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Report No. : |
335345 |
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Report Date : |
06.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. NONFERINDO UTAMA |
|
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|
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Registered Office : |
Manis Industrial Estate, Jl. Raya
Manis II No. 1, Desa Kadu, Curug, Tangerang 15810, |
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Country : |
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Date of Incorporation : |
02.06.1986 |
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Com. Reg. No.: |
AHU-AH.01.10-54220 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Used Batteries Smelting Industry |
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No. of Employees : |
402 |
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Correct Name of
Company :
P.T.
NONFERINDO UTAMA
A d d r e s s :
Head
Office & Factory
Manis Industrial Estate
Jl. Raya Manis II No. 1
Desa Kadu, Curug, Tangerang 15810
Banten Province
Indonesia
Phones - (62-21) 5565 0563 (hunting)
Fax -
(62-21) 5565 0561
Land Area - 20,000 sq.
meters
Building Area - 12.600 sq.
meters
Region - Industrial
Estate
Status - Owned
Date of
Incorporation :
02 June 1986
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-8056.HT.01.01.TH.86
Dated 19 November 1986
b. No. C2-1935.HT.01.04.TH.90
Dated 03 April
1990
c. No. AHU-26469.AH.01.02.Tahun 2013
Dated 16 May 2013
d. No. AHU-AH.01.10-54220
Dated 13 December 2013
Company Status :
Domestic Investment Company (PMDN)
Permits by the
Government Department :
a. The
Department of Finance
NPWP No. 01.398.590.8-415.000
b. The Capital Investment
Coordinating Board
- No. 506/I/PMDN/1991
Dated 29 July 1991
- No. 7/II/PMDN/1997
Dated 14 January 1997
Related/Affiliated Companies :
a. P.T. UNITRAS PERTAMA (Investment Holding)
b. P.T. PANDU DIAN PERTIWI (Investment Holding)
c. A member of the EDWIN SOERYADJAYA Group
CAPITAL AND
OWNERSHIP
|
Capital Structure
:
Authorized Capital -
Rp. 1,000,000,000,000.-
Issued Capital -
Rp. 450,000,000,000.-
Paid up Capital -
Rp. 450,000,000,000.-
Shareholders/Owners
:
a.
P.T. UNITRAS PERTAMA - Rp.
295,000,000,000.-
Address : Jl. Ir. H. Juanda II No. 8
Jakarta Pusat
Indonesia
b.
P.T. PANDU DIAN PERTIWI - Rp.
155,000,000,000.-
Address : Menara Kadin Indonesia, 28th Floor
Jl. H.R. Rasuna Said No. 2-3
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES |
Lines of Business
:
Used Batteries Smelting Industry
Production
Capacity :
a. Melted Lead Ingots - 36,000 tons p.a.
b. Lead Components - 1,750 tons p.a.
Total Investment :
a. Equity Capital -
Rp. 450.0 billion
b. Loan Capital -
Rp. 0 billion
c. Total Investment -
Rp. 450.0 billion
Started Operation
:
1 9 8 7
Brand Name :
NONFERINDO UTAMA
Technical Assistance
:
None
Number of Employee
:
402 persons
Marketing Area :
a. Domestic -
90%
b. Export -
10%
Main Customers :
a. P.T. GS BATTERY
b. P.T. CENTURY BATTERIES INDONESIA
c. P.T. TRIMITRA BATERAI PRAKARSA
d. P.T. YUASA BATTERY INDONESIA, etc.
Market Situation :
Competitive
Main Competitors :
a. P.T. INDRA ERA MULTI LOGAM
b. P.T. MUHTOMAS
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a. The
Hong Kong and Shanghai Banking Corp. Ltd.
World
Trade Centre, 1-5th Floor
Jl.
