTARI and others. We observe the
operation of P.T. FJ of Findeco has been growing and developing well in the
last three years.
In overall we find the demand for various chemicals in
the country had been rising in volume by 7% to 8% on the average per year
within the last five years. It was in line with the rapid growth of industrial
sectors like textile, soap, cosmetic, paper, etc., in that period.
Indonesian GDP grew by 5.0% in 2014; almost double the World Bank global average of 2.6%. Behind this performance is a significant change in government policy with regards to fuel subsidies, which will have multiple favorable effects on the economy going forward. The dramatic reduction of fuel subsidies at year-end was a welcome move to strengthen the national budget and free up budget for long overdue infrastructure projects. With this positive move, the Government has set a GDP growth target range of 5.4% to 5.8% for 2015 based on projected higher levels of investment and Government spending. Expanding government consumption and investment will provide greater fiscal capacity to support productive economic activities, including infrastructure development that will catalyze higher economic growth. A further beneficial effect of the resulting strengthened budgetary and fiscal policy environment issuing from decreased subsidies is the potential upgrade of Indonesia’s credit rating, which will deliver multiple favorable effects on the economy. The continued strength of household consumption is also expected to support and extend the prospects for economic growth.
The World Bank projects that developing countries should
see an uptick in growth in 2015, despite what was seen as a relatively
disappointing year in 2014 as compared to initial projections. Growth will be
boosted in part by soft oil prices, a stronger U.S. economy, continued low
global interest rates, and receding domestic headwinds in several large
emerging markets. Lower inflation is projected in several prime-developing
economies, including Indonesia. In addition, the World Bank projects that
Indonesia’s resilient private sector consumption base will continue to shore up
domestic demand and growth. The strengthening of these elemental aspects of the
economy and the better investment climate will help return Indonesia to a stronger
growth trajectory.
Until this time P.T. FJ has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. FJ is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated that
total sales turnover of the company in 2012 amounted to Rp. 98.0 billion
increased to Rp. 109.0 billion in 2013 rose to Rp. 122.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 9.8 billion and the company has an
estimated total networth of at least Rp. 50.0 billion. 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. FJ is led by Mrs. Joan Fudiana
(50) a professional manager with experience in manufacture of alkyl benzene
sulfonic acid. Joan graduated from the Faculty of Economics at St John’s
University, Shanghai, China in 1949. She co-founded the Company in 1951, and
then served as Director from 1961 to 1979. Thereafter, she was appointed Vice
President Director in 1979, Commissioner in 1992, and Vice President
Commissioner in 1997. Since 2007, Joan has held the role of President
Commissioner of the Company in which she actively oversees new business
development and general operations. Currently, Joan is also on the Board of
Commissioners or Directors of several companies in the Lautan Luas Group.
The company's management is handled by professional staff
in the above business. They have 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. P.T. FINDECO JAYA is
sufficiently fairly good for business transaction.
List of the LAUTAN LUAS Group Member
1. ADVANCE
STABILINDO INDUSTRY, P.T. (Methyltine Stabilizer Processing)
2. ASPIRASI
LUHUR, P.T. (Investment Holding)
3. BINTANG
CATUR KARSA LINES, P.T. (Tug and Barge Services/Coal Transportation)
4. BORNEO
BANDAR SEGARA, P.T. (Teluk Timbau Coal Port Operator)
5. BUKITSUGIH
SETIAMAS, P.T. (Contracting Service)
6. CATURKARSA
MEGATUNGGAL, P.T. (Property Management and Investment Holding)
7. CIPTA
MAPAN LOGISTIC, P.T. (Freight Forwarding Services)
8. DAITI
CARBON NUSANTARA, P.T. (Activated Carbon Manufacturing)
9. DUNIA
KIMIA UTAMA, P.T. (Sulphuric Acid and Aluminum Sulphate Processing)
10. DUNIA
KIMIA JAYA, P.T. (Poly Aluminum Chloride, Band Poly Lubricant and Textile
Auxiliaries
11. Processing)
12. DUTA
KIMIA, P.T. (Chemical Trading)
13. FINDECO
JAYA, P.T. (Alkyl Benzene Sulfonic Acid and Dodecyl Benzene Sulfonic Acid
Industry)
14. HUAI
AN DIAMOND CHEMICAL INDUSTRY LTD (Chemical Industry)
15. HYDRO
HITECH OPTIMA, P.T. (Water Solution Provider)
16. INDONESIAN
ACID INDUSTRY, P.T. (Chemical Industry)
17. KRYTON
LAUTAN INDONESIA, P.T. (Specialty Cements, Concrete Additives and Specialty
Paints and Coating Industries)
18. LAUTAN
HON HONGZE CHEMICAL INDUSTRY LIMITED (Sodium Sulphate Anhydrous
Industry and Trade)
19. LAUTAN
JASINDO, P.T. (Trading & Investment Holding)
20. LAUTAN
LUAS Tbk., P.T. (Industrial Chemical Distribution)
21. LAUTAN
LUAS SINGAPORE PTE LTD (Trading)
22. LAUTAN
LUAS THAILAND CO. LTD. (Trading)
23. LAUTAN
LUAS VIETNAM CO. LTD. (Trading)
24. LAUTAN
OTSUKA CHEMICAL, P.T. (Chemical Industry)
25. LAUTAN
SULFAMAT LESTARI, P.T. (Sulfamic Acid Manufacturing)
26. LENTERA
LAUT RAYA, P.T. (Chemical Trading)
27. LIKU
TELAGA, P.T. (Chemical Processing)
28. MAHKOTA
INDONESIA, P.T. (Industrial Chemical Industry)
29. METABISULPHITE
NUSANTARA, P.T. (Sodium Metabisulphite Manufacturing)
30. MITRADA
SINERGY, P.T. (Trading and Exporter of Coal)
31. MUSTIKA
ARTA MAS, P.T. (Investment Holding)
32. PACINESIA
CHEMICAL INDUSTRY, P.T. (Poly Aluminum Chlorida (PAC) Industry)
33. PKG
LAUTAN INDONESIA, P.T. (Solvent, Aromatic, Alcohol, Glycol, Ketones Manufacturing)
34. PERAK
TIMUR PERMAI, P.T. (Tank Terminal Management)
35. PETRO
CENTRAL, P.T. (Sodium Try Poly Sulphate Processing)
36. RHODIA
MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates
and Alcohol Sulphates Industry)
37. ROHA
LAUTAN PEWARNA, P.T. (Additives Colour Manufacturing)
38. SAMUDRA
LUAS, P.T. (Chemical Trading)
39. SERUNI
GANDAMEKAR, P.T. (Sulphur Powders Processing)
40. SIBELCO
LAUTAN MINERALS, P.T. (Washed Dry Silica and Silica Flour Manufacturing)
41. SINOMAST
MINERAL, P.T. (Coal Operator and Coal Producer)
42. SUKINDO
JAYA, P.T. (Chemical Trading)
43. UNGGUL
INDAH CORPORATION Tbk., P.T. (Alkyl Benzene Processing)
44. WHITE
OIL NUSANTARA, P.T. (White Oil and Petroleum Sulfonate Industry)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.17 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.