MIRA INFORM REPORT
|
Report Date : |
04.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CASTROL INDONESIA |
|
|
|
|
Formerly Known As : |
P.T. PANCA CENTRAL MEKANIKA |
|
|
|
|
Registered Office : |
Perkantoran Hijau Arcardia, Gedung B, 9th Floor, Jl. TB Simatupang Kav. 88, Kel. Pasar Minggu, Jakarta 12520 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.09.1985 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10.22899,
dated 20 July 2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Lube Oil Blending Industry |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 9.0 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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. CASTROL
INDONESIA
company Address
Head Office
Perkantoran Hijau
Arcardia, Gedung B, 9th Floor
Jl. TB Simatupang Kav. 88
Kel. Pasar Minggu
Jakarta 12520
Indonesia
Phones -
(62-021) 7884 3878 (hunting)
Fax. - (62-021) 7884 3875, 7884 3876
Email - castrolindonesia@castrol.com
Website - http://www.castrol.com
Building Area - 12 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Factory
Jl. Raya Merak Km. 117
Desa Gerem, Merak
Banten Province
Indonesia
Phones - (62-021)
571614 (hunting)
Fax. - (62-021)
570740
Land Area - 100,000 sq.
meters
Building Space - 42,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
a. 26 September 1985 as P.T. PANCA CENTRAL MEKANIKA
b. 01 July 1998 as P.T. CASTROL INDONESIA
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.No.
The Ministry of Law and Human Rights
a. No.
AHU-60865.AH.01.02.Tahun 2008, dated 10 September 2008
b. No.
AHU-AH.01.10.22899, dated 20 July 2011
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
a. The Department of Finance
NPWP No. 01.374.698.7-056.000
b. The Capital Investment Coordinating Board
- No. 282/I/PMDN/1995
Dated 3 April 1995
- No. 89/III/PMDN/1997
Dated 11 March 1997
- No. 298/III/PMDN/1998
Dated 8 September 1998
- No. 24/V/PMA/2002
Dated 23 April 2002
- No. 102/II/PMA/2004
Dated 12 July 2004
Affiliated/Associated Companies
a. CASTROL Ltd., of the United Kingdom (Investment Holding)
b. P.T. ASTRON LAMTORO BAHANA of Indonesia (General Trading and
Investment Holding)
c. P.T. POLINDO SETYATAMA of Indonesia (General Trading and Investment
Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 79,160,000,000.-
Issued Capital - Rp. 79,160,000,000.-
Paid up Capital - Rp. 79,160,000,000.-
Shareholders/Owners :
a. CASTROL Ltd.,
of the United Kingdom - Rp.
54,066,300,000.- (68.30%)
b. P.T. ASTRON
LAMTORO BAHANA of Indonesia -
Rp. 13,504,700,000.- (17.06%)
c. P.T. POLINDO
SETYATAMA of Indonesia -
Rp. 11,589,000,000.- (14.64%)
BUSINESS ACTIVITIES
Lines of Business
:
Lube Oil Blending Industry
Production
Capacity :
Lubricating Oil - 200 million liters p.a.
Total Investment :
a. Equity Capital - Rp
79.2 billion
b. Loan Capital -
Rp -- billion
c. Total Investment -
Rp 79.2
billion
Started Operation :
1985 when its was
named P.T. PANCA CENTRAL MEKANIKA
Brand Name :
CASTROL
Technical Assistance :
CASTROL Ltd., of the United Kingdom
Number of Employee :
420 persons
Marketing Area :
Domestic
(Local) - 100%
Main Customer :
a. Wholesalers and
Distributors of Lubricating Oil and Motor Vehicles
b. Supermarkets, Motor Vehicle Shops, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. PERTAMINA
b. P.T. WIRASWASTA
GEMILANG
c. P.T. NUSARAYA
PUTRAMANDIRI
d. P.T. AGIP LUBRINDO PRATAMA
e. P.T. DIRGA BUANA NUSANTARA
f. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jl. Jend.
