|
Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TOBA PULP
LESTARI TBK |
|
|
|
|
Formerly Known as : |
P.T. INTI INDORAYON UTAMA Tbk |
|
|
|
|
Registered Office : |
Uniplaza East Tower 7th Floor, Jalan Letjen MT.
Haryono No. A-1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.04.1983 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-50622 |
|
|
|
|
Legal Form : |
Publicly Listed Company |
|
|
|
|
Line of Business : |
·
Subject is an industrial producer of pulp Engaged in production of pulp and viscose rayon under PMDN
(Domestic Capital Investment) Engaged in producing dissolving pulp (basic material of
viscose rayon) by switching a number of machines. |
|
|
|
|
No of Employees : |
984 |
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) |
|
|
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 |
|
Source : CIA |
P.T.
TOBA PULP LESTARI Tbk
Head Office
Uniplaza East Tower 7th
Floor
Jalan Letjen MT. Haryono No. A-1
Medan 20231
North Sumatra
Indonesia
Phones - (62-61) 453 2155, 453 2088
Fax -
(62-61) 457 3428, 453 0967
E-mail - investor_relation@tobapulp.com
Website - http://www.tobapulp.com
Building Area - 4 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Sosor Ladang
Porsea, Tobasa
North Sumatera
Indonesia
Phones - (62-632) 734 6000, 734 6001
Fax -
(62-632) 734 6006
Building Area - 500,000 sq. meters
Building Space - 230,000 sq. meters
Region - Industrial Zone
Status - Owned
a. 26 April 1983 as P.T. INTI INDORAYON UTAMA
b. 17 April 1997 as P.T. INTI INDORAYON UTAMA Tbk
c. 15 November 2000 as P.T. TOBA PULP LESTARI Tbk
P.T. Tbk (Perseroan Terbatas Terbuka) or Publicly Listed
Company
The Ministry of
Law and Human Rights
- No. C2-5130.HT.01.01.TH.83
Dated 26 July 1983
- No. AHU-50872.AH.01.02.TH.2009
Dated 21 October 2009
- No. AHU-AH.01.10-50622
Dated 25 November
2013
Foreign Investment (PMA) Company
The Department of
Finance
NPWP No. 01.219.795.0-054.000
The Investment
Coordinating Board
- No. 269/I/PMDN/1983
Dated 22 December 1983
- No. 07/V/PMA/1990
Dated 11 May 1990
- No. 168/II/PMA/1990
Dated 20 November 1990
- No. 47/II/PMA/1997
Dated 24 March 1997
- No. 1318/III/PMA/1998
Dated 21 September 1998
A Member Company of the ROYAL GOLDEN EAGLE Group (see
attachment)
Capital Structure :
Authorized Capital :
Rp. 1,688,307,072,000.-
Issued Capital :
Rp. 1,406,922,560,000.-
Paid up Capital :
Rp. 1,406,922,560,000.-
Shareholders/Owners :
a. PINNACLE COMPANY LIMITED, Bahamas -
Rp. 1,244,369,130,000.-
b. UOB
KAY HIAN PTE LTD., Singapore - Rp. 76,103,602,000.-
c. Public -
Rp. 55,320,718,000.-
Lines of Business :
Pulp and Viscose Rayon Industry
Production Capacity :
a. Pulps -
240,000 tons p.a.
b. Dissolving Pulps - 180,000 tons p.a.
c. Viscose Rayon - 60,000 tons p.a.
d. HCL - 39,095 tons p.a.
e. NaOH - 66,000 tons p.a.
f. C12 - 18,150 tons p.a.
g. Na2SO4 Anhydrous - 27,000 tons p.a.
h. CS2 - 9,000 tons p.a.
i. H2SO4 - 45,000 tons p.a.
j. Hydrogen Peroxides - 5,000 tons p.a.
k. Aluminum Sulfates - 10,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 1,406.3
billion
b. Loan Capital - Rp. 1,121.6
billion
c. Total Investment - Rp. 2,527.9 billion
Started Operation :
April 1989
Brand Name :
Toba Pulp Lestari
Technical Assistance :
None
Number of Employee :
984 persons
Marketing Area :
Export -
90%
Local - 10%
Main Customer :
Buyers in China, South Korea, Finland, Swedish, Australia
and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDAH KIAT PULP & PAPER MILLS tbk
b. P.T. KERTAS NUSANTARA
c. P.T. PINDO DELI PULP & PAPER MILLS
d. P.T. Pabrik Kertas TJIWI KIMIA Tbk
e. P.T. TANJUNG ENIM LESTARI PULP & PAPER
Business Trend :
Fluctuating
Bankers :
a. P.T. Bank NEGARA
INDONESIA Tbk
Wisma 46 – Kota
BNI
Jalan Jend.
Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI
Tbk
Plaza Mandiri
Jalan Jend. Gatot
Subroto Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
KAP Budiman, Wawan, Pamudji 7 Rekan (Eura Audit
International)
Litigation :
No litigation record in our database
Annual Sales :
2011 – US$ 91.2
million
2012 – US$ 108.1 million
2013 – US$ 91.5
million
Net Profit :
2011 – US$ 37
thousands
2012 – US$ 3,132 thousands
2013 – US$ 3,770 thousands
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Benjamin Joseph Mitai
Directors - a.
Mr. Juanda Panjaitan, SE
b. Mr. Anwar Lawden, SH
c. Mr. Tjhi Min Sin
d. Mr. Drs. Leonard Hutabarat
Board of Commissioners :
President Commissioner - Mr. Roli Arifin
Commissioners - a. Mr. Drs.
Sabam Leo Batubara
b. Mr. Lundu Panjaitan, SH, MA
Signatories :
President Director (Mr. Benjamin Joseph Mitai) or one of the
Directors (Mr. Juanda Panjaitan, SE, Mr. Anwar Lawden, SH, Mr. Tjhi Min Sin or
Mr. Drs. Leonard Hutabarat) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Good
Originally named P.T. INTI INDORAYON UTAMA, it
was established in April 1983 with the authorized capital of Rp. 2,000,000,000
of which Rp. 1,250,000,000 was issued and Rp. 125,000,000 was paid up. The
founding shareholders are Mr. Hakim Haryanto, Mr. Sukanto Tanoto AKA He Sui
Hang AKA Lim Siu Hang (both are Indonesian businessmen of Chinese extraction),
Mr. Ir. Semion Tarigan and Mr. Hendrik Mochamad Affandi (both indigenous
businessmen). The company’s notarial act has been revised for a couple of
times. In mid 1990, the company went public by selling its shares to public
through Jakarta Stock Exchange (JSE). In April 1997, the company’s name was
changed to P.T. INTI INDORAYON UTAMA Tbk. Later in November 2000 the company’s
name was renamed to P.T. TOBA PULP LESTARI Tbk (P.T. TPL). Based on the report
of daily newspaper Koran Tempo 16 August 2003, Mr. Wagimin Wongso is the former
Vice President Director of P.T. TPLT and shareholder compositions are creditors
and bond holders (40%), STEARN CAPITAL (30%) the founders and public of 30%.
In June 2006 the company’s authorized capital was increased again to Rp. 1,688,307,072,000 and an issued capital of Rp. 1,260,420,864,000.- was fully paid up. In July 2008, the issued capital was raised to Rp 1,406,922,560,000 fully paid up and concurrently whole shares of the company were controlled by PINNACLE COMPANY Ltd., of Seychelles, Bahamas (91.23%) and Publics (8.77%).
Latest in November 2009, the shareholders structure of the company are PINNACLE COMPANY Ltd., of Seychelles, Bahamas (88.45%) and Publics (11.55%). The latest according to the latest revision of notary deed Mrs. Gunawati, SH., no. 19 dated 31 October 2013 the composition of its shareholders has been changed to become PINNACLE COMPANY LIMITED (90.45%), UOB KAY HIAN PTE LTD, (5.53%) and Public (4.02%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-50622 dated November 25, 2013.
