|
Report Date : |
06.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PEROXIDA INDONESIA PRATAMA |
|
|
|
|
Registered Office : |
Graha Purna Bakti Building, Jalan Jend. A. Yani No. 39, Cikampek, 41373, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
28.10.1987 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-29896 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Hydrogen
Peroxide (H2O2) Industry |
|
|
|
|
No. of Employees : |
127 |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.2% and 6.5% 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. PEROXIDA INDONESIA PRATAMA
Head Office &
Marketing
Graha
Purna Bakti Building
Jalan Jend. A. Yani No. 39
Cikampek,
41373
West
Java
Indonesia
Phones -
(62-264) 313383, 313387
Fax - (62-264) 318577, 313386
E-mail - info@ptpip.co.id
Website - http://www.ptpip.co.id
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Industrial
Zone
Status - Owned
Plant Site
Kawasan Industri Kujang Cikampek (KIKC)
Jalan Jend. A. Yani
Dawuan, Karawang
Cikampek,
41373
West
Java
Indonesia
Land Area - 20 hectares
Building Space - 10,000 sq. meters
Region - Industrial
Estate
Status - Owned
28
October 1987
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
- No. C2-4865.HT.01.04.TH.89
Dated 1 June 1989
- No. AHU-30342.AH.01.02.TH.2009
Dated 2 July 2009
- No. AHU-AH.01.10-29896
Dated 10 August 2012
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP
No. 01.061.661.3-052.000
The President of
the Republic of Indonesia
No.
B-71/Pres/10/1987
Dated
10 October 1987
The Capital
Investment Coordinating Board
- No. 56/I/PMA/1987
Dated 16 October 1987
- No. 400/III/PMA/1991
Dated 24 June 1991
- No. 99/II/PMA/1994
Dated 14 June 1994
- No. 1086/III/PMA/1996
Dated 12 December 1996
- No. 121/II/PMA/1997
Dated 15 July 1997
- No. 338/III/PMA/2001
Dated 27 March 2001
- No. 554/III/PMA/2001
Dated 11 May 2001
The Department of
Industry
No.
265/T/INDUSTRI/1997
Dated
12 June 1997
a. MITSUBISHI CORPORATION, Japan (Investment
Holding)
b. NITSUBISHI GAS CHEMICAL COMPANY INC., Japan
(Investment Holding)
c. P.T. PUPUK KUJANG (Ammonia and Urea
Fertilizer Industry and Investment Holding)
Capital
Structure :
Authorized
Capital : US$
10,000,000.-
Issued
Capital :
US$ 10,000,000.-
Paid
up Capital :
US$ 10,000,000.-
Shareholders/Owners
:
a.
MITSUBISHI GAS CHEMICAL COMPAN, INC. -
US$ 6,000,000.-
Address :
Mitsubishi Building 5-2,
Marunouchi 2-chome Chiyoda-ku
Tokyo, Japan
b.
MITSUBISHI CORPORATION -
US$ 2,000,000.-
Address :
Mitsubishi Building 5-2,
Marunouchi 2-chome Chiyoda-ku
Tokyo, Japan
c.
P.T. PUPUK KUJANG (Perser) -
US$ 2,000,000.-
Address :
Jl. Jend. A. Yani No. 39
Karawang, Cikampek
West Java
Indonesia
Lines
of Business :
Hydrogen
Peroxide (H2O2) Industry
Production
Capacity :
Hydrogen Peroxide (H2O2) - 84,160 tons p.a.
Total
Investment :
a. Equity Capital - US$ 10.0 million
b. Loan Capital -
US$ 79.3 million
c. Total Investment - US$ 89.3 million
Started
Operation :
January
1991
Brand
Name :
Peroxide Indonesia Pratama (PIP)
Technical Assistance :
Mitsubishi
Gas Chemical Company, Inc., Japan
Number
of Employee :
127
persons
Marketing
Area :
Local - 100%
Main
Customer :
Pulp
and Paper Industry, Pharmaceutical Industry, Textile Industry, Rubber Industry
Market
Situation :
Very
Competitive
Main
Competitors :
a. P.T. DEGUSSA PEROXIDE INDONESIA
b. P.T. SAMATOR INTI PEROXIDE
c. P.T. SINDOPEX PETROTAMA
Business
Trend :
Growing
Bankers
:
a. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. A.
