|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PRIMA MITRAJAYA MANDIRI |
|
|
|
|
Registered Office : |
Gedung Graha Aktiva, Suite 1001, Jl. HR. rasuna Said, Blok X-1, Kav. 03, Jakarta
12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
13.09.2005 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-19705 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Oil Palm Plantation |
|
|
|
|
No. of Employees : |
2,540 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. PRIMA MITRAJAYA MANDIRI
Head Office
Gedung Graha Aktiva, Suite 1001
Jl. HR. rasuna Said, Blok X-1, Kav. 03
Jakarta 12950
Indonesia
Phone -
(62-21) 5292 0338
Fax. - (62-21)
5292 0339
Building Area - 26 storey
Office Spare - 160 sq. meters
Region - Commercial
Status -
Rent
Samarinda
Office
Jl. Gamelan No. 2A, RT.034
Kel. Dadi Mulya, Kec. Samarinda Ulu Kota
Samarinda 75123
East Kalimantan
Indonesia
Phones -
(62-541) 739242, 739587
Fax. - (62-541)
739597
Building Area - 2 storey
Office Spare - 120 sq. meters
Region - Commercial
Status - Rent
Plantation Location
Rantau Hempang Bulsing
Desa Rantau Hempang
Kec. Muara Kaman, Kota Bangun, Muara Wis
Kabupaten Kutai Kertanegara
East Kalimantan - Indonesia
Land Area - 21,500 hectares
Building Area - 1.2 hectares
Region - Plantation
Zone
Status - Rent
13 September 2005
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No.
C-16441.HT.01.01.TH.2006
Dated 06 June 2006
b. No.
AHU-49088.HT.01.02.TH.2008
Dated 07 August 2008
c. No.
AHU-AH.01.10-19705
Dated 01 June 2012
Foreign Investment
Company (PMA)
The Department of
Finance
NPWP No. 02.504.354.8-058.000
M.P. EVANS & Co. Ltd., of United Kingdom (Investment Holding)
a. P.T. AGRO MUKO (Oil Palm Plantation)
b. P.T. KERASAAN
INDONESIA (Oil Palm Plantation)
c. P.T. TEGUH
JAYAPRIMA ABADI (Oil Palm Plantation)
d. P.T. GUNUNG
PELAWAN LESTARI (Oil Palm Plantation)
Capital
Structure :
Authorized Capital - Rp. 45,000,000,000.-
Issued Capital - Rp. 45,000,000,000.-
Paid up Capital - Rp. 45,000,000,000.-
Shareholders/Owners
:
a. M.P. EVANS
& Co. Ltd., of United Kingdom -
Rp. 41,625,000,000.- (92.5%)
b. Mr. Halim
Jawan of Indonesia -
Rp. 3,375,000,000.- ( 7.5%)
Lines of
Business :
Oil Palm Plantation
Production
Capacity :
Fresh Fruits Bunches - 23,100 ton
p.a.
Total
Investment :
Equity Capital - Rp. 45.0 billion
Started
Operation :
2010
Brand Name :
PRIMA MITRAJAYA
Technical
Assistance :
MP Evans & Co. Ltd., of United Kingdom
Number of
Employee :
2,540 persons
Marketing Area
:
Local (Domestic) - 100%
Main Customers :
a. Palm Oil
Refinery Industries
b. Cooking Oil
Industries, Etc
Market
Situation :
Very Competitive
Main Competitors :
a. PT. AMP Plantation
b. PT. Mukti Swadaya Lestari
c. PT. Permata Hijau Sawit
d. PT. Tapian Gayor
Langkat
e. PT. Tanjung
Siram
Business Trend
:
Growing
Bankers :
a. STANDARD CHARTERED Bank
Menara Standard Chartered Bank
Jl. Prod.
DR. Satrio No. 164
Jakarta
Selatan
b. P.T. Bank CIMB NIAGA Tbk.
Plaza
CIMB NIAGA
Jl. Jend. Sudirman Kav. 56
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No detrimental
filling in our database
Total Sales/Income (estimated) :
2010 – Rp. 11.0
billion
2001 – Rp. 45.6
billion
Net Profit
(Loss) – estimated :
2010 – (Rp.12.5
billion)
2011 – (Rp. 6.3 billion)
Payment Manner
:
Almost promptly
Financial
Comments :
Fairly good
Board of Management :
President Director - Mr. Krisnan
Chandra Sekaran K.V. Nair
Directors -
a. Mr. Sivabalan Subbiah
b. Mr. Satheesan Al T.A. Menon
c. Mr. Markian Gunawan
d. Mr. Halim Jawan
Board of Commissioners :
President Commissioner -
Mr. Peter Edwin Hadsley Chaplin
Commissioners -
a. Mr. Philip Anthony Fletcher
b. Mr. Owen David Wilkinson
c. Mr. Sudihugeng Hardjojo
Signatories :
President Director (Mr.
Kris Chandra Sekaran K.V. Nair) or one of Directors (Mr. Sivabalan Subbiah, Mr.
