|
Report No. : |
351086 |
|
Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR SYNO KIMIA |
|
|
|
|
Registered Office : |
Bekasi International Industrial Estate
Block C 8 No. 4-6, Desa Sukaresmi, Lemahabang, Cikarang, Bekasi, 17550, West
Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.09.1990 |
|
|
|
|
Com. Reg. No.: |
AHU-52504.AH.01.02.TH.2011 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
C.P.C. Intermediate
for Dyestuff and Cyanine Pigments Processing |
|
|
|
|
No. of Employees : |
516 |
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 |
Name
of Company :
P.T. SINAR SYNO KIMIA
A
d d r e s s :
Head Office
Bekasi
International Industrial Estate Block C 8 No. 4-6
Desa
Sukaresmi, Lemahabang
Cikarang,
Bekasi, 17550
West
Java
Indonesia
Phones -
(62-21) 897 2390 (Hunting)
Fax - (62-21) 897 2388
E-mail - ptssk@sinarsyno.com
Website - http://www.sinarsyno.com
Land Area - 200,000 sq.
meters
Building Space - 23,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
19
September 1990
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-3272.HT.01.01.TH.91
Dated 23 July 1991
- No. AHU-AH.01.10-05885
Dated 13 May 2009
- No. AHU-52504.AH.01.02.TH.2011
Dated 28 October 2011
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.09.256.4-052.000
The President of the Republic of
Indonesia
No.
B-246/Pres/7/1990
Dated
31 July 1990
The Capital Investment Coordinating
Board
- No. 254/I/PMA/1990
Dated 13 August 1990
- No. 87/III/PMA/1993
Dated 18 February 1993
- No. 110/II/PMA/1993
Dated 25 October 1993
- No. 47/III/PMA/1995
Dated 6 February 1995
- No. 26/II/PMA/1996
Dated 23 January 1996
- No. 228/II/PMA/2000
Dated 8 September 2000
- No. 1407/III/PMA/2003
Dated 15 December 2003
- No. 93/II/PMA/2006
Dated 3 April 2006
Related
Company :
A
Member Company of the SINAR MAS Group
Capital
Structure :
Authorized
Capital : Rp.
124,988,000,000.-
Issued
Capital :
Rp. 124,988,000,000.-
Paid
up Capital :
Rp. 124,988,000,000.-
Shareholders/Owners
:
a. S.K. CORPORATION LTD. -
Rp. 62,494,000,000.-
Address : Flat B 16 F Shun Fai Building
64 66A, Kimberly Ruad
Malaysia
b. P.T. SINAR MAS -
Rp. 62,494,000,000.-
Address : Wisma BII
Jl. M.H. Thamrin Kav. 22
Jakarta Pusat
Indonesia
Lines
of Business :
C.P.C. Intermediate
for Dyestuff and Cyanine Pigments Processing
Production Capacity :
a. CPC Blue Intermediate - 2,600 tons
p.a.
b. CPC Green Intermediate - 400 tons
p.a.
c. Cyanine Blue Pigment - 280 tons
p.a.
d. Cyanine Green Pigment - 170 tons p.a.
e. Direct/Reactive/Disperse Dyes -
1,800 tons p.a.
f. Brightening Agent - 30,000 tons p.a.
g. Printing Inks - 1,800 tons p.a.
Total Investment :
a. Equity Capital - US$
8.0 million
b. Loan Capital - US$
9.5 million
c. Total Investment - US$ 17.5 million
Started Operation :
1992
Brand Name :
Sinar Syno Kimia
Technical Assistance
:
S.K. Corporation
Ltd., Malaysia
Number of Employee :
516 persons
Marketing Area :
Export - 60%
Local - 40%
Main Customer :
a. Leather Industry
b. Paint Industry
c. Pulp and Paper Industry
d. Textile Industry
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT
INDONESIA
b. P.T. COLORINDO ANEKA CHEMTRA
c. P.T. DYSTAR COLOURS INDONESIA
d. P.T. MATSUMOTOYUSHI INDONESIA
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan M.H.
Thamrin Kav. 22
Jakarta Pusat
Indonesia
b. P.T. Bank
SINARMAS
Jalan M.H.
Thamrin Kav. 50-51
Jakarta Pusat
Indonesia
c. Hong Kong and Shanghai Banking Corp. Ltd.
