MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. EXCEL MEG INDO |
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Registered Office : |
Jalan Angkasa Kav. B 6 Block D.2, Kota Baru, Bandar Kemayoran, Jakarta Pusat |
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Country : |
Indonesia |
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Date of Incorporation : |
26.12. 2006 |
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Com. Reg. No.: |
AHU-AH.01.10-7375 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Agrochemical Products |
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$ 92,000 |
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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. EXCEL
MEG INDO
A d d r e s s
Head Office
Jalan Angkasa Kav.
B 6 Block D.2
Kota Baru, Bandar
Kemayoran
Jakarta Pusat
Indonesia
Phones - (62-21)
2664-6027 (Hunting)
Fax - (62-21) 2664-5631
Hand Phone - 0811-1889663 (Mr.
Natarajan Murugadas)
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
26 December 2006
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-AH.01.10-7375
Dated 31 March
2008
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
02.414.763.9.056.000
The Capital Investment Coordinating Board
No.
1399/I/PMA/2006
Dated 26 December
2006
Related Company
P.T. WAHGO
INTERNASIONAL (Trading, Distribution and Supplies of Printing Inks and
Telecommunication Equipment and Services and Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
500,000.-
Issued Capital : US$
500,000.-
Paid up Capital : US$ 500,000.-
Shareholders/Owners
:
a. Mr. Deivasigamina Gautham Sigamani - US$ 245,000.-
Address :
Jl. Angkasa Kav. B 6 Block D. 2
Kota Baru,
Bandar Kemayoran
Jakarta Pusat
Indonesia
b. Mr. Sarveswaran Karthikeyan - US$ 130,000.-
Address : No. 1 Sooriyagandhi
Illam
Greenways
Road, Chennai
India
c. P.T. WAHGO INTERNASIONAL - US$ 125,000.-
Address : Jl. Veteran 1 No. 2-5
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Agrochemical Products
Production
Capacity :
None
Total
Investment :
Owned Capital - US$ 0.5
million
Started
Operation :
2007
Brand Name :
Kontas,
Agrosiver, Rajatrin
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Local - 100%
Main Customer
:
Distributors and
Agribusiness
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
ARYSTA TIRTA AGRO
b. P.T. DUPONT
AGRICULTURAL PRODUCTS INDONESIA
c. P.T. PACIFIC
CHEMICAL INDONESIA
d. P.T.
FADJARPURNAMA PRATAMA INTI
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Angkasa
Kav. B 7
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 7.0
billion
2008 – Rp. 4.5
billion (January-June)
Net Profit
(estimated) :
2007 – Rp. 350
million
2008 – Rp. 225
million (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Sarveswaran Karthikeyan
Director -
Mr. Natarajan Murugadas
Board of Commissioners :
Commissioner -
Mr. Deivasigamina Gautham Sigamani
Signatories :
President Director (Mr.
Sarveswaran Karthikeyan) or the Director (Mr. Natarajan Murugadas) which must
be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 92,000 on 90
days D/A
OVERALL PERFOMANCE
P.T. EXCEL MEG INDO (P.T. EMI) was established in Jakarta in December
2006 with the authorized capital of US$ 500,000 entirely issued and paid up.
The founding shareholders of the company are Mr. Deivasigamina Gautham Sigamani
and Mr. Natarajan Murugadas both are businessmen of India. The company notary
deed has been changed and in February 2008 the Mr. Natarajan Murugadas pulled
out and replaced by Mr. Sarveswaran Karthikeyan of India and P.T. WAHGO
INTERNASIONAL of Indonesia as new shareholders. The deed of amendment was made
by Mr. Yudha Setyagraha Tedianto, SH., was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-AH.01.10-7375, dated March 11, 2008.
We observe the local partner P.T. WAHGO INTERNASIONAL is a private
national company dealing trading and distribution of printing ink,
telecommunication equipment and services and majority business stakes is
controlled by Mr. Suresh Gobindram Vaswani and Mr. Natarajan Murugadas.
P.T. EMI has been in operating since January 2007 as a
distributor, importer of agrochemicals, including pesticides. The company holds
the agency for pesticides and agrochemicals which imported from India and using
Kontas, Agrosiver, Rajatrin and other brands. The above merchandise products
are largely marketed through distributors like P.T. TIRTAMAS MITRA NIAGA
SENTOSA, C.V. ANUGERAH and through dealers/pesticides and agrochemical
retailers stores in the country’s big cities, to farmers in West Java and also
the state plantation companies P.T. PERKEBUNAN NUSANTARA IX (Sole, Central
Java), P.T. PERKEBUNAN NUSANTARA X, XI and XII (all three in East Java) and to
other plantation companies. The economic crisis and the extreme depreciation to
the US$ and other hard foreign currencies have adversely affected P.T. EMI’s
business because all its merchandise products are imported payable in
US$/foreign exchange. The crisis has caused the sales prices of the company’s
traded products to rise very highly. We observe the operation of P.T. EMI has
been growing in the last one year.
Generally, demand for agrochemical products, pesticides, fungicides,
herbicides, insecticides has tended to decline in the last five years being
caused by several causes including the sluggish public purchasing power in line
with high Rupiah depreciation against US$ in 2001 causing pesticides
counterfeiting. The declining pesticides sales are also caused by the lack of
expansion of plantation areas. There are few expansion of plantation areas
having been realized from expansion of agricultural companies or new
investment. There is indication that the declining plantation areas are shown
in the declining investment interest on plantation sectors and the low
realization of the development projects by plantation companies obtaining
license. The decreasing investment on plantation sector is also caused by the
declining prices of the agricultural commodities in international markets.
However, since end 2001 the prices of agricultural commodities in international
markets have started increasing.
The management of P.T. EMI is very reclusive towards
outsiders and rejected to disclose its financial condition. However, we
estimated that sales turnover of the company in 2007 amounted to Rp. 7.0
million. We estimated the total sales turnover as from January-June 2008
amounted to Rp. 4.5 billion and projected to be rising by 8% in 2009. The
operation of the company in January-June 2008 is estimated to have gained a
profit of at least Rp. 225 million with an estimated total networth of at least
Rp. 5.0 billion. P.T. EMI has never been black listed by Bank Indonesia
(Central Bank). The company management always pays its debts punctually to
suppliers ranging from 1 to 3 months. The company is strongly backed up by
financially strong and sound foreign partner of India behind it.
P.T. EMI's management is headed by Mr. Sarveswaran Karthikeyan (32), a
businessman and professional manager with has 5 year experience in trading and
distribution of agrochemicals products. Daily activity, he is assisted by Mr.
Natarajan Murugadas (36) as a director. They have wide relations in private
business circles within and outside the country. So far, we did not hear that
the management of the company having been filed to Jakarta District Court for
detrimental cases or involved in business malpractices. P.T. EXCEL MEG INDO is
appraised to be 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.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)