|
|
|
MIRA INFORM REPORT
|
Report No. : |
483944 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DYSTAR COLOURS INDONESIA |
|
|
|
|
Formerly Known As : |
|
|
|
|
|
Registered Office : |
Menara Global 22nd Floor Jalan Jend. Gatot Subroto Kav. 27 Jakarta
12930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
16.06.1982 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.03-0169789 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employees : |
473 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 less than 27 percent 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.
|
Source
: CIA |
Company
summery
Name of Company :
P.T. DYSTAR COLOURS INDONESIA
Address :
Head Office
Menara Global 22nd Floor
Jalan Jend. Gatot Subroto Kav. 27
Jakarta 12930
Indonesia
Phone -
(62-21) 5270550 (Hunting)
Fax - (62-21) 5270520
Email - info@dystar.com
Website - http://www.dystar.com
Building Area - 28
storey
Office Space - 220
sq. meters
Region -
Commercial
Status -
Rental
Factory
Jalan Raya Citeras Rangkasbitung Km. 3.8
Desa Gabus, Serang
Banten Province
Indonesia
Phones -
(62-254) 401741 (16 lines)
Fax -
(62-254) 401751
Land area -
530,145 sq. meters
Factory space -
220,540 sq. meters
Region -
Industrial Zone
Status -
Owned
Branches
a. Jalan Kopo Jaya II No. 2
Komplek
Kopo Jaya
Bandung
West
Java
Phones
- (62-22) 5405222 (9 lines)
Fax - (62-22) 5407140, 5403324
b. Jalan Dr. Setia Budi 77
Solo
77134, Central Java
Phones -
(62-271) 712738, 719584
Fax - (62-271) 712738
c. Jalan
Porong No. 14
Surabaya 60241
East
Java
Phones
- (62-31) 5666390 (Hunting)
Fax - (62-31) 5666154
Date of
Incorporation :
a. 16 June 1982 as P.T. HOECHST CILEGON KIMIA
b. 4 January 1996 as P.T. DYSTAR CILEGON
c. 15 May 2001 as P.T. DYSTAR COLOURS INDONESIA
Legal
Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company
Reg. No. :
The Ministry of Law
and Human Rights
- No.
C2-4957.HT.01.01.TH.83
Dated 6 June
1983
- No.
AHU-66911.AH.01.02.TH.2008
Dated 22
September 2008
- No.
AHU-AH.01.10-02989
Dated 5
February 2010
- No.
AHU-AH.01.10-14871
Dated 18 May
2011
- No.
AHU-AH.01.10-48390
Dated 13
November 2013
- No.
AHU-0942780.AH.01.02.TH.2015
Dated 23
September 2015
- No.
AHU-AH.01.03-0169789
Dated 8 September 2017
Company
Status :
Foreign Investment (PMA) Company
Permit by
the Government Department :
The Department of
Finance
NPWP No. 01.000.719.3-052.000
The President of
the Republic of Indonesia
No. B-26/Pres/1/1982
Dated 30 June 1982
The
Capital Investment Coordinating Board
- No.
1806/III/PMA/2000
Dated 11 December 2000
- No.
14/II/PMA/2001
Dated
26 January 2001
- No.
595/III/PMA/2001
Dated
17 May 2001
- No.
485/III/PMA/2007
Dated
13 April 2007
Related Company :
DYSTAR GLOBAL HOLDINGS (SINGAPORE) PTE,
LTD. (Investment Holding)
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 44,500,000.-
Issued Capital : US$ 44,500,000.-
Paid up Capital : US$ 44,500,000.-
Shareholders/Owners :
a. DYSTAR GLOBAL HOLDINGS
(Singapore) Pte, Ltd. - US$
44,484,000.-
Address
: 1A International Business Park #10-01
Singapore, 609933
b. Mr. Sunarto Djuardi -
US$ 16,000.-
Address
: Jl. TRS Martanegara No. 17
Kelurahan Gumuruh,
Kecamatan Batununggal
Bandung, West Java, Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
a. Textile Chemical (Dyestuff) Industry
b. Trading, Import and Distribution of
Textile Chemicals
Production Capacity :
a. Dyestuff - 24,750 tons p.a.
b. Trading, Import and Distribution of Textile
Chemicals
Total Investment :
a. Equity Capital - US$
40.8 million
b. Reinvested Profits - US$ 8.0 million
c. Loan Capital -
US$ 59.7 million
d. Total Investment -
US$ 108.5 million
Started Operation :
March 1986
Brand Name :
DYSTAR
Technical Assistance :
DYSTAR Textilefarben GmbH of Germany
Number of Employee :
473 persons
Marketing Area :
Domestic (Local) -
20%
Export
- 80% (Australia, Japan, Asian
countries)
Main Customers :
a. The BATIK KERIS Group
b. The DAMATEX Group
c. Textile industries, Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CLARIANT INDONESIA
b. P.T.
