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Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. UNILEVER
OLEOCHEMICAL |
|
|
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Registered Office : |
Graha Unilever
Building, Jl. Jend. Gatot Subroto Kav. 15, Jakarta 12930 |
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Country : |
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|
|
Date of Incorporation : |
03.01.2012 |
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|
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Com. Reg. No.: |
No. AHU-AH.01.10-29175 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Engaged as dealing with Palm-based Oleochemical Industry Subject
is the Member Company of the UNILEVER Group |
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No of Employees : |
1,280 (Planned) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to commenced
Operation |
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Payment Behaviour : |
Unknown |
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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 |
P.T. UNILEVER
OLEOCHEMICAL INDONESIA
Head Office
GRAHA UNILEVER
Building
Jl. Jend. Gatot Subroto Kav. 15
Jakarta 12930
Phones -
(021) 526 2112 (hunting)
Fax. -
(021) 526 2046
Building Area - 22 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Kawasan Ekonomi
Khusus (KEK),
Sei Mangkei,
Simalungun,
Medan, North
Sumatra
Indonesia
Land Area - 18 hectares
Region - Industrial
Zone
Status - Onwed
03 January 2012
P.T. (Perseroan Terbatas) or Limited Liability Company
The Department of
Law and Human Rights
a. No. AHU-00613.AH.01.01.Tahun 2012
Dated 04 January 2012
b. No. AHU-AH.01.10-29175
Dated 17 July 2013
Foreign Investment (PMA) Company
a. The Department of
Finance
NPWP No. 03.199.729.9-063.000
b. The Capital Investment Coordinating
Board
No. 3510/1/PPM/I/PMA/2011
Dated 28 December 2011
UNILEVER N.V./PLC
(Investment Holding)
MAVIBEL
(Maatschappij voor Internationalle Beleggingen) B.V. (Investment Holding)
a. P.T. UNILEVER
INDONESIA Tbk., (Consumer Goods Manufacturing)
b. P.T. UNILEVER BODY
CARE INDONESIA Tbk. (Body Care Product Manufacturing)
c. A member of
the UNILEVER Group
Capital Structure
:
Authorized Capital -
Rp. 460,000,000,000.-
Issued Capital -
Rp. 143,515,000,000.-
Paid up Capital -
Rp. 143,515,000,000.-
Shareholders/Owners
:
a. MAVIBEL
B.V. of the Netherlands - Rp.
143,371,000,000.- (99.9%)
b. MARGA
B.V. of the Netherlands -
Rp. 144,000,000.- ( 0.1%)
Lines of Business
:
Palm-based Oleochemical Industry
Production
Capacity :
Palm-based Oleochemicals – 200,000 tons per annum
Total Investment
(planned) :
a.
Equity Capital - Rp.
460.0 billion
b.
Loan Capital - Rp. 1,040.0 billion
c.
Total Investment - Rp. 1,500.0 billion
Started Operation
:
December 2014 (planned)
Brand Name :
UNILEVER OLEOCHEMICAL INDONESIA
Technical
Assistance :
MAVIBEL B.V., of the Netherlands
Number of Employee
:
1,280 persons (planned)
Marketing Area :
Domestic
- 20.0%
Export
- 80.0%
Main Customer :
P.T. UNILEVER INDONESIA Tbk
Market Situation :
Very Competitive
Main Competitors :
a. P.T. MUSIM SEMI MAS
b. P.T. ECOGREEN
OLEOCHEMICALS
c. P.T. SINAR OLEOCHEMICAL
d. P.T. WILMAR NABATI INDONESIA
e. P.T. SALIM IVOMAS PRATAMA
f.
P.T. FLORA SAWITA CHEMINDO
Business Trend :
Growing
Bankers :
a. ABN-AMRO Bank NV
Jl. Jend. Sudirman Kav. 52-53
Jakarta Selatan
b. P.T. Bank MANDIRI Tbk.
