|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MUSIM MAS-FUJI |
|
|
|
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Registered Office : |
Jalan Raya Narogon Km. 9 Kelurahan Bojong Menteng, Kecamatan Rawa LumbuBekasi, 17117West Java |
|
|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
19.08.2010 |
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|
|
|
Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Specialty Fats Industry |
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|
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|
No. of Employees : |
220 |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
P.T. MUSIM
MAS-FUJI
Head Office &
Factory
Jalan Raya Narogon Km. 9
Kelurahan Bojong Menteng, Kecamatan Rawa Lumbu
Bekasi, 17117
West Java
Indonesia
Phones - (62-21) 826 00 912 (Hunting)
Fax - (62-21) 826 00 725
E-mail - mustofa@musimmas-fuji.com
Land Area - 14,000 sq. meters
Office Space - 10,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
:
19 August 2010
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. AHU-45110.AH.01.01.TH.2010
Dated 22 September 2010
- No. AHU-00829.AH.01.02.TH.2011
Dated 6 January 2011
- No. AHU-AH.01.10-09405
Dated 15 March 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 31.223.565.8-432.000
The Capital
Investment Coordinating Board
No. 01521/1/PPM/PMA/2010
Dated 29 July 2010
Related Companies :
a. FUJI OIL CO., LTD., Japan (Investment Holding)
b. A Member Company of the MUSIM MAS Group (see attachment)
Capital Structure :
Authorized Capital : Rp. 400,000,000,000.-
Issued Capital : Rp. 130,000,000,000.-
Paid up Capital : Rp. 130,000,000,000.-
Shareholders/Owners :
a. P.T. MIKIE OLEO
NABATI INDONESIA -
Rp. 66,300,000,000.-
Address : Jl. Raya Narogong Km. 9
Kelurahan Bojong Menteng,
Kecamatan Rawa
Lumbu, Bekasi, West Java
Indonesia
b. FUJI OIL CO.,
LTD. -
Rp. 63,700,000,000.-
Address : 2-1-5 Nishi - Shinaibashi
Chuo-Ku, Osaka
Japan
Lines of Business :
Specialty Fats Industry
Production Capacity :
a. Cooking Oil Base Palm Oil - 120,000 tons p.a.
b. Cocoa Butter Substitutes - 20,000 tons p.a.
c. Shortening & Margarine - 20,000 tons p.a.
d. RBD Olein - 20,000 tons p.a.
e. Cream Fats - 10,000 tons p.a.
f. Processed Oil - 10,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 130.0 billion
b. Loan Capital - Rp. 150.0 billion
c. Total Investment - Rp. 280.0 billion
Started Operation :
November 2011 (trial production)
Brand Name :
PALVY
Technical Assistance :
Fuji Oil Co., Ltd., Japan
Number of Employee :
220 persons
Marketing Area :
Export - 40%
Local - 60%
Main Customer :
Buyers in Asian Countries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. CISADANE RAYA CHEMICALS
b. P.T. DARMEX OIL & FATS
c. P.T. DUA KUDA INDONESIA
d. P.T. FLORA SAWITA CHEMICAL
e. P.T. WILMAR NABATI INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank DANAMON INDONESIA Tbk
Jalan Ir. H. Juanda No. 2
Bekasi, West Java
Indonesia
b. The Bank of TOKYO-MITSUBISHI-UFJ LTD
Midplaza Building
Jalan Jend. Sudirman Kav. 10-11
Jakarta 10220
Indonesia
c. P.T. Bank SUMITOMO MITSUI INDONESIA
SUMMITMAS II Building
Jalan Jend. Sudirman Kav. 61-62
Jakarta 12190
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2012 – Rp. 312.0 billion
2013 – Rp. 335.0 billion
Net Profit (estimated) :
2012 – Rp. 23.4 billion
2013 – Rp. 25.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director -
Mrs. Shiu Shia
Directors - a. Mr. Ung Chiew Hwa
b. Mr. Chia Keng Choon
c. Mr. Tomoyuki Yoshida
d. Mr. Hideki Komai
Board
of Commissioners :
President
Commissioner - Mr. Bachtiar
Karim
Commissioner - Mr. Osamu Nakamura
Signatories
:
President
Director (Mrs. Shiau Shia) or one of the Directors (Mr. Ung Chiew Hwa, Mr. Chia
Keng Choon, Mr. Tomoyuki Yoshida or Mr. Hideki Komai) 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. MUSIM MAS – FUJI (P.T. MMF) was established in Bekasi, West Java based on notary deed Mrs. Linda Herawati, SH., No. 74 dated 19 August 2010 with the authorized capital of Rp. 4,000,000,000 issued capital of Rp. 1,000,000,000 fully and paid up. The founding and shareholders of the company are P.T. MIKIE OLEO NABATI INDUSTRI of Indonesia as partner local and FUJI OIL CO., LTD., of Japan as foreign partner. The company notary deed has been changed a couple of times and January 2011 the company authorized capital was increased to Rp. 400,000,000,000 issued capital to Rp. 130,000,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become MIKIE OLEO NABATI INDUSTRI (51%) and FUJI OIL CO., LTD., Japan (49%). After that according to the latest revision of notary deed Mrs. Linda Herawati, SH., No. 38 dated 26 February 2013 the company board of director and the board of commissioner had been changed to lead and runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-09405 dated March 15, 2013.