P.T. TPL is developing a plant for the production of pulp and viscose rayon under PMDN (Domestic Capital Investment) facilities for which the final permit was issued by the Capital Investment Coordinating Board (BKPM) in December 1983. In 1990 the company’s status altered to Foreign Investment (PMA) scheme. The Plant is located in Porsea, Tobasa (North Sumatra) on a required land site of some 50 hectares. The development of P.T. TPL’s is carried-out in two stages. The first stage consisting of pulp industry equipped with a chemical formulating plant producing supported materials for P.T. TPL. Its first stage project has been in operation in 1989. In middle 1993 it had operated the second stage plant producing viscose rayons and equipped with supporting chemicals manufacturing plant. In March 1996 P.T. TPL started with operation to produce dissolving pulp (basic material of viscose rayon) by switching a number of machines. To support the above activities P.T. TPL controls 65,000 thousand hectares wide of forest and 269,060 hectares of industrial forestry (HTI).
In realization of the plant, the company was very arrogant in freeing land, regardless custom and traditions of the inhabitant. In freeing land, the company intimidated the people by hiring some military personels. Since its operation in 1989, (officially opened by the former President Soeharto), the plant has polluted the environment in radius of 40 Km from the plant by expeling stink as the result of pulp and rayon processing. Air pollution caused respiratory inspection of almost people surrounding the plant and acid rain in radius 40 Km from the plant causing rust, lot of livestocks killed and declining in farm production.
The people surrounding the plant filed a complaint to the government but the government paid no serious attention, even some of them were intimidated, caught and interrogated by military officers. In line with the fall of the President Soeharto’s government in mid-1998 there had been huge protest against the government in Medan and in Porsea, Balige and Tarutung (the capital of North Tapanuli) demanded to close down the operation of P.T. TPL.
In view of the people’s incessant demand, in March 1999 the President B.J Habibie used to stop temporary the operation of the plant lasted until the President Abdurahman Wahid’s government era. Later, in early 2001 the president allowed the plant to operate only for producing pulp. However, its operation was not running smoothly for infrastructure was blocked by the people causing slowness of raw materials flow. Based on available information that for producing 6000 tons paper porridge requires 3000 tons of woods as raw materials. For providing the raw materials, the company felled people’s forest and protected forest around Toba Lake and other regions in North Sumatra. Moreover, the company also gained the raw materials from Aceh, West Sumatra and Riau. The trucks transported raw materials damaged infrastructure of the villages in North Sumatra regions. The plant also exploited forest in Lake Toba causing a 4 m water decrease. P.T. Perusahaan Listrik Negara (PLN) said that its Hydro Powered Electricity (PLTA) Plant in Sigura – Gura using water of Asahan river from Toba Lake could not operate maximum. The company had been in commercial operation again in February 2003.
In August 2005, the Department of Forestry audited P.T. TPL to clear the allegation indicating that the company had used logs from forestry concession of others. Mr. R. Satrio Hutomo, a spokesman of P.T. TPL, said that P.T. TPL rejected the allegation because P.T. TPL always used logs from own forestry concession. P.T. TPL managed to fulfill logs for pulp industry from five forestry concession (HTI) sectors. P.T. TPL obtained a license to manage forestry concession of 269,060 hectares up to 2035. The trees being planted are eucalyptus sp spreading in five sectors including Aek Nauli, North Sumatra. The forestry concessions being managed by the company are able to provide 3 million of ready-planted seeds for replanting. Mr. Hutomo said that the company has annual production capacity of 200,000 tons of pulps requiring logs as the basic materials of 1.08 million cubic meters. Meanwhile, in 2005 based on the annual working plan (RKT), the department of forestry gave a license to cut down 1.26 million cubic meters of logs. The need of logs as the basic materials are fulfilled by 65,000 hectares of effective areas of its forestry concession areas out of 269,060 hectares. The forestry concession being managed by the company has been running smoothly with annual capacity of 18 – 30 cubic meters per hectare. According to the decree of the Minister of Forestry No. SK/354/2005 on approval and legalization on five year plan of forestry concession (HTI) benefit, P.T. TPL in 2004 – 2005 gained a license to provide a land of 50,792 hectares yearly to plant eucalyptus sp. If the data is correct, P.T. TPL still has over supply of logs of 18 million cubic meters remain.
