|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PETROWIDADA |
|
|
|
|
Registered Office : |
Tower 1 D/H Wisma BCA 1, 7th Floor, Jalan Jend. Sudirman Kav. 22-23, Jakarta Pusat |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
01.07.1985 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-07084 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in Phthalic Anhydrides and Maleic Anhydeides Processing |
|
|
|
|
No of Employees : |
242 persons |
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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
PETROWIDADA
Address :
Head Office
Tower 1 D/H Wisma BCA
1, 7th Floor
Jalan Jend. Sudirman
Kav. 22-23
Jakarta Pusat
Indonesia
Phones -
(62-21) 5712998 (Hunting)
Fax
- (62-21) 5712678
E-mail -
pwdjkt@rad.net.id
Building Area - 30 storey
Office Space -
250 sq. meters
Region -
Commercial Building
Status -
Rent
Factory
Jalan Prof. Mohamad
Yamin, SH
Gresik 61118, East
Java
Indonesia
Phones -
(62-31) 3951945 (Hunting)
Fax
- (62-31) 3951950
E-mail -
pdwgssby@rad.net.id
Land Area -
46,585 sq. meters
Building Area - 43,500 sq. meters
Region -
Industrial Zone
Status -
Owned
Date of Incorporation :
01 July 1985
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-AH.01.10-21040
Dated 04 September 2008
- No. AHU-41795.AH.01.02.TH.2010
Dated 24 August 2010
- No. AHU-AH.01.10-07084
Dated 28 February 2013
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
a.
The Department of Finance
NPWP No. 01.061.583.9-052.001
b.
The Capital Investment Coordinating
Board
- No. 12/I/PMA/1985
Dated 23 May 1985
- No. 107/II/PMD/1996
Dated 9 December 1996
- No. 904/III/PMA/2003
Dated 7 August 2003
- No. 1166/III/PMA/2003
Dated 3 October 2003
Related
Companies :
a.
A Member Company of the ETERINDO Group (see attachment)
b.
A Member Company of the PETROKIMIA Group (see attachment)
c.
P.T. JUSTUS KIMIARAYA (Trading and Distribution of Industrial Chemical and
Investment
Holding)
d.
P.T. WISMA PINTU SEMBILAN (Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp. 1,734,300,372,578.-
Issued
Capital :
Rp. 500,993,986,798.-
Paid
up Capital :
Rp. 500,993,986,798.-
Shareholders/Owners
:
a. EXCEL CAPITAL VENTURE COMPANY
LIMITED - 92.7%
Address : Room 501, 5/F., 113 Argyle Street
Mongkok, Kowlon
Hong Kong
b. DAEWOO CORPORATION - 4.2%
Address :
541, Namdaemunno 5-GA
Chung-Gu, Seoul
South Korea
c. P.T. PETROKIMIA GRESIK (Persero) - 1.5%
Address : Jl.
Jend. Akhmad Yani
Gresik, East Java
Indonesia
d. P.T. JUSTUS KIMIARAYA - 0.7%
Address :
Jl. Danau Sunter Utara No. 27-28 Block 03
Jakarta Utara
Indonesia
e. P.T. WISMA PINTU SEMBILAN - 0.7%
Address :
Bungur Grand Centre Block C 8-9
Jakarta Pusat
Indonesia
f. P.T. ANUGERAH ARTA RESTUMAS - 0.2%
Address :
Jl. KH. Moh. Mansyur 41 AA
Jakarta Barat
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Phthalic
Anhydrides and Maleic Anhydeides Processing
Production
Capacity :
A.
Initial
Units (Unit 1 & II)
a. Phthalic Anhydrides - 70,000 tons p.a.
b. Maleic Anhydrides - 3,200 tons p.a.
B. Expansion
Units (Unit III)
a.
Phathalic Anhydrides - 70,000
tons p.a.
b. Fumaric Acid -
3,000 tons p.a.
Total
Investment :
A.
Initial Plant (First Stage)
a. Equity Capital - Rp. 83.7 billion
b. Reinvested Profit - None
c. Agio Shares - None
d. Loan Capital - None
e. Total Investment - Rp. 83.7 billion
B.
Expansion Plant (Second Stage)
a. Equity Capital - Rp. 547.8 billion
b. Reinvested Profit - Rp. 12.3 billion
c. Agio Shares - Rp.
17.4 billion
d. Loan Capital - None
e. Total Investment - Rp. 577.5 billion
Started
Operation :
1989,
but ceased operation since 20 January 2004 (fire burning incident unit 1 &
II)
Brand
Name :
PWD
Technical
Assistance :
a.
LURGI of Germany
b.
