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MIRA INFORM REPORT
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Report No. : |
506066 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. DHARMAPALA USAHA SUKSES |
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Registered Office : |
Jl. Laut Jawa Pelabuhan Tanjung Intan Cilacap 53213, Jawa Tengah |
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Country : |
Indonesia |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
21.09.2000 |
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Com. Reg. No.: |
AHU-AH.01.03-0003022 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
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Line of Business : |
Sugar Manufacturing
and Refinery |
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No. of Employees : |
480 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Foreign Investment Company |
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Payment Behaviour : |
Slow but Correct |
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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 |
Name
of Company
P.T. DHARMAPALA USAHA SUKSES
Address
Head Office & Factory
Jl. Laut Jawa Pelabuhan Tanjung Intan
Cilacap 53213, Jawa Tengah
Indonesia
Phones -
(62-282) 532861, 535762, 532861, 535757
Fax - (62-282) 538874
Building Area - 55,000 sq.
meters
Office Space - 15,000 sq. meters
Region - Industrial
Zone
Status - Rent
Jakarta Office
Gandaria 8 Office Tower, 15th Floor Unit G&H,
Jl. Sultan Iskandar Muda, Kebayoran Lama,
South Jakarta 12240
Indonesia
Phones -
(62-21) 2930 3622
Fax - (62-21) 2930 3623
Building Area - 28 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Company
summary
Date of Incorporation
:
21 September 2000
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
a. No. AHU-01722.AH.01.02.Tahun 2008
Dated 15 January 2008
b. No. AHU-AH.01.10-15921
Dated 14 September 2009
c. No. AHU-AH.01.03-0003022
Dated 05 January 2018
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.062.239.5-022.000
Holding Company :
FAR EAST AGRI Pte. Ltd., a subsidiary company of OLAM International
Limited
Under Group :
OLAM INTERNATIONAL
Group of Singapore
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital - Rp. 200,000,000,000.-
Issued Capital - Rp. 142,800,000,000.-
Paid up Capital - Rp. 142,800,000,000.-
Shareholder/Owner :
FAR EAST AGRI Pte.
Ltd. - Rp.
142,800,000,000.-
Address : 6,
Temasek Boulevard #29-00,
Suntec Tower Four
Singapore
BUSINESS
ACTIVITIES
Lines of Business :
Sugar Manufacturing
and Refinery
Production Capacity :
a. Refined Sugar - 280,000 tons p.a.
b. Molasses - 20,000 tons p.a.
Total Investment :
a. Owned Capital -
Rp. 142.8 billion
b. Loan Capital - Rp 132.2 billion
c. Total Investment - Rp. 275.0 billion
Started Operation :
April 2006
Technical Assistance
:
Olam International
Ltd., of Singapore
Number of Employee :
480 persons
Marketing Area :
Local -
100%
Main Customers :
a. Food and Beverage
Industries
b. Pharmaceutical
Industries
c. Distributors and
Agents
Market Situation :
Very Competitive
Main Competitors :
a. PT. Sweet Indo
Lampung
b. PT. Gula Putih
Mataram
c. PT. Gunung Madu
Plantation
d. PT. Rajawali
Nusantara Indonesia
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B a n k e r :
P.T. Bank MANDIRI Tbk
Cilacap Branch
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL
FIGURE
Annual Sales
(estimated) :
2013 – Rp. 960.0 billion
2014 – Rp. 980.0 billion
2015 – Rp. 1,058.0
billion
2016 – Rp. 1,143.0
billion
2017 – Rp. 1,205.0
billion
Net Profit (Loss) :
2013 – Rp. 42.0
billion
2014 – Rp. 43.0
billion
2015 – Rp. 46.5
billion
2016 – Rp. 50.0
billion
2017 – Rp. 53.0
billion
Payment Manner :
Slow but correct
Financial Comments :
Fairly strong
KEY
EXECUTIVES
Board of Management :
President Director -
Mr. Joseph Noel Kenny
Directors
- a. Mr.
