MIRA INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
C.V. PASIFIC HARVEST |
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Registered Office : |
Jalan Tratas
No. 61, Muncar, Banyuwangi, 68472, East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1990 |
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Canned Sardine
Processing |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 1,894,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
C.V. PASIFIC HARVEST
company Address
Head Office & Factory
Jalan Tratas No.
61
Muncar,
Banyuwangi, 68472
East Java
Indonesia
Phones -
(62-333) 593368 (Hunting)
Fax - (62-333) 591618
E-mail - pasificmuncar@yahoo.com
Land Area - 30,000 sq.
meters
Building Space - 20,000 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
1990
Legal Form
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Company Reg. No.
Not Required
Company Status
Private National
Company
Permit by the Government
Department
The Department
of Finance
Not Available
Related Companies
a. C.V. JASA WANA
(Saw Mill & Wood Exporting)
b. P.T. WINDU
LAUT (Cold Storage)
CAPITAL AND OWNERSHIP
Capital
Structure :
Owned Capital : Rp. 5.0
billion
Owners :
a. Mr. Aminoto
(Active Partner)
b. Mr. Randy
Wijaya (Silent Partner)
BUSINESS ACTIVITIES
Lines of
Business :
Canned Sardine
Processing
Production
Capacity :
a. Canned Fish (Sardine) - 18,000 tons
b. Mackerel (GAGA & ABC) - based on orders
Total Investment
:
Owned Capital - Rp. 10.0
billion
Started
Operation :
1990
Brand Name :
Pasific Harvest
Technical
Assistance :
None
Number of
Employee :
500 persons
Marketing Area
:
Export - 60%
Local - 40%
Main Customer
:
Buyers in Asian
countries, Middle East, Europe Union, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AVILA
PRIMA SENTRA MAKMUR
b. P.T.
BLAMBANGAN FOODPACKERS
c. P.T. MAYA
MUNCAR
d. P.T. SUMBER
YALASAMUDERA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank MANDIRI
Tbk
Banyuwani
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 137.0
billion
2009 – Rp. 140.0
billion
2010 – Rp. 144.0
billion
Net Profit
(estimated) :
2008 – Rp. 10.9
billion
2009 – Rp. 11.0
billion
2010 – Rp. 12.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Aminoto
Representative Office (China) -
Mr. Hoyi He
Board of Commissioners :
None
Signatories :
Director (Mr. Aminoto)
is only the authorized person to sign the loan on behalf of the company.
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$ 1,894,000 on
90 days D/A
OVERALL PERFORMANCE
C.V. PASIFIC HARVEST (C.V. PH) was established in 1990 in Banyuwangi,
East Java with the legal status of C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partner. The founding and owners of the company are
Mr. Aminoto as active partner and Mr. Randy Wijaya as silent partner. Both are
Indonesian businessmen of Chinese extraction. As in common in cases of
companies with C.V. status, there is no mention in the company’s notarial act
of its capital structure. But going by the company’s conditions, we estimate
its capital at some Rp. 5.0 billion.
We observe that Mr. Aminoto and Mr. Randy Wijaya is also founders and
business stakes owners of C.V. JASA WANA engaged in saw mill & wood
exporting and P.T. WINDU LAUT engaged in cold storage and tuna processing.
C.V. PH is one of the producers of canned sardine processing which
operates in Banyuwangi, East Java standing on a land of 30,000 sq. meters. The
Company family group contains three
factories, specialized in producing more than 80 million tins of canned sardine
every year and two 1500-ton cold storages owned by P.T. WINDU LAUT, one 50K-sq
m of aquatic breeding farm, one saw mill owned by C.V. JASA WANA. The plant
produces of canned sardine of 18,000 tons per year. Meanwhile mackerel produces
based on job order from P.T. JAKARANA TAMA and ABC Group. The whole basic
materials in the form of frozen fish obtained from East Java, Eastern of
Indonesia. Some 60% of its products is exported to Southeast Asia, South
America, Middle East, Africa, Oceania and the rest 40% marketed locally by uses
of ASAHI, KOBE and SINAR LAUT brands. We observe that C.V. PH’s operation has
been growing and developing well in the last three years.
In overall views we find the demand for fish meal, fish oil and feather
meals had been rising by 5% to 6% per year in the last five years, in line with
the growth of animal feed industry in the country. The Indonesian water
particularly in Indonesian Economic Zone is still dominated by foreign fishing
boats who catching fish illegally.
The prolonged economic crisis caused the procurement of fishing boats to
impede. The absent of banking support caused Indonesian businessmen to find
difficulty to add their fishing boats. The Indonesian fisheries products export
including shrimp, tuna and others has yet to make any progress in 2008. The
protective law on export of Indonesian fisheries products imposed by developed
countries including the United States and the European countries through
embargo and or very strict security check (must be carried-out through
Singapore) will adversely Indonesian 2005's fisheries business. Beside that the
steep hike of fuel prices has also made domestic fisheries industry to bottom.
The export volume and value of the national fish fresh/frozen and shrimps
frozen products in 2005 to 2009 are pictured on the following table.
|
Year |
Fish Fresh (Frozen) |
Shrimps Frozen |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
Source: Central Bureau of Statistic (BPS)
Until this time C.V. PH has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of C.V. PH 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. 137.0 billion
rose to Rp. 140.0 billion in 2009 increased to Rp. 144.0 billion in 2010 and
projected to go on rising by at least 4% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 12.2 billion and the company has an
estimated total networth of at least Rp. 40.0 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 C.V. PH is headed by Mr. Aminoto (49) a businessman
and professional manager with experience in canned sardine processing and
trading. 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. C.V. PASIFIC HARVEST is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.79 |
|
UK Pound |
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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.