|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MULTI NITROTAMA
KIMIA |
|
|
|
|
Registered Office : |
Equity Tower, 40th Floor, Suite E, Sudirman Central Business District, Jl. Jend., Sudirman Kav. 52-53 Lot 9, Jakarta 12190 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
18.07.1987 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Chemical (Ammonium Nitrate and Nitric Acid) Industry · Mining Explosive and Blasting Services |
|
|
|
|
No of Employees : |
548 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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.
MULTI NITROTAMA KIMIA
Address
:
Head
Office
Equity
Tower, 40th Floor, Suite E
Sudirman
Central Business District
Jl.
Jend. Sudirman Kav. 52-53 Lot 9
Jakarta
12190
Indonesia
Phones -
(62-21) 2903 5022 (hunting)
Fax - (62-21) 2903 5021
Email - info@mnk.co.id
Website - http://www.mnk.co.id
Building Area - 48 storey
Office Space - 450 sq. meters
Region - Commercial
Status - Rent
Plant
Site
Kawasan
Industri Kujang Cikampek
Jl.
Jend. A. Yani, Dawuan - Cikampek
Jawa
Barat 41373
Indonesia
Phones -
(62-264) 313 700 (hunting)
Fax - (62-264) 313 389
Land Area - 50,000 sq.
meters
Building Space - 38,000 sq. meters
Region - Industrial
Zone
Status - Rent
Operational
Office
Gedung
BRI Balikpapan, 8th Floor
Jl.
Jend. Sudirman No. 37
Balikpapan
76112, East Kalimantan
Indonesia
Phones -
(62-21) 415 258 (hunting)
Fax - (62-21) 415 626
Building Area - 12 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a.
10 April 1987 as P.T. MULTI NITRO KIMIA
b. 18 July 1987 as P.T. MULTI NITROTAMA KIMIA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No. AHU-30635.AH.01.02.Tahun 2009
Dated 11 December
2009
b. No.
AHU-AH.01.10-15100
Dated 19 April 2013
Company
Status :
Domestic
Investment Company (PMDN)
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 01.438.045.5-431.000
b. The Department of Finance
- No. 357/I/PMDN/1987
Dated 07 September 1987
- No. 108/II/PMDN/1997
Dated 24 June 1997
Related/Affiliated
Companies :
a.
P.T. INTI IDOLA SEJATI (Investment Holding)
b.
P.T. TARUNA DINAMIKA CITRINDO (Investment Holding)
c.
P.T. PERKA CIPTA TERANG (Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
33,000,000,000.-
Issued
Capital -
Rp. 28,296,000,000.-
Paid
up Capital -
Rp. 28,296,000,000.-
Shareholders/Owners
:
a. P.T. PUPUK KUJANG -
Rp. 7,074,000,000.- (25%)
Address : Kawasan Pupuk Kujang Cikampek
Jl. Jend. A. Yani, Cikampek
West Java, Indonesia
b. P.T. ANCORA INDONESIA RESOURCES
Tbk. - Rp. 14,148,000,000.- (50%)
Address :
Jl. Imam Bonjol No. 61
Cikini, Central Jakarta
Indonesia
c. YAYASAN DANA ABADI KARYA BAKTI -
Rp 7,074,000,000.- (25%)
Address : Gedung Granadi, 6th Floor
Jl. HR Rasuna Said Blok X-1
South Jakarta, Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
a.
Chemical (Ammonium Nitrate and Nitric Acid) Industry
b.
Mining Explosive and Blasting Services
Production
Capacity :
a. Ammonium Nitrates - 140,000 tons p.a.
b. Nitric Acids - 55,000 tons p.a.
Total
Investment :
a. Owned Capital - Rp. 28.3 billion
b. Loan Capital - Rp. 42.5 billion
c. Total Investment - Rp. 70.8 billion
Started
Operation :
July
1990
Brand
Name :
MNK
Technical
Assistance :
a.
Kaltenbach Thuring of France (for Ammonium Nitrate)
b.
