MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. OMYA
INDONESIA |
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Registered Office : |
Jalan Raya Km. 20 Surabaya-Mojokerto, Desa Tanjungsari,
Trosobo, Sidoarjo 61257, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
7 May 1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Calcium Carbonate Industry |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 5,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
P.T. OMYA INDONESIA
Address
Head Office &
Factory 1
Jalan Raya Km. 20 Surabaya-Mojokerto
Desa Tanjungsari,
Trosobo
Sidoarjo 61257
East Java
Indonesia
Phone - (62-31) 788 1982
(hunting 5 lines)
Fax. - (62-31) 788 2488
Land Area - 15,000 sq.
meters
Factory Space - 7,800 sq. meters
E-mail - info@camcoomya.com
Website - http :
//www.camcoomya.com
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Paciran Km.
76,3
Desa Kandang,
Semangkon, Paciran
Lamongan 62264
East Java
Indonesia
Phone - (62-322) 662
206, 662 2297
Fax. - (62-322) 662 2209
Land Area - 107,931 sq.
meters
Factory Space - 8,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III
Jalan Raya
Padalarang Km. 17.5
Padalarang 40553
West Java
Indonesia
Phone - (62-22) 6809141,
6809363
Fax. - (62-22) 6809142
Land Area - 30,000 sq.
meters
Factory Space - 6,500 sq. meters
Region - Industrial
Zone
Status - Owned
Jakarta
Representative Sales Office
Jalan Hayam Wuruk
111T 3rd Floor
Jakarta Barat
Indonesia
Phone - (62-21) 6253669,
6253677, 6397091
Fax. - (62-21) 6397152
Building Area - 4 storey
Office Space - 500 sq. meters
Region - Commercial
Building
Status - Rent
Medan
Representative Sales Office
Jalan Cahaya 56
Medan
North Sumatera
Indonesia
Phone - (62-61) 632188
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
a. 7 May 1992 as P.T. COMCO OMYA INDONESIA
b. 4 February 1993 as P.T. CAMCO OMYA INDONESIA
c. 13 November 2002 as P.T. OMYA INDONESIA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-22891
HT.01.04.TH.2006
Dated 4 August
2006
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The President of the Republic of Indonesia
No. B-97/Pres/4/1992
Dated 16 April 1992
The Capital Investment Coordinating Board
- No. 95/I/PMA/1992
Dated 1 May 1992
- No. 137/II/PMA/1993
Dated 29 November 1993
- No. 101/III/PMA/1996
Dated 6 February 1996
- No. 246/II/PMA/1996
Dated 19 November 1996
- No. 521/III/PMA/1999
Dated 7 May 1999
The Department of Finance
01.082.835.8-603
Related Company
a. P.T. INDONESIA CAMCOCROWN CHEMICAL INDUSTRY (Investment Holding)
b. P.T. INDONESIA KALSIUM KARBONATE AGUNG (Investment Holding)
c. OMYA AG (ex. PLUESS STAUFER) Switzerland
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$
33,500,000.-
Issued Capital : US$
33,500,000.-
Paid up Capital : US$
33,500,000.-
Shareholders/Owners :
a. OMYA AG of Switzerland - US$ 21,272,500.-
Address : Baslestrasse 42
CH-4665, Oftringer
Swiss
b. P.T. INDONESIA CAMCOCROWN CHEMICAL
INDUSTRY
of Indonesia - US$
8,152,000.-
Address : Jl. Raya Km. 20 Desa Tanjungsari
Trosobo, Sidoarjo
East Java, Indonesia
c. P.T. INDONESIA KALSIUM KAR
BONATE
AGUNG of Indonesia - US$ 4,075,500.-
Address : Jl. Padalarang Km. 17.5
Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Calcium Carbonate Industry
Production Capacity
Calcium Carbonate - 441,800 tons p.a.
Total Investment
a. Equity Capital - US$ 33.5
million
b. Loan Capital - US$ 14.6
million
c. Total
Investment - US$ 48.1 million
Started Operation
1994
Brand Name
Omya Indonesia
Technical Assistance
OMYA AG of Switzerland
Number of Employee
569 persons
Marketing Area
Domestic - 30%
Export - 70%
Main Customer
Paper Industry,
Paint Industry, Plastic Industry, Rubber Industry
Market Situation
Very Competitive
Main Competitors
a. P.T. LIGHT
CALSINDO RAYA
b. P.T. INKALKO
AGUNG MULIA
c. P.T. KAPURINDO
SENTANA BAJA
d. P.T. FINEXCO
PRIMA
e. P.T. UNICHEM
CANDI INDUSTRI
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. ABN-AMRO Bank N.V.
Jalan Pemuda No. 54
Surabaya, East Java
Indonesia
b. P.T. Bank NIAGA Tbk
Jalan Dr. Soetomo No. 142
Surabaya, East Java
Indonesia
c. P.T. Bank MANDIRI Tbk
Jalan Basuki Rachmat
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 400.0
billion
2005 – Rp. 440.0
billion
2006 – Rp. 480.0
billion
Net Profit (Loss)
:
2004 – Rp. 24.0 billion
2005 – Rp. 26.4 billion
2006 – Rp. 28.8
billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Joelistio
Robertus Tandiono
Directors - a. Mr. James Hartono Setio
b. Mrs. Juliana Tandiono
c. Mr. Max Andree Schachenmann
d. Mr. Nenad Stefan Benko
e. Mr. John Leslie Coyle
Board of Commissioners :
Commissioner - Mrs. Elizabeth
Signatories :
President Director (Mr. Joelidtio
Robertus Tandiono) or one of the Directors (Mr. James Hartono Setio, Mrs.
