|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CITRA TUBINDO TBK |
|
|
|
|
Registered Office : |
Kabil Indonesia Industrial Estate Jalan
Hang Kesturi Km. 4 Kabil, Batam 29432 Batam Island,
Riau |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
17.04.1997 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Pipe Treading Industry · Green Pipe Making Industry · Investment Holding |
|
|
|
|
No. of Employees |
1,271 |
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 |
|
Payment Behaviour : |
No complaints |
|
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 |
P.T. CITRA TUBINDO
TBK
Head
Office & Factory
Kabil Indonesia Industrial Estate
Jalan Hang Kesturi Km. 4
Kabil,
Batam 29432
Batam
Island, Riau
Indonesia
Phones - (62-778) 711 888 (hunting), 711 121-23
Fax -
(62-778) 711 094
Land Area - 20 hectares
Building Area - 11 hectares
Region - Industrial
Estate
Status - Rent
Representative Office
Wisma Metropolitan I, 11th Floor
Jalan Jend. Sudirman Kav. 29
Jakarta 12920
Indonesia
Phones - (62-21) 525 0609 (hunting)
Fax -
(62-21) 571 2317
Building Area - 34 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
a. 23 August 1983
as P.T. CITRA TUBINDO ENGINEERING
b. 31 January
1984 as P.T. CITRA TUBINDO
c. 17 April 1997 as P.T. CITRA TUBINDO Tbk
Legal Form :
P.T. Tbk.(Perseroan Terbatas Terbuka) or Public Listed Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C2-3168.HT.01.01.TH.85
Dated 25 May 1985
b. No.
AHU-76795.AH.01.02.Tahun 2008
Dated 23 October 2008
c. No. AHU-AH.01.10-08758
Dated 23 March 2011
Company Status :
Domestic Investment (PMDN) Company
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.002.164.0-059.000
b. The Department of Industry and Trade
TDP No. 041012700486
Dated 23 April 2007
c. The Capital Investment Coordinating Board
No. 82/I/PMDN/1984
Dated 15 October 1984
A member of the CITRA AGRAMASINTI
Group (see attachment)
Capital Structure
:
Authorized Capital - US$.
151,739,208.- (Rp.320,000,000,000.-)
Issued Capital - US$.
37,938,203.- (Rp. 80,000,000,000.-)
Paid up Capital - US$.
37,938,203.- (Rp. 80,000,000,000.-)
Latest
Shareholders (as of 31 December 2013):
a. KESTREL WAVE INVESTMENT Ltd., - US$. 15,934,012.- (41.99%)
b. VALLOUREC & MANNESMANN TUBES - US$. 12,708,159.- (33.49%)
c.
NIPPON STEEL & SUMITOMO METAL Corp. -
US$. 2,646,753.- ( 6.97%)
d.
DR. Ing. Ilham Akbar Habibie -
US$. 12,649.- ( 0.03%)
e. Mr. Hedy Wiluan (Hedy Kurniawan) - US$. 184.- ( 0.00%)
f.
DR. Ir. Suyitno Patmosukismo, M.H. -
US$. 97.- ( 0.00%)
g. Mr. Kris Taenar Wiluan -
US$. 97.- ( 0.00%)
h. Mr. Andi Tanuwidjaja -
US$. 97.- ( 0.00%)
e. Publics (less than 0.5% each) - US$. 6,636,155.- (17.52%)
Lines of Business
:
a. Pipe Treading
Industry
b. Green Pipe
Making Industry
c. Investment
Holding
Production
Capacity :
a. Pipe treads
and Green Pipes - 60,000 tons p.a.
b. High Grade
Carbon Steel Pipes - 190,000 tons p.a.
