MIRA INFORM REPORT

 

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. SYNERGY OIL NUSANTARA

 

 

Registered Office :

Jl. Raya Pelabuhan Kabil Km. 12,5 Kabil, Batam 29467 Kepulaun Riau Province

 

 

Country :

Indonesia

 

 

Date of Incorporation :

28.03.2006

 

 

Com. Reg. No.:

No. AHU-45249.AH.01.02.Tahun 2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Edible Oil Refinery Industry

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 1.3 million

Status :

Moderate

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company

 

P.T. SYNERGY OIL NUSANTARA

 

 

Address

 

Head Office

Jl. 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. AHU-45249.AH.01.02.Tahun 2008

Dated 28 July 2008

 

Company Status :

Foreign Investment Company (PMA)

 

Permit by the Government Department :

The Department of Finance

NPWP No. 02.538.114.6-215.000

 

The Capital Investment Coordinating Board

  a.  No. 322/I/PMA/2006

      Dated 22 March 2006

  b.  No. 492/III/PMA/2006

      Dated 21 April 2006

 

Related Companies :

a. TH ESTATES (HOLDINGS) Sdn. Bhd., of Malaysia (Investment Holding)

b. PROMISED RESULT INVESTMENT HOLDINGS Ltd, of BVI (Investment Holding)

 

 

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. TH ESTATE (HOLDINGS) Sdn.

    Bhd., of Malaysia                                - US$. 3,570,000.- (51%) 

b. PROMISED RESULT INVESTMENTS

    HOLDING Ltd., of BVI                          - US$. 3,430,000.- (49%)

 

 

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 :

2008

 

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. PT. Musim Mas

b. PT. Karya Prajona Nelayan

c. PT. Bimoli

d. PT. Smart Tbk.

e. PT. Sayap Mas Utama

f.  Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a.   PT. 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

 

Net Profit  (estimated) :

2008 – US$. 0.2 million

2009 – US$. 0.7 million

2010 – US$. 0.9 million

 

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 on March 28, 2006 with an authorized capital of US$. 1,600,000.- entirely was issued and fully paid up. The founding shareholders of the company are ASIA PACIFIC INVESTMENT HOLDING Ltd., of Malaysia (98%) and Mr. Hiew See Keong, a Malaysian businessman (2%).  In April 2006, the authorized capital was raised to US$. 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, in May 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 made by Mrs. Yulianistri, SH, a public notary in Batam under Company Registration No. AHU-4549.AH.01.02.Tahun 2008 dated 28 July 2008.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

      P.T. SON was established in terms of the Foreign Capital Investment (PMA) and has been already approved by Capital Investment Coordinating Board (BKPM) on March 2006, to the field of edible oil refinery in Kabil Industrial Estate, Batam, Riau Island Province. 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 entire production of the company is exported to China, India, Pakistan, Middle East and South Africa.

 

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. But, the increase did not follow by a good market prices even caused the drastically decline of the market price in the middle of 2008. Besides that, the increase in Indonesian and Malaysian oil palm production was also followed by relatively unstable world market prices for edible oil which caused an over supplies and dropped world price of CPO. Such condition is estimated to continue on remaining unchanged until 2009.  Details on Indonesian last five years Palm Oil production and export value is listed below:

 

Year

Production

Export of Palm Oil Volume & Value

Palm Oil (000 tons)

Palm Kernel (000 ton)

(000 ton)

(million US$)

2001

5,016.4

1,137.9

4,903.3

1,080.8

2002

6,195.6

1,209.7

6,333.7

2,092.4

2003

6,923.5

1,529.2

6,386.5

2,454.7

3004

8,479.3

1,862.0

8,661.6

3,441.8

2005

10,119.0

2,155.9

10,376.2

3,756.3

2006

10,961.8

2,363.1

12,101.0

4,817.4

2007

11,438.0

2,593.2

11,101.0

7,868.7

2008

11,623.8

2,646.6

14,290.7

12,375.3

2009

12,618.9

2,784.9

16,829.0

10,367.7

2010

967.1

229.4

973.3

691.1

Source: Statistic of Central Board   

 

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. The operation in 2009 yielded an estimated net profit of at least US$. 0.7 million rose to US$. 0.9 million in 2010 and 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.45.53

UK Pound

1

Rs.72.56

Euro

1

Rs.60.62

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.