Jend. Sudirman Kav. 29-31
Jakarta Selatan
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales
(estimated) :
2011 – Rp. 180.0 billion
2012 – Rp. 205.0 billion
2013 – Rp. 228.0 billion
2014 – Rp. 260.0 billion
Net Profit
(estimated) :
2011 – Rp. 11.8 billion
2012 – Rp. 13.5 billion
2013 – Rp. 15.0 billion
2014 – Rp. 17.2 billion
Payment Manner :
Average
Financial Comments
:
Fairly
KEY EXECUTIVES |
Board of Management :
President Director - Mr. Arga Siswandhi
Director s -
a. Mr. Alfred Somanimbil Tuami Hotma Sihombing
b. Mrs. Ir. Suwastiati
Board of Commissioners :
President Commissioner - Mrs. Joyce Soeryadjaya Kerr
Commissioners - a. Mrs. Dra. Melanie Chrysanthy Setyadi
b. Mr.Michael William P. Soeryadjaya
Signatories :
President Director (Mr. Arga Siswandhi)
or one of the directors (Mr. Alfred Somanimbil Tuami Hotma Sihombing or Mrs.
Ir. Suwastiati) which must be approved
by the Board of Commissioner (Mrs. Joyce Soeryadjaya Kerr)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE |
P.T. NONFERINDO UTAMA (P.T. NU) was
established in Jakarta based on Notary Deed No. 5 dated 2 June 1986 drawn up by
Mrs. Rukmasanti hardjasatya, SH., notary in Jakarta with an authorized capital
of Rp. 1,000,000,000.- of which Rp. 200,000,000.- was issued and fully paid up.
The founding shareholders of the company are the late Mr. William Soeryadjaya
AKA Tjia Kian Liong (50%), Mr. Ir. Theodore Permadi Rachmat AKA Oei Giok Eng
(12.5%), Mr. Ir. Ronald Richard Tanga (17.5%) and Mr. Oei Yam Tjhio (20%). They
are wholly Indonesian businessmen of Chinese extraction. The Deed of establishment was approved by the
Minister of Justice of the Republic of Indonesia through its Decree No.
C2-8056.HT.01.01.TH.86 dated 19 November 1986.
Its Articles of association has subsequently
been changed for a couple of times. In April 1990, the authorized capital was
increased to Rp. 10,000,000,000.- of which Rp. 5,000,000,000.- was issued and
fully paid up. Since then, the
shareholders of the company are the late Mr. William Soeryadjaya (60%), Mr.
Andreanus I. Gunardhi (20%) and P.T. SINAR INDRA MAKMUYR (20%). The Deed of
amendment was approved by the Minister of Justice of the Republic of Indonesia
through its Decree No. C2-1935.HT.01.04.TH.90 dated 3 April1990.
The most recently by Notary Deed of Darmawan
Tjoa, SH., No. 10 dated 4 December 2013 the authorized capital was raised again
to Rp. 1,000,000,000,000.- of which Rp. 450,000,000,000.- was issued and fully
paid up. Since then, the shareholders of
the company are P.T. UNITRAS PERTAMA (65.6%) and P.T. PANDU DIAN PERTIWI
(34.4%). The amendment to Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. AHU-AH.01.10-54220 dated 13 December 2013.
Since then, no changes have been effected in term of its
shareholding composition and capital structures to date.
P.T.
NU obtained a Domestic Capital Investment (PMDN) license for dealing with lead
and tin alloy smelting industry, whose
plant is located at Manis Industrial Estate, Jalan Raya Manis II No.1,
Tangerang (Banten province) standing on 2.0 hectares land. We observed that P.T. NU is a recycling
industry of used batteries. The Company
runs its used batteries smelting process using Rotary Kiln machines (Rotary
Furnaces), whose operation are integrated with pollution control systems. The plant started with operation in 1987 with
annual production capacity of 24,000 tons of melted lead ingots, such as pure
lead ingot, antimony lead ingot and calcium lead ingot. The annual production capacity of the plant
has frequently been expanded. Today, the
plant has annual production capacity of 36,000 tons of melted lead ingots and
1,750 tons of lead components as shown on page-3 of this report. The company
supplies the recycled lead to major battery factories in Indonesia, such as PT.
GS Battery, PT. Century Batteries Indonesia, PT .Trimitra Baterai Prakarsa, PT.
Yuasa Battery Indonesia and cable manufactures such as PT. GT Kabel Indonesia,
PT. Sucaco, PT. Jembo Cable and some 10% of its products is exported to Asian
Market.
In
addition, P.T. NU is also dealing with investment holding, it controls 15%
shares of P.T. ANEKA KOMKAR UTAMA dealing with rubber part and component
manufacturing and 10% shares of P.T. ARAI RUBBER SEAL INDONESIA engaged in
rubber oil seal, O-ring and valve stem manufacturing. We observed that P.T. NU 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.
