|
Report No. : |
343747 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MONOKEM
SURYA |
|
|
|
|
Registered Office : |
Rukan Permata Senayan Blok D No. 53 Jl. Tentara
Pelajar, Senayan Jakarta 12210 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
08.06.1988 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-26877 |
|
|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Specialty Chemical |
|
|
|
|
No. of Employee : |
204 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
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 toINVESTMENT 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 |
P.T. MONOKEM SURYA
Head Office
Rukan Permata Senayan Blok D No. 53
Jl. Tentara Pelajar, Senayan
Jakarta 12210
Indonesia
Phone - (62-31) 5794 1388, 5794 139
Fax. -
(62-31) 5794 1390
Email - info@monokem.com
Website - http://www.monokem.com
Building Area - 4 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Anggadita Raya No. 127
Rengas Dengklok, Karawang
West Java
Indonesia
Phone - (62-31) 5794 1388, 5794 139
Fax. -
(62-31) 5794 1390
Land Area - 60,000 sq. Meters
Building Area - 12,500 sq. meters
Region - Industrial Zone
Status - Owned
08 June 1988
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of Law and Human Rights
a. No. C2-8812.HT.01.01.TH.88
Dated 17 September 1988
b. No. AHU-43136.AH.01.02.Tahun 2012
Dated 08 August 2012
c. No. AHU-AH.01.10-26877
Dated 02 July 2013
Domestic Investment
Company (PMDN)
a. The Department of Finance
NPWP No. 01.068.220.1-062.000
b. The Capital Investment Coordinating Board
- No. 91/I/PMDN/1989
Dated 15 February 1989
- No. 55/II/PMDN/1991
Dated 05 March 1991
- No. 222/II/PMDN/1993
Dated 03 December 1993
- No. 225/II/PMDN/1995
Dated 04 August 1995
- No. 1/II/PMDN/2004
Dated 07 January 2004
A member of the
TIMUR RAYA Group Member
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital - Rp. 60,000,000,000.-
Issued Capital - Rp. 48,000,000,000.-
Paid up Capital - Rp. 48,000,000,000.-
Shareholders/Owners :
a. Mr. Eddy Djohan - Rp. 26,940,000,000.-
(56.13%)
Address : Jl. Permata Intan I S/No. 3A
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
b. Mrs. Yulin Djohan - Rp. 4,800,000,000.- (10.00%)
Address : Jl. Permata Intan I S/No. 3A
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
c. Mr. Beni Djohan - Rp.
4,800,000,000.- (10.00%)
Address : Jl. Permata Intan I S/No. 3A
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
d. Mr. Husin Halim - Rp.
2,440,000,000.- ( 5.08%)
Address : Jl. Permata Hijau Blok M1
Kel. Grogol Utara, Keb. Lama
Jakarta Selatan
e. Mrs. Henny Djohan - Rp. 2,400,000,000.- ( 5.00%)
Address : Simprug Garden Blok E/14
Kel. Grogol Selatan, Keb.
Lama
Jakarta Selatan
f. Mrs. Sanny Djohan -
Rp. 3,380,000,000.- ( 7.04%)
Address : Jl. Simpang Garden III-C/12
Kel. Grogol Selatan, Keb.
Lama
Jakarta Selatan
g. Mr. Sardimin Sungkarto - Rp. 3,240,000,000.- ( 6.75%)
Address : Taman Alfa Indah Blok B-19/17
Kel. Puri Indah, Kec.
Kembangan
West Jakarta
BUSINESS
ACTIVITIES
|
Lines of Business :
Specialty Chemical Manufacturing
Production Capacity of :
a. Crude Pigments - 4,600 tons p.a.
b. Blue Crude
Pigments - 875 tons p.a.
c. Red, Yellow,
Blue Pigments - 460 tons p.a.
Total Investment :
a. Equity Capital - Rp 2.4 billion
b. Reinvested
Profit - Rp. 23.2 billion
c. Loan Capital - Rp. 24.2 billion
d. Total Investment - Rp. 49.8 billion
Started Operation :
1990
Brand Name :
Monokem Surya
Technical Assistance :
None
Number of Employee :
204 persons
Marketing Area :
Domestic (65%) and
Export (35%)
Main Customers :
a.
Ceramic Tile Industries
b.
Sanitary and Table ware Industries
c.
Foundry and Refractory Industries
d.
Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Sinar Kimia Utama
b. PT. Intechem Plasagro jaya
c. PT. Hadi Putra Jaya
d. PT. Pintu Mas Mulia Kimia
e. PT. Mulya Adhi Paramita
f. PT. Sari Sarana Kimia
g. PT. Adimitra Prima Lestari
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a.
P.T. Bank CIMB NIAGA Tbk.
Graha CIMB Niaga
Jl. Jend.
Sudirman Kav. 58
Jakarta Selatan
Indonesia
b. P.T. Bank
INTERNASIONAL INDONESIA Tbk
BII Tower 3
Jl. M.H. Thamrin No. 51
Jakarta Pusat
Indonesia
c.
P.T. Bank DANAMON INDONESIA Tbk.
Indofood Tower
Jl. Jend.
