|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KALTIM NITRATE INDONESIA |
|
|
|
|
Registered Office : |
Central Senayan
I, 6th Floor, Jalan Asia Afrika No. 8, Jakarta 10270 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
27.09.2001 |
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|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-43488 |
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|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Ammonium
Nitrate Manufacturing |
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|
|
|
No. of Employees : |
160 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Recently Commenced Production |
|
|
|
|
Payment Behaviour : |
Unknown |
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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 |
|
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. KALTIM NITRATE INDONESIA
Head Office
Central Senayan I,
6th Floor
Jalan Asia Afrika
No. 8
Jakarta 10270
Indonesia
Phone -
(62-21) 5723070 (Hunting)
Fax - (62-21) 5723080
Building Area - 22 storey
Office Space - 800 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
James Simandjuntak No. 1
Bontang,
75313
East
Kalimantan
Indonesia
Phones -
(62-548) Withheld
Fax - (62-548) Withheld
Land Area - 100,000 sq.
meters
Building Space - 50,000 sq. meters
Region - Industrial
Estate
Status - Rent
27
September 2001
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-02350 HT.01.01.TH.2002
Dated 12 February 2002
- No. AHU-13797.AH.01.02.TH.2012
Dated 15 March 2012
- No. AHU-AH.01.10-43488
Dated 6 December 2012
Foreign
Investment (PMA) Company
The Department of
Finance
NPWP
No. 02.026.497.4-077.000
The Department of
Industry and Trade
TDP
No. 090512442696
Dated
8 February 2002
The Capital
Investment Coordinating Board (BKPMD East Kalimantan)
- No. 014A/64/I/PMA/2001
Dated 15 March 2001
- No. 014A/64/III/PMA/2001
Dated 29 May 2001
- No. 570/64/III/PMA/2001
Dated 25 September 2001
- No. 473/III/PMA/2007
Dated 11 April 2007
a. P.T. ARMINDO MITRA PRAKARSA (Investment
Holding)
b. P.T. ARMINDO PRIMA (Trading of Shot Gun,
Explosion and Investment Holding)
c. ORICA INVESTMENTS (INDONESIA) PTY LTD.,
Australia (Investment Holding)
Capital
Structure :
Authorized
Capital : US$
100,000,000.-
Issued
Capital :
US$ 100,000,000.-
Paid
up Capital :
US$ 100,000,000.-
Shareholders/Owners
:
a.
ORICA INVESTMENTS (INDONESIA) PTY LTD. -
US$ 49,000,000.-
Address : L 31 Nicholson Street
Melbourne East, VIC 3002
Australia
b.
P.T. ARMINDO MITRA PRAKARSA -
US$ 41,000,000.-
Address :
Komplek Gading Bukit Indah Block B No. 26
Jl. Bukit Gading Raya, Kelapa Gading
Jakarta Utara
Indonesia
c. P.T. ARMINDO PRIMA -
US$ 5,000,000.-
Address : Komplek Gading Bukit Indah Block B No.
26
Jl. Bukit Gading Raya,
Kelapa Gading
Jakarta Utara
Indonesia
d. YAYASAN ARMINDO SEJAHTERA UMMAT - US$
5,000,000.-
Address : Komplek
Gading Bukit Indah Block B No. 26
Jl. Bukit Gading Raya, Kelapa
Gading
Jakarta Utara
Indonesia
Lines
of Business :
Ammonium
Nitrate Manufacturing
Production
Capacity :
Ammonium
Nitrate (Prilled) - 300,000
tons per annum
Total
Investment :
a. Equity Capital - US$ 100.0 million
b. Loan Capital -
US$ 350.0 million
c. Total Investment - US$ 450.0 million
Started
Operation :
April
2012 (Commenced Production)
Brand
Name :
Kaltim
Nitrate Indonesia
Technical
Assistance :
Orica
Group, Australia
Number
of Employee :
160
persons
Marketing
Area :
Local - 100%
Main
Customer :
Coal
and Gold Mining
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DAHANA (Persero)
b. P.T. MEXIS
c. P.T. MULTI NITROTAMA KIMIA
d. P.T. SUMA ENERGI NUSANTARA
Business
Trend :
Growing
Bankers
:
a.
P.T. Bank ANZ INDONESIA
Panin Bank Center
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
Indonesia
b.
STANDARD CHARTERED Bank
Wisma
Standard Chartered Bank
Jalan Jend. Sudirman Kav. 33A
Jakarta Selatan
Indonesia
c.
P.T. Bank PERMATA Tbk.
Permata
Bank Tower
Jalan
Jend. Sudirman Kav. 27
Jakarta
Selatan
Indonesia
Auditor
:
KPMG
Indonesia
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 726.0 billion (April – December)
Net
Profit (estimated) :
2012
– None
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Antung Pandoyo
Directors -
a. Mr. Ir. Josef Mursidi, MM
b. Mr. Chrisna Deva Priyapratama
c. Mr. Gregory George Patching
d. Mr. Robert Geoffrey Mossop
Board of Commissioners :
President Commissioner - Mr. Letjend. TNI (Retired)
Sugiono
Commissioners - a. Mr. Brigjend. TNI (Retired) Mazni
Harun
b. Mr. Tan Soo Mong
c. Mr. Andrew Philpotts
d. Mr. Rodney Robert Marchand
Signatories :
President
Director (Mr. Ir. Antung Pandoyo) or one of the Directors (Mr. Ir. Josef
Mursidi, MM, Mr. Chrisna Deva Priyapratama, Mr. Gregory George Patching or Mr.