We observe the local partner P.T. MIKIE OLEO NABATI INDUSTRI is a national private company dealing with crude palm oil refining industry which majority interest controlled by Mr. Bahari Karim, Mr. Bachtiar Karim, Mr. Burhan Karim and his family members. They also founder of the MUSIM MAS Group, a big business group in the production and marketing of cooking oil in the country. Growing from strength to strength, Musim Mas Group is one of Indonesia's most dynamic groups, with a diversified portfolio of products and assets. Its activities are centered on its core business of palm cultivation and palm oil processing. It is a market leader in the manufacturing of palm oil, soap, margarines and owns ships, tankers, a grain terminal and bulk tank terminals. The Group's landmark achievements include owning one of the largest palm oil refineries in the world. Indonesia is the Group's native market and Musim Mas ranks among the biggest Indonesian producers in the vegetable oil efining and soap manufacturing industries. It is proud of its synergistic and highly integrated operations that have set a new benchmark in the industry.
P.T. MMF operates under the Foreign Capital Investment (PMA) company facility to deal with specialty fats industry. The plant is located at Jalan Raya Narogong Km. 9, Bojong Menteng, Rawa Lumbu, Bekasi, West Java standing on 14,000 sq. meters. The construction of the plant has begun since 2010 and completed in the end 2011. The plant has been operating since 2012 by produces of cooking oil base palm oil including cocoa butter substitutes, shortening & margarine, RBD olein, cream fats and processed oil. Most of raw materials like crude palm oil (CPO) is obtained through MUSIM MAS Group. The company also equipped with fractionation, semi continuous deodorizer, hydrogenation plant. Mr. Mustofa, marketing executive of the company explained some 60% of the products marketed to various food processing industries such as chocolate industry, biscuits industry, ice cream processing, confectionery processing, pharmaceutical and cosmetics industries.
Specialty fats are used widely in the food and other industries where special applications require specific physical properties and the largest single user of Specialty Fats are the chocolate and confectionery industries where several factors like: meltdown in the mouth flavour release, etc., are extremely critical and are usually compared with industry's standard of excellence - cocoa butter. Specialty Fats are thus, tailor made to imitate the many positive traits of cocoa butter or other properties to make them more suitable for specific applications. Specialty fats are not only used in the Chocolate Industry but also find uses in Ice Cream Industry- ice cream fats, ice cream chocolate coatings, confectionery, pharmaceuticals-suppositories/binders, milk fat, Non Dairy Whipped Toppings, Cosmetics - lipsticks.
P.T. MMF products uses PALVY brand for local markets. P.T. MMF clients are P.T. NESTLE INDONESIA, P.T. KRAFT FOOD COMPANY INDONESIA, P.T. FRAFT FOOD INDONESIA, P.T. NABISCO FOODS, KHONG GUAN, P.T. KRAFT ULTRAJAYA INDONESIA, ORANG TUA Group, and others. Meanwhile the rest 40% is exported to meet the demand of food processing in Japan and Asian countries. We observe the operation of P.T. MMF has been growing and developing well in the last two years.
Generally outlook we find the
demand for special fats has been rising at home. It is in line with the growth
of several industrial sectors, including rubber products, textile industry,
cosmetic and soap industries, pharmaceutical, lubricating industry, paper
making, and others as potential consumers of the products. As the largest producer of crude palm oil (crude
palm oil / CPO) in the world, Indonesia should likely be the basis of the oleochemical industry world beyond Malaysia, China, India, and even the European Union. National oleochemical industries performance from year to year has been improvement. This is due to market demand and government policy support. Currently, Malaysia is still considered a benchmark constellation of global oleochemical industry because of the high acquisition and integration technology industry from upstream to downstream.
Indonesia must change the mindset that initially rely on the production of crude palm oil into various derivative manufacturers high value-added palm oil, oleochemicals one through industrialization, Ministry of Industry, said Mr. Abdul, continues to push the industry to support the progressive imposition of export duty on CPO exports to ensure domestic availability of raw materials. The government also encouraged the expansion of capacity and new investment in the area of the proposed facility oleochemical industry through tax allowances and tax holidays. For tax holiday, there are two companies that have been filed. A company that P.T. Unilever Oleochemical Indonesia. Upon the enactment of export duty on CPO progressive, there is an increase in the oleochemical industry investments by 12 companies with a total investment value of Rp. 14 trillion. Ministry of Industry is also targeting 60% export of derivative products, including oleochemicals, and 40% of CPO.
Some of oleochemical products as a derivative product of Crude Palm Oil (CPO) has been able to produce in Indonesia. But, actually the case is the Indonesian oleochemical industry is not affordable yet to supply domestic demand especially in the down-streamer, because of domestic oleochemical products are still in the stage of semi-finished products. The semi-finished products which consists of fatty acid, fatty alcohol and glycerol were exported and after extending process then imported again by Indonesian as finished products like additive matters for textile industry, rubber, plastic, detergent, paint, cosmetic, processed-food, etc. Finally, as a consequence, development of Indonesian oleochemical industry is still far left behind compare to the one of Malaysian.