Sudirman Kav. 22-23
Jakarta
Seatan
Indonesia
b. STANDARD CHARTERED Bank
Wisma Standard Chartered Bank
Jl. Jend. Sudirman Kav. 33A
Jakarta
10220
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 360.0
billion
2007 – Rp. 415.0
billion
2008 – Rp. 480.0
billion
2009 – Rp. 560.0
billion
2010 – Rp. 640.0
billion
Net Profit (estimated)
:
2006 – Rp. 25.0 billion
2007 – Rp. 28.8 billion
2008 – Rp. 33.2 billion
2009 – Rp. 38.0 billion
2010 – Rp. 42.5 billion
Payment Manner :
Average
Financial Comments :
Strong and Sound
KEY EXECUTIVES
Board of Management :
President Director - Mr. Indrasena Patmawidjaja
Director - Mrs. Umi Kalsum
Board of Commissioners :
President Commissioner -
Mr. Ir. Antonius Setyadi
Commissioners - a. Mrs. Jeannie Tai AKA Tai Kim Nee
b. Mr. Michael Patrick Rodwell
Signatories :
President Director (Mr. Indrasena
Patmawidjaja) or the Director (Mrs. Umi Kalsum) which must be approved by the President Commissioner (Mr. Ir. Antonius Setyadi)
or the Commissioners (Mrs. Jeannie Tai AKA Tai Kim Nee and Mr. Michael Patrick
Rodwell)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 9.0 million on the 90 days of payments
OVERALL PERFORMANCE
Originally named P.T.PANCA CENTRAL MEKANIKA established on 26 September 1985 with an authorized capital of Rp. 200,000,000.- issued capital of Rp. 40,000,000.- wholly paid-up. Founders and original shareholders are Mr. Eddy Supit and his two younger brothers Mr. Jan Maginda Supit, Mr. Sonny Maginda Supit, Mr. Jeffrey Saleh and Mr. Kardi Bardiman. They are wholly indigenous businessmen. Its articles of association have subsequently been changed for a couple of times both in term of its shareholding composition and capital structure. In March 1994, Mr. Eddy Supit, Mr. Jeffrey Saleh and Mr. Kardi Bardiman withdrew as the shareholders and replaced by Dr. Kanjen Raden Mas Haryo Ibnu Hardjanto, Mr. Sri Winarno, SE and Mr. Alexander Gee.
On 1 July 1998, the company was renamed to P.T. CASTROL INDONESIA (P.T.CI) and concurrently the whole shareholders pulled-out and replaced by CASTROL LTD of the United Kingdom (61%), P.T. ASTRON LAMTORO BAHANA (19.5%) and P.T. POLINDO SETYATAMA (19.5%), national private companies of Indonesia. On the same occasion, the authorized capital was increased to Rp. 19,500,000,000.- wholly issued and paid-up. Later in May 1999, the authorized capital was increased to Rp. 79,160,000,000.- wholly issued and paid-up. Since September 2008 to Now, the shareholders of the company are CASTROL LTD., (68.30%), P.T. ASTRON LAMTORO BAHANA (17.06%) and P.T. POLINDO SETYATAMA (14.64%). The deed of amendment was made by Buntario tigris, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-60865.AH.01.02.Tahun 2008 dated 10 September 2008 and No. AHU-AH.01.10-22899 dated 20 July 2011.
The local partners respectively P.T.ASTRON LAMTORO BAHANA and P.T. POLINDO SETYATAMA both are general trading companies and investment holding whose majority business stakes is controlled by Mr. Ir. Antonius Setyadi. He is also founder and majority business stakes owner of the SUGIRON Group, a small-size business group in Indonesia.