Total Investment :
a. Equity Capital - US$. 150.9 million
b. Loan Capital - US$. 123.2 million
c. Total Investment - US$. 274.1 million
Started
Operation :
1 9 8 4
Brand Name :
CITRA TUBINDO
Technical
Assistance :
a. Mannesmann rohren-Werke AG of Germany
b. Vallourec Industries of France
Number of Employee :
1,271 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customers :
a. Total E&P Indonesia
b. Cairn Energy India Pty. Ltd.
c. Latester Offshore Inc.
d. BUT Conoco Philips (Grissik) Ltd.
e. Chevron Indonesia Company
f. Chevron Makassar Ltd.
g. Ras Gas Company Ltd.
h. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. GUNANUSA UTAMA FABRICATOR
b. P.T. BAKRIE CONSTRUCTION
c. P.T. KHALISTA ARTA BUANA
d. P.T. KURNIA BERCA INDONESIA
e. P.T. JAGAT BAJA PRIMA UTAMA
f. P.T. BANGUN
SARANA BAJA
g. Etc.
Business Trend
:
Fluctuating
B a n k e r s :
a. P.T.
Bank CIMB NIAGA Tbk
Graha CIMB Niaga
Jl. Jend. Sudirman Kav.
58
Jakarta Selatan
b. P.T.
Bank MANDIRI Tbk
Plaza
Mandiri
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
c.
STANDARD CHARTERED Bank
Menara Standard Chartered
Jl. Prof. Dr. Satrio No. 164
Jakarta Selatan
d. P.T.
ANZ PANIN Bank
ANZ PANIN Building
Jl.
Jend. Sudirman Kav. 33A
Jakarta
Pusat
Auditor :
Purwantono, Suherman & Surya (a member of Ernst & Young)
Litigation :
No litigation record in our database
Annual Sales :
2009 – US$. 237.1 million
2010 – US$. 214.1 million
2011 – US$. 204.0 million
2012 – US$. 200.9 million
2013 – US$. 244.2 million
Net Profit (Loss)
:
2009 – US$. 14.1 million
2010 – US$. 18.4 million
2011 – US$. 50.1 million
2012 – US$. 34.3 million
2013 – US$. 38.3 million
Payment Manner :
Average
Financial Comment
:
Fairly strong
Board of
Management :
President Director - Mr. Kris Taenar Wiluan
Finance Director - Mr. Hedy Wiluan AKA Hedy
Kurniawan
General Affairs Director - Mr. Drs. Frankie Setiadi
Marketing Director - Mr. Herman Hermanto
Technical Director - DR. Adam Paul Brunet BA MA
D.Phil FIEE C.Eng.
Investment Director - Mr. Didier, Maurice, Francis
Hornet
Un-affiliated Director - Mr. Tjetjep Muljana
Board of
Commissioner :
President
Commissioner - DR. Ir. Suyitno Patmosukismo MH
Commissioners - a. Mr. Sri Murwardjo Srimardji, MSc
b. Prof. Dr. Johanes Berchmans Kristiadi
Pudjosukanto
c. DR. Ing. Ilham Akbar Habibie
d. Mr. Jean-Pierre, Robert, Luc Michel
Signatories
:
President
Director (Mr. Kris Taenar Wiluan) or one
of Directors (Mr. Hedy Wiluan, Drs. Frankie Setiadi, Mr. Herman Hermanto, DR.
Adam Paul Brunet and Mr. Didier, Maurice, Francis Hornet) which must be
approved by the Board of Commissioners.
Management
Capability :
Satisfactory
Business Morality
:
Satisfactory
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit
Limit :
Small amount –
periodical review
Originally named P.T. CITRA TUBINDO
ENGINEERING, the company was established in 1983 with an authorized capital of
Rp. 800,000,000.- of which Rp. 160,000,000.- was issued and fully paid up. The
founders and original shareholders of the company are P.T. CITRA PEMBINA
PEMBANGUNAN INDUSTRIES and P.T. UNIMAS MOTOR WASTA, both are national private
companies. The Deed of establishment
was approved by the Minister of Justice of the Republic of Indonesia through
its Decree No. C2-3168.HT.01.01.Th.85 dated May 25, 1985. Its Articles of association has frequently
amended for a couple of times. In
1984 the company was renamed P.T. CITRA TUBINDO
In 1988 its authorized capital was entirely issued and paid up, on which
occasion all its shares were taken over by P.T. CITRA AGRAMASINTI NUSANTARA.
