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Report Date : |
07.05.2012 |
s
IDENTIFICATION DETAILS
|
Name : |
P.T. FLORA SAWITA CHEMINDO |
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Registered Office : |
Komplek Rasuna Epicentrum , |
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Country : |
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Date of Incorporation : |
11.08.1995 |
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Com. Reg. No.: |
No. AHU-AH.01.10-13378 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Oleo Chemical
(Fatty Acid & Glycerine) Industry |
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No. of Employees : |
287 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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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 |
P.T. FLORA SAWITA CHEMINDO
Head Office
Komplek Rasuna
Epicentrum
Bakrie Tower 18th
– 19th Floor
Jalan H.R. Rasuna
Said
Jakarta Selatan,
12960
Indonesia
Phones - (62-21) 2994 1286- 87 (Hunting)
Fax - (62-21) 2994 1752
E-mail - sales.oleo@bakriesumatera.com
Building Area - 49 storey
Office Area - 100 sq. meters
Region - Commercial
Status - Rent
Plant Office
Sarana Tamora Permai Industrial Estate
Jalan Raya Medan Lubuk Pakam Km. 20
Tanjung Morawa, Medan, 20632
North Sumatera
Indonesia
Phones -
(62-61) 7944 974 (Hunting)
Fax - (62-61) 7944 782
Land Area - 100,000 sq.
meters
Building Space - 40,000 sq. meters
Region - Industrial
Zone
Status - Owned
11 August 1995
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-166.HT.01.04.TH.1999
Dated 4 January 1999
- No. AHU-43148.AH.01.02.TH.2010
Dated 1 September 2010
- No. AHU-AH.01.10-13378
Dated 5 May 2011
Private National
and Domestic Investment (PMDN) Company
The Department of Finance
NPWP No.
01.714.248.0-125.000
The Capital
Investment Coordinating Board
- No. 595/I/PMDN/1995
Dated 24 October 1995
- No. 77/II/PMDN/1999
Dated 24 December 1999
- No. 24/II/PMDN/2003
Dated 14 April 2003
The Department of
Industry
No. 285/T/Industri/1999
Dated 18 May 1999
A Member Company
of the BAKRIE SUMATRA PLANTATION Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
644,000,000,000.-
Issued Capital : Rp.
644,000,000,000.-
Paid up Capital : Rp.
644,000,000,000.-
Shareholders/Owners
:
a. P.T. NIBUNG
ARTHAMULIA -
Rp. 643,990,000,000.-
Address : Jl. Poros Transmigrasi Nibung Km. 25
Jadi Mulia, Palembang
South Sumatera
Indonesia
b. P.T. DOMAS
AGROINTI PERKASA -
Rp. 10,000,000.-
Address : Komplek Rasuna Epicentrum
Bakrie Tower 18th
– 19th Floor
Jalan H.R.
Rasuna Said
Jakarta Selatan, 12960
Indonesia
Lines of
Business :
Oleo Chemical
(Fatty Acid & Glycerine) Industry
Production
Capacity :
a. Fatty Acids
- Lauric Acid -
2,290 tons p.a.
- Myristic Acid -
1,134 tons p.a.
- Palmatic Acid - 22,065 tons p.a.
- Stearic Acid - 25,900 tons p.a.
- Light End -
280 tons p.a.
- Oleic Acid - 12,000 tons p.a.
b. Glycerine -
13,650 tons p.a.
c. Fatty Acid -
82,500 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 132.0 billion
b. Loan Capital -
Rp. 510.0 billion
c. Total Investment - Rp. 642.0 billion
Started
Operation :
April 1998
Brand Name :
Flora Sawita
Chemindo
Technical
Assistance :
None
Number of
Employee :
287persons
Marketing Area
:
Local -
25%
Export -
75%
Main Customer
:
Buyers in Asian countries,
Europe Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ECOOGREN
OLECHEMICALS
b. P.T. CISADANE
RAYA CHEMICALS
c. P.T. MEDAN
OLEOCHEMICALS
d. P.T. SINAR
OLEOCHEMICLS
e. P.T. SUMIASIH
OLEOCHEMICALS
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta
Selatan, Indonesia
b. P.T. Bank
DANAMON INDONESIA Tbk
Jalan Prof.