DM Weatherly of the USA (for Nitric Acid)
Number
of Employee :
548
persons
Marketing
Area :
a. Local - 80%
b. Export - 20%
Main
Customers :
a.
PT. Freeport Indonesia
b. PT. Chevron Pacific Indonesia
c. PT. Adaro Indonesia
d. PT. Indominco Mandiri
e.
PT. Pamapersada Nusantara
f. PT. Asmin Koalindo Tuhup
Market
Situation :
Competitive
Main
Competitors:
a.
P.T. KALTIM NITRATE INDONESIA
b.
P.T. DAHANA
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T.
Bank PERMATA Tbk
Gedung
WTC
Jl. Jend. Sudirman Kav. 29-31
South Jakarta
b. P.T.
Bank MANDIRI Tbk
Gedung
Bumi Daya
Jl. Imam Bonjol No. 61
Central Jakarta
c. P.T.
Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
South Jakarta
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales :
2011
– US$ 115.6 million
2012
– US$ 156.3 million
2013
– US$ 159.6 million
2014
– US$ 86.8 million (January – June)
Net
Profit (estimated) :
2011
– US$ 12.8 million
2012
– US$ 17.2 million
2013
– US$ 17.6 million
2014
– US$ 9.6 million (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Dharma Hutama Djojonegoro
Directors -
a. Mr. Ir. Sapto Ariyono, MM
b. Mr. Ir. Alex Djajadi Sastra
c. Mr.
Antonius Nicholas Stephanus Kosasih
Board of Commissioners :
President Commissioner - Mr. Ir. Dana Sudjana, MM
Commissioners - a. Mrs. Susan Narulita
b. Mr. Yose Rizal effendi
c. Mr. Aulia Mulki Oemar
Signatories :
President
Director (Mr. Dharma Hutama Djojonegoro) or one of the Directors (Mr. Ir. Sapto
Ariyono, MM, Mr. Ir. Alex Djajadi Sastra or Mr. Antonius Nicholas Stephanus
Kosasih) which must be approved by Board
of Commissioner (Mr. Ir. Dana Sudjana, MM) and assisted by other commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Initially named P.T. MULTI NITRO KIMIA, it
was established in April 1987 with the authorized capital of Rp. 33,000,000,000.-
issued capital of Rp 23,100,000,000.- of which Rp 3,234,000,000.- was paid
up. The founding shareholders of the
company are P.T. PUPUK KUJANG, a state owned company dealing with urea
fertilizer manufacturing, P.T. BIMANTARA CITRA Tbk., and Mr. Hutomo Mandala
Putra AKA Tommy Soeharto. In July 1987,
the company renamed to P.T. MULTI NITROTAMA KIMIA (P.T. MNK). The articles of association of the company
have frequently been revised. In November 1994, the paid up capital was raised
to Rp. 8,220,000,000 and concurrently Mr. Hutomo Mandala Putra AKA Tommy
Soeharto withdrew and into the company entered Yayasan DAKAB (Yayasan Dana
Abadi Karya Bakti), a foundation being established and led by the former the
late President Soeharto. In June 2008, the
paid up capital was raised to Rp. 23,100,000,000 and concurrently P.T.
BIMANTARA CITRA Tbk withdrew and into the company entered a new shareholder
P.T. ANCORA INDONESIA RESOURCES Tbk.
Most recently by notarial Deed No. 40 dated
26 March 2013 made by Notary Sugih Haryati, SH., notary in Jakarta, the issued
capital was raised again to Rp 28,296,000,000.- and the same of occasion, the
shareholders of the company are P.T. PUPUK KUJANG (25%), P.T. ANCORA INDONESIA
RESOURCES Tbk., (50%) and YAYASAN DANA ABADI KARYA BAKTI (25%). The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-15100
dated 19 April 2013.