P.T. Toba Pulp Lestari Tbk is an industrial producer of pulp or commonly known as pulp. Its production is sold in domestic market and abroad (exports). License capacity of 165 thousand tons / year with a 30% tolerance. Production last year (2012) to reach 178 676 tonnes. Some 90% of the company product is exported to China, Korea, Finland, Swedish, Australia and others while the rest of 10% is locally marketed.
The national pulp and paper industries will be better in 2013 than in 2012. Market estimates of production and sales will be the norm. Additional capacity will continue price of pulp is still going up although with a slower rise in pulp price increases triggered by the low stock of pulp due to the hard efforts of pulp mills to reduce production, to balance the supply-demand, and the purchase of pulp on a large scale by China also triggered a rise in pulp prices. Ir. H. M. Mansur, Chairman of the Presidium APKI (Association of Indonesian Pulp and Paper) said the increased price of paper is not as big and as fast as the price of pulp, because the factories are not as intensive as paper pulp mills to reduce production, so that the paper stock in the world market is still quite great. Indonesia's pulp paper does not seem necessary to limit and reduce production because production will be absorbed by the market-domestic and export markets. Global crisis appears to have started over, things would be normal, production, consumption and prices will rise again. Indonesia has very good potential to be leader in the global pulp and paper industry due to its geographical location.
Indonesian Pulp and Paper Production, 2007 –
2013
(Tons)
|
Year |
Pulp Production |
Paper Production |
|
2007 |
5,200,000 |
11,000,000 |
|
2008 |
5,900,000 |
9,7000,000 |
|
2009 |
6,500,000 |
12,200,000 |
|
2010 |
7,900,000 |
12,900,000 |
|
2011 |
7,900,000 |
12,900,000 |
|
2012 |
8,216,000 |
13,416,000 |
|
2013 |
7,900,000 |
14,420,000 |
Sources: APKI (Indonesian Pulp and Paper
Association
According to financial statement the total sales turnover of P.T. TPL in
2011 amounted at US$ 91.2 million with a net profit US$ 37 thousands increased
to US$ 108.1 million with a net profit of US$ 3,132 thousands in 2012 and
decreased to US$ 91.5 million with a net profit of US$ 3,770 thousands in 2013
and projected to go on rising by at least 6% in 2014. We observe that P.T. TPL
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 financial highlight as per 31 December 2011, 2012 and 2013 is
attached below.
(In Thousands US$)
|
Descriptions |
31 December |
||
|
2013 |
2012 |
2011 |
|
|
A. ASSETS |
|
|
|
|
a. Current Assets |
49.735 |
48.010 |
61.987 |
|
b. Non Current Assets |
272.235 |
266.685 |
258.519 |
|
c. Other Assets |
- |
- |
- |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
321.970 |
314.695 |
320.506 |
|
B. LIABILITIES
&STOCKHOLDERS EQUITY |
|
|
|
|
a. Current Liabilities |
77.409 |
65.930 |
53.019 |
|
b. Non Current Liabilities |
117.805 |
125.779 |
141.369 |
|
c. Stockholder’s Equity : - Paid Up Capital - Additional Paid Up
Capital - Retained Earnings Total Stock holder’s
Equity |
334.614 356.098 (563.956) 126.756 |
334.361 356.351 (567.726) 122.986 |
334.355 356.357 (564.594) 126.118 |
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales Net |
91.552 |
108.146 |
91.189 |
|
b. Operating Income (loss) |
(6.303) |
(639) |
(10.951) |
|
c. Net Profit (loss) |
3.770 |
(3.132) |
37 |
Notes: 31 December 2011,
2012 and 2013 by KAP Budiman, Wawan, Pamudi & Rekan
The management of P.T. TPL is led by Mr. Benjamin Joseph Mitai (62) a
professional manager of Australia with experienced in pulp and viscose rayon
industry. 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. TOBA PULP LESTARI Tbk is sufficiently fairly good for business
transaction.
Attachment:
List of the
ROYAL GOLDEN EAGLE or RGE Group Members
1.
ANDALAS INTI ESTATE, P.T. (Oil Palm Plantation)
2.
ASIA FORESTAMA RAYA, P.T. (Integrated Wood Based Industry)
3.
ASIAN AGRO ABADI OIL AND FATS LTD, British Virgin Island
(Investment)
4.
ASIAN AGRO INTERNATIONAL LTD., Mauritius (Investment)
5.