COLORINDO ANEKA CHEMICAL
c. P.T.
MATSUMOTOYUSHI INDONESIA
d. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers :
a. DEUTSCHE Bank AG
Jalan
Imam Bonjol 80
Jakarta
10310
Indonesia
b. P.T.
Bank DANAMON INDONESIA Tbk
Menara
Bank Danamon 5th Floor
Jalan
Prof. Dr. Satrio Kav. E4 No. 6
Mega
Kuningan
Jakarta
Selatan, 12950
Indonesia
c. P.T.
Bank MANDIRI Tbk
Jalan Jend. Gatot Subroto Kav.
36-38
Jakarta Selatan
Indonesia
d. P.T. Bank SBI INDONESIA
Plaza
Bumi Daya 1st Floor
Jalan
Imam Bonjol No. 61
Jakarta
Pusat
Indonesia
Auditor :
Siddharta & Widjaja (KPMG)
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated):
2015 – US$ 116.0 million
2016 – US$ 122.0 million
2017 – US$ 131.0 million
Net Profit (Loss) :
2015 – US$ 8.0 million
2016 – US$ 9.1 million
2017 – US$ 9.7 million
Payment Manner :
No Complaints
Financial Comments :
Fairly strong
KEY
EXECUTIVES
Board of Management :
President
Director - Mr.
Sunarto Djuardi
Directors - a.
Mr. Bin Luo
b. Mr. Shankerbhai Rughnathbhai Patel
c. Mr. Yao Jianfang
Board of Commissioner :
President
Commissioner - Mr. Yalin Xu
Commissioners - a. Mr. Ng Pei
Fern AKA Huang Peifen
b. Mr. Sureshkumar Savajibhai Gondalia
Signatories :
President
Director (Mr. Sunarto Djuardi) or one of the Directors (Mr. Bin Luo, Mr.
Shankerbhai Rughnathbhai Patel or Mr. Yao Jianfang) which must be approved by
Board of Commissioners
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
P.T. DYSTAR COLUOURS INDONESIA (ex P.T.
HOECHST CILEGON KIMIA) established in 1982 in Jakarta with an authorized
capital of US$ 11,000,000 issued capital of US$ 2,200,000 was fully paid up.
Founders and original shareholders are HOECHST AG of Germany, a state owned
bank P.T. Bank Pembangunan Indonesia (BAPINDO), P.T. PIONEER KIMIA AGUNG and
P.T. GAJAH PURA INDAH and now it was renamed P.T. FADJARPURNAMA PRATAMAINTI,
and both are private national companies. Its articles association was converted
for several times. Only a short time after its establishment, the company had
been joined by a new shareholder of the foreign party named DEITSCHE
Finanzierunggesellschaft Fuer Beteiligungen in Enwickkklungslaerdern GmbH, a
financing company of Germany.
In January 1996 the company was renamed P.T.
DYSTAR CILEGON, and concurrently joined in new shareholder DYSTAR Textilfarben
GmbH of Germany (joint venture for textile dyes of BAYER and HOECHST in dyes
textile, July 1995). In April 1998 the whole shares had been controlled by
DYSTAR Textilfarben GmbH of Germany, P.T. BAPINDO and P.T. PIONEER KIMIA AGUNG,
both of Indonesia. In July 1998 the authorized capital was raised again to US$
16,500,000 issued and paid up capital to US$ 12,500,000. On the same occasion P.T.
BAPINDO pulled out and the whole share owned by DYSTAR Textilfarben GmbH of
Germany and P.T. PIONEER KIMIA AGUNG.
In December 2000, P.T. DYSTAR CILEGON merged
with P.T. DYSTAR INDONESIA and the company taking the merger was P.T. DYSTAR
CILEGON. In May 2001 the company was renamed P.T. DYSTAR COLOURS INDONESIA
(P.T. DCI) and concurrently the authorized capital was raised to US$ 44,500,000
wholly issued and paid up. On the same occasion the whole share owned by DYSTAR
Textilfarben GmbH of Germany and Mrs. Susilowati Poorwo Soedarmo (Susilowati
Priyono) of Indonesia. Later in April 2007, Mrs. Susilowati Poerwo Soedarmo
pulled out and whole shares are sold to Mr. Bambang Nurcahyo, an indigenous
businessman.
