|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INTIBENUA PERKASATAMA |
|
|
|
|
Registered Office : |
Jalan Datuk Laksamana, Buluh Kasap, Dumai Timur, Dumai, 28814,
Riau Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
18.03.1994 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-16860 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Palm Oil
Refinery |
|
|
|
|
No. of Employees : |
820 |
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 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. INTIBENUA PERKASATAMA
Address:
Head Office
& Factory
Jalan Datuk
Laksamana
Buluh Kasap,
Dumai Timur
Dumai, 28814
Riau Province
Indonesia
Phones -
(62-765) 31142, 36843-45
Fax - (62-765) 36846
Land Area - 11,000 sq.
meters
Building Space - 7,500 sq. meters
Region - Industrial
Zone
Status - Owned
Crushing Plant
Jalan Soekarno
Hatta Km. 29
Kecamatan Bukit
Kapur, Kodya Dumai
Dumai, 28843
Riau Province
Indonesia
Land Area - 10,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Owned
Branch &
Marketing Office
Spring Tower
02-21
Jalan K.L. Yos
Sudarso Km. 7.8
Tanjung Mulia,
Medan
North Sumatra
Indonesia
Phones -
(62-61) 6615511 (Hunting)
Fax - (62-61) 6942143
Email - rspo.dept@intibenua.com
Land Area - 40,000 sq.
meters
Building Space - 28,000 sq. meters
Region - Industrial
Zone
Status - Owned by
P.T. MUSIM SEMI MAS
Date of Incorporation :
18 March 1994
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-16527.HT.01.01.TH.1994
Dated
2 November 1994
- No.
C-18523 HT.01.04.TH.2006
Dated
23 June 2006
- No.
AHU-AH.01.10-16860
Dated
5 October 2009
Company Status :
Private National and Domestic
Investment (PMDN) Company
Permit by the Government Department
:
The Department of Finance
NPWP No. 01.658.399.9-212.000
The Department of Industry and Trade
- TDP
No. 021211507404
Dated
2 August 2006
- No.
496/T/Industri/1998
Dated
6 October 1998
The Capital Investment Coordinating
Board
- No.
434/I/PMDN/1994
Dated
6 July 1994
- No.
449/III/PMDN/1994
Dated
28 October 1994
- No.
1732/III/PMDN/1997
Dated
22 August 1997
- No.
58/II/PMDN/2003
Dated
14 August 2003
Related Company :
A Member Company of the MUSIM MAS
Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
300,000,000,000.-
Issued Capital : Rp.
258,800,000,000.-
Paid up Capital : Rp.
258,800,000,000.-
Shareholders/Owners
:
a. Mr.
Bachtiar Karim AKA Lim Ek Tjioe -
Rp. 64,700,000,000.-
Address : Jl. Kalimantan No.
29/3-B
Medan, North
Sumatra
Indonesia
b. Mr. Burhan
Karim AKA Lim Ek Kian - Rp.
64,700,000,000.-
Address : Jl. Kalimantan No. 29/3-B
Medan, North
Sumatra
Indonesia
c. Mr. Bahari
Karim AKA Lim Ek Tie -
Rp. 64,700,000,000.-
Address : Jl. Kalimantan No.
29/3-B
Medan, North
Sumatra
Indonesia
d. Mrs. Mikie
Widjaja -
Rp. 64,700,000,000.-
Address : Jl. Kalimantan No.
29/3-B
Medan, North
Sumatra
Indonesia
Lines of
Business :
Palm Oil Refinery
Production
Capacity :
a. Palm Kernel Oils -
97,800 tons p.a.
b. Palm Waste Oils -
75,000 tons p.a.
c. RBD Oleins - 571,500
tons p.a.
d. RBD Stearines -
172,500 tons p.a.
e. Fatty Acids - 30,000 tons p.a.
f. Palm Kernel
Expeller - 49,500 tons p.a.
g. Palm Kernel Fatty Acid Distillated -
10,000 tons p.a.
h. Crude Oleins - 75,000 tons p.a.
i. Crude Stearines -
24,000 tons p.a.
Total
Investment :
a. Equity Capital - Rp.