ASIANAGRI HILIR, P.T. (Investment Holding and Management
Trust)
6.
ASIANAGRO AGUNG JAYA, P.T. (Integrated Edible Vegetable Oil
and Fats Manufacturing)
7.
ASIARAYA GLUESINDO SEMESTA, P.T. (Formaldyhde Industry)
8.
ASIARAYA HUTANI LESTARI, P.T. (Forestry)
9.
BAHIA SPECIALTY CELLULOSE, Brazil (Wood Fiber)
10. DASA ANUGRAH MANDIRI, P.T.
(Wood Based Industry)
11. DASA ANUGRAH SEJATI, P.T.
(Cocoa, Oil Palm and Rubber Plantation)
12. FIRST ISLAND TRUST COMPANY
LTD., Mauritius (Investment)
13. GLOBAL ADVANCE OIL AND FATS,
Macao (Investment)
14. GUNUNG MELAYU INDUK, P.T.
(Oil Palm Plantation)
15. HARI SAWIT JAYA, P.T. (Oil
Plam Plantation and Refinery)
16. INDO SEPANDAN JAYA, P.T.
(Oil Palm Plantation and Refinery)
17. INTI INDOSAWIT SEJATI, P.T.
(Oil Palm Plantation and Refinery)
18. INTI INDOSAWIT SUBUR, P.T.
(Oil Palm Plantation and Refinery)
19. KALIMANTAN RIA SEJAHTERA,
P.T. (Oil Palm Plantation and Refinery)
20. KARYA DEWIPUTRA, P.T. (Oil
Palm Plantation and Refinery)
21. KATINGAN INDAH UTAMA, P.T.
(Oil Palm Plantation)
22. KESATUAN MAS ABADI, P.T.
(Oil Palm Plantation)
23. MATOA LESTARI JAYA, P.T.
(Oil Palm Plantation)
24. MITRA UNGGUL PUSAKA, P.T.
(Oil Palm Plantation)
25. NUSA PUSAKA KENCANA, P.T.
(Oil Palm Plantation)
26. PACIFIC OIL AND GAS
INDONESIA, P.T. (LNG & LPG Processing, Oil and Gas Exploration)
27. PEAK PULP & PAPER LTD,
(ex APRIL) Bermuda, Schylless (Investment Holding)
28. PEC-TECH ENGINEERING AND
CONSTRUCTION PTE, LTD., Singapore (Engineering, Procurement and Contracting
Services)
29. PINNACLE COMPANY LTD,
Singapore (Investment Holding)
30. PRATAMA ENERGI KONSTRUKSI
TEKOLOGY INDONESIA, P.T. (General Contracting and Investment Holding)
31. RAJA GARUDA MAS SEJATI, P.T.
(Oil Palm Plantation)
32. RANTAU SINAR KARSA, P.T.
(Oil Palm Plantation)
33. RIAU ANDALAN KERTAS, P.T.
(Paper Industry)
34. RIAU ANDALAN PULP &
PAPER, P.T. (Pulp and Paper Industry)
35. RIAU PRIMA ENERGY, P.T.
(Electric Power Plant Development)
36. RIGUNAS AGRI UTAMA, P.T.
(Oil Palm Plantation)
37. ROYAL GOLDEN EAGLE, P.T.
(Management Trust)
38. SATERI (FUJIAN) CHEMICAL
FIBRE, China (Viscose Staple Fiber)
39. SATERI HOLDINGS LTD., China
(Specialty Cellulose Producers)
40. SATERI (JIANGRI) CHEMICAL
FIBER, China (Viscose Staple Fiber)
41. SAUDARA SEJATI LUHUR, P.T.
(Oil Palm Plantation)
42. SUPRA MATRA ABADI, P.T. (Oil
Palm Plantation)
43. SUPRA UNILAND UTAMA, P.T.
(Office Building Management)
44. TOBA PULP LESTARI Tbk, P.T.
(Pulp and Viscose Rayon Industry)
45. TRESTON INTERNATIONAL LTD.,
British Virgin Island, (Investment)
46. TUNGGUL YUNUS ESTATE, P.T.
(Oil Palm Plantation)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.