The outlook for the ratings is "Stable". The ratings reflect the Company's well diversified products and areas with strong position in the domestic branded cooking oil market, vertically integrated operation to secure raw material need, and favorable plantation profile. However, the ratings are offset by the Company's relatively aggressive capital structure and exposure to cyclicality of commodity price and unfavorable weather.
SIMP is one of the largest and most vertically integrated plantation companies in Indonesia with business activities ranging from research and development, breeding and cultivation of oil palm, to milling and refining of Crude Palm Oil (CPO), and the marketing of cooking oil, margarine, shortening, and its derivative products. At the end of June 2010, the shareholders consisted of Indofood Oil and Fats Pte. Ltd. Singapore (90%), PT Indofood Sukses Makmur Tbk. (8%), PT Mandiri Investama Sejati (1.29%), PT Bina Makna Indopratama (0.39%), and PT Multi Langgeng Nusantara (0.32%).
Source : http://www.zawya.com/sukuk/Story.cfm/sidZAWYA20100906093706 - Sept 3, 2010
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