MIRA
INFORM REPORT
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Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SYNERGY OIL NUSANTARA |
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Registered Office : |
Jalan Raya Pelabuhan Kabil Km. 12.5 Kabil, Batam 29467 Kepulaun Riau Province |
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Country : |
Indonesia |
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Date of Incorporation : |
28.03.2006 |
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Com. Reg. No.: |
No. AHU-45249.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Edible Oil Refinery Industry |
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No. of Employees : |
130 persons |
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$ 1.3 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. SYNERGY OIL
NUSANTARA
compANY Address
Head Office &
Factory
Jalan Raya Pelabuhan
Kabil Km. 12.5
Kabil, Batam
29467
Kepulaun Riau
Province
Indonesia
Phones -
(62-778) 711171 (hunting)
Fax - (62-778) 711170
Land Area - 116,246 sq.
meters
Building Space - 12,500 sq. meters
Region - Industrial Zone
Status - Rent
Registration data
Date of
Incorporation :
28 March 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The
Ministry of Law and Human Rights
- No. C-11958 HT.01.01.TH.2006
Dated 26 April 2006
- No. AHU-45249.AH.01.02.Tahun 2008
Dated 28 July 2008
Company Status
:
Foreign Investment (PMA) Company
Permit by the
Government Department :
The
Department of Finance
NPWP No. 02.538.114.6-215.000
The Capital
Investment Coordinating Board
- No. 322/I/PMA/2006
Dated 22 March 2006
- No. 492/III/PMA/2006
Dated 21 April 2006
Related
Companies :
a. P.T. IFFCO INDONESIA (Trading
and Distribution of Consumer Goods)
b. PROMISED RESULT INVESTMENT
HOLDINGS LTD., of BVI (Investment Holding)
c. TH ESTATES (HOLDINGS) Sdn.
Bhd., of Malaysia (Investment Holding)
d. P.T. TH INDO PLANTATION (Oil
Palm Plantation and Processing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital - US$. 7,000,000.-
Issued
Capital - US$.
7,000,000.-
Paid up
Capital - US$.
7,000,000.-
Shareholders/Owners
:
a. THE ESTATE
(HOLDINGS) SDN BHD. - US$
3,570,000.-
Address : Lot 82, Kawasan
Perindustrian Pasir
Gudang, Jalan
Besi Dua, Pasir Gudang
Johor, Malaysia
b. PROMISED RESULT
INVESTMENTS - US$
3,430,000.-
Address : Tortola
British Virgin
Island
BUSINESS ACTIVITIES
Lines of
Business :
Edible Oil Refinery Industry
Production
Capacity :
a. RBD
Palm Oil - 98,000 tons p.a.
b. RBD
Palm Stearin - 84,000 tons p.a.
c. RBD Palm Olein -
286,000 tons p.a.
d. PFAD - 27,000 tons p.a.
Total
Investment :
a. Equity
Capital - US$. 4,500,000.-
b. Loan
Capital - US$. 2,100,000.-
c. Total
Investment - US$. 6,600,000.-
Started
Operation :
April 2007
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
130 persons
Marketing Area :
Export -
100%
Main Customers
:
a. Cooking Oil Industries
b. Margarine Industries
c. Soap Industries
d. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIANAGRO AGUNG JAYA
b. P.T. MULTIMAS NABATI ASAHAN
c. P.T. SALIM IVOMAS PRATAMA Tbk
d. P.T. SMART Tbk
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank KESAWAN
Komp. Jodoh Square Blok A2 & 3
Jalan Raya Ali Haji Sei Jodoh
Batam 29453
Indonesia
b. Hongkong and Shanghai Bank
Corp. (HSBC)
Jalan
Rasamala 1 Batam Industrial Park
Muka
Kuning, Batam 29433
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Total Revenue
(estimated) :
2008 – US$ 3.2 million
2009 – US$ 8.5 million
2010 – US$ 10.6 million
2011 – US$ 11.3 million (January – June)
Net Profit (estimated)
:
2008 – US$ 0.2 million
2009 – US$ 0.7 million
2010 – US$ 0.9 million
2011 – US$ 1.2 million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Lim Kian Han
Directors - a. Mr. Hiew See Keong
b. Mr. Ismee Bin Ismail
c. Mr. Rashidi Bin Che Omar
d. Mr. Azizan Bin Abdul Rahman
Board of Commissioners :
President Commissioner -
Mr. Muda Bin Mamat
Commissioner - Mr. Kwing Keung aka Wong Kwing
Keung
Signatories :
President Director (Mr. Lim Kian Han) or
one of the Directors (Mr. Hiew See Keong, Mr. Ismee Bin Ismail, Mr. Rashidi Bin
che Omar and Mr. Azizan Bin Abdul Rahman) which must be approved by Board of
Commissioners (Mr. Muda Bin Mamat and Mr. Kwing Keung aka Wong Kwing Keung)
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$ 1.3 million on the 90 days of payments
OVERALL PERFORMANCE
P.T. SYNERGY OIL NUSANTARA (P.T. SON) was established in Batam Island based on notary deed of Mrs. Yulianistri, SH., No. 80 dated March 28, 2006 with an authorized capital of US$ 1,600,000 entirely was issued and fully paid up. The founding shareholders of the company are ASIA PACIFIC INVESTMENT HOLDING Ltd., of Malaysia (98%) and Mr. Hiew See Keong, a Malaysian businessman (2%). The company notary deed had been changed frequently. In April 2006, notary deed of Mrs. Yulianistri, SH., No. 26, the authorized capital was raised to US$ 4,500,000 entirely was issued and fully paid up. Concurrently, the founding shareholders pulled out and the whole shares are sold to TH ESTATES (HOLDINGS) Sdn. Bhd., of Malaysia (51%) and PROMISED RESULT INVSTMENTS HOLDINGS Ltd., of British Virgin Island (49%). Latest, based on notary deed of Mrs. Yulianistri, SH., No. 48 dated May 31, 2008 the authorized capital was raised again to US$. 7,000,000 entirely wais issued and fully paid up. The latest deed of amendment was approved by the Ministry of Law and Human Rights under Company Registration No. AHU-4549.AH.01.02.Tahun 2008 dated 28 July 2008.
