|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. STEELINDO WAHANA PERKASA |
|
|
|
|
Registered Office : |
Jalan Griya Utama, Komplek Ruko Puri Mutiara Block A No. 26-27, Kelurahan Sunter Agung, Kecamatan Tanjung Priok, Jakarta Utara, 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.07.1986 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-36294 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Oil Palm
Plantation and Palm Oil Refinery |
|
|
|
|
No. of Employees : |
2,072 |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 fiscal deficit below 3%, 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
2013 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 high oil prices.
|
Source : CIA |
P.T. STEELINDO WAHANA PERKASA
Head Office
Jalan Griya Utama
Komplek Ruko Puri
Mutiara Block A No. 26-27
Kelurahan Sunter Agung, Kecamatan Tanjung Priok
Jakarta Utara,
14350
Indonesia
Phones -
(62-21) 65310746 (Hunting)
Fax - (62-21) 65310749
Building Area - 3 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Plantation and
Refinery
a. Desa Senyubuk,
Kecamatan Kelapa Kampit, 33471
Kabupaten Belitung Timur
Kepulauan Bangka Belitung Province
Indonesia
Mobile Phone
- 0811 7110071
E-mail -
ptswp@yahoo.com
Land Area -
13,658 hectares
Building Space - 2,700 sq. meters
Region -
Industrial Zone
Status -
Owned
a. Desa Sei
Buluh, Kecamatan Banut
Kabupaten Pelelawan
Riau Province
Indonesia
Land Area -
1,594 hectares
Building Space - 800 sq. meters
Region -
Industrial Zone
Status -
Owned
17 July 1986
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-8901.HT.01.01.TH.86
Dated 19 December 1986
- No. C-08492 HT.01.04.TH.2004
Dated 8 April 2004
- No. AHU-AH.01.10-21656
Dated 16 September 2008
- No. AHU-30085.AH.01.02.TH.2009
Dated 2 July 2009
- No. AHU-AH.01.10-36294
Dated 5 October 2012
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP No.
01.349.082.6-057.000
The Capital
Investment Coordinating Board
- No. 41/V/PMA/1994
Dated 27 September 1994
- No. 49/III/PMA/1995
Dated 7 February 1995
- No. 1416/III/PMA/2001
Dated 25 October 2001
a. P.T. GRIYA HASTA KENCANA (Investment Holding)
b. A Member Company of the KUALA LUMPUR KEPONG
BERHARD Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
45,000,000,000.-
Issued Capital : Rp.
24,000,000,000.-
Paid up Capital : Rp.
24,000,000,000.-
Shareholders/Owners
:
a. KL-KEPONG
PLANTATION HOLDINGS SDN BHD - Rp.
22,800,000,000.-
Address
: Wisma Taiko,
1, Jalan S.P. Seenivasagam,
30000 Ipoh
Perak
Darul Ridzuan
Malaysia
b. P.T. GRIYA HASTA KENCANA - Rp. 1,200,000,000.-
Address : Jl. Tanah Abang III
No. 26
Kelurahan Petojo Selatan, Kecamatan Gambir
Jakarta Pusat
Indonesia
Lines of
Business :
Oil Palm
Plantation and Palm Oil Refinery
Production
Capacity :
a. Fresh Fruit Bunches - 220,000 tons p.a.
b. Crude Palm Oil - 120,000 tons p.a.