Later in 1989 the company was approved to go public and sell some 30.77% of its
shares through the Jakarta Stock Exchange. In November 1993 its authorized
capital was increased to Rp 150,000,000,000.- with the issued and paid up
capital amounting to Rp 30,000,000,000.-.
In May 1994 its issued and paid up capital
was raised to Rp 45,000,000,000.-. In August 1997 the company was renamed by
adding Tbk (terbuka) behind the name to P.T. CITRA TUBINDO Tbk (P.T. CTT)
adjusted to the new law of 1995 on public listed companies. In May 2000 its
authorized capital was increased to Rp 320,000,000,000.- (US$.151,739,208.-) of
which Rp. 80,000,000,000.- (US$ 37,938,203.-) was issued and fully paid up. The
amendment to deed of the company was approved by the Ministry of Law and Human
Right with the Decision Letter No. AHU-76795.AH.01.02.Tahun 2008 dated October
23, 2008 and No. AHU-AH.01.10-08758 dated March 23, 2011. The latest shareholders of the Company are
Kestrel Wave Investment Ltd., (41.99%), Vallourec & Mannesmann Tubes
(33.49%), Nippon Steel & Sumitomo Metal Corporation (6.97%), DR. Ing. Ilham
Akbar Habibie (0.03%) and Public (17.52%).
P.T. CTT (“the Company”) started its
commercial operations in providing facilities for the oil industry, including
finishing and threading of pipes and manufacturing of accessories, in 1984 and
started providing services on heat treatment process for seamless pipes in
1992. The Company’s head office and its
factory are located in Kabil Industrial Estate, Jl. Hang Kesturi I Km. 4,
Kabil, Batam, where it stands on a 3.5 hectare land. The plant manufactures of
threaded seamless steel pipes (sized 2.375 inch to 20.0 inch) and accessories
(coupling, pap joints, cross-over and blast joints). The plant manufactures the
products under the license of MANNESMANN ROHREN-WERKE AG of Germany and
VALLOUREC INDUSTRIES of France. Besides, the plant also performs pipe
straightness testing, pipe threading amelioration, pipe thread coating or overlaying
with phosphate, tin, copper or zinc. The company’s products are marketed
domestically and exported to Japan, United States, Canada, Australia, Middle
East, Venezuela, Africa and Asia.
In January 2012, the Company signed an
agreement with PT. Unimas Motor Wasta, granting the right to PT. Unimas Motor
Wasta, to act as its marketing agent in Indonesia for Oil Country Tubular Goods
(OCTG) for a specific customer, Total Indonesie. The agreement covers all sales and orders for
OCTG manufactured by the Company and delivered in Indonesia to Total Indonesie.
In June 2012, the Company entered into a service agreement for on-site service
and/or emergency repairs of Truscope (UT), Four Probe Wall Monitor (UT), Amalog
(EMI), and Sonoscope (EMI) system with National Oilwell Varco Pte. Ltd.,
(Tuboscope). Under this agreement,
Tuboscope agreed to provide one (1) Technical Specialist on the Company’s site
for a term of two (2) years commencing from June 1, 2012 and may be thereafter
extended by one (1) year without contract re-negotiation. The Company pays compensation amounting to
US$.4,350.00/month for the service provided.
