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Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. MULTI NITROTAMA KIMIA |
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Formerly Known As : |
P.T. MULTI NITRO KIMIA |
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Registered Office : |
Equity Tower, 40th Floor, Suite E Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53 Lot 9, Jakarta 12190 |
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Country : |
Indonesia |
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Date of Incorporation : |
10.04.1987 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
a. Chemical (Ammonium Nitrate and Nitric Acid) Industry, b. Mining Explosive and Blasting Services |
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No. of Employees : |
510 |
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 |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 more than 6% annually in 2010-12. 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 |
Name of Company :
P.T. MULTI NITROTAMA KIMIA
A d d r e s s :
Head Office
Equity Tower, 40th Floor, Suite E Sudirman Central Business District,
Jl. Jend. Sudirman Kav. 52-53 Lot 9
Jakarta 12190, Indonesia
Phones -
(62-21) 2903 5022 (hunting)
Fax - (62-21) 2903 5021
Email - info@mnk.co.id
Website - www.mnk.co.id
Building Area - 48 storey
Office Space - 450 sq. meters
Region - Commercial
Status - Rent
Plant Site
Kawasan Industri Kujang Cikampek, Jl. Jend. A. Yani, Dawuan – Cikampek,
Jawa Barat 41373, Indonesia
Phones -
(62-264) 313 700 (hunting)
Fax - (62-264) 313 389
Land Area - 50,000 sq.
meters
Building Space - 38,000 sq. meters
Region - Industrial Zone
Status - Rent
Operational Office
Gedung BRI Balikpapan, 8th Floor, Jl. Jend. Sudirman No. 37, Balikpapan
76112, East Kalimantan, Indonesia
Phones -
(62-21) 415 258 (hunting)
Fax - (62-21) 415 626
Building Area - 12 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
a. 10 April 1987 as P.T. MULTI NITRO KIMIA
b. 18 July 1987 as P.T. MULTI NITROTAMA KIMIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
AHU-30635.AH.01.02.Tahun 2009
Dated 11 December
2009
b. No. AHU-AH.01.10-15100
Dated 19
April 2013
Company Status :
Domestic Investment Company (PMDN)
Permits by the Government Department :
a. The Department of
Finance
NPWP No.
01.438.045.5-431.000
b. The Department of Finance
- No.
357/I/PMDN/1987
Dated 07 September 1987
- No.
108/II/PMDN/1997
Dated 24 June 1997
Related/Affiliated Companies :
a. P.T. INTI IDOLA SEJATI (Investment Holding)
b. P.T. TARUNA DINAMIKA CITRINDO (Investment Holding)
c. P.T. PERKA CIPTA TERANG (Investment Holding)
Capital Structure :
Authorized Capital - Rp.
33,000,000,000.-
Issued Capital - Rp.
28,296,000,000.-
Paid up Capital - Rp.
28,296,000,000.-
Shareholders/Owners :
a. P.T. PUPUK KUJANG -
Rp. 7,074,000,000.- (25%)
Address : Kawasan Pupuk Kujang Cikampek
Jl. Jend. A. Yani, Cikampek
West Java, Indonesia
b. P.T. ANCORA INDONESIA RESOURCES Tbk. -
Rp. 14,148,000,000.- (50%)
Address : Jl. Imam Bonjol No. 61
Cikini, Central Jakarta
Indonesia
c. YAYASAN DANA ABADI KARYA
BAKTI -
Rp 7,074,000,000.- (25%)
Address : Gedung Granadi, 6th Floor
Jl. HR Rasuna Said Blok X-1
South Jakarta, Indonesia
Lines of Business :
a. Chemical (Ammonium Nitrate and Nitric Acid) Industry,
b. Mining Explosive and Blasting Services
Production Capacity :
a. Ammonium Nitrates - 140,000
tons p.a.
b. Nitric Acids - 55,000 tons p.a.
Total Investment :
a. Owned Capital - Rp.
28.3 billion
b. Loan Capital - Rp.
42.5 billion
c. Total Investment - Rp.