Sudirman Kav. 76
Jakarta Selatan
Indonesia
d. P.T. Bank NEGARA
INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL
FIGURE
|
Annual Net Sales :
2012 – Rp. 46.0 billion
2013 – Rp. 47.0 billion
2014 – Rp. 175.4
billion
2015 – Rp. 162.0
billion (estimated)
Net Profit (Loss) :
2012 – (Rp.15.0
billion)
2013 – (Rp.17.4
billion)
2014 – (Rp. 0.8 billion)
2015 – (Rp. 0.4 billion) (estimated)
Payment Manner :
Sometime delay
Financial Comments :
Weak
KEY
EXECUTIVES
|
Board of Management :
President Director -
Mr. Eddy Djohan
Directors -
a. Mr. Sardimin Sungkarto
b. Mr. Halim Chandra
c. Mr. Hasrul Rusli
Board of Commissioners :
Commissioner -
Mrs. Yulin Johan
Signatories :
President Director (Mr. Eddy Djohan) or one of the Directors (Mr.
Sardimin Sungkarto, mr. Halim Chandra or Mr. Hasrul Rusli) which must be
approved by Board of Commissioner (Mrs. Yulin Johan)
CAPABILITIES
|
Management Capability :
Fairly
Business Morality :
Fairly
OVERALL
PERFORMANCE
|
P.T. MONOKEM SURYA (P.T. MS) was established in Jakarta based on
notarial Deed No. 16 dated June 8, 1988 made by Notary Budiarti Karnadi, SH.,
notary in Jakarta with the authorized capital of Rp. 1,000,000,000.- of which
Rp. 200,000,000.- was issued and fully paid up.
The founding shareholders of the company are Mr. Eddy Djohan (60%), Miss
Sanny Djohan (5%), Mr. Husin Halim (10%), Mrs. Julin Djohan (10%), Miss Henny
Djohan (5%) and Mr. Benny Djohan (10%).
They are Indonesian entrepreneurs of Chinese extraction. The Deed of establishment has been approved
by the Minister of Justice of the Republic of Indonesia through its Decree No.
C2-8812.HT.01.01.Th.88 dated September 17, 1988.
The Articles of association of the company have frequently been revised,
most recently by notarial Deed No. 07 dated May 30, 2013 made by Notary Liliana Arif Gondoutomo,
SH., the authorized capital was raised to Rp 60,000,000,000.- of which Rp
48,000,000,000.- was issued and fully paid up.
Since that time, the shareholders of the Company are Mr. Eddy Djohan
(56.13%), Mrs. Yulin Djohan (10%), Mr. Beni Djohan (10%), Mr. Husin Halim
(5.08%), Mrs. Henny Djohan (5.0%), Mrs. Sanny Djohan (7.04%) and Mr. Sardimin
Sungkarto (6.75%). The
amendment to Deed has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through Decree No. AHU-AH.01.10-26877 dated July 2,
2013. Since then no changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T MS obtained a Domestic Capital Investment (PMDN) facility issued by
the Capital Investment Coordinating Board (BKPM) to deal with specialty
chemical industry by managing a plant located in Rengas Dengklok, Karawang,
West Java on a land of 60,000 square meters having been in commercial operation
since 1990. Initially, the Company specializes in the manufacturing of
specialty chemicals for ink and textile, zircon and ilmenite. In the beginning of 2008, the company stated
solely with the mining and purification of zircon sand to its purity content of
65% minimum. Starting 2013; P.T. MS is focusing more on the development of the
zircon products. Their products are
widely used in ceramic tile, sanitary ware, tableware, foundry, refractory and
other chemicals. They are available in various particle sizes range from 60
meshes to 5 micron and P.T. MS has received ISO 9000 certification in
compliance to international standard of quality management.
Some 35% of the products are exported to various countries such as the
USA, Denmark, Germany, the Netherlands, Australia, Japan, South Korea and
Taiwan while the rest is locally marketed to various industries producing
textile, leather and plastic dyes. Besides, the products are also marketed
through industrial chemical shops in Jakarta, Bandung, Semarang, Surabaya and
other major cities in Indonesia. We
observed that P.T. MS is classified as a medium sized company of its kind in
the country of which the operation fluctuations in the last three years.
We have noticed that the demand for specialty chemicals for ink,
textile, ceramic tile, sanitary and tableware had increased some 6% to 8% per
annum in the last five years until 2013, in line with the growth of ink,
textile, ceramic tile, sanitary and tableware industries in the country. During 2014, the Government’s policy to
suppress domestic demand and curb the inflation rate has moderated economic
growth to 5.02% (source: Central Bureau of Statistics). This decrease was
partly due to the slowing exports, especially in commodities and a slowdown in
fixed investment and government spending (Source: ADB), inflation was
approximately 8.4% and the Rupiah exchange rate remained depressed against the
USD and stood at Rp. 12,440 at the end of 2014, has now slumped to Rp.
14.600 per US Dollar. It is estimated that the financial crisis will continue
until the end of 2015.
Until this time P.T.