We observe that TH ESTATES (HOLDINGS) SDN, BHD., is a member company of the TABUNG HAJI Group of Malaysia. The TABUNG HAJI Malaysia is also business stakes of P.T. IFFCO INDONESIA engaged in trading and distribution of consumer goods, and P.T. TH INDO PLANTATION in oil palm plantation and processing.
P.T. SON was established in frame work Foreign Capital Investment (PMA) to
deal with edible oil refinery by manages a plant located in Kabil Industrial
Estate, Batam, Riau Island Province standing on 116,246 sq. meters. This
company has been running since mid 2007, by processing crude palm oil (CPO) to
RBD palm oil, RBD palm oil, RBD palm oil and PFAD. Total investments invested
by the company reached U.S$ 6.6 million consisting of U.S. $ 4.5 million
company’s capital and the remaining comes loan capital. We noticed that this
company in development of this project obtained support of the Government of
Malaysia which continues to develop its business on the Batam Island. According
to Minister in the Administration of
Prime Minister of Malaysia, Dato 'Dr. Abdullah Md Zein, the
concentration of Malaysia investment
specialized in derivative
products was located in Batam, because its strategic position, facilities and infrastructures in
supporting large industries have been also already available in Batam.
Currently P.T. SON produced as many as 1,500 tons CPO derivative per day
which its h raw materials in the form of CPO from Malaysia. The whole basic
material like crude palm oil (CPO) obtained from sister company P.T. TH INDO
PLANTATION which has 30,000 hectares of oil palm estate in the nearby Riau
island, also refines oil from SIME DARBY Group and other private palm oil
companies. In October 2011, P.T. SUN plans to expand its palm oil refinery
capacity in Batam to 645,000 tons a year from the current annual output of
500,000 tons. Currently, P.T. SON exports some 95% of its output to the Middle
East, India, Bangladesh and Europe while the balance 5% of the refined edible
oil is sold in Indonesia and Malaysia. We observe the operation of P.T. SON has
been growing and developing well in the last three years.
Generally outlook, the demand for CPO and PKO products has kept on
rising well within the last five years in line with the increasingly growing
demand for CPO and PKO products both from the local and foreign market. From
the production sector, Indonesian CPO and PKO production has kept on rising
significantly. The increase in production is caused by the increasingly growing
wider of new oil palm estate development and production in Indonesia within the
last several years.
Besides, the national cooking oil production has kept on increasing in
the last five years in line with the changing of the publics’ consumption
patterns from using coconut cooking oil to palm cooking oil. Palm oil may
tumble as much as 7.4 percent by the end of October 2010 as Malaysian
production rebounds and Indonesian growers speed up shipments because of an
export tax, according to Godrej International Ltd. Indonesia said August 2010 that
production may fall to 19.0 million and 20 million tons, from 21 million in
2009. Global vegetable-oil demand will increase by 4.5 million tons in the year
beginning Oct. 1, 2010 exceeding the 3.8 million tons increase in supply,
Ministry said. The national crude palm oil, palm kernel oil production has kept
on increasing in the last five years in line with the changing of the publics’
consumption patterns from using coconut cooking oil to palm cooking oil.
Indonesia’s Production, Consumption, Export of CPO, 2006-2010*
|
Year |
Production (Thousand Ton) |
Consumption (Thousand Ton) |
Export (Thousand Ton) |
|
2006 |
16,05 |
3,7 |
12,54 |
|
2007 |
17,27 |
4,0 |
12,65 |
|
2008 |
19,20 |
4,5 |
14,61 |
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2009 |
21,14 |
4,9 |
16,94 |
|
2010* |
22,30 |
5,1 |
17,15 |
Source: Agriculture Ministry, GAPKI
*) Estimated by GAPKI (Indonesian Pal Oil
Association)
Until this time P.T. SON has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The
management of P.T. SON is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales/turnover of the
company in 2008 amounted to US$ 3.2 million rose to US$. 8.5 million in 2009
increased again to US$. 10.6 million in 2010. As from January to June 2011 the
sales turnover has reached at least US$ 11.3 million with a net profit of at
least US$ 1.2 million and projected to go on rising by at least 6% in 2012. The
company has an estimated total networth of at least US$ 6.5 million. 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. SON is led by Mr. Lim Kian Han (46) as president
director of Malaysia. In daily
activities, he is assisted by four directors namely Mr. Hiew See Keong (55), Mr
Ismee Bin Ismail (46), Mr. Rashidi Bin Che Omar (63) and Mr. Azizan Bin Abdul
Rahman (61). The company's management commands a very good reputation in edible
oil refinery. The company's management is handled by a number of expert staffs
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.
We believed that P.T. SYNERGY OIL NUSANTARA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.42 |
|
|
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.