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Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. OCI KALTIM MELAMINE |
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Formerly Known As : |
P.T. DSM KALTIM
MELAMINE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
12.12.1990 |
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Com. Reg. No.: |
No. AHU-55047.AH.01.02.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Melamine Manufacturing |
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No. of Employees : |
152 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Indonesia |
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 |
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. OCI KALTIM
MELAMINE
Head Office
Pondok Indah Office Tower 3, 16th Floor Suite
1601
Jalan Iskandar
Muda Kav. V-TA
Pondok Indah
Jakarta Selatan, 12310
Indonesia
Phones - (62-21) 2932 7980 (Hunting)
Fax -
(62-21) 7984 266
E-mail -
info.ocikaltimmelamine@ocinitrogen.com
Website - http://www.ocikaltimmelamine.com
Building Area - 8 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Komplek Kawasan
Indsutri P.T. PUPUK KALTIM
Desa Lhok Tuan,
Bontang
Kabupaten Kutai,
Tenggarong
Bontang 75313
East Kalimantan
Indonesia
Phones - (62-548) 41570
Fax -
(62-548) 41573
Land Area - 40,000 sq. meters
Building Area - 32,000 sq. meters
Region - Industrial Estate
Status - Owned
a. 12 December 1990
as P.T. DSM KALTIM MELAMINE
b. 20 September 2010
as P.T. OCI KALTIM MELAMINE
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No.
AHU-AH.01.10-14105
Dated 5 June 2008
- No.
AHU-55047.AH.01.02.TH.2010
Dated 24 November
2010
Foreign Investment (PMA) Company
The Department of
Finance
NPWP No. 01.500.087.0-725.000
The Capital
Investment Coordinating Board
- No. 415/I/PMA/1990
Dated 14 December
1990
- No. 236/III/PMA/1994
Dated 22 June 1994
a. A Member Company of the PUPUK KALTIM Group (see
attachment)
b. A Member Company of the BARITO Group
Capital Structure :
Authorized Capital :
US$ 40,000,000.-
Issued Capital :
US$ 40,000,000.-
Paid up Capital :
US$ 40,000,000.-
Shareholders/Owners :
a. DSM FINANCE BV -
US$ 24,000,000.-
Address : PO Box 6500, 6401 JH Heerlen
The Netherlands
b. P.T. BARITO PACIFIC LUMBER COMPANY - US$ 8,000,000.-
Address : Wisma Barito Pacifc Tower B, 19th Floor
Jl. Letjend. S. Parman Kav.
62-63
Jakarta Barat
Indonesia
c. P.T. PUPUK KALIMANTAN TIMUR Tbk - US$
7,996,000.-
Address : Komplek P.T. PUPUK KALTIM
Bontang 75313
Kalimantan Timur
Indonesia
d. YAYASAN PUPUK KALIMANTAN TIMUR - US$
4,000.-
Address : JL. Dahlia PC VI PKT
Kalimantan Timur
Indonesia
Lines of Business :
Melamine Manufacturing
Production Capacity :
Melamine -
60,000 tons p.a.
Total Investment :
a. Equity Capital -
US$ 40.0 million
b. Loan Capital -
US$ 84.0 million
c. Total Investment -
US$ 124.0 million
Started Operation :
1996
Brand Name :
Oci Kaltim Melamine
Technical Assistance :
OCI Melamine of Netherlands
Number of Employee :
152 persons
Marketing Area :
Local -
80%
Export -
20%
Main Customers :
a. P.T. ACTON RAYA INDUSTRIES
b. P.T. GELORA CITRA KIMIA ABADI
c. P.T. RESOURCES ALAM INDONESIA Tbk
d. P.T. KORINDO ABADI
Market Situation :
Very Competitive
Main Competitors :
None
Business Trend :
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan
M.H. Thamrin No. 5
Jakarta
Pusat
Indonesia
b. P.T. Bank RAKYAT INDONESIA Tbk
BRI Plaza
Jalan
Jend. Sudirman Kav. 44-46
Jakarta Selatan
Indonesia
Auditor :
Internal
Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 746.0 billion
2010 – Rp. 755.0 billion
2011 – Rp. 762.0 billion
2012 – Rp. 390.0 billion (January – June)
Net Profit (estimated) :
2009 – Rp. 49.0 billion
2010 – Rp. 51.5 billion
2011 – Rp. 53.0 billion
2012 – Rp. 23.4 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Alex Gerardus Maria Jaminon
Directors - a. Mr.
