MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. PETROKIMIA KAYAKU |
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Registered Office : |
Jl. Jendral A. Yani
PO Box 107, Gresik 61101, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
18.02.1976 |
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Com. Reg. No.: |
No. AHU-AH.01.10-10970 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Pesticide formulation (Insecticide, Fungicide and Herbicide) and becomes the fertilizer distributor of PT. Petrokimia Gresik |
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No. of Employees : |
340 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 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.
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Source : CIA |
P.T. PETROKIMIA KAYAKU
Head Office &
Factory
Jl. Jendral A.
Yani PO Box 107
Gresik 61101,
East Java
Indonesia
Phones -
(62-31) 398 1815 (hunting)
Fax - (62-31) 398 1830
Building Area - 4 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
18 February 1976
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-12046.AH.01.02.Tahun 2010
Dated 08 March 2010
b. No. AHU-AH.01.10-30250
Dated 25 November 2010
c. No. AHU-12046.AH.01.02.Tahun
2010
Dated 08 March 2010
d. No. AHU-AH.01.10-10970
Dated 26 March 2013
Foreign Investment Company (PMA)
a. The Department of Finance
NPWP No. 02.002.184.8-051.000
b. The Department of Industry
No. 137/M/SK/5/1988
Dated 3 May 1988
a. P.T. PETROKIMIA GRESIK Tbk. (Petrochemical industry and Investment
Holding)
b. MITSUBISHI Corp., of Japan (Investment Holding)
c. NIPPON KAYAKU Co. Ltd., of Japan (Investment Holding)
Capital
Structure :
Authorized
Capital - Rp.
1,016,400,000.-
Issued Capital - Rp. 1,016,400,000.-
Paid up
Capital - Rp.
1,016,400,000.-
Shareholders/Owners
:
Local Partners
P.T. PETROKIMIA GRESIK Tbk. - Rp. 609,840,000.- (60%)
Foreign Partners
a.
MITSUBISHI CORPORATION -
Rp. 203,280,000.- (20%)
b. NIPPON
KAYAKU - Rp.
203,280,000.- (20%)
Lines of
Business :
Pesticide formulation (Insecticide, Fungicide and Herbicide) and becomes
the fertilizer distributor of PT. Petrokimia Gresik.
Production
Capacity :
a. Liquid
Pesticides - 3,600 kiloliters p.a.
b. Granular Pesticides - 12,600 tons p.a.
c. Powder
Pesticides - 1,800 tons p.a.
Total
Investment :
Owned
Capital - Rp. 80.0 billion
Started
Operation :
1977
Brand Name :
PETROKIMIA KAYAKU
Technical Assistance
:
None
Number of
Employee :
340 persons
Marketing Area :
Local -
100%
Main Customers
:
a. PT. PTPN VII (Persero)
b. PT. Gunung Sejahtera Puti
Pesona
c. PT. Gerrindo
Surya Makmur
d. Etc.
Market
Situation :
Very Competitive
Main Competitors
:
a. PT. DuPont Agriculture
b. PT. Tani Mas Subur
c. PT. Agrocarb Indonesia
d. PT. Maskitani
e. PT. Biotis Agrindo
f. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank MEGA Tbk
Komplek
Multi Sarana Plaza A-8
Jl.
Gubernur Suryo - Gresik
East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Gresik Branch
Jl. RA Kartini No. 236 Kav.
2&3
Gresik,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sale
(estimated) :
2009 – Rp. 162.0 billion
2010 – Rp. 186.0 billion
2011 – Rp. 218.0 billion
2012 – Rp. 246.0 billion
Net
Profit (estimated):
2009 – Rp. 12.6 billion
2010 – Rp. 14.5 billion
2011 – Rp. 17.0 billion
2012 – Rp. 19.2 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Ilham Setiabudi
Directors - a. Mr. Ir. Nur Salim
b. Mr. Indro Busoro Sukmadi
Board of Commissioners :
President Commissioner -
Mr. Nugroho Christijanto
Commissioners - a. Mr. Abdul Madjid
b. Mr. Jumpei Kato
Signatories :
President Director (Mr. Ir. Ilmah Setiabudi)
or one of Directors (Mr. Ir. Nur Salim and Mr. Indro Busoro Sukmadi) which must
be approved by Board of Commissioners (Mr. Nugroho Christijanto, Mr. Abdul
Madjid and Mr. Jumpei Kato).
