|
Report No. : |
332920 |
|
Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CABOT |
|
|
|
|
Registered Office : |
Talavera Suite,
21st Floor, Unit 1, 2 and 3, Jl. Letjen TB. Simatupang Kav. 22-26 Cilandak, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
19.09.2001 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-47391 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Food
Seasoning Processing |
|
|
|
|
No. of Employees : |
295 |
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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Name of
Company :
P.T. CABOT
INDONESIA
A d d r e s s
:
Head Office
Talavera Suite,
21st Floor, Unit 1, 2 and 3
Jl. Letjen TB.
Simatupang Kav. 22-26
Cilandak, Jakarta
12430
Indonesia
Phones -
(62-21) 2758 4100 (hunting)
Fax - (62-21) 7592 5252
Building Area - 22 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Factories
a. Jl.
Salira Raya, Desa Sumuranja
Kabupaten Serang, Merak
Banten Province
Indonesia
Phones -
(62-254) 500 093 (hunting)
Fax -
(62-254) 500 310
Land
Area - 20,000 sq. meters
Building
Area - 12,800 sq. meters
Region - Industrial Zone
Status - Owned
b. Krakatau
Industrial Estate Complex
Jl. Amerika I Kav. A-5 (Jl. Raya Anyer)
Cilegon 42404, Banten Province
Indonesia
Phones - (62-254) 311 606 (hunting)
Fax -
(62-254) 311 525
Land
Area - 56,000 sq. meters
Building
Area - 45,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
a. 02 August 1983
as P.T. CONTINENTAL CARBON RESTU PERTIWI
b. 08 September
1989 as P.T. CONTINENTAL CARBON INDONESIA
c. 18 February
1998 as P.T. KARBON INDONESIA
d. 19 September
2001 as P.T. CABOT INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
a. No.
C-1757.HT.01.04.TH.2004
Dated
14 July 2004
b No. AHU-69099.AH.01.02.Tahun 2008
Dated
24 September 2008
c No. AHU-AH.01.10-47391
Dated
08 November 2013
Company Status :
Foreign
Investment Company (PMA)
Permits by the Government Department
:
a. The Department of Finance
NPWP No. 01.060.631.7-052.000
b. The Capital Investment
Coordinating Board
- No.
209/III/PMDN/2001
Dated 19 September 2001
- No.
119/v/PMA/2001
Dated 16 October 2001
- No.
73/II/PMA/2004
Dated 10 May 2004
Holding Company :
CABOT CORPORATION of the USA
(Investment holding)
Affiliated/Associated Companies :
a. P.T. TASPEN (Persero) of
Indonesia (Financing and Investment Holding)
b. PERMODALAN NASIONAL BERHAD of
Malaysia (Investment Holding)
c. CABOT MALAYSIA Bhd. Sdn., of
Malaysia (Investment Holding)
CAPITAL AND
OWNERSHIP
|
Capital
Structure :
Authorized Capital - Rp.
637,800,000,000.-
Issued Capital - Rp.
637,800,000,000.-
Paid up Capital - Rp.
637,800,000,000.-
Shareholders/Owners
:
a. CABOT CORPORATION of the USA -
Rp. 523,881,000,000.- (82.1%)
b. P.T. TASPEN (Persero) of Indonesia -
Rp. 14,000,000,000.- ( 2.2%)
b. PERMODALAN
NASIONAL BERHAD of Malaysia - Rp. 75,132,000,000.- (11.8%)
c. CABOT MALAYSIA
Bhd. Sdn., of Malaysia -
Rp. 15,792,000,000.- ( 2.5%)
d. CABOT S.A. of
Spain -
Rp. 1,095,000,000.- ( 0.2%)
e. Mr. Lili
Soemantri of Indonesia -
Rp. 7,900,000,000.- ( 1.2%)
BUSINESS
ACTIVITIES
|
Lines of
Business :
Integrated Food
Seasoning Processing
Production
Capacity :
a. Initial Units
-
Carbon Black - 150,000 tons p.a.
b. Expansion Units
-
Carbon Black - 140,000 tons p.a.
Total
Investment :
a. Initial Units
-
Equity Capital - Rp 637.8 billion
- Loan
Capital - Rp 554.7 billion
-
Total Investment - Rp 1,192.5 billion
b. Expansion Units (planned)
-
Equity Capital - Rp -- billion
- Loan
Capital - Rp 950.0 billion
-
Total Investment - Rp 950.0 billion
Started
Operation :
1 9 9 1
Brand Name :
CABOT INDONESIA
Technical
Assistance :
Cabot Corporation
of the USA
Number of
Employee :
295 persons
Marketing Area
:
Local (Domestic) - 100%
Main Customers
:
a. PT. Gajah Tunggal Tbk
b. PT. Bridgestone Tire Indonesia
c. PT. Goodyear Indonesia Tbk
d. PT. Multistrada Arah Sarana Tbk
e. PT. Industri Karet Deli
f. PT. Mega Rubber Factory
Market
Situation :
Very Competitive
Main
Competitors :
Import Product
from South Korea, India and Thailand
Business Trend
:
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. CITIBANK N.A.
Landmark Building
Jl. Jend. Sudirman kav. 1
Jakarta Selatan
Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Jl. Raya Merak, Cilegon
Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No detrimental filling was recorded in the local courts
FINANCIAL
FIGURE
|
Total Sales/Revenues
(estimated) :
2010 – Rp. 720.0 billion
2011 – Rp. 815.0 billion
2012 – Rp. 926.0 billion
2013 – Rp.
1,050.0 billion
2014 – Rp.
1,176.0 billion
Net Profit
(loss) :
2010 – Rp. 82.0 billion
2011 – Rp. 93.0 billion
2012 – Rp. 106.0
billion
2013 – Rp. 120.0
billion
2014 – Rp. 134.0
billion
Payment Manner
:
Almost promptly
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director -
Mr. Tan Toon Howe
Directors -
a. Mr. Poltak Sibarani
b. Mr. Ir. Fery Faizal Buchori
c. Mr. Indrayudha Vardhana Koroh
d. DR. Djoko Hidayanto, SE, MM
e. Mr. Benjamin Arief Muskita
Board of Commissioners :
President Commissioner -
Mr. Zhu Ji
Commissioners -
a. Mr. Arifin Siregar
b. Mr. Daniel Budiman
c. Mr. Lin See Yan aka Tan Sri Dato Lin See
Yan
d. Mr. Sri Hamad Kama Piah Bin Che Othman
e. Mr. Drs. Parluhutan Hutahaen, MA
f. Mr.
Piter Bi aka Bi Deqing
Signatories :
President Director (Mr.
Tan Toon Howe) or one of the directors (Mr. Poltak Sibarani, Mr. Ir. Fery
Faizal Buchori, Mr. Indrayudha Vardhana Koroh, DR. Djoko Hidayanto, SE, MM., or
Mr. Benjamin Arief Muskita) which must be approved by Board of Commissioners.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Originally named P.T. CONTINENTAL CARBON
RESTU PERTIWI, the company was established in 1983 with an authorized capital of
Rp 20,000,000,000.- of which Rp 4,000,000,000.- was issued and paid up. The
company was founded by Mr. Surya Riyadi, Mrs. Cecilia Wendy Wiardi (both are
Indonesian entrepreneurs of Chinese extraction) and Mr. Sri Martono (an
indigenous businessman) as the original shareholders. The articles of
association of the company have frequently been revised. In September 1989, the
company renamed to P.T. CONTINENTAL CARBON. In February, the company name was
changed again to P.T. KARBON INDONESIA. In September 2001 P.T. CABOT INDONESIA
was merged into P.T. KARBON INDONESIA (survived company) and concurrently whole
assets and activities of P.T. CABOT INDONESIA were shifted to P.T. KARBON
INDONESIA and P.T. CABOT INDONESIA was dispersed by law. At the same time, the name
of P.T. CABOT INDONESIA (P.T. CI) was used again so that the company name is
P.T. CABOT INDONESIA.
In 2001, the authorized capital was raised
to Rp. 637,800,000,000 entirely issued and paid up and concurrently whole
shares of the company were controlled by CABOT CORPORATION of the USA, CABOT
MALAYSIA Sdn. Bhd., of Malaysia, CABOT S.A. of Spain, PERMODALAN NASIONAL
BERHARD of Malaysia, P.T. TASPEN (Persero) of Indonesia and Mr. Lili Soemantri
of Indonesia. The capital structures and shareholders composition of P.T. CI in
details are as shown on page 3 of this report.
Most recently by Notarial Deed No. 05 dated September 3, 2013 drawn up
by notary Mala Mukti, SH., the company’s board of directors and board of commissioner
was changed. 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.01.10-47391
dated November 8, 2013.
P.T. CI has been in operation since 1991 in
the carbon black industry under the license of CABOT Corp., USA. The company's
plant is located on a 20,000 sq.m. and in Desa Sumuranja, Bojonegara/Serang
sub-province (Banten formerly West Java). P.T. CI started operation with a
licensed production capacity of 40,000 metric tons of carbon black per year. Since
merging, the company is also operating a plant in Krakatau Industrial Estate,
Cilegon, Banten Province. Both plants have annual production capacity of
150,000 tons of black carbon. Mrs.
Murni, an administrative staff of the company, said that whole company products
are locally marketed especially among tire industries like P.T. GAJAH TUNGGAL
Tbk, P.T. BRIDGESTONE TIRE INDONESIA, P.T. GOODYEAR INDONESIA Tbk, P.T. MULTI
STRADA ARAH SARANA Tbk, P.T. INDUSTRI
KARET DELI, P.T. MEGA RUBBER FACTORY and others.
P.T. CI plans to increase the carbon
black production capacity of 140,000 metric tons
per year with
an investment of US$ 100 million. With the increase of the
production capacity, so PT CI will have a total
production capacity of 290,000 metric tons of carbon black per year. We noticed
that P.T. CI
is the only company
in Indonesia, which produces carbon black, licensed and acquired technology
from CABOT Corporation
of the USA.
Generally, the demand for carbon black in the
country had significantly rising by 8% to 10% per year in the last five years,
in line with the growth of car/motorcycle tire and rubber industries in the
country. According to the Indonesia Car Manufacturers Association (GAIKINDO)
explained that the total of car sales in 2007 amounted to 434 thousand units
increased to 608 thousand units in 2008 and declined to 486 thousand units in
2009. The total of car sales in 2010
rose again to 765 thousand units to 894 thousand units in 2011 to 1,116
thousand units in 2012 to 1,230 thousand units in 2013 and dropped to 1,208
thousand units in 2014. The growth of
car and motorcycle sales in Indonesia in 2007 to 2014 is pictured on the
following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
|
2013 |
1,230 |
7,744 |
|
2014 |
1,208 |
7,867 |
Until this time P.T. CI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. We
observed that total sales turnover of the company in 2011 amounted to Rp. 815.0
billion increased to Rp. 926.0 billion in 2012 to Rp. 1,050.0 billion in 2013
and rose again to Rp. 1,176.0 billion in 2014.
It’s projected to go on rising by at least 8% in 2015. The operation in 2014 yielded an estimated
net profit of Rp. 134.0 billion and the company has an estimated total networth
of at least Rp. 990.0 billion. So far,
we did not heard that the company having been black listed by the Central Bank
(Bank Indonesia). Besides, the company
usually pays its debts punctually to suppliers.
The management of P.T. CI is headed by Mr.
Tan Toon Howe (56) as president director and CEO of the company. He is a professional manager from Malaysia
as President Director. In daily
activities, he is assisted by five directors namely Mr. Poltak Sibarani (51),
Mr. Ir. Fery Faizal Buchori (47), Mr. Indrayudha Vardhana Koroh (48), DR.
Dhjoko Hidayanto, SE, MM (64) and Mr. Benjamin Arief Mustika (47). The company is managed by experienced
professional managers in the above business. They are widely connected in
domestic and foreign private business circles and are also on quite good terms
with the government sector. So far, we did not hear that the management of the
company being filed to the district court for detrimental cases or involved in
business malpractices.
P.T. CABOT INDONESIA is sufficiently fairly
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.63.89 |
|
|
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.