ELF ATOCHEM of France
Number
of Employee :
242
persons
Marketing Area :
Local - 70%
Export - 30%
Main Customer :
ETEERINDO Group
(Distributors)
Market Situation :
Very Competitive
Main Competitors :
None
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Bankers
:
a. P.T.
Bank NEGARA INDONESIA Tbk
Jalan Rajawali 10
Surabaya, East Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
c. The Hongkong Shanghai Banking Corp.Ltd.
3/F Hyatt - Graha Bumi Modern
Jalan Jend. Basuki Rachmat 106-128
Surabaya, East Java
Indonesia
d. Standard Chartered Bank
Jalan Panglima Sudirman No. 57
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2011
– Rp. 527.0 billion
2012
– Rp. 535.0 billion
2013
– Rp. 550.0 billion
Net
Profit (estimated) :
2011
– Rp. 38.9 billion
2012
– Rp. 42.8 billion
2013
– Rp. 45.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Choi Choon Ha
Directors -
a. Mr. Hadisan Sridjaja
b. Mr. Yudianto Kosman
c. Mr. Jaka Lelana
Board of Commissioners :
President Commissioner - Mr. Sudiharto Sridjaja
Commissioners - a. Mr. Jasin Sridjaja
b. Mr. Ir. Suwarno Soepono
c. Mr. Yeo Thiam Chye
d. Mr. Lee Seung Hoon
e. Mr. Jung Kap Jae
f. Mr. Je Jong Chul
g. Mr. Eric Lego
h. Mr. Agus Kholik
Signatories :
President
Director (Mr. Choi Choon Ha) or one of the Directors (Mr. Hadisan Sridjaja, Mr.
Yudianto Kosman or Mr. Jaka Lelana) which must be approved by Board of
Commissioner.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. PETROWIDADA was established in July 1985 by DAEWOO CORPOTATION
of South Korea, P.T. ETERINDO WAHANATAMA Tbk., state-owned chemical fertilizer
company P.T. PETROKIMIA GRESIK, P.T. JUSTUS KIMIA RAYA and P.T. WISMA PINTU
SEMBILAN. The company was set up with an authorized capital of US$ 7,500,000
entirely issued of which US$ 3,000,000 was paid up. In February 1997 the
authorized capital was converted and raised to Rp. 250,000,000,000 with the
issued and paid up capital amounting to Rp. 135,937,159,000. In August 2003,
the authorized capital was increased to Rp. 3,558,779,555,500 issued capital of
Rp. 889,694,898,000 entirely paid up. On the same occasion EXCEL CAPITAL
VENTURE COMPANY LIMITED (ex. ROYAL PETROCHEMIE Corporation Ltd.,) of the People
Republic of China and DAEWOO CORPORATION of South Korea joined the company as
new shareholders. In October 2003, the authorized capital was increased again
to Rp. 4,099,999,999,400 issued capital of Rp. 1,184,382,692,900 entirely paid
up. Then in August 2008, P.T. ETERINDO WAHANATAMA Tbk pulled out and the whole
shares sold to EXCEL CAPITAL VENTURE COMPANY LIMITED of the People Republic of
China. On the same occasion, P.T. ANUGERAH ARTA RESTUMAS entered into the
company as new shareholders. The latest according to the revision of notary
deed Mr. DR. Teddy Anwar, SH., no. 18 dated 14 January 2013 the company
authorized capital was reduced to Rp. 1,734,300,372,578 issued capital at Rp.
500,993,986,798 of which paid up. With this time the composition of its
shareholders has been changed to become EXCEL CAPITAL VENTURE CO. LTD., of Hong
Kong (92.7%), DAEWOO CORPORATION of South Korea (4.2%), P.T. PETROKIMIA GRESIK
(1.5%), P.T. WISMA PINTU SEMBILAN (0.7%), P.T. JUSTUS KIMIA RAYA (0.7%), and
P.T. ENUGRAH ARTA RESTUMAS (0.2%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-07084
dated February 28, 2013.
We note that P.T. PTROWIDADA's majority shares are
controlled by P.T. ETERINDO WAHANATAMA Tbk., a publicly listed member of the ETERINDO
Group, in which the majority business stakes are controlled by Mr. Sudiharto
Sridjaja and his family. The other home partner in the company is P.T.
PETROKIMIA GRESIK, the parent company of the PETROKIMIA GRESIK Group, a
state-owned business group in the petrochemical industry. Meanwhile, P.T. WISMA
PINTU SEMBILAN is the parent company of the WITULAN Group, a medium size
Indonesian business group. P.T. JUSTUS KIMIA RAYA is a big size company in
industrial chemical distribution in the country.
