MIRA INFORM REPORT
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Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. INIMEXINTRA |
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Registered Office : |
Jl. Yos Sudarso
No. 12, Veteran Paal Dua Manado, Manado, North Sulawesi |
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Country : |
Indonesia |
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Date of Incorporation : |
07.12.1967 |
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Com. Reg. No.: |
No. C-07284
HT.01.04.TH.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Coconut Oil and Copra Cake Industry |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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$ 2,360,000. |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. INIMEXINTRA
company Address
Head Office
Jl. Yos Sudarso
No. 12
Veteran Paal Dua Manado
Manado, North Sulawesi
Indonesia
Phone -
(62-431) 52676, 65003
Fax - (62-431)
63831
Building Area - 3 storey
Office Space - 800 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Veteran Paal
Dua
Bitung, North Sulawesi
Indonesia
Phone -
(62-438) 21025
Fax - (62-438)
21362
Land Area - 52,800 sq.
meters
Building Space - 10,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
07 December 1967
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of
Law and Human Rights
a. No.
C2-6192.HT.01.04.TH.85
Dated 28 September 1985
b. No. C-07284
HT.01.04.TH.2002
Dated 29 April 2002
Company Status
Domestic Investment Company (PMDN)
Permit by the Government
Department
The Department of
Finance
NPWP No. 1.000.904.1-033
The Department of
Industry and Trade
No. 218/DJAI/IUT-I/PMDN/IV/1987
Dated 25 April 1987
The Investment
Coordinating Board
- No. 758/Sekr/DSp.PMDN/1971
Dated 21 May 1971
- No. 56/I/PMDN/1988
Dated 21 January 1988
Affiliated/Associated Companies
a. P.T. PELICHUSUS INIMEXINTRA (Shipping)
b. P.T. SULATENG Co. (Coconut Oil Industry0
c. P.T. SUCO INTRA (Coconut Oil Industry)
d. P.T. PRIMA PALEM INDAH (Coconut and Cooking Oil Industry)
e. P.T. EXCELSIOR (General Trading)
f. P.T.
GUNUNG SLAMET INDAH (Plantation)
g. P.T. PEJAKA (Ship Owner and Shipping)
h. P.T. DELINDO SUKSES
(Palm Oil Processing)
i. P.T. SUNGEI PINANG (Oil Palm
Plantation)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 3,500,000,000.-
Issued Capital - Rp. 3,500,000,000.-
Paid up Capital - Rp. 3,500,000,000.-
Shareholders/Owners :
a. Mr. Sinyo Tendean - Rp.
87,400,000.- ( 2.50%)
b. Mr. Konstantin Herry Leiman - Rp. 1,737,150,000.- (49.62%)
c. Mr. Benny Tatimu - Rp.
211,900,000.- ( 6.05%)
d. Mr. Eddy Tatimu - Rp.
478,450,000.- (13.66%)
e. Mr. Apollos Tatimu - Rp.
106,300,000.- ( 3.08%)
f. Mrs.
Beatrix Tatimu -
Rp. 106,050,000.- ( 3.03%)
g. Mr. Chatidjah Junus - Rp.
65,400,000.- ( 1.86%)
h. Mr. Karel Tatimu - Rp.
106,050,000.- ( 3.03%)
i. Mr.
Sanny Tatimu -
Rp. 281,000,000.- ( 8.03%)
j. Mrs.
Soentje Tatimu -
Rp. 213,050,000.- ( 6.08%)
k. Mrs. Caroline Tatimu - Rp.
106,050,000.- ( 3.03%)
l. Mr.
Karel Arnold Tangkudung -
Rp. 1,150,000.- ( 0.03%)
BUSINESS ACTIVITIES
Lines of Business
:
a. Coconut Oil and Copra Cake Industry
b. Woodworking Industry
Production
Capacity :
a. Coconut Oils -
24,000 tons p.a.
b. Copra Cakes -
14,000 tons p.a.
c. Sawn Timbers - 20,000
tons p.a.
d. Moulding -
20,000 tons p.a.
e. Furniture Component - 20,000
tons p.a.
Total Investment :
a. Equity Capital - Rp. 10.0 billion
b. Loan Capital - Rp. 6.0 billion
c. Total
Investment - Rp. 16.0
billion
Started Operation :
a. January 1972
for Cooking Oil and Copra Cake Industry
b. January 1991 for Woodworking Industry
Brand Name :
INIMEXINTRA
Technical Assistance :
None
Number of Employee :
260 persons
Marketing Area :
a.
Domestic -
50%
b.
