|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509786 |
|
Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DUA KUDA INDONESIA |
|
|
|
|
Registered Office : |
Kawasan Berikat Nusantara Jalan Madiun Block C-2 No. 11-13 Unit Usaha Kawasan Marunda Jakarta Utara, 14120 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
23.05.2006 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.03-0087720 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Oleo
Chemical Industry |
|
|
|
|
No. of Employees : |
315 |
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 (30.09.2017) |
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 summery
Name of Company :
P.T. DUA KUDA INDONESIA
Address :
Head Office & Factory
Kawasan Berikat Nusantara
Jalan Madiun Block C-2 No. 11-13
Unit Usaha Kawasan Marunda
Jakarta Utara, 14120
Indonesia
Phones -
(62-21) 4485 3559, 4485 2388
Fax - (62-21) 4485 3640, 4485 3616
E-mail - info@duakuda.com
Website - http://www.duakuda.com
Land Area -
43,000 sq. meters
Building Space -
35,000 sq. meters
Region -
Industrial Estate
Status -
Rent
Date of Incorporation :
23 May 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and
Human Rights
- No. C-17270 HT.01.01.TH.2006
Dated 13 June 2006
- No. AHU-29176.AH.01.02.TH.2008
Dated 30 May 2008
- No.
AHU-AH.01.10-05867
Dated 21 February 2013
- No.
AHU-AH.01.03-0087720
Dated 10 October 2016
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.193.126.6-057.000
The Department of Industry
and Trade
TDP No. 09.01.1.15.22223
Dated 10 July 2008
The Capital Investment
Coordinating Board
- No. 012/KBN/31/I/PMA/2006
Dated 28 April 2006
- No. 045/KBN/31/PMA/04/2008
Dated 18 April 2008
Related Companies :
a. INTELLIOIL CHEMICALS PTE
LTD., Singapore (Investment Holding)
b. RUGAO CITY SHUANGMAS
CHEMICAL CO, LTD., China (Investment Holding)
c. ZHEJIANG ZANYU TECHNOLOGY
CO, LTD., China (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
US$ 120,000,000.-
Issued Capital :
US$ 120,000,000.-
Paid up Capital :
US$ 120,000,000.-
Shareholders/Owners :
a. ZHEJIANG ZANYU
TECHNOLOGY CO, LTD. - US$
72,000,000.-
Address : No. 128 Chengtou Lane
Hangzhou City, PR China
b. RUGAO CITY SHUANGMA
CHEMICAL CO, LTD. - US$ 36,000,000.-
Address
: 15th Team, South Dong Chen Village
Dongchen Town, Rugao City
Jiangsu Province, P.R.
China
c. INTELLIOIL CHEMICALS
PTE, LTD. -
US$ 9,600,000.-
Address : 371, Beach Road # 07 – 01 Key Point
Singapore
d. Mr. Dachlah AKA Tjia Ke
Seng -
US$ 2,400,000.-
Address : Jl. Pratama 7 Block X/22, RT. 006 RW. 021
Kelurahan Bojong Rawalumbu,
Kecamatan
Rawalumbu, Bekasi, West
Java, Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Oleo
Chemical Industry
Production
Capacity :
Oleo
Chemicals -
250,000 tons
-
Stearic Acid
-
Hydrogenated Palm Oil (HPO)
-
Palm Wax
-
Glycerine
Total
Investment :
a. Equity Capital - US$ 120.0 million
b. Loan Capital - US$
30.0 million
c. Total Investment - US$ 150.0 million
Started
Operation :
2007
Brand
Name :
Dua Kuda
Indonesia
Technical
Assistance :
Rugao
City, P.R. China
Number of
Employee :
315
persons
Marketing
Area :
Export -
100%
Main
Customer :
Buyers in
P.R. China
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T.
CISADANE RAYA CHEMICALS
b. P.T.
ECOGREEN OLEOCHEMICALS
c. P.T.
FLORA SAWITA CHEMINDO
d. P.T.
