|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MEGHMANI
ORGANICS INDONESIA |
|
|
|
|
Registered Office : |
Ruko Metro Kencana VII
Blok Q No. 40, Pertokoan Plaza Metro Sunter Kel. Sunter Agung, Kec. Tanjung Priok
Jakarta Utara 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financial as on: |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
27.02.2008 |
|
|
|
|
Reg. No.: |
No. AHU-AH.01.10-03659 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Pesticides and Other Pigment
Products |
|
|
|
|
No. of Employees : |
12 persons |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. MEGHMANI ORGANICS INDONESIA
Head Office
Ruko Metro Kencana VII Blok
Q No. 40,
Pertokoan Plaza Metro
Sunter
Kel. Sunter Agung, Kec.
Tanjung Priok
Jakarta Utara 14350
Indonesia
Phones - (62-21) 651 8583
Fax - (62-21) 651 8585
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
27 February 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
a. No.
AHU-21656.AH.01.01.Tahun 2008
Dated 29 April
2008
b. No. AHU-AH.01.10-03659
Dated 15
April 2009
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.747.710.8-048.000
Holding Company :
MEGHMANI ORGANICS LIMITED of India (Investment Holding)
Related/Associated Company :
A member of the MEGHMANI ORGANICS Group of India
Capital Structure :
Authorized Capital - Rp. 2,284,250,000.-
Issued Capital - Rp.
2,284,250,000.-
Paid up Capital - Rp. 2,284,250,000
Shareholders/Owners :
a. MEGHMANI
ORGANICS LIMITED - Rp.
2,261,407,500.- (99%)
Address :
Perumahan Citra 5 Blok D8/23
Kel. Kamal, Kec. Kalideres
West Jakarta
Indonesia
b. Mr. Patel
Natwarlal Meghjibhai -
Rp. 22,842,500.- ( 1%)
Address : 6-8
Ashokvatika N01
OPP Ektafarm Ambibopal
Road
India
Lines of Business :
Trading, Import and Distribution of Pesticides and Other Pigment
Products
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 2,284.2
million
Started Operation :
April 2009
Brand Name :
Meghmani Organics Indonesia
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Local - 100%
Main Customers:
Pharmaceutical Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Basf Indonesia
b. PT. Maskitani
c. PT. Agricon
d. PT. Ria Indo Agri
e. PT. Indagro
Business Trend :
Growing
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk.
Sunter Branch
Jl. Danau Sunter Utara Blok G7 III No.1-2
Jakarta Utara
Indonesia
b. The Hong Kong
and Shanghai Bank Corp. (HSBC)
Komplek Puri Mutiara A 76 – A 77
Jl. Griya Utama, Sunter
Jakarta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Income/Revenues:
2010 – Rp. 4,563 million (01 April 2009 to 31 March 2010)
2011 – Rp. 6,160 million (01 April 2010 to 31 March 2011) - estimated
Net Income (Profit):
2010 – Rp. 354 million (01 April 2009 to 31 March 2010)
2011 – Rp. 480 million (01 April 2010 to 31 March 2011) - estimated
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Ramanath Mangapuram
Director - Mr. Ashish Natwarlal Soparkar
Board of Commissioners :
Commissioner - Mr. Patel Jayantilal Meghjibhai
Signatories :
President Director (Mr. Ramanath
Mangapuram) or Director (Mr. Ashish Natwarlal Soparkar) which must be approved
by Board of Commissioner (Mr. Patel Jayantilal Meghjibhai)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. MEGHMANI ORGANICS INDONESIA (P.T. MOI) was incorporated in Jakarta
on February 27, 2008 with the authorized capital of Rp. 2,284,250,000 (US$.
250,000) entirely was issued and fully paid up.
The founding shareholders of the company are Mr. Ramanath Mangapuram
(52%) and Mr. Gyan Prakash (48%), both are Indian businessmen. The Articles of Association has been approved
by the Minister of Law and Human Rights through Decision Letter No. AHU-21656.AH.01.01.Tahun
2008 dated April 29, 2008. The
Company’s article of association has been amended for several times, most
recently by notarial deed of Arsin Effendy, SH., No. 12 dated February 13, 2009
Mr. Ramanath Mangapuram and Mr. Gyan Prakash pulled out and the whole shares
are sold to Meghmani Organics Limited of India (99%) and Mr. Patel Natwarlal
Meghjibhai of India (1%). The notarial Deed has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-03659 dated April 15, 2009.
