MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
P.T. PACIFIC |
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Formerly Known As : |
P.T. PACIFIC LINK INDUSTRY |
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Registered Office : |
Jalan Pulau Nias Selatan, Kawasan Industri Medan
II, Mabar,
Medan 20242 North Sumatra |
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Country : |
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Date of Incorporation : |
31.12.1997 |
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Com. Reg. No.: |
W7-02159.HT.01.04.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Edible Vegetable Oil and Fats Manufacturing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 2,380,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T.
PACIFIC
A d d r e s s
Head
Office & Factory
Jalan Pulau Nias Selatan
Kawasan Industri Medan II
Mabar,
Phone -
(62-61) 687-1414, 687-1415
Fax. - (62-61) 687-1126
E-mail - basky@pacificmedan.com
Land Area - 10,000 sq.
meters
Building Area - 7,200 sq.
meters
Region - Industrial
Zone
Status - Owned
summary
Date of
Incorporation :
a. 31 December 1997 as P.T. PACIFIC LINK INDUSTRY
b. 12 March 1998 as P.T. PACIFIC
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
No. W7-02159.HT.01.04.TH.2007
Dated 5 March 2007
Company
Status :
Foreign Investment (PMA) Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 1.824.646.2-052
The Capital
Investment Coordinating Board
- No. 646/I/PMA/1997
Dated 2 December 1997
- No. 413/III/PMA/1998
Dated 26 March 1998
- No. 595/III/PMA/1998
Dated 5 May 1998
- No. 225/II/PMA/2000
Dated 7 September 2000
- No. 39/II/PMA/2004
Dated 10 March 2004
Related Companies :
a. P.T. PACIFIC AGRITAMA COMODITI (Tea Processing)
b. P.T. PACIFIC INDO DAIRY (Milk Powder Packaging)
c. P.T. PACIFIC INDOMAS (Trading)
d. P.T. PACIFIC PALMINDO INDUSTRI (Oil Palm Processing)
e. P.T. PACIFIC TEXTINDO INDUSTRY (Spinning Mills)
f. P.T. PACIFIC INDOPALM
INDUSTRIES (Oil Palm
g. P.T. OLEOCHEM & SOAP INDUSTRI (Glycerine and Toilet Soap
Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized Capital : US$
10,000,000.-
Issued Capital : US$ 2,500,000.-
Paid up Capital : US$ 2,500,000.-
Shareholders/Owners
:
a.
COMMODITIES HOUSE INVESTMENT LTD. -
US$ 2,000,000.-
Address :
b.
Mr. Fouad Hayel Saeed Anam -
US$ 500,000.-
Address : Bangsar Puteri
Apartemen Block 41-16-2
BUSINESS ACTIVITIES
Lines of Business:
Integrated Edible Vegetable Oil and Fats Manufacturing
Production
Capacity :
a. RBD Palm Oil - 540,000 tons p.a.
b. Vegetable Ghees - 81,000 tons p.a.
c. Cooking Oil - 27,000 tons p.a.
d. Shortening Margarine - 36,000 tons p.a.
e. Pet Bottles -
49,140,000 pcs p.a.
f. Pouch -
17,550,000 pcs p.a.
g. Jerican (6, 18, 20 liters - 2,467,000 pcs p.a.
Total Investment :
a. Equity Capital -
US$ 2.5 million
b. Loan Capital -
US$ 23.4 million
c. Total Investment - US$ 25.9 million
Started Operation
:
1998
Brand Name :
Technical
Assistance :
None
Number of Employee
:
226 persons
Marketing Area :
Local - 5%
Export - 95%
Main Customer :
Buyers in Europe Union,
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASIANAGRO AGUNGJAYA
b. C.V. SINAR LAUT
c. P.T. BUKIT KAPUR REKSA
d. P.T. SINAR ALAM PERMAI
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank MANDIRI Tbk.
