|
Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KALTIM NITRATE |
|
|
|
|
Registered Office : |
Central Senayan
I, 6th Floor Jalan Asia Afrika No. 8 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.09.2001 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is dealing with ammonium nitrate manufacturing |
|
|
|
|
No. of Employees |
160 |
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. KALTIM
NITRATE INDONESIA
Head Office
Central Senayan I,
6th Floor
Jalan Asia Afrika
No. 8
Jakarta 10270
Indonesia
Phone -
(62-21) 5723070 (Hunting)
Fax - (62-21) 5723080
Building Area - 22 storey
Office Space - 800 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan James
Simandjuntak No. 1
Bontang, 75313
East Kalimantan
Indonesia
Phones -
(62-548) Withheld
Fax - (62-548) Withheld
Land Area - 100,000 sq.
meters
Building Space - 50,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
27 September 2001
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-02350 HT.01.01.TH.2002
Dated 12 February 2002
- No. AHU-13797.AH.01.02.TH.2012
Dated 15 March 2012
- No. AHU-AH.01.10-43488
Dated 6 December 2012
- No. AHU-AH.01.10-51027
Dated 27 November 2013
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.026.497.4-077.000
The Department of Industry and Trade
TDP No.
090512442696
Dated 8 February
2002
The Capital Investment Coordinating Board (BKPMD East
Kalimantan)
- No. 014A/64/I/PMA/2001
Dated 15 March 2001
- No. 014A/64/III/PMA/2001
Dated 29 May 2001
- No. 570/64/III/PMA/2001
Dated 25 September 2001
- No. 473/III/PMA/2007
Dated 11 April 2007
Related
Companies :
a. P.T. ARMINDO MITRA PRAKARSA (Investment
Holding)
b. P.T. ARMINDO PRIMA (Trading of Shot Gun,
Explosion and Investment Holding)
c. ORICA INVESTMENTS (INDONESIA) PTY LTD.,
Australia (Investment Holding)
Capital
Structure :
Authorized
Capital : US$
100,000,000.-
Issued Capital : US$
100,000,000.-
Paid up Capital : US$
100,000,000.-
Shareholders/Owners
:
a. ORICA INVESTMENTS (INDONESIA) PTY LTD. - US$ 49,000,000.-
Address :
L 31 Nicholson Street
Melbourne East,
VIC 3002
Australia
b. P.T. ARMINDO MITRA PRAKARSA - US$ 41,000,000.-
Address : Komplek Gading Bukit
Indah Block B No. 26
Jl. Bukit
Gading Raya, Kelapa Gading
Jakarta Utara
Indonesia
c. P.T.
ARMINDO PRIMA -
US$ 5,000,000.-
Address : Komplek Gading Bukit Indah Block B No. 26
Jl. Bukit Gading Raya,
Kelapa Gading
Jakarta Utara
Indonesia
d. YAYASAN
ARMINDO SEJAHTERA UMMAT -
US$ 5,000,000.-
Address : Komplek Gading Bukit
Indah Block B No. 26
Jl. Bukit Gading Raya, Kelapa Gading
Jakarta Utara
Indonesia
Lines of
Business :
Ammonium Nitrate
Manufacturing
Production
Capacity :
Ammonium Nitrate
(Prilled) - 300,000 tons per
annum
Total
Investment :
a. Equity Capital - US$ 100.0 million
b. Loan Capital - US$ 350.0 million
c. Total Investment - US$ 450.0 million
Started
Operation :
April 2012
(Commenced Production)
Brand Name :
Kaltim Nitrate
Indonesia
Technical
Assistance :
Orica Group,
Australia
Number of
Employee :
160 persons
Marketing Area
:
Local - 100%
Main Customer
:
Coal and Gold
Mining
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DAHANA
(Persero)
b. P.T. MEXIS
c. P.T. MULTI NITROTAMA KIMIA
d. P.T. SUMA ENERGI NUSANTARA
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank ANZ INDONESIA
Panin
Bank Center
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
Indonesia
b. STANDARD CHARTERED Bank
Wisma
Standard Chartered Bank
Jalan
Jend. Sudirman Kav. 33A
Jakarta Selatan
Indonesia
c. P.T. Bank PERMATA Tbk.
Permata
Bank Tower
Jalan
Jend. Sudirman Kav. 27
Jakarta
Selatan
Indonesia
Auditor :
KPMG Indonesia
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2012 – Rp. 726.0 billion (April – December)
2013 – Rp.
1,452.0 billion
Net Profit
(estimated) :
2012 – None
2013 – Rp. 101.6
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Antung Pandoyo
Directors -
a. Mr. Ir. Josef Mursidi, MM
b. Mr. Chrisna Deva Priyapratama
c. Mr. Todd Anthony Peate
d. Mr. Peter Richie
Board of Commissioners :
President Commissioner -
Mr. Letjend. TNI (Retired) Sugiono
Commissioners -
a. Mr. Brigjend. TNI (Retired) Mazni Harun
b. Mr. Tan Soo Mong
c. Mr. Matthew Ian Collins
d. Mr. Christ Avramopoulos
Signatories :
President Director (Mr. Ir.