Robert Geoffrey Mossop) which must be approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. KALTIM NITRATE INDONESIA (P.T. KNI) was incorporated in Jakarta on 27 September 2001 with an authorized capital of US$ 24,550,000 issued capital of US$ 6,137,500 fully and paid up. The founding and shareholders of the company are ORICA INVESTMENTS (INDONESIA) PTY LTD., Australia as foreign partner, P.T. ARMINDO MITRA PRAKARSA, P.T. ARMINDO PRIMA, and YAYASAN ARMINDO SEJAHTERA UMMAT, all of Indonesia as local partners. The company notary documents had been changed a couple of times. Later in February 2012 the company authorized capital was increased to US$ 100,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become ORICA INVESTMENTS (INDONESIA) PTY LTD., (49%), P.T. ARMINDO MITRA PRAKARSA (41%), P.T. ARMINDO PRIMA (5%) and YAYASAN ARMINDO SEJAHTERA UMMAT (5%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-13797.AH.01.02.TH.2012 dated March 15, 2012. Then according to the latest revision of notary documents of Mrs. Sugih Hayati, SH., No. 35 dated 29 November 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.01.10-43488 dated December 6, 2012.
We observe the majority shareholder of P.T. KNI namely ORICA INVESTMENTS (INDONESIA) PTY LTD., is a member company of the ORICA Group. ORICA INVESTMENTS PTY LTD., is also shareholder of P.T. ORICA MINING SERVICES a foreign investment company dealing with mining contracting and consulting services.
P.T. KNI is a foreign capital investment company (PMA) dealing with ammonium nitrate manufacturing. The plant is located at Kaltim Industrial Estate, Jalan James Simandjuntak No. 1, Bontang, East Kalimantan, standing on a land of 10 hectares. The factory core production is designed to produce Ammonium Nitrate (Prilled) in the capacity of 300,000 metric tons per year that will be used as commercial explosive raw materials, 95% of which will be marketed in the country. The construction of the plant has absorbed an investment of US$ 450.0 million come from own capital of US$ 100.0 million and the rest is loans. The construction of the plant began in August 2009 with the main contractors P.T. REKAYASA INDUSTRY (Persero). In constructing this plant, P.T. REKAYASA INDUSTRY uses technology licensed from UHDE Germany. Basic design of the plant is done by UHDE Germany, while the main equipment manufactured by MAN Turbo from Germany.
The main raw materials to produce ammonium nitrate are Ammonia and Nitric Acid. Ammonia has been supplied by P.T. PUPUK KALTIM Tbk, P.T. KALTIM PACIFIC AMMONIAK, while Nitric Acid from locals. P.T. KNI become the largest ammonium nitrate producer in Indonesia and will be instrumental in serving the mining industry in the country. P.T. KNI is built to meet the needs of ammonium nitrate that had been dependents on imports. Preparedness systems and factory operational procedures are 100%. The plant has been in commenced production since April 2012 with capacity of 190,000 tons and in 2013 will be increasing to 300,000 tons per year. Mr. Ir. Antung Pandoyo, President Director of the company explained that whole of the products marketed locally to coal and general mining in the country among others are P.T. KALTIM PRIMA COAL, P.T. INDOMINCO MANDIRI, P.T. JURONG BARUTAMA GRESTONE, P.T. ARUTMIN INDONESIA, P.T. ADARO INDONESIA, P.T. NEWMONT NUSA TENGGARA, P.T. FREEPORT INDONESIA, P.T. J RESOURSES BOLAANG MONGONDOW and other mining companies. Mr. Chrisna Deva Priyapratama, marketing director of the company said that some of 100,000 tons of ammonium nitrate each year supplied to P.T. KALTIM PRIMA COAL. We observe the operation P.T. KNI is still relatively new operation in the field of ammonium nitrate manufacturing.
Generally outlook the demand for ammonium nitrate has
kept on rising by about 10% to 12% in line with the rapid growth of mining
industry sector and other industrial sectors as its consumers in the country.
The occurring of the crisis has affected badly to various industrial sectors
particularly the ones whose major materials is imported. In the meantime, we
realized that market competition is very tough on account of many other imported
products are being offered in the domestic market. As from the end of 2001, its
business operation started to arise in line with the amelioration of economic
condition and the domestic mining business industry. In the long run, P.T. KNI
has a quite good future business prospect once economic crisis starts recovery.
Until this time P.T. KNI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. KNI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year production from April to December 2012 amounted to Rp. 726.0 billion and projected to go on rising by at least 6% in 2013. The company’s operations have not been profitable because they are relatively new operation.
We observe that P.T. KNI 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. KNI is led by Mr. Ir. Antung Pandoyo (64) a professional manager with experience in ammonium nitrate manufacturing. Prior he is a director of P.T. ORICA MINING SERVICES. Daily activity he is assisted by Mr. Ir. Josef Mursidi, MM (62), Mr. Chrisna Deva Priyapratama (47), Mr. Gregory George Patching (43) and Mr. Robert Geoffrey Mossop (50) as Directors. 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. KALTIM NITRATE INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.77 |
|
UK Pound |
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
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.