However since February 2010, KIRI DYES AND
CHEMICALS (KDCL) of India has acquired DYSTAR Group of Germany for €50 million.
The buyout was executed through a special purpose vehicle, KIRI HOLDING
SINGAPORE PRIVATE LTD, along with KDCL's joint venture partner, LONGSHENG Group
of China. The deal includes the acquisition of DyStar's 200 live patents, IP
rights, brand names, trademarks and subsidiaries in 22 countries. Legally in
April 2011 some 99.99% of stakes holds by KIRI HOLDING SINGAPORE PRIVATE LTD.,
of Singapore and the rest 0.01% holds by Mr. Hari Sudiono. Later based on
notary deed Mrs. Irene Yulia, SH., no. 11 dated 9 October 2013 the whole shares
took over by DYSTAR GLOBAL HOLDINGS (Singapore) Pte, Ltd., (99.96%) and Mr.
Sunarto Djuardi (0.04%). The latest according to revision notary deed Mrs. Irene
Yulia, SH., no. 36 dated 31 August 2017 the shareholders approved changes the
board of director and commissioner of the Company. The amendment was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0169789 dated September 8, 2017.
P.T. DCI
started with operation in March 1986 in synthetic organic dyestuff whose plant
located at Kawasan Industry Berat, Krakatau Industrial Estate Cilegon, Banten
Province. Before the merger, P.T. DYSTAR INDONESIA which had a factory in Serang produced
dyestuff of the type of disperse dye, a dyestuff for polyester and P.T. DYSTAR
CILEGON produced with a factory in the Heavy Industry Zone P.T. KSIC in Cilegon
produced reactive dye, a textile dyestuff for cotton cloth. After the merger of
P.T. DYSTAR INDONESIA in the end of December 2000, P.T. DCI took over and
managed the plant located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus,
Serang, Banten Province, standing on 530,145 square meters land. Both of the above plants (P.T. DCI) produce
24,750 tons of dyestuff per annum. The company produces High Quality Dyestuff
through the Century for: Workwear,
Uniform, Corporate Fashion, Sportwear, Military / Camouflage and Medical
Textile. Having seen from its production, P.T. DCI concentrates on the
production of reactive dyes for cellulosic fiber finishing and besides it has
been undergone modernization program.
P.T.
DCI’s operation and technology is backed by its holding company DYSTAR
Textilefarben GmbH of Germany. Some 80% of its products is exported to
Australia, Japan and other Asian countries while the rest is marketed locally
particularly to textile industries. The supplies of basic materials in the form
of oxysulton blue, parabaester, H. acid TTRG and others is imported from Germany,
Hong Kong, etc. Besides that, P.T. DCI is also engaged in trading and
distribution of textile chemicals by importing textile chemical from Germany
and other countries through companies owned by DYSTAR Group.
Based on the
approval of the Commissioners of P.T. DCI dated 28 February 2012 (as legalized
by notary public Chen Wen Woan Angela in Singapore on the same date and as
acknowledged by the Indonesian Embassy in Singapore on 2 March 2012), the
Commissioners of the Company approved and authorized the Directors of the
Company to do the following actions:
· To close
down the Company’s factory is located in Cilegon, Banten and;
· To
authorize the Directors of the Company to deal with and settle all of the
consequences of such closing down of the Company’s factory, including but not
limited to the relevant employment matters and;
· To sell
and/or dispose the land, building and other assets located at the factory,
under the terms and conditions as deemed best by the Directors of the Company
and for the best interest and benefits of the Company
According
information from the management and staff explained the plant located at
Krakatau Industrial Estate Cilegon, Jalan Australia I Block F 1, Cilegon,
Banten has been close and there was no activity to present. In the next the
plant has been sold to other party. Currently the Company just operates factory
located at Jalan Raya Citeras Rangkasbitung Km. 3.8, Gabus, Serang, Banten
Province, produces of dyestuff. The whole products sold to various textile
industries in Cilegong, Tangerang, Bekasi, Cikarang, Karawang, Subang, West
Java, Central Java and East Java. We observed that P.T. DCI is classified as a
large sized company of its kind in the country of which the operation has been
growing slowly in the last three years.
Generally, the demand for textile chemicals
such as dyestuff, textile auxiliaries, and others tended to be fluctuating
within the last five years in line with the fluctuating of Indonesian textile
industry in general. There are eleven domestic dyestuff producers which are
still active with a combined production capacity of 45,620 tons per annum.
