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MIRA INFORM REPORT
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Report No. : |
499871 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. TEBOPLASMA
INTILESTARI |
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Registered Office : |
Jalan
Jend. Abdullah Thalib 18, Jambi, 36124 |
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Country : |
Indonesia |
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Date of Incorporation : |
13.11.2003 |
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Com. Reg. No.: |
AHU-AH.01.03-0183037 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Oil Palm Plantation
and Processing. |
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No. of Employees : |
370 |
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 : |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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 33% 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
P.T. TEBOPLASMA INTILESTARI
BASIC SEARCH
Name
of Company:
P.T. TEBOPLASMA INTILESTARI
Address
:
Head Office
Jalan
Jend. Abdullah Thalib 18
Jambi,
36124
Indonesia
Phone - (62-741) 667060
Fax -
(62-741) 667061
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Branch Office
Jalan
Lintas Tebo Bungo Km. 12, RT. 001 RW. 001
Tebing
Tinggi Tebo, Tebo Tengah
Muara
Bungo, 37211
Jambi
Province
Indonesia
Phone - (62-747) 323031
Fax -
(62-747) 322592
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Plantation & Refinery
Jalan
Desa Pelayang – Sungai Keruh
Pelayang,
Kecamatan Pasar Muara Bungo
Muara
Bungo, 37255
Jambi
Province
Indonesia
Phone - (62-747) 21111
Fax -
(62-747) 21111
Land Area - 27,000 hectares
Building Space - 12,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation:
13
November 2003
Legal
Form:
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-05400 HT.01.01.TH.2004
Dated 4 March 2004
- No. C-01610 HT.01.04.TH.2005
Dated 20 January 2005
- No. AHU-99040.AH.01.02.TH.2008
Dated 23 December 2008
- No. AHU-AH.01.03-0183037
Dated 23 October 2017
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.294.017.5-332.000
The Department of Industry and Trade
TDP
No. 05.08.1.01.00002
Dated
18 May 2005
Related
Company :
P.T.
TOR GANDA (Oil Palm Plantation and Processing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
32,000,000,000.-
Issued
Capital :
Rp. 32,000,000,000.-
Paid
up Capital :
Rp. 32,000,000,000.-
Shareholders/Owners
:
a. The late Mr. Darianus Lungguk
Sitorus - Rp. 16,320,000,000.-
b. Mrs. Adumahati Rentauli Mindosari
Sitorus - Rp. 2,240,000,000.-
c. Mrs. Ika Rohani Tiurlara Sitorus - Rp. 2,240,000,000.-
d. Mrs. Luceria Siagian -
Rp. 2,240,000,000.-
e. Mr. Sihar Pangihutan Hamonangan
Sitorus - Rp. 2,240,000,000.-
f. Mr. Sabar Ganda Leonardo Sitorus - Rp. 2,240,000,000.-
g. Mr. Hakim Agung Sungkunan Sitorus - Rp. 2,240,000,000.-
h. The late Mrs. Theresia Panjaitan - Rp. 2,240,000,000.-
BUSINESS ACTIVITIES
Lines of Business :
Oil Palm Plantation
and Processing
Production Capacity :
a. Fresh
Fruit Bunches - 198,000 tons p.a.
b. Crude
Palm Oil - 45,000 tons p.a.
c. Palm
Kernel - 10,000 tons p.a.
Total Investment :
a. Equity
Capital - Rp. 32.0 billion
b. Lon
Capital - Rp. 190.0 billion
c. Total
Investment - Rp. 222.0 billion
Started Operation :
2009
Brand Name :
Teboplasma
Intilestari
Technical Assistance
:
None
Number of Employee :
370 persons
Marketing Area :
Local - 70%
Export - 30%
Main Customer :
Cooking oil
industries
Market Situation :
Very Competitive
Main Competitors :
a.
P.T. ASTRA AGRO LESTARI Tbk
b.
P.T. BW PLANTATION Tbk
c. P.T. GUNUNG SAWIT BINA LESTARI
d. P.T. TUNAS BARU LAMPUNG Tbk
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker
:
P.T.
Bank MANDIRI Tbk
Jalan
Jend. Gatot Subroto No. 60 A
Jambi
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2015
– Rp. 302.0 billion
2016
– Rp. 312.0 billion
2017
– Rp. 327.6 billion
Net
Profit (estimated) :
2015
– Rp. 23.0 billion
2016
– Rp. 25.0 billion
2017
– Rp. 26.2 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sabar Ganda Leonardo Sitirus
Director -
Mr. Sihar Pangihutan Hamonangan Sitorus, MBA
Board of Commissioners :
President Commissioner - Mr. Hakim Agung Sungkunan
Sitorus
Commissioners - a. Mrs. Adumahati Rentauli Mindosari
Sitorus
b. Mrs. Ika Rohani Tiurlara Sitorus
c. Mrs. Luceria Siagian
Signatories :
President
Director (Mr. Sabar Ganda Leonardo Sitorus) or the Director (Mr. Sihar
Pangihutan Hamonangan Sitorus) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability:
Fairly Good
Business Morality:
Fairly Good
OVERALL PERFORMANCE
P.T. TEBOPLASMA INTILESTARI (P.T. TPIL) was established
in Muara Tebo, Tebo Regency, Jambi Province based on notary deed Mrs. Nany
Ratna Wirdanialis, SH., no. 3 dated 13 November 2003 with an authorized capital
of Rp. 32,000,000,000 issued capital of Rp. 8,000,000,000 entirely paid up. The
founding and shareholders of the company originally are Mr. Makmur Wahyudi, mr.