Besides, P.T. CTT is also dealing with
investment holding by controlling more than 50% in the following subsidiaries
which are engaged in real estate, property, hotel, and information technology
business. The table of P.T. CTT’s
subsidiary companies shall be as follows:
(In US Dollar)
|
Name of Subsidiary |
Lines of Business |
Start of Operations |
% of Ownership |
Total Assets (31 Dec. 2013) |
|
PT. Hymindo Petromas Utama |
Tread Connection |
1988 |
99.90 |
3,615,075 |
|
NSCT Premium tubulars BV |
Patent holder |
2003 |
100.00 |
1,242,954 |
|
NS Connection Technology Inc. |
Master Licensor |
2003 |
100.00 |
2,956,337 |
|
NS Connection Technology Pte. Ltd. |
Technical Support |
2002 |
100.00 |
1,666,345 |
|
Citra Tubindo International Pte. Ltd. |
Technical support |
2004 |
100.00 |
4,902,346 |
|
Citra Tubindo Australia Pty. Ltd. |
Technical support |
2011 |
100.00 |
79,381 |
|
PT. Sarana Citranusa Kabil |
Logistic services |
2000 |
99.92 |
25,955,481 |
|
PT. Citra Pembina Pengangkutan
Industries |
Transportation Services |
1984 |
98.92 |
12,757,101 |
|
PT. Citra Madya Cargindo |
Stevedoring services |
1989 |
97.92 |
3,869,187 |
|
PT. Pelayaran Citrastirta Tatasarana |
Shipping services |
1990 |
99.92 |
1,809,191 |
|
PT. Citra Pembina Logistik |
Logistic services |
2006 |
99.91 |
2,983,180 |
|
PT. Bandar Kabil Indonusa |
Port services |
2000 |
99.05 |
4,201 |
On February 13, 2012, the Company
established a new subsidiary with 99% ownership under the name P.T. CITRA
SARANA BAJA (CSB) in Batam, with authorized, issued and paid up share capital
of Rp 1,000,000,000. CSB is engaged in
manufacturing seamless pipe, pie threading and services. We observed that P.T. CCT is classified as a
large sized company of its kind in the country of which the operation has been
declining in the last four years.
Generally we find the demand of offshore oil
and gas equipment such as; platform, jacket,
oil and gas field contracting and consulting services has kept on rising
by at least 4% per years in the last five years in line with the growth and developing
of oil and gas sectors, coal mining, heavy duty rental and others. The activities of exploration and production
in the oil and gas industry in Indonesia
did not reach maximum level and below the targeted figure. The target lifting based on the State Budget
fir 2013 for oil is 840,000 barrels per day and gas equivalent to 1,360,000
barerels per day and the realization is 2,080,000 oil equivalent, 5.45% below
the State Budgetary figures (source: Kompas).
One of the reasons is that the oil wells are old and other factors being
encountered were.
-
Transparency of the regulations/rules in relation
to renewal mechanism of Oil and Gas Contract.
-
Regulations from the Minister of Energy and Mineral
insist that majority shareholders of the renewed block must be Indonesian
corporations.
