MIRA INFORM REPORT

 

 

Report No. :

505048

Report Date :

02.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PT. PETRONIKA

 

 

Registered Office :

Kawasan Industri Gresik, Jl. Prof. Dr. M. Yamin SH, PO BOX 129 , Kelurahan Tlogopojok, Kecamatan Gresik , Kab. Gresik 61118 , Jawa Timur

 

 

Country :

Indonesia

 

 

Date of Incorporation :

14.09.1983

 

 

Legal Form :

Private Limited Liability Company or Perseroan Terbatas (PT)

 

 

Line of Business :

Manufacture of other organic basic chemicals

 

 

No. of Employees :

50

 

 

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 :

Slow but Correct

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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 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.

 

Source : CIA

 

COMPANY IDENTIFICATION

 

Company Name

PT. Petronika

 

Address

Kawasan Industri Gresik, Jl. Prof. Dr. M. Yamin SH, PO BOX 129
Kelurahan Tlogopojok, Kecamatan Gresik
Kab. Gresik 61118
Jawa Timur - Indonesia

 

 

Telephone

+62313951956

Fax

+62313951951, +62313951955

Mobile Phone

N.A.

 

 

Email

paulinidia@koyachem.com

Web

N.A.

 

 

 PROFILE

 

 

 

Address

Kawasan Industri Gresik, Jl. Prof. Dr. M. Yamin SH, PO BOX 129
Kelurahan Tlogopojok, Kecamatan Gresik
Kab. Gresik 61118
Jawa Timur - Indonesia

 

 

Office Building

a.

Area - Industrial

b.

Status - Leased

 

Date of Establishment

- 

14 September 1983

 

 

Start Operation

1985

 

 

 

 

Legal Status

Private Limited Liability Company or Perseroan Terbatas (PT)

 

 

Legalization (historical)

No. AHU- 90900.AH.01.02.TH.2008
Dated, 27 November 2008

No. AHU-AH.01.03-0986167
Dated, 2015

No. AHU-AH.01.03-0071253
Dated, 12 August 2016

 

 

Government Permit (s)

Kementerian Perdagangan
TDP - 110854716026
Dated, 2014

Badan Koordinasi Penanaman Modal (BKPM)
PMA - 203/II/PMA/2004
Dated, 2004

Direktorat Jenderal Pajak
NPWP - 01.060.129.2-612.000

 

 

Significant change

PT. Petronika (the Company) was established in Gresik, East Java on September 14, 1983. However, until the report is completed, we are unable to obtain the establishment act of the Company.

The Company’s statutes have changed several times, including on August 15, 2008. As written on the act, the Company’s authorized capital was IDR 74,667,150,000, which was entirely issued and paid up by PT. Petrokimia Gresik (20.000%) and Globechem International Company Ltd of Mauritius (80.000%).

On November 23, 2015, the Company published the latest notarial act, yet without changing its capitalization and shareholder structure.

On July 25, 2016, the Company published the latest notarial act, yet without changing the capitalization and shareholder structure.

As far as we know, there has been no change in the Company’s notarial act as published by the Ministry of Justice.

 

 

Capitalization

     -    Authorized Capital
     -    Issued Capital
     -    Paid Up Capital



IDR 74,667,150,000
IDR 74,667,150,000
IDR 74,667,150,000

 

 

 

 

 

 SHAREHOLDERS & MANAGEMENT

 

Shareholders

Total No. of Shareholders: 2
Shareholders as 12 August 2016
Total Shareholding private – 26,925 shares

 

Name of Shareholders

- 

PT. Petrokimia Gresik
(5,385 shares) - 20.000 %

- 

Globechem International Company Ltd of Mauritius
(21,540 shares) - 80.000 %

 

 

Management Board

 

 

Name

Mr. Dharma Sutedjo

 

 

Position

President Director

 

 

Nationality

Indonesian

 

 

Name

Mr. Bambang Sutriaji

 

 

Position

Director

 

 

Nationality

Indonesian

 

 

Name

Mr. Sudaryadi

 

 

Position

Director

 

 

Nationality

Indonesian

 

 

Name

Mr. Restu Pribadi

 

 

Position

Director

 

 

Nationality

Indonesian

 

 

Supervisory Board

 

 

Name

Mr. Didik Avianto

 

 

Position

President Commissioner

 

 

Nationality

Indonesian

 

 

Name

Mr. Hendro Waskito

 

 

 

 

Position

Commissioner

 

 

Nationality

Indonesian

 

 

Name

Mr. Lim Hock Soon

 

 

Position

Commissioner

 

 

Nationality

Chinese

 

 

Management Assessment

The management is deemed to have sufficient experience and industry expertise to manage subject properly.

