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MIRA
INFORM REPORT
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Report No. : |
492622 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. ARCHROMA SPECIALTIES INDONESIA |
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Registered Office : |
Gedung 35 Lantai 1, JI. Kalisabi No. 1, Gatot Subroto Km.
4 Kelurahan Uwung Jaya, Kecamatan
Cibodas Kota Tangerang 15138 Banten - |
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Country : |
Indonesia |
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Date of Incorporation : |
10.12.2013 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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No. of Employees : |
12 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC
OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
COMPANY IDENTIFICATION
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Company Name |
PT.
Archroma Specialties Indonesia |
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Address |
Gedung
35 Lantai 1, JI. Kalisabi No. 1, Gatot Subroto Km. 4 |
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Telephone |
+622129714200
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Fax |
+622129714200
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Mobile Phone |
N.A.
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Email |
dian.hermawan@archroma.com |
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Web |
www.textiles.archroma.com
(Group) |
PROFILE
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Address |
Gedung 35 Lantai 1, JI.
Kalisabi No. 1, Gatot Subroto Km. 4 |
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Office Building |
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Date of Establishment |
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Start Operation |
2014 |
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Legal Status |
Private Limited Liability
Company or Perseroan Terbatas (PT) |
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Legalization (historical) |
No. AHU-05971.AH.01.01.Tahun 2014 Dated,
12 February 2014 |
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Government Permit (s) |
N.A. |
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Significant change |
PT. Archroma Specialties Indonesia (the Company) was established
in Tangerang, Banten, on December 10, 2013, with the authorized
capital of IDR 13,291,200,000 of which IDR 3,322,800,000 was issued and paid
up. The Company shareholders consisted of PT. Archroma Indonesia (99.00%) and
Archroma Textile S.A.R.L. of Luxembourg (01.00%). As far as we know, there has been no more change in the
Company’s notarial act as published by the Ministry of Justice. |
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Capitalization |
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SHAREHOLDERS & MANAGEMENT
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Shareholders |
Total No. of Shareholders: 2 Shareholders
as 12 February 2014 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Roland Michael Waibel |
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Position |
President Director |
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Nationality |
Swiss |
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Name |
Mr. Thomas Winkler |
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Position |
Director |
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Nationality |
Swiss |
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Name |
Mr. Indra Gunawan |
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Position |
Director |
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Nationality |
Indonesian |
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Supervisory Board |
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Name |
Mr. Johannes Marinus Machiel
Lourens |
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Position |
Commissioner |
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Nationality |
Dutch |
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Management Assessment |
The management is deemed to have sufficient experience and
industry expertise to manage subject properly. |
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Authorized Signatories |
Mr. Roland Michael Waibel as a
President Director and Mr. Indra Gunawan and Mr. Thomas Winkler as Directors
which must be approved by shareholders meeting. |
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Affiliate (s) / Associate (s) |
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KEY DATA ON OPERATIONS
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Registered Activities |
SIC Code 46 : Wholesale trade,
except of motor vehicles and motorcycles |
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Employee |
Per
2017 |
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Business Category |
SIC Code 46.7 : Other
specialised wholesale |
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Line of Business |
SIC Code 46.75 : Wholesale of
chemical products |
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Product & Capacity |
N.A. |
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Status of Investment |
Foreign-invested Company |
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Sales Territory |
Local |
60% |
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International |
40% |
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Main Items Imported |
Chemical Products |
Switzerland |
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Main Items Exported |
Chemical Products |
Thailand |
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Major Customers |
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Major Supplier |
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Terms of Payment |
Purchase
Payment |
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Activity Comment |
PT. Archroma Specialties
Indonesia (the Company) is a foreign-invested company that
is engaged in chemicals trading which began operation in 2014.
The Company's head office is located at this registered address: Gedung 35
Lantai 1, JI. Kalisabi No. 1, Gatot Subroto Km. 4, Kelurahan Uwung Jaya,
Kecamatan Cibodas, Tangerang 15138, Banten – Indonesia. We believe this
location is leased by other parties. The Company is supported by two warehouses that are located at
the address Kawasan Industri Jatake, Jl. Telesonic Ujung Km 8,
Tangerang Kelurahan Pasir Jaya, Kecamatan Jatiuwung, Kota Tangerang 15135,
Banten - Indonesia, and in Cilegon, Banten. Here, the Company takes
cooperation with PT. RPX One Stop Logistics which handles the warehousing of
the chemicals products with under the Company's supervision and
provides logistics services to the Company. The Company is part of ARCHROMA GROUP which is engaged in the
manufacture of chemicals and currently has factories in 35 principals located
in several countries in the Americas, Europe, and Asia.