Besides that the growing crude oil price
started as from the middle of 1999 and constantly rising within 2007 has blown
fresh air to Indonesian government and oil companies. In the effort of
stabilizing the world's crude oil price above US$ 90 per barrel in 2008 and
sharply dropped to US$ 44 per barrel in early 2009 and rose again to above US$
100 per barrel at present. Despite crude
oil price problem, Indonesia has kept on attempting to increase its crude oil
and natural gas production including natural gas. Details on crude petroleum
(including condensate) and gas production in 2001 to as of August 31, 2013 are
pictured bellows:
|
Year |
Petroleum (000 barrels) |
Gas |
||
|
Gas (000 MSCF) |
LNG (000 MMBTU) |
LPG (MT) |
||
|
2001 |
490,145 |
2,803,034 |
1,257,446 |
2,190,120 |
|
2002 |
474,884 |
3,031,028 |
1,352,878 |
1,792,575 |
|
2003 |
420,995 |
3,142,605 |
1,347,349 |
1,921,757 |
|
2004 |
438,455 |
3,113,338 |
1,390,466 |
1,677,619 |
|
2005 |
387,698 |
3,036,195 |
1,338,782 |
1,581,727 |
|
2006 |
366,993 |
3,178,278 |
1,159,770 |
1,238,572 |
|
2007 |
357,143 |
2,949,506 |
1,258,951 |
1,671,715 |
|
2008 |
357,501 |
3,136,657 |
1,093,435 |
1,800,383 |
|
2009 |
346,312 |
3,023,944 |
970,769 |
1,560,929 |
|
2010 |
341,228 |
3,291,912 |
1,017,216 |
2,538,106 |
|
2011 |
332,752 |
4,811,814 |
1,373,829 |
n.a. |
|
2012 |
314,985 |
3,174,644 |
1,122,732 |
n.a. |
|
2013* |
200,598 |
2,162,319 |
726,093 |
n.a. |
According to financial report of P.T. CTT,
its net income or revenues has been fluctuating in the last five years. In 2010, P.T. CTT’s net income or revenues
reached US$.214.1 million with a net profit of US$. 18.4 million, declined to
US$.204.0 million with a net profit of US$. 50.1 million in 2011 to US$. 200.9
million, with a net profit of US$.34.3 million in 2012 and rose again to
US$.244.2 million with a net profit of Rp.38.3 million in 2013. We did not hear that the company having been
black listed by Bank Indonesia (Central Bank) and registered in the court for
detrimental cases. The total assets of
the company in 2010 amounted of US$ 273.7 million declined to US$ 245.0 million
in 2011 and rose again to US$ 268.4 million in 2012 and to US$ 274.2 million in
2013. Financial Highlights of the
Company as of 31 December 2009, 2010, 2011, 2012 and 2013 are below:
(in
US$ Thousand)
|
Description |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Statements of Income |
|
|
|
|
|
|
- Net Income/Revenues |
244,170 |
200,858 |
204,049 |
214,098 |
237,146 |
|
- Gross Profit |
82,831 |
75,139 |
80,868 |
48,410 |
37,309 |
|
- Operating Profit |
51,662 |
43,440 |
60,990 |
28,969 |
22,019 |
|
- Net Profit |
38,264 |
34,315 |
50,134 |
18,402 |
14,125 |
|
Balance Sheet |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
- Total Net Working Capital |
87,255 |
86,938 |
95,533 |
50,786 |
47,318 |
|
- Total Assets |
274,151 |
268,438 |
245,024 |
273,675 |
198,297 |
|
- Investment in Shares of Stock |
17,342 |
19,308 |
14,550 |
12,922 |
13,036 |
|
- Total Liabilities |
123,248 |
125,830 |
100,944 |
160,530 |
90,491 |
|
- Total Stockholders’ Equity |
150,903 |
142,608 |
144,080 |
113,146 |
107,806 |
The company's management is headed by Mr.
Kris Taenar Wiluan (66), one of the top figures of the WILUAN or CITRA
AGRAMASINTI Group. In his daily activities, he is assisted by Mrs. Hedy
Kurniawan AKA Hedy Wiluan (64) as finance director, Mr. Drs. Frankie Setiadi
(66), as general director, Mr. Herman Hermanto (63) as marketing director, Mr.
Dr. Adam Paul Brunet BA (58) as technique director, Mr. Didier, Maurice,
Francis Hornet (51) as investment director and Mr. Tjetjep Muljana (67) as
Un-affiliated director. They have wide relations with government authorities
and PERTAMINA top officials and foreign oil companies operating in Indonesia,
as well as with other private businessmen within and outside the country. So far,
we did not hear that the company's management having been involved in the
business malpractices.
P.T. CITRA TUBINDO TBK., is sufficiently
fairly good for business transaction. However, in view of the economic slowdown
and political situation in the country is warming we recommend to treat prudently in extending a loan to the
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.