Attachment 1
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Report
Update On |
24th June, 2003 |
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Report on |
PT PUPUK KUJANG |
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Registered Office |
Jalan
Jend. A. Yani No. 39, Cikampek 41373, West Java, Indonesia, PO Box 4 Cikampek |
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Tel. No. |
(0264) 316141, 317007 (Hunting) |
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Fax No. |
(0264) 314235, 314335 |
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E-Mail |
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Telex |
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Attachment 2
SUMMARY
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Incorporated |
09.06.1975 |
Status |
Satisfactory |
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Registration No. |
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Chief Executive |
Dadang Heru Kodri |
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Capital (Rp) |
228,210,000,000 |
Payments |
Usually Correct |
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Sales (Rp) |
552.3 billions |
Litigation |
-- |
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Net Worth (Rp) |
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Banking Reputation |
Good |
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No. of Employees |
1,000 |
Auditors |
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Credit Rating |
Ba (See attachment 3) |
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BACKGROUND/OFFICIAL
DATA |
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1. Address |
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Head Office & Factory Jalan Jend. A. Yani No. 39 Cikampek 41373, West Java Indonesia PO Box 4 Cikampek Tel.
(0264) 316141, 317007 (Hunting) Fax. (0264) 314235, 314335 Branch Gedung Umawar, II & III Floor Jalan Kapt. Tendean No. 28 South Jakarta 12710, Indonesia Tel.
(021) 5204225, 5204227 Fax. (021) 5204233 |
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2. Established |
: |
9 June 1975 |
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3. Organization Style |
: |
P.T. (Perseroan Terbatas) or State
Owned Limited Liability Company |
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4. Legalization |
: |
No. C2-8217.HT.01.04.TH-97 Dated 20 August 1997 |
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5. Government Permit(s) |
: |
a. Investment Coordinating Board
No. 107/I/PMDN/1979
Dated 25 June 1979 b. Department of Finance
NPWP : 1.000.519.7-408 |
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6. Capitalization |
: |
Authorized Capital - Rp. 800,000,000,000 Issued Capital - Rp. 228,210,000,000 Paid-up Capital - Rp. 228,210,000,000 Notes:
Consist of 800,000 shares @ Rp. 1,000,000 |
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7. Shareholder(s) |
: |
P.T. Pupuk Sriwidjaja -
100% |
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8. Supervisory Board |
: |
Chairman - Ir. Sujata MSc. ChE. Member(s) - a. Drs. Suhadi Hadiwidjojo b. Ir. Nanang Susetyo Sutadji c. Mr. Effendi SH, SE d. Drs. Rahmat Slamet |
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9. Management Board |
: |
President Director - Ir. Dadang Heru Kodri,
MM Production Director - Ir. Djoko Subagio, MBA Finance & Commercial Director - Drs. Aas Asikin Idat, Ak., MM Technical Director - Ir. Musthofa GA & HRD Director - Ir. Setyo Darmawan |
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10. Registered Activities |
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a. Industrial Manufacturing b. General Trading c. General Services d. Investment Holding |
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OPERATIONAL |
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11. Started Operation |
: |
1 April 1979 |
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12. Business Category |
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Manufacturer, Investment |
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13. Lines of Business |
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a. Fertilizer Industry b. Investment Holding |
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14. Product & Capacity (Annual) |
: |
Existing
Plant a. Ammonia -
383,000 tons b. Urea -
587,000 tons c. Bags - 1,100,000 pieces Expansion
Plant (Planned) a. Ammonia - 446,000 tons b. Urea - 570,000 tons |
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315. Status of Investment |
: |
Domestic Investment (PMDN) |
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16. Sales Territory |
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Local -
95% Export - 5% |
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17. Number of Employee |
: |
1,000 |
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FINANCIAL
INFORMATION |
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18. Sales Turnover (Audited) |
: |
2000 -
Rp. 536.2 billion 2001 -
Rp. 561.1 billion 2002 -
Rp. 552.3 billion |
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19. Total Asset (Audited) |
: |
Rp. 1,012 billion (as of December 31, 2002) |
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20. Investment |
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Existing
Plant - Rp. 225 billion Expansion
Plant (Planned) - US$ 304 million |
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21. Banker(s) |
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a. P.T. Bank Negara Indonesia
Jakarta Main Branch
Jalan Jend. Sudirman Kav. 1
Central Jakarta b. P.T. Bank Mandiri
Jakarta Thamrin Branch
Jalan M.H. Thamrin No. 5
Central Jakarta |
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CREDITWORTHINESS |
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22. Operating Trend |
: |
Steady |
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23. Industrial Trend |
: |
Medium |
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24. Banking Relation |
: |
Good |
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25. Financial Condition |
: |
Strong |
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26. Commercial Morality |
: |
Good |
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27. Management Capability |
: |
Good |
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28. Payment Manner |
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Medium |
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29. Authorized Signatories |
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President Director or Director which must
be approved by Chairman or Member of the Supervisory Board |
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30. Credit Opinion |
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No caution should be needed in
granting credit |
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31. Affiliate(s)/Associate(s) |
: |
Member of the Pusri Group |
***
P.T. PUPUK KUJANG
(PERSERO)
Background
P.T. Pupuk Kujang (Persero)
was established by Pertamina, the
Indonesian state-owned oil company, in Cikampek, West Java in 1974. Subject was established in the framework of
West Java Urea Fertilizer Project under the jurisdiction of the Directorate General
of Oil and Natural Gas of Department of Mines and Energy. On June 9, 1975, the project was taken over
by the Ministry of Industry and was incorporated into P.T. Pupuk Kujang (Persero). At that time, its authorized capital was Rp.
