|
Report Date : |
21.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.V. PASIFIC HARVEST |
|
|
|
|
Registered Office : |
Jalan Tratas No.
61, Muncar, Banyuwangi, 68472, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1993 |
|
|
|
|
Com. Reg. No.: |
Not
Available |
|
|
|
|
Legal Form : |
Partnership with Sleeping Partners |
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|
|
|
Line of Business : |
Canned Sardine Processing |
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|
|
|
No. of Employees : |
500 employees |
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 |
|
Status : |
Satisfactory |
|
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 |
C.V. PASIFIC HARVEST
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 - 60,000 sq.
meters
Building Space - 30,000 sq. meters
Region - Industrial
Zone
Status - Rent
1993
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Not Required
Private National
Company
The Department of
Finance
Not Available
a. C.V. JASA WANA
(Saw Mill & Wood Exporting)
b. P.T. WINDU
LAUT (Cold Storage)
Capital Structure
:
Owned Capital : Rp. 5.0
billion
Owners :
a. Mr. Aminoto (Active Partner)
b. Mr. Randy Wijaya (Silent Partner)
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 :
1993
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 :
P.T. Bank MANDIRI
Tbk
Jalan Brawijaya
No. 115
Muncar,
Banyuwangi
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 140.0
billion
2010 – Rp. 144.0
billion
2011 – Rp. 148.0
billion
Net Profit
(estimated) :
2009 – Rp. 11.0
billion
2010 – Rp. 12.2
billion
2012 – Rp. 13.2
billion
Payment Manner
:
Average
Financial Comments
:
Satisfactory
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.
Management Capability :
Good
Business Morality :
Good
C.V. PASIFIC HARVEST (C.V. PH) was established in 1993 in Muncar, 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. PASIFIC HARVEST (C.V. PH) is an industry that has been focused on the manufacturing of seafood products such as: canned sardines, canned mackerels, canned tuna, frozen fish (seafood), and fish flour as well as fish oil. The company has grown very rapidly at that time as a result of a strong commitment and now we are the biggest canned sardine’s producer in Indonesia thanks to all your supports and they committed to keep growing and improving their products and services to serve you better. With three manufacturing plants that have been built on top of approximately 6 hectares of land, C.V. Pasific Harvest has a manufacturing capacity of 200 tons of fish per day. C.V. Pasific Harvest has a policy and strong commitment to prioritize customer satisfaction, produce good quality products, provide reasonable price and on time delivery. C.V. PH will continue to improve their quality management system.
C.V. PH is one of the producers of canned sardine processing which operates in Banyuwangi, East Java standing on a land of 60,000 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. C.V. PH mission is to produce a strong brand perception in the market, and to produce the best quality of taste in the products, improve productivity, produce quality products with consistency that is safe to be consumed, to build professional human resources, to increase profitability for to serve employees and public for better lives. For years, C.V. PH has been providing customers with outstanding value and they have been successful in producing reliable canned sardines, mackerel, and tuna for countries around the world. C.V. PH products are canned sardines in sauce tomato, sauce tomato chili, olive oil, palm oil, or just plain good sardines, mackerel, and tuna. 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 Indoesian 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 2009 amounted to Rp. 140.0 billion
rose to Rp. 144.0 billion in 2010 increased to Rp. 148.0 billion in 2011 and
projected to go on rising by at least 4% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 13.2 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 (50) 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.55.70 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
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.