|
Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PERKEBUNAN NUSANTARA VIII |
|
|
|
|
Registered Office : |
Jalan Sindangsirna No. 4 Bandung, 40153 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
11.03.1996 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-17855 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Tea, Rubber, Palm Oil, Cocoa and Quinine Plantation and Processing |
|
|
|
|
No. of Employees : |
59,291 persons |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source : CIA
P.T.
PERKEBUNAN NUSANTARA VIII
Head Office
Jalan
Sindangsirna No. 4
Bandung,
40153
West
Java
Indonesia
Phones -
(62-22) 2038966 (Hunting)
Fax - (62-22) 2031455
E-mail - ptpn8@pn8.co.id
Website - http://www.pn8.co.id
Building Area - 3 storey
Office Space - 2,300 sq. meters
Region - Industrial
Zone
Status - Owned
Branch Office
Jalan Raya Serang Km. 1
Desa Cilenggang RT. 012 RW. 04
Serpong,
Tangerang, 15310
Banten
Province
Indonesia
Phones -
(62-21) 5388041 (Hunting)
Fax - (62-21) 5387929
Building Area - 3 storey
Office Space - 600 sq. meters
Region - Commercial
Status - Owned
List of Plantation Site
- Pandeglang (Sanghyang Damar), Palm and Rubber
- Lebak (Kertajaya), Palm
- Lebak (Cisalak Baru), Palm and Rubber
- Lebak (Bojong Datar), Palm and Rubber
- Bogor (Cikasungka), Rubber
-
Bogor (Cimulang), Rubber
- Bogor (Gunung Mas), Tea
- Bogor (Cianten), Tea
- Sukabumi (Sukamaju) Rubber
- Sukabumi (Parakan Salak) Tea
- Sukabumi (Cibungur), Rubber
-
Sukabumi (Pasir Badak), Palm and Rubber
-
Sukabumi (Cikaso), Rubber
-
Sukabumi (Goapara), Quinine and Tea
-
Cianjur (Gedeh), Tea
-
Cianjur (Panyairan), Tea
- Cianjur (Pasirnangka), Tea
- Cianjur (Agrabinta), Rubber
-
Bandung (Sinumbra), Quinine and Tea
-
Bandung (Rancabali), Quinine and Tea
-
Bandung (Rancabolang), Quinine and Tea
-
Bandung (Pangheotan), Quinine and Tea
-
Bandung (Bukit Tunggul), Quinine
-
Bandung (Montaya), Tea
-
Bandung (Pasirmalang), Quinine and Tea
-
Bandung (Kertamanah), Quinine and Tea
-
Bandung (Malabar), Tea
-
Bandung (Purbasari) Tea
-
Bandung (Sedep), Tea
-
Bandung (Talun Santosa), Tea
-
Subang (Jalupang), Rubber
-
Subang (Wangunreja), Rubber
-
Subang (Ciater) Tea
-
Subang (Tambaksari), Cocoa, Quinine and Tea
- Purwakarta (Cikumpay), Rubber
- Garut (Papandayan), Tea
- Garut (Cisaruni), Tea
- Garut (Dayeuh Manggung), Tea
- Garut (Bunisari Lendra), Rubber
- Garut (Mira mare) Cocoa and Rubber
- Tasikmalaya (Bagjanagara), Cocoa and Rubber
- Ciamis (Batulawang), Cocoa and Rubber
-
Banjar (Cikupa), Rubber
Date of Incorporation :
11
March 1996
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-8336.HT.01.01.TH.96
Dated 8 August 1996
- No. C-20857.HT.01.04.TH.2002
Dated 25 October 2002
- No. AHU-54200.AH.01.02.TH.2008
Dated 22 August 2008
- No. AHU-AH.01.10-17855
Dated 16 May 2012
Company
Status :
State
Owned (BUMN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No.01.061.134.1-051.000
The President Republic of Indonesia
PP
No. 13 Tahun 1996
Dated
14 February 1996
Related
Companies :
a. P.T. BIONUSA (Bio Fertilizer Manufacturing)
b. INDOHAM GmbH, Germany (Trading)
c. P.T. KHARISMA PEMASARAN BERSAMA NUSANTARA
(Commissioned Manage of
Marketing of Plantation Commodities)
d. P.T. SINKONA INDONESIA LESTARI (Quinine
Plantation and Processing)
Capital
Structure :
Authorized
Capital : Rp.
