MIRA INFORM REPORT

 

 

Report Date :           

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. MULTIMAS NABATI ASAHAN

 

 

Registered Office :

Gedung JW Marriott, Lt. 7, 8, 9, Jalan Putri Hijau No. 10, Selalas, Medan Barat, Medan 20111, North Sumatra

 

 

Country :

Indonesia

 

 

Date of Incorporation :

19.04.1994

 

 

Com. Reg. No.:

No. AHU-10532.AH.01.02.Tahun 2011

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Oil Palm Processing Industry

 

 

No. of Employees :

1,200

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 25.8 million

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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. MULTIMAS NABATI ASAHAN

 

 

company Address

 

Head Office 

Former address

Gedung B & G Tower, Lantai 9

Jalan Putri Hijau No. 10

Kesawan, Medan Barat

Medan 20111, North Sumatra

Phones             - (62-61) 4145777j, 4145222

Fax                   - (62-61) 4145346, 4520685

 

New Address

Gedung JW Marriott, Lt. 7, 8, 9

Jalan Putri Hijau No. 10

Selalas, Medan Barat

Medan 20111, North Sumatra

Indonesia

Phones             - (62-61) 4147741, 4154891, 4526127, 77884577

Fax                   - (62-61) 4526127

Building Area     - 28 storey

Office Space      - 480 sq. meters

Region              - Commercial

Status               - Rent

 

Factories

a.                                                     Desa Lalang, Kuala Tanjung

      Medan Deras, Asahan

      North Sumatra

      Phone      - (62-61) 31111

      Fax          - (62-61) 31461

b.                  Jalan Medan Belawan Km. 17

      Medan, North Sumatra

      Phones    - (62-61) 6851201, 6851803 (hunting)

      Fax.         - (62-61) 6851202

c.   Dusun IV  Tanjung Permai

         Desa Kuala Tanjung

         Kecamatan  Sei Suka Asahan

         North Sumatra

         Phone      - (62-61) 231111

         Fax          - (62-61) 231461

 

 

 

Date of Incorporation

 

19 April 1994

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

  a.  No. C2-2883.HT.01.04.TH.97

      Dated 21 April 1997

  b.  No. AHU-10532.AH.01.02.Tahun 2011

      Dated 01 March 2011

 

 

Company Status

 

Foreign Investment Company (PMA)

 

 

Permit by the Government Department

 

  a.  The Department of Finance

      NPWP No. 01.270.875.6-092.000

 

  b.  The Investment Coordinating Board

      a. No. 41/V/PMA/1998

          Dated 15 June 1998

      b. No. 15/II/PMA/1999

          Dated 18 January 1999

      c. No. 1384/III/PMA/1999

          Dated 18 October 1999

      d. No. 231/II/PMA/2003

          Dated 30 October 2003

      e. No. 9/II/PMA/2004

          Dated 29 January 2004

 

Affiliated/Associated Company

 

A member of the WILMAR Group or KPN Group

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            - Rp. 45,000,000,000.-

Issued Capital                                  - Rp. 45,000,000,000.-

Paid up Capital                                - Rp. 45,000,000,000.-

 

Shareholders/Owners :

a. TRADESOUND INVESTMENT Ltd., of BVI                   - Rp. 42,750,000,000.- (95%)

b. WILMAR INTERNATIONAL Ltd., of Singapore   - Rp.   2,250,000,000.- (  5%)

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Oil Palm Processing Industry

 

Production Capacity :

a. Crude Stearins                 -        6,000 tons p.a

b. Crude Oleins                    -    144,000 tons p.a

c. Vegetables Oils               - 4,600,000 tons p.a

d. Palm Karmell Oils            -    196,080 tons p.a

e. Palm Karnell Expeller       -    237,240 tons p.a

f. Crude Palm Oils                -      52,800 tons p.a

g. Palm Karnell                    -      12,000 tons p.a

 

Total Investment :

a. Equity Capital            - Rp.   45.0 billion

b. Loan Capital              - Rp. 257.9 billion

c. Total Investment         - Rp. 302.9 billion

 

Started Operation :

1998

 

Brand Name :

SANIA

 

Technical Assistance :

None

Number of Employee :

1,200 persons

 

Marketing Area :

a. Local       - 30%

b. Export     - 70%

 

Main Customers :

a. Overseas buyer in China, USA, France, the Netherlands, Germany and others

b. Hypermarkets (Carrefour, Giant, M Hypermart), Supermarkets and Mini-markets

c. Traditional markets

d. Etc.

 

Market Situation :

Very Competitive

 

Main Competitors :                       

a. PT. Musim Mas

b. PT. Smart Tbk.

c. PT. Bimoli

d. PT. Asian Agri Hilir

e. PT. Palmindo Lestari

f.  PT. Tunas Baru Lampung

g. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank MANDIRI Tbk

    Jl. Imam Bonjol No. 7

    Medan North Sumatra

    Indonesia

b. Standard Chartered bank

    Jl. Imam Bonjol No. 17

    Medan, North Sumatra

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

FINANCIAL FIGURE

 

Total Sales/Income (estimated) :

2008 – Rp. 3,110.0 billion

2009 – Rp. 3,460.0 billion

2010 – Rp. 3,850.0 billion

2011 – Rp. 4,280.0 billion

 

Net Profit (estimated) :