42.6 billion
b. Reinvested Profit - Rp.
43.0 billion
c. Loan Capital - Rp. 205.0 billion
d. Total Investment - Rp. 290.6 billion
Started
Operation :
1998
Brand Name :
Intibenua
Perkasatama
Technical
Assistance :
None
Number of Employee :
820 persons
Marketing Area :
Export -
80%
Local - 20%
Main Customer :
Wholesaler
and Importer of Palm Oil, Soaps, Margarines Processing, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CERENTI SUBUR
b. P.T.
CILIANDRA PERKASA
c. P.T.
PERDANA INTISAWIT PERKASA
d. P.T. SUBUR ARUM MAKMUR
e. Etc.
Business Trend :
Growing
Bankers:
a. P.T. Bank DANAMON INDONESIA Tbk
Medan Branch
Jalan
Balai Kota No. 2
Medan,
North Sumatra
Indonesia
b. P.T. Bank Rakyat Indonesia Tbk
Medan Branch
Jalan Putri Hijau No. 2A
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 812.0
billion
2011 – Rp. 837.0
billion
2012 – Rp. 848.0
billion
Net Profit (estimated)
:
2010 – Rp. 65.0
billion
2011 – Rp. 71.0
billion
2012 – Rp. 76.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Bachtiar Karim
AKA Lim Ek Tjioe
Board of Commissioners :
Commissioner -
Mr. Burhan Karim
AKA Lim Ek Kian
Signatories :
Director (Mr. Bachtiar
Karim AKA Lim Ek Tjioe) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical review
P.T. INTIBENUA PERKASATAMA (P.T. IBP) was incorporated in Dumai, Riau
Province with the authorized capital of Rp. 2,000,000,000 issued capital of Rp.
400,000,000 entirely paid up. The founding and shareholders of the company are
Mr. Bachtiar Karim AKA Lim Ek Tjioe and Mr. Burhan Karim AKA Lim Ek Kian, both
are Indonesian business family of Chinese descents. The company notary deed has
been changed a couple of times. In June 2006 the company authorized capital was
increased to Rp. 42,600,000,000 wholly issued and paid up. Concurrently Mr.
Bachrum Karim AKA Lim Ek Kiong and Mr. Bahari Karim AKA Lim Ek Tie entered into
the company as new shareholders. With this development the composition of its
shareholders has been changed to become Mr. Bachtiar Karim AKA Lim Ek Tjioe
(25%), Mr. Burhan Karim AKA Lim Ek Kian (25%), Mr. Bachrum Karim AKA Lim Ek
Kiong (25%) and Mr. Bahari Karim AKA Liem Ek Tie (25%). The deed of amendments
was approved by the Ministry of Law and Human Rights in its decision letter No.
C-18523 HT.01.04.TH.2006 dated June 23, 2006. Later according to the latest
revision of notary documents of Mrs. Hustiati, SH., No. 203 dated 31 July 2009
Mr. Bachrum Karim AKA Lim Ek Kiong withdrew and into the company entered by
their mother Mrs. Mikie Widjaja as new shareholders. Concurrently the company
authorized capital was increased to Rp. 300,000,000,000 issued capital to Rp.
258,800,000,000 fully and paid up. With this development the composition of its
shareholders has been changed to become Mrs. Mikie Widjaja (25%) her sons Mr.
Bachtiar Karim AKA Lim Ek Tjioe (25%), Mr. Burhan Karim AKA Lim Ek Kian (25%)
and Mr. Bahari Karim AKA Lim Ek Tie (25%). The deed of amendments was approved
by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-16860
dated October 5, 2009.
We observe that Mr. Bachtiar Karim is the founders and business stakes
owner of the MUSIM MAS Group, the largest producers and exporter of crude palm
oil, RBD stearine and other cooking oils.
