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Report No. : |
306817 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PETRO OXO
NUSANTARA |
|
|
|
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Registered Office : |
Jl. Gubernur Suryo
No. 134, Tlogopojok, Gresik 61118, East Java |
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|
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Country : |
Indonesia
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Date of Incorporation : |
09.05.1996 |
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|
|
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Com. Reg. No.: |
AHU-AH.01.10-56445 |
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|
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Legal Form : |
Limited Liability Company |
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|
|
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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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|
|
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No. of Employees : |
280 |
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 |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
PETRO OXO NUSANTARA
Registration
Address :
Head
Office & Factory
Jl. Gubernur Suryo
No. 134
Tlogopojok, Gresik
61118
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
2014
– Rp.1.060.0 billion
Net
Profit (estimated) :
2010 – Rp. 33.0 billion
2011 – Rp. 38.0 billion
2012 – Rp. 43.0 billion
2013 – Rp. 49.0 billion
2014 – Rp. 53.0 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 :
Good
Business Morality :
Good
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 rose again to Rp. 1,060.0 billion in
2014. The sales turnover is estimated will
increase again at least 8% in 2014. . It is estimated that P.T. PON’s operation
has in 2014 yielded a total net profit of Rp 53.0 billion with a total networth
of Rp 650.0 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 (57), a professional manager from Singapore as the president
director. In his daily activities, he is
assisted by Mr. Abdul Ghafur (51) of Indonesia as vice president director and
three directors namely Mr. Yudianto Kosman (57), Mrs. Nila Damayanti (57) and
Mr. Hendro Waskito (51). 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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|
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.