70.8 billion
Started Operation :
July 1990
Brand Name :
MNK
Technical Assistance :
a. Kaltenbach Thuring of France (for Ammonium Nitrate)
b. DM Weatherly of the USA (for Nitric Acid)
Number of Employee :
510 persons
Marketing Area :
a. Local - 80%
b. Export - 20%
Main Customers :
a. PT. Freeport Indonesia
b. PT. Chevron Pacific
Indonesia
c. PT. Adaro Indonesia
d. PT. Indominco Mandiri
e. PT. Pamapersada Nusantara
f. PT. Asmin Koalindo Tuhup
Market Situation :
Competitive
Main Competitors:
a. P.T. KALTIM NITRATE INDONESIA
b. P.T. DAHANA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank PERMATA Tbk
Gedung WTC
Jl. Jend.
Sudirman Kav. 29-31
South
Jakarta
b. P.T. Bank MANDIRI Tbk
Gedung Bumi Daya
Jl. Imam
Bonjol No. 61
Central
Jakarta
c. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl.
Jend. Sudirman
Kav. 1
South
Jakarta
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales :
2010 – US$ 136.9 million
2011 – US$ 115.6 million
2012 – US$ 156.3 million
2013 – US$ 87.4 million (January
– June)
Net Profit (estimated) :
2010 – US$ 15.0 million
2011 – US$ 12.8 million
2012 – US$ 17.2 million
2013 – US$ 9.6 million (January
– June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Dharma Hutama Djojonegoro
Directors - a. Mr. Ir. Sapto Ariyono, MM
b. Mr. Ir. Alex Djajadi Sastra
c. Mr. Antonius
Nicholas Stephanus Kosasih
Board of Commissioners :
President Commissioner - Mr. Ir. Dana Sudjana, MM
Commissioners - a. Mrs. Susan
Narulita
b. Mr. Yose Rizal effendi
c. Mr. Aulia Mulki Oemar
Signatories :
President Director (Mr. Dharma Hutama
Djojonegoro) or one of the Directors (Mr. Ir. Sapto Ariyono, MM, Mr. Ir. Alex
Djajadi Sastra or Mr. Antonius Nicholas Stephanus Kosasih) which must be approved by Board of
Commissioner (Mr. Ir. Dana Sudjana, MM) and assisted by other commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Initially named P.T. MULTI NITRO KIMIA, it was established in April 1987
with the authorized capital of Rp. 33,000,000,000.- issued capital of Rp
23,100,000,000.- of which Rp 3,234,000,000.- was paid up. The founding shareholders of the company are
P.T. PUPUK KUJANG, a state owned company dealing with urea fertilizer
manufacturing, P.T. BIMANTARA CITRA Tbk., and Mr. Hutomo Mandala Putra AKA
Tommy Soeharto. In July 1987, the
company renamed to P.T. MULTI NITROTAMA KIMIA (P.T. MNK). The articles of association of the company
have frequently been revised. In November 1994, the paid up capital was raised
to Rp. 8,220,000,000 and concurrently Mr. Hutomo Mandala Putra AKA Tommy
Soeharto withdrew and into the company entered Yayasan DAKAB (Yayasan Dana
Abadi Karya Bakti), a foundation being established and led by the former the
late President Soeharto. In June 2008,
the paid up capital was raised to Rp. 23,100,000,000 and concurrently P.T.
BIMANTARA CITRA Tbk withdrew and into the company entered a new shareholder
P.T. ANCORA INDONESIA RESOURCES Tbk.
Most recently by notarial Deed No. 40 dated 26 March 2013 made by Notary
Sugih Haryati, SH., notary in Jakarta, the issued capital was raised again to
Rp 28,296,000,000.- and the same of occasion, the shareholders of the company
are P.T. PUPUK KUJANG (25%), P.T. ANCORA INDONESIA RESOURCES Tbk., (50%) and
YAYASAN DANA ABADI KARYA BAKTI (25%). The amendment to deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through its Decree
No. AHU-AH.01.10-15100 dated 19 April 2013.