600,000,000,000.-
Issued
Capital :
Rp. 270,000,000,000.-
Paid
up Capital :
Rp. 270,000,000,000.-
Shareholders/Owners
:
The Government of the Republic
of Indonesia - Rp.
270,000,000,000.-
Lines
of Business :
a. Tea, Rubber, Palm Oil, Cocoa and Quinine
Plantation and Processing
b. Investment Holding
Production
Capacity :
a. Crumb Rubber -
35,750 tons p.a.
b. Tea -
67,851 tons p.a.
c. Cocoa Beans - 173 tons p.a.
d. Crude Palm Oil - 75,392 tons p.a.
Total
Investment :
Owned
Capital -
Rp. 600.0 billion
Started
Operation :
1996
Brand
Name :
Perkebunan
Nusantara VIII (PN8)
Technical
Assistance :
None
Number
of Employee :
59,291
persons
Marketing
Area :
Export - 70%
Local - 30%
Main
Customer :
Buyers
in Europe Union and the USA
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ASIANAGRO AGUNGJAYA
b. P.T. ASTRA AGRO LESTARI Tbk
c.
P.T. BAKRIE SUMATERA PLANTATIONS Tbk
d.
P.T. PP LONDON SUMATERA PLANTATIONS Tbk
e.
Etc.
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank MANDIRI Tbk
Bandung Branch
West Java,
Indonesia
b. P.T. Bank
Negara Indonesia Tbk.
Bandung Branch
West Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 1,644.6 billion
2010
– Rp. 1,805.0 billion
2011
– Rp. 1,947.2 billion
2012
– Rp. 1,072.5 billion (January – June)
Net
Profit (estimated) :
2009
– Rp. 131.5 billion
2010
– Rp. 144.5 billion
2011
– Rp. 155.8 billion
2012
– Rp. 85.8 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Dadi Sunardi
Directors -
a. Mr. Irwan Abdul Rahmat Lubis
b. Mr. Ir. Dikdik Koesnandi
c. Mr. Ir. Danu Rianto
d. Mr.
Drs. Rahmat Slamet
Board of Commissioners :
President Commissioner - Mr. Mayjend. (Retired) Usman
Basjah
Commissioners - a. DR. Ir. Alirahman
b. DR. Ir. Herry Suhardiyanto
c. Mr. Gunawan
d. Mr. Ir. Abang Firman Taufik
e. Prof. DR. Ir. Haji Musliar Kasim
Signatories :
President
Director (Mr. Dadi Sunardi) or one of the Directors (Mr. Irwan Abdul Rahmat
Lubis, Mr. Or. Dikdik Koesnandi, Mr. Ir. Danu Rianto or Mrs. Drs. Rahmat Saleh)
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.
PERKEBUNAN NUSANTARA VIII (P.T. PN VIII) is one of the state-owned plantations
established based on Peraturan Pemerintah (government regulation) No 13 Yahun
1996 dated 14 February 1996 as stated on the act of Notary Harun Kamil SH No 41
dated 11 March 1996, validated by The Ministry of Justice of the Republic of
Indonesia on the Decree No C28336.NT.01.01.TH.96 dated 8 August 1996. The
company authorized capital was amounted of Rp. 600,000,000,000 issued capital
of Rp. 270,000,000,000 fully and paid. The whole share had been controlled by
the Government of the Republic of Indonesia. The act of notary was
reestablished by Nanda Fauz Iwan, SH., M.Kn No. 14 dated 12 August 2008,
validated by The Ministry of Justice and Human Rights of the Republic of
Indonesia on the Decree No. AHU-5420.AH.01.02.TH.2008 dated August 22, 2008.
Then according to the latest revision of notary documents of Mrs. Yuliani
Idawati, SH., No. 11 dated 6 March 2012 the company’s board of director and the
board of commissioner had been changed (see profile of this report). The deed
of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.10-17855 dated May 16, 2012.