c. Palm Kernel - 9,000 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 24.0 billion
b. Loan Capital -
Rp. 56.0 billion
c. Total Investment - Rp. 80.0 billion
Started
Operation :
1995
Brand Name :
Steelindo Wahana
Perkasa
Technical
Assistance :
KL-KEPONG
PLANTATIONS HOLDINGS SDN BHD., Malaysia
Number of
Employee :
2,072 persons
Marketing Area
:
Export -
70%
Local - 30%
Main Customer
:
Buyers in
KL-KEPONG BERHARD Group, Malaysia
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AEK TARUM
b. P.T. GANDAERAH
HENDANA
c. P.T. MURINI
SAMSAN
d. P.T. SAMPOERNA AGRO Tbk
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
RAKYAT INDONESIA Tbk
Belitung Timur Regency
Kepulauan Bangka Belitung Province
Indonesia
b. P.T. Bank MANDIRI Tbk
Belitung Timur Regency
Kepulauan Bangka Belitung Province
Indonesia
c. P.T. Bank PERMATA Tbk
Permata Bank Tower I
Jalan Jend. Sudirman Kav. 27
Jakarta Selatan
Indonesia
d. STANDARD CHARTERED Bank
Menara Standard Chartered
Jalan Prof. Dr. Satrio No. 164
Jakarta Selatan
Indonesia
Auditor :
KAP Anwar & Rekan (DFK Int’l)
Litigation :
No litigation
record in our database
Annual Sales :
2010 – Rp. 595.8
billion
2011 – Rp. 806.2
billion
2012 – Rp. 875.0
billion (estimated)
Net Profit :
2010 – Rp. 278.8
billion
2011 – Rp. 391.6
billion
2012 – Rp. 412.0
billion (estimated)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Goh Tee Meng
Directors -
a. Mr. Arifin Susilo Adiasa
b. Mr. John Edward Kolandai
c. Mr. Danesuvaran K.R. Singam
d. Mr. Tan Kei Yoong
e. Mr. Lau Swee Joo
f. Mr. Chong Kong Fat
Board of Commissioners :
President Commissioner -
Mr. Lim Kiam Chye
Commissioners -
a. Mr. Abraham Adiasa
b. Mr. Leong Sean Meng
Signatories :
President Director (Mr.
Goh Tee Meng) or one of the Directors (Mr. Arifin Susilo Adiasa, Mr. John
Edward Kolandai, Mr. Danesuvaran K.R. Singam, Mr. Tan Kei Yoong, Mr. Lau Swee
Joo or Mr. Chong Kong Fat) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. STEELINDO WAHANA PERKASA (P.T. SWP) was established in Jakarta on 17 July 1986 with the authorized capital of Rp. 50,000,000 of which Rp. 10,000,000 was issued and fully paid up. The founding and original shareholders of the company are Mr. Arifin Susilo Adiasa and Mr. Anthony Soesilo, both are Indonesian businessmen of Chinese extraction. The articles of association of the company have frequently been revised. In April 1990, the authorized capital was raised to Rp. 80,000,000,000 of which Rp. 16,000,000,000 was issued and fully paid up and concurrently into the company entered new shareholders namely Mr. Abraham Adiasa, Mr. Eddie Wibowo and Mrs. Mustika. In October 1994, whole shareholders withdrew and into the company entered new shareholders namely KL-KEPONG PLANTATION HOLDINGS Sdn., Bhd., of Malaysia and P.T. GRIYA HASTA KENCANA, a private company of Indonesia. On the same occasion, the authorized capital of the company was reduced to Rp. 45,000,000,000 of which Rp. 24,000,000,000 was issued and fully paid up. With this time the composition of its shareholders has been changed to become KL-KEPORNG PLANTATION HOLDING Sdn., Bhd. (95%) and P.T. GRIYA HASTA KENCANA (5%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-21656 dated 16 September 2008. Then according to the latest revision of notary documents of Mrs. Rosalina Taswin, SH., No. 04 dated 13 September 2012 the board of director and the board of commissioner had been changed (see profile of report). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-36294 dated October May 2012.
We observe that KL-KEPONG PLANTATION HOLDINGS SDN BHD., is also business stakes owner of P.T. ADEI PLANTATION & INDUSTRY engaged in oil palm plantation and palm oil refinery and also crumb rubber plantation and processing. KL-KEPONG Group is a large scale business group based in Kuala Lumpur, Malaysia which also manages subsidiaries in Indonesia. While P.T. GRIYA HASTA KENCANA is a private company dealing with investment holding of which its majority business stakes are controlled by Mr. Ir. Arifin Susilo Adiasa.