Agus Bekti Prihanto
b. Mr. Frank Frissen
Board of Commissioners :
President Commissioner - DR. Ir. Anwar Karim Joesoef
Commissioners - a. Mr. Jacob
Ten Berge
b. Mr. Nugraha Budi Eka Irianto
Signatories :
President Director (Mr. Alex Gerardus Maria Jaminon) or one
of the Directors (Mr. Agus Bekti Prihanto, or Mr. Frank Frissen) which must be
approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Originally named P.T. DSM KALTIM MELAMINE (P.T. DKM) was established in Bontang, East Kalimantan in December 1990, with an authorized capital of US$ 40,000,000 issued and paid up capital of US$ 25,000,000. The founding shareholders are P.T. PUPUK KALIMANTAN TIMUR Tbk, P.T. BARITO PACIFIC LUMBER COMPANY, both of Indonesia as local partners and DSM CHEMICAL B.V. of the Netherlands. The company notary deed has been changed a couple of times. Later in May 2008 the issued capital was raised to US$ 40,000,000 fully and paid up. On the same occasion, DSM CHEMICAL B.V., pulled out and replaced by DSM FINANCE B.V., of Netherlands and YAYASAN PUPUK KALIMANTAN TIMUR. The company latest composition and shareholders are DSM FINANCE B.V., (60%), P.T. BARITO PACIFIC LUMBER COMPANY (20%), P.T. PUPUK KALIMANTAN TIMUT Tbk (19.19%) and YAYASAN PUPUK KALIMANTAN TIMUR (0.01%). The deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-14105, dated June 05, 2008. Then based on the latest revision of notary documents of Mr. Utiek Rochmuljati Abdurachman, SH., No. 04 dated 20 September 2010 the company name was changed to P.T. OCI KALTIM MELAMINE (OKM). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-55047.AH.01.02.TH.2010 dated November 24, 2010.
We observe that partner locals namely P.T. BARITO PACIFIC LUMBER COMPANY is a member of the BARITO PACIFIC Group, a major and developing business group headed by Mr. Prajogo Pangestu AKA Phang Djun Phen, while P.T. PUPUK KALIMANTAN TIMUR Tbk is a large state-owned company in urea fertilizer processing.
P.T. OKM is a Foreign Capital Investment (PMA) company engaged in melamine industry, with its plant located at Kawasan Industri P.T. PUPUK KALTIM, Bontang, East Kalimantan, on a land of some 4.0 hectares. The plant has a production capacity of 60,000 tons melamine per year. It has absorbed a total investment of US$ 124.0 million, came from owned capital of US$ 40.0 million and the remainder from loans. Melamine is highly versatile material principally used in the world based panel industry for adhesives and laminates. Is also imparts special properties to dinnerware, coatings, flame retardants and many other applications. Mr. Agus Bekti Prihanto, a director of P.T. OKM said the products are largely marketed at home to adhesive, melamine ware and melamine sheet industries, and a small part is exported to the Netherlands, Hong Kong, Thailand, Australia and Japan. The products is supplied to P.T. ACTON RAYA INDUSTRIES, P.T. GELORA CITRA KIMIA ABADI, P.T. RESOURCES ALAM INDONESIA Tbk, P.T. KORINDO ABADI, P.T. DONSUNG JAKARTA, P.T. DONSUNG NSC and others melamine and urea industries. The operation of P.T. OKM has been running well and it is likely to grow further in the future.
In overall views we find the demand for melamine has been rising by 8% to 10% per year within the last five years. It links closely with the growth of adhesive, melamine ware and melamine-sheet industries at home. It is projected will be higher by 6% per year within the coming five years. Competition is very tight due to a large number of similar products both local made and imported are for sales in the country. Business position of P.T. OKM is quite good for it has already controlled many customers and extensive marketing chains at home and overseas.
Until this time P.T. OKM has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. OKM 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. 746.0 billion
rose to Rp. 755.0 billion in 2010 increased to Rp. 762.0 billion in 2011. As
from January to June 2012 the sales turnover was reached at Rp. 390.0 billion
with a net profit of Rp. 23.4 billion. It is projected the sales turnover will
be rising by at least 6% in 2013. It is estimated the company has a total
networth of at least Rp. 500.0 billion. We observe that P.T. OKM is supported
by foreign partner 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. OKM is led by Mr. Alex Gerardus Maria Jaminon
(51) a professional manager of Netherlands with experience in melamine
manufacturing and trade. He graduated from Technische Universiteit Eindhoven in
Master of Industrial Engineering and Business Science. The management is
handled by experienced staff in this business, having maintained a wide
business relation with private businessmen at home and abroad as well as with
government sectors. 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. OCI KALTIM MELAMINE is sufficiently fairly good for business
transaction.
Attachment:
List of the
PUPUK KALTIM Group Members
1.
KALTIM
INDSUTRIAL ESTATE, P.T. (Industrial Estate Management)
2.
KALTIM
SAHID BARITOSODAKIMIA, P.T. (Caustic Soda and Ammonia Chloride Industry)
3.
OCI
KALTIM MELAMINE, P.T. (Melamine Manufacturing)
4. PADI
ENERGI NUSANTARA, P.T. (Agro Industry)
5.
PUKATI
PANI, P.T. (Trading and Distribution of NPK Fertilizer)
6.
PUKATI
PELANGI AGROMAKMUR, P.T. (Trading and Distributor of NPK Fertilizer)
7.
PUKATI
PELANGI KHATULISTIWA, P.T. (Trading and Distribution of NPK Fertilizer)
8.
PUKATI
PELANGI BAHANA AGROPOLITAN, P.T. (Trading and Distribution of NPK Fertilizer)
9.
PUKATI
PELANGI PATANI BERSERI, P.T. (Trading and Distribution of NPK Fertilizer)
10.
PUKATI
PELANGI TANI MAKMUR, P.T. (Trading and Distribution of NPK Fertilizer)
11.
PUPUK
KALIMANTAN TIMUR Tbk, P.T. (Fertilizer Industry and Investment Holding)
12.
REKAYASA
INDUSTRY, P.T. (Engineering, Procurement and Construction)
13.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
|
UK Pound |
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.