DR. Satrio Kav. E-IV/6
Jakarta Timur
Indonesia
c. P.T. Bank CENTRAL ASIA Tbk
Barclays Building
Jalan Jend. Sudirman Kav. 22-23
Jakarta 12190
Indonesia
d. P.T. Bank
DBS INDONESIA
Plaza
Permata
Jalan
M.H. Thamrin Kav. 57
Jakarta
10350
Indonesia
e. P.T. Bank
PERMATA Tbk
Plaza
Permata
Jalan
M.H. Thamrin Kav. 57
Jakarta 10350
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 727.0
billion
2010 – Rp. 768.0
billion
2011 – Rp. 798.0
billion
Net Profit
(estimated) :
2009 – Rp. 58.2
billion
2010 – Rp. 61.4
billion
2011 – Rp. 67.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director
- Mr. Ir. Muhammad Iqbal Zainuddin, MBA
Director -
Mr. Ir. Kilman Subaya, MBA
Board of Commissioners :
Commissioner -
Mr. Ambodo Janurianto
Signatories :
President Director (Mr.
Ir. Muhammad Iqbal Zainuddin, MBA) or the Director (Mr. Ir. Kilman Subaya, MBA)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. FLORA SAWITA CHEMINDO (P.T. FSC) was established in Medan, North Sumatera on 11 August 1995 with an authorized capital of Rp. 4,000,000,000 issued and paid up capital of Rp. 1,000,000,000. The founding shareholders are Mr. Drs. Haji Razali Rohimuin, Mr. Irfan Mutyara, Mr. Riza Mutyara and Mr. Haji Suryakanta, SE, all indigenous businessmen. The company's notarial act has frequently been amended. In October 1997 the authorized capital was raised to Rp. 60,000,000,000 issued and paid up capital to Rp. 20,000,000,000. On the same occasion the whole shares had been controlled by P.T. PARA SAWITA and P.T. BUMI FLORA. Then according to the revision of notary documents of August 2010, the whole share had been taken over by P.T. BAKRIES SUMATERA PLANTATIONS Tbk., a member company of the BAKRIES Group. Then according to the latest revision of notary documents of Mr. Humberg Lie, SH.., No. 142 dated 21 April 2011 the whole shares had been controlled by P.T. NIBUNG ARTHAMULIA and P.T. DOMAS AGROINTI PERKASA, both are a member company of the BAKRIE SUMATERAL PLANTATIONS Group. With this time the company authorized capital was increased to Rp. 644,000,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become P.T. NIBUNG ARTHAMULIA (99.99%) and P.T. DOMAS AGROINTI PERKASA (0.01%). The latest revision of notary documents was approved by the Ministry of Law and Human Right in its decision letter No. AHU-AH.01.10-13378 dated May 5, 2011.
We observe the whole shareholders P.T. NIBUNG ARTHAMULIA is a private national company engaged in processing and trading of rubber plantation crops and investment holding with majority shares controlled by P.T. BAKRIE SUMATERA PLANTATIONS Tbk. Besides, P.T. DOMAS AGROINTI PERKASA is also engaged in oil palm plantation and investment holding and majority share controlled P.T. BAKRIE SUMATERA PLANTATIONS Tbk.
P.T. FSC acquired a domestic investment (PMDN) facility issued by Capital Investment Coordinating Board (BKPM) for dealing with oleo chemical (fatty acid and glycerine) processing by managing a plant located at Komplex Sarana Tamora Permai, Jalan Raya Medan - Lubukpakam, Km. 20, Medan, North Sumatra standing on 10.0 hectares land. It is licensed to have production capacity of 2,290 tons lauric acid, 1,134 tons myristic acid, 22,065 tons palmatic acid, 25,900 tons stearic acid, 280 tons light ends and 5,400 tons glycerine per annum respectively. Later P.T. FSC also got permit from BKPM to increasing production capacity by produces of fatty acids.
