|
Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INTIBENUA PERKASATAMA |
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Registered Office : |
Jalan Datuk Laksamana Buluh Kasap, Dumai Timur Dumai, 28814 Riau Province |
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Country : |
Indonesia |
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Date of Incorporation : |
18.03.1994 |
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Com. Reg. No.: |
No. C-18523 HT.01.04.TH.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Palm Oil Refinery |
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No. of Employees : |
820 persons |
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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 : |
Satisfactory |
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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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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.
INTIBENUA PERKASATAMA
Head Office & Factory
Jalan Datuk
Laksamana
Buluh Kasap, Dumai
Timur
Dumai, 28814
Riau Province
Indonesia
Phones -
(62-765) 31142, 36843-45
Fax - (62-765) 36846
Land Area - 11,000 sq.
meters
Building Space - 7,500 sq. meters
Region - Industrial
Zone
Status - Owned
Crushing Plant
Jalan Soekarno
Hatta Km. 29
Kecamatan Bukit
Kapur, Kodya Dumai
Dumai, 28843
Riau Province
Indonesia
Land Area - 10,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Owned
Branch & Marketing Office
Spring Tower
02-21
Jalan K.L. Yos Sudarso
Km. 7.8
Tanjung Mulia,
Medan
North Sumatra
Indonesia
Phones -
(62-61) 6615511 (Hunting)
Fax - (62-61) 6942143
Email - rspo.dept@intibenua.com
Land Area - 40,000 sq.
meters
Building Space - 28,000 sq. meters
Region - Industrial
Zone
Status - Owned by
P.T. MUSIM SEMI MAS
Date of Incorporation :
18 March 1994
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-16527.HT.01.01.TH.1994
Dated 2 November 1994
- No. C-18523 HT.01.04.TH.2006
Dated 23 June 2006
Company Status
:
Private National and
Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.658.399.9-212.000
The Department of Industry and Trade
- TDP No. 021211507404
Dated 2 August 2006
- No. 496/T/Industri/1998
Dated 6 October 1998
The Capital Investment Coordinating Board
- No. 434/I/PMDN/1994
Dated 6 July 1994
- No. 449/III/PMDN/1994
Dated 28 October 1994
- No. 1732/III/PMDN/1997
Dated 22 August 1997
- No. 58/II/PMDN/2003
Dated 14 August 2003
Related
Company :
A Member Company
of the MUSIM MAS Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
42,600,000,000.-
Issued Capital : Rp.
42,600,000,000.-
Paid up Capital : Rp.
42,600,000,000.-
Shareholders/Owners
:
a. Mr. Bachtiar Karim -
Rp. 10,650,000,000.-
Address : Jl. Kalimantan No.
29/3-B
Medan, North
Sumatra
Indonesia
b. Mr. Burhan Karim -
Rp. 10,650,000,000.-
Address : Jl. Kalimantan No. 29/3-B
Medan, North Sumatra
Indonesia
c. Mr. Bachrum Karim -
Rp. 10,650,000,000.-
Address : Jl. Kalimantan No.
29/3-B
Medan, North
Sumatra
Indonesia
d. Mr. Bahari
Karim - Rp.
10,650,000,000.-
Address : Jl. Kalimantan No.
29/3-B
Medan, North
Sumatra
Indonesia
Lines of
Business :
Palm Oil Refinery
Production
Capacity :
a. Palm Kernel Oils -
97,800 tons p.a.
b. Palm Waste Oils -
75,000 tons p.a.
c. RBD Oleins - 571,500
tons p.a.
d. RBD Stearines -
172,500 tons p.a.
e. Fatty Acids - 30,000 tons p.a.
f. Palm Kernel
Expeller - 49,500 tons p.a.
g. Palm Kernel Fatty Acid Distillated -
10,000 tons p.a.
h. Crude Oleins - 75,000 tons p.a.
i. Crude Stearines -
24,000 tons p.a.
Total
Investment :
a. Equity Capital - Rp.
42.6 billion
b. Reinvested Profit - Rp.
