|
Report No. : |
351792 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ADVANCE STABILINDO
INDUSTRY |
|
|
|
|
Registered Office : |
MM2100
Industrial Town, Jalan Sulawesi III Block M-29, Gandamekar, Cikarang Barat,
Bekasi, 17520, West Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
09.12.1994 |
|
|
|
|
Com. Reg. No.: |
AHU-50675.AH.01.02.TH.2013 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of
Methyltin Stabilizer, Plastic Additives and Compound. |
|
|
|
|
No. of Employees : |
110 |
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.
ADVANCE STABILINDO INDUSTRY
A
d d r e s s :
Head Office & Factory
MM2100
Industrial Town
Jalan
Sulawesi III Block M-29
Gandamekar,
Cikarang Barat
Bekasi,
17520
West
Java
Indonesia
Phones -
(62-21) 898 0935 (Hunting)
Fax - (62-21) 898 0405
Land Area - 7,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation :
9
December 1994
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. C2-8797 HT.01.01.TH.95
Dated 19 July 1995
-
No. AHU-50675.AH.01.02.TH.2013
Dated 2 October 2013
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.660.084.3-413.000
The Capital Investment Coordinating
Board
No.
293/I/PMDN/1995
Dated
30 May 1995
Related
Company :
A Member
of the LAUTAN LUAS Group (see attachment)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
35,000,000,000.-
Issued
Capital :
Rp. 35,000,000,000.-
Paid
up Capital :
Rp. 35,000,000,000.-
Shareholders/Owners
:
a. P.T. LAUTAN LUAS Tbk -
Rp. 34,650,000,000.-
Address : Jl. AIP II KS Tubun Raya No. 77
Kelurahan Slipi, Kecamatan Palmerah
Jakarta Barat
Indonesia
b. P.T. FUMASJAYA UTAMA -
Rp. 350,000,000.-
Address :
Jl. AIP II KS Tubun Raya No. 77
Kelurahan Slipi, Kecamatan Palmerah
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Manufacturer of
Methyltin Stabilizer, Plastic Additives and Compound
Production Capacity :
a. Methyltin Stabilizer - 2,250 tons p.a.
b. Masterbatch -
1,200 tons p.a.
c. Plastic Compound - 2,800 tons p.a.
Total Investment :
a. Owned Capital -
Rp. 35.0 billion
b. Loan Capital - Rp.
3.7 billion
c. Total Investment - Rp. 38.7 billion
Started Operation :
March 1996
Brand Name :
Advance Stabilindo
Industry
Technical Assistance
:
None
Number of Employee :
110 persons
Marketing Area :
Local - 100%
Main Customer :
Plastic industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BASF
INDONESIA
b. P.T. CLARIANT
INDONESIA
c. P.T. DIC INDONESIA
d. P.T. HOLLAND
INDONESIA
e. P.T. INTER ANEKA
LESTARI KIMIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T. Bank
EKONOMI RAHARDJA Tbk
Graha Ekonomi
Jalan
Setiabudi Selatan KAv. 7-8
Jakarta
Selatan
Indonesia
b.
P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
c.
P.T. Bank CENTRAL ASIA Tbk
Jalan Asemka No. 27-31
Jakarta Barat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 136.0 billion
2013
– Rp. 145.0 billion
2014
– Rp. 155.0 billion
Net
Profit (estimated) :
2012
– Rp. 11.3 billion
2013
– Rp. 11.9 billion
2014
– Rp. 12.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
Director - Mr. Joshua Chandraputra Asali
General Manager - Mr. Aditya Ariasena
Board of Commissioners :
President Commissioner - Mr. Indrawan Masrin
Commissioners - a. Mr. Jimmy Masrin
b. Mr. Herman Santoso
Signatories :
Director
(Mr. Joshua Chandraputra Asali) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T. ADVANCE STABILINDO INDUSTRY (P.T. ASI) was
established in Jakarta based on notary deed Mr. Frans Elsius Muliawan, SH., no.
57 dated 9 December 1994 with an authorized capital of Rp. 4,000,000,000 issued
and paid up capital of Rp. 2,000,000,000. The founding shareholders are P.T.
