|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MULTIMAS NABATI ASAHAN |
|
|
|
|
Registered Office : |
Gedung B & G, Lantai 7, 8, 9, Jalan Putri Hijau No. 10, Kesawan,
Medan Barat Medan 20111, North Sumatra |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
19.04.1994 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-36135 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Oil Palm Processing Industry |
|
|
|
|
No. of Employees : |
1220 |
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. MULTIMAS NABATI ASAHAN
Head Office
Gedung B & G, Lantai 7, 8, 9
Jalan Putri Hijau
No. 10
Kesawan, Medan
Barat
Medan 20111,
North Sumatra
Indonesia
Phones -
(62-61) 4102 7777, 4102 5777
Fax - (62-61) 4145 346, 4154 891
Building Area - 28 storey
Office Space - 480 sq. meters
Region -
Commercial
Status -
Rent
Jakarta Office
Multivision
Tower, 12th Floor
Jalan Kuningan
Mulia Kav. 9-B
Setiabudi, South
Jakarta 12980
Indonesia
Phones -
(62-21) 2938 0777 (hunting)
Fax - (62-21) 2938 0112
Factories
a. Desa
Lalang, Kuala Tanjung
Medan Deras, Asahan
North Sumatra
Phone - (62-61) 31111
Fax - (62-61) 31461
b. Jalan Medan Belawan Km. 17
Medan, North Sumatra
Phones
- (62-61) 6851201, 6851803 (hunting)
Fax. - (62-61) 6851202
c. Dusun IV
Tanjung Permai
Desa Kuala Tanjung
Kecamatan Sei Suka Asahan
North Sumatra
Phone - (62-61) 231111
Fax - (62-61) 231461
19 April 1994
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
C2-2883.HT.01.04.TH.97
Dated 21 April 1997
b. No.
AHU-10532.AH.01.02.Tahun 2011
Dated 01 March 2011
c. No.
AHU-AH.01.10-36135
Dated 04 October 2012
Foreign
Investment Company (PMA)
a. The Department of Finance
NPWP No. 01.270.875.6-092.000
b. The Investment Coordinating Board
a. No. 41/V/PMA/1998
Dated 15 June 1998
b. No. 15/II/PMA/1999
Dated 18 January 1999
c. No. 1384/III/PMA/1999
Dated
18 October 1999
d. No. 231/II/PMA/2003
Dated 30 October 2003
e. No. 9/II/PMA/2004
Dated 29 January 2004
A member of the
WILMAR Group or KPN Group
Capital
Structure :
Authorized Capital
- Rp.
45,000,000,000.-
Issued Capital - Rp.
45,000,000,000.-
Paid up Capital - Rp.
45,000,000,000.-
Shareholders/Owners
:
a. TRADESOUND INVESTMENT Ltd., of BVI - Rp. 42,750,000,000.- (95%)
b. WILMAR INTERNATIONAL Ltd., of Singapore - Rp.
2,250,000,000.- ( 5%)
Lines of
Business :
Oil Palm Processing Industry
Production
Capacity :
a. Crude Stearins - 6,000 tons p.a
b.
Crude Oleins - 144,000 tons p.a
c. Vegetables Oils - 4,600,000 tons p.a
d. Palm
Karmell Oils - 196,080 tons p.a
e. Palm
Karnell Expeller - 237,240 tons p.a
f. Crude Palm Oils - 52,800 tons p.a
g. Palm
Karnell - 12,000 tons p.a
Total
Investment :
a. Equity Capital - Rp. 45.0 billion
b. Loan Capital - Rp. 257.9 billion
c. Total Investment - Rp. 302.9 billion
Started
Operation :
1998
Brand Name :
SANIA
Technical
Assistance :
None
Number of
Employee :
1,220 persons
Marketing Area
:
a. Local -
30%
b. Export - 70%
Main Customers
:
a. Overseas buyer
in China, USA, France, the Netherlands, Germany and others
b. Hypermarkets
(Carrefour, Giant, M Hypermart), Supermarkets and Mini-markets
c. Traditional
markets
d. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Musim Mas
b. PT. Smart Tbk.
c. PT. Bimoli
d. PT. Asian Agri Hilir
e. PT. Palmindo Lestari
f. PT. Tunas
Baru Lampung
g. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jl. Imam Bonjol No.