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
Auditor
:
KAP,
Wawan, Pamudi & Rekan
Litigation
:
No
litigation record in our database
Annual
Sales :
2012
– Rp. 607.5 billion
2013
– Rp. 859.1 billion
2014
– Rp. 968.6 billion
Net
Profit :
2012
– Rp. 22.7 billion
2013
– Rp. 32.0 billion
2014
– Rp. 24.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Suphat Sivasriamphai
Vice President Director - Mr. Muktar Widjaja AKA Oei
Siong Lian
Directors -
a. Mr. Venkatachalam Kishnan Iyer
b. Mr. Pravat Suphavadeprasit
c. Mr. A Ie Saman
d. Mr. Siguan Tunaldi
Board of Commissioners :
President Commissioner - Mr. Franky Oesman Widjaja
Oei Jong Nian
Vice President Commissioner - Mr. Pracha Sivasriamphai
Commissioners - a. Mr. Joseph Jo Liat Tjiang
b. Mr. Kasem Sivasriampai
Signatories :
President
Director (Mr. Suphat Sivasriamphai) or Vice President Director (Mr. Muktar
Widjaja) or one of the Directors (Mr. Venkatachalam, Mr. Pravat
Suphavadeprasit, Mr. A ie Saman or Mr. Siguan Tunaldi) which must be approved
by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. SINAR SYNO KIMIA (P.T. SSK) was established on
September 19, 1990 with authorized capital of US$ 1,800,000 all of it has been
fully subscribed and paid up. The founders and the shareholders of the Company
are P.T. ANEKA SARAKINDO from Indonesia and three companies from South Korea
namely KYUNG IN SYNTHETIC CORPORATION, KYUNG IN SYNTHETIC Co. Ltd., and
SSANGYONG CORPORATION. The company notary deed had been changed a couple of
times. In the middle of 1993, the authorized capital was increased to be US$
3,600,000 and the issued company was increased to be US$ 1,800,000 which was
fully paid up. At the same time, SSANGYONG CORPORATION resigned and replaced by
P.T. ROLIMEX CORPORATION (from Indonesia) as new shareholder.
On September 2001, the authorized capital was increased
to be US$ 8,000,000 (Rp. 14,792,000,000), all of it has been fully subscribed
and paid up. Since those times the shareholder’s composition of P.T. SSK are
P.T. SINAR MAS (50%) from Indonesia and SPECTRA CHEMICALS Pte., Ltd., from
Singapore (50%). Then on May 2008, the authorized capital was increased again
to Rp. 101,013,000,000 entirely issued and fully paid up.
The latest notary deed of amendment was made by Ms.
Yulia, SH, a public notary in Jakarta under Company Registration Number
AHU-AH.01.10-05885, dated May 13, 2009. Then according to the latest revision
of notary documents of Mrs. Yulia, SH., No. 35 dated 14 October 2011 the
company authorized capital was raised to Rp. 124,988,000,000 wholly issued and
paid up. On the same occasion SPECTRA CHEMICALS PTE, LTD., Singapore withdrew
and the whole share taken over by S.K. CORPORATION LTD., of Malaysia as new
shareholders. With this time the composition of its shareholders are P.T. SINAR
MAS (50%) and S.K. CORPORATION LTD., (50%). The latest revision of notary
documents was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-52504.AH.01.02.TH.2011 dated October 28, 2011.
P.T. SINAR MAS is parent company of the SINAR MAS Group,
the greatest companies group in Indonesia that presided over by Mr. Eka Tjipta
Widjaja AKA (also known as) Oei Ek Tjhong, an Indonesia businessman of Chinese
descendant.
P.T. SSK is foreign investments company that carrying out
business in manufacturing of C.P.C Intermediate for Dyestuff and Cyanine
Pigments. They managed a factory in Bekasi International Industrial Estate,
Bekasi, West Java. The factory erected on the land measuring of 20 hectares.
The building factory’s extent is 2.35 hectares that consisting of plant,
warehouse and office. The factory has been operated since April 1992 with the
investment as much as US$ 6.0 consisting of the company’s capital as much as
US$ 1.8 million and the loan for the rest. In 1993, P.T. SSK expanded its
business by producing dying substances of direct, reactive and disperses dyes
kinds, as many as 1,200 tons per year. In 2000, the company still expanded its
business by producing optical brightening agent, as many as 3,600 tons per
year. Later in April 2006, P.T. SSK obtained permit from the Capital Investment
Coordinating Board (BKPM) to expanding of its products by produces of Optical
brightening Agent of 30,000 tons and Printing Inks of 1,800 tons respectively
per annum. The expansion plant has absorbed an investment of US$ 5.5 million
originally come from loans. Mrs. Dewi, one of marketing staff of P.T. SSK
explained that nowadays, 60% products of the company are exported to Europe,
Latin America, USA, Bangladesh, Hong Kong, Japan, Korea, Pakistan, Srilanka and
Taiwan. About 40% of the company’s products are sold in the domestic market
especially to textile factory, painting factory, paper mill, leather industry
(tanning), etc.
