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Report No. : |
345214 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T.
VVF INDONESIA |
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Registered Office : |
Jl. Pulau Pinang VI – VII, Kawasan
Industri Medan II, Pematang Johar, Pelabuhan Deli Serdang Medan, North
Sumatra |
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Country : |
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Date of Incorporation : |
18.02.2008 |
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Com. Reg. No.: |
AHU-AH.01.10-11828 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Oleo-Chemical
Industry |
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No. of Employees : |
240 |
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 : |
Slow but correct |
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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 |
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 |
Name of
Company :
P.T. VVF INDONESIA
A d d r e s s :
Head Office
& Factory
Jl. Pulau Pinang VI – VII
Kawasan Industri Medan II, Pematang Johar
Pelabuhan Deli Serdang
Medan, North Sumatra
Indonesia
Phones - (62-61) 3000 8300 (hunting)
Fax -
(62-61) 3000 8307
Land Area - 7.1 hectares
Building Area - 3.2 hectares
Region - Industrial Estate
Status - Rent
Date of Establishment :
18 February 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Registration :
The Ministry
of Law and Human Right
a. No.
AHU-42977.AH.01.01.Tahun 2008
Dated 18 July 2008
b. No.
AHU-AH.01.10-11828
Dated 19 March 2014
S t a t u s :
Foreign
Investment Company (PMA)
Permit by the Government Department :
a. The
Department of Finance
NPWP No. 02.848.708.0-125.000
b. The Capital
Investment Coordinating Board
No. 120/I/PMA/2008
Dated 28 January 2008
Holding Companies :
a. VVT SINGAPORE PTE LTD., of Singapore (Investment Holding)
b. VVT (INDIA) LIMITED of India (Investment Holding)
Capital Structure
:
Authorized Capital - Rp.
84,087,000,000.- (US$.9,000,000.-)
Issued Capital - Rp. 84,087,000,000.- (US$.9,000,000.-)
Paid up Capital - Rp.
84,087,000,000.- (US$.9,000,000.-)
Shareholders/Owners :
a. VVF
SINGAPORE PTE. LTD., - Rp.
71,473,950,000.- (85%)
Address: 133, Cecil Street, #09 01A
Keck Seng Tower
Singapore 069535
b. VVF (INDIA)
LIMITED - Rp.
12,613,050,000.- (15%)
Address: 109, Sion (East) Mumbai
400022 Maharashtra
India
Lines of Business :
Oleo-chemical
Industry
Production Capacity :
Split Palm Kernel Oil Fatty Acid And
Crude Glycerin - 135,600 tons p.a.
Total Investment :
a. Owned Capital - US$. 9.0 million
b. Loan Capital - US$. 31.0 million
c. Total Investment - US$. 40.0 million
Started
Operation :
April 2013
Brand Name :
VVF INDONESIA
Technical
Assistance :
None
Number of
Employee :
240 persons
Marketing Area
:
Export -
95%
Local - 5%
Main
Customers:
Buyers in India, China and Pakistan
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Musim Semi Mas (Musim Mas)
b. PT. Wilmar Nabati Indonesia
c. PT. Sinar Oleochemials
d. PT. Ecogreen Oleochemicals
e. PT. Flora Sawita Chemindo
Business Trend
:
Growing
B a n k e r s :
a. Hong Kong and Shanghai Banking
Corp.
Jl.
Diponegoro No.11
Medan,
North Sumatra
Indonesia
b. P.T. Bank MANDIRI Tbk.
Jl. Imam Bonjol
No. 7
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2013 – Rp. 110.0 billion
2014 – Rp. 148.0 billion
2015 – Rp.
86.0 billion (January – June)
Net Profit
(estimated) :
2013 – Rp. 7.0 billion
2014 – Rp. 9.6 billion
2015 – Rp. 5.5 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Fairly
Board of Management :
President Director - Mrs. Retno Indriani
Director -
Mr. Muhammad Shafiq
Board of Commissioner:
Commissioner - Mrs. Wuri
Purbosiwi
Signatories :
President Director (Mrs. Retno Indriani) or the Director
(Mr. Muhammad Shafiq) which must be approved by board
of commissioner (Mrs. Wuri Purbosiwi)
Management Capability :
Good
Business Morality :
Good
P.T. VVF INDONESIA was incorporated in Deli Serdang
(North Sumatra) based on notary Deed of Indrasari Kresnadjaja Gunadharma, SH., No.