Satheesan Al T.A. Menon, Mr. Markian Gunawan, Mr. Halim Jawan) which must be
approved by President Commissioner (Mr. Peter Edwin Hadsley Chaplin) and one of
the Commissioners (Mr. Philip Anthony Fletcher, Mr. Owen David Wilkinson and
Mr. Sudihugeng Hardjojo)
Management
Capability :
Good
Business Morality
:
Good
P.T. PRIMA MITRAJAYA MANDIRI (P.T. PMM) was incorporated in Jakarta on September 13, 2005 with the authorized capital of Rp. 1,000,000,000.- of which Rp. 250,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Halim Jawan (85%) and Mr. Sudihugeng hardjojo (15%), both are indigenous businessmen. The deed of company was made by Ni Putu Sri Sunardewi, SH., a public notary in Jakarta and it was approved by the Minister of Law and Human Right through Decision Letter No. C-16441 HT.01.01.TH.2006 dated June 6, 2006. The company's notarial act was since revised a number of times. In January 2007, Mr. Sudihugeng Hardjojo pulled out and the whole shares are sold to M.P. Evans & Co. Limited of United Kingdom.
Latest, in July 2008, the authorized capital was raised to Rp. 45,000,000,000.-
entirely was issued and fully paid up.
Since then, the shareholders of the company are M.P. Evans & Co.
Limited (92.5%) and Mr. Halim Jawan (7.5%). The deed of amendment was made by
Dr. Misahardi Wilamarta, SH., a public notary in Jakarta and it was approved by
the Minister of Law and Human Right in its Decision Letter No. AHU-49088
HT.01.02.Tahun.2008 dated August 7, 2008 and No. AHU-AH.01.10-19705 dated June
1, 2012. No changes have been effected
in term of its shareholding composition and capital structures to date.
P.T. PMM is engaged in oil palm plantation in East Kalimantan. Pursuant to Kutai Kertanegara Regency, the company owns a oil palm plantation area of 21,500 hectares in District of Muara Kaman, Kota Bangun and Muara Wis, Kutai Kertanegara Regency, East Kalimantan.
We observed that P.T. PMM is a member of the M.P. Evans Group PLC (incorporated in England & Wales) is listed on AIM. The Group's assets consist of oil-palm plantations (both majority and minority held) in Indonesia, beef-cattle interests in Australia and property development in Malaysia.
In 2006 agreements were signed with two Indonesian partners, both members of the same Indonesian family, Messrs. Halim Jawan and Sudihugeng Hardjojo. Mr Jawan is a 7.5% shareholder in PT Prima Mitrajaya Mandiri; Mr Sudihugeng is a 7.5% shareholder in PT Tegu Jayaprima Abadi. Together, the two companies are developing 16,000 hectares of land near Samarinda in East Kalimantan. The largely open land is deemed highly suitable for oil-palm cultivation in terms of soil conditions, terrain and climate. As part of the agreement smallholders' co-operatives, comprising approximately 4,600 hectares (part of the 16,000 hectares referred to above), will be developed on the project and will be managed by the Group.
As with the Bangka project, the co-operatives’ fruit will be processed by the Group’s mills, the first of which was commissioned at the end of 2011. At 31 December 2011, 12,800 hectares had been planted of which 3,600 hectares have been allocated to the smallholder schemes.
In 2005 the Group invested in a 90% share of an Indonesian company, PT Gunung Pelawan Lestari ("GPL"), which, it is planned, will develop 10,000 hectares of environmentally-suitable land into oil palm over the next three to four years, of which 4,000 hectares will be allocated to the smallholders’ co-operative schemes. The other 10% of GPL is owned by an Indonesian businessman, Mr Karli Boenjamin. As at 31 December 2011, 4,400 hectares had been planted. Of these 1,400 hectares have been allocated to the smallholder co-operatives. These will be developed and managed by GPL and the co-operatives’ fruit will, one day, be processed by GPL’s mill.
Source: http://mpevans.co.uk/mpevans/en/operations/oil
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. But, the increase did not follow by a good market prices
even caused the drastically decline of the market price in the middle of 2008.
Besides that, the increase in Indonesian and Malaysian oil palm production was
also followed by relatively unstable world market prices for edible oil which
caused an over supplies and dropped world price of CPO. Such condition is
estimated to continue on remaining unchanged until 2009. Details on Indonesian
last five years CPO production and export value is listed below:
National
CPO Production, Export and Consumption, 2004-2008
|
Year |
Production (000 Tons) |
Exports (000 Tons) |
Consumption (000 Tons) |
|
2004 |
12.380 |
8.996 |
3.347 |
|
2005 |
14.100 |
10.436 |
3.546 |
|
2006 |
16.050 |
12.540 |
3.711 |
|
2007 |
17.100 |
12.650 |
4.105 |
|
2008 |
19.330 |
14.470 |
4.430 |
Source: Central Research of Oil
Palm Plantation
P.T. PMM has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales/income of the company in the first year operation in 2010 amounted to Rp. 11.0 billion rose to Rp. 45.6 billion in 2011 with a net loss of Rp. 6.3 billion and projected to go on rising by at least 15% in 2012. The company has an estimated total asset of at least Rp. 65.0 billion. We observe that P.T. PMM 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 management of P.T. PMM is headed by Mr. Krisnan Chandra Sekaran K.V. Nair (56), a professional manager of Johor (Malaysia) with broad experience in oil palm plantation and refinery. In his daily activities, he is assisted by four directors namely Mr. Sivabalan Subbiah (54), Mr. Satheesan AL T.A.. Menon (59), both are of Malaysia, Mr. Markian Gunawan (42) and Mr. Halim Jawan (64), both are of Indonesia. The management is also handled by professional managers 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 company’s management involved in the business malpractices 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. MPP) just
about two years 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.55.17 |
|
UK Pound |
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.