P.T. FSC has
a production capacity of 54 thousands metric tons per year, which incorporates
distillation, fractionation and dry fractionation processing units and is
supported by up-to-date laboratory equipment, integrated utilities facilities
and professional staff with hands on experience and industry background. All of
which guarantees the production of excellent and superior quality products. The
whole raw materials obtained from P.T. BAKRIE SUMATERA PLANTATIONS Tbk (BSP) a
subsidiary of the Bakrie Group, owns more than a hundred thousand hectares of
oil palm plantations, mostly located on Sumatera Island, operates eight palm
oil mills and one refinery plant. Having its own plantation and mills, P.T. BSP
guarantees secure feedstock supply for P.T. FSC’s oleochemical plant. P.T. FSC
is confident of reaching a high level of excellence by focusing upon and
serving world-wide customers’ most exacting requirements. This will be achieved
through FSC’s commitment to offering a competitive product, discernment of
industry trends and market needs and insight into the constantly changing
oleochemical market. Compliance with ISO 9001:2008, Halal and Kosher
Certification is just a way of showing this commitment. Being a Bakrie Group
Company, P.T. FSC is committed to providing added value to customers driven by
its experienced management team which possesses a well established track
record.
P.T. FSC’s
new management will strive to ensure high quality products, while nurturing and
sustaining the wealth of their local community by promoting the optimum value
creation through ecologically friendly operating environment and eventually
create value for all stakeholders. This commitment to providing quality
products and services to our customers, while also being a good corporate
citizen in our local community, represents our strategy to creating long term,
sustainable corporate value.
Products Applications
FL 1840 and FL 1850
Soap, Candles, Crayons, Cosmetic, Lubricants, PVC Stabilizer, Monoglyceride, Polishing Agent, Pharmaceuticals, Methyl Stearates, Buffing Compund, Emulsifiers for Food, Ethylene-bis-Streamide
FL 18170
Defoamer, Polyurethane, Fabric Softener, Emulsifier, Moisturizer
FLOTARIN Glycerin
USP, 99.5% Min Refined Glycerin EP 99.5%
Food, Tobacco, Toiletries, Pharmaceuticals, Surface Coating, Cosmetics, and other intermediaries
FL 1800
Materials for Rubber, Type Compounding, etc
FL 0810, FL 1299 and FL 1499
Ester, Perfume, Cosmetics, Lubricants, Surfactants, Plasticizers, Emulsifiers, Alkyd Resins, Metallic Soap, Pharmaceuticals, Textiles Auxiliaries, Chemical Intermediates
P.T. FSC laboratory is equipped with advanced technology to ensure the best product quality. Experienced and professional analysts monitor product quality starting from raw materials, supporting materials, in process materials to final products. Management of P.T. FSC disclosed that some 75% of products are exported to Malaysia, Philippines, Japan, China, Taiwan, the USA, Australia and European countries. We observe the operation of P.T. FSC has been growing and developing well in the last three years.
In overall we find that oleo chemicals industry in the country keeps
rising despite the export price was lower and fluctuated. The growth of oleo
chemicals industry in the country is seen in the table below.
The Growth and Production of Ole Chemical, 2003-2009
|
Year |
Fatty Acid |
Production (Ton) |
Growth (%) |
||
|
Glycol |
Fatty Alcohol |
Total |
|||
|
2003 2004 2005 2006 2007 2008 2009 |
414,685 427,524 436,700 398,952 350,203 476,700 504,080 |
50,820 46,732 46,354 41,283 35,577 51,222 55,290 |
113,988 122,612 93,712 119,905 176,099 111,159 136,482 |
579,493 596,868 576,766 560,141 561,879 639,081 695,582 |
3.00 (3.37) (2.88) 0.31 14.74 8.88 |
|
Growth, % /year |
3.28 |
||||
Source: Central Bureau of Statistic, processed by ICB
Until this time P.T. FSC has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management of P.T. FSC is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2009 amounted to Rp. 727.0 billion
rose to Rp. 768.0 billion in 2010 increased to Rp. 798.0 billion in 2011 and
projected to go on rising by at least 5% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 67.8 billion and the company has an
estimated total net worth of at least Rp. 650.0 billion. We observe that P.T.