MEDAN OLEOCHEMICALS
e. P.T.
SINAR OLEOCHEMICALS
f. P.T. SUMI ASIH OLEOCHEMICALS
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CHINA TRUST
INDONESIA
Tamara Centre, 16th
Floor
Jalan Jend. Sudirman
Kav. 24
Jakarta Selatan,
Indonesia
b. P.T. Bank CENTRAL ASIA
Tbk
Jalan Kelapa Gading Boulevard Block LB 1 No. 15-16
Jakarta
Utara, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2015 – Rp. 1,071.6 billion
2016 – Rp. 1,157.3 billion
2017 – Rp. 1,249.9 billion
Net Profit (estimated) :
2015 – Rp. 85.7 billion
2016 – Rp. 92.6 billion
2017 – Rp. 99.9 billion
Payment Manner :
No Complaints
Financial Comments :
Fairly strong
KEY EXECUTIVES
Board of Management :
President Director - Mr. Fang Yinjun
Directors - a.
Mr. Bao Xinglai
b. Mr. He Jie
c. Mr. Hu Shinhua
d. Mr. Lou Dongping
Board of Commissioners :
President Commissioner - Mr. Dachlan AKA Tjia Ke Seng
Commissioners - a. Mr. Mao
Chunming
b. Mr. Wang Xiaohui
Signatories :
President Director (Mr. Fang Yinjun) or one of the Directors (Mr.
Bao Xinglai, Mr. He Jie, Mr. Hu Shinhua or Mr. Lou Dongping) which must be
approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
P.T. DUA KUDA INDONESIA (P.T. DKI) was set-up
in North Jakarta based on notary deed of Mr. Buntario Tigris Darmawa NG, SH.,
No. 144 dated 23 May 2006 with the authorized capital of US$ 13,000,000 issued
capital of US$ 5,000,000 entirely paid up. The founding and shareholders of the
company are RUGAO CITY SHUANGMA CHEMICALS CO, LTD., of P.R. China, INTELLIOIL
CHEMICALS PTE, LTD., of Singapore and Mr. Dachlan AKA Tjia Ke Seng an
Indonesian businessman of Chinese descent. The company notary deed has been
changed and according to the latest revision of notary documents of Mrs. Eva
Misdawati, SH., No. 04 dated 7 May 2008 the company authorized capital was
increased to US$ 120,000,000 wholly issued and paid up. With this development
the composition of its shareholders has been changed to become RUGAO CITY
SHUANGMA CHEMICAL CO, LTD., (82%), Mr. Dachlan AKA Tjia Ke Seng (10%) and
INTELLIOIL CHEMICALS PTE, LTD., (8%). Then according to the revision of notary
deed Mrs. Eva Misdawati, SH., no. 33 dated 31 October 2012 the company board of
director and the board of commissioner had been changed. The latest according
to revision notary deed Mrs. Anesta Chrisanti, SH., no. 03 dated 10 October
2016 ZHEJIANG ZANYU TECHNOLOGY CO, LTD., of China entered into the company as
new shareholder. With this time the composition of its shareholders has been
changed to become ZHEJIANG ZANYU TECHNOLOGY CO, LTD (60%), RUGAO CITY SHUANGMA
CHEMICAL CO, LTD (30%), INTELLIOLI CHEMICALS PTE LTD (8%) and Mr. Dachlan AKA
Tjia Ke Seng (2%). The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.03-0087720 dated October
10, 2016.
P.T. DKI acquired a Foreign Investment (PMA)
facility issued by Capital Investment Coordinating Board (BKPM) for dealing
with oleo chemical processing by managing a plant located at Kawasan Berikat
Nusantara, Jalan Madiun Block C.2 No. 11-13, Cilincing, North Jakarta standing
on 43,000 sq. meters land. The plant has been operating since 2007 by produces
of oleo chemicals such as Stearic Acid, Hydrogenated Palm Oil (HPO), Palm Wax
and Glycerine mostly for oriented export manufacturing. P.T. DKI is a foreign
invested enterprise mainly specialized in producing all kinds of oleo
chemicals, including stearic acid, palm wax, hydrogenated palm oil and
glycerin. The whole raw material in the form of crude palm oil is obtained from
several palm plantations in Kalimantan and some other areas of Indonesia. P.T.