P.T. MNK obtained a Domestic Capital
Investment (PMDN) facility issued by the Capital Investment Coordinating Board
(BKPM) to deal with ammonium nitrates and nitrate acids. Its plant is located
in Pupuk Kujang Industrial Estate, Cikampek, West Java on a land of 5.0
hectares having been in commercial operation since July 1990. According to its license issued by the BKPM,
the plant has annual production capacity of
37,000 tons of ammonium nitrate and 55,000 tons of nitric acids with an
investment of Rp. 70.8 billion coming from own capital of Rp. 28.3 billion and
the rest from loans. Beside, P.T. MNK also engaged in mining explosive and
blasting services. In 2012, P.T. MNK has
successfully completed the construction of the MNK-2 plant after 2 years of
construction and commercial production form February 2012. Thus P.T. MNK owns and operates MNK-2 and
MNK-2 plants in Cikampek, West Java and has increased production capacity from
37,000 tons to 140,000 tons of ammonium nitrate per year.
In 2012, P.T. MNK had a record highs in
terms of direct sales volume, amounting to 138,500 MT with sales values
amounted of US$ 156.3 million, declined to 128,475 MT with total sales amounted
to US$ 159.6 million in 2013. P.T. MNK
also posted a marketing performance with the extension contract of Ammonium
Nitrate (AN) supply with PT. Freeport Indonesia for year 2014 until 2017,
valued at approximately US$.40 million.
Ammonium nitrate and Nitric Acid are
compounds used as explosives to support activities in coal and mineral general,
general works and cement industry. The products
of the company are wholly marketed in the country and supplied among mining
companies. Significant contracts which
P.T. MNK have entered into with several parties such as PT. Freeport Indonesia, PT. Pama Persada Nusantara, PT.
Adaro Indonesia, PT. Asmin Koalindo Tuhup and Kideco Jaya Agung shall be valid from 2013 to
1016. By the end of 2013, a detonator
assembly plant established through cooperation between P.T. MNK and third party
is expected to commence production. For
this purpose, in 2012, P.T. MNK will introduce detonator products to both
existing and new customers to ensure optimal marketing and sales.
We observed that P.T. MNK is the second
largest company of its kind in the country (after PT. Kaltim Nitrate Indonesia)
of which the operation has been fluctuating in the last three years.
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. We observed that the most of
ammonium nitrate (app. 65%) are sold in the domestic market are imported from
Australia, China, the Philippines, Mexico and France. P.T. MNK has to deal with competition from
other companies marketing products similar to those offered by the
Company. More new entrants in the
industry and the presence of a new plant in Bontang (PT. Kaltim Nitra
Indonesia) with an annual capacity of roughly 300,000 tons shall result in a
lower market share for P.T. MNK, particularly in areas close to the location of
rival plants which in turn will bring down P.T. MNK sales and ultimately
adversely affect company financial performance.
Until this time P.T. MNK has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. MNK is very
reclusive towards outsiders and rejected to disclose its financial
condition. According to PT. Ancora
Indonesia Resources Tbk., (holding company of P.T. MNK) that P.T. MNK's sales
turnover in 2010 reached US$ 136.9 million declined to US$ 115.6 million in
2011 and rose again to US$ 156.3 million in 2012 to US$ 159,6 million in 2013
and projected to go on rising by at least 8% in 2014. The operation in 2013 yielded an estimated net
profit of at least US$ 17.6 million and the company has an estimated total
assets o US$ 170.0 million. 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. MNK's management is headed by Mr. Darma
Hutama Djojonegoro (40) as president director and CEO of the Company. He holds two Bachelor Degrees in Marketing
and Finance with summa cum laude in 1996 from the University of Oregon,
USA. Beside, he was also appointed as
President Director of P.T. ANCORA INDONESIA RESOURCES Tbk., holding company of
P.T. MNK. In daily activities, he is
assisted by three directors namely Mr. Ir. Sapto Ariyono, MM (54), Mr. Ir. Alex
Djajadi Sastra (61) and Mr. Antonius Nicholas Stephanus Kosasih (44). The company's management is handled by
professionals 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 fraudulent dealings. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. MULTI NITROTAMA KIMIA is appraised to be
good for business transaction. However,
in view of the unstable economic condition in the country we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.