7
Medan North
Sumatra
Indonesia
b. Standard Chartered bank
Jl. Imam Bonjol No. 17
Medan, North
Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sales/Income (estimated) :
2009 – Rp. 3,460.0 billion
2010 – Rp. 3,850.0 billion
2011 – Rp. 4,280.0 billion
2012 – Rp. 4,620.0 billion
Net Profit
(estimated) :
2009 – Rp. 270.0 billion
2010 – Rp. 305.0 billion
2011 – Rp. 340.0 billion
2012 – Rp. 367.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Hendri Saksti
Vice President Director - Dr. Master Parulian Tumanggor
Director s -
a. Mr. Erik
b. Mr. Cheah Chee Wai
c. Mr. Darwin
Board of Commissioner :
President
Commissioner - Mr. Ricky Hermanto
Commissioners - a. Mr. Matthew John
Morgenroth
b. Mr. Teo Kim Yong
Signatories :
President Director (Mr. Hendri Saksti)
or Vice President Director (Dr. Master Parulian Tumanggor) or one of the
Directors (Mr. Erik, Mr. Cheah Chee Wai or Mr. Darwin) which must be approved
by Board of Commissioners (Mr. Ricky Hermanto, Mr. Matthew John Morgenroth or
Mr. Teo Kim Yong)
Management Capability :
Good
Business Morality :
Good
P.T. MULTIMAS NABATI ASAHAN was established in April 1994
with the authorized capital of Rp. 500,000,000 of which Rp. 100,000,000 was
issued and fully paid up. The founding shareholders of the company are P.T.
KARTIKA PRIMANABATI and Mrs. Ida, both of Indonesia. The articles of
association of the company have frequently been revised. In January 1997, the
authorized capital was raised to Rp. 20,000,000,000 of which Rp. 18,000,000,000
was issued and fully paid up and concurrently Mrs. Ida withdrew and replaced by
TRADESOUND INVESTMENT of British Virgin Island. In March 2007, the issued
capital was increased to Rp. 20,000,000,000 fully paid up and concurrently P.T.
KARTIKA PRIMANABATI withdrew and replaced by WILMAR INTERNATIONAL LIMITED of
Singapore. In February 2011 the authorized
capital was raised again to Rp 45,000,000,000.- entirely was issued and fully
paid up. The capital structures and shareholders composition of P.T. MNA are
TRADESOUND INVESTMENT Ltd., of BVI (95%) and WILMAR INTERNATIONAL Ltd., of
Singapore (5%). The amendment to notary deed was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-10532.AH.01.02.Tahun 2011 dated March 01, 2011.
Later according to the latest amendment of notarial Deed No. 106 dated 29 August 2012 of Eddy Simin, SH., the company board of director and the board of commissioner had been changed. But, no changes have been effected in term of its shareholding composition and capital structures to date. The deed of amendments was approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-AH.01.10-36135 dated 04 October 2012.
The majority shares of P.T. MNA are at present controlled by TRADESOUND INVESTMENT Ltd., a part of business networks of the WILMART HOLDING Group (WILMAR Group) of Singapore. WILMAR Group is a large sized company group dealing with agribusiness established by Mr. Martua Sitorus, SE of Indonesia and Mr. William Kuok AKA Kuok Khoon Hong of Singapore. The name of WILMAR in its business networks is an abbreviated name of William Kuok and Martua Sitorus. Mr. William Kuok is a nephew of Mr. Robert Kuok, the sugar king of Malaysia who is also as the owner of the KUOK Group, a multinational company group based in Singapore.
P.T. MULTI NABATI ASAHAN (P.T. MNA) has been in operation since 1998 dealing with oil palm processing. Initially, the company obtained a Domestic Capital Investment (PMDN) facility issued by the Capital Investment Coordinating Board (BKPM) in 1994. However, by the entering of foreign partner into the company, the status and facility of the company are changed to the Foreign Capital Investment (PMA) facility in 1998. The plant of P.T. MNA is located in Lalang Village, Kuala Tanjung, Medan, North Sumatra. The products of P.T. MNA include cooking oil, margarine and other derivative products being marketed with SANIA brand. The cooking oil products are at present produced by its sister company P.T. KPN. Some 60% up to 70% of the products is exported to China, the USA, France, the Netherlands, Germany and some other European countries, while the rest for local market. P.T. MNA also manages and develops seaport unit for exporting its products in North Sumatra. We noticed that P.T. MNA is a large-scale foreign oil palm processing company, which its operation developed in the last three years.