FUMASJAYA UTAMA and P.T. LAUTAN LUAS Tbk., both are national private companies.
Its article of association had been changed a couple of times and according to
the revision of notary deed in January 2009 the company authorized capital was
increased to Rp. 35,000,000,000 wholly issued and paid up. With this
development the composition of its shareholders has been changed to become P.T.
LAUTAN LUAS Tbk (99%) and P.T. FUMASJAYA UTAMA (1%). The latest according to
the revision of notary deed Mrs. Laurenseia Siti Nyoman, SH., no. 70 dated 26
April 2013 the company board of director and the board of commissioner had been
changed. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-50675.AH.01.02.TH.2013 dated October 2,
2013.
We observe the majority shareholder P.T. LAUTAN LUAS
Tbk., is a publicly listed national private company and holding firms of the
LAUTAN LUAS Group, a national private company whose majority business stakes is
owned and handled by Mr. Adyansyah Masrin AKA Keesi AKA Ng Kee Chun and his
family members.
P.T. ASI is a domestic capital investment company (PMDN)
dealing with chemicals industry under the license from MORTON INTERNATIONAL of
the USA. Its plant is located at Industrial Estate MM-2100, Cibitung, West
Java, on a land of some 7,000 sq. meters, and had been operating since March 1996.
Initially the company produces of methyltin stabilizer and then expanded to
increasing production capacity. Some 60% to 70% of basic materials namely
dimethyltine dichloride and ethylheksile thio-glicolate is imported from the
USA, France, Germany and Japan, and the rest from local. During the year, P.T.
ASI obtained two additional manufacturing lines to expand its production
capability. ASI officially began construction of its plastic compound and
master batch factory in February 2006. This line will enable ASI to service
customers in the electronic, household goods, plastic packaging and automotive
industries. In October 2006, ASI acquired a plastic blow moulding and injection
moulding. With this acquisition, ASI is able to service customers in the edible
oil and gas industries. P.T. ASI produces methyltine stabilizer, plastic
additive and compound. All products of P.T. ASI are now marketed locally to a
numbers producer of PVC film, plastic bottles, plastic sheet, plastic profile
and pipe. The customers are among others P.T. ZEBRA ASABA INDUSTRI, the MASPION
Group, etc. We observe the operation of P.T. ASI has been growing and
developing well in the last three years.
The demand for methyltin stabilizer, plastic compound, masterbatch
is estimated to have gone on rising in 2015 despite relatively small. The
masterbatch is produced by 8 producers respectively P.T. BASF INDONESIA, P.T.
DIC INDONESIA, P.T. INTER ANEKA LESTARI KIMIA, P.T. HALIM SAMUDERA INTERUTAMA,
P.T. JAMAYA PLASTIK INDUSTRI, P.T. CLARIANT INDONESIA, P.T. HOLLAND COLOR ASIA
and P.T. NIPPISUN INDONESIA. It is estimated that the demand for masterbatch
products will continue on rising in line with the growth of the demand for
plastic bag, plastic foam, plastic component, plastic doll, plastic bottle,
plastic pipe, plastic cable and others. Business position of P.T. ASI is
remaining quite well and it has controlled a wide marketing network among
electronic, household goods, plastic packaging and automotive industries in the
country.
Until this time P.T. ASI has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. ASI 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. 136.0 billion
increased to Rp. 145.0 billion in 2013 rose to Rp. 155.0 billion in 2014 and
projected to go on rising by at least 5% in 2015. The operation in 2014 has
yielded a net profit of at least Rp. 112.5 billion and the company has an
estimated total networth of at least Rp. 76.0 billion. We observe that P.T. ASI
is supported by the LAUTAN LUAS Group 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. ASI is led by Mr. Joshua
Chandraputra Asali (61) a professional manager with experience in manufacturer
of methyltine stabilizer, plastic additive and compound. Joshua is an
Indonesian citizen, graduated from the University of Minnesota in 1977 with a
Bachelor degree in Chemical Engineering, and from the University of Illinois in
1983 with a PhD in Chemical Engineering. Joshua joined PT LAUTAN LUAS Tbk in
1984 as a Sales Executive. Since then his career has included roles as Sales
Manager (1987 - 1992), Marketing Manager (1992 - 1996), Marketing Director
(1996 - 2007), and Managing Director and Business Development &
Manufacturing Director (2007 - 2012), before being appointed as Managing
Director and Business Development Director of the Company in 2012. Currently,
Joshua is also on the Board of Commissioners or Directors of several companies
within Lautan Luas Group. As Managing Director and Business Development
Director, Joshua leads the Company's operations on a day-to-day basis,
championing areas including human resources, and is responsible for new
development activities.
