|
Report Date : |
24.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PUPUK ISKANDAR MUDA |
|
|
|
|
Registered Office : |
Jl. Medan – Banda Aceh Krueng Geukeuh, Lhokseumawe
24310 Nanggroe Aceh
Darussalam |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
24.02.1982 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in urea fertilizer and ammonia industry. |
|
|
|
|
No. of Employees |
1,245 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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. PUPUK ISKANDAR MUDA
Head Office &
Factory
Jl. Medan – Banda Aceh
Krueng Geukeuh, Lhokseumawe 24310
Nanggroe Aceh
Darussalam
Indonesia
Phone -
(62-645) 56222 (hunting)
Fax - (62-645) 56095
P.O. Box - 021 Krueng
Geukeuh
Email - info@pim.co.id
Website - http://www.pim.co.id
Land Area - 280 hectares
Building Area - 120 hectares
Region -
Industrial Estate
Status -
Owned
Jakarta Office
Jl. Bangka Raya No. 107
Jakarta Selatan
Indonesia
Phone -
(62-21) 71793227, 7980615
Fax - (62-21) 71790964
P.O. Box - 152/KBY JKS
Building Area - 2 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Owned
Date of Incorporation :
24 February 1982
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
- No.
AHU-00773.AH.01.02.Tahun 2012
Dated 05 January 2012
- No.
AHU-AH.01.10-05787
Dated 20 February 2012
- No.
AHU-AH.01.10-38469
Dated 29 October 2012
Company Status :
Domestic
Investment Company
Permits by the Government Department :
a. The Department of Finance
NPWP No. 01.001.678.0-051.000
b. The Investment Coordinating Board
- No. 57/I/PMDN/1983
Dated 21 April 1983
- No. 119/II/PMDN/1996
Dated 20 May 1996
Related/Affiliated
Company :
A member of the
PUPUK INDONESIA Group or the PUSRI Group
Capital
Structure :
Authorized
Capital - Rp.
4,000,000,000,000.-
Issued
Capital - Rp.
2,225,674,000,000.-
Paid up
Capital - Rp.
2,225,674,000,000.-
Shareholders/Owners
:
a. P.T. PUPUK INDONESIA (Persero) - Rp. 2,225,664,000,000.- (99.9996%)
Address : Jl. Anggrek Kav. 34-35
Palmerah, Jakarta Pusat
Indonesia
b. YKK – PIM - Rp. 10,000,000.- ( 0.0004%)
Address : Jl. Medan Merdeka – Banda Aceh
Aceh Utara
Indonesia
Lines of
Business :
Urea Fertilizer and Ammonia Industry
Production
Capacity :
a. Urea Fertilizers -
1,140,000 tons p.a.
b. Ammonia - 766,000 tons p.a.
Total
Investment :
Owned Capital - Rp. 2,225.7
billion
Started
Operation :
1 9 8 5
Brand Name :
Pupuk Iskandar Muda (PIM)
Technical
Assistance :
None
Number of
Employee :
1,245 persons
Marketing Area
:
Domestic -
100%
Main Customers
:
PT. Pupuk Sriwidjaja (PUSRI) as Authorized Distributor
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Pupuk
Kujang
b. PT. Pupuk Kaltim
c. PT. Petrokimia Gresik
d. PT. Pupuk Agro Flora Indonesia
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank NEGARA INDONESIA Tbk
Lhok Seumawe Branch
D.I. Aceh Province
Indonesia
b. P.T. Bank MANDIRI Tbk
Lhok Seumawe Branch
D.I. Aceh Province
Indonesia
c. P.T. Bank RAKYAT INDONESIA Tbk
Lhok Seumawe Branch
D.I. Aceh Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales :
2011 – Rp. 2,180.4 billion
2012 – Rp. 2,703.1 billion
2013 – Rp. 2,664.1 billion
Profit (Loss)
Before Tax:
2011 – Rp. 214.1 billion
2012 – Rp. 64.2 billion
2013 – (Rp. 80.4 billion)
Payment Manner
:
Sometime delay
Financial
Comments :
Weak
Board of Management :
President Director - Mr. Drs. Eko
Sunarko, MM
Directors - a. Mr. Husni Achmad Zaki
b. Mr. Ir. Lili Djadjuli
c. Mr. Ir. Usman Mahmud
Board of Commissioners :
President Commissioner - Mr. Achmad Humam Hamid
Commissioners -
a. Mr. Dadang Heru Kodri
b. Mrs. Farida Zed Arifin
c. Mrs. Fitriani
d. Mr. Ir. Indra Jaya
Signatories :
President Directors (Mr. Drs. Eko
Sunarko, MM) or one of the directors (Mr. Husni Achmad Zaki, Mr. Ir. Lili
Djadjuli and Mr. Ir. Usman Mahmud) which must be approved by Board of
Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
P.T. PUPUK ISKANDAR MUDA (P.T. PIM) was
established in February 24, 1982 with an authorized capital of Rp
150,000,000,000.- and an issued capital of Rp 50,000,000,000.- of which Rp
25,000,000,000.- was paid up. The founding shareholders of P.T. PIM are the
government of the Republic of Indonesia and the state-owned company in the
fertilizer industry P.T PUPUK SRIWIDJAJA (Persero) abbreviated P.T. PUSRI. The
company's notarial act was since revised a couple of times. Later the authorized capital was increased to
Rp 4,000,000,000,000.- of which Rp.
2,225,674,000,000.- was issued and paid up.