MS has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. MS is very reclusive
towards outsiders and rejected to disclose its financial condition. It is estimated that total sales turnover of
the company in 2012 amounted to Rp. 236.0 billion increased to Rp. 270.0
billion in 2013 and rose again to Rp. 282.0 billion in 2014. The operation of the company in 2014 is
estimated to have gained a profit of Rp. 12.4 billion with an estimated total
asset of Rp. 160.0 billion. It is
projected that total sales turnover of the company will increase at least 4% in
2015. So far, we did not hear that P.T.
MS has been black listed by Bank Indonesia (Central Bank) or having detrimental
cases being settled in local district court. The company usually pays its debts
punctually to suppliers.
According to it’s statement of financial position, the total net sales
of P.T. MONOKEM SURYA (PT. MI) in fiscal
2013 amounted to Rp. 47.0 billion with a net loss of Rp. 17.4 billion increased
to Rp. 175.4 billion with a net loss of Rp. 845.7 million in 2014. The company’s statement of financial
position and statement of income in fiscal 2013 and 2014 are attached. Up to present, we have yet to gain the
statement of income of P.T. SP in fiscal 2015. It is projected that total sales turnover
of the company will decline again at least 5% in 2015. So far we did not hear that the P.T. MI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
The management of P.T. MS is led by Mr. Eddy Djohan AKA Tjoa Tan Seng
(84) as President Director, a businessman with more than 56 years experience in
trading, import and distribution of industrial chemicals. In daily activities he is assisted by three
directors namely Mr. Sardimin Sungkarto (58), Mr. Halim Chandra (53) and Mr.
Hasrul Rusli (66). Beside, they are also
assisted by a number of expert staffs in the above business. 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.
Owing to the operation suffered from a loss and the unstable economic
condition in the country, we recommend to treat prudently in business
transaction and in extending a loan to the company.
PT. MONOKEM SURYA
STATEMENTS OF FINANCIAL POSITION
31 December 2014 And 2013
(in
million IDR)
|
D
E S C R I P T I O N |
31
December |
|
|
2014 |
2013 |
|
|
ASSETS |
|
|
|
a. Current Assets |
|
|
|
- Cash and cash equivalents |
4,376,907,431 |
6,236,070,224 |
|
- Trade receivables |
61,793,496,976 |
16,354,500,395 |
|
- Other receivables |
553,635,494 |
2,923,799,450 |
|
- Inventories |
63,130,778,328 |
44,513,386,698 |
|
- Advances |
3,719,760,328 |
426,068,250 |
|
- Prepaid taxes |
1,008,809,959 |
1,190,270,470 |
|
- Prepaid expenses |
40,896,196 |
24,198,413 |
|
Total Current Assets |
134,624,284,701 |
71,668,293,900 |
|
b. Non Current Assets |
|
|
|
- Investments |
1,363,000 |
1,363,000 |
|
- Fixed assets - net |
88,018,939,296 |
83,245,320,884 |
|
- Investment property |
320,971,675 |
320,971,675 |
|
- Deferred tax assets |
-- |
200,919,738 |
|
Total Non Current Assets |
88,965,273,971 |
83,768,575,297 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND
EQUITY |
222,965,558,672 |
155,436,869,197 |
|
LIABILITIES AND EQUITY |
|
|
|
a. Short-term Liabilities |
|
|
|
- Bank loans |
152,920,249,189 |
94,724,965,671 |
|
- Trade payables |
29,846,235,686 |
22,454,030,571 |
|
- Accrued expenses |
2,086,968,416 |
648,152,434 |
|
- Other payables |
-- |
746,658,444 |
|
- Taxes payable |
1,884,825,567 |
15,820,086 |
|
Total Short-term Liabilities |
186,738,278,858 |
118,589,627,206 |
|
b. Long-term Liabilities |
|
|
|
- Post-employment benefits obligations |
423,503,086 |
239,150,723 |
|
- Deferred tax liabilities |
41,376,728 |
-- |
|
Total Long-term Liabilities |
187,203,158,672 |
118,828,777,929 |
|
c. Equity |
|
|
|
- Share capital: Issued and paid up
capital |
48,000,000,000 |
48,000,000,000 |
|
- Accumulated profit (loss) |
(12,237,600,000) |
(11,391,908,732) |
|
Total Equity |
35,762,400,000 |
36,608,091,268 |
|
STATEMENT OF INCOME |
|
|
|
Net Sales |
175,388,412,778 |
46,999,378,888 |
|
Cost of Goods
sold |
(160,672,299,975) |
(43,506,887,862) |
|
Gross Profit |
14,716,112,803 |
3,492,491,026 |
|
Operating
Expenses |
(12,466,674,420) |
(10,909,325,811) |
|
Operating Income
(Expenses) |
2,249,438,383 |
(7,416,834,785) |
|
Other Income
(Expenses) |
(2,852,833,184) |
(9,862,418,373) |
|
Profit Before
Income Tax |
(603,394,801) |
(17,279,253,158) |
|
Income Tax
Expense |
(242,296,467) |
(139,407,805) |
|
Net Profit |
(845,691,268) |
(17,418,660,963 |
Notes: Audited by Kanaka Puradiredja,
Suhartono (Registered Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.