75,000,000,000 of which Rp. 40,000,000,000 was issued and fully paid-up by the
state. Later, in 1985, the authorized
capital was increased up to Rp. 100,000,000,000 of which Rp. 75,000,000,000 was
issued and fully paid-up.
In
1997, in line with the government regulation No. 28/1997 concerning the
restructure of Indonesian state-owned fertilizer company, the government
appointed P.T. Pupuk Sriwidjaja
as a holding company to acquire subject’s entire shares. Since then, its authorized capital has been
increased to Rp. 800,000,000,000 which was issued but only Rp. 228,210,000,000
was paid-up. The notarial deed has been
legalized by the Ministry of Justice with the deed No. C2-8217.HT.01.04.TH-97
dated 20 August 1997.
Subject
is a member of Pusri Group, a big
size state-owned business group that is engaged in fertilizer manufacturing,
general contracting and melamine manufacturing.
Operations Outlook
Subject’s
registered businesses are in industrial manufacturing, general trading, general
services and investment holding. In
fact, subject has obtained a Domestic Investment (PMDN) permit to engage in
urea fertilizer manufacturing. It
started operations in April 1979. In
this business, subject operates a factory located in Cikampek, West Java that
has annual production capacity of 570,000 tons of urea and 360,000 tons of
ammonium per year. Today, its
utilization reaches 97% of the installed capacity. In order to increase its capacity, subject is currently
constructing a new factory to replace the old one. The construction absorbs a total investment of about US$ 300
million. This new factory will be
operated in mid 2005 and is designed to have the capacity of 330,000 tons of
ammonia and 570,000 tons of urea per year.
The factory is also facilitated with plastic bag facility with a
capacity of 1.2 million pieces per year in order to support its fertilizer
packaging. Subject’s products are 95%
marketed locally and distributed through P.T.
Pupuk Sriwidjaja (Pusri). The
rest 5% are exported to Asian countries.
Subject is also active in investment holding by controlling some shares
in P.T. Sintas Kurana Perdana
(format acid manufacturing), P.T. Kujang
United Catalyst (catalyst manufacturing), P.T. Peroksida Indonesia Pratama (hydrogen peroxide
manufacturing), P.T. Multi Nitrotama
Kimia (ammonium nitrate manufacturing), P.T. Kawasan Industri Kujang Cikampek (industrial estate that
provides the services of processing factory construction permit, as well as
importing/exporting materials or products), P.T. Kuniseal Nusantara and P.T. Kujang
Harindo Indonesia.
In buying term, subject settles the payment in cash or credit. While in selling term, subject provides
credit facility of maximum 2 months.
In general, we observed that the prospect of urea fertilizer & ammonia manufacturing in Indonesia is bright due to the large demand from local and export markets, in line with the development of agricultural sectors. In fact, Indonesia has become one of the largest urea producers in the world.
So
far, subject’s operation is still running relatively stable in the last three
years. Subject has acquired long
experience in the business with wide marketing network.
Financial Condition
Subject’s
sales turnover has increased in the last three years. It was Rp. 536.2
billion in 2000, Rp. 561.1 billion in 2001 and Rp. 552.3 billion in 2002. While as of 31 December 2002, its total asset
was Rp. 1,012 billion
Worth to note, subject’s
financial condition is considered sound as it has successfully gained profit in
the last 5 years.
