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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. CASTROL INDONESIA |
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Formerly Known As : |
P.T. PANCA CENTRAL MEKANIKA |
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Registered Office : |
Perkantoran Hijau Arcardia, Gedung B, 9th Floor Jl. TB Simatupang Kav. 88 Kel. Pasar Minggu Jakarta 12520 |
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Country : |
Indonesia |
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Date of Incorporation : |
26.09.1985 |
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Com. Reg. No.: |
No. AHU-AH.01.10.46073 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Lube Oil Blending Industry |
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No. of Employees : |
425 persons |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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 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
P.T. CASTROL
INDONESIA
Head Office
Perkantoran Hijau
Arcardia, Gedung B, 9th Floor
Jl. TB Simatupang Kav. 88
Kel. Pasar Minggu
Jakarta 12520
Indonesia
Phones -
(62-021) 7884 3878 (hunting)
Fax. - (62-021) 7884 3875, 7884 3876
Email - castrolindonesia@castrol.com
Website - http://www.castrol.com
Building Area - 12 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Rent
Jl. Raya Merak Km. 117
Desa Gerem, Merak
Banten Province
Indonesia
Phones - (62-021)
571614 (hunting)
Fax. - (62-021)
570740
Land Area - 100,000 sq.
meters
Building Space - 42,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
a. 26 September 1985 as P.T. PANCA CENTRAL MEKANIKA
b. 01 July 1998 as P.T. CASTROL INDONESIA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
AHU-60865.AH.01.02.Tahun 2008, dated 10 September 2008
b. No.
AHU-AH.01.10.22899, dated 20 July 2011
c. No.
AHU-AH.01.10.46073, dated 28 December 2012
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The Department
of Finance
NPWP No. 01.374.698.7-056.000
b. The Capital
Investment Coordinating Board
- No. 282/I/PMDN/1995
Dated 3 April 1995
- No. 89/III/PMDN/1997
Dated 11 March 1997
- No. 298/III/PMDN/1998
Dated 8 September 1998
- No. 24/V/PMA/2002
Dated 23 April 2002
- No. 102/II/PMA/2004
Dated 12 July 2004
Affiliated/Associated Companies :
a. CASTROL Ltd., of the United Kingdom (Investment Holding)
b. P.T. ASTRON LAMTORO BAHANA of Indonesia (General Trading and
Investment Holding)
c. P.T. POLINDO SETYATAMA of Indonesia (General Trading and Investment
Holding)
Capital Structure :
Authorized Capital
- Rp. 79,160,000,000.-
Issued Capital - Rp. 79,160,000,000.-
Paid up Capital - Rp. 79,160,000,000.-
Shareholders/Owners :
a. CASTROL Ltd., of the United Kingdom - Rp. 54,066,300,000.-
(68.30%)
b. P.T. ASTRON LAMTORO BAHANA of Indonesia - Rp. 13,504,700,000.- (17.06%)
c. P.T. POLINDO SETYATAMA of Indonesia - Rp. 11,589,000,000.-
(14.64%)
Lines of Business
:
Lube Oil Blending Industry
Production
Capacity :
Lubricating Oil - 200 million liters p.a.
