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MIRA INFORM REPORT
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Report No. : |
486798 |
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Report Date : |
17.01.2018 |
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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Com. Reg. No.: |
No. AHU-00613.AH.01.01.Tahun 2012 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Palm-based
Oleo-chemical Industry. |
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No. of Employees : |
1280
persons |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
Company
name and address
Name of Company :
P.T.
UNILEVER OLEOCHEMICAL INDONESIA
A d d r e s s :
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
Komplek
Kawasan Ekonomi Khusus (KEK)
Desa Sei
Mangkei PTPN3 Hutan VI,
Kecamatan
Bosar Maligas,
Kabupaten
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
c. No. AHU-0014712.AH.01.01.Tahun 2016
Dated 18 August 2016
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 of Companies
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp. 925,500,000,000.-
Issued
Capital - Rp. 925,500,000,000.-
Paid up
Capital - Rp. 925,500,000,000.-
Shareholders/Owners :
a. MAVIBEL
B.V. of the Netherlands - Rp. 924,574,000,000.- (99.90%)
b. MARGA
B.V. of the Netherlands -
Rp. 926,000,000.- ( 0.10%)
BUSINESS
ACTIVITIES
Lines of Business :
Palm-based
Oleo-chemical Industry
Production Capacity :
Palm-based Oleo-chemicals – 200,000 tons per annum
Total Investment (planned) :
a. Equity
Capital - Rp. 460.0 billion
b. Loan
Capital - Rp. 1,540.0 billion
c. Total
Investment - Rp. 2,000.0 billion
Started Operation :
March 2015
Brand Name :
UNILEVER
OLEOCHEMICAL INDONESIA
Technical Assistance :
MAVIBEL
B.V., of the Netherlands
Number of Employee :
1,280
persons
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
BANKER,
AUDITOR & LITIGATION
B a n k e r s :
a. ABN-AMRO Bank
NV
Jakarta Stock
Exchange Building
Jl. Jend.
Sudirman Kav. 52-53
Jakarta
Selatan
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Gatot Subroto Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No
litigation record in our database
FINANCIAL
FIGURE
Total Sales (estimated) :
2014 –
None
2015 – Rp.
110.0 billion
2016 – Rp.
320.0 billion
Net Profit (estimated) :
2014 –
None
2015 –
Rp. 8.5 billion
2016 – Rp.
24.7 billion
Payment Manner :
Average
Financial Comments :
Fairly
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Biswaranjan Sen
Directors -
a. Mr. Anand Nanukutty
b. Mr. Devarakonda Bhaskara Sai Krishna
Venkata
c. Mr. Endy Juli Setiawan
d. Mr. Ir. Agung Rianto
e. Mr. Jasbir Singh Nanda
f. Mr. Peter Andrew Smith
g. Mr. Shuqing Yang
h. Mr. Yohannes Darmawan Nugraha
Board of Commissioners :
President Commissioner -
Mr. Ritesh Ramkrishna Tiwari
Commissioners -
a. Mrs. Enny Hartanti
b. Mr. Tevilyan Yudhistira Rusli
Signatories :
President Director (Mr. Biswaranjan Sen) or
one of the Directors (Mr. Anand Nanukutty, Mr. Devarakonda Bhaskara Sai Krisha
Venkata, Mr. Endy July Setiawan, Mr. Ir. Agung Rianto, Mr. Jasbir Singh Nanda,
Mr. Peter Andrew Smith, Mr. Shuqing Yang or Mr. Yohannes Darmawan Nugraha) which must be approved by the Board of
Commissioners
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
OVERALL
PERFORMANCE
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. (99.90%) and MARGA B.V. (0.10%), 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.
Its
articles of association have subsequently been changed for several times. In 2013, based on notary Deed No. 312 dated
May 23, 2013 drawn up by Notary Irma Devita Purnamasari, SH., the issued
capital was raised to Rp. 143,515,000,000.- and fully paid up. 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.
The
most recently by Notary Deed of Buchari Hanafi, SH., No. 07 dated July 27,
2016, concerning the change in composition of the Company’s board of Directors
and Commissioners. Concurrently, the authorized capital was raised to Rp.
925,500,000,000.- entirely was issued and paid up. But, no
changes have been effected in term of its shareholding composition to
date. This amendment to
Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through its Decree No. AHU-0014712.AH.01.01.Tahun 2016 dated
August 18, 2016.
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
oleo-chemical 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 initially 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 oleo-chemical per year, with an
investment of Rp 2.0 trillion. Furthermore, from palm-based oleo-chemical
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 glycerin 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. He also explained that the plant
will be fully operational by the end of 2015, where as many as 15% of the production
is absorbed by P.T. UNILEVER INDONESIA Tbk.
We noticed that P.T. UOI new commercial operations, but they already
have a captive market, because most of the production will be absorbed by the
UNILEVER Group either in Indonesia or abroad.
Generally, the demand for palm-based
oleo-chemical 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.
P.T. UOI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The financial condition of the company is appraised to be less strong and its financial condition at present is as the paid up capital of Rp. 143,515,000,000 as stated in the articles of association of the company. The financial condition of the company still depends on the financial condition of its shareholders. The management of P.T. UOI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company as of March to December 2015 amounted to Rp. 110.0 billion increased to Rp. 320.0 billion with a net profit of Rp. 24.7 billion in 2016 and the company has an estimated total net worth of at least Rp. 950.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
Since July 2016, the management of P.T. UOI is led by Mr. Biswaranjan Sen
(49) of India as president director and CEO of the company. Mr. Biswaranjan holds a Chemical Engineering
degree from Jadavpur University in India, with First Class Honours. Mr. Biswaranjan Sen’s career spans over 22
years at Unilever, having extensive knowledge in manufacturing, planning,
logistics and R&D. He has worked in UK, Europe and Asia. In 2009, he
was Supply Chain VP and Board Member for Unilever Indonesia and led the
manufacturing operations for 1 million tons of products spanning across Home
& Personal Care, Foods and Ice Cream.
In
daily activities he is assisted by eight directors namely Mr. Anand Nanukutty
(48), Mr. Devarakonda Bhaskara Sai Krishna Venkata (48), Mr. Endy Juli Setiawan
(47), Mr. Ir. Agung Rianto (54), Mr. Jasbir Singh Nanda (47), Mr. Peter Andrew
Smith (48) of England, Mr. Shuqing Yang (45) of Singapore and Mr. Yohannes
Darmawan Nugraha (39). 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 two years 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.76 |
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|
1 |
INR 87.91 |
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Euro |
1 |
INR 78.20 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIY |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.