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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SURYA BORNEOINDAH |
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Registered Office : |
Jalan Abdurachman Saleh 2 No. 99, |
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Country : |
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Date of Incorporation : |
01.08.1991 |
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Com. Reg. No.: |
AHU-AH.01.10-26235 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in Oil Palm Plantation and Processing |
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No of Employees : |
1,509 persons |
RATING & COMMENTS
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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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|
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
BASIC SEARCH
|
Name of Company :
P.T. SURYA BORNEOINDAH
Address :
Head Office
Jalan Abdurachman Saleh 2 No. 99
Pontianak, 78121
West Kalimantan
Indonesia
Phones -
(62-561) 580151 – 4
Fax - (62-561) 580155, 580166, 761852
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Branch Office
Bellagio Office Park Block OL 2/30-32
Jalan Mega Kuningan Barat Kav. E4 No.
3
Mega Kuningan
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 30066151 – 53
Fax - (62-21) 30066155, 30066166
E-mail - ho@ptrii.com
Website - http://www.ptrii.com
Building Area - 4 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Plantation Site
Desa Sei Pemodang, Kecamatan Meliau
Kabupaten Sanggau
West Kalimantan
Indonesia
Date of Incorporation :
1 August 1991
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-552.HT.01.01.TH.94
Dated
17 January 1994
- No. AHU-23973.AH.01.02.TH.2010
Dated
11 May 2010
- No. AHU-AH.01.10-26235
Dated
27 June 2013
Company Status :
National Private and Domestic
Investment (PMDN) Company
Permit by the Government Department
:
The Department of Finance
NPWP No. 01.563.860.4-701.000
The Capital Investment Coordinating Board
- No. 286/I/PMDN/1995
Dated
29 May 1995
- No. 69/III/PMDN/2002
Dated
3 May 2002
- No. 101/III/PMDN/2003
Dated
19 June 2003
Related Company :
a. P.T.
ALAM RAYA INDONESIA (Shipping Services)
b. P.T.
KAPUAS PLANTATION INDUSTRY (Independent Plantation Management Services)
c. P.T.
ROYAL INDUSTRIES INDONESIA (Cooking Oil Processing)
d. P.T.
SAWIT DESA KAPUAS (Oil Palm Plantation and Processing)
CAPITAL AND OWNERSHIP
|
Capital Structure :
Authorized Capital :
Rp. 50,000,000,000.-
Issued Capital :
Rp. 30,000,000,000.-
Paid up Capital :
Rp. 30,000,000,000.-
Shareholders/Owners :
Mr. Bilal Asif -
Rp. 30,000,000,000.-
Address : Apartment Bellagio
Mansion Suite 26 MB
Jl. Mega Kuningan Barat Kav. E
- 61
Kuningan Timur, Setiabudi
Jakarta Selatan, Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Oil Palm Plantation and Processing
Production Capacity :
a. Fresh
Fruit Bunches - 253,000
tons p.a.
b. Crude
Palm Oil - 50,600 tons p.a.
c. Palm
Kernel - 10,120 tons p.a.
Total Investment :
a. Equity
Capital - Rp. 30.0
billion
b. Loan
Capital - Rp.
54.0 billion
c. Total
Investment - Rp.
84.0 billion
Started Operation :
2001 (commenced production)
Brand Name :
Surya Borneoindah
Technical Assistance :
None
Number of Employee :
1,509 persons
Marketing Area :
Local - 80%
Export - 20%
Main Customer :
P.T. ROYAL INDUSTRIES INDONESIA
(Cooking Oil Industry)
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SURYA AGRO PERSADA
b. P.T. SURYA BARATAMA PLANTATION
c. P.T. SURYA BUMI AGRO LANGGENG
d. P.T. SURYA INTI SAWIT KAHURIPAN
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T.
Bank MANDIRI Tbk
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank MUAMALAT
INDONESIA Tbk
Arthaloka Building
Jalan Jend.