P.T. PETROWIDADA is the Southeast Asia’s major producer
of Phthalic Anhydride (PA) and Maleic Anhydride by manages a plant located in
the Petrochemical Industrial Estate in Gresik, East Java. The plant (PA-1) has
been in operation since 1988 producing phthalic anhydride with a production
capacity of 30,000 tons per year and its derivate maleic anhydride with a
capacity of 900 tons/year. The first PA line uses the LURGI technology from
Germany while the second line operates on the French ELF Atochem technology. Both
are internationally recognized advanced technologies for PA production.
Together with the completion of the second line, PETROWIDADA also installed a
new steam turbine generator capable of producing the necessary electrical
supply to run both plants. The plant has been expanded several times. In April
1995 expansion unit II (PA-II) started to be built and went into commercial
production in 1996 with an additional production capacity of 40,000 tons of
phthalic anhydride per year, bringing the plant's production capacity to 70,000
tons of phthalic anhydride & 2,400 tons of maleic anhydride per year. Then
in 1997 it was planned to build expansion unit III (PA-III) with an additional
production capacity of 70,000 tons of phthalic anhydride and 3,000 tons of
fumaric acid per year. The expansion plan (PA-III) was to start building the
plant in the first quarter of 1997 for scheduled completion in September 1998.
The economic crisis caused the project to be delayed for three years, but was
resumed in early 2001, going into commercial production in early 2002.
About 30% of the company's production is exported through
by distributors such as CONTINENTAL PACIFIC (Hong Kong) Pte. Ltd., and
CONTINENTAL PACIFIC (Singapore) Pte. Ltd., to South Korea, Taiwan, Thailand,
Malaysia, China, Pakistan and the Philippine. The rest 70% marketed in the
country to mainly plastic and textile industries, unsaturated polyester resins,
alkyd resins, dyes and pigments and other chemical products such as herbicides,
polyester polyol, etc. Up to now, there is still no substitution ingredient for
PA (Phthalic Anhydride). All raw materials and finished products are laboratory
tested to ensure that only those that meet exact specifications are approved.
The company commitment to international production standards as reflected in
the ISO 9002 certification obtained in September 1995. P.T. PETROWIDADA currently is the sole PA
producer in Indonesia.
However, on 20 January 2004, two plant units PA-I and
PA-II of P.T. PETROWIDADA was exploded and burnt physically a part of the
building. Three people died and some fifty-eight employees injured as a result
of that accident. Meanwhile, PA-III unit had slightly damaged, but it had been
repaired and has been operating since October 2004. After repaired, the PA-III
unit has been produce of 70,000 tons per year. The company suffered from
financial loss of hundred billions Rupiah as a result of the blast and fire in
PA-I and PA-II plant units. Whole financial loss of the company are guaranteed
by 10 consortiums of big insurance companies P.T. TUGU PRATAMA INDONESIA along
with other insurance companies with the insurance value of US$ 152 million.
The management of P.T. PETROWIDADA explained
that the team on project engineering of the company has been formed to handle
the reconstruction of PA-1 and PA-II plant having been burn down. However, the
management rejected to disclose when PA-1 and PA-II would be constructed. The
management of the company added that at present just PA-III only operating up
to now with capacity of Phathalic Anhydrides of 70,000 tons and Fumaric Acid of
3,000 tons per annum respectively.
Generally outlook the PA and its MA derivatives
industries have been fluctuating within the last five years. The blast at the
PA plant of P.T. PETROWIDADA has also affected the production of maleic
anhydride (MA) in Indonesia in 2008, as MA is no longer produced in the
country.
This condition is worsened by the increase in the price
if benzene on the market, prompting another MA producer, P.T. JUSTUS SAKTI
RAYA, to cut back its output. Now that the MA plant of P.T. JUSTUS SAKTI RAYA
is in operation since the end of 1998, MA production in 2008 increased to
14,138 tons. And in the next three years, production continued to increase to
15,870 tons in 2010. But in 2011 production declined to 15,323 ton after the
drop in the PA production of P.T. PETROWIDADA. And in view of all these
problems, in 2012 production may decline to 12,250 tons. The business position
of P.T. PETROWIDADA is unfavorable because the PA-1 and PA-II has yet
production up to now.
Growth of Production of PA and MA in Indonesia
|
Type |
2008 |
2009 |
2010 |
2011 |
3012* |
|
PA |
75,900 |
83,200 |
126,000 |
74,853 |
71,051 |
|
MA |
14,138 |
14,348 |
15,870 |
15,323 |
12,250 |
P.T. PETROWIDADA has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. KWU is very
reclusive towards outsiders and rejected to disclose its financial condition.
We estimate that total sales turnover of the company in 2011 amounted to Rp.