43.0 billion
c. Loan Capital - Rp. 205.0 billion
d. Total Investment - Rp. 290.6 billion
Started
Operation :
1998
Brand Name :
Intibenua
Perkasatama
Technical
Assistance :
None
Number of
Employee :
820 persons
Marketing Area
:
Export -
80%
Local - 20%
Main Customer
:
Wholesaler and Importer of Palm Oil, Soaps, Margarines Processing, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CERENTI
SUBUR
b. P.T. CILIANDRA PERKASA
c. P.T. PERDANA INTISAWIT PERKASA
d. P.T. SUBUR
ARUM MAKMUR
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank DANAMON INDONESIA Tbk
Medan Branch
Jalan
Balai Kota No. 2
Medan,
North Sumatra
Indonesia
b. P.T. Bank Rakyat Indonesia Tbk
Medan Branch
Jalan Putri Hijau No. 2A
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 785.0
billion
2010 – Rp. 812.0
billion
2011 – Rp. 837.0
billion
2012 – Rp. 440.0
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 62.8
billion
2010 – Rp. 65.0
billion
2011 – Rp. 71.0
billion
2012 – Rp. 38.0
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Bachtiar Karim
Director -
Mr. Burhan Karim
Board of Commissioners :
President Commissioner -
Mr. Bachrum Karim
Commissioner - Mr. Bahari Karim
Signatories :
President Director (Mr.
Bachtiar Karim) or the Director (Mr. Burhan Karim) 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. INTIBENUA
PERKASATAMA (P.T. IBP) was incorporated in Dumai, Riau Province with the
authorized capital of Rp. 2,000,000,000 issued capital of Rp. 400,000,000
entirely paid up. The founding and shareholders of the company are Mr. Bachtiar
Karim AKA Lim Ek Tjioe and Mr. Burhan Karim AKA Lim Ek Kian, both are
Indonesian business family of Chinese descents. The company notary deed has been
changed a couple of times. In June 2006 the company authorized capital was
increased to Rp. 42,600,000,000 wholly issued and paid up. Concurrently Mr.
Bachrum Karim AKA Lim Ek Kiong and Mr. Bahari Karim AKA Lim Ek Tie entered into
the company as new shareholders. With this development the composition of its
shareholders has been changed to become Mr. Bachtiar Karim AKA Lim Ek Tjioe
(25%), Mr. Burhan Karim AKA Lim Ek Kian (25%), Mr. Bachrum Karim AKA Lim Ek
Kiong (25%) and Mr. Bahari Karim AKA Liem Ek Tie (25%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
C-18523 HT.01.04.TH.2006 dated June 23, 2006.
We observe that
Mr. Bachtiar Karim is the founders and business stakes owner of the MUSIM MAS
Group, the largest producers and exporter of crude palm oil, RBD stearine and
other cooking oils.
P.T. IBP
operates under Domestic Investment (PMDN) facilities in palm oil processing and
traders issued by Investment Coordinating Board (BKPM). The company has been
operating since 1998 by managing a refinery plant located at Jalan Datuk
Laksamana, Buluh Kasap, Dumai Timur, Riau Province standing on 11,000 sq.
meters land. It has also a palm kernel crusher company located in Bukit Kapur,
Pekanbaru, Riau Province. The refinery plants consist of Physical Refinery
Plant and Dry Fractionation Plant with capacity of about 2,600 tons per day. By
using crude palm oil and palm kernel which are purchased from local suppliers
among others are P.T. SARI DUMAI SEJATI, P.T. KHARISMA PERMASARAN BERSAMA
NUSANTARA and other companies. P.T. IBP produces various palm based products
(RBD oil and animal feed0 which are sold in International market and exported
through Port of Dumai. The company produces various CPO-based products (CPO,
CP, CPKO, RBD PO, RBD Olein, RBD Stearin, etc). The company's vision is to add
value on the by-products of CPO (Crude Palm Oil) in order to enhance our
leadership in palm oil industry. The company's mission is to continually
innovate in consumer products (Fast Moving Consumer Goods) to exceed consumer
expectation and develop local employees to become future leaders. Presently, the company markets its products
locally and internationally to over 50 countries. P.T. IBP is one of the active
players in the palm oil supply chain and the company is proactive,
solution-oriented and is a socially responsible organization. The company has
also obtained the ISO certifications (14001, 9001) as well as GMP and HACCP
certifications. Since 2004, P.T. IBP became a member of the RSPO
(Roundtable Sustainable Palm Oil) and in 2009 the first company in Indonesia
that have RSPO certificates, this means that P.T. IBP has met the 8 principle
of the 39 criteria of the RSPO. We
observe that P.T. IBP operation has been growing and developing well and
classified as one the biggest exporter of agricultural commodities in the
country.