P.T. IBP operates under Domestic Investment (PMDN) facilities in palm
oil processing and traders issued by Investment Coordinating Board (BKPM). The
company has been operating since 1998 by managing a refinery plant located at
Jalan Datuk Laksamana, Buluh Kasap, Dumai Timur, Riau Province standing on
11,000 sq. meters land. It has also a palm kernel crusher company located in
Bukit Kapur, Pekanbaru, Riau Province. The refinery plants consist of Physical
Refinery Plant and Dry Fractionation Plant with capacity of about 2,600 tons
per day. By using crude palm oil and palm kernel which are purchased from local
suppliers among others are P.T. SARI DUMAI SEJATI, P.T. KHARISMA PERMASARAN
BERSAMA NUSANTARA and other companies. P.T. IBP produces various palm based
products (RBD oil and animal feed0 which are sold in International market and
exported through Port of Dumai. The company produces various CPO-based products
(CPO, CP, CPKO, RBD PO, RBD Olein, RBD Stearin, etc). The company's vision is
to add value on the by-products of CPO (Crude Palm Oil) in order to enhance our
leadership in palm oil industry. The company's mission is to continually
innovate in consumer products (Fast Moving Consumer Goods) to exceed consumer
expectation and develop local employees to become future leaders. Presently, the company markets its products
locally and internationally to over 50 countries. P.T. IBP is one of the active
players in the palm oil supply chain and the company is proactive,
solution-oriented and is a socially responsible organization. The company has
also obtained the ISO certifications (14001, 9001) as well as GMP and HACCP
certifications. Since 2004, P.T. IBP became a member of the RSPO
(Roundtable Sustainable Palm Oil) and in 2009 the first company in Indonesia
that have RSPO certificates, this means that P.T. IBP has met the 8 principle
of the 39 criteria of the RSPO. We observe that P.T. IBP operation has been growing and
developing well and classified as one the biggest exporter of agricultural
commodities in the country.
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
in 2009. 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.
Besides, demand for palm cooking oil has kept on increasing in the last
five years in line with the growing demand for palm cooking oil within and
outside the country. According to research, total palm cooking oil industries
operating in Indonesia are 53 units with production capacity 7.2 million tons
but in 2005 reached 62 units with total production capacity of 9.7 million
tons. The main business players in cooking oil business are SMART (SINAR MAS
Group) under cooking oil brands of FILMA, KUNCI MAS; the SALIM Group through
P.T. SALIM IVOMAS PRATAMA under cooking oil brand of BIMOLI; the KPN Group and
others.
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. The
business position of P.T. IBP is favorable for having established wide
marketing coverage in the country and overseas markets. The growth of
cooking oil production in the last five years is pictured on the following
table:
The Production of Palm Cooking Oil, 2004 – 2011*
|
Year |
Production (Ton) |
|
2004 |
4,527,700 |
|
2005 |
4,980,470 |
|
2006 |
5,428,670 |
|
2007 |
5,808,670 |
|
2008 |
6,186,233 |
|
2009 |
6,619,269 |
|
2010 |
6,826,000 |
|
2011 |
7,250,000 |
*) Estimated
Until this time P.T. IBP has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management of P.T. IBP 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. 812.0 billion
rose to Rp. 837.0 billion in 2011 increased to Rp. 848.0 billion in 2012 and
projected to go on rising by at least 6% in 2013. The operation in 2012 has
yielded a net profit of at least Rp. 76.0 billion and the company has an estimated
total networth of at least Rp. 259.0 billion. We observe that P.T. IBP is
supported by MUSIM MAS Group 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.
P.T. IBP's management is headed by
Mr. Bachtiar Karim AKA Lim Ek Tjhioe (56), a businessman with more than 30
years of experience in the palm oil processing, cooking oil and soap industry
and trade. In day-to- day operations he is assisted by younger brothers, namely
Mr. Burhan Karim AKA Lim Ek Kian (51). The company's management is made up of
the second generation in the MUSIM MAS Group. They also are employing a number
of professional managers from outside the family. The company's management
commands a very good reputation. They are widely connected with many private
businessmen within and outside the country, and also have quite good relations
with the government sector. We did not hear that the company has been black
listed by Bank Indonesia (Central Bank) and recorded at the court for
detrimental cases. So far we have never yet heard of the company's management
having been involved in business malpractices or having detrimental cases being
settled in local district court. We appraise P.T. INTIBENUA PERKASATAMA to be
very good for normal business transactions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.50 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.