Generally, the demand for melted lead ingots
such as pure lead ingot, antimony lead ingot and calcium lead ingot has kept on
rising about 7% to 8% per year in the last five years. This increase is closely
associated with the growth of battery industry and cable manufactures in the country.
During 2014, the Government’s policy to
suppress domestic demand and curb the inflation rate has moderated economic
growth to 5.02% (source: Central Bureau of Statistics). This decrease was
partly due to the slowing exports, especially in commodities and a slowdown in
fixed investment and government spending (Source: ADB), inflation was
approximately 8.4% and the Rupiah exchange rate remained depressed against the
USD and stood at Rp. 12,440 at the end of the year, a depreciation of 13%
during 2014.
The global economy condition is expected to
remain unpredictable in 2015.
Macroeconomic indicators from China showed downward trend. In contrary, macroeconomic indicators of the
US and India showed improvement. Both of
these indicated continued uncertainties.
In Europe, concerns on the development of Greece’s economy are also
expected to add uncertainties in the global economy environment. Despite these uncertainties, many analysts
expected positive outlook for the Asian region.
OECD and IMF have predicted that the China’s economy will grow 7.1%
while India is expected to grow between 6.4 – 6.6%.
Indonesia’s economy is expected to grow 5.5
– 5.8% due to the positive outlook of the Indonesia’s economy. The subsidized fuel price hike is viewed
positively as the subsidy will be shifted toward productive economy sectors,
resulting in a positive economy growth.
Meanwhile, impact from the price hike to the inflation rate is expected
be temporary.
On the economic front, according to the
Central Statistics Agency, Indonesia’s economic growth in 2014 experienced a
downturn to 5.1%, lower from 5.8% in 2013.
The economic slowdown this year heavily impacted the country in many
aspects. First impact was the falling
vital commodity prices such as mining
and plantation products, which in turn declined export volume. Second, deficit trade balance, Depreciation
of Rupiah exchange rate against the US Dollar that exceeded 2.1%,
lower-than-expected government spending, increased BI rate to 7.75% and slow
credit expansion, as well as lower inflation compared with 6.4% inflation rate
in 2013. All of these impacts later
caused purchasing power to decline.
Table of Indonesian Economic Indicators from 2010
to 2014
|
Indonesian
Economic Indicators |
2010 |
2011 |
2012 |
2013 |
2014 |
|
• Gross
Domestic Product |
6.1 |
6.5 |
6.2 |
5.8 |
5.1 |
|
• Consumer Price Index |
5.1 |
5.4 |
4.3 |
8.4 |
8.4 |
|
• Government Debt (percentage of GDP) |
27.4 |
26.6 |
27.3 |
28.7 |
-- |
|
• Exchange Rate (GBP / USD) |
9,074 |
8,773 |
9,419 |
11,563 |
11,800 |
|
• Population (in millions) |
241 |
244 |
247 |
253 |
255 |
|
• Poverty (percentage of population) |
13.3 |
12.5 |
11.7 |
11.5 |
11.0 |
|
• Unemployment (percentage of labor force) |
7.1 |
6.6 |
6.1 |
6.3 |
5.9 |
|
• Reserves (in billion USD) |
96.2 |
110.1 |
112.8 |
99.4 |
111.9 |
Until this time P.T. NU has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. NU’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2011 amounted to Rp 180.0 billion increased to Rp 205.0 billion in 2012 to Rp. 228.0 billion in 2013 and rose again to Rp. 260.0 billion in 2014. The operation in 2014 yielded an estimated net profit of Rp. 17.2 billion and the company has an estimated total net worth of at least Rp. 450.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2015. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. NU is headed by Mr.
Arga Siswandhi (53) as president director and CEO of the company. In daily activities, he is assisted by Mr.
Alfred Somanimbil Tuami Hotma Sihombing (52) and Mrs. Ir. Suwastiati (54), both
as directors respectively. The
management has 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. NONFERINDO UTAMA is appraised to be
good for business transaction. However,
in view of the economic condition in the country is still unstable and slowdown,
we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.99.15 |
|
Euro |
1 |
Rs.69.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.