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)
Besides, demand for
palm cooking oil has kept on increasing in the last five years in line with the
growing demand for palm cooking oil within and outside the country. According
to research, total palm cooking oil industries operating in Indonesia are 53
units with production capacity 7.2 million tons but in 2005 reached 62 units
with total production capacity of 9.7 million tons. The main business players
in cooking oil business are SMART (SINAR MAS Group) under cooking oil brands of
FILMA, KUNCI MAS; the SALIM Group through P.T. SALIM IVOMAS PRATAMA under
cooking oil brand of BIMOLI; the KPN Group and others.
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. The business position of P.T. IBP is favorable for
having established wide marketing coverage in the country and overseas markets.
The growth of cooking oil production in the last five years is pictured on the
following table:
The Production of Palm Cooking Oil, 2004 – 2011*
|
Year |
Production (Ton) |
|
2004 |
4,527,700 |
|
2005 |
4,980,470 |
|
2006 |
5,428,670 |
|
2007 |
5,808,670 |
|
2008 |
6,186,233 |
|
2009 |
6,619,269 |
|
2010 |
6,826,000 |
|
2011 |
7,250,000 |
*) Estimated
Until this time
P.T. IBP has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
IBP 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. 785.0 billion rose to Rp. 812.0 billion in 2010 increased to
Rp. 837.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at Rp. 440.0 billion with a net profit of Rp. 38.0 billion and
projected to go on rising by at least 6% in 2013. The company has an estimated
total networth of at least Rp. 127.0 billion. We observe that P.T. IBP is
supported by MUSIM MAS 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.
P.T. IBP's management is headed by Mr.
Bachtiar Karim AKA Lim Ek Tjhioe (55), a businessman with more than 29 years of
experience in the palm oil processing, cooking oil and soap industry and trade.
In day-to- day operations he is assisted by younger brothers, namely Mr. Burhan
Karim AKA Lim Ek Kian (49). The company's management is made up of the second
generation in the MUSIM MAS Group. They also are employing a number of
professional managers from outside the family. The company's management
commands a very good reputation. They are widely connected with many private
businessmen within and outside the country, and also have quite good relations
with the government sector. We did not hear that the company has been black
listed by Bank Indonesia (Central Bank) and recorded at the court for detrimental
cases. So far we have never yet heard of the company's management having been
involved in business malpractices or having detrimental cases being settled in
local district court. We appraise P.T. INTIBENUA PERKASATAMA to be very good
for normal business transactions.
Attachment:
List
of the MUSIM MAS Group Members
1.
BERKAT
SAWIT SEJATI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
2.
BINA
KARYA PRIMA, P.T. (Soap Manufacturing)
3.
BRASTAGI
BINTANG ASIA, P.T. (Hotels Development and Management)
4.
INTIBENUA
PERKASATAMA, P.T. (Palm Oil Refinery)
5.
LAMBANG
UTAMA, P.T. (Soap Manufacturing)
6.
MEGASURYA
MAS, P.T. (Bath Soap, Cooking Oil and Margarine Manufacturing)
7.
MUSIM
SEMI MAS, P.T. (Oil Palm Plantation and Refinery, Soap Manufacturing)
8.
SIRINGO-RINGO,
P.T. (Oil Palm Plantation and Palm Oil Refinery)
9.
WILLIAM
RESOURCES, P.T. (Investment Holding)
10.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.89 |
|
|
1 |
Rs.88.63 |
|
Euro |
1 |
Rs.70.02 |
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.