Jalan Imam Bonjol No. 7
b. STANDARD CHARTERED Bank
Jalan Imam Bonjol 17
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2004 – Rp. 180.0 billion
2005 – Rp. 190.0 billion
2006 – Rp. 200.0 billion
2007 – Rp. 210.0 billion
2008 – Rp. 112.0 billion (January-June)
Net Profit
(estimated) :
2004 – Rp. 12.6 billion
2005 – Rp. 13.3 billion
2006 – Rp. 14.0 billion
2007 – Rp. 14.7 billion
2008 – Rp. 7.8 billion
(January-June)
Payment Manner :
Average
Financial Comments
:
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Fouad Hayel Saed Anam
Directors - a. Mr. Salah Ahmed Hayel Saed
b. Mr. Ahmed Hayel Saeed Anam
c. Mr. Abdul Rahman Hayel Saed
d. Mr. Marwan Ahmed Hayel Saeed
Board of Commissioners :
Commissioner -
Mr. Ali Mohamed Saeed Anam
Signatories :
President Director (Mr. Fouad Hayel
Saed Anam) or one of the Directors (Mr. Salah Ahmed Hayel Saed, Mr. Ahmed Hayel
Saeed Anam, Mr. Abdul Rahman Hayel Saed or Mr. Marwan Ahmed Hayel Saeed) which
must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 2,380,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. PACIFIC LINK INDUSTRY was established in December
1997 in
We see that the majority business stakes owner COMMODITIES HOUSE
INVESMENT Ltd., of the UK is also majority business stakes of P.T. PACIFIC
AGRITAMA COMODITY dealing with tea processing, P.T. PACIFIC INDO DAIRY dealing
with milk powder packaging, P.T. PACIFIC INDOMAS dealing with trading, P.T.
PACIFIC PALMINDO INDUSTRI, P.T. PACIFIC INDOPALM INDUSTRIES both are dealing
with oil palm processing, P.T. OLEOCHEM & SOAP INDUSTRI engaged in the
field of glycerine and toilet soap manufacturing and P.T. PACIFIC TEXTINDO
INDUSTRY dealing with spinning mills.
P.T. PMI operates under Foreign Investment
(PMA) facilities in integrated edible vegetable oil and pats manufacturing. Its
refinery is located on a 10,000 sq. meters land area in the Kawasan Industri
Medan II, Jalan Pulau Nias, Mabar,
The raw materials for the plant (crude palm
oil/CPO and palm kernel oil/PKO) are supplied by a sister companies named P.T.
PACIFIC PALMINDO INDUSTRI, P.T. PACIFIC INDOPALM INDUSTRIES and the rest from
the MUSIM MAS Group and the KPN Group. A tin can production and multi-colour
printing lines were set up as a backward integration activity to ensure
continuous availability of packaging material for processed oil products. Plans
are well underway to expand und upgrade the plant’s capabilities to include
manufacturing of specialty fats.
About 95% of the company's production is
exported to Europe Union, the Middle East,
Generally outlook we find that integrated palm oil processing industry
had been growing rapidly by about 10% to 12% per year within the last five
years. The crisis has made a sharp Rupiah depreciation which finally increased
the prices of capital goods and packaging materials. Tight money policy caused
high rate of bank interest which has badly affected business sector in the
country including integrated pal moil processing industry to get working
capital. It is estimated that palm oil industry will be increasing within the
coming two years.
Cooking Oil Production Based Crude Palm Oil, 2001-2007
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Year |
Production (Ton) |
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2001 |
2,686,061 |
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2002 |
2,566,959 |
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2003 |
3,964,900 |
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2004 |
4,527,700 |
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2005 |
4,980,470 |
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2006 |
5,100,274 |
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2007* |
5,217.300 |
Source :
Bureau of Statictic (BPS), Processed
*) Estimated
Until this time P.T. PMI 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 2005 amounted to Rp. 190.0
billion increased to Rp. 200.0 billion in 2006 and rose again to Rp. 210.0
billion with a net profit of Rp. 14.7 billion in 2007 The sales turnover of the
company as from January to June 2008 amounted to Rp. 112.0 billion with a net
profit of Rp. 7.8 billion. The company
has an estimated total networth at Rp. 118.5 billion. We observe that P.T. PMI
is supported by financially fairly strong behind it. So far, we did not hear
that the company having been black listed by the Central Bank (Bank
The management of P.T. PMI is headed by Mr. Fouad Hayel Saed Anam (51) a
businessman who experienced for more than 12 years in the integrated edible
vegetable oil and fats manufacturing. We observed that management’s reputation
in said business is fairly good. The management of the company is handled by
experienced professional manager having wide relation with private businessmen
of home and overseas as well as with the government sectors. So far, we have
never heard that the company’s management involved in a dirty business practice
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. PT. PACIFIC MEDAN INDUSTRI is fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.49 |
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1 |
Rs.71.89 |
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Euro |
1 |
Rs.67.86 |
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. |
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%)