In its operations, the Company obtains 70% of the
chemical materials products mentioned above are imported directly
from the affiliates located in China and supported by Switzerland, namely
Archroma Chemicals (China) Ltd., and Archroma Management LLC of
Switzerland. In addition, the Company also obtains
the chemical material products by around
30% from local suppliers, such as from PT. Chandra Asri
Petrochemical Tbk, PT. Clariant Adsorbents Indonesia, PT. Langgeng
Lestari Jaya and PT. Nippon Shokubai Indonesia. In their import activities, currently, the Company is using the
Import Identity Number (API) Green lines which takes average dwelling
time of 1-2 days. In addition, the Company imports routinely every week using
sea lanes.
In the distribution process, the Company sells and distributes
their products mostly through its holdings, namely PT. Archroma Indonesia.
From PT. Archroma Indonesia then, some of the Company's products are produced
and sold to end-users, and some of the Company's chemical materials are also
directly sold to the end-users. The remaining 40% of the Company's products are exported to the
group intended mostly to Asia and well supported by the USA. The buyers are
Archroma (Thailand) Company Limited of Thailand, Archroma U.S., Inc of USA,
Archroma Management & Distribution GmbH of Germany and Archroma
Distribution & Management Germany GmbH of France. Related to the payment, so far, there are no significant payment
problems either from their customers or to their suppliers, in which the
Company also have business transactions mostly with its affiliates, so, in
term of financial risk, it has no significant credit risk. In terms of performance, the Company was affected by the weakening
of the Indonesian economy, especially with the strengthening of the USD
exchange rate. The sales of chemical materials for the textile industry were
declined in 2015, yet, from the sales of chemical materials for paper and
emulsion industry were still quite good. Thus, although the target was not
achieved successfully, the Company’s sales and financial were still stable in
that year. In 2016, the Company’s sales were increased significantly, which
according to our source, the Company could record revenues around of IDR
950,000 million from the total sales of the chemicals products in 2016. Next,
in 2017, the Company’s sales were increased compared to 2016, in which
throughout 2017, the Company recorded revenues around IDR 1 trillion.
Currently, the Company is supported by 12 employees. This number
is an increase compared to last year in 2017. Based on our
investigation, in its operations, the Company is still supported by its
parent company, so the Company's employees are not many. In addition, the
Company also cooperates with other companies in various operational
activities, such as in the warehouse management. |
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Litigation |
At the time of writing this report, this Company has not been
involved in any criminal or civil cases. This statement is based on a result
of search for cases conducted at the State Court in the district where the
Company was established and operates today. |
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Warehouse Address |
Warehouse
Address 1 : |
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BANKING INFORMATION
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Banker (s) |
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Insurance |
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BUSINESS PROSPECTS
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Business Prospects |
The Ministry of Industry targets the investment value in the
sectors of chemical, textile and miscellaneous by 2018 to reach IDR 117
trillion, up from 2017 realization which is expected to reach IDR 94
trillion. The 2018 investment projection from these sectors will contribute
33% to the overall investment target of the national manufacturing group of
IDR 352 trillion. As targeted by the Ministry of Industry, the manufacturing
industry will grow by some 4.9% - 5.7% in 2018. The manufacturing sector in Indonesia is still dependent on
imported raw materials, especially for chemicals. That is because there
is still a gap between supply and demand of industrial chemical products.
Based on the latest data, the needs of chemical products for industry around
1.6 million tons per year. However, it can only be fulfilled approximately 860,000 tons per
year from the national industry. Thus, the currently, the imported
chemicals are still needed by the user industry. Based on the data shown above, we believe that the need for
chemicals is still high, so the sector is still prospective in the
future. |
FINANCIAL STATEMENT
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Sales Turn Over |
2015
- IDR 32,000,000,000 (Estimated) |
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Total Assets |
As
the Company is not a publicly listed company, we are unable to give a
detailed picture of the financial condition of the Company. |
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Other Financial Data |
As the Company is not a publicly listed company, we are unable
to give details on the financial condition of the Company. |
CREDITWORTHINESS
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Management Capability |
Adequate |
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Business Morality |
Adequate |
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Payment Manner |
No Complaints |
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Financial Condition |
Satisfactory |
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Operating Trend |
Up |
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Conclusive remarks |
Based on our research findings, the Company is engaged in the
chemicals trading since 2014, sells and distributes chemical materials for
several industrial sectors in the country through its holding, PT. Archroma
Indonesia and some also are sold and distributed to the export market through
the group in Asia and USA. The Company is part of ARCHROMA GROUP engaged in
the manufacture of chemicals and currently has factories in 35 principals
located in several countries in the Americas, Europe, and Asia. The operational performance of the Company was increased
significantly especially in the past three years. Financially, it also
appears the Company can manage the risk properly. Based on the information shown above, we can conclude that the
Company's operational and financial performance are in a stable
condition. Under these conditions, as well as the need for imported
chemicals are predicted to grow positively this year, we believe that the
Company will be able to increase its sales. With these explanations, including the Company's condition that
experienced a significant increase, we provide a credit rating at medium risk. However, for security reason,
we advise those wishing to cooperate with or grant loans to this company to
keep asking for adequate collateral from its shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.