Pursuant to the company’s notary deed, P.T. MOI engaged to operate in
main distributor, import and trading of insecticide, pesticide and
fertilizer. The Company’s registered
office located at Ruko Metro Kencana VII Blok Q No. 40, Sunter Agung, North
Jakarta and the company can open branch offices or representative offices at
home and abroad.
P.T. MOI has been operating since April 2009 to deal with trading,
import and distribution of agrochemical products such as pesticide and other
pigment products. Mr. Natu Patel,
Managing Director of Meghmani Orgianics Limited (MOL) explained that P.T. MOI
will function as MOL’s own distribution network for branded products outside
India. He added that the Indonesian
market for pesticides is one of the fastest growing in the world, currently
valued at over $360 million. Through its
subsidiary, MOL Expects to gain around 10 percent market share in the second
full year of operations in the category of products registered already in
Indonesia and incremental growth thereafter.
In the first phase, retail operations have been set up in the islands of
Sumatra and Java, with appointment of some 15 distributors, while in the second
phase, the island of Sulawesi will be added with 10 more distributors. Coverage of smaller islands will be planned
in a phased manner thereafter, Mr. Patel said. Once the targets are reached in
Indonesia, MOL would replicate this model in other neighboring countries. Established in Gujarat in 1986, Meghmani
manufactures pigments and agrochemicals, specializing in green and blue pigment
products that have multiple applications in a range of industries. We observed that P.T.
MOI is still relatively new company in trading, import and distribution of
agrochemical products.
We have noticed that the demand for agrochemical products had increased
some 10% to 11% per annum in the last five years in line with the growth of
agricultural sector, plantation sector and other estate crops products in the
country. Pursuant to Central Bureau of Statistics (BPS), the production of
large estate crops such as; dry rubber, palm oil, palm kernel, cocoa, coffee,
tea cane sugar and tobacco have been fluctuating in the last five years. The estate crops activities in Indonesia is
seen from the growth production of estate crops as below.
(in 000 tons)
|
Year |
Dry Rubber |
Palm Oil |
Palm Kernel |
Cocoa |
Coffee |
Tea |
Cane Sugar |
Tobacco |
|
2003 |
396.1 |
6,923.5 |
1,529.2 |
56.6 |
29.4 |
126.2 |
1,991.6 |
5.2 |
|
2004 |
403.8 |
8,479.3 |
1,862.0 |
54.9 |
29.2 |
125.5 |
2,051.6 |
2.7 |
|
2005 |
432.2 |
10,119.0 |
2,155.9 |
55.1 |
24.8 |
128.2 |
2,241.7 |
4.0 |
|
2006 |
554.6 |
10,961.8 |
2,363.1 |
67.2 |
28.9 |
115.4 |
2,307.0 |
4.2 |
|
2007 |
578.5 |
11,438.0 |
2,593.2 |
68.6 |
24.1 |
116.5 |
2,623.8 |
3.1 |
|
2008 |
594.6 |
12,477.8 |
2,829.2 |
62.9 |
28.1 |
112.8 |
2,668.4 |
2.6 |
|
2009 |
522.3 |
13,872.3 |
3,145.5 |
67.6 |
28.7 |
107.3 |
2,333.9 |
4.1 |
|
2010 |
585.4 |
14,290.1 |
3,240.1 |
70.9 |
28.7 |
108.9 |
2,278.1 |
4.0 |
|
2011 |
531.9 |
16,908.7 |
3,994.6 |
44.8 |
23.7 |
137.2 |
1,348.3 |
2.9 |
|
2012* |
160.8 |
4,390.1 |
1,148.5 |
12.2 |
0.4 |
20.0 |
8.5 |
0.9 |
Source: Central Bureau of Statistics (BPS) *) January to March 2012
The financial condition of the company is appraised to be less strong and
its financial condition at present is as the paid up capital of Rp.