P.T. PN VIII was established to operate in
the field of Agribusiness and Agroindustry, by optimizing the resources
available to produce high quality and competitiveness products and service, and
to generate profit by applying the principles of limited company. The business
scope of the company including are cultivating plants, processing, and selling
plantation commodity such as tea, rubber, and palm as the main commodity, and
also quinine and cocoa. The head office is on Jalan Sindangsirna No. 4 Bandung,
West Java, managing 41 plantations and 1 hospital. The plantations are spread
in 11 districts/cities all around West Java (Sukabumi, Bogor, Cianjur, Bandung
District, West Bandung District, Bandung City, Garut, Tasikmalaya, Purwakarta,
Subang, and Ciamis) and 2 districts in Banten Province (Lebak and Pandeglang).
P.T.
PN VIII is a state-owned company engaged in plantation sector with business
activities include crop cultivation, processing, and sale of plantation
commodities i.e. tea, rubber and palm oil as its main commodities, as well as
cocoa and quinine as supporting commodities.
Ø Tea Plantation
P.T. PN VIII manages 24 tea
plantations on a 25.905,3 ha productive land. These plantations spread quite
vastly in 6 districts, which are Sukabumi (2 plantations), Bogor (2
plantations), Cianjur (3 plantations), Subang (2 plantations), Bandung district
and West Bandung district (12 plantations), and Garut (3 plantations).
The tea production keeps rising each
year due to the endless effort of the P.T. PN VIII management in improving
the technique of cultivation, picking method, and processing in order to meet
the buyer requirements. The involvement of Pusat Penelitian Teh dan Kina (PPTK)
(Tea and Quinine Research Center) Gambung in conducting some researches gives a
contribution to production and quality improvement. There are two types of
black tea produced by P.T. PN VIII, i.e. Orthodox and CTC. Besides black
tea, P.T. PN VIII also produces green tea.
P.T. PN VIII has its own special blending and teabag and bulk packing
factory which is known as Industri Hilir Teh (IHT) (Tea Downstream Industry).
This factory produces tea which are branded Malabar and Walini, and also
exported tea based on the buyer’s order, either loose-leaf tea or bagged tea.
The company also has other retail tea packing factories for the tea branded
Gunung Mas, Sedep, and Goalpara to fulfill the domestic market demands. P.T. PN
VIII also accepts the tea packing order based on the buyer requests.
Tea Bag and Loose Tea
Walini Tea is made from selected
leaves processed without any mixture, through the combination of grades with
export quality, and professionally packed to maintain the quality of tea. The
excellence of Walini comes from its export quality raw materials and the
combination of some grades made by Indonesian tea experts. Each type of
products is packed in three kinds of package containing 1-25 bags each pack.
The Double Chamber packages are Black
Tea Bag, Lemon Tea Bag, Ginger Tea Bag, Organic Tea bag and Japan Green Tea
Bag. The Single Chamber Packages are: Black Tea Bag TB 1 and Black Tea Bag TB
5, while Walini Black Loose Tea and Walini Green Loose Tea are available in
forms of loose leaf tea.
Gunung Mas Tea is distributed by PT.
Putra Monang Sejati. Its products are Black Tea Bag and Black Loose Tea
50 gr, 100 gr and 250 gr. Black tea bag uses single chamber package containing
30 bags in 1 pack. Goalpara Tea is distributed by P.T. Lautan Mutiara Sejati.
Its products are Black Tea Bag 25’s and 100’s with double chamber package, and
Black Tea Bag 30’s with single chamber package. It also produces Green
Tea Bag with double chamber package. Besides tea bag, Goalpara also
produces Black Loose Tea and Green Loose Tea. Sedep Tea is distributed by CV.
Anugrah. Its products are Black Tea Bag and Black Loose Tea 50 gr and 250 gr.
Ø
Ø Rubber Plantation
The rubber plantation areas managed by
P.T. PN VIII is 25.536 ha which consists of 14 plantations. There are 13
factories producing RSS, 2 factories producing TPC, and 3 factories producing
concentrated latex, with the installed capacity of 35.750 tons. 80% of the
rubber production is marketed domestically, while the rest 20% is exported to
Asia, Europe and America.