FSC is supported by BAKRIE SUMATERA PLANTATIONS Group with has financially
strong and sound behind it. 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. FSC is led by Mr. Ir. Muhammd Iqbal Zainuddin,
MBA (45) has been Business Development Director of PT Bakrie Sumatera Plantations
Tbk since May 2005. He started his career at Bakrie & Brothers group of
companies in 1995 as Management Trainee. He graduated from Bogor Institute of
Agriculture (Bogor Agricultural University) in the field of Aquaculture in 1991
and obtained a Master of Business Administration in Finance from the Western
Michigan University, Kalamazoo, USA, in 1994. Daily activity he is assisted by
Mr. Ir. Kilman Subaya, MBA (64) as Operational Director. The company's
management is handled by professional staff 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. P.T. FLORA SAWITA
CHEMINDO is sufficiently fairly good for business transaction.
Attachment:
List of the
BAKRIE SUMATERA PLANTATION Group Members
1.
AGRI INT’L RESOURCES PTE. LTD. (Investment)
2.
AGRI RESOURCES BV. (Investment)
3.
AGROWIYANA, P.T. (Oil Palm Plantation and Refinery)
4.
AIR MURING, P.T. (Oil Palm Plantation)
5.
AJ FINANCE BV. (Investment)
6.
ASD BAKRIE OIL PALM SEED INDONESIA, P.T. (Oil Palm Seeds)
7.
BAKRIE PASAMAN PLANTATIONS, P.T. (Oil Palm Plantation and
Palm Oil Refinery)
8.
BAKRIE RIKEN BIO ENERGI, P.T. (Biodiesel Manufacturing)
9. BAKRIE SENTOSA PERSADA, P.T. (Oil Palm Plantation)
10.
BAKRIE SUMATERA PLANTATIONS Tbk, P.T. (Holding Company)
11.
BOOKWISE INVESTMENT LTD. (Investment)
12.
BSP FINANCE BV., (Investment)
13.
BSP LIBERIA BV., (Investment)
14. CIPTALARAS CIPTA INDONESIA, P.T. (Oil Palm Plantation)
15.
DOMAS AGROINTI PERKASA, P.T. (Oil Palm Plantation)
16.
DOMAS AGROINTI PRIMA, P.T. (Oil Palm Plantation)
17.
DOMAS SAWITMAS PERDANA, P.T. (Oil Palm Plantation)
18. ERAMITRA AGROLESTARI, P.T. (Oil Palm Plantation)
19.
FLORA SAWITA CHEMINDO, P.T. (Oleochemical Industry)
20.
FORDWAYS MANAGEMENT LTD., (Investment and Trading)
21.
GUNTUNG IDAMANNUSA, P.T. (Oil Palm Plantation)
22.
GRAHADURA LEIDONGPRIMA, P.T. (Oil Palm Plantation and
Investment Holding)
23.
GREAT FOUR INT’L INVESTMENT CO. LTD. (Investment)
24.
HUMA INDAH MEKAR, P.T. (Oil Palm Plantation and Investment
Holding)
25.
INTERNATIONAL RUBBER INVESTMENT PTE., LTD. (Investment)
26.
INTI KEMITRAAN
PERDANA, P.T. (Oil Palm Plantation)
27.
JAMBI AGROWIJAYA, P.T. (Oil Palm Plantation)
28.
JULANG OCA PERMANA, P.T. (Oil Palm Plantation)
29.
MENTHOBI MAKMUR LESTARI, P.T. (Oil Palm Plantation)
30.
MENTHOBI MITRA LESTARI, P.T. (Oil Palm Plantation)
31.
MITRADA MULTI MAJU, P.T. (Oil Palm Plantation)
32.
MONRAD INTAN BARAKAT,
P.T. (Oil Palm Plantation)
33. MULTIPERSADA GATRA MEGAH, P.T. (Oil Palm Plantation)
34.
NIBUNG ARTHAMULIA, P.T. (Oil Palm Plantation)
35.
PADANG BOLAK JAYA, P.T. (Oil Palm Plantation)
36.
PERJAPIN PRIMA, P.T. (Oil Palm Plantation)
37.
SARANA INDUSTAMA PERKASA, P.T. (Oil Palm Plantation)
38.
SAWITMAS AGRO PERKASA, P.T. (Oil Palm Plantation
39.
SOLEGNA BV. (Investment)
40.
SUMBERTAMA NUSAPERTIWI, P.T. (Oil Palm Plantation and
Investment Holding)
41.
TRIMITRA SUMBERPERKASA, P.T. (Oil Palm Plantation)
42.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.72 |
|
UK Pound |
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.