Total Investment :
a. Equity Capital -
Rp 79.2 billion
b. Loan Capital - Rp --
billion
c. Total Investment -
Rp 79.2
billion
Started Operation :
1985 when its was
named P.T. PANCA CENTRAL MEKANIKA
Brand Name :
CASTROL
Technical Assistance :
CASTROL Ltd., of the United Kingdom
Number of Employee :
425 persons
Marketing Area :
Domestic
(Local) - 100%
Main Customer :
a. Wholesalers and
Distributors of Lubricating Oil and Motor Vehicles
b. Supermarkets, Motor Vehicle Shops, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. PERTAMINA
b. P.T. WIRASWASTA
GEMILANG
c. P.T. NUSARAYA
PUTRAMANDIRI
d. P.T. AGIP LUBRINDO PRATAMA
e. P.T. DIRGA BUANA NUSANTARA
f. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jl. Jend. Sudirman Kav. 22-23
Jakarta Seatan
Indonesia
b. STANDARD CHARTERED Bank
Wisma Standard Chartered Bank
Jl. Jend. Sudirman Kav. 33A
Jakarta
10220
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2008 – Rp. 480.0
billion
2009 – Rp. 560.0
billion
2010 – Rp. 640.0
billion
2011 – Rp. 730.0
billion
2012 – Rp. 820.0
billion
Net Profit
(estimated) :
2008 – Rp. 33.2 billion
2009 – Rp. 38.0 billion
2010 – Rp. 42.5 billion
2011 – Rp. 48.4 billion
2012 – Rp. 52.0 billion
Payment Manner :
Average
Financial Comments :
Strong and Sound
Board of Management :
President Director -
Mr. Gan Soon Kiat
Director s -
a. Mr. Umi Kalsum
b. Mr. Dicky Saelan
Board of Commissioners :
President Commissioner -
Mr. Ir. Antonius Setyadi
Commissioners - a. Mrs. Jeannie Tai AKA Tai Kim Nee
b. Mr. Michael Patrick Rodwell
Signatories :
President Director (Mr. Indrasena
Patmawidjaja) or one of the Directors (Mrs. Umi Kalsum or Mr. Dicky Saelan)
which must be approved by the President
Commissioner (Mr. Ir. Antonius Setyadi) or the Commissioners (Mrs. Jeannie Tai
AKA Tai Kim Nee and Mr. Michael Patrick Rodwell)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Originally named P.T.PANCA CENTRAL MEKANIKA
established on 26 September 1985 with an authorized capital of Rp.
200,000,000.- issued capital of Rp. 40,000,000.- wholly paid-up. Founders and
original shareholders are Mr. Eddy Supit and his two younger brothers Mr. Jan
Maginda Supit, Mr. Sonny Maginda Supit, Mr. Jeffrey Saleh and Mr. Kardi
Bardiman. They are wholly indigenous businessmen. Its articles of association
have subsequently been changed for a couple of times both in term of its shareholding
composition and capital structure. In March 1994, Mr. Eddy Supit, Mr. Jeffrey
Saleh and Mr. Kardi Bardiman withdrew as the shareholders and replaced by Dr.
Kanjen Raden Mas Haryo Ibnu Hardjanto, Mr. Sri Winarno, SE and Mr. Alexander
Gee.
On 1 July 1998, the company was renamed to
P.T. CASTROL INDONESIA (P.T.CI) and concurrently the whole shareholders
pulled-out and replaced by CASTROL LTD of the United Kingdom (61%), P.T. ASTRON
LAMTORO BAHANA (19.5%) and P.T. POLINDO SETYATAMA (19.5%), national private
companies of Indonesia. On the same
occasion, the authorized capital was increased to Rp. 19,500,000,000.- wholly
issued and paid-up. Later in May 1999, the authorized capital was increased to
Rp. 79,160,000,000.- wholly issued and paid-up. Since September 2008 to now, the
shareholders of the company are CASTROL LTD., (68.30%), P.T. ASTRON LAMTORO
BAHANA (17.06%) and P.T. POLINDO SETYATAMA (14.64%). The deed of latest amendment was made by
Tjong Sendrawan, SH., a public notary in Jakarta and it was approved by the
Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-46073
dated 28 December 2012.
The local partners respectively P.T.ASTRON
LAMTORO BAHANA and P.T. POLINDO SETYATAMA both are general trading companies
and investment holding whose majority business stakes is controlled by Mr. Ir.
Antonius Setyadi. He is also founder and
majority business stakes owner of the SUGIRON Group, a small-size business
group in Indonesia.