P.T. CI obtained a foreign investment (PMA) license for dealing with lube oil blending whose plant located at Jalan Raya Merak Km. 117, Desa Gerem, Serang (West Java) with the area of 10 hectares land. The plant started with trial production in September 1998 by producing lubricating oil with a capacity of 24,000 tons per annum. P.T. CI produces lubricating oil for various needs including industrial oils, engine oils, automotive oils and hydraulic oils wholly under CASTROL brands. The brand first entered the Indonesian market in 1970. P.T. CI adopts technology from its foreign partner CASTROL LIMITED of the United Kingdom with extensive experiences and good reputation in lubricating oil blending industry. Its products are entirely distributed domestically through its sister companies P.T. ASTRON LAMTORO BAHANA and P.T. POLINDO SETYATAMA as well as directly to other lubricating oil distributor companies. Now, P.T. CI’s operation in lube oil blending is classified as a major company with a capacity 200,000 MT per annum. Products marketed in Indonesia include: Castrol 2T Low Smoke, Castrol Power 1, Castrol Activ and Castrol Go. P.T. CI is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
We find that the domestic demand for lubricating oil was running into quite big volumes and was rising in the last five years, in close correlation with the expanding assembling industries and growing population of motor vehicles, from motorcycles to various types of motorcars, trucks and heavy equipment in Indonesia. According to the Indonesia Car Manufacturers Association (GAIKINDO) explained that the total of car sales in 2006 amounted to 318,904 units increased to 433,341 units in 2007 and rose again to 603,774 in 2008. But the total of car sales in 2009 dropped to 483,548 units rose again to 764,710 units in 2010 and as of 30 February 2011 amounted to 143,355 units. The growth of car and motorcycle sales in Indonesia in 2000 to 2011 is pictured on the following table:
|
Year |
Motorcar (units) |
Motorcycle (units) |
|
2000 |
298,665 |
979,422 |
|
2001 |
300,569 |
1,650,770 |
|
2002 |
317,749 |
2,179,016 |
|
2003 |
354,331 |
2,823,702 |
|
2004 |
483,148 |
3,900,598 |
|
2005 |
533,917 |
5,089,426 |
|
2006 |
318,904 |
4,470,722 |
|
2007 |
433,341 |
4,713,895 |
|
2008 |
603,774 |
6,280,799 |
|
2009 |
483,548 |
5,882,000 |
|
2010 |
764,710 |
7,481,815 |
|
2011* |
143,355 |
n.a. |
Source: GAIKINDO and the Indonesian
Motorcycle Manufacturer Association (AISMI)
Meanwhile, competition is quite heavy in the lubricating oil trade on account
of the many companies operating in the same type of business in Indonesia,
offering for sale such brands as MESRAN, TOP-1, PENNZOIL, EVALUBE, CASTROL,
SHELL, AGIP, MOTUL, Etc. P.T. CI is
considered to be doing quite well for having already established a wide
marketing network in several big cities of the country.
Until this time P.T. CI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T.CI’s very reclusive toward outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover in 2008 reached Rp. 480.0 billion with a net profit of Rp. 33.2 billion increased to Rp. 560.0 billion with a net profit of Rp 38.0 billion in 2009 rose again to Rp. 640.0 billion with a net profit of Rp 42.5 billion in 2010 and projected to be rising by at least 10% in 2011. Its estimated the company has a total networth of Rp 460.0 billion. So far we have never heard that P.T. CI has been black listed by Bank Indonesia (central bank) or detrimental cases being settled in local district court. Payment condition for domestic and overseas suppliers is good with the credit payment system of 1 month to 3 months.
P.T. CI's management is headed by Mr. Indrasena Patmawidjaja
(43), a young professional manager with more than 13 years of experience in
trading and distribution of lubricating oil.
In day-to-day operations he is assisted by Mrs. Umi Kalsum (48) as
director. The management, which is
evaluated quite creative and dynamic, also has succeeded in expanding their
overseas marketing network. We consider the management is quite capable of
further developing business in the future. They have close relations with many
high-ranking government officials as well as with private businessmen within
and outside the country. 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.
By all available information, we appraise P.T. CASTROL INDONESIA is considered to be good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.90 |
|
UK Pound |
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.