MIRA
INFORM REPORT
|
Report Date : |
03.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. EXCEL MEG INDO |
|
|
|
|
Registered Office : |
Jalan Angkasa Kav. B 6 Block D.2 Kota Baru, Bandar Kemayoran Jakarta Pusat |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.12.2006 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-17921 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Agrochemical Products |
|
|
|
|
No. of Employees : |
22 persons |
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$ 164,400 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. EXCEL
MEG INDO
Address
Head Office
Jalan Angkasa Kav. B 6 Block D.2
Kota Baru, Bandar
Kemayoran
Jakarta Pusat
Indonesia
Phones -
(62-21) 2664-6027, 2664-6028
Fax - (62-21) 2664-6029, 2664-6030
Hand Phone - 0811-1889663 (Mr.
Murugadass Natarajan)
E-mail - murughaa@yahoo.com
Website - http://www.excelmegindo.com
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Branches
a. Jalan Ganesha Raya No. 304
Kelurahan Pandurungan Kidul, Kecamatan
Pandurungan
Semarang
Central Java
Indonesia
Phone - (62-24) 6712 830
Fax -
(62-24) 6712 830
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
b. Perumahan Pondok Jati Block AF No. 14
Surabaya
East Java
Indonesia
Phone - (62-31) 8963 170
Fax -
(62-31) 8963 170
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Registration data
Date of Incorporation :
26 December 2006
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. AHU-11847.AH.01.02.TH.2008
Dated 11 March 2008
- No. AHU-AH.01.10-7375
Dated 31 March 2008
- No. AHU-AH.01.10-17921
Dated 13 June 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.414.763.9.056.000
The Capital Investment Coordinating Board
No.
1399/I/PMA/2006
Dated 26 December
2006
Related
Company :
P.T. WAHGO
INTERNASIONAL (Trading, Distribution and Supplies of Printing Inks and
Telecommunication Equipment and Services and Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
500,000.-
Issued Capital : US$
500,000.-
Paid up Capital : US$ 500,000.-
Shareholders/Owners
:
a. Mr. Deivasigamina Gautham Sigamani - US$ 245,000.-
Address :
No. 1 Sooriyagandhi Illam
Greenways Road, Chennai
India
b. Mr. Murugadass Natarajan - US$ 130,000.-
Address : Jl. Angkasa Kav. B 6 Block D. 2
Kota Baru,
Bandar Kemayoran
Jakarta Pusat,
Indonesia
c. P.T. WAHGO INTERNASIONAL - US$ 125,000.-
Address : Jl. Veteran 1 No. 2-5
Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Distribution of Agrochemical Products
Production
Capacity :
None
Total
Investment :
a. Equity Capital - US$ 0.5 million
b. Loan
Capital -
US$ 0.2 million
c. Total
Investment - US$
0.7 million
Started
Operation :
2007
Brand Name :
Excel Indo Meg
Technical
Assistance :
None
Number of
Employee :
22 persons
Marketing Area
:
Local - 100%
Main Customer
:
Distributors and
Agribusiness
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
ARYSTA TIRTA AGRO
b. P.T. DUPONT
AGRICULTURAL PRODUCTS INDONESIA
c. P.T. FADJARPURNAMA PRATAMA INTI