Export - 50%
Main Customers :
a. Traditional
Markets (for cooking oil)
b. Plywood
Manufacturing Industries (for wood products)
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Musim Semi
Mas
b. PT. Smart Tbk.
c. PT. Bimoli
d. PT. Sayap Mas Utama
e. PT. Karya Prajona Nelayan
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Manado Branch
Jl. Dotu Lolong Lasut No. 15
Manado, North Sulawesi
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Manado Branch
Jl. Sam Ratulangi No. 1
Manado, North Sulawesi
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 415.0
billion
2009 – Rp. 340.0
billion
2010 – Rp. 220.0
billion
2011 – Rp. 85.0 billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 6.2 billion
2009 – Rp. 5.0 billion
2010 – Rp. 3.2 billion
2011 – Rp. 1.2 billion (January – June)
Payment Manner :
Sometime Delay
Financial Comments :
Weak
KEY EXECUTIVES
Board of Management :
President Director - Mr. Chatidjah Junus
Directors - a. Mr. Eddy Tatimu
b. Mr. Benny Tatimu
c. Mr. Sanny Tatimu
Board of Commissioner :
President Commissioner - Mr. Sinyo Tendean
Commissioner - Mr. Apollos Tatimu
Signatories :
President Director (Mr. Chatidjah Junus
Anis) or one of the Directors (Mr. Eddy Tatimu, Mr. Benny Tatimu and Mr. Sanny
Tatimu) which must be approved by the Board of Commissioners.
CAPABILITIES
Management Capability :
Poor
Business Morality :
Prudent
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under
guarantee
Proposed Credit Limit :
C.O.D. to small amount
Maximum Credit Limit :
US$ 2,360,000.- on the 90 days of payments
OVERALL PERFORMANCE
The company has the full name of P.T. Perusahaan Dagang EXIMINTRA established in 1967 with an authorized capital of Rp 40,000,000.- issued capital of Rp 8,000,000.- entirely paid up. The founders and original shareholders of the company are Mr. Liem Boan Siang, Mrs. Liem Lee Swat, Mr. Liem Kok Liong, Mr. Liem Giok Bing, Mrs. Liem Dee Tong, Mr. Tjokro Handoko, Mr. Apollos Tatimu, Mr. Paul Hengkiriang, Mr. The Se Tjong, Mr. Djoko Setiono Soeroso and Mr. Karel Arnold Tangkudung. In 1972, the company was renamed to P.T. INIMEXINTRA. We observe that the company's articles of association were converted for several times. In 1990 the authorized capital was raised to Rp 3,500,000,000.- entirely issued and paid up. The latest shareholders are as depicted in page 3 of this report. The latest amendment to articles of association was approved by the Ministry of Law and Human Right in its Decision Letter No. C-07284 HT.01.04.TH.2002 dated April 29, 2002.
P.T. INIMEXINTRA is engaged in coconut based cooking oil refinery whose plant is located in Bitung, Manado, North Sulawesi. The plant has a capacity to produce 24,000 tons of cooking oil and 14,000 tons of copra cake per annum. Having started with operation in 1972 and the plant has been declining in the last three years. The entire of its cooking oil production are marketed under INIMEXINTRA brand. The marketing of P.T. INIMEXINTRA's products are mostly concentrate in the Java Island and Bali Island. To secure the continuation of its cooking oil supply, P.T. INIMEXINTRA is backed-up by its two affiliated companies engaged in ocean going shipping services namely P.T. PELICHUSUS INIMEXINTRA and P.T. PEJAKA.
In 1988, P.T. INIMEXINTRA diversified its business in woodworking industry. Its plant is also located in Bitung, Manado, North Sulawesi. The plant is located adjacent to its cooking oil refinery. Meanwhile, its forestry concession is located in Gorontalo, North Sulawesi. Its woodworking plant has a capacity to produce 20,000 tons of sawntimber, 20,000 tons of moulding, and 20,000 tons of furniture components per annum. Its woodworking project used-up a total investment of Rp 2.9 billion. One of the senior staff of P.T. INIMEXINTRA pointed out that woodworking plant had been operating since 1991 and also declining in the last five years.
Generally outlook, the demand for Coconut Oils and Palm Oils 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 |
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2008 |
19,20 |
4,5 |
14,61 |
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2009 |
21,14 |
4,9 |
16,94 |
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2010* |
22,30 |
5,1 |
17,15 |
Source: Agriculture Ministry, GAPKI
*) Estimated by GAPKI (Indonesian Pal Oil
Association)
Until this time P.T. INIMEXINTRA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. INIMEXINTRA's management adopts very reclusive attitude towards outsiders and rejected to unveil its financial condition but we estimated that its operation in 2008 posted a total sales turnover of Rp. 415.0 billion declined to Rp. 340.0 billion in 2009 dropped again to Rp. 220.0 billion in 2010 and estimated to continue on declining by about 10% in 2011. We estimated that P.T. INIMEXINTRA's operation in 2010 yielded a total net profit of about Rp. 3.2 billion with a total networth of about Rp. 120.0 billion.
Pursuant to articles of association, the management of the company is headed by Mr. Chatidjah Junus as president director and assisted by Mr. Eddy Tatimu, Mr. Benny Tatimu and Mr. Sanny Tatimu, third as directors. The management is also handled by well-experienced by professional managers in the above business having wide relation with home and overseas private businessmen as well as with government sectors. As far as business is concerned the management of P.T. INIMEXINTRA has never involved in any fraudulent dealings.
Considering the company’s operation is declining in the last five years and unstable economic condition in the country, we recommend to treat extra prudently in extending any new loans to P.T. INIMEXINTRA.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.72 |
|
UK Pound |
1 |
Rs.81.42 |
|
Euro |
1 |
Rs.68.89 |
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.