MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. PETRO OXO NUSANTARA |
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Registered Office : |
Jl. Gubernur Suryo No. 134
Tlogopojok, Gresik East Java |
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Country : |
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Date of Incorporation : |
09.05.1996 |
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Com. Reg. No.: |
AHU-AH.01.10-56445 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of
2 Ethyl Hexanol (2EH), N-Buthyl Alcohol (NBA) and I-Buthyl Alcohol (IBA) |
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No. of Employees |
280 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Indonesia |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
Company name
P.T. PETRO
OXO NUSANTARA
Registration Address
Head Office &
Factory
Jl. Gubernur Suryo No. 134
Tlogopojok, Gresik
East Java, Indonesia
Phones - (62-31) 3973960 (hunting)
Fax. -
(62-31) 3973558
Email - admin@pon.co.id or marketing@pon.co.id
Website - http://www.pon.co.id
Land Area -
10.0 hectares
Building Space - 4.8 hectares
Region - Industrial Estate
Status -
Owned
Date of Incorporation :
09 May 1996
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Laws and Human Rights
a. No. C2-8325
HT.01.01.TH.96
Dated 08 August 1996
b. No.
C-17992.HT.01.04.TH.2006
Dated 20 June 2006
c. No.
AHU-AH.01.10-0688
Dated 09 January 2008
d. No.
AHU-55814.AH.01.02.Tahun 2012
Dated 20 June 2012
e. No.
AHU-AH.01.10-56445
Dated 30 December 2013
Company Status
:
Foreign
Investment Company (PMA)
Permits by the
Government Department :
a. The Department of Finance (Tax License)
NPWP
No. 01.071.555.5-052.000
b. The Capital Investment Coordinating Board
- No.387/I/PMA/1995
Dated 12 July 1995
- No.420/III/PMA/2007
Dated 29 March 2007
Holding
Companies :
a. P.T. TUBAN
PETROCHEMICAL INDUSTRIES (Investment Holding)
b. WELLINGTON
CAPITAL INVESTMENT Corp., of BVI (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$. 47,000,000
Issued Capital - US$. 47,000,000
Paid up Capital - US$. 47,000,000
Shareholders/Owners
:
a. P.T. TUBAN PETROCHEMICAL INDUSTRIES -
US$ 23,500,000.- (50%)
Address: MidPlaza Building II, 18th
Floor
Jl. Jend. Sudirman Kav.
10-11
Jakarta Pusat
b. WELLINGTON CAPITAL INVESTMENT Corp. -
US$ 23,500,000.- (50%)
Address: Commonwealth Trust Limited
Drake Chambers, BVI
British Virgin Islands
BUSINESS ACTIVITIES
Lines of
Business :
Manufacturing of
2 Ethyl Hexanol (2EH), N-Buthyl Alcohol (NBA) and I-Buthyl Alcohol (IBA)
Production
Capacity :
a. 2 Ethyl
Hexanol (2 EH) - 100,000
tons p.a.
b. N-Buthyl
Alcohol (NBA) - 20,000 tons p.a.
c. I-Buthyl Alochol
(IBA) - 13,000 tons p.a.
Total
Investment :
a. Equity Capital - US$
51.0 million
b. Loan Capital - US$ 136.0 million
c. Total Investment - US$ 187.0 million
Started
Operation :
September 1998
Brand Name :
PON
Technical Assistance :
Mitsubishi
Chemical Corp., of Japan
Number of Employee :
280 persons
Marketing Area :
Domestic (Local) - 60%
Export - 40%
Main Customers :
PVC Plasticizer and Solvent
Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Indo Acidatama
b. P.T. Perkebunan Nusantara XI
c. P.T. Sumber Kita Indah
d. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank
MANDIRI Tbk
Mandiri Building
Jalan Jend. Sudirman Kav. 36-38
Jakarta Selatan
Indonesia
b. CITIBANK N.A.
CITIBANK Tower 1
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Total Income
(estimated) :
2010 – Rp. 660.0
billion
2011 – Rp. 758.0
billion
2012 – Rp. 860.0
billion
2013 – Rp. 980.0
billion
Net Profit
(estimated) :
2010 – Rp. 33.0 billion
2011 – Rp. 38.0 billion
2012 – Rp. 43.0 billion
2013 – Rp. 49.0 billion
Payment Manner
:
Fairly good
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director -
Mr. Beh Soo Hee
Vice
President Director -
Mr. Abdul Ghafur
Directors -
a. Mr. Yudianto Kosman
b. Mrs. Nila Damayanti
c. Mr. Hendro Waskito
Board of Commissioners :
President
Commissioner -
Mr. Yudi Pramadi
Vice
President Commissioner -
Mr. Quah Ban Huat
Commissioner - a.
Mrs. Dewy Soewaty Minaria
b. Mr. Budi Harto
Signatories :
President Director (Mr.
Beh Soo Hee) or Vice President Director (Mr. Abdul Ghafur) or one of directors
(Mr. Yudianto Kosman, Mrs. Nila Damayanti or Mr. Hendro Waskito) which must be
approved by the Board of Commissioners.
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
OVERALL PERFORMANCE
P.T.
PETRO OXO NUSANTARA (P.T. PON) was established in May 1996 with an authorized
capital of US$ 47,000,000.- entirely was issued and fully paid up. The founding
and original shareholders of the company are P.T. TIRTAMAS MAJUTAMA P.T. TM
(40%), P.T. ETERINDO ANUGERAH PRAKARSA (40%), both are private companies,
GLOBECHEM HONG KONG Ltd of Hong Kong (10%) a subsidiary company of the P.T.