Antung Pandoyo) or one of the Directors (Mr. Ir. Josef Mursidi, MM, Mr. Chrisna
Deva Priyapratama, Mr. Todd Anthony Peate or Mr. Peter Richie) which must be
approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. KALTIM NITRATE INDONESIA (P.T. KNI) was incorporated in Jakarta on
27 September 2001 with an authorized capital of US$ 24,550,000 issued capital
of US$ 6,137,500 fully and paid up. The founding and shareholders of the
company are ORICA INVESTMENTS (INDONESIA) PTY LTD., Australia as foreign
partner, P.T. ARMINDO MITRA PRAKARSA, P.T. ARMINDO PRIMA, and YAYASAN ARMINDO
SEJAHTERA UMMAT, all of Indonesia as local partners. The company notary
documents had been changed a couple of times. Later in February 2012 the
company authorized capital was increased to US$ 100,000,000 wholly issued and
paid up. With this development the composition of its shareholders has been
changed to become ORICA INVESTMENTS (INDONESIA) PTY LTD., (49%), P.T. ARMINDO
MITRA PRAKARSA (41%), P.T. ARMINDO PRIMA (5%) and YAYASAN ARMINDO SEJAHTERA
UMMAT (5%). Then according to the latest revision of notary documents of Mrs.
Sugih Hayati, SH., No. 6 dated 18 November 2013 the company board of director
and the board of commissioner had been changed 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.01.10-51027 dated November
27, 2013.
We observe the
majority shareholder of P.T. KNI namely ORICA INVESTMENTS (INDONESIA) PTY LTD.,
is a member company of the ORICA Group. ORICA INVESTMENTS PTY LTD., is also
shareholder of P.T. ORICA MINING SERVICES a foreign investment company dealing
with mining contracting and consulting services.
P.T. KNI is a
foreign capital investment company (PMA) dealing with ammonium nitrate
manufacturing. The plant is located at Kaltim Industrial Estate, Jalan James
Simandjuntak No. 1, Bontang, East Kalimantan, standing on a land of 10
hectares. The factory core production is designed to produce Ammonium Nitrate
(Prilled) in the capacity of 300,000 metric tons per year that will be used as
commercial explosive raw materials, 95% of which will be marketed in the
country. The construction of the plant has absorbed an investment of US$ 450.0
million come from own capital of US$ 100.0 million and the rest is loans. The
construction of the plant began in August 2009 with the main contractors P.T.
REKAYASA INDUSTRY (Persero). In constructing this plant, P.T. REKAYASA INDUSTRY
uses technology licensed from UHDE Germany. Basic design of the plant is done
by UHDE Germany, while the main equipment manufactured by MAN Turbo from
Germany.
The main raw
materials to produce ammonium nitrate are Ammonia and Nitric Acid. Ammonia has
been supplied by P.T. PUPUK KALTIM Tbk, P.T. KALTIM PACIFIC AMMONIAK, while
Nitric Acid from locals. P.T. KNI become the largest ammonium nitrate producer
in Indonesia and will be instrumental in serving the mining industry in the
country. P.T. KNI is built to meet the needs of ammonium nitrate that had been
dependents on imports. Preparedness systems and factory operational procedures
are 100%. The plant has been in commenced production since April 2012 with
capacity of 190,000 tons and in 2013 will be increasing to 300,000 tons per
year. Mr. Ir. Antung Pandoyo, President Director of the company explained that
whole of the products marketed locally to coal and general mining in the
country among others are P.T. KALTIM PRIMA COAL, P.T. INDOMINCO MANDIRI, P.T.
JURONG BARUTAMA GRESTONE, P.T. ARUTMIN INDONESIA, P.T. ADARO INDONESIA, P.T.
NEWMONT NUSA TENGGARA, P.T. FREEPORT INDONESIA, P.T. J RESOURSES BOLAANG
MONGONDOW and other mining companies. Mr. Chrisna Deva Priyapratama, marketing
director of the company said that some of 100,000 tons of ammonium nitrate each
year supplied to P.T. KALTIM PRIMA COAL. We observe the operation P.T. KNI is
still relatively new operation in the field of ammonium nitrate manufacturing.
Generally
outlook the demand for ammonium nitrate has kept on rising by about 10% to 12%
in line with the rapid growth of mining industry sector and other industrial
sectors as its consumers in the country. The occurring of the crisis has
affected badly to various industrial sectors particularly the ones whose major
materials is imported. In the meantime, we realized that market competition is
very tough on account of many other imported products are being offered in the
domestic market. As from the end of 2001, its business operation started to
arise in line with the amelioration of economic condition and the domestic
mining business industry. In the long run, P.T. KNI has a quite good future
business prospect once economic crisis starts recovery.
Until this time
P.T. KNI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The management of P.T.
KNI is very reclusive towards outsiders and rejected to disclose its financial
condition. We estimated that total sales turnover of the company in the first
year production from April to December 2012 amounted to Rp. 726.0 billion
increased to Rp. 1,452.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. We estimated the company’s operation in 2013 has yielded a
net profit of at least Rp. 101.6 billion. We observe that P.T. KNI is supported
by foreign partner with has financially strong and sound behind it. 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. KNI is led by Mr. Ir. Antung Pandoyo (65) a professional manager with
experience in ammonium nitrate manufacturing. Prior he is a director of P.T.
ORICA MINING SERVICES. Daily activity he is assisted by Mr. Ir. Josef Mursidi,
MM (63), Mr. Chrisna Deva Priyapratama (48), Mr. Todd Anthony Peate (36) and
Mr. Peter Richie (56) as Directors. 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. KALTIM NITRATE INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.