Sudirman No. 2
Jakarta
Pusat, 10220
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales (estimated) :
2011 – Rp. 325.8 billion
2012 – Rp. 356.0 billion
2013 – Rp. 387.6 billion
Net Profit (estimated) :
2011 – Rp. 22.8 billion
2012 – Rp. 27.0 billion
2013 – Rp. 29.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
Director -
Mr. Bilal Asif
Board of Commissioners :
Commissioner - Mrs. Yohana
Rosyana
Signatories :
Director (Mr. Bilal
Asif) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T. SURYA BORNEOINDAH (P.T. SBI) was established in Pontianak, West
Kalimantan on 1 August 1991 with the authorized capital of Rp. 200,000,000
issued capital of Rp. 40,000,000 fully and paid up. The founding and
shareholders of the company originally are Mr. Ir. Rusdi Ignatius, Mrs. Aljani
Juliadi, both are Indonesian businessmen of Chinese extraction. The company
notary deed had been changed a couple of times. In April 2003 the whole shares
had been controlled by Mr. Hendry Tano, Mr. Rudy Tano both are Indonesian
businessmen of Chinese descents as new shareholders. On the same occasion the
company authorized capital was increased to Rp. 26,000,000,000 entirely issued
and paid up. Later in September 2006 the company Mr. Bilal Asif entered into
the company as new shareholder. Then in April 2010 the company authorized
capital was raised to Rp. 50,000,000,000 issued capital to Rp. 30,000,000,000
entirely paid up. On the same occasion Mr. Hendry Tano and Mr. Rudy Tano pulled
out and the whole share controlled by Mr. Bilal Asif (100%). The latest
according to the revision of notary deed Mr. Arry Supratno, SH., no. 185 dated
21 June 2013 the company board of director and the board of commissioner
re-elected 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.01.10-26235 dated June 27, 2013.
P.T. SBI has been obtained domestic investment (PMDN) company facility
to deal with oil palm plantation and processing. The company manages a
plantation sites located at Desa Sei Pemodang, Meliau district, Sanggau
regency, West Kalimantan standing on land bank of 20,000 hectares. The palm oil
had been planted since 1994 – 2004 with total core plant (tanaman inti) of
1,095 hectares and plasma of 4,083 hectares. Later in 2005 the company has been
expanded plantation site almost of 13,000 hectares. The palm oil estate had
been commenced harvested since 2001 and mills production since 2002. According
information, the company has production capacity 253,000 tons of fresh fruit
bunches, 50,600 tons of crude palm oil and 10,120 tons of palm kernel
respectively per annum. The plantation and refinery has absorbed an investment
of Rp. 84.0 billion come from own capital of Rp. 30.0 billion while the rest
from loans.
Mr. Bilal Asif, director and owner of the company said that 80% of the
products crude palm oil and palm kernel is supplied to sister company P.T.
ROYAL INDUSTRIES INDONESIA, a foreign investment company dealing with cooking
oil industry. P.T. ROYAL INDUSTRIES INDONESIA produces of cooking oil (bulk and
packaging) with Green Land and White Pearl brands. The types of product are
Palm Fatty Acid Distillate (PFAD), Refined Bleached and Deodorized Palm Stearin
(RBDPS), Refined Bleached and Deodorized Palm Olein (RBDPL), Vegetable Ghee
non-hydrogenated, Soap Noodle, Soap Bar and Jerry Can. Meanwhile some 20% of
the products is exported to Pakistan and India. We observe that P.T. SBI has
been growing and developing well in the last three years.
Palm oil is one of the world's most produced and consumed oils.
This cheap, production-efficient and highly stable oil is used in a wide
variety of food, cosmetic and hygiene products, and can be used as
source for bio-fuel or biodiesel. Most palm oil is produced in Asia, Africa and
South America because the trees need warm temperatures, sunshine and plenty of
rain in order to maximize production. A negative side-effect of palm oil
production - apart from its impact on people's health due to its high level of
saturated fat - is that the palm oil business is a key driver
for deforestation in countries such as Indonesia and Malaysia.
