MIRA
INFORM REPORT
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Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. HIDREEN PALM INTERNASIONAL |
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Registered Office : |
Equity Tower, 36th Floor Jalan Jend. Sudirman Kav. 52-53 Jakarta Selatan, 12190 |
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Country : |
Indonesia |
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Date of Incorporation : |
07.04.2010 |
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Com. Reg. No.: |
No. AHU-22850.AH.01.01.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporter of Crude Palm Oil |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Maximum Credit Limit : |
US$ 65,700 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T.
HIDREEN PALM INTERNASIONAL
Address
Head Office
Equity Tower, 36th
Floor
Jalan Jend.
Sudirman Kav. 52-53
Jakarta Selatan,
12190
Indonesia
Phones -
(62-21) 290 35188 (Hunting)
Fax - (62-21) 290 35038
E-mail - inquiry@hidreen.com
Website - http://www.hidreen.com
Building Area - 40 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Registration data
Date of Incorporation :
7 April 2010
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-22850.AH.01.01.TH.2010
Dated 4 May 2010
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related Company
:
P.T. SUMBER HIDUP
KEKAL ABADI (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
10,000,000,000.-
Issued Capital : Rp. 2,500,000,000.-
Paid up Capital : Rp. 2,500,000,000.-
Shareholders/Owners
:
a. P.T. SUMBER HIDUP KEKAL ABADI - Rp. 1,500,000,000.-
Address :
Equity Tower
Jl. Jend.
Sudirman Kav. 52-52
Jakarta Selatan
Indonesia
b. Mr. Tony Chen -
Rp. 1,000,000,000.-
Address : Jl. Patra II No. 28,
RT. 008 RW. 002
Kel. Duri Kepa,
Kec. Kebon Jeruk
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Exporter of Crude Palm Oil
Production Capacity
:
None
Total
Investment :
Owned Capital - Rp. 2.5
billion
Started
Operation :
June 2010
Brand Name :
Hidreen Palm
Internasional
Technical
Assistance :
None
Number of
Employee :
7 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASTRA
AGRO LESTARI Tbk
b. P.T. BEST AGRO
INDONESIA
c. P.T. BW
PLANTATIONS Tbk
d. P.T. GOZCO
PLANTATION
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
P.T. Bank CIMB
NIAGA Tbk
Graha CIMB NIAGA
Jalan Jend. Sudirman Kav. 58
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2010 – Rp. 5.0
billion (June – December)
Net Profit
(estimated) :
2010 – Rp. 0.3
billion (June – December)
Total Assets
(estimated) :
2010 – Rp. 3.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Tony Chen
Board of Commissioners :
Commissioner -
Mr. Robianto Idup
Signatories :
Director (Mr. Tony Chen)
which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 65,700 on 90
days D/A
OVERALL PERFORMANCE
The correct name
of the Subject is P.T. HIDREEN PALM INTERNASIONAL not P.T. HIDREEN PALM
INTERNATIONAL as stated in your order Ref. No. 80197992 dated 13 May 2011. P.T.
HIDREEN PALM INTERNASIONAL (P.T. HPI) was set-up in Jakarta on April 7, 2010
with the authorized capital of Rp. 10,000,000,000 issued capital of Rp.
2,500,000,000 entirely paid up. The founding shareholders of the company are
P.T. SUMBER HIDUP KEKAL ABADI (60%) and Mr. Tony Chen (40%) an Indonesian
businessman of Chinese origin. Based on our knowledge up to writing the report
the notary documents of the company have not undergone any changes. The company
notary act was made by Mrs. Grace Supena Sundah, SH., a public notary in
Jakarta and was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-22850.AH.01.01.TH.2010 dated May 4, 2010.
P.T. HPI started
to be operating since June 2010 to deal with trading and exporter of crude palm
oil. The Company are currently trading of crude palm oil and its derivative
products such Refined, Bleached & Deodorized Palm Oil (RBDPO); Refined,
Bleached and Deodorized Palm Olein (RBDPL); Refined, Bleached and Deodorized
Palm Stearin (RBDPS); Palm Fatty Acid Distillate (PFAD) and Crude Palm Kernel
Oil (CPKO).
The whole
products in gained from various crude palm oil refineries in Sumatera and
Kalimantan. The whole products exported to the Southeast Asian countries,
Middle East, Africa, Europe Union, America, North America and others. With long
term contracts, P.T. HPI is able to ensure continuous supplies to their
customer thus enabling them to enjoy smooth manufacturing schedule. On the
other hand, by giving them the options of spot contracts, their customers are
able to fulfill unexpected surge of demand. We observe that P.T. HPI operates
is still relies relatively new and still developing.
Generally
outlook, the demand for CPO and PKO products has kept on rising well within the
last five years in line with the increasingly growing demand for CPO and PKO
products both from the local and foreign market. From the production sector,
Indonesian CPO and PKO production has kept on rising significantly. The
increase in production is caused by the increasingly growing wider of new oil
palm estate development and production in Indonesia within the last several
years. Besides, the national cooking oil production has kept on increasing in
the last five years in line with the changing of the publics’ consumption patterns
from using coconut cooking oil to palm cooking oil. Palm oil may tumble as much
as 7.4 percent by the end of October 2010 as Malaysian production rebounds and
Indonesian growers speed up shipments because of an export tax, according to
Godrej International Ltd. Indonesia said August 2010 that production may fall
to 19.0 million and 20 million tons, from 21 million in 2009. Global
vegetable-oil demand will increase by 4.5 million tons in the year beginning
Oct. 1, 2010 exceeding the 3.8 million tons increase in supply, Ministry said.
The national crude palm oil, palm kernel oil production has kept on increasing
in the last five years in line with the changing of the publics’ consumption
patterns from using coconut cooking oil to palm cooking oil.
Indonesia’s Production, Consumption, Export of CPO, 2006-2010*
|
Year |
Production (Thousand Ton) |
Consumption (Thousand Ton) |
Export (Thousand Ton) |
|
2006 |
16,05 |
3,7 |
12,54 |
|
2007 |
17,27 |
4,0 |
12,65 |
|
2008 |
19,20 |
4,5 |
14,61 |
|
2009 |
21,14 |
4,9 |
16,94 |
|
2010* |
22,30 |
5,1 |
17,15 |
Source: Agriculture Ministry, GAPKI
*) Estimated by GAPKI (Indonesian Pal Oil
Association)
Until this time
P.T. HPI has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. HPI
is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in the first
year operation June to December 2010 amounted to Rp. 5.0 billion and projected
to go on rising by at least 6% in 2011. The operation in 2010 yielded an
estimated net profit of at least Rp. 0.3 billion and the company has an
estimated total networth of at least Rp. 1.5 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. HPI is led by Mr. Tony Chen (47) a businessman and professional manager
with experience in trading and exporter of crude palm oil and derivatives. 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. HIDREEN PALM
INTERNASIONAL is sufficiently fairly good for business transaction. However, in
view of the company still newly in operation we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.