Jl. Gatot Subroto Kav. 36-38
Jakarta SElatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales :
None
Net Profit :
None
Payment Manner :
No Comment
Financial Comments
:
No Comment
Board of Management :
President Director - Mr. Vikram Agarwal
Directors - a. Mr. Ir. Agung Rianto
b. Mr. Mandeep Singh Tuli
c. Mr. Biswaranjan Sen
d. Mr. Bradley Dam
Board of Commissioners :
President Commissioner - Mr. Pradip Menon
Commissioners - a. Mr. Sancoyo Antarikso
b. Mr. Raghuraman Ramakrishnan
Signatories :
President Director (Mr. Vikram Agarwal)
or one of the Directors (Mr. Ir. Agung Rianto, Mr. Mandeep Singh Tuli, Mr.
Biswaranjan Sen or Mr. Bradley Dam) which must be approved by the Board of
Commissioners
Management Capability :
Good
Business Morality :
Good
P.T. UNILEVER OLEOCHEMICAL INDONESIA (P.T.
UOI) was established in Jakarta based on Notarial Deed number 01 dated January
3, 2012 was made by Irma Devita Purnamasari, SH., a notary in Jakarta with the
authorized capital of Rp. 460,000,000,000.- of which Rp. 115,000,000,000.- was
issued and fully paid up. The founding shareholders of the company are MAVIBEL (Maatschappij voor Internationale
Beleggingen) B.V. (99.9%) and MARGA B.V. (0.01%), both of the Netherlands. The Deed of establishment has been approved
by the Ministery of Law and Human Rights of the Republic of Indonesia through
its Decision Letter No. AHU-00613.AH.01.01.Tahun 2012 dated January 4,
2012.
The articles of association of the company have been
revised, most recently by notarial deed number 312 dated May 23, 2013 made by
Notary Irma Devita Purnamasari, SH., the issued capital was raised to Rp.
143,515,000,000.- and fully paid up. But,
no changes have been effected in term of its shareholding
composition to date. The amendment to Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. AHU-AH.01.10-29175 dated July 17, 2013.
P.T. UOI is the member company of the UNILEVER Group, a large-sized company group focusing its business on manufacturing and distribution of commercial goods, food and beverage, cosmetic and body care products.
In accordance with article 3 (three) of the articles of association contained in the deed of establishment, the scope of activities of the Company is primarily in industry and trading of chemicals. The company’s registered office located at Graha Unilever Jl. Jend. Gatot Subroto Kav. 15, South Jakarta and the company can open branch offices or representative offices at home and abroad.
P.T. UOI obtained a foreign investment company (PMA)
facility issued by Investment Coordinating Board (BKPM) in December 2011 for
dealing with palm-based oleochemical industry with its plant located at Kawasan
Ekonomi Khusus (KEK), Sei Mangkei, Simalungun, Medan, North Sumatra, where it stands on 18 hectares landsite. The factory was built since mid-2013 and is expected to begin commercial operation in the end of 2014. Mr. Suncahyo Antarikso, Commissioner P.T. UOI
explained that the plant's production capacity reaches 200,000 tons of
palm-based oleochemical per year, with an investment of Rp 1.5 trillion.
Furthermore, from palm-based oleochemical materials will be recycled into
surfactants, soap, noodles and fatty acids. According to the plan most of the results
produced by PT UOI will be absorbed by PT. Unilever Indonesia Tbk., and the
companies that still have affiliation with the Unilever Group.
Generally, the demand for palm-based oleochemical has been growing in the last five years in the country in the line with the growth of consumer goods industries, margarine, soap and cosmetic industries. The solid and steady domestic economy, increased government activity in infrastructure development and improving investment climate in Indonesia with the rising of Country Rating to Investment Grade, and also supported by Indonesia’s economic indicators such as inflation, exchange rates and interest rates are expected to encourage the business sectors.
