MIRA
INFORM REPORT
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Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. PERKEBUNAN NUSANTARA III |
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Registered Office : |
Jalan Sei Batang Hari No. 2, |
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Country : |
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Date of Incorporation : |
11 March 1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Oil Palm, Rubber, Cacao |
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$ 12,500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. PERKEBUNAN NUSANTARA III
Address
Head Office
Jalan Sei Batang
Hari No. 2
Phone -
(62-61) 8453100, 8453061, 8452244
Fax. - (62-61) 8455177
E-mail - ptpn3@indosat.net.id
Website - http :
//www.ptpn3.com
Land Area - 2 storey
Building Area - 9,200 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory
Tanjung Morawa Km. 9.5
Land Area - 25,000 sq.
meters
Building Area - 19,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
11 March 1996
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-8331.HT.01.01.TH.96
Dated 8 August
1996
Company Status
State Owned and Domestic Investment (PMDN) Company
Permit by the
Government Department
The Government Regulation
No. 8/1996
Dated 14 February 1996
Related Company
a. P.T. AGRO INDUSTRI NUSANTARA (Rubber Goods Manufacturing)
b. P.T. ANEKA USAHA PERKEBUNAN (Trading and Tobacco
c. P.T. DELITAMA
d. P.T. PERKEBUNAN MITRA OGAN (Palm Oil
e. P.T. WANA TANI LESTARI (Rubber
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,200,000,000,000.-
Issued Capital : Rp. 315,000,000,000.-
Paid up Capital : Rp. 315,000,000,000.-
Shareholders/Owners :
The Government of
the
BUSINESS ACTIVITIES
Lines of Business:
Oil Palm, Rubber, Cacao
Production Capacity
a. Fresh Fruit Bunches - 1,376,270 tons p.a.
b. Crude Palm Oil (CPO) - 430,053 tons p.a.
c. Palm Kernel Oil (PKO) - 179,020 tons p.a.
d. Rubbers - 95,875 tons p.a.
e.
Total Investment
Owned Capital - Rp. 400.0 billion
Started Operation
March 1996
Brand Name
PTPN III
Technical Assistance
None
Number of Employee
30,480 persons
Marketing Area
Local - 40%
Export - 60%
Main Customer
Buyers in Europe
Union,
Market Situation
Very Competitive
Main Competitors
a. P.T. ASIANAGRO
AGUNGJAYA
b. P.T. PERKEBUNAN
NUSANTARA V
c. P.T. PERKEBUNAN
NUSANTARA IV
d. P.T. BUKIT
KAPUR REKSA
e. Etc.
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk.
Jalan Imam Bonjol No. 7
b. STANDARD CHARTERED Bank
Jalan Imam Bonjol 17
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 2,117.8
billion
2005 – Rp. 2,334.9
billion
2006 – Rp. 2,656.7
billion
Net Profit :
2004 – Rp. 29.1 billion
2005 – Rp. 277.9 billion
2006 – Rp. 293.8
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Haji Amri Siregar
Directors - a. Mr. Ir. Haji Amal Bhakti Pulungan
b. Mr. H.M. Rachmat Prawirakusumah, SE. MM.
c. DR. Ir. H. Chairul Muluk
Board of Commissioners :
President Commissioner -
Mr. Ir. Soegiat
Commissioners - a. Mr. Drs. Mulyohadi Sastrodarmodjo, SH.
b. Prof. DR. Chairuddin P. Lubis DTM & H
c. Mr. Aries Mufti, SE. SH. MH.
d. Mr. Heri Sebayang, SH.
Signatories :
President Director (Mr. Ir. Haji Amri
Siregar) or one of the Directors (Mr. Ir. Haji Amal Bhakti Pulungan, Mr. H.M. Rachmat
Prawirakusumah, SE. MM, or DR. Ir. H. Chairul Muluk) which must be approved by
Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Low
Credit Recommendation
Credit can be proceeded promptly
Proposed Credit
Limit
Fairly large amount
Maximum Credit Limit
US$ 12,500,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. PERKEBUNAN NUSANTARA III abbreviated which double as trading
style PTPN III was established in March 1996 by way of the merger of three
state-owned companies, P.T. PERKEBUNAN III, P.T. PERKEBUNAN IV and P.T.
PERKEBUNAN V. The company was established with an authorized capital of Rp.
1,200,000,000,000.- issued capital Rp. 315,000,000,000.- entirely paid up. The
company’s share are entirely controlled by the Government of the
PTPN III has been in operation since March 1996 in oil palm, rubber and cacao plantation management and products processing. Basically, PTPN III is continuing the activities of the merged companies, P.T. PERKEBUNAN III, P.T. PERKEBUNAN IV and P.T. PERKEBUNAN V which owned the above plantations located in various district of North Sumatera. At present PTPN III manages 98,218 hectares of oil palm plantations, consisting of 87,814 hectares of its own, with the rest being plasma (smallholder) plantations. It further manages 54,225 hectares of rubber plantations, consisting of 45,074 hectares of its own and the rst being plasma plantations. It cacao plantations cover 8,685 hectares, being 8,352 hectares of its own and the rest plasma (smallholder) plantations.
To complement its activities, PTPN III owns 11 palm oil
processing mills with a total installed capacity of 510 tons of fresh fruit
bunches per hour. In addition, the company owns several mills processing rubber
latex into crumb rubber, low grade and high grade crumb rubber and adhesive
latex. Dry rubber production in 1998 amounted to 33,460 tons processed in the
Pusingan latex mill with a capacity of 77.5 tons of dry rubber and 107 tons of
crumb rubber per day. Cacao processing facilities are to be found in 6
plantations with a production capacity of 35.8 tons of cacao beans per day. At
first, some 60% of the company’s crude palm oil (CPO) production used to be
exported to several exports due to the mounting price of domestic cooking oil
in early 1998, export were discontinued and the entire CPO output has been
supplied to domestic cooking oil refineries. Meanwhile, about 75% of the
company’s rubber production is exported to the
Generally outlook we find that integrated palm oil processing industry had been growing rapidly by about 10% to 12% per year within the last five years. The crisis has made a sharp Rupiah depreciation which finally increased the prices of capital goods and packaging materials. Tight money policy caused high rate of bank interest which has badly affected business sector in the country including integrated pal moil processing industry to get working capital. It is estimated that palm oil industry will be increasing within the coming two years.
The Export of Crude
Palm Oil and Processed Rubber, 2001-2005
(Tons)
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Year |
Crude
Palm Oil |
Processed Rubber |
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2001 |
4.903.3 |
1.669.5 |
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2002 |
6.333.7 |
1.760.1 |
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2003 |
6.386.5 |
1.942.5 |
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2004 |
8.616.6 |
2.247.5 |
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2005 |
10.376.2 |
2.419.8 |
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2006* |
2,487.9 |
666.0 |
Source :
Bureau of Statictic (BPS), Processed
*)
January-March
Until this time PTPN III 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. 2,117.9 billion with a net profit of Rp. 29.1 billion
increased to Rp. 2,334.9 billion with a net profit of Rp. 277.9 billion in 2005
and to Rp. 2,656.7 billion with a net profit of Rp. 293.8 billion in 2006. It is
projected that total sales turnover of the company will be higher by at least
8% in 2007. We observe that PTPN III is supported by the Government of the
The management of PTPN III is headed by Mr. Ir. Haji Amri Siregar (54) a professional manager with has experienced for more than 16 years in oil palm, rubber, cacao plantation and processing. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear 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. P.T. PERKEBUNAN NUSANTARA III 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. |
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%)