MIRA INFORM REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. PACIFIC MEDAN INDUSTRI |
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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 : |
Indonesia |
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Date of Incorporation : |
31.12.1997 |
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Com. Reg. No.: |
No. AHU-20420.AH.01.02.TH.2009 |
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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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 3,400,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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
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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.
PACIFIC MEDAN INDUSTRI
company Address
Head Office
& Factory
Jalan Pulau Nias Selatan
Kawasan Industri Medan II
Mabar, Medan 20242
North Sumatra
Indonesia
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
Date of Incorporation
a. 31 December 1997 as P.T.
PACIFIC LINK INDUSTRY
b. 12 March 1998 as P.T. PACIFIC
MEDAN INDUSTRI
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
- No.
AHU-20420.AH.01.02.TH.2009
Dated
13 May 2009
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 Plantation and Processing)
g. P.T. OLEOCHEM & SOAP
INDUSTRI (Glycerine and Toilet Soap Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 16,000,000.-
Issued Capital : US$
16,000,000.-
Paid up Capital : US$
16,000,000.-
Shareholders/Owners :
a. COMMODITIES HOUSE INVESTMENT LTD. - US$ 15,750,000.-
Address : Cayman Island
British West Indies
United Kingdom
b. Mr. Fouad Hayel Saeed Anam - US$
250,000.-
Address : Bangsar Puteri Apartemen
Block 41-16-2
Malaysia
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 pieces p.a.
f. Pouch - 17,550,000 pieces
p.a.
g. Jerican (6, 18, 20 liters) - 2,467,000 pieces p.a.
Total Investment :
a. Equity Capital - US$ 16.0 million
b. Loan Capital - US$ 23.4
million
c. Total Investment -
US$ 39.4 million
Started Operation :
1998
Brand Name :
MEDINA (Cooking Oil)
Technical Assistance :
None
Number of Employee :
226 persons
Marketing Area :
Local - 5%
Export - 95%
Main Customer :
Buyers in Europe Union, Middle
East, Asian countries etc
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
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 7
Medan, North Sumatera
Indonesia
b. STANDARD CHARTERED Bank
Jalan Imam Bonjol 17
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our
database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 224.0 billion
2009 – Rp. 245.0 billion
2010 – Rp. 257.0 billion
Net Profit (estimated) :
2008 – Rp. 15.5 billion
2009 – Rp. 16.7 billion
2010 – Rp. 17.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr.
Fouad Hayel Saed Anam
Directors - a.
Mr. Marwan Ahmed Hayel Saeed
b. Mr. Abdul Gabbar Hayel Saeed
c. Mr. Salah Ahmed Hayel Saeed
Board of Commissioners :
Commissioner -
Mr. Abdul Rahman Hayel Saeed Anam
Signatories :
President
Director (Mr. Fouad Hayel Saed Anam) or one of the Directors (Mr. Marwan Ahmed
Hayel Saeed, Mr. Abdul Gabbar Hayel Saeed or Mr. Salah 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$ 3,400,000 on the 90 days of
payments
OVERALL PERFORMANCE
Initially named P.T. PACIFIC LINK INDUSTRY was established in December 1997 in Medan, North Sumatra with an authorized capital of US$ 10,000,000 issued capital of US$ 5,000,000 entirely paid up. The original founding shareholders are COMMODITIES HOUSE MANAGEMENT LTD., of the United Kingdom and Mr. Fouad Hayel Saeed Anam of Malaysia. The articles of association had been changed a couple of times. In March 1998 the company has been changed to P.T. PACIFIC MEDAN INDUSTRI (P.T. PMI). Concurrently the issued capital was decreased (reduce) to US$ 2,500,000 fully and paid up. The deed of amendment was made by Mr. Zainal Baharuddin, SH., a public notary in Medan, under Company Registration Number W7-02159 HT.01.04.TH. 2007, dated March 05, 2007. The latest in March 2009 the authorized capital was increased to US$ 16,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become COMMODITIES HOUSE INVESTMENT LTD., (98.44%) and Mr. Fouad Hayel Saeed Anam (1.56%). The latest revision of notary documents was made by Mrs. Sastriany Josoprawiro, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-20420.AH.01.02.TH.2009 dated May 13, 2009.
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, Medan, North Sumatra. Already in operation since 1998, the plant has
been expanded and is now producing RBD Palm Oil of 540,000 tons, Vegetable
Ghees of 81,000 tons, Cooking Oil of 27,000 tons, Shortening /Margarine of
36,000 tons, Pet Bottles of 49,140,000 pieces, Pouch of 17,550,000 pieces and
Jerican of 2,467,00 pieces respectively per annum. The refinery has used up an
investment of US$ 39.4 million, come from owned capital of US$ 16.0 million and
the rest from loans. 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-color 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, Singapore, Hong Kong, Vietnam, Sri Lanka of the MEDINA brand.
Meanwhile, the remainder is marketed in the country. The very sharp Rupiah
depreciation to the US$ and other hard foreign currencies has positively
affected P.T. PMI's finances, since about 95% of its production has been
exported to cause its sales revenues in Rupiah to increase. On the other hand,
the prolonged economic crisis also has had a negative impact on the company,
for having pushed up drastically its production costs. We consider P.T. PMI's
operations to have been running smoothly and growing well in the last five
years.
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) |
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2006 |
16,05 |
3,7 |
12,54 |
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2007 |
17,27 |
4,0 |
12,65 |
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2008 |
19,20 |
4,5 |
14,61 |
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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)
Besides, the demand for palm cooking oil has kept on increasing in the last five years in line with the growing demand for palm cooking oil within and outside the country. According to research, total palm cooking oil industries operating in Indonesia are 53 units with production capacity 7.2 million tons but in 2005 reached 62 units with total production capacity of 9.7 million tons. The main business players in cooking oil business are SMART (SINAR MAS Group) under cooking oil brands of FILMA, KUNCI MAS; the SALIM Group through P.T. SALIM IVOMAS PRATAMA under cooking oil brand of BIMOLI; the KPN Group and others.
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. The business position of P.T. PMI is favorable for having established wide marketing coverage in export market. The growth of cooking oil production in the last five years is pictured on the following table:
The Production of Palm Cooking Oil, 2004 – 2009*
|
Year |
Production
(Ton) |
|
2004 |
4,527,700 |
|
2005 |
4,980,470 |
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2006 |
5,428,670 |
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2007 |
5,808,670 |
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2008 |
6,186,233 |
|
2009* |
6,619,269 |
Source:
Department of Industry, Processed by ICB
*) 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. The management of P.T. PMI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 224.0 billion rose to Rp. 245.0 billion in 2009 increased to Rp. 257.0 billion in 2010 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. 17.8 billion and the company has an estimated total networth of at least Rp. 119.0 billion. We observe that P.T. PMI is supported by foreign partner with has financially strong and sound behind it. 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. PMI is headed by Mr. Fouad Hayel Saed Anam (54) a businessman who experienced for more than 15 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 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. PACIFIC MEDAN INDUSTRI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
UK Pound |
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.