P.T. SWP obtained a Foreign Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) to deal with integrated oil palm plantation and its processing unit into palm oil. The company manages oil palm plantation located in Senyubuk village, Kelapa Kampit sub-district, Belitung Timur Regency, Bangka Belitung Province on a land of 13,658 hectares and also located in Sei Buluh village, Banut district, Pelelawan Regency, Riau Province on a land of 1,594 hectares. P.T. SWP has set up a unit of Oil Palm Processing with a capacity of 200,000 tons Fresh Fruit Bunches and 120 tons of Crude Palm Oil (CPO) and Palm Kernel (PK) of 9,000 tons per annum respectively. The construction of the plant and its plantation have absorbed an investment of Rp. 80.0 billion coming from won capital of Rp. 24.0 billion and the rest from loans. Some 70% of the products in the form of crude palm oil (CPO) is exported to KL-KEPONG Group Malaysia while the rest marketed particularly to P.T. BUKIT KAPUT REKSA, P.T. KARYA PRAJONA NELAYAN (both are members of the KPN Group), P.T. MUSIM MAS and others. Besides, most of fertilizer is also obtained from sister company P.T. TAIKO PERSADA INDOPRIMA dealing with trading and distribution of fertilizers. We observed that P.T. SWP is a medium sized company dealing with integrated oil palm and its processing of which its operation has been running and fluctuating 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
ton in 2009 to 21.9 million ton in 2010 and 22.5 million ton in 2011. 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.
The Development of Commodity Production Five Plantation in Indonesia,
2006-2011
|
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
According to financial statement of P.T. SWP which ended as
per 31 December 2010 amounted at Rp. 595.8 billion with a net profit of Rp.
278.8 billion increased to Rp. 806.2 billion with a net profit of Rp. 391.6
billion in 2011. We estimated the sales turnover was amounted at Rp. 875.0
billion with a net profit of Rp. 412.0 billion in 2012 and estimated to go on
rising by at least 5% in 2013. We observe that P.T. SWP 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 financial
highlights as per 31 December 2010 and 2011 are attached below.
(In Million Rupiah)
|
Descriptions |
31 December |
|
|
|
2011 |
2010 |
||
|
A. ASSETS |
|
|
|
|
a. Current Assets |
|
|
|
|
- Cash and cash
equivalent |
162,287 |
165,605 |
|
|
- Trade account
receivable |
|
|
|
|
* Related parties |
26,047 |
24,538 |
|
|
* Third parties |
37,190 |
- |
|
|
- Other account
receivable |
|
|
|
|
* Related parties |
23,767 |
16,090 |
|
|
* Third parties |
7,322 |
2,958 |
|
|
- Inventories |
47,265 |
53,891 |
|
|
- Advances |
6,504 |
1,559 |
|
|
- Prepaid tax |
51,212 |
38,589 |
|
|
- Derivative assets |
1,067 |
91 |
|
|
- Advance on investments |
- |
17,056 |
|
|
Total Current Assets |
362,760 |
320,378 |
|
|
a. Non Current Assets |
|
|
|
|
- Due from related
parties |
123,808 |
161,744 |
|
|
- Deferred tax assets |
2,254 |
1,980 |
|
|
- Mature plantation-net
of accumulated |
123,058 |
113,185 |
|
|
- Investment in shares |
93,706 |
41,954 |
|
|
- Fixed assets |
103,248 |
102,653 |
|
|
- Plasma receivables |
64,821 |
52,459 |
|
|
- Deferred charges |
6,276 |
6,346 |
|
|
Total non current assets |
517,172 |
498,598 |
|
|
Total Assets |
879,931 |
818,977 |
|
|
B. LIABILITIES &