2,284,250,000 (US$ 250,000) as stated in
the articles of association of the company. The financial condition of the
company still depends on the financial condition of its shareholders. According to the Company’s financial
highlight that total income/sales of the company as of April 2009 to March 2010
amounted to Rp.4,563 million with a net profit of Rp. 354 million. Up to
present, we have yet to gain the statement of income of P.T. MOI in fiscal
2010/2011. However, we estimated that
net income of the company as of April 2010 to March 2010 amounted to Rp. 6,160
million with a net profit of Rp. 480 million.
The Profit & Loss Account for the year ended on 31 March 2010 are
below:
|
Profit &
Loss Account for the year ended on 31.03.2010 |
IDR |
INR |
|
Particulars |
01.04.09
to 31.03.2010 |
01.04.09
to 31.03.2010 |
|
Total Income |
4,562,972,185 |
21,795,797 |
|
Cost of Goods Sold |
3,038,291,988 |
14,512,908 |
|
(Increase) / Decrease in Stock |
|
|
|
Stock Reserve |
|
|
|
Total |
3,038,291,988 |
14,512,908 |
|
Gross Profit |
1,524,680,197 |
7,282,889 |
|
Administration Expenses |
634,701,059 |
3,031,755 |
|
Selling & distribution Expenses |
583,273,439 |
2,786,103 |
|
Financial Expenses |
118,070,286 |
563,982 |
|
Depreciation |
233,481,870 |
404,893 |
|
Other Income |
-398,836,984 |
-1,905,111 |
|
Total Expenses |
1,170,689,670 |
4,881,622 |
|
Net Profit |
353,990,526 |
2,401,267 |
|
|
|
|
|
Balance Sheet as
on 31.03.2010 |
|
|
|
Share Capital |
2,284,250,000 |
12,330,000 |
|
- Issued & Subscribed
Capital |
2,284,250,000 |
12,330,000 |
|
- Add / Less Current Year |
353,990,526 |
2,401,267 |
|
- Loan (hype of Vehicles) |
480,431,896.94 |
2,378,137.89 |
|
- Meghmani Organics Ltd., India |
2,087,426,150 |
10,282,549 |
|
Total
Liabilities |
5,206,098,573 |
25,770,188 |
|
Fixed Assets |
|
|
|
- Gross Block |
4,397,095,679 |
21,765,624 |
|
- Less: Accumulated Depreciation |
373,079,669 |
1,846,744 |
|
- Net Block |
4,024,016,010 |
19,918,879 |
|
Current Assets |
|
|
|
- Petty Cash |
52,444,900 |
259,602 |
|
- BCA Rp. |
132,883,412 |
657,773 |
|
- HSBC 050-106806-115 |
381,306,428 |
1,887,467 |
|
- Inventories |
1,867,328,803 |
9,243,278 |
|
- Sundry Debtors |
1,989,002,795 |
9,845,564 |
|
- Building Deposit |
15,000,000 |
74,250 |
|
- Bank Guarantee |
67,158,682 |
332,435 |
|
- Prepaid Expenses |
11,500,000 |
56,925 |
|
- Employee Recoverable Exp. |
7,000,000 |
34,650 |
|
- Other current Assets – adv, rent |
164,537,037 |
814,458 |
|
- Tax Art. 22 import |
30,531,000 |
151,128 |
|
Total Current
Assets |
4,718,693,056 |
23,357,531 |
|
Current
Liabilities |
|
|
|
- Creditors |
2,843,330,032 |
14,074,484 |
|
- VAT Collected |
217,585,004 |
1,077,046 |
|
- PPh 21 |
54,595,455 |
270,248 |
|
- PPh 23 |
100,000 |
495 |
|
- Ramanath M. Liabilities |
345,800,000 |
1,711,710 |
|
- Others Liabilities |
75,200,000 |
372,240 |
|
- Total Current Liabilities |
3,536,610,490 |
17,506,222 |
|
- Net Current Assets |
1,182,082,566 |
5,851,309 |
|
Total Assets |
5,206,098,576 |
25,770,188 |
Source: PT.
Meghmani Organics Indonesia
The management of P.T. MOI is led by Mr. Ramanath Mangapuram (45) a
professional manager from India with more than 10 years experience in trading, import
and distribution of agrochemical products.
In daily activities he is assisted by Mr. Ashish Natwarlal Soparkar (60)
as director. Beside, they are also assisted by a number of expert staffs in the
above business. The Company’s management has 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.
Since this company (PT. MOI) 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.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.