DKI has the production capacity of all the oleo chemicals has achieved 250, 000
tons/year.
P.T. DKI Products
Stearic Acid
Stearic acid has found
wide application in the following industries such as Plastic: lubricant,
plasticizer, remover; rubber: curing agent, dispersant, softener; Textile
printing: softener, water-repellent; Wax and candles raw material; Cosmetic:
greasy material, emulsifier, softener, brightener; Food: emulsifier, modifier;
Pharmaceutical: surfactants, antiseptic; Paper making: sizing agent, softener;
School supply: crayon, pencil lead, thickener for glue stick.
Hydrogenated Palm Oil (HPO)
HPO is obtained from full
hydrogenation of palm oil. Application for make soap, candles, lubricating
grease polishing paste, candles and margarine. Its main derivate monoglyceride
is commonly used in food processing and textile industry.
Palm Wax
Palm Wax for Candle. With
palm oil as the raw material, palm wax is fully natural, biodegradable. It is a
renewable and inexhaustible resource with eco-friendliness. I is also has
application in lubricant, waterproofing agent, polishing agent etc. Benefits of
waxes include Non toxic, clean burning, colour stability and formulation
flexibility. In the candle industry, the common material paraffin wax has a
high price. At the same time, the hydrogenated oil has similar character with
the paraffin wax. In order to reduce the cost, P.T. DKI often mix paraffin was
and hydrogenated oil together. Palm wax is suitable for no crystal cup wax for
its soft character.
Glycerin
Glycerin can be obtained
from various oils and fats. However, the best is derived from palm-based
oleochemicals due to its natural purity. Hence, it is preferred in
pharmaceutical, food and personal care applications. It is known to person that
glycerin is widely used in toiletries, such as lotion, cream, toothpaste,
lipstick, liquid soap as well as in food as edulcorator. The tobacco industry
uses the glycerin as humectant when the medical industry can use it in
ointment, tincture, complexant, cough syrup etc. The paint and printing needs
it in resin, the plastic industry uses it as plasticizer and release agent. The
motoring industry relies on it for antifreeze agents. In the paper industry,
the glycerin used as cellophane and coated Paper. The glycerin also can be used
in the textile industry.
It has been growing consistently during these
years. P.T. DKI maintains close contact with the customer, helping in the
solution to any problem or process difficulty. P.T. DKI well-trained technical
& marketing staffs are ready at all times to serve and co-operate with the
customer for one reason. P.T. DKI believed that it is their superior quality
along with on-going customer service that has gained the confidence of highly
valued customers worldwide and hence contributed to success and achievement
today. According information the whole product exported to meet the demand of
industrial manufacturing in China. Compliance with ISO 9001:2008, Halal and Kosher
Certification is just a way of showing this commitment. The whole product is
exported to various industries in China. We observe that P.T. DKI is one the
biggest producers of oleo chemicals in the country with operation has been
growing and developing well in the last three years.
Generally outlook we find the demand for
fatty acid, glycerin has been rising at home. It is in line with the growth of
several industrial sectors, including rubber products, textile industry,
cosmetic and soap industries, pharmaceutical, lubricating industry, paper
making, and others as potential consumers of the products. As the largest producer of crude palm oil (crude palm oil / CPO)
in the world, Indonesia
should likely be the basis of
the oleochemical industry world beyond Malaysia,
China, India, and
even the European Union. National oleochemical industries
performance from year to year
has been improvement. This is due to
market demand and government policy support. Currently, Malaysia is
still considered a benchmark
constellation of global oleochemical industry because
of the high acquisition and
integration technology industry from upstream
to downstream.