Management
Leading the management is the president director, Ir. Dadang Heru Kodri, MM. He holds chemical engineering degree from Bandung Institute of Technology in 1975 and master of management degree from IPPM in 1997. In the daily operations, he is assisted by four directors, namely Ir. Djoko Subagyo, MBA as production director, Ir. Musthofa as technical director, Drs. Aas Asikin Idat, Ak. MM as financial & commercial director and Ir. Setyo Darmawan as GA & HRD director. They are also supported by a number of capable staffs. The management has long experience in the business and maintains good business relationship with entrepreneurs involved in the above business, both locally and internationally.
Creditworthiness
From the above facts, we conclude that subject’s operation is still running relatively stable in the last three years. Subject has acquired long experience in the business with wide marketing network. Being an Indonesian state-owned company, subject is fully supported by the government. Basically, subject is considered capable to maintain its operation in the coming short time and is good for normal business transaction. However, due to the uncertainties in the country so far, we suggest caution in granting credit to Indonesian companies.
***
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P.T. PUPUK KUJANG (PERSERO) |
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Balance Sheet (Audited) |
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31 December 1998, 1999, 2000, 2001 and 2002 |
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in Million Rupiah |
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2002 |
2001 |
2000 |
1999 |
1998 |
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Assets |
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Current Assets |
588,579 |
797,467 |
640,135 |
486,428 |
441,637 |
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Long Term Investment |
78,937 |
93,016 |
83,358 |
58,204 |
37,630 |
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Fixed Assets |
279,608 |
66,033 |
46,405 |
36,258 |
35,437 |
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Other Assets |
65,368 |
24,035 |
29,744 |
43,464 |
26,437 |
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Total Assets |
1,012,492
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980,552
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799,642
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624,353
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541,140
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Liabilities & Equity |
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Current Liabilities |
234,838 |
318,874 |
237,344 |
121,851 |
60,331 |
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Long Term Liabilities |
451 |
602 |
742 |
4,956 |
6,989 |
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Others Liabilities |
47 |
1,078 |
659 |
365 |
1,247 |
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Shareholders Equity |
777,156 |
659,998 |
560,898 |
497,181 |
472,574 |
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Total Liabilities & Equity |
1,012,492
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980,552
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799,642
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624,353
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541,140
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Statement of Income (Audited) |
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For the Period Ended on 31 December
1998,1999,2000,2001 and 2002 |
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in Million Rupiah |
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2002 |
2001 |
2000 |
1999 |
1998 |
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Net
Sales |
552,323 |
561,105 |
536,166 |
452,622 |
356,333 |
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Cost
of Sales |
373,485 |
402,604 |
440,553 |
388,433 |
245,113 |
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Gross
Profit |
178,839 |
158,501 |
95,613 |
64,189 |
111,219 |
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Operating
Expenses |
73,042 |
60,459 |
48,027 |
47,803 |
36,467 |
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Operating
Income |
105,797 |
98,042 |
47,586 |
16,386 |
74,753 |
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Other
Income (Expenses) |
94,754 |
53,791 |
70,817 |
82,690 |
166,887 |
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Profit
(Loss) before Income Tax |
200,551 |
151,833 |
118,402 |
99,076 |
241,640 |
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Income
Tax |
41,035 |
23,571 |
15,893 |
5,235 |
48,085 |
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Net Profit (Loss) |
159,516
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128,262
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102,510
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93,841
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193,555
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Auditor : Soejatna, Mulyana & Partner |
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Attachment 3
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SCORE SHEET |
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SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an
extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not cause
fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. Maybe drawn to
slightly difficult position as unfavourable conditions arise. Minimal
assurance for timely payment on interest and principal sums |
Moderate |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively limited or considered
not known. Capability to pay both interest and principal sums is doubtful |
Small |
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11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to be
in default upon maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
Attachment 4
ACKNOWLEDGEMENT
Dear Sir/Madam,
As part of our control
system, please fax/email us this note
upon receipt of this report. If we do not receive the acknowledgement within 24
hours, we will assume that our report meets your requirement. If you have any
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let us know.
Thank you.
______________________________________________________________________________
To : MIRA INFORM PRIVATE
LIMITED
From :
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the appropriate box.
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GOOD |
FAIR |
POOR |
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Further Comments/Suggestion :
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Company’s Stamp &
Signature