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. ADVANCE
STABILINDO INDUSTRY is sufficiently fairly good for business transaction.
List of the LAUTAN
LUAS Group Member
1. ADVANCE
STABILINDO INDUSTRY, P.T. (Methyltine Stabilizer Processing)
2. ALBRIGHT
AND WILSON MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates and
Alcohol Suphates Industry)
3. ASPIRASI
LUHUR, P.T. (Investment Holding)
4. BUKITSUGIH
SETIAMAS, P.T. (Contracting Service)
5. CATURKARSA
MEGATUNGGAL, P.T. (Property Management)
6. CIPTA
MAPAN LOGISTIC, P.T. (Freight Forwarding Services)
7. DAITI
CARBON NUSANTARA, P.T. (Activated Carbon Manufacturing)
8. DUNIA
KIMIA UTAMA, P.T. (Sulphuric Acid and Aluminum Sulphate Processing)
9. DUNIA
KIMIA JAYA, P.T. (Poly Aluminum Chloride, Band Poly Lubricant and Textile
Auxiliaries Processing)
10. DUTA
KIMIA, P.T. (Chemical Trading)
11. FINDECO
JAYA, P.T. (Alkyl Benzene Sulfonic Acid and Dodecyl Benzene Sulfonic Acid
Industry)
12. HYDRO
HITECH OPTIMA, P.T. (Water Solution Provider)
13. INDONESIAN
ACID INDUSTRY, P.T. (Chemical Industry)
14. KRYTON
LAUTAN INDONESIA, P.T. (Specialty Cements, Concrete Additives and Specialty Paints
and Coating Industries)
15. LAUTAN
JASINDO, P.T. (Trading & Investment Holding)
16. LAUTAN
LUAS Tbk., P.T. (Industrial Chemical Distribution)
17. LAUTAN
OTSUKA CHEMICAL, P.T. (Chemical Industry)
18. LAUTAN
SULFAMAT LESTARI, P.T. (Sulfamic Acid Manufacturing)
19. LENTERA
LAUT RAYA, P.T. (Chemical Trading)
20. LIKU
TELAGA, P.T. (Chemical Processing)
21. MAHKOTA
INDONESIA, P.T. (Industrial Chemical Industry)
22. METABISULPHITE
NUSANTARA, P.T. (Sodium Metabisulphite Manufacturing)
23. MUSTIKA
ARTA MAS, P.T. (Investment Holding)
24. PACINESIA
CHEMICAL INDUSTRY, P.T. (Poly Aluminum Chlorida (PAC) Industry)
25. PERAK
TIMUR PERMAI, P.T. (Tank Terminal Management)
26. PETRO
CENTRAL, P.T. (Sodium Try Poly Sulphate Processing)
27. RHODIA
MANYAR, P.T. (Alkyl Benzene Sulfonate, Alcohol Ether Sulphates
28. and
Alcohol Sulphates Industry ; Importing
and Distribution Services (inactive)
29. ROHA
LAUTAN PEWARNA, P.T. (Additives Colour Manufacturing)
30. SAMUDRA
LUAS, P.T. (Chemical Trading)
31. SERUNI
GANDAMEKAR, P.T. (Sulphur Powders Processing)
32. SUKINDO
JAYA, P.T. (Chemical Trading)
33. UNGGUL
INDAH CORPORATION Tbk., P.T. (Alkyl Benzene Processing)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
RUPIAH |
1 |
Rs.0.0049 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.