STOCKHOLDERS’ EQUITY |
|
|
|
|
a. Current Liabilities |
|
|
|
|
- Trade account payable |
|
|
|
|
* Related parties |
1,720 |
76 |
|
|
* Third parties |
3,873 |
12,924 |
|
|
- Taxes payable |
65,438 |
52,397 |
|
|
- Accrued expenses |
|
|
|
|
* Related parties |
- |
163 |
|
|
* Third parties |
5,801 |
4,055 |
|
|
- Other payable |
|
|
|
|
* Related parties |
603 |
283 |
|
|
* Third parties |
7,204 |
783 |
|
|
- Due to related parties |
3,255 |
3,561 |
|
|
- Derivative liability |
505 |
57 |
|
|
Total current liabilities
|
88,499 |
74,309 |
|
|
b. Non Current Liabilities |
|
|
|
|
- Estimated liabilities
for employee benefit |
14,386 |
11,201 |
|
|
- Total non current
liability |
14,386 |
11,201 |
|
|
- Total liability |
102,885 |
85,510 |
|
|
c. Stockholders Equity |
|
|
|
|
- Share Capital |
24,000 |
24,000 |
|
|
- Difference in value restructuring transact |
(166,220) |
(166,220) |
|
|
- Retained earnings |
919,267 |
875,687 |
|
|
- Total Equity |
777,047 |
733,467 |
|
|
-
Total Liability & Equity |
879,931 |
818,977 |
|
|
|
|
|
|
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales – net
|
806,198 |
595,802 |
|
|
b. Cost of goods sold |
(292,837) |
(280,638) |
|
|
c. Gross profit |
513,361 |
315,164 |
|
|
d. Operating income |
405,274 |
272,501 |
|
|
e. Total other income - net |
95,383 |
84,283 |
|
|
f. Income before tax |
500,657 |
356,784 |
|
|
g. Tax expenses |
(109,077) |
(77,948) |
|
|
h. Net Profit |
391,580 |
278,837 |
|
Notes: Ended 31 December 2011
and 2010 Audited by KAP Anwar & Rekan
The management of P.T. SWP is led by Mr. Goh Tee Meng (63) a
professional manager of Malaysia with experience in oil palm plantation and
refinery and rubber plantation and refinery. Daily activity he is assisted by
Mr. ARIFIN Susilo Adiasa (66), Mr. John Edward Kolandai (57), Mr. Danesuvaran
K.R. Singam (52), Mr. Tan Kei Yoong (53), Mr. Lau Swee Joo (55) and Mr. Chong
Kong Fat (62) as Directors. 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. STEELINDO WAHANA PERKASA is sufficiently fairly
good for business transaction.
Attachment:
List of the
KUALA LUMPUR KEPONG BERGARD Group Members
1.
ADEI
PLANTATION & IINDUSTRY, P.T. (Oil Palm Plantation and Palm Oil Refinery,
Crumb Rubber Plantation and Processing
2.
AGRI
MAKMUR ABADI, P.T. (Oil Palm Plantation)
3.
ALAM
KARYA SEJAHTERA, P.T. (Oil Palm Plantation)
4.
APPIED
AGRICULTURAL RESOURCES, P.T. (Agribusiness Services)
5.
BUMI
MAKMUR SEJAHTERA RAYA, P.T. (Oil Palm Plantation)
6.
HUTAN
HIJAU MAS, P.T. (Oil Palm Plantation)
7.
JABONTARA
EKA KARSA, P.T. (Oil Palm Plantation)
8.
KARYA
MAKMUR ABADI,P.T. (Oil Palm Plantation)
9.
KREASIJAYA
ADHIKARYA, P.T. (Oil Palm Plantation)
10.
KLK
AGRISERVINDO, P.T. (Consulting Services in Oil Palm Plantation)
11.
MALINDOMAS
PERKEBUNAN, P.T. (Oil Palm Plantation)
12.
MENTENG
JAYA SAWIT PERDANA, P.T. (Oil Palm Plantation
13. MULIA
AGRO PERMAI, P.T. (Oil Palm Plantation)
14.
PARIT
SEMBADA, P.T. (Oil Palm Plantation)
15.
SAFARI
RIAU, P.T. (Oil Palm Plantation)
16.
SATU
SEMBILAN DELAPAN, P.T. (Oil Palm Plantation)
17.
SEKARBUMI
ALAM LESTARI, P.T. (Oil Palm Plantation)
18.
STEELINDO
WAHANA PERKASA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
19.
TAIKO
PERSADA INDOPRIMA, P.T. (Trading and Distribution of Fertilizers)
20.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
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.