06 dated February 18, 2008 with an authorized capital of Rp.84,087,000.-
(US$.9,000,000) entirely was issued and fully paid up. The founding shareholders of the company are
VVF FZE Company Limited of Dubai (85%) and VVF (INDIA) Limited of India
(85%). The Deed of establishment was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. AHU-42977.AH.01.01.Tahun 2008 dated July 18, 2008. In March 2013, based on notary Deed of Popie Savitri Martosuhardjo
Pharmanto, SH., VVF FZE Company Limited withdrew and
the whole shares are sold to VVF SINGAPORE Pte.,
Ltd., of Singapore. Since then, the shareholders of the company are WWF SINGAPORE Pte.
Ltd., (85%) and VVF (INDIA) Limited (15%).
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.01.10-11828 dated March 19, 2014.
Since
then, no changes have been effected in term of its shareholding
composition and capital structures to date.
P.T. VVF INDONESIA obtained a foreign
investment company (PMA) facility issued by Investment Coordinating Board
(BKPM) in January 2008 for dealing with Oleo-chemical industry, such as; Split
Palm Kernel Oil Fatty Acid and Crude Glycerin. Its plant located at Jl. Pulau Pinang
VI-VII, Kawasan Industri Medan II, Pematang Johar, Pelabuhan Deli Serdang, Medan, North Sumatra,
where its stands on a 7.1 hectares landsite. The plant has been in operation
since March 2013 with an installed production capacity of 11,300 tons of Split
Palm Kernel Oil Fatty Acid and Crude Glycerin per month or 135,600 tons per
year. Fatty acids find uses in personal
care products such as bar soaps, household items such as fabric softners and industrial applications such as lubricants,
metal soaps, rubber products, as well as numerous intermediate chemicals. P.T.
VVF INDONESIA gets technological assistance from VVF (India) Limited of
India. VVF is India’s largest producer
and exporter of high quality distilled fatty acids. Produced from 100%
vegetable renewable feed stocks of palm and rapeseed oils, we offer numerous
specialty fatty acids such as Caprylic, Capric, Lauric, Myristic, Palmitic, Stearic, Oleic, Erucic and Behenic. We observed
that P.T. VVF INDONESIA is classified as a small-sized company of its kind in
the country of which the operation has been growing in the last three years.
Generally, international demand for basic
palm products such as Crude Palm Oil, Palm Acid Oil, Palm Fatty Acid
Distillate, Palm Kernel Cake, etc. had been increasing by 7% to 8% on the
average per annum having close relation with the rapid growth of various
industrial sectors such as cooking oil industries, margarine industries and
others. In the coming years, the growth
rate of demand is estimated at about 6% to 7% per annum. Meanwhile, competition is quite heavy in the
exporting of palm products with many companies now doing business in this field
in Indonesia. Business position of P.T. VVF INDONESIA is favorable for it has
controlled a wide marketing network at abroad especially in India, China and
Pakistan.
Until this time P.T. VVF INDONESIA has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The
management of P.T. VVF INDONESIA is very reclusive towards outsiders and
rejected to disclose its financial condition.
We estimated that total sales turnover of the company in 2013 amounted
of Rp. 110.0 billion and increased to Rp. 148.0 billion in 2014 and the operation in 2014 yielded
an estimated net profit at least Rp. 9.b Billion and
the company has an estimated total asset at Rp. 120.0
billion. It is projected that total
sales turnover of the company will increase at least 8% in 2015. So far, we did
not hear that the company having been black listed by the Central Bank (Bank
Indonesia).
Pursuant to the Company’s notary deed, P.T.
VVF INDONESIA is headed Mr. Navnit Singh of India as
President Director and Mr. Indarto of Indonesia as
director. But we believe that the
prime-mover of the company is Mr. Rustom Godrej Joshi (62).
He is a businessman of India origins who experienced for more than 20
years in the field of export-import and general trading of palm products. The company’s management has a wide relation
in the realm of the private businessmen inside and outside the country. So far,
we have never heard that the company’s management involved in the 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. VVF INDONESIA is sufficiently fairly
good for business transaction. However, in view of the economic situation in
the country is unstable, we recommend to treat prudently in extending a loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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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 |
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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 |
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<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.