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Report No. : |
345150 |
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Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. UNILEVER OLEOCHEMICAL INDONESIA |
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Registered Office : |
Graha
Unilever Building, Jl. Jend. Gatot Subroto Kav. 15,
Jakarta 12930 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.01.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is Palm-based Oleochemical Industry |
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No. of Employee : |
1,280 persons (planned) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Recently commenced operation |
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Payment Behaviour : |
Unknown |
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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 |
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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 |
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 |
P.T. UNILEVER
OLEOCHEMICAL INDONESIA
Head Office
GRAHA
UNILEVER Building
Jl. Jend. Gatot Subroto Kav. 15
Jakarta 12930
Phones -
(021) 526 2112 (hunting)
Fax. -
(021) 526 2046
Building Area - 22 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Factory
Kawasan
Ekonomi Khusus (KEK)
Desa
Sei Mangkei PTPN3 Hutan VI,
Kec.
Bosar Maligas, Kab. Simalungun Utara
North
Sumatra 21183
Indonesia
Land Area - 18 hectares
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
03
January 2012
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Department of Law and Human Rights
a. No. AHU-00613.AH.01.01.Tahun 2012
Dated 04 January 2012
b. No. AHU-AH.01.10-29175
Dated 17 July 2013
Company Status :
Foreign Investment (PMA) Company
Permits by the
Government Department :
a. The
Department of Finance
NPWP No. 03.199.729.9-063.000
b. The
Capital Investment Coordinating Board
No. 3510/1/PPM/I/PMA/2011
Dated 28 December 2011
Ultimate Holding Company :
UNILEVER
N.V./PLC (Investment Holding)
Holding Company :
MAVIBEL
(Maatschappij voor Internationalle Beleggingen) B.V. (Investment Holding)
Affiliated/Associated Companies :
a.
P.T. UNILEVER INDONESIA Tbk., (Consumer Goods Manufacturing)
b.
P.T. UNILEVER BODY CARE INDONESIA Tbk. (Body Care Product Manufacturing)
c.
A member of the UNILEVER Group
Capital Structure
:
Authorized
Capital - Rp. 460,000,000,000.-
Issued Capital -
Rp. 143,515,000,000.-
Paid up Capital -
Rp. 143,515,000,000.-
Shareholders/Owners
:
a. MAVIBEL
B.V. of the Netherlands - Rp. 143,371,000,000.- (99.9%)
b. MARGA
B.V. of the Netherlands -
Rp. 144,000,000.- ( 0.1%)
Lines of Business
:
Palm-based Oleochemical Industry
Production
Capacity :
Palm-based Oleochemicals – 200,000 tons per annum
Total Investment
(planned) :
a. Equity Capital -
Rp. 460.0 billion
b. Loan Capital -
Rp. 1,040.0 billion
c. Total Investment -
Rp. 1,500.0 billion
Started Operation
:
March 2015
Brand Name :
UNILEVER OLEOCHEMICAL INDONESIA
Technical
Assistance :
MAVIBEL B.V., of the Netherlands
Number of Employee
:
1,280 persons (planned)
Marketing Area :
Domestic
- 20.0%
Export
- 80.0%
Main Customer :
P.T. UNILEVER INDONESIA Tbk., and the
Unilever group of companies members
Market Situation :
Very Competitive
Main Competitors :
a. P.T. MUSIM SEMI MAS
b. P.T. ECOGREEN
OLEOCHEMICALS
c. P.T. SINAR OLEOCHEMICAL
d. P.T. WILMAR NABATI INDONESIA
e. P.T. SALIM IVOMAS PRATAMA
f.
P.T. FLORA SAWITA CHEMINDO
Business Trend :
Growing
Bankers:
a. ABN-AMRO Bank NV
Jl. Jend. Sudirman Kav. 52-53
Jakarta Selatan
b.
P.T. Bank MANDIRI Tbk.
Jl. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales :
2014 - None
Net Profit :
2014 - None
Payment Manner :
No Comment
Financial Comments
:
No Comment
Board of Management :
President Director - Mr. Vikram Agarwal
Directors - a. Mr. Ir. Agung Rianto
b. Mr. Mandeep Singh Tuli
c. Mr. Biswaranjan Sen
d. Mr. Bradley Dam
Board of Commissioners :
President Commissioner - Mr. Pradip Menon
Commissioners - a. Mr. Sancoyo Antarikso
b. Mr. Raghuraman Ramakrishnan
Signatories :
President Director (Mr. Vikram Agarwal)
or one of the Directors (Mr. Ir. Agung Rianto, Mr. Mandeep Singh Tuli, Mr.
Biswaranjan Sen or Mr. Bradley Dam) which must be approved by the Board of
Commissioners
Management Capability :
Good
Business Morality :
Good
P.T. UNILEVER OLEOCHEMICAL INDONESIA (P.T.