P.T. SSK has successfully exported its high quality
products to more than 25 countries and is effectively servicing user industries
such as textile, paper, leather, photographic printing and detergent
industries. P.T. SSK produces four main plants dedicated for optical
brighteners, dyestuff, printing inks and paper chemicals.
P.T. SSK customers are P.T. ROLIMEX KIMIA NUSAMAS, P.T.
KEMINDO INTERNATIONAL, P.T. Pabrik Kertas TJIWI KIMIA Tbk, P.T. INDAH KIAT PUL
& PAPER Tbk, P.T. PINDO DELI PULP AND PAPER, P.T. PURINUSA EKA PERSADA,
P.T. EKAMAS FORTUNA, P.T. ASIATEX SINAR INDOPRATAMA, P.T. SINAR ANTJOL, P.T.
PISMATEX TEXILE INDUSTRY, P.T. RATNAJAYA INDAH UTAMA, P.T. KEMIRA IINDONESIA,
P.T. KARANGBUANA INDAH, P.T. ENGGAL SUBUR KERTAS, P.T. SURABAYA MEKABOX, and
others. We observe that P.T. SSK operation has been growing and developing well
in the last thee years.
The domestic demand for various types of chemical
products had been rising by 8% to 10% on the average per annum in the last five
years in line with the rapid growth of various industrial sectors including
textile chemical in the above period of times as the consumers.
But, later dwindled as the global economic slowdown since
October 2008, followed by tight money policy imposed by Indonesian Central Bank
(Bank Indonesia) and also heated by political issue in the country. The demand
growth started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market competition is very tough on account of large
number of other similar companies operating in the country. P.T. SSK business
position in this case is not too badly because it has built regular customers
and extensive marketing network all across the country.
Imports of Raw
Materials and Auxiliary Goods, 2008-2014
|
Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
|||
|
Primary |
Processed |
Primary |
Processed |
||
|
2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
|
|
2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
|
|
2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
|
|
2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
|
|
2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
|
|
2013 |
3,863.7 |
3,381.5 |
5,737.6 |
52,871.5 |
|
|
2014 |
345.4 |
243.6 |
481.4 |
4,780.8 |
|
According to financial statement of P.T. SSK which ended
31 December 2012 the sales turnover of the company in 2012 amounted at Rp.
607.5 billion with a net profit of Rp. 22.7 billion increased to Rp. 859.1
billion with a net profit of Rp. 32.0 billion in 2013 rose to Rp. 968.6 billion
with a net profit of at least Rp. 24.1 billion in 2014. It is projected the
sales turnover will be higher by at least 5% in 2015. We observe that P.T. SSK
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 company usually pays its debts punctually to suppliers.
Financial condense per 31 December 2012, 2013 and 2014 is attached below.
(In
Million Rupiah)
|
Descriptions |
31 December |
||
|
2014 |
2013 |
2012 |
|
|
A.
ASSETS |
|
|
|
|
a. Current
Assets |
546,799 |
579,172 |
442,322 |
|
b. Non
Current Assets |
119,741 |
125,853 |
104,512 |
|
c.
Other Assets |
115 |
3,166 |
22,380 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
666,540 |
705,025 |
546,835 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
|
a.
Current Liabilities |
295,070 |
340,397 |
240,260 |
|
b. Non
Current Liabilities |
63,190 |
80,455 |
54,451 |
|
c.
Stockholder’s Equity : - Paid Up Capital - Translation adjustment - Retained Earnings Total Stock
holder’s Equity |
124,988 12,284 171,007 308,280 |
124,988 12,284 146,901 284,173 |
124,988 12,184 114,851 252,123 |
|
C. INCOME STATEMENT |
|
|
|
|
a.
Sales Net |
968,648 |
859,106 |
607,557 |
|
b.
Operating Profit |
44,802 |
67,061 |
32,858 |
|
c. Net Profit |
24,106 |
32,050 |
22,716 |
Notes: Ended
31December 2014, 2013 and 2012 Audited by Wawan, Pamudji & Rekan
The management of P.T. SSK is led by Mr. Suphat
Sivasriamphai (69) a professional manager of Thailand with experience in specialty
chemical manufacturing. Mr. Suphat Sivasriaumphai is former Independent
Non-Executive Director at Precious Shipping Public Co., Ltd., a Managing
Director at Thai Filament Textiles Co. Ltd., a Managing Director at Thai Ambica
Chemicals Co. Ltd., and a Managing Director at Rembrandt Hotel Corp. Co. Ltd.
He is on the Board of Directors at Precious Shipping Public Co., Ltd. Mr.
Sivasriaumphai was previously employed as President by India-Thai Chamber of
Commerce. He received his undergraduate degree from Assumption University.
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. SINAR SYNO KIMIA
is sufficiently fairly good for business transaction.
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.0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.