Actually P.T. PIM's entire shares are controlled by P.T. PUSRI (99.9996%)
and a Workers Welfare Foundation of P.T. PUPUK ISKANDAR MUDA or YKK-PIM (0.0004%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-00773.AH.01.02.Tahun 2012 dated January 5, 2012 and No. AHU-AH.01.10-05787
dated February 20, 2012.
Most recently by notarial deed of Lumassia, SH., No. 06 dated October 7, 2013
the shareholders composition of the company are P.T. PUPUK INDONESIA (99.9996%)
and YKK-PIM (0.0004%). The
amendment to Deed was approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-38469 dated October 29,
2012. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. PIM operates in the production of urea
fertilizer with its plant located at Jalan Raya Medan-Banda Aceh, Desa Krueng
Geukeuh, Lhokseumawe, Nanggroe Aceh Darussalam. The plant started operation in
early 1985 after having been under construction since 1983. The main raw
material for the fertilizer plant comes from the ARUN natural gas field located
10 kilometers away from the plant. A large extent of the company's production
is marketed domestically, particularly in North Sumatra and Aceh provinces. The
company has also been exporting part of its production to several countries,
but exports are handled by P.T. PUSRI.
The earthquake and Tsunami tidal wave
disasters in Aceh and North Sumatra on 26 December 2004 have brought bad impact
to P.T. PIM’s plant because a large extent of the plant machineries was
damaged. Consequently, the plant of P.T. PIM and project of PIM-2 being planned
to produce in December 2004 are delayed. Besides, the company is also facing
difficulties in gaining natural gas supply as the basic materials because EXXON
MOBIL has yet to guarantee the supply of whole natural gas need of P.T. PIM and
PIM-2 project.
In early October 2006 P.T. PIM ceased its
operational activities because the gas contract from the supply shifting (swap)
of P.T. PUPUK KALTIM was expired. Being
not in operation, P.T. PIM’s management has still maintained its assets.
Therefore in 2006, P.T. PIM had been in operation only for six months from
April to 21 September 2006. During 2007
P.T. PIM has only been operating a plant of PIM II with production period of
just six month due to gas supply problem.
Until the end of 2010 P.T. PIM was still
experiencing gas shortages as much as 5 cargoes or equivalent to 50 MMscfd
(million metric standard cubic feet per day) from the total need of 11 cargoes,
making it difficult to optimize production. Mr. Mashudianto, president director
of P.T. PIM said that the realization of the gas supply to a factory unit of PT
PIM so far had been newly provided a cargo or equivalent to 10 MMscfd, although
the government had guaranteed the supply of six cargoes for the operation a factory
unit. It's just that the price offered was too high that the subsidies
allocated by the government swelled. P.T. PIM asked gas price in the position
of US$.6.0 - US$. 6.5 per million Btu (British thermal unit). However, the operation of one unit factory
of PIM
was relatively can meet the urea need in the Nanggroe Aceh Darussalam
and surrounding.
P.T. PIM is an eleventh urea fertilizer factory in Indonesia and it is belonged to the second urea fertilizer factory after P.T. AAF in Aceh Province. Installed capacity PIM-1 and PIM 2 per year is 1,140,000 tons of urea fertilizer and 766,000 tons of ammonia. Based on the government policy, the sole distributor appointed by the government for marketing fertilizers to the farmers is P.T. PUPUK INDONESIA, including urea fertilizers produced by P.T. PIM. Besides, the company’s products of urea and ammonia are being marketed by P.T. PIM itself through distributors of food sectors surrounding the plant, industrial sector and plantation sectors. We observed that P.T. PIM is classified as a medium-sized company of its kind in the country of which the operation has been fluctuating in the last three years.
According to annual report of P.T. PUPUK INDONESIA, the net sales of P.T. PIM in 2011 amounted to Rp 2,180.4 billion with a net profit before tax of Rp 214.1 billion increased to Rp 2,703.1 billion with a net profit before tax of Rp 64.2 billion in 2012 and declined to Rp 2,664.1 billion with a net loss before tax of Rp 80.4 billion in 2013. The Company’s total asset was recorded at Rp 5,229.0 billion in 2013, or increased to 14.41% compared to 2012 Rp. 4,470.4 billion. Financial condition of the company as of 31 December 2011, 2012 and 2013 are below:
(in million
Rupiah)
|
Description |
2011 |
2012 |
2013 |
|
Net Sales |
2,180,355 |
2,703,109 |
2,664,111 |
|
Income (Loss) Before Tax |
214,057 |
64,219 |
(80,426) |
|
Income Comprehensive for the Year |
176,550 |
31,934 |
(93,233) |
|
Total Asset |
4,481,136 |
4,570,392 |
5,228,972 |
So far, we did not hear that P.T. PIM having
been black listed by Bank Indonesia (Central Bank) and registered in district
court for detrimental cases. The company punctual payment habit within 1 to 3
months is running smoothly.
Since October 2012, P.T. PIM's management
has been headed by Mr. Drs. Eko Sunarko, MM (58) having replaced Mr. Drs.
Mashudianto, MM (57), as president director.
In his daily operations he is assisted by three directors, namely Mr.
Husni Achmad Zaki (49), Mr. Ir. Lili Djadjuli (40) and Mr. Ir. Usman Mahmud
(56). The company's management has an
average experience of 15 years in the urea fertilizer industry and trade. The management is handled by professional managers having wide relation
with private businessmen of home and overseas as well as with the government
sectors. So far, we did
not hear that the management of the company having been involved in business
malpractices. The management of the company has never been registered in the
district court for detrimental cases.
P.T. PUPUK ISKANDAR MUDA 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.60.18 |
|
|
1 |
Rs.102.68 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.