 

 

 

 

Authorized Signatories

Mr. Dharma Sutedjo as President Director and Mr. Bambang Sutriaji and Mr. Restu Pribadi, Mr. Sudaryadi as Directors which must be approved by shareholders meeting.

 

 

Affiliate (s) / Associate (s)

  - 

PT. Petrosida Gresik
(Manufacture of pesticides and other agrochemical products)

  - 

PT. Petrokimia Gresik
(Manufacture of fertilisers and nitrogen compounds)

  - 

Globechem International Company Ltd of Mauritius
(Activities of Holding Company)

 

 

 KEY DATA ON OPERATIONS

 

Registered Activities

SIC Code 20 : Manufacture of chemicals and chemical products

 

 

 

 

Employee

Per 2017
50

Per 2018
50

 

 

 

 

Business Category

SIC Code 20.1 : Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

 

 

Line of Business

SIC Code 20.14 : Manufacture of other organic basic chemicals

 

 

Product & Capacity

- Dioctyl Phthalate (DOP) - 37,000 tons p.a.

 

 

 

 

Status of Investment

Foreign-invested Company

 

 

Sales Territory

Local

100%

 

 

 

 

International

00%

 

 

 

 

 

Main Items Imported
And Country Origin

Machine
Machine
Chemical

China
Japan
Japan

 

 

 

Main Items Exported
and Country Destination

-

-

 

 

Major Customers

  - 

PT. New Era Rubberindo

  - 

PT. Wiharta Karya Agung

  - 

PT. ABC Plastindo

  - 

PT. Petrowidada

  - 

PT. Eterindo Nusa Graha

  - 

PT. Eternal Buana Chemical Industries

  - 

PT. Golden Footwear Indotama

  - 

PT. Setia Pratama Lestari Pelletizing Industries

  - 

PT. Riken Asahi Plastics Indonesia

  - 

PT. Meiwa Indonesia

 

 

Major Supplier

  - 

PT. Petrowidada

  - 

PT. Citra Cendekia Indonesia

  - 

Hyundai Corporation of Japan

  - 

PT. Itochu Indonesia

  - 

PT. Worldwide Resins Dan Chemicals Indonesia

 

 

Terms of Payment

Purchase Payment
Domestic: Telegraphic Transfer (T.T) with credit term14-90 days;
Overseas: Letter of Credit (L/C) or Telegraphic Transfer (T.T);

Sale Terms
Domestic: Telegraphic Transfer (T.T) with credit term 30 days;
Overseas: N.A.

 

 

Activity Comment

PT. Petronika (the Company) is a foreign-invested company engaged in the chemical industry since 1985. The Company's head office and factory are located at the address Kawasan Industri Gresik, Jl. Prof. Dr. M. Yamin SH, PO BOX 129, Kelurahan Tlogopojok, Kecamatan Gresik, Kab. Gresik 61118 (not 61119), Jawa Timur - Indonesia. We believe this location is leased from other parties.

Initially, the Company was a joint venture between PT. Petrokimia Gresik and the Mitsubishi Group (Nippon Indonesia Kasozai Co. Ltd.) of Japan, which consisted of Mitsubishi Gas Chemical (MCG), Mitsubishi Corporation (MC). PT. Petrokimia Gresik controlled 20% of shares of the joint venture, whereas the other 80% were controlled by Mitsubishi Group.

However, in late 1999, Mitsubishi Group sold the 80% shares to Globechem International Company Ltd of Mauritius (GCIL). Currently, then, 80% shares of the Company are controlled by Globechem International Company Ltd of Mauritius (GCIL), while the other 20% is still owned by PT. Petrokimia Gresik.

Based on data from Capital Investment Coordinating Board, the Company received investment facility from the government of Indonesia. We were informed that the Company invested USD 10,000,000 for producing 37,000 tons of DOP per year.

The Company is a producer of Diocthyl Phthalate (DOP) and Diisononyl Phthalate (DINP). DOP and DINP are chemical materials used as raw materials for producing plastic, synthetic leathers, PVC, sandal, shoes, and many more.

The Company has 56 machines coming from Japan. For producing its products, according to our source, the Company uses raw materials such as phthalic anhydride from PT. Petrowidada, PT. Itochu Indonesia, PT. Worldwide Resins Dan Chemicals Indonesia, and PT. Citra Cendekia Indonesia. The Company also uses some imported materials from Japan and China, such as from Hyundai Corporation of Japan.

Based on the collected information, the Company’s products are used as raw materials in plastic industry, synthetic leather industry, PVC industry, slippers industry and footwear industry.