Buntoeng Vongkusolkit
b. Mr. Krisda Monthienvichienchai
c. Mr. Michael John Barry
d. Mr. Ramakrishna Prasad Venkatesha Murthy
e. Mr. Shekhar Anantharaman
Board of Commissioner
:
Commissioner -
Mr. Prakash Chan Jhanwer
Signatories :
President Director (Mr. Joseph Noel
Kenny) one of the Directors (Mr. Buntoeng Vongkusolkit, Mr. Krisda
Monthienvichienchai, Mr. Michael John Barry, Mr. Ramakrishna Prasad Venkatesha
Murthy or Mr. Shekhar Anantharaman) which must be approved by Board of
Commissioner (Mr. Prakash Chan Jhanwer)
CAPABILITIES
Management Capability
:
Fairly good
Business Morality :
Fairly good
OVERALL
PERFORMANCE
P.T. DHARMAPALA USAHA
SUKSES (P.T. DUS) was established in Jakarta in September 2000 with the authorized
capital of Rp. 1,000,000,000 of which Rp. 600,000,000 was issued and fully paid
up. The founding shareholders of the company are Mrs. Jumini Amelia and Mr.
Sunardi, both are Indonesian of Chinese extraction. In May 2001, both
shareholders withdrew and into the company entered new shareholders namely Mr.
Nugroho Singgih Darsono, Mr. Gandy Rahardja, Mr. Irwan Hardono and Miss.
Marlena Kosasih and concurrently the authorized capital was raised to Rp.
58,000,000,000 entirely issued and paid up.
On October 2007, all
the shareholders of the company pulled out and it whole shares is sold to FAR
EAST AGRI Pte., Ltd., of Singapore (99%) and Mr. Sunny George Verghese, a
Singaporean businessman (1%).
Concurrently the authorized capital was raised to Rp. 200,000,000,000.-
of which Rp 92,800,000,000.- was issued and fully paid up. The notary deed of amendment was approved by
the Ministry of Law and Human Right in its Decision Letter
AHU-01722.AH.01.02.Tahun 2008 dated 15 January 2008 and No. AHU-AH.01.10-15921,
dated 14 September 2009. The most recently by Notary Deed of Hasbullah Abdul
Rasyid, SH., No. 308 dated December 22, 2017, the issued capital was raised to
Rp. 142,800,000,000.- and fully paid up. Since then, the shareholder of the
company is FAR EAST AGRI Pte. Ltd.,(100%).
This amendment to Deed has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through its Decree No.
AHU-AH.01.03-0003022 dated January 05, 2018.
We observe that Far East Agri Pte. Ltd. operates sugar refineries in Indonesia. The company was founded in 2007 and is based in Singapore. Far East Agri Pte. Ltd. operates as a subsidiary of Olam International Limited. As of December 22, 2017, Far East Agri Pte. Ltd. operates as a subsidiary of Mitr Phol Sugar Corporation Limited and Olam International Limited.
Originally P.T. DUS
obtained a Domestic Capital Investment (PMDN) dealing with sugar refining
industry. But since October 2007, the status of company is changed to a Foreign
Investment Company (PMA). The company
manages a plant located in Tanjung Intan Seaport Complex, Cilacap, Central Java
on a land of 5.5 hectares with annual capacity of 250,000 tons of refined sugar
and 15,000 tons of molasses. The plant is estimated to absorb an investment of Rp.
225.0 billion coming from own capital of Rp. 92.8 billion and the rest from
loans. A staff of the company said that the plant has been in commercial
operation by April 2006. It is further explained that the development of the
plant will not inflict upon the sugar cane farmers because the sugar basic
materials are imported from Thailand, Australia, Brazil, India and others. At present, P.T. DUS has a rated capacity to
process 650 tons of raw sugar per day.
The future, the company plans to increase 800 tons of raw sugar per
day. Whole products of the company are
supplied to food and beverage industries, pharmaceutical industries, MSG
industries and others including sugar distributors and agents in the country.
In overall we find the demand for sugar, crude
palm oil, palm kernel oil, cooking oil or RBD, palm olein, RBD coconut oil and
other estate crops products has kept on rising by about 8% to 10% per annum in
the last five years. Meanwhile, the
competition is very tight on account of many similar companies operating in the
country. Pursuant to Central Bureau of
Statistics (BPS), the production of large estate crops such as; dry rubber,
palm oil, palm kernel, cocoa, coffee, tea cane sugar and tobacco have been fluctuating
in the last five years. The estate crops
activities in Indonesia is seen from the growth production of estate crops as
below.
