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Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO VEGETABLE OIL INDUSTRI |
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Registered Office : |
Rungkut Industrial Estate, Jl. Rungkut Industri IV No. 34 |
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Country : |
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Date of Incorporation : |
03.07.2004 |
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Com. Reg. No.: |
No. AHU-AH.01.10-32193 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged in dealing with edible Coconut Oil Industry Engaged
in producing Cooking oil (RBD
CNO) with the “Sahabat” and “ Subject
also produces Crude Coconut Oil
(CNO), Coconut Fatty Acid Distillate (CFAD) and Copra Meals used for
Oleo-Chemicals Industries, Food Industries & Soap Industries. |
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No of Employees : |
260 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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, 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.
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Source : CIA |
Name of Company
P.T. INDO
VEGETABLE OIL INDUSTRI
company Address
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
Land Area -
5,200 sq. meters
Building Space - 4,000 sq. meters
Region -
Industrial Estate
Status -
Rent
Date of Incorporation
03 July 2004
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No. C-21372 HT.01.01.TH.2004
Dated 24 August 2004
b. No. AHU-12058.AH.01.02.Tahun 2012
Dated 06 March
2012
c. No. AHU-AH.01.10-32193
Dated 01 August 2013
Company Status
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 AND OWNERSHIP
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
BUSINESS ACTIVITIES
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
:
2004
Brand Name :
Lombok and Sahabat
Technical
Assistance :
None
Number of Employee
:
260 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
BANKER, AUDITOR & LITIGATION
Bankers :
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
FINANCIAL FIGURE
Annual Sales
(estimated) :
2010 – Rp. 190.0 billion
2011 – Rp. 240.0 billion
2012 – Rp. 280.0 billion
2013 – Rp. 312.0 billion
Net Loss
(estimated) :
2010 – Rp. 13.2 billion
2011 – Rp. 16.8 billion
2012 – Rp. 19.6 billion
2013 – Rp. 21.8 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
KEY EXECUTIVES
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)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
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. 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 MUSIM MAS Group, 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 growth of cooking
oil production in the last five years is pictured on the following table:
The Production of
Palm Cooking Oil, 2004 – 2012
|
Year |
Production (Ton) |
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2004 |
4,527,700 |
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2005 |
4,980,470 |
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2006 |
5,428,670 |
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2007 |
5,808,670 |
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2008 |
6,186,233 |
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2009 |
6,619,269 |
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2010 |
6,826,000 |
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2011 |
7,250,000 |
|
2012 |
7,685,000 |
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 2011 amounted to Rp. 240.0 billion
increased to Rp. 280.0 billion in 2012 to Rp. 312.0 billion in 2013 and
projected to go on rising by at least 8% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 21.8 billion and the company has an
estimated total asset of at least Rp. 120.0 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 (42) a
businesswoman with more than 10 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.