At the present time, the Company products are supplied into the local market, with major customers including PT. Petrowidada, PT. Eterindo Nusa Graha, PT. Eternal Buana Chemical Industries, PT. Wiharta Karya Agung, PT. ABC Plastindo, PT. Golden Footwear Indotama, PT. New Era Rubberindo, PT. Multi Anugerah Lestari Texindo, PT. Hasilkencana Plastiksindo, PT. Indonesia Nanya Indah Plastics, PT. Riken Indonesia, PT. PT. Setia Pratama Lestari Pelletizing Industries, PT. Waru Gunung, PT. Pearl Star International, and PT. Meiwa Indonesia.

In terms of payment, the Company implements terms for 30 days to the customers. From that term, there is no its customers who make late payment. So the payment of the Company to its suppliers also did not experience any obstacles. Until now, the cash flow of the Company is still in normal and smoothly condition.

According to our source, the economic slowdown in 2015 did not significantly affect operations of the Company. It is because customers of the Company come from various industries. So, a decline in demand from one industrial sector can be coped with demand from other industrial sectors. In 2016, sales performance of the Company was increasing, yet a fluctuating trend each month.

In 2017 until early 2018, the Company's performance is still quite good, because the Company's DOP and DNP products are still needed for the plastic industry. It is also estimated that the company became one of the largest contributors to both products.

Currently, the Company is supported by approximately 50 employees or similar with 2017.

 

 

Litigation

At the time this report is written, this Company has not been involved in any criminal or civil cases. This statement is based on the search result for cases conducted at the State Court in the area where the Company was established and operates today.

 

 

 

 

Factory Address

Kawasan Industri Gresik, Jl. Prof. Dr. M. Yamin SH, PO BOX 129
Kelurahan Tlogopojok, Kecamatan Gresik
Kab. Gresik 61118
Jawa Timur - Indonesia
Phone : +62313951956
Fax : +62313951951
Email : paulinidia@koyachem.com  

 

 

 BANKING INFORMATION

 

Banker (s)

- 

PT. Bank Central Asia Tbk

 

 

Insurance

- 

Badan Penyelenggara Jaminan Sosial (BPJS)

 

 

 BUSINESS PROSPECTS

 

Business Prospects

The Indonesian Producers Association of Chemical Entrepreneurs or Asosiasi Produsen Kimia Penunjang Indonesia (APKAPI) is optimistic to look at the business in 2018. The reason the businessmen in the field of downstream chemical industry is seeing good government support in the chemicals sector. The government also encourages the development of an upstream chemical industry that in fact directly affects the members of the association.

Moreover, the target of the Ministry of Industry in which the value of investments in the chemical, textile and variants (Industri Kimia, Tekstil dan Aneka) industries in 2018 is predicted to reach Rp117 trillion, up from the realization of 2017 estimated to reach IDR 94 trillion.

One of the supporting chemicals produced in Indonesia is Dioctyl Phthalate (DOP) and Diisononyl Phthalate (DINP). DOP and DINP are chemical materials used as raw materials for some manufacture industries, such as plastic, synthetic leathers, PVC, sandals, and shoe industries.

The Ministry of Industry targets the growth of the non-oil and gas processing industry in 2018 by 5.67 percent with a new investment target of IDR345.4 trillion.

Given the role of the Government for the supporting chemical sector as well as the performance of the manufacturing industry which is also increasing, so we believe the supporting chemical industries, especially DOP and DINP are still promising in 2018.

 

 

 

 FINANCIAL STATEMENT

 

Sales Turn Over

2014 - USD 64,725,473 (Financial statement ended of December 31)
2015 - USD 69,256,256 (Estimated)
2016 - USD 74,104,193 (Estimated)
2017 - USD 79,291,486 (Estimated)

 

 

 

 

Total Assets

2013 - USD 21,493,030 ( Financial statement ended of December 31 )
2014 - USD 25,938,429 ( Financial statement ended of December 31 )

 

 

 

 

Other Financial Data

As the Company is not a publicly listed company, we are unable to provide details on the financial condition of the Company.

 

 

 CREDITWORTHINESS

 

Management Capability

Good

 

 

Business Morality

Adequate

 

 

Payment Manner

Slow but Correct

 

 

Financial Condition

Satisfactory

 

 

Operating Trend

Up

 

 

Conclusive remarks

Based on the information shown above, we come to the conclusion that the Company is a manufacturer of other basic chemicals. It has been operating for about 33 years and is now well performing. This indicates that the Company is run by a management that has a very good capability in running the business. 

At the present time, the Company products are supplied into the local market. Products of the Company are absorbed by plastic industry, synthetic leather industry, PVC industry, slippers industry and footwear industry.

In term of performance, the Company sales have increased for 3 years because the needs of products produced by the Company are still in a quite large demand.

Based on these considerations, we believe the Company is able to survive and develop its business. Thus, we classify the Company’s credit rating at MEDIUM RISK.

However, for security reason, we advise those wishing to cooperate with or grant loans to this Company to ask adequate

collateral from shareholders.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

IDR

1

INR 0.0048

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

KET

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.