(In 000 tons)
|
Year |
Palm
Oil |
Palm
Kernel |
Dry
Rubber |
Cocoa |
Coffee |
Tea |
Cane
Sugar |
Tobacco |
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2004 |
8,479.3 |
1,862.0 |
403.8 |
54.9 |
29.2 |
125.5 |
2,051.6 |
2.7 |
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2005 |
10,119.0 |
2,155.9 |
432.2 |
55.1 |
24.8 |
128.2 |
2,241.7 |
4.0 |
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2006 |
10,961.8 |
2,363.1 |
554.6 |
67.2 |
28.9 |
115.4 |
2,307.0 |
4.2 |
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2007 |
11,438.0 |
2,593.2 |
578.5 |
68.6 |
24.1 |
116.5 |
2,623.8 |
3.1 |
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2008 |
12,477.8 |
2,829.2 |
594.6 |
62.9 |
28.1 |
112.8 |
2,668.4 |
2.6 |
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2009 |
13,872.3 |
3,145.5 |
522.3 |
67.6 |
28.7 |
107.3 |
2,333.9 |
4.1 |
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2010 |
14,038.1 |
3,183.1 |
541.5 |
65.1 |
29.0 |
100.1 |
2,288.7 |
3.4 |
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2011 |
15,198.0 |
3,446.0 |
572.8 |
67.5 |
22.2 |
95.1 |
2,244.2 |
2.4 |
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2012 |
16,817.8 |
3,363.0 |
582.8 |
53.3 |
29.3 |
91.7 |
2,592.6 |
2.4 |
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2013 |
17,771.3 |
3,554.3 |
581.5 |
55.5 |
30.5 |
94.1 |
1,185.3 |
3.1 |
|
2014 |
19,072.8 |
4,089.4 |
569.7 |
30.0 |
31.0 |
103.5 |
1,196.3 |
2.2 |
|
2015 |
17,070.9 |
4,246.6 |
400.9 |
38.5 |
40.8 |
56.6 |
622.3 |
3.0 |
|
2016 * |
12,773.6 |
3,193.5 |
358.8 |
35.0 |
17.0 |
36.5 |
650.5 |
2.2 |
Until this time P.T. DUS has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
Therefore, the company has no obligation to publish financial statement
publicly. We have checked to Department of Trade and Industry and found that no
financial statement has been reported. P.T. DUS’s management is very reclusive
to outsider and rejecting to disclose its financial condition but we estimated
the total sales turnover of the company in 2015 amounted to Rp. 1,058.0 billion
increased to Rp. 1,143.0 billion in 2016 and rose again to Rp. 1,205.0 billion
in 2017. The operation in 2017 yielded
a net profit at least Rp. 53.0 billion and the company has a total net worth of
Rp. 320.0 billion. It is projected that
total sales turnover of the company will increase at least 8% in 2018. So far we did not hear that P.T. DUS 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.
P.T. DUS's management
headed by Mr. Joseph Noel Kenny (appr.48), a professional manager of Inreland
with more than 15 years experience in sugar manufacturing and refinery. In daily activities, he is assisted by five
directors namely Mr. Buntoeng Vongkusolkit of Thailand, Mr. Krisda
Montheinvichienchai of Thailand, Mr. Michael John Barry of Australia, Mr.
Ramakrishna Prasad Venkatesha Murthy of India and Mr. Shekhar Anantharaman of
Singapore. The management, which is
evaluated quite creative and dynamic, also has succeeded in expanding their
overseas marketing network. They have
close relations with many high-ranking government officials as well as with
private businessmen within and outside the country. So far, we did not hear that
the company’s management involved in a business malpractice or detrimental
cases that settled in the country. The company’s litigation record is clean and
it has not registered with the black list of Bank of Indonesia.
P.T. DHARMAPALA USAHA
SUKSES is appraised good for business transaction. But owing to political and
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.66 |
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|
1 |
INR 90.66 |
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Euro |
1 |
INR 80.01 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIY |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
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.