Yani
Cikampek, West
Java
Indonesia
b. The Bank of Tokyo – Mitsubishi UFJ Ltd.
Mid Plaza 1 Building, 1st &
3rd Floor
Jalan Jend. Sudirman
Kav. 10-11
Jakarta Pusat, 10227
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 325.0 billion
2011
– Rp. 337.0 billion
2012
– Rp. 348.0 billion
Net
Profit (estimated) :
2010
– Rp. 26.0 billion
2011
– Rp. 27.0 billion
2012
– Rp. 28.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Yasushi Hiramatsu
Directors -
a. Mr. Jumpei Kato
b. Mr. Adhi Susetyo
c. Mr. Shinjiro Sawamoto
Board of Commissioners :
President Commissioner - Mr. Yuni Suryanto
Commissioners - a. Mr. Ryoichi Kakiki
b. Mr. Mitsuaki Sonohara
c. Mr. Yoshiyuki Morikawa
Signatories :
President
Director (Mr. Yasushi Hiramatsu) or one of the Directors (Mr. Jumpei Kato, Mr.
Adhi Susetyo or Mr. Shinjiro Sawamoto) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. PEROKSIDA INDONESIA PRATAMA (P.T. PIP) was
established in Cikampek, West Java on 28 October 1987 with an authorized
capital of US$ 12,930,000 entirely issued and paid-up. Founders and original
shareholders of P.T. PIP were P.T. PUPUK KUJANG (a state-owned enterprise BUMN)
as the local partner and MITSUBISHI GAS CHEMICAL COMPANY INC., of Japan. The
company notary deed has been changed In January 1989 the company had been
joined by new shareholders namely Mr. Sigit Harjojudanto (the first son of the
late Mr. Soeharto, the former President of the Republic of Indonesia), E.I. DU
PONT DE NEMOURT of USA and MITSUBISHI CORP., of Japan. In the early of
1990 Mr. Sigit Harjojudanto pulled out and then was replaced by P.T. TALANG
GUMBALA ANDHIKA, a national private company. Later in June 2009 the authorized
capital was reduced US$ 10,000,000 wholly issued and paid up. On the same
occasion the composition of its shareholders has been changed to become
MITSUBISHI GAS CHEMICAL COMPANY, INC., Japan (60%), MITSUBISHI CORPORATION,
Japan (20%) and P.T. PUPUK KUJANG (20%). Then according to the latest revision
of notary documents of Mrs. Poerbaningsih Adi Warsito, SH., No. 42 dated 24
July 2012 the company board of director and the board of commissioner had been
changed (see profile). The deed of amendments was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-29896 dated August
10, 2012.
P.T. PIP has obtained Foreign Capital Investment (PMA) license to be engaged in hydrogen peroxide processing. Its plant located in the village of Dawuan, Cikampek, West Java, stands over 20 hectares wide land. The plant started up with operation in January 1991 by using the technology of its holding company MITSUBISHI GAS CHEMICAL COMPANY INC., of Japan. Since its establishment in 1987, company has participated in development of Indonesia and contributes the thing through its activity in construction, production and marketing of its product. Hydrogen Peroxide (H2O2). Hydrogen peroxide is an environmental-friendly chemical. Hydrogen peroxide is a strong oxidizer that is used as bleaching agent for pulp, paper, textile, wood and rattan, de-inking process on the recycling process of used paper, raw materials for other chemicals (detergent, epoxy, etc.), metal etching in electronic industry, disinfectant for food and drink packaging process, water treatment, etc.Currently, PIP produces 35%, 50% and 60% hydrogen peroxide. PIP provides several types of packaging, i.e. 35Kg PE-Can, 230Kg PE-Drum, 1MT Container and 18MT Container. Hydrogen peroxide is produced by reacting hydrogen gas with working solution through hydrogenation process. Hydrogenated working solution is then oxidized by oxygen to produce hydrogen peroxide, which is still mixed with working solution. The mixture of hydrogen peroxide and working solution is then extracted by water, purified and concentrated through distillation process.
