MIRA
INFORM REPORT
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Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. MARUBENI INDONESIA |
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Registered Office : |
Plaza BII Menara 2, 11th Floor, Jalan M.H.
Thamrin Kav. 51, Jakarta Pusat 10350 |
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Country : |
Indonesia |
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Date of Incorporation : |
22.02.1994 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Export Trading Services, General Importing Services,
Distributor (Wholesaler) Services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 6.87 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
:
P.T. MARUBENI INDONESIA
A d d r e s s :
Head
Office
Plaza BII Menara 2, 11th Floor
Jalan M.H. Thamrin Kav. 51
Jakarta Pusat 10350
Indonesia
Phone - (62-21) 3921777 (hunting)
Fax. - (62-21) 3925865
Building Area - 30 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
22 February 1994
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-00254 HT.01.04.TH.2001
Dated 23 April 2001
b. No. W7-HT.01.10-3301
Dated 16 March 2007
Company Status :
Foreign Investment Company
Permit by the Government Department :
The Capital Investment Coordinating Board
- No. 212/I/PMA/1993
Dated 10November 1993
- No. 01/III/PMA/1997
Dated 2 January 1997
- No. 1530/III/PMA/1997
Dated 29 October 1997
- No. 131/II/PMA/1998
Dated 8 September 1998
- No. 341/III/PMA/2001
Dated 27 March 2001
The Department of Trade and Industry
No. 732/I/Perdagangan/1994
Dated 22 September 1994
The department of Finance
NPWP No. 010707735-058.000
Related Company :
A member of the MARUBENI Group of Japan
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$. 5,050,000.-
Issued Capital : US$. 5,050,000.-
Paid up Capital : US$. 5,050,000.-
Shareholders/Owners :
a.
MARUBENI CORPORTION of Japan -
US$ 5,049,000.- (99.98%)
b.
MARUBENI SINGAPORE Pte. Ltd. of Singapore -
US$ 1,000.- (0.02%)
BUSINESS ACTIVITIES
Lines of Business:
a. Export Trading Services
b. General Importing Services
c. Distributor (Wholesaler) Services
Production Capacity :
a. Export Trading - US$ 26.0 million
b. General Importing - US$ 22.5 million
c. Distributing - US$ 17.0 million
Total Investment :
a. Owned Capital - US$. 5,050,000.-
b. Loan Capital - US$. 235,000.-
c. Total Investment - US$. 5,235,000.-
Started Operation :
1994
Brand Name :
None
Technical Assistance
:
MARUBENI CORPORATION of Japan
Number of Employee :
112 persons
Marketing Area :
Domestic - 50%
Export - 50%
Main Customers :
A member of the MARUBENI Group in Indonesia and Overseas
Market Situation :
Very Competitive
Main Competitors :
a. P.T. MITSUI INDONESIA
b. P.T. SOJIZT INDONESIA
c. P.T. ITOCHU INDONESIA
d. Etc.
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
Banker s :
P.T. Bank of Tokyo – Mitsubishi Ltd.
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – US$. 48.0 million
2005 – US$. 52.5 million
2006 – US$. 65.0 million
Net Profit (Loss) :
2004 – US$. 2.4 million
2005 – US$. 2.6 million
2006 – US$. 3.2 milion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Seiji Komuro
Vice President Director - a. Mr. Atsushi Mitani
b. Mr. Kazumi Kubozono
Directors - a.
