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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO VEGETABLE OIL INDUSTRY |
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Registered Office : |
Rungkut Industrial Estate Jl. Rungkut Industri IV No. 34 Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
03.07.2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is dealing in edible Coconut Oil Industry. |
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No. of Employees : |
250 |
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) |
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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 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. INDO VEGETABLE OIL INDUSTRY
A d d r e s s
Head Office & Factory
Rungkut Industrial Estate
Jl. Rungkut Industri IV No. 34
Surabaya, East Java
Indonesia
Phones - (62-31) 8416356, 8482568, 8482569
Fax - (62-31) 8411496
Email - bambang@indovegetableoil.com
Website - www.indovegetableoil.com
Land Area - 5,200 sq. meters
Building Space - 4,000 sq. meters
Region - Industrial Estate
Status - Rent
03 July 2004
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No. C-21372 HT.01.01.TH.2000
Dated 24 August 2000
b. No. AHU-12058.AH.01.02.Tahun
2012
Dated 06 March 2012
c. No. AHU-AH.01.10-32193
Dated 01 August 2013
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.208.037.8-615.000
Affiliated/Associated Company :
Not available
Capital Structure :
Authorized Capital - Rp. 20,000,000,000.-
Issued Capital - Rp. 20,000,000,000.-
Paid up Capital - Rp. 20,000,000,000.-
Shareholders/Owners :
a. Mrs. The Sui An - Rp. 12,000,000,000.-
(60%)
Address : Jl.
Tanah Abang II/112
Central
Jakarta
Indonesia
b. Mrs. Yoanita Tombokan -
Rp. 5,000,000,000.- (25%)
Address : Tanah
Abang II/112
Central
Jakarta
Indonesia
c. Mrs. Merry Tombokan -
Rp. 3,000,000,000.- (15%)
Address : Jl.
Taman Slamet No. 7
Malang, East
Java
Indonesia
Lines of Business :
Edible Coconut Oil Industry
Production Capacity :
a. RBD CNO (Cooking Oils) - 45,000 tons p.a.
b. Crude Coconut Oil (CNO) - 20,000 tons p.a.
c. Coconut Fatty Acid (CFAD) - 20,000 tons p.a.
d. Copra Meals - 75,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 80.0 billion
b. Loan Capital - Rp. 40.0 billion
c. Total Investment - Rp.120.0 billion
Started Operation
2 0 0 4
Brand Name :
Lombok and Sahabat
Technical Assistance
:
None
Number of Employee :
250 persons
Marketing Area :
Local - 100%
Main Customers :
a. Supermarkets and Hypermarkets
b. Mini-markets and Traditional Markets
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT.
Smart Tbk.
b. PT.
Wilmar Nabati Indonesia
c. PT.
Bitung Manado Oil (Bimoli)
d. PT.
Musim Semi Mas
e. PT. Sayap Mas Utama
Business Trend :
growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk.
Rungkut Branch
Jl. Kendangsari Industri No.2
Surabaya, East Java
Indonesia
b. P.T. Bank MANDIRI Tbk.
Rungkut Branch
Jl. Rungkut Industri Raya No.10
Surabaya, East Java
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk.
Gedung Graha Pangeran
Jl. Achmad Yani No. 286
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in the local commercial courts
Annual Sales (estimated) :
2010 – Rp. 190.0 billion
2011 – Rp. 240.0 billion
2012 – Rp. 280.0 billion
2013 – Rp. 156.0 billion (January – June)
Net Loss (estimated) :
2010 – Rp. 13.2 billion
2011 – Rp. 16.8 billion
2012 – Rp. 19.6 billion
2013 – Rp. 10.8 billion (January – June)
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
Board
of Management :
Director - Mrs.
Merry Tombokan
Board of
Commissioners :
President
Commissioner - Mrs. The Sui An
Commissioner -
Mrs. Yoanita Tombokan
Signatories
:
Director
(Mrs. Merry Tombokan) which must be approved by Board of Commissioners (Mrs.
The Sui An and Mrs. Yoanita Tombokan)
Management
Capability :
G o o d
Business
Morality :
G o o d
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. INDO VEGETABLE OIL INDUSTRI (P.T. IVOI) was established in Surabaya, East Java based on notarial Deed No. 14 dated July 3, 2004 of notary Atika Ashiblie, SH., with an authorized capital of Rp. 5,000,000,000.- of which Rp. 1,250,000,000,000.- was issued and fully paid up. The founding shareholders of the company are Mrs. The Sui An (60%), Mrs. Merry Tombokan (15%), Mrs. Yoanita Tombokan (12.5%) and Mr. erdinan Tombokan (12.5%). They are Indonesian entrepreneurs of Chinese extraction. The deed of establishment has been approved by the Minister of Law and Human Rights through its Decision Letter No. C-21372 HT.01.01.TH.2004 dated August 24, 2004. The articles of association of the company have been revised, most recently by notarial Deed No. 01 dated June 3, 2013 of notary Vivi Soraya, SH., the authorized capital was raised to Rp. 20,000,000,000.- entirely was issued and fully paid up. Since at the time, the shareholders of the company are Mrs. The Sui An (60%), Mrs. Yoanita Tombokan (25%) and Mrs. Merry Tombokan (15%). The amendment to Article of Association has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-32193 dated August 1, 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. IVOI started to be operating since 2004 after taking over from P.T. Djaja Makmur Group’s assets and business activity which is dealing with edible coconut oil industry in Rungkut Industrial Estate, Jl. Rungkut Industri IV No. 34, Surabaya, East Java. The Company produces cooking oil (RBD CNO) with the “Sahabat” and “Lombok” brand, which is popular among the locals – usage for daily cooking and home industry in Surabaya and its surroundings. Beside, P.T. IVOI also produces Crude Coconut Oil (CNO), Coconut Fatty Acid Distillate (CFAD) and Copra Meals – usage for oleo-chemicals industries, food industries, soap industries ant others. On June 27, 2009, one of the factory’s buildings suffered a fire caused by the explosion of one of copra crusher. The fire can be extinguished after four hours later. Losses caused y the fire was estimated more than Rp 1.0 billion. After doing repairs and renovation of the factory buildings, the plant was able to walk normally again. We observed that P.T. IVOI is classified as a small-sized company of its kind in the country of which the operation has been growing slowly in the last three years.
Generally, the demand for 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 PT. SMART
Tbk., (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. MUSIM MAS is favorable for
having established wide marketing coverage in Surabaya and its surroundings,
including Bali and Lombok provinces. 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 |
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2005 |
4,980,470 |
|
2006 |
5,428,670 |
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2007 |
5,808,670 |
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2008 |
6,186,233 |
|
2009 |
6,619,269 |
|
2010 |
6,826,000 |
|
2011 |
7,250,000 |
Source: Department of
Industry; Processed by ICB*) Estimated
Until this time P.T. IVOI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. IVOI 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. 190.0 billion increased to Rp. 240.0 billion in 2011 to Rp. 280.0 billion in 2012 and projected to go on rising by at least 8% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 19.6 billion and the company has an estimated total net worth of at least Rp. 80.0 billion. 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. IVOI is led by Mrs. Merry Tombokan (41) a young businesswoman with more than 8 years experience in edible coconut oil industry. 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. IVOI is appraised to be good for business transaction. However, in view of the economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.100.86 |
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Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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 |
|
-- |
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.