Juliana Tandiono, Mr. Max Andree Schachenmann, Mr. Nenad Stefan Benko or Mr.
John Leslie Coyle) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 5,000,000.- on the 90 days of payments
OVERALL PERFOMANCE
The company originally named P.T. COMCO OMYA INDONESIA, set-up in May 1992 with an authorized capital of US$ 4,500,000.- entirely issued and paid up. Founders and original shareholders of the company were OMYA AG (ex. PLUESS STAUFER) of Switzerland, P.T. INDONESIA CAMCOCROWN CHEMICAL INDUSTRY and P.T. INDONESIA KALSIUM KARBONAT AGUNG, both are national private company of Indonesia. The articles of association has been changed a couple of times. In February 1993, the company renamed to P.T. CAMCO OMYA INDONESIA. In February 1996, the authorized capital was raised to US$ 33,500,000.- entirely issued and paid up. The latest in November 2002, the company renamed to P.T. OMYA INDONESIA (P.T. OI). The deed of amendment was made by Mrs. Evawati Santoso, SH., a public notary in Surabaya, under Company Registration Number C-22891.HT.01.04.TH.2006, dated August 4, 2006.
Wee see the local partners namely P.T. INDONESIA CAMCOCROWN CHEMICAL INDUSTRY and P.T. INDONESIA KALSIUM KARBONAT AGUNG both are a national private company dealing with investment holding and majority business stakes is controlled by Mr. Joelistion Robertus Tandiono and family members.
P.T. OI obtained a Foreign Investment (PMA) license for dealing with calcium carbonate industry. The company is the biggest producer of calcium carbonate and manages 3 units plant located at Jalan Raya Km. 20 Surabaya-Mojokerto, Sidoarjo, East Java on a land of 15,000 sg. Meters, the second plant located in Jalan Raya Paciran Km. 76.3, Desa Kandang Semangkon, Lamongan, East Java on a land of 112,931 sq. meters and the third in Jalan Raya Padalarang Km. 17,5, Bandung, West Java on a land of 30,000 sq. meters. The above plant had been in operating since 1994 and expanded frequently to increasing production capacity. The plant produces calcium carbonate of 441,800 tons per annum. The plant has absorbed an investment of US$ 48.1 million, come from owned capital of US$ 33.5 million and the rest is loan. P.T. OI produces homogeneus quality of calcium carbonate applicable for several industries. Slurry calcium carbonate is used in paper and paint industries, while powdered calcium carbonate is used in paint and plastic industries. About 70% of the products is exported to Singapore, Malaysia, Vietnam, Pakistan, Japan, Australia, Middle East, Africa, Japan, and other Asian countries. While the rest 30% of the products supplied to paper industries such as P.T. PAKERIN, P.T. EKAMAS FORTUNE, P.T. SUPARMA etc, paint industries such as P.T. MIKATASA AGUNG, P.T. MATARAM PAINT, P.T. NIPPON PAINT, P.T. AVIAN-AVIAN, P.T. OXYPLAST INDUSTRY, plastic industries such as P.T. TULUS REJO INDUSTRIES, P.T. KEMAS ELOK PLASTINDO and others industries in Surabaya (East Java), Bandung (West Java), Yogyakarta, Semarang (Central Java), Jakarta, Medan (North Sumatera) and other cities in Indonesia. We see the operation P.T. OI has been had been running and growing well within the last four years.
In overall views we find the demand for calcium carbonate or ground calcium carbonate had been rising by 6% to 8% per year in the last five years, in line with the growth of plastic industries, paint industries, paper industries, rubber industries as consumers. The annual demand for ground calcium carbonate in Indonesia reaches about 460,000 tons – 470,100 tons year from the seventh producers. Business position of P.T. OI is quite well for some 70% of the product is exported. See the table below :
Ground Calcium
Carbonate producers, and production capacity 2007
|
No. |
Producers |
Production Capacity (Tons/year) |
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1. 2. 3. 4. 5. 6. 7. |
P.T. BUMI KENCANA CHEMICAL P.T. DWI SELO GIRI RAYA P.T. OMYA INDONESIA P.T. KAPURINDO SENTRA BAJA P.T. FINEXCO PRIMA P.T. UNICHEM CANDO P.T. INKALKO AGUNG MULIA |
40,000 20,000 441,800 90,000 125,000 24,000 36,100 |
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Total |
470,100 |
Source
: Department of
Industry and processed by ICB
Until this time P.T. OI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted to Rp. 400.0 billion increased to Rp. 440.0 billion in 2005 and to Rp. 480.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 28.8 billion and the company has an estimated total net worth at least Rp. 372.5 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. OI is supported by financially fairly strong foreign partner behind it. So far, we have never heard of 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. OI is led by Mr. Joelistio Robertus Tandiono (57) with 18 years of experience in the field of ground calcium carbonate industry and trade. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice 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. PT. OMYA INDONESIA is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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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. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)