Mr. Hiroyasu Kondo
b. Mr. Tetsuya Kikugawa
Board of Commissioners :
President Commissioner - Mr. Masami Saito
Commissioner - Mr. Toru Nakada
Signatories :
President Director (Mr. Seiji Komuro) or Vice President Directors
(Mr. Atsushi Mitani or Mr. Kazumi Kubozono) or
the Directors (Mr. Hiroyasu Kondo and Mr. Tesuya Kikugawa) which must be
approved by Supervisory Board (Mr. Masami Saito and Mr. Toru Nakada)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded
normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 6.87 million on the 90 days D/A
OVERALL PERFOMANCE
PT. MARUBENI INDONESIA (PT. MI) was established
on February 22, 1994 with an authorized capital of US$ 1,000,000.- that all of
which have been fully issued and paid up. Founders and shareholders of the
company are MARUBENI Corporation from Japan (80%) and P.T. SUTRATEX CITRASEJATI
from Indonesia (20%). On January 2, 1997, P.T. SUTRATEX CITRASEJATI resigned
from its position and its shares was taken over by MARUBENI SINGAPORE Pte.,
Ltd., from Singapore. On January 22, 1999, the authorized capital of the
company was raised to US$5,050,000.- that all of which fully issued and paid
up. The latest composition of shareholders of PT. MI are MARUBENI Corporation
(98.98%) and MARUBENI SINGAPORE Pte. Ltd., (0.02%). The company’s notarial deed
was made by Mrs. Imas Fatimah, SH, a public notary in Jakarta and it has
obtained approval of the department of Law and Human Rights under No.
W7-HT.01.10-3301, dated 16 March 2007.
PT. MI was established in the framework of Foreign Capital
Investment and it has obtained approval of the Capital
Investment Coordinating Board (BKPM)
in 1993 to carry out business in export, general import and distributor
(wholesaler). Now PT. MI has exported Indonesian commodities among others
textile, garment, footwear, fatty acid, polyethylene and others chemical
products. Besides that, PT MI also imported capital goods likes textile and
garment machine, plastic machine, chemicals and others. Initially, PT. MI
targeted its export amounting to US$ 26 million, general import amounting to
US$ 10 million and distributor amounting to US$ 7 million. In March 2001, PT.
MI expanded it business operation with operational target in import amounting
US$ 12.5 million and in distributor amounting to US$ 10 million. Business
operation of the company supported by the MARUBENI Group members who has world-wide
operational network. We observed that the company’s business operation ran
well and grown rapidly.
Generally we observed that
export-import growth in Indonesia is growing steadily in the last five years.
Pursuant to Statistical Center Bureau (BPS), export value of Indonesia
commodity including oil and natural gas in 2003 amounting to US$ 61.058,3
million, increased to US$ 71.584,6
million in 2004 and re-increased to US$ 85.660,0 million in 2005. In 2006, the
figure is estimated to increase to be US$ 93.834,2 million. Value import of
Indonesian commodity also increased from US$ 32.550,7 million in 2003,
increased to US$ 46.524,5 million in 2004 and the figure re-increased to US$
57.700,9 million in 2005. In 2006, the figure is estimated to increase to be
US$ 58,857,6 million.
Business position of PT. MI is very good as they have had wide marketing
net both inside or outside the country. Besides that they are supported by
MARUBENI Group, who has worldwide operational network.
Until this time P.T. TIM has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2004 amounted to US$.
48.0 million increased to US$. 52.5 billion in 2005 and rose again to US$ 65.0
million in 2006 and projected to go on rising by at least 12% in 2007. The
operation in 2006 yielded an estimated net profit at least US$. 3.2 million and
the company has an estimated total networth at US$ 35.0 million. We observe
that P.T. MIT is supported by financially fairly strong behind it. So far, we
have never heard of the company having been black listed by the Central Bank
(Bank Indonesia).
The company is led by Mr. Seiji
Komuro (56) as President Director. Every day, he assisted by Atsushi Mitani
(58)dan Mr. Kazumi Kubozono, both are as Vice President Director and Mr.
Hiroyasu Kondo as Director. The company’s management reputation in
export-import is very good. They have worked for more than 12 years on the
average in MARUBENI Corp. of Japan. The company’s management has wide
relationship with many private businessmen inside or outside the country. They
have good relationship with the government. So far we have never heard that the
company’s management involved in a dirty business practices or detrimental case
settled through the country court.
We believed that P.T. MARUBENI
CORPORATION is good enough for normally business transaction. But we suggest to
be carefully in giving new loan to them in view of Indonesian economy have not
became stable.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)