Management Capability :
Good
Business Morality :
Good
P.T. PETROKIMIA KAYAKU was established in
Gresik (East Java) in February 1976 with an authorized capital of Rp.
415,000,000 (US$.1,000,000) entirely was issued and Rp. 41,500,000.- (US$
100,000) was paid up. The founding shareholders
of the company are P.T. PETROMIKIA GRESIK of Indonesia (60%), MITSUBISHI Corp.,
(20%) and NIPPON KAYAKU (20%), both are of Japan. The articles of association
of the company have frequently been revised.
In July 2008, the authorized capital was raised to Rp. 1,016,400,000.-
entirely was issued and fully paid up.
The shareholders of the company are still P.T. PETROMIKIA GRESIK (60%),
MITSUBISHI Corp., (20%) and NIPPON KAYAKU (20%). The latest deed of amendment was made by Mrs.
Erna Anggraini Hutabarat , SH, a public notary in Surabaya under Company
Registration No. AHU-12046.AH.01.02.Tahun 2010 dated 8 March 2010 and No.
AHU-AH.01.10-30250 dated 25 November 2010. Composition of the board of director
and the board of commissioner shall be as follows:
President Director -
Mr. Ir. Slamet Subagyo
Directors -
a. Mr. Ir. Ilham Setiabudi
b. Mr. Ir. Nur Salim
President Commissioner - Mr. Sidi Pranyoto
Commissioners - a. Mr. Osamu Kikuno
b. Mr. Wahyudi
Most
recently by notarial deed of Ratnasari Harwanti, SH., No. 01 dated 02 January
2013 the company board of directors and the board of commissioners had been
changed. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-10970 dated 26 March 2013.
Composition of the board of director and the board of commissioner shall
be as follows:
President
Director - Mr. Ir. Ilham Setiabudi
Directors - a. Mr. Ir. Nur
Salim
b. Mr. Indro Busoro Sukmadi
President
Commissioner - Mr. Nugroho Christijanto
Commissioners - a. Mr. Abdul Madjid
b. Mr. Jumpei Kato
P.T. PETROKIMIA KAYAKU (P.T. PKK) is engaged in the field of pesticide formulation (Insecticide, Fungicide and Herbicide) and becomes the fertilizer distributor of PT. Petrokimia Gresik. The company operates a plant located at Jalan A. Yani, Gresik, East Java According to its license, the plant has annual production capacity of 3,600 kiloliters of liquid pesticides, 12,600 tons of granular pesticides and 1,800 tons of powder pesticides per annum. The plant has absorbed an investment of US$ 5.3 million come from owned capital of US$ 1.0 million and the rest is loans. The plant has been in operation since 1977 and some 80% of the products are marketed locally and the rest of some 20% is exported to Vietnam, Pakistan, India, Thailand, Middle East and others. P.T. PKK is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for pesticide products has been growing in the last five years in line with the increasingly growing demand for agricultural and plantation products. It is estimated that the demand will kept on rising in the coming two-three years. Meanwhile, the competition is very tight on account of lots of similar companies operating in the country. P.T. PKK's business position is good because its products brand has been quite popular on the domestic market.
Until this time P.T. PKK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. PKK is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 162.0 billion rose to Rp. 186.0 billion in 2010 increased to Rp. 218.0 billion in 2011 and estimated rising again to Rp. 246.0 billion in 2012. The operation in 2011 yielded an estimated net profit of Rp. 17.0 billion rose to Rp. 19.2 billion in 2012 and the company has an estimated total networth of at least Rp. 130.0 billion. We observe that P.T. PKK is supported by PT. PETROKIMIA GRESIK and two foreign partners 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.
Since 2 January 2013, the management of the company has been headed by Mr. Ir. Ilham Setiabudi (51) replacing Mr. Ir. Slamet Subagyo (50) as president director. Before promoted as president director, he used to be a financial director of the company. In his daily activities, he is assisted by Mr. Ir. Nur Salim (48) and Mr. Indro Busoro Sukmadi (52), both are as directors. Beside, the company's management is handled by professional manager 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. PETROKIMIA KAYAKU is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.24 |
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UK Pound |
1 |
Rs.84.30 |
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Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.