Indonesia is the largest greenhouse gas emitter after China and the United
States. Global palm oil production is dominated by Indonesia and Malaysia.
These two countries together account for around 85 to 90 percent of total
global palm oil production. Indonesia is currently the largest producer and
exporter of palm oil worldwide. On the long term, global palm oil demand shows
an increasing trend as an expanding global population gives rise to increased
consumption of palm-oil based products.
The demand for palm 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 SMART (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 growth of cooking oil production
in the last five years is pictured on the following table:
The Production of
Crude Palm Oil, Palm Cooking Oil and Palm Kernel, 2005 – 2013
|
Year |
Crude Palm Oil (Ton) |
Palm Cooking Oil (Ton) |
Palm Kernel (Ton) |
|
2005 |
11,860,000 |
4,980,470 |
98,828 |
|
2006 |
17,350,000 |
5,428,670 |
104.030 |
|
2007 |
17,660,000 |
5,808,670 |
110,670 |
|
2008 |
18,640,000 |
6,186,233 |
119,000 |
|
2009 |
19,320,000 |
6,619,269 |
142,000 |
|
2010 |
21,900,000 |
6,826,000 |
139,000 |
|
2011 |
23,000,000 |
7,250,000 |
158,000 |
|
2012 |
23,500,000 |
7,902,500 |
181,700 |
|
2013 |
25,000,000 |
8,180,000 |
192,000 |
Few Indonesian industries have shown such a robust growth as the palm
oil industry did during the last 15 years. This growth is visible in the country's
production and export numbers as well as in the quantity of its palm oil estate
area. Driven by increased global demand and higher yields, palm oil cultivation
has been expanded significantly by Indonesian farmers and conglomerates (at the
expense of the environment and production numbers of other agricultural
products as farmers switch to palm oil plantation). The majority of Indonesia's
palm oil production is exported (see table below). The
business position of P.T. SBI is favorable for having established wide
marketing coverage in the country and overseas markets. The most
important export destination countries are China, India, Malaysia, Singapore
and the Netherlands.
Indonesia’s Palm Oil
Production and Export
|
|
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Production |
17.7 |
18.6 |
19.3 |
21.9 |
23.0 |
23.5 |
25.0 |
|
Export |
n.a |
14.2 |
15.5 |
15.6 |
16.5 |
18.1 |
21.0 |
|
Export |
n.a |
15.6 |
10.0 |
16.4 |
20.2 |
21.6 |
20.0 |
Until this time P.T. SBI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. SBI is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated
that total sales turnover of the company in 2011 amounted to Rp. 325.8 billion
rose to Rp. 356.0 billion in 2012 increased to Rp. 387.6 billion in 2013 and
projected to go on rising by at least 6% in 2014. The operation in 2014 yielded
an estimated net profit of at least Rp. 29.0 billion and the company has an
estimated total networth of at least Rp. 105.0 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. SBI is led by Mr. Malik Bilal Asif or Bilal Asif
(30) a businessman with experience in oil palm plantation and processing. Mr.
Bilal Asif is an Indonesian citizen graduate in commerce and management from
the Forman Christian College University, Lahore Pakistan. He has pursued MBA
from Indonesia. He holds a degree in Commerce and Management. Mr. Bilal joined
the Royal Group at an early age in 2002. He moved to Indonesia in 2003 after
the company's inception in Indonesia. He has been overseeing Royal Group's
operations as the Chief Operating Officer and its Director. He has been
influential in the expansion of the palm oil businesses and has contributed
remarkably in augmentation of the Royal Group. He has highly contributed in
contriving the company to become global leader in the palm oil industry and in
export of consumer products to worldwide destinations. He is also the President
Director of P.T. Alam Raya Indonesia which is one of the largest shipping
company in Indonesia. With such an illustrative and solid background in
production and management, Mr. Bilal Asif has been influential in ensuring
adept management of total operations of the group.
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. SURYA BORNEOINDAH is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.79 |
|
|
1 |
Rs. 102.42 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
DPT |
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.