MIRA INFORM REPORT

 

 

Report Date :           

09.09.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. PANEN ABADI MAKMUR

 

 

Registered Office :

Jl. Lodan Raya No. 2, Komplek Lodan Centre Blok B No. 16, Jakarta Utara

 

 

Country :

Indonesia

 

 

Date of Incorporation :

05.10.2009

 

 

Com. Reg. No.:

No. AHU-53674.AH.01.01.Tahun 2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importing Services including handling of import document to release imported goods from ports and to deliver them to place warehouse of the goods owners

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 120,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Correct Name of Company

 

P.T. PANEN ABADI MAKMUR

 

 

Company Address

 

Head Office

Jl. Lodan Raya No. 2

Komplek Lodan Centre Blok B No. 16

Jakarta Utara

Indonesia

Phones             - (62-021) 692 5939 (hunting)

Fax.                  - (62-021) 692 5570

Building Area     - 2 storey

Office Space      - 110 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

05 October 2009

 

                                  

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

                                                       

Company Reg.No.

 

The Ministry of Law and Human Rights

No. AHU-53674.AH.01.01.Tahun 2009

Dated 05 November 2009

 

 

Company Status

 

National Private Company

           


Permit by the Government Department

 

The Department of Finance

NPWP (Tax Number) Not available

 

 

Affiliated/Associated Company

 

Not available

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                - Rp. 500,000,000.-

Issued Capital                      - Rp. 250,000,000.-

Paid up Capital                    - Rp. 250,000,000.-

 

Shareholders/Owners :

a. Mr. Jan Justin                              - Rp. 125,000,000.- (50%)

    Address: Jl. Pluit Timur Blok Y Sel/16

                   Jakarta Utara

                   Indonesia

b. Mrs. Audrey Megasari                 - Rp. 125,000,000.- (50%)

    Address: Jl. Pluit Putra VI A No. 21

                   Jakarta Utara

                   Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Importing Services

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

June 2010

 

Brand Name :

PANEN ABADI MAKMUR

 

Technical Assistance :

None

 

Number of Employee :

5 persons                                        

 

Marketing Area :

Domestic (Local)   - 100%

                                                       

Main Customers:

a. PT. ELISABETH HANJAYA

b. PT. TERANG TATA SAKTI

c. PT. BINTANG MANDIRI

d. Etc.

 

Market Situation :

Very Competitive

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank CENTRAL ASIA Tbk

Gunujng Sahari Branch

Jl. Gunung Sahari Raya No. 45

Jakarta Pusat

Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Total Income/Sale (estimated) :

2010 – Rp. 3.2 billion (June - December)

2011 – Rp. 4.6 billion (January - June)

 

Net Profit (estimated) :

2010 – Rp. 160 million (June - December)

2011 – Rp. 230 million (January - June)

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                     - Mr. Jan Justin

 

Board of Commissioners :

Commissioner                           - Mrs. Audrey Megasari

                                                           

Signatories :

The Director (Mr. Jan Justin) which must be approved by the Board of Commissioner (Mrs. Audrey Megasari)

 

 

CAPABILITIES

 

Management Capability :

Fairly

 

Business Morality :

Fairly

 

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$ 120,000 on the 90 days of payments

 

 

OVERALL PERFORMANCE

 

P.T. PANEN ABADI MAKMUR (P.T. PAM) was established on 5 October 2009 with an authorized capital of Rp. 500,000,000.- of which Rp. 250,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Jan Justin (50%) and Mrs. Audrey Megasari (50%), both are Indonesian businessman and businesswoman of Chinese extraction.  The Articles of Association was made by Lily Harjati Soedewo, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-53674.AH.01.01.Tahun 2009 dated 05 October 2009.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. PAM has been operating commercially since June 2010 in the field of importing services. Mr. Benny Junardi, operation manager of PT. PAM when contacted said that their main business is in the field of importing services, including handling of import document to release imported goods from ports and to deliver them to place warehouse of the goods owners. The goods which have been imported by P.T. PAM to include chemicals, textile, synthetic leather, bag accessories, cold storage, plastic injection machines and so forth. Customers of P.T. PAM, among others, PT. Terang Tata Sakti, PT. Elisabeth Hanjaya, PT. Bintang Mandiri, and so forth. We noticed that the operation  of P.T. PAN went smoothly even though it is categorized as newly operating commercially.

 

In general we noticed that the demand for the importing services fluctuated in the past three years, due to the financial economic crisis that occurred in the USA and Europe in 2008. The impact was the development of commodity import and export value Indonesia also fluctuated in the last three years. But since early 2010 it began rather stable, with increasing Indonesian import-export value. According to Central Bureau of Statistics of Indonesia, economic goods value imported into Indonesia in 2008 amounted to U.S. $ 129,197.3 million down to U.S. $ 96,829 million in 2009 and increased again to U.S. $ 135,663.3 million in 2010. It was estimated that import value would increase at least 12% in 2011.

 

While export value of Indonesia commodity in 2008 amounted to U.S. $ 137,020.4 million, decreased to U.S. $ 116,510.0 million in 2009 and increased again to U.S. $ 159,779.1 million in 2010. The export value was expected to increase again at least 10% in 2011.

 

Until this time P.T. PAM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. PAM’s very reclusive toward outsiders and rejected to disclose its financial condition. However, we estimated that total income or sale as of June to December 2010 reached Rp. 3.2 billion with a net profit of Rp. 160 million, increased to Rp. 4.6 billion with a net profit of Rp 230 billion as of January to June 2011.  Its estimated the company has a total networth of Rp 500 million.   So far we have never heard that P.T. PAM has been black listed by Bank Indonesia (central bank) or detrimental cases being settled in local district court.

 

P.T. PAM's management is headed by Mr. Jan Justin (56) as director, a businessman with more than 10 years of experience in importing services. In day-to-day operations he is assisted by Mrs. Audrey Megasari (60) as commissioner and Mr. Benny Yunardi (38) as operational manager. The management is evaluated quite creative and dynamic.  They have close relations with many high-ranking government officials as well as with private businessmen within and outside the country. So far, we did not hear that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.

 

Since this company (PT. PAM) just about one year in operation commercially, so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.18

UK Pound

1

Rs.73.65

Euro

1

Rs.64.95

 

 

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

----

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.