The global economy
is expected to grow faster in 2013 than it did in 2012, although it still face
risks stemming from the slowing economic growth in developed countries and the
on going crisis in Europe. Despite the
slowing global economy, Indonesia’s economy still grew quite briskly in
2012. Indonesia’s economic growth
reached 6.2% in 2012, or slightly below the projection contained in the 2012
Revised State Budget and 2011’s economic growth of 6.5%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Source:
Central Bureau of Statistics and bank of Indonesia
P.T. UOI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We are difficult to assess the company's finances, because since the company establishment up to now the company it has never conducted any business activities. But, the financial strength of this company was only Rp. 143,515,000,000.- which was a paid-up capital according to its notary deed. So far we have never heard that the company registered with the black list of Bank of Indonesia (Central Bank) or involved in the civil case that settled through the country court.
The management of P.T. UOI is led by Mr. Vikram Agarwal (50) as president director. He is a professional manager of India. In daily activities he is assisted by four directors namely Mr. Ir. Agung Rianto (51), Mr. Mandeep Singh Tuli (41), Mr. Biswaranjan Sen (46) and Mr. Bradley Dam (42). Looks like, the company is managed by a number of experts in the field of palm-based oleochemical industry. They have extensive relationships with many private companies at home and overseas. Their relationship with the government sector is quite good. So far we have never heard that the board of directors and commissioners of the company involved in business malpractices or detrimental cases that settled through the court. The company’s litigation record is clean and they have never involved in civil or criminal cases or politics in the country.
Considering P.T. UNILEVER OLEOCHEMICAL
INDONESIA (P.T. UOI) has yet been commercial operation we recommend to treat
prudently in extending a loan to the company.
Attachment:
Unilever to Begin
Operation of North Sumatra Palm Oil Plant By End of 2014
By Vanesha
Manuturi on 05:21 pm Jun 05, 2014
Jakarta.
Unilever Oleochemical Indonesia, a sister company of Unilever Indonesia, plans
to begin commercial operation of its palm oil processing plant in North Sumatra
by the end of this year.
The
plant, wholly owned by Unilever, will process oleochemicals — chemicals derived
from plant and animal fats — such as fatty acids and glycerols, which are
commonly used in various domestic products, including soaps and detergents.
Unilever
is a global domestic goods company, co-headquartered in Britain and the
Netherlands, with products distributed across 170 countries.
“Globally,
Unilever is the biggest palm oil consumer in the world… We make an effort
to trace our products as we strive towards environmental sustainability,” said
Sancoyo Antarikso, director and corporate secretary of Unilever Indonesia,
during the company’s public presentation in Jakarta on Wednesday.
The
oleochemical plant, estimated to cost approximately Rp 1.5 trillion ($126
million), is located in the Sei Mangkei Special Economic Zone in Simalungun,
North Sumatra. According to Sancoyo, the project has absorbed roughly half of
the estimated cost, or around Rp 750 billion.
Up
to 20 percent of the plant’s production will be allocated to Indonesia, while
the remainder will be exported around the world, according to Sancoyo.
“We
also hope that this plant will accelerate growth in that economic corridor…
There will be indirect growth in the area alongside this plant, from
transportation to even catering,” said Sancoyo, alluding to Sei Mangkei’s
status in the government’s 15-year infrastructure development plan that is
aimed to spur economic growth in less-urbanized areas.
He
added that Unilever Oleochemical Indonesia (UOI) received a 5-year tax holiday
from the Indonesian government, which will kick in after the company has made
commercial sales, along with a 2-year extension, after the first five years.
Unilever
Indonesia recently handed out Rp 5.3 trillion — equivalent to its entire net
income last year — as dividends to its shareholders.
Shares
of Unilever Indonesia rose 0.75 percent to Rp 30,275 on the Indonesia Stock
Exchange (IDX) on Wednesday.
The
listed consumer goods giant operates eight factories — six in Tangerang and two
in Surabaya, East Java — which produce the 40 different brands it sells
throughout Indonesia.
Unilever
Indonesia announced it has set aside roughly Rp 1.4 trillion for its capital
expenditure this year, which will be used to increase production capacity and
improve the distribution of its ice cream products, according to Sancoyo
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
UK Pound |
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
MNL |
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.