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Report No. : |
317747 |
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Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO VEGETABLE OIL INDUSTRI |
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Registered Office : |
Rungkut Industrial Estate, Jl. Rungkut Industri IV No. 34, Surabaya,
East Java |
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Country : |
Indonesia
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Date of Incorporation : |
03.07.2004 |
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Com. Reg. No.: |
AHU-AH.01.10-32193 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Edible Coconut Oil Industry |
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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 |
|
|
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 : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
BASIC SEARCH
|
Name of Company :
P.T.
INDO VEGETABLE OIL INDUSTRI
A d d r e s s :
Head
Office & Factory
Rungkut Industrial Estate
Jl. Rungkut Industri IV No. 34
Surabaya, East Java
Indonesia
Phones -
(62-31) 8416356, 8482568, 8482569
Fax
- (62-31)
8411496
Email -
bambang@indovegetableoil.com
Website - www.indovegetableoil.com
Land Area - 5,200 sq. meters
Building Space - 4,000 sq. meters
Region -
Industrial Estate
Status -
Rent
Date of
Incorporation :
03 July 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-21372 HT.01.01.TH.2004
Dated 24 August 2004
b. No. AHU-12058.AH.01.02.Tahun 2012
Dated 06 March
2012
c. No. AHU-AH.01.10-32193
Dated 01 August 2013
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.208.037.8-615.000
Affiliated/Associated Company :
Not
available
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp. 20,000,000,000.-
Issued Capital - Rp. 20,000,000,000.-
Paid up Capital - Rp. 20,000,000,000.-
Shareholders/Owners
:
a. Mrs. The Sui An - Rp. 12,000,000,000.- (60%)
Address : Jl. Tanah Abang II/112
Central
Jakarta
Indonesia
b. Mrs. Yoanita Tombokan - Rp.
5,000,000,000.- (25%)
Address : Tanah Abang II/112
Central
Jakarta
Indonesia
c. Mrs. Merry Tombokan - Rp.
3,000,000,000.- (15%)
Address : Jl. Taman Slamet No. 7
Malang, East
Java
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business
:
Edible Coconut Oil Industry
Production
Capacity :
a. RBD CNO (Cooking Oils) - 45,000 tons p.a.
b. Crude Coconut Oil (CNO) - 20,000 tons p.a.
c. Coconut Fatty Acid (CFAD) - 20,000 tons p.a.
d. Copra Meals - 75,000 tons p.a.
Total Investment :
a. Equity Capital - Rp. 80.0 billion
b. Loan Capital - Rp. 40.0
billion
c. Total Investment - Rp.120.0 billion
Started Operation
:
2 0 0 4
Brand Name :
Lombok and Sahabat
Technical
Assistance :
None
Number of Employee
:
280 persons
Marketing Area :
Local - 100%
Main Customers :
a. Domestic Customers
- PT. Salim Ivomas Pratama
- PT. SMART Tbk.
- PT. Mercu Buana Chemical
- PT. Wings Surya
- PT. Megasurya Mas
- PT. Bonanza Megah
- PT. Unilever Indonesia Tbk
b. International Customers
- Kalmart System (M) Sdn. Bhd
- Tropical Oil Products Pte.
Ltd.
- Felda Liffco Sdn., Bhd.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Wilmar Nabati Indonesia
b. PT. Bitung Manado Oil (Bimoli)
c. PT. Musim Semi Mas
d. PT. Sayap Mas Utama
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Rungkut Branch
Jl. Kendangsari Industri No.2
Surabaya, East Java
Indonesia
b. P.T.
Bank MANDIRI Tbk
Rungkut
Branch
Jl.
Rungkut Industri Raya No.10
Surabaya,
East Java
Indonesia
c. P.T.
Bank NEGARA INDONESIA Tbk
Gedung
Graha Pangeran
Jl.
Achmad Yani No. 286
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in the local commercial courts
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2010 – Rp. 190.0 billion
2011 – Rp. 240.0 billion
2012 – Rp. 280.0 billion
2013 – Rp. 312.0 billion
2014 – Rp. 360.0 billion
Net Loss
(estimated) :
2010 – Rp. 13.2 billion
2011 – Rp. 16.8 billion
2012 – Rp. 19.6 billion
2013 – Rp. 21.8 billion
2014 – Rp. 25.2 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
KEY EXECUTIVES
|
Board of Management :
Director - Mrs. Merry Tombokan
Board of
Commissioners :
President
Commissioner - Mrs. The Sui An
Commissioner -
Mrs. Yoanita Tombokan
Signatories :
Director (Mrs. Merry Tombokan) which must
be approved by Board of Commissioners (Mrs. The Sui An and Mrs. Yoanita
Tombokan)
CAPABILITIES
|
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL PERFORMANCE
|
P.T. INDO VEGETABLE OIL INDUSTRI (P.T. IVOI)
was established in Surabaya, East Java based on notarial Deed No. 14 dated July
3, 2004 of notary Atika Ashiblie, SH., with an authorized capital of Rp.