Generally, local demand for palm oil (CPO), palm kernel oil (PKO) and
other estate crops products had kept on increasing by 5% to 6% per annum in the
last five years. Meanwhile, the
competition is very tight on account of many similar companies operating in the
country. Pursuant to Central Bureau of
Statistics (BPS), the production of large estate crops such as; dry rubber,
palm oil, palm kernel, cocoa, coffee, tea cane sugar and tobacco have been
fluctuating in the last five years.
The estate crops activities in Indonesia is seen from the growth
production of estate crops as below.
(In 000 tons)
|
Year |
Dry Rubber |
Palm Oil |
Palm Kernel |
Cocoa |
Coffee |
Tea |
Cane Sugar |
Tobacco |
|
2003 |
396.1 |
6,923.5 |
1,529.2 |
56.6 |
29.4 |
126.2 |
1,991.6 |
5.2 |
|
2004 |
403.8 |
8,479.3 |
1,862.0 |
54.9 |
29.2 |
125.5 |
2,051.6 |
2.7 |
|
2005 |
432.2 |
10,119.0 |
2,155.9 |
55.1 |
24.8 |
128.2 |
2,241.7 |
4.0 |
|
2006 |
554.6 |
10,961.8 |
2,363.1 |
67.2 |
28.9 |
115.4 |
2,307.0 |
4.2 |
|
2007 |
578.5 |
11,438.0 |
2,593.2 |
68.6 |
24.1 |
116.5 |
2,623.8 |
3.1 |
|
2008 |
594.6 |
12,477.8 |
2,829.2 |
62.9 |
28.1 |
112.8 |
2,668.4 |
2.6 |
|
2009 |
522.3 |
13,872.3 |
3,145.5 |
67.6 |
28.7 |
107.3 |
2,333.9 |
4.1 |
|
2010 |
585.4 |
14,290.1 |
3,240.1 |
70.9 |
28.7 |
108.9 |
2,278.1 |
4.0 |
|
2011 |
531.9 |
16,908.7 |
3,994.6 |
44.8 |
23.7 |
137.2 |
1,348.3 |
2.9 |
|
2012* |
160.8 |
4,390.1 |
1,148.5 |
12.2 |
0.4 |
20.0 |
8.5 |
0.9 |
Source: Central Bureau of Statistics (BPS) *) January to March 2012
Until this time P.T. MNA has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. MNA is very
reclusive towards outsiders and rejected to disclose its financial condition.
However, we estimated that sales turnover of P.T. MNA in 2009 amounted to Rp.
3,460.0 billion increased to Rp. 3,850.0 billion in 2010 to Rp 4,280.0 billion
in 2011 and rose again to Rp 4,620.0 billion in 2012. The operation of the
company in 2012 is estimated to have gained a profit of Rp. 367.0 billion with
an estimated networth of Rp. 1,280.0 billion. So far, we did not hear that the
P.T. MNA has been black listed by Bank Indonesia (Central Bank) or filed to the
court for detrimental cases.
The management P.T. MNA is headed by Mr.
Hendri Saksti (47) as president director and he is assisted by Dr. Master
Parulian Tumanggor (63) as Vice President Director and three directors namely
Mr. Erik (51), Mr. Cheah Chee Wai (38) and Mr. Darwin (31). But, the prime-mover of the company is Mr.
Martua Sitorus AKA Thio Seng Hap (53) of Indonesia and Mr. William Kuok AKA
Kuok Khong Hong AKA Kuok Khoon Hong (64), a businessman of Singapore. The
management has good reputation in this business, having maintained a wide
business relation among private businessmen at home and abroad as well as among
government sectors. So far, we did not hear that the company has been involved
in business malpractices. We believed
that P.T. MULTIMAS NABATI ASAHAN is still good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
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.