In 2011, for example, Indonesia has some 16 oleochemical
producer companies with a total capacity of 1.67 million tons, contains 1.00
million tons of fatty acid, 490,000 tons of fatty alcohol and some 177,750 tons
of glycerol. Since all domestic oleochemical products were exported, afterwards
Indonesia’s market share in the world would be at 15% of 6.63 million tons of
fatty acid consumption whereas, fatty alcohol only has 12% of 3.95 million tons
and has only 8.9% of 2.00 million tons of glycerol. It
is estimated both fatty acid and glycerine will remain to rise in the coming
years.
Competition is very tight due to a large number of similar companies operating in the country, like P.T. ECOGREEN OLEOCHEMICALS, P.T. CISADANE RAYA CHEMICAL, P.T. SUMI ASIH, P.T. MEDAN OLEOCHEMICAL and P.T. FLORA SAWITA. In overall we find that oleo chemicals industry in the country keeps rising despite the export price was lower and fluctuated. The growth of oleo chemicals industry in the country is seen in the table below.
The Growth and
Production of Ole Chemical, 2005-2012
|
Year |
Fatty Acid |
Production (Ton) |
Growth (%) |
||
|
Glycol |
Fatty Alcohol |
Total |
|||
|
2005 2006 2007 2008 2009 2010 2011 2012 |
436,700 398,952 350,203 476,700 504,080 542,391 585,782 631,473 |
46,354 41,283 35,577 51,222 55,290 59,492 64,251 69,262 |
93,712 119,905 176,099 111,159 136,482 146,855 158,603 170,974 |
576,766 560,141 561,879 639,081 695,582 748,738 808,636 871,709 |
(2.88) 0.31 14.74 8.88 7.60 8.00 7.80 |
|
Growth, % /year |
4.44 |
||||
Until this time P.T. MMF has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. MMF is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 202 amounted to Rp. 312.0 billion rose to Rp. 335.0 billion in 2013 and projected to go on rising by at least 6% in 2014. The operation in 2013 yielded an estimated net profit of at least Rp. 25.6 billion and the company has an estimated total networth of at least Rp. 150.0 billion. We observe that P.T. MMF 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. MMF is led by Mrs. Siu Shia (40) a
professional manager with experience in specialty fats industry. Prior she is a
professional manager of P.T. Mikie Oleo Nabati Industry. In its operation she
is assisted by Mr. Ung Chiew Hwa (51), Mr. Chia Keng Choon (61), Mr. Tomoyuki
Yoshida (61) and Mr. Hideki Komai (53) 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. MUSIM
MAS-FUJI is sufficiently fairly good for business transaction.
List of the MUSIM
MAS Group Members
AGRO WIRATAMA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
BAHANA NUSA INTERINDO, P.T. (Oil Palm Plantation and Palm Oil Refinery)
BERKAT SAWIT SEJATI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
BINA KARYA PRIMA, P.T. (Soap Manufacturing)
BRASTAGI BINTANG ASIA, P.T. (Hotels Development and Management)
DAYA INDAH NUSANTARA, P.T. (Oil Palm Plantation and Refinery)
GLOBALINDO ALAM PERKASA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
INDO KARYA INTERNUSA, P.T. (RBD Palm Oil and Palm Kernel Oil Processing)
INDOMAKMUR SAWIT BERJAYA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
INTER-CONTINENTAL OILS AND FATS, Singapore (Trading and Distributor Specializing in Tropical Oil and Derivatives Products)
INTIBENUA PERKASATAMA, P.T. (Palm Oil Refinery)
LAMBANG UTAMA, P.T. (Soap Manufacturing)
LESTARI ABADI PERKASA, P.T. (Oil Palm Plantation Palm Oil Refinery)
MAJU ANEKA SAWIT, P.T. (Oil Palm Plantation and Palm Oil Refinery)
MEGASURYA MAS, P.T. (Bath Soap, Cooking Oil and Margarine Manufacturing)
MIKIE OLEO NABATI INDUSTRI, P.T. (Crude Palm Oil Refinery)
MUSIM MAS-FUJI, P.T. (Specialty Fats Industry)
MUSIM MAS HOLDINGS PTE., LTD., Singapore (Trading)
MUSIM SEMI MAS, P.T. (Oil Palm Plantation and Refinery, Soap Manufacturing)
MUSIM MAS RESOURCES, P.T. (Management Consulting Services and Wholesale Trade, and Investment Holding)
SINAR AGRO RAYA, P.T. (Oil Palm Plantation and Palm Oil Refinery)
SIRINGO-RINGO, P.T. (Oil Palm Plantation and Palm Oil Refinery)
SUKAJADI SAWIT MEKAR, P.T. (Oil Palm Plantation and Palm Oil Refinery)
UNGGUL LESTARI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
WILLIAM RESOURCES, P.T. (Investment Holding)
Etc
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.12 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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.