5,000,000,000.- of which Rp. 1,250,000,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mrs. The Sui An (60%), Mrs. Merry Tombokan (15%), Mrs. Yoanita Tombokan (12.5%)
and Mr. erdinan Tombokan (12.5%). They
are Indonesian entrepreneurs of Chinese extraction. The deed of establishment has been approved
by the Minister of Law and Human Rights through its Decision Letter No. C-21372
HT.01.01.TH.2004 dated August 24, 2004.
The articles of association of the company
have been revised, most recently by notarial Deed No. 01 dated June 3, 2013 of
notary Vivi Soraya, SH., the authorized capital was raised to Rp.
20,000,000,000.- entirely was issued and fully paid up. Since at the time, the shareholders of the
company are Mrs. The Sui An (60%), Mrs. Yoanita Tombokan (25%) and Mrs. Merry
Tombokan (15%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-32193 dated August 1, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. IVOI started to be operating since 2004
after taking over from P.T. Djaja Makmur Group’s assets and business activity
which is dealing with edible coconut oil industry in Rungkut Industrial Estate,
Jl. Rungkut Industri IV No. 34, Surabaya, East Java. The Company produces cooking oil (RBD CNO)
with the “Sahabat” and “Lombok” brand, which is popular among the locals –
usage for daily cooking and home industry in Surabaya and its surroundings. Beside, P.T. IVOI also produces Crude
Coconut Oil (CNO), Coconut Fatty Acid Distillate (CFAD) and Copra Meals – usage
for oleo-chemicals industries, food industries, soap industries ant
others. On June 27, 2009, one of the
factory’s buildings suffered a fire caused by the explosion of one of copra
crusher. The fire can be extinguished
after four hours later. Losses caused
the fire was estimated more than Rp 1.0 billion. After doing repairs and renovation of the
factory buildings, the plant was able to walk normally again in 2010.
We noticed that P.T IVO is one of the
leading producer of edible oil with raw material of coconut in Indonesia. Their domestic customers are PT. Salim Ivomas
Pratama, PT. SMART Tbk. PT. Mercu Buana Chemical, PT. Wings Surya, PT. Bonaza Megah
and PT. Unilever Indonesia. And their
international customers are Kalmart System (M) Sdn. Bhd., of Malaysia, Tropical
Oil Products Pte. Ltd., of Singapore and Felda Liffco (M) Sdn. Bhd., of
Malaysia.
P.T. IVOI is classified as a medium-sized
company of its kind in the country of which the operation has been growing
slowly in the last three years.
Generally, the demand for cooking oil has
kept on increasing in the last five years in line with the growing demand for
palm cooking oil within and outside the country. According to research, total
palm cooking oil industries operating in Indonesia are 53 units with production
capacity 7.2 million tons but in 2005 reached 62 units with total production
capacity of 9.7 million tons. The main business players in cooking oil business
are PT. SMART Tbk., (SINAR MAS Group) under cooking oil brands of FILMA, KUNCI
MAS; the SALIM Group through P.T. SALIM IVOMAS PRATAMA under cooking oil brand
of BIMOLI; the MUSIM MAS Group, the KPN Group and others. The national cooking
oil production has kept on increasing in the last five years in line with the
changing of the publics’ consumption patterns from using coconut cooking oil to
palm cooking oil. The growth of cooking
oil production in the last five years is pictured on the following table:
The Production of Crude Palm Oil, Palm
Cooking Oil and Palm Kernel, 2009 – 2013
|
Year |
Crude Palm Oil (Ton) |
Palm Cooking Oil (Ton) |
Palm Kernel (Ton) |
|
2009 |
19,320,000 |
6,619,269 |
142,000 |
|
2010 |
21,900,000 |
6,826,000 |
139,000 |
|
2011 |
23,000,000 |
7,250,000 |
158,000 |
|
2012 |
23,500,000 |
7,902,500 |
181,700 |
|
2013 |
25,000,000 |
8,180,000 |
192,000 |
Until this time P.T. IVOI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. The management of P.T. IVOI is very reclusive
towards outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2012 amounted to Rp. 280.0 billion
increased to Rp. 312.0 billion in 2013 to Rp. 360.0 billion in 2014 and
projected to go on rising by at least 10% in 2015. The operation in 2014 yielded an estimated
net profit of at least Rp. 25.2 billion and the company has an estimated total
asset of at least Rp. 140.0 billion. 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. IVOI is led by Mrs.
Merry Tombokan (43) as director and CEO of the company. She is a businesswoman
with more than 11 years experience in edible coconut oil industry. In her daily activities, she is assisted by
Mr. The Sui An (65) as president commissioner and Mrs. Yoanita Tombokan (45) as
commissioner. 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. INDO VEGETABLE OIL INDUSTRI is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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 |
|
|
<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.