Ø Oil Palm Plantation
P.T. PN VIII develops the oil palm
cultivation in Bojong Datar, Cikasungka, Tambaksari, Cisalak Baru, and
Kertajaya Plantations which range about 18.848,63 ha. This palm is sold in the
form of CPO (Crude Palm Oil) and kernel for domestic needs.
Ø Cocoa Plantation
The cocoa cultivation is developed on
a 1.343 ha land which consists of 12 plantations and produces 173 tons of cocoa
beans per year. The cocoa sold is in the form of dried cocoa beans which is
generally marketed domestically.
Ø Quinine Plantation
The quinine plantation managed by P.T.
PN VIII ranges 3.004,29 ha which consists of 13 plantations. The dried quinine
bark is processed into SQ-7 or known as quinine salt which contains quinine
sulphate, quinine bisulphate, and other materials. The production is managed by
P.T. Sinkona Indonesia Lestari (PT SIL) as the subsidiary company of P.T. PN
VIII. The product is exported to Europe, Canada, and America.
In
order to generate profit, P.T. Perkebunan Nusantara VIII does not only rely on
a variety of commodities as its core business. Beyond that, the management of the
company seeks to develop agritourism potential in each unit of the estates.
Moreover, almost the entire work area of the company is located in the
mountains of West Java which has an exotic beauty as tourist attraction. There
are several agritourism locations of P.T. Perkebunan Nusantara VIII which are
well known, both by local society and abroad. Some 70% of the products is
exported to Europe Union, America, Latin America, Southeast Asia, Middle East
and other countries.
Besides,
P.T. PN VIII is also engaged in investment holding by controls 25% shares of
P.T. BIONUSA, a private national company engaged in bio fertilizer industry;
100% shares of INDOHAM GmbH in trading and marketing of agriculture commodities
products; 6.67% shares of P.T. KHARISMA PEMASARAN BERSAMA NUSANTARA in
commissioned manage of marketing of plantation commodity and 64.99% shares of
P.T. SINKONA INDONESIA LESTARI in quinine plantation and processing. We observe
the operation of P.T. PN VIII has been growing and developing well in the last
three years.
We have noticed that the demand for
agricultural products had increased some 10% to 11% per annum in the last five
years in line with the growth of industrial manufacturing in the country and
international market. In the coming years, the growth rate of demand is
estimated at about 6% to 7% per annum. The present market situation for
agricultural products is very competitive for a large number of similar
companies operating in the country.
Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia. We consider P.T.
PN VIII to be in a quite favorable position for having already got hold of a
steady clientele in the country and abroad.
The National Production of Agriculture Products,
2006-20011
|
Year |
Production (Tons) |
||||
|
CPO |
Rubber |
Cocoa |
Coffee Bean |
Sugar Cane |
|
|
2006 |
17,342,823 |
2,615,935 |
769,386 |
682,158 |
2,307,027 |
|
2007 |
17,647,823 |
2,732,814 |
740,006 |
676,476 |
2,623,786 |
|
2008 |
17,536,619 |
2,728,987 |
803,594 |
698,016 |
2,668,428 |
|
2009 |
19,331,332 |
2,420,459 |
809,583 |
682,690 |
2,517,374 |
|
2010 |
21,958,120 |
2,734,854 |
837,918 |
686,921 |
2,290,116 |
|
2011 |
22,508,011 |
3,088,429 |
712,231 |
633,991 |
2,228,140 |
Source, Ministry of
Agriculture, Processes by ICB
Until
this time P.T. PN VIII has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management
of P.T. PN VIII 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. 1,644.7 billion rose to Rp. 1,805.0 billion in 2010
increased to Rp. 1,947.2 billion in 2011. As from January to June 2012 the
sales turnover amounted at least Rp. 1,072.5 billion with a net profit of Rp.
85.8 billion and projected to go on rising by at least 6% in 2013. The company
has an estimated total networth of at least Rp. 600.0 billion. 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. PN VIII is led by Mr. Dadi Sunardi (51) a professional
manager with experience in agriculture, cultivation and processing. 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. We are convinced P.T.
PERKEBUNAN NUSANTARA VIII is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.