Some of the largest producers are P.T. DYSTAR
COLOURS INDONESIA, P.T. CLARIANT INDONESIA and P.T. COLORINDO ANEKA CHEMICAL.
The country’s garment industry is facing serious marketing problem not only in
the country but also abroad.
The textile and apparel product (TTP)
industry is one of the industries that has contrived to with stand the
protracted global economic crisis. Different from the economic situation
throughout 2016, the world’s economic climate in 2017 is estimated to improve.
Based on data from IMF, global economic growth is projected to remain at 3.4%
in 2017 or grew higher than in 2014 and 2015. In line with this positive
development, the World Bank also forecasts a global price hike of several
commodities in 2017, one of which is crude oil, which is estimated to
significantly increase after the signing of agreement between OPEC countries to
cut down oil production volume per January 2017. In addition, Indonesia’s
economy is also predicted to remain bright in 2017. Several institutions such
as the World Bank and Bank Indonesia predict that Indonesia’s economy will grow
by 5.3-5.4%. This estimated figure is higher than the target set by the
government at 5.1% in 2017 State Budget or the growth rate in 2016 at 5.02%.
Indonesia’s textile industry is estimated to grow robust in 2017. The
Indonesian Textile Association (API) believes that textile industry growth in
2017 will improve compared to the previous year at a range of 1.6-1.8%. This
prediction is supported by several considerations, such as the EU Comprehensive
Economic Partnership Agreement (EUCEPAN) and 2017 investment growth projection,
especially for textile industry. Another factor that accounts for this positive
outlook is the 30% reduction of electricity bill, which is estimated to
significantly minimize costs incurred by textile upstream industry up to 28%.
In addition, the Government has conducted
diplomatic approach to the US government, as one of the largest markets of
national textile industry, to implement customs exemption for textile products
exported from Indonesia. Until recently, referring to the data from the
Ministry of Industry, the textile products from Indonesia that enter the US
market are charged with customs of 12.5%. The implementation of customs
exemption for textile products from Indonesia has high possibility to be
realized as the textile products Vietnam have been granted such exemption. We
believe that Indonesia’s textile products can be better marketed in the US if
such exemption can be implemented. The export volume and value of the national
TPT products in 2010 to 2016 are pictured on the following table.
Export
Volume and Value of Textile and Apparel Indonesia, 2010 – 2016*
|
Year |
Spun Yarns |
Textile Products (Apparel) |
||
|
(Thousand
Ton) |
(US$
Million) |
(Thousand
Ton) |
(US$
Million) |
|
|
2010 |
521.0 |
1,600.3 |
374.8 |
5,558.4 |
|
2011 |
475.5 |
1,775.9 |
373.4 |
6,565.2 |
|
2012 |
554.8 |
1,733.0 |
366.3 |
6,106.4 |
|
2013 |
691.4 |
1,948.6 |
363.7 |
6,216.9 |
|
2014 |
733.8 |
2,041.6 |
375.5 |
6,256.0 |
|
2015 |
776.5 |
1,927.6 |
378.6 |
6,410.9 |
|
2016* |
709.0 |
1,695.4 |
337.4 |
5,627.4 |
Until this time P.T. DCI has not been registered
with Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. DCI is very reclusive towards
outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the
company in 2015 amounted to US$ 116.0 million increased to US$ 122.0 million in
2016 rose to US$ 131.0 million in 2017 and projected to go on rising by at
least 5% in 2018. The operation in 2017 yielded an estimated net profit of at
least US$ 9.7 million and the company has an estimated total networth of at
least US$ 125.0 million. We observe that P.T. DCI 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.
P.T. DCI’s management is led by Mr. Sunarto
Djuardi (58), a professional manager with has experience for more than 22 year
in dyestuff industry and trade. He has been worked and begun his career as
Business Management Reactive since 2001. Daily, he is assisted by Mr. Bin Luo
(47), Mr. Shankerbhai Rughnathbhai Patel (49) and Mr. Yao Jianfang (44) as
Directors. The management is handled by experienced professional managers in
dyestuff trading industry, trading and distribution having wide relation with
home and overseas private businessmen as well as with the government sectors.
So far, we have never heard of the management of the company being filed to the
district court for detrimental cases. We are convinced that P.T. DYSTAR COLOURS
INDONESIA is fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 86.11 |
|
Euro |
1 |
INR 76.59 |
|
IDR |
1 |
INR 0.0045 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.