2008 – Rp. 240.0 billion

2009 – Rp. 270.0 billion

2010 – Rp. 305.0 billion

2011 – Rp. 340.0 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. Hendri Saksti

Director s                                  - a. Mr. Erik

                                                  b. Mr. Ricky Hermanto

                                                  c. Mr. Cheah Chee Wai

 

Board of Commissioner :

President Commissioner    - Mr. William Kuok AKA Kuok Khong Hong AKA Kuok Khoon Hong

Commissioners                          - a. Mr. Matthew John Morgenroth

                                                  b. Mr. Teo Kim Yong

 

Signatories :

President Director (Mr. Hendri Saksti) or one of the Directors (Mr. Erik, Mr. ricky Hermanto and Mr. Cheah Chee Wai) which must be approved by Board of Commissioner (Mr. William Kuok AKA Kuok Khong Hong AKA Kuok Khoon Hong)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Below average

 

Credit Recommendation :

Credit can be proceeded normally

 

Proposed Credit Limit :

Moderate amount

 

Maximum Credit Limit :

US$ 25.8 million on 90 days D/A

 

 

OVERALL PERFORMANCE

     

P.T. MULTIMAS NABATI ASAHAN was established in April 1994 with the authorized capital of Rp. 500,000,000 of which Rp. 100,000,000 was issued and fully paid up. The founding shareholders of the company are P.T. KARTIKA PRIMANABATI and Mrs. Ida, both of Indonesia. The articles of association of the company have frequently been revised. In January 1997, the authorized capital was raised to Rp. 20,000,000,000 of which Rp. 18,000,000,000 was issued and fully paid up and concurrently Mrs. Ida withdrew and replaced by TRADESOUND INVESTMENT of British Virgin Island. In March 2007, the issued capital was increased to Rp. 20,000,000,000 fully paid up and concurrently P.T. KARTIKA PRIMANABATI withdrew and replaced by WILMAR INTERNATIONAL LIMITED of Singapore.  Latest, in February 2011 the authorized capital was raised again to Rp 45,000,000,000.- entirely was issued and fully paid up. The capital structures and shareholder composition of P.T. MNA in details are TRADESOUND INVESTMENT Ltd., of BVI (95%) and WILMAR INTERNATIONAL Ltd., of Singapore (5%). The amendment to notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-10532.AH.01.02.Tahun 2011 dated March 01, 2011.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

The majority shares of P.T. MNA are at present controlled by TRADESOUND INVESTMENT, a part of business networks of the WILMART HOLDING Group (WILMAR Group) of Singapore. WILMAR Group is a large sized company group dealing with agribusiness established by Mr. Martua Sitorus, SE of Indonesia and Mr. William Kuok AKA Kuok Khoon Hong of Singapore. The name of WILMAR in its business networks is an abbreviated name of William Kuok and Martua Sitorus.  Mr. William Kuok is a nephew of Mr. Robert Kuok, the sugar king of Malaysia who is also as the owner of the KUOK Group, a multinational company group based in Singapore.

 

P.T. MULTI NABATI ASAHAN (P.T. MNA) has been in operation since 1998 dealing with oil palm processing.  Initially, the company obtained a Domestic Capital Investment (PMDN) facility issued by the Capital Investment Coordinating Board (BKPM) in 1994.  However, by the entering of foreign partner into the company, the status and facility of the company are changed to the Foreign Capital Investment (PMA) facility in 1998. The plant of P.T. MNA is located in Lalang Village, Kuala Tanjung, Medan, North Sumatra.  The products of P.T. MNA include cooking oil, margarine and other derivative products being marketed with SANIA brand. The cooking oil products are at present produced by its sister company P.T. KPN. Some 60% up to 70% of the products is exported to China, the USA, France, the Netherlands, Germany and some other European countries, while the rest for local market.  P.T. MNA also manages and develops seaport unit for exporting its products in North Sumatra.  We noticed that P.T. MNA is a large-scale foreign oil palm processing company, which its operation developed 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

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. MNA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MNA is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that sales turnover of P.T. MNA in 2008 amounted to Rp. 3,110.0 billion increased to Rp. 4,460.0 billion in 2009 to Rp 3,850.0 billion in 2010 and rose again to Rp 4,280.0 billion in 2011. The operation of the company in 2011 is estimated to have gained a profit of Rp. 340.0 billion with an estimated networth of Rp. 1,260.0 billion. So far, we did not hear that the P.T. MNA has been black listed by Bank Indonesia (Central Bank) or filed to the court for detrimental cases. The payment habit of the company ranging from 1 to 3 months has been running smoothly in the last three years.

 

The management P.T. MNA is headed by Mr. Hendri Saksti (46) as president director and he is assisted by Mr. Erik (50), Mr. Ricky Hermanto (56) and Mr. Cheah Chee Wai (37), respectively as directors.  But, the prime-mover of the company is Mr. Martua Sitorus AKA Thio Seng Hap (52) of Indonesia and Mr. William Kuok AKA Kuok Khong Hong AKA Kuok Khoon Hong (63), a businessman of Singapore. The management has good reputation in this business, having maintained a wide business relation among private businessmen at home and abroad as well as among government sectors. So far, we did not hear that the company has been involved in business malpractices.  We believed that P.T. MULTIMAS NABATI ASAHAN is good for business transaction.


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.68

UK Pound

1

Rs.76.75

Euro

1

Rs.63.57

 

 

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%)

 

 

 

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