Deddy Lim, Mr. Jefri Irawan, Mrs. Eka Marlina and Mrs. Hui Sian, they are
Indonesian businessmen of Chinese extraction. The company notary deed had been
changed and according to revision of notary deed Mr. Yoko Verra Mokoagow, SH.,
no. 31 dated 15 December 2006 the whole shares taken over by late Mr. Darianus
Lungguk Sitorus and his family members. On the same occasion the company issued
capital was increased to Rp. 32,000,000,000 fully and paid up. With this development
the composition of its shareholders has been changed to become late Mr.
Darianus Lungguk Sitorus (51%) his wife the late Mrs. Theresia Panjaitan (7%),
his second wife Mrs. Luceria Siagian (7%), his sons and daughters Mrs.
Adumahati Rentauli Mindosari Sitorus (7%), Mrs. Ika Rohani Tiurlara Sitorus
(7%), Mr. Sihar Pangihutan Hamonangan Sitorus (7%), Mr. Sabar Handa Leonardo
Sitorus (7%) and Mr. Hakim Agung Sungkunan Sitorus (7%), they all are
indigenous business family of Batak tribe. The latest based on revision notary
deed Mr. Marlon Silitonga, SH., no. 21 dated 10 October 2017 the shareholders
approved changes the board of director and commissioner of the Company. The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-AH.01.03-0183037 dated October 23, 2017.
P.T. TPIL is a member company of the TOR GANDA Group has
been operating since 2009 dealing with oil palm plantation and processing. The
company manages a plantation site located at Desa Pelayang, Muara Tebo, Muara
Bungo, Jambi Province n 17,000 hectares. The investment put into the project
has come to Rp. 222.0 billion, with company capital accounting for Rp. 32.0
billion and loans covering the balance. The oil palm plantation area has been planted
since 2004 and had been production in 2009. The processing plant has been
producing since 2010 with an installed production capacity of 198,000 tons of
fresh fruit bunches, 45,000 tons of
crude palm oil and 10,000 tons palm kernel respectively per annum.
Currently the company produces of Fresh Fruit Bunches;
Crude Palm Oil and Palm Kernel. According information some 70% crude palm oil
and palm kernel oil supplied to P.T. MUSIM MAS, P.T. WILMAR NABATI INDONESIA,
cooking oil industries, fatty acid industries and soap industries in the
country. Besides, some of the 30% of the products exported to Asian countries,
Middle East and Africa. We find that P.T. PSS's operations have been growing in
the last three years.
In overall we find the demand for crude palm oil, palm
kernel oil, cooking oil, and margarine had been rising by the average 6% to 8%
per year within the last five years in line with the growing demand of palm
cooking oil within and outside the country.
Only a few industries in Indonesia show as fast as the
palm oil industry in the past 15 years. This growth is evident in the amount of
production and exports from Indonesia as well as the growth of the area of oil
palm plantations.
Driven by increasing
global demand and rising profits, oil palm cultivation has been significantly
improved by both small farmers and large entrepreneurs in Indonesia (negatively
impacting the environment and reducing the production of other agricultural
products as many farmers switch to oil palm cultivation). The majority of
Indonesia's palm oil output is exported (see the table below). The most
important export destination countries are PRC, India, Malaysia, Singapore, and
the Netherlands.
The
Production of Crude Palm Oil and Palm Kernel 2011
– 2016*
|
Year |
Palm Oil Production (000 Ton) |
Palm Kernel (000 Ton) |
|
2011 |
15,198.0 |
3,446.0 |
|
2012 |
16,817.8 |
3,363.6 |
|
2013 |
17,771.3 |
3,554.3 |
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2014 |
23,796.2 |
4,861.4 |
|
2015 |
17,070.9 |
4,246.6 |
|
2016* |
12,773.6 |
3,193.5 |
Source: Central Bureau of Statistic*) January – October
Export
Volume and Value of Palm Oil, 2011 – 2016*
|
Year |
Palm Oil (000 Ton) |
Palm Oil (Million US$) |
|
2011 |
16,774.7 |
17,730.3 |
|
2012 |
19,675.1 |
18,461.5 |
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2013 |
21,770.8 |
16,787.5 |
|
2014 |
37,162.7 |
28,183.3 |
|
2015 |
27,670.8 |
16,427.0 |
|
2016* |
21,413.7 |
14,045.2 |
Source: Central Bureau of Statistic *) January – November
Until this time P.T. TPIL has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. TPIL is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2015 amounted to Rp. 302.0 billion
increased to Rp. 312.0 billion in 2016 rose to Rp. 327.6 billion in 2017 and
projected to go on rising by at least 5% in 2018. The operation in 2017 yielded
an estimated net profit of at least Rp. 26.2 billion and the company has an
estimated total networth of at least Rp. 94.0 billion.
So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia). The company usually pays its
debts punctually to suppliers.
The management of P.T. TPIL is led by Mr. Sabar Ganda
Leonardo Sitorus (54) a businessman with experience in oil palm plantation and
processing. Daily activity he is assisted by his young brother Mr. Sihar
Pangihutan Hamonangan Sitorus, MBA (50) as Director. Mr. Sihar completed his Bachelor of Science in Business Administration at the
University of Arizona in 1987. He also completed the Master of Businees
Administration at Creighton University Ohama in 1991.
The company's management is handled by professional staff
in the above business. They have wide relations with private businessmen within
and outside the country. So far, we did not hear that the management of the
company being filed to the district court for detrimental cases or involved in
any business malpractices. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia. P.T. TEBOPLASMA
INTILESTARI is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
INR 64.80 |
|
|
1 |
INR 92.26 |
|
Euro |
1 |
INR 80.76 |
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IDR |
1 |
INR 0.0047 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
PRI |
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Report Prepared
by : |
NIT |
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 |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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.