P.T. CI obtained a foreign investment (PMA)
license for dealing with lube oil blending whose plant located at Jalan Raya
Merak Km. 117, Desa Gerem, Serang (West Java) with the area of 10 hectares land. The plant started with
trial production in September 1998 by producing lubricating oil with a capacity
of 24,000 tons per annum. P.T. CI produces lubricating oil for various needs
including industrial oils, engine oils, automotive oils and hydraulic oils
wholly under CASTROL brands. The brand
first entered the Indonesian market in 1970.
P.T. CI adopts technology from its foreign partner CASTROL LIMITED of
the United Kingdom with extensive experiences and good reputation in
lubricating oil blending industry. Its products are entirely distributed
domestically through its sister companies P.T. ASTRON LAMTORO BAHANA and P.T.
POLINDO SETYATAMA as well as directly to other lubricating oil distributor
companies. Now, P.T. CI’s operation in
lube oil blending is classified as a major company with a capacity 200,000 MT
per annum. Products marketed in
Indonesia include: Castrol 2T Low Smoke, Castrol Power 1, Castrol Activ and
Castrol Go. P.T. CI is classified as a
large sized company of its kind in the country of which the operation has been
growing in the last three years.
We find that the domestic demand for lubricating
oil was running into quite big volumes and was rising in the last five years,
in close correlation with the expanding assembling industries and growing
population of motor vehicles, from motorcycles to various types of motorcars,
trucks and heavy equipment in Indonesia. According to the Indonesia Car
Manufacturers Association (GAIKINDO) explained that the total of car sales in
2007 amounted to 434 thousand units increased to 608 thousand units in
2008 and declined to 486 thousand units
in 2009. The total of car sales in 2010
rose again to 765 thousand units and to 894 thousand units in 2011 and to 1,116
thousand units in 2012. The growth of
car and motorcycle sales in Indonesia in 2007 to 2012 is pictured on the
following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
Source: GAIKINDO
and the Indonesian Motorcycle Manufacturer Association (AISMI)
Meanwhile, competition is quite heavy in the
lubricating oil trade on account of the many companies operating in the same type
of business in Indonesia, offering for sale such brands as MESRAN, TOP-1,
PENNZOIL, EVALUBE, CASTROL, SHELL, AGIP, MOTUL, Etc. P.T. CI is considered to be doing quite well
for having already established a wide marketing network in several big cities of
the country.
The
company is neither public listed nor bond issued company. Therefore, the
company has no obligation to publish financial statement publicly. The
management of the company strongly rejected to disclose its financial
condition, but we estimated that total sales turnover of P.T. CI in 2009 amounted to Rp. 560.0 billion increased to
Rp. 640.0 billion in 2010 to Rp. 730.0 billion in 2011 to Rp. 820.0 billion in
2012 and estimated to be rising again at least 8% in 2013. The operation of the
company in 2012 is estimated to have gained a net profit of Rp. 52.0 billion
with a networth of Rp. 465.0 billion.
We did not hear that the company having been black listed by Bank
Indonesia (Central Bank) and registered in the court for detrimental cases being
settled in the local court.
Since December 2012, P.T. CI's management is
headed by Mr. Gan Soon Kiat (43) replacing Mr. Indrasena Patmawidjaja (45) as
president director. Mr. Gan Soon Kiat is
a Malaysian businessman of Chinese extraction who was born in Pahang, on 18 May
1970 and graduated from National University of Malaysia. In day-to-day operations he is assisted by
Mrs. Umi Kalsum (50) and Mr. Dicky Saelan (41) both as director respectively. The management, which is evaluated quite
creative and dynamic, also has succeeded in expanding their overseas marketing
network. We consider the management is quite capable of further developing
business in the future. So far, we did not hear that the company’s management
involved in a dirty business practice or detrimental cases that settled in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
By all available information, we appraise
P.T. CASTROL INDONESIA is considered to be good for normal business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.64 |
|
|
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.98 |
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.