TIRTAMAS MAJUTAMA and SOUTHERN PACIFIC PETROLEUM Ltd. of British Virgin Island
(10%). The Deed of establishment was
approved by the Minister of Justice of the Republic of Indonesia through its
Decree No. C2-8325.HT.01.01.TH.96 dated 8 August 1996.
The
articles of association (notary deed) of the company have frequently been
changed. In June 2006, P.T. ETERINDO ANUGERAH PRAKARSA and GLOBECHEM HONG KONG
Ltd., pulled out and since that time, the shareholders of P.T. PON are P.T.
TIRTAMAS MAJUTAMA (50%) and SOUTHERN PACIFIC PETROLEUM Ltd., (50%). The amendment to Deed was approved by the
Minister of Law and Human Rights through its Decision Letter No.
C-17992.HT.01.04.TH.2006 dated 20 June 2006.
In March 2007, P.T. TIRTAMAS MAJUTAMA and SOUTHERN PACIFIC PETROLEUM
Ltd., pulled out and since that time, the shareholders of P.T. PON are P.T.
TUBAN PETROCHEMICAL INDUSTRIES (50%) and WELLINGTON CAPITAL INVESTMENT Corp.,
of British Virgin Island (50%). The amendment to Deed was approved by the
Minister of Law and Human Rights through its Decision Letter No.
AHU-AH.01.10-0688, dated 9 January 2008.
The
most recently by notarial deed of Irene Yulia, SH., No. 26 dated November 26,
2013 the company’s board of director and board of commissioner were
changed. The latest
amendment to Deed was approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-56445 dated December 30,
2013.
We
observed that the shareholders of P.T. TUBAN PETROCHEMICAL INDUSTRIES (TUBAN
PETRO) at present are P.T. PERUSAHAAN PENGELOLA ASSET – Ex. IBRA (70%) and P.T.
SILAKENCANA TIRTALESTARI (30%), a private company’s owned by Mr. Honggo
Wendratno. WELLINGTON CAPITAL INVESTMENT
Corp., a foreign company from British Virgin Islands.
P.T. PON operates under Foreign Investment
(PMA) facilities in the industry/manufacture of 2-Ethyl Hexanol or Octanol (2
EH), N-Buthyl Alcohol or Normal Butanol (NBA) and I-Buthyl Alcohol or Iso
Butanol (IBA). The company's plant is located on some 10.0 hectares land on Jl.
Gubernur Suryo No. 134, Tlogopojok, Gresik, East Java.
The
plant went into trial operation since February 1998 and into commercial
operation since September 1998, According to P.T. PON's licence, the plant has
a production capacity of 100,000 tons of 2 EH, 20,000 tons of NBA and 13,000
tons of IBA per year. The company's basic material requirement in the form of
propylene is supplied from EXOR I, Balongan (West Java) and in the form of
natural gas is supplied from P.T. Perusahaan Gas Negara (P.T. PGN). The
investment put into development of the project has come to US$ 187.0 million
(US$ 51.0 million from company capital and the balance from a syndicated loan,
including NISSHO IWAI CORPORATION, Japan).
The
company’s processing technology use Haldor Topsøe’s for synthesis gas, UOP-DOW
for Carbon dioxide removal and Japan’s Mitsubishi Chemical Corporation at their
octanol plant. Octanol is produced from propylene and synthesis gas (a
mixture of Carbon monoxide and hydrogen) through an aldol condensation of
butyraldehyde and followed by a hydrogenation.
Mr. Bambang Warsonggo, manager marketing of the company, said P.T. PON's
production realization has now already reached 90% to 95% of the installed
capacity. He went on to say that about
60% of the company's production is marketed in the country, mainly in the ranks
of PVC plasticizer and solvent industries and the rest is exported to China, Thailand, Singapore, Vietnam, Taiwan,
Hong Kong, Malaysia, Australia, Korea, Saudi Arabia, India, Iran, Sri Lanka and
Philippines. P.T. PON is as the pioneer
in 2EH (2 Ethyl hexanol), Normal butanol (NBA) and Iso butanol (IBA) industry
in South East Asia. We observed that P.T. PON is classified as a large sized
company of its kind in
the country of which the operation has been growing in the last three years.
Until
this time P.T. PON has not been registered with Indonesian Stock Exchange, so
that they shall not obligation to announce their financial statement. P.T. PON's management is very reticent to
outsiders about finances. The company's sales turnover in 2011 is estimated at
amounted to Rp 758.0 billion increased
to Rp 860.0 billion in 2012 to Rp 980.0 billion in 2013 and estimated will increase again at least 8%
in 2014. . It is estimated that P.T. PON’s operation has in 2013 yielded a
total net profit of Rp 49.0 billion with a total networth of Rp 620.0
billion. So far we have never heard that
P.T. PON and its subsidiary companies has been black listed by Bank Indonesia
(central bank) or detrimental cases being settled in local district court.
The
management of P.T. PON is headed by Mr. Beh Soo Hee (56), a professional
manager from Singapore as the president director. He is assisted by Mr. Abdul
Ghafur (50) of Indonesia as vice president director and three directors namely
Mr. Yudianto Kosman (56), Mrs. Nila Damayanti (56) and Mr. Hendro Waskito (50). The management has a good business reputation
in trading of industrial chemicals and bio-diesel and 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 has been
involved in business malpractices 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.
PETRO OXO NUSANTARA is sufficiently fairly good for business transaction.
However, in view of the unstable economic in the country we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.99 |
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|
1 |
Rs.99.09 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.