Hydrogen peroxide produced by PIP is stabilized hydrogen
peroxide. However, there are some factors that need to be taken into account
when dealing with hydrogen peroxide storage. Here are the guidelines for
storage of hydrogen peroxide. Types of materials
used as packaging materials for tank, pipe, pump, valve, fitting, gasket and
hose have to be compatible with hydrogen peroxide and will not cause
decomposition reaction. Hydrogen peroxide will decompose into water and oxygen.
The following table shows standard specification of facilities used for handling and storage of hydrogen peroxide.
|
Facilities |
Excellent |
Good |
|
Tank |
Stainless steel |
HDPE |
|
Small
size tank |
Stainless steel |
HDPE |
|
Pipe
and Fitting |
Stainless steel |
PVC |
|
Pump |
Casing : SCS14 |
|
|
Valve |
Main : SUS304 / SUS306 |
PVC |
|
Gasket |
Viton |
Teflon cushion |
|
Hose |
Reinforced
vinyl hose |
|
Source:
PIP
The whole products of P.T. PIP are marketed locally to a
number of paper and textile industries in pulp and paper industries, wood &
rattan industries, industrial chemicals, metal etching industries, packaging
industries, water treatment industries in Jakarta, West Java, Central Java and
East Java. The whole products is supplied to pulp and paper industry such as
P.T. FAJAR SURYA WISESA Tbk, P.T. TOBA PULP LESTARI Tbk, P.T. RIAU ANDALAN PULP
AND PAPER, P.T. LONTAR PAPYRUS SAKTI, P.T. INDAH KIAT PULP AND PAPER, P.T.
TJIWI KIMIA, P.T. TANJUNG ENIM LESTARI PULP AND PAPER; textile industry such as
P.T. PANAYSIA INDOSYNTEC, P.T. INDOGERMAN TECHNOLOGY; and others industries. We
observe P.T. PIP is one the largest producer of hydrogen peroxide in the
country which operation has been running and growing well.
In overall views we find the demand for hydrogen peroxide
(H2O2) had been rising by 6% to 8% per year in the last five years, in line
with the growth of pulp and paper industries, pharmaceutical industries,
textile industries, foams and rubber industries as consumers. But, later
dwindled as the global economic slowdown since October 2008, followed by tight
money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the country.
Expected growth of the chemical industry and rubber goods will increase by
about 5.7% in the year 2013. Business position of P.T. PIP is quite well for
the company has controlled a wide marketing in the country. Competition is very
tight because lots of companies operating in the country. See the table below:
Ground Hydrogen Peroxide producers, and production
capacity 2007
|
No. |
Producers |
Production Capacity (Tons/year) |
|
1. 2. 3. 4. |
P.T. SINDOPEX PEROXIDE P.T. PEROXIDA
INDONESIA PRATAMA P.T. SAMATOR INTI PEROXIDA P.T. DEGUSSA
PEROXIDA INDONESIA |
30,000 84,160 60,000 30,000 |
|
|
Total |
204,000 |
Source: The
Department of Industry
Until this time P.T. PIP has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The management of the company is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2010 amounted to Rp. 325.0 billion
rose to Rp. 337.0 billion in 2011 increased to Rp. 348.0 billion in 2012 and
projected to go on rising by at least 5% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 28.5 billion and the company has an
estimated total networth of at least Rp. 125.0 billion. We observe that P.T.
PIP 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. PIP is led by Mr. Yasushi Hiramatsu (56) a
professional manager of Japan with experience in hydrogen peroxide industry and
trading. 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. PEROXIDE INDONESIA PRATAMA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
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.