P.T. MNK obtained a Domestic Capital Investment (PMDN) facility issued
by the Capital Investment Coordinating Board (BKPM) to deal with ammonium
nitrates and nitrate acids. Its plant is located in Pupuk Kujang Industrial
Estate, Cikampek, West Java on a land of 5.0 hectares having been in commercial
operation since July 1990. According to
its license issued by the BKPM, the plant has annual production capacity of 37,000 tons of ammonium nitrate and 55,000 tons
of nitric acids with an investment of Rp. 70.8 billion coming from own capital
of Rp. 28.3 billion and the rest from loans. Beside, P.T. MNK also engaged in
mining explosive and blasting services.
In 2012, P.T. MNK has successfully completed the construction of the
MNK-2 plant after 2 years of construction and commercial production form
February 2012. Thus P.T. MNK owns and
operates MNK-2 and MNK-2 plants in Cikampek, West Java and has increased
production capacity from 37,000 tons to 140,000 tons of ammonium nitrate per
year.
Ammonium nitrate and Nitric Acid are compounds used as explosives to
support activities in coal and mineral general, general works and cement
industry. The products of the company
are wholly marketed in the country and supplied among mining companies. Significant contracts which P.T. MNK have
entered into with several parties such as PT. Freeport Indonesia, PT. Pama Persada Nusantara, PT. Adaro Indonesia, PT.
Asmin
Koalindo Tuhup and Kideco Jaya Agung shall be valid from 2013 to 1016. By the end of 2013, a detonator assembly
plant established through cooperation between P.T. MNK and third party is
expected to commence production. For
this purpose, in 2012, P.T. MNK will introduce detonator products to both
existing and new customers to ensure optimal marketing and sales. We observed that P.T. MNK is the second
largest company of its kind in the country (after PT. Kaltim Nitrate Indonesia)
of which the operation has been fluctuating in the last three years.
Generally outlook the demand for ammonium nitrate has kept on rising by
about 10% to 12% in line with the rapid growth of mining industry sector and
other industrial sectors as its consumers in the country. We observed that the most of ammonium nitrate
(app. 65%) are sold in the domestic market are imported from Australia, China,
the Philippines, Mexico and France.
P.T. MNK has to deal with competition from other companies marketing
products similar to those offered by the Company. More new entrants in the industry and the
presence of a new plant in Bontang (PT. Kaltim Nitra Indonesia) with an annual
capacity of roughly 300,000 tons shall result in a lower market share for P.T.
MNK, particularly in areas close to the location of rival plants which in turn
will bring down P.T. MNK sales and ultimately adversely affect company
financial performance.
Until this time P.T. MNK has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. MNK is very reclusive towards outsiders and rejected to
disclose its financial condition.
According to PT. Ancora Indonesia Resources Tbk., (holding company of
P.T. MNK) that P.T. MNK's sales turnover in 2010 reached US$ 136.9 million
declined to US$ 115.6 million in 2011and rose again to US$ 156.3 million in
2012 and projected to go on rising by at least 10% in 2013. The operation in 2012 yielded an estimated
net profit of at least US$ 17.2 million and the company has an estimated total
assets o US$ 179.3 million. 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. MNK's management is headed by Mr. Darma Hutama Djojonegoro (39) as
president director and CEO of the Company.
He holds two Bachelor Degrees in Marketing and Finance with summa cum
laude in 1996 from the University of Oregon, USA. Beside, he was also appointed as President
Director of P.T. ANCORA INDONESIA RESOURCES Tbk., holding company of P.T.
MNK. In daily activities, he is
assisted by three directors namely Mr. Ir. Sapto Ariyono, MM (53), Mr. Ir. Alex
Djajadi Sastra (60) and Mr. Antonius Nicholas Stephanus Kosasih (43). The company's management is handled by
professionals 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 fraudulent dealings. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. MULTI NITROTAMA KIMIA is appraised to be good for business
transaction. However, in view of the
unstable economic condition in the country we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.