527.0 billion rose to Rp. 535.0 billion in 2012 increased to Rp. 550.0 billion
in 2013 and projected to go on rising by at least 5% in 2014. The operation in
2013 yielded an estimated net profit of at least Rp. 45.1 billion and the
company has an estimated total networth of at least Rp. 500.0 billion. We
observe that P.T. PETROWIDADA 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.
P.T. PETROWIDADA's management is headed by Mr. Choi Choon
Ha (63) a professional manager of South Korea with more than 18 years of
experience in industrial chemicals processing. Daily operation he is assisted
by Mr. Hadisan Sridjaja (47) a professional manager graduated of South Carolina
University of the USA, Mr. Yudianto Kosman (55), a graduated from Geological
Engineering In University of Nevada, USA in 1986 and Magister Management from
University of Indonesia in 1994, and Mr. Jaka Lelana (48), a directors. The
management is also supported by a number of professionals in the above
business. They have wide relations with private companies at home and abroad as
well as with the government sector.
So far, we did not hear that the company’s management
involved in a dirty business practice or detrimental cases that settled in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia. P.T. PETROWIDADA is sufficiently
fairly good for business transaction. However, in view of the unstable
political in the country, we recommend to
treats prudently in extending a new loan to the company.
List of the
ETERINDO Group Members
1.
ANUGERAHINTI GEMANUSA, P.T. (Polyvinyl
Alcohol and Acetic Acids Processing)
2.
ANUGERAH ARTA RESTUMAS, P.T. (Investment
Holding)
3.
BUANA METALINDO, P.T. (Metalworking)
4.
BUANA MAKMUR ANDALAN, P.T. (Trading and
Distributor)
5.
BUANA SOLVINDO, P.T. (Butyl Acetates
Processing)
6.
ETERNAL BUANA CHEMICAL INDUSTRIES, P.T.
(Plasticizers, Synthetic Latex Resins, Unsurated Polyester Resins and Alkyd
& Amino Resins Processing)
7.
GENERAL INTI UTAMA, P.T. (Investment Holding)
8.
ETERINDO NUSA GRAHA, P.T. (Plastizers,
Synthetic latex Resins, Unsurated Polyester Resins and Alkyd & Amino Resins
Processing)
9.
ETERINDO ANUGERAH PRAKARSA, P.T. (Investment
Holding)
10.
ETERINDO WAHANATAMA Tbk., P.T. (Investment
Holding)
11.
GLOBECHEM PACIFIC PERKASA, P.T. (Maleic
Anhydride Processing)
12.
HEXABUANA TOMANAS, P.T. (Modern Office
Building Management)
13.
INDO BERLIAN BUANA PERKASA, P.T. (Maleic
Anhydrides Processing)
14.
INTIMUTIARA CHEMINCO, P.T. (Trading and
Distribution of Industrial Chemicals)
15.
INTIMUTIARA GASINDO, P.T. (Investment Holding
and Distributions)
16.
INTIMUTIARA KIMINDO, P.T. (Trading and
Importer of Industrial Chemicals)
17.
LARISJAYA, P.T. (Trading and Distributions of
Industrial Chemicals)
18.
METRO PACIFIC CORP., Pte., Ltd., Singapore
(Trading)
19.
MITSUI ETERINDO CHEMICALS, P.T. (Arcylamide
Monomers Processing)
20.
PETRO OXO NUSANTARA, P.T. (Oxo Alcohols
Processing)
21.
PETROWIDADA Tbk., P.T. (Phtalic Anhydride and
Maleic Anhydride Processing)
22.
PROINTAL, P.T. (Chemical Storage Tanks
Management)
23.
SOUTH EASTERN CHEMICALS Sdn., Bhd., Malaysia
(Plasticizers and Resins Processing)
24.
E t c.
List of the
PETROKIMIA GRESIK Group Members
1.
PETRINDO HITACHI ZOSEN, P.T. (Steel Fabricating)
2.
PETRO CENTRAL, P.T. (Sodium Tripoly Phosphate
Processing)
3.
PETROFURYL, P.T. (Carbofuran Processing)
4.
PETROKIMIA GRESIK (Persero), P.T.
(Petrochemical Industry and Investment Holding)
5.
PETROKIMIA KAYAKU, P.T. (Pesticides
Formulation)
6.
PETROKUJANG PUTERA, P.T. (Phosphate Acid
Purification)
7.
PETRONIKA, P.T. (Dicotyl Phtalate Industry or
DOP Processing)
8.
PETROSIDA, P.T. (Active Pesticides
Processing)
9.
PETROWIDADA, P.T. (Phthalic Anhydride
Processing)
10.
PUSPETINDO, P.T. (Steel Fabricating)
11.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.47 |
|
|
1 |
Rs. 100.93 |
|
Euro |
1 |
Rs. 80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.