Indonesia must change the mindset
that initially rely
on the production of crude palm
oil into various
derivative manufacturers high value-added palm oil,
oleochemicals one through industrialization, Ministry of Industry, said Mr.
Abdul, continues to push the industry to
support the progressive imposition of export duty on CPO exports to ensure domestic
availability of raw materials. The
government also encouraged the
expansion of capacity and new investment in the area of the proposed facility oleochemical industry through tax allowances and tax
holidays. For tax holiday, there
are two companies that have been filed. A
company that P.T. Unilever Oleochemical Indonesia. Upon the enactment of export
duty on CPO progressive, there is an
increase in the oleochemical
industry investments by 12 companies with a
total investment value of Rp.
14 trillion. Ministry
of Industry is also targeting 60% export of derivative
products, including oleochemicals,
and 40% of CPO.
Some of oleochemical products as a derivative
product of Crude Palm Oil (CPO) has been able to produce in Indonesia. But,
actually the case is the Indonesian oleochemical industry is not affordable yet
to supply domestic demand especially in the down-streamer, because of domestic
oleochemical products are still in the stage of semi-finished products. The
semi-finished products which consists of fatty acid, fatty alcohol and glycerol
were exported and after extending process then imported again by Indonesian as
finished products like additive matters for textile industry, rubber, plastic,
detergent, paint, cosmetic, processed-food, etc. Finally, as a consequence,
development of Indonesian oleochemical industry is still far left behind
compare to the one of Malaysian.
In 2011, for example, Indonesia has some 16
oleochemical producer companies with a total capacity of 1.67 million tons,
contains 1.00 million tons of fatty acid, 490,000 tons of fatty alcohol and
some 177,750 tons of glycerol. Since all domestic oleochemical products were
exported, afterwards Indonesia’s market share in the world would be at 15% of
6.63 million tons of fatty acid consumption whereas, fatty alcohol only has 12%
of 3.95 million tons and has only 8.9% of 2.00 million tons of glycerol. It is
estimated both fatty acid and glycerin will remain to rise in the coming years.
Competition is very tight due to a large number of similar companies operating
in the country, like P.T. ECOGREEN OLEOCHEMICALS, P.T. CISADANE RAYA CHEMICAL,
P.T. SUMI ASIH, P.T. MEDAN OLEOCHEMICAL and P.T. FLORA SAWITA. In overall we
find that oleo chemicals industry in the country keeps rising despite the
export price was lower and fluctuated. The growth of oleo chemicals industry in
the country is seen in the table below.
The Growth
and Production of Ole Chemical, 2009-2017
|
Year |
Fatty
Acid |
Production
(Ton) |
||
|
Glycol |
Fatty
Alcohol |
Total |
||
|
2009 2010 2011 2012 2013 2014 2015 2016 2017 |
504,080 542,391 585,782 631,473 659,510 705,676 748,016 792,897 840,561 |
55,290 59,492 64,251 69,262 72,337 77,400 82,044 86,967 92,185 |
136,482 146,855 158,603 170,974 178,565 191,064 202,528 214,797 227,778 |
695,582 748,738 808,636 871,709 910,415 974,144 1,032,593 1,094,751 1,160,524 |
Until this time P.T. DKI has not been
registered with Indonesian Stock Exchange, so that they had not obliged to
announce their financial statement. The management of P.T. DKI 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 Rp.
1,071.6 billion increased to Rp. 1,157.3 billion in 2016 rose to Rp. 1,249.9
billion in 2017 and projected to go on rising by at least 5% in 2018. The
operation in 2017 yielded a net profit of at least Rp. 99.9 billion. The
company has an estimated total networth of at least US$ 124.0 million. We
observe that P.T. DKI 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.
The management of P.T. DKI is led by Mr. Fang
Yinjun (55) a professional manager of China with experience in oleo chemical
industry. The company's management is handled by professional staff in the
above business. They have 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. P.T. DUA KUDA INDONESIA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.83 |
|
|
1 |
INR 91.68 |
|
Euro |
1 |
INR 80.29 |
|
IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.