UOI) was established in Jakarta based on Notarial Deed number 01 dated January
3, 2012 was made by Irma Devita Purnamasari, SH., a notary in Jakarta with the
authorized capital of Rp. 460,000,000,000.- of which Rp. 115,000,000,000.- was
issued and fully paid up. The founding shareholders of the company are MAVIBEL
(Maatschappij voor Internationale Beleggingen) B.V. (99.9%) and MARGA B.V.
(0.01%), both of the Netherlands. The
Deed of establishment has been approved by the Ministery of Law and Human
Rights of the Republic of Indonesia through its Decision Letter No.
AHU-00613.AH.01.01.Tahun 2012 dated January 4, 2012.
The articles of association of the company
have been revised, most recently by notarial deed number 312 dated May 23, 2013
made by Notary Irma Devita Purnamasari, SH., the issued capital was raised to
Rp. 143,515,000,000.- and fully paid up.
But, no changes have been effected in term of its
shareholding composition to date. 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.01.10-29175 dated July 17, 2013. Since then, no changes have been effected in
term of its shareholding composition and capital structure to date.
P.T. UOI is the member company of the UNILEVER Group, a large-sized company group focusing its business on manufacturing and distribution of commercial goods, food and beverage, cosmetic and body care products.
In accordance with article 3 (three) of the
articles of association contained in the deed of establishment, the scope of
activities of the Company is primarily in industry and trading of chemicals.
The company’s registered office located at Graha Unilever Jl. Jend. Gatot
Subroto Kav. 15, South Jakarta and the company can open branch offices or
representative offices at home and abroad.
P.T. UOI obtained a foreign investment
company (PMA) facility issued by Investment Coordinating Board (BKPM) in
December 2011 for dealing with palm-based oleochemical industry with its plant
located at Kawasan Ekonomi Khusus (KEK), Desa Sei Mangkei, Bosar Maligas
district, Simalungun regency, North Sumatra, where
it stands on 18 hectares landsite. The factory was
built since mid-2013 and is expected to begin commercial operation in
the end of 2014. Mr. Suncahyo Antarikso, Commissioner of
P.T. UOI explained that the plant's production capacity reaches 200,000 tons of
palm-based oleochemical per year, with an investment of Rp 1.5 trillion.
Furthermore, from palm-based oleochemical materials will be recycled into
surfactants, soap, noodles and fatty acids.
Mr. Doni Sukarno, field
manager of P.T. UOI explained that the originally planned production starts at
the end of 2014. However, due to power supply constraints, the new company's
first production started in March 2015, in the form of Fatty Acid. Furthermore
P.T. UOI will produce surfactants, soap noodle, and glycerine as a raw material
of soap. According to the plan to 80% of its production will be supplied for
the needs of the group Unilever worldwide, whereas the remaining 20% will be
used to meet domestic needs. We observed that the initial production activities
of the company run smoothly and is expected to grow rapidly in the future.
Generally, the demand for palm-based oleochemical has been growing in the last five years in the country in the line with the growth of consumer goods industries, margarine, soap and cosmetic industries. It’s estimated that the growth rate is now estimated at 6% to 8% per year. Market competition is very tight due to a large number of similar companies operating in the country such as PT. Musim Semi Mas, PT. Ecogreen Oleochemicals, PT. sinar Oleochemical, PT. Wilmar Nabati Indonesia, PT. Salim Ivomas Pratama and PT. Flor Sawita Chemindo. Business position of P.T. UOI is good enough because it is supported by the Unilever Group, a large-size company group and has a very extensive marketing network at home and abroad and their product has been widely known among consumers in the country.
P.T. UOI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We are difficult to assess the company's finances, because since the company establishment up to now the company it has never conducted any business activities. But, the financial strength of this company was only Rp. 143,515,000,000.- which was a paid-up capital according to its notary deed. So far we have never heard that the company registered with the black list of Bank of Indonesia (Central Bank) or involved in the civil case that settled through the country court.
The management of P.T. UOI is led by Mr.
Vikram Agarwal (51) as president director and CEO of the company. He is a professional manager of India. In daily activities he is assisted by four
directors namely Mr. Ir. Agung Rianto (52), Mr. Mandeep Singh Tuli (42), Mr.
Biswaranjan Sen (47) and Mr. Bradley Dam (43).
The company is managed by a number of experts in
the field of palm-based oleochemical industry. They
have extensive relationships
with many private
companies at home and overseas. Their relationship
with the government sector is quite good. So far we have never heard that the board of
directors and commissioners of the company involved in business malpractices or
detrimental cases that settled through the court. The company’s litigation
record is clean and they have never involved in civil or criminal cases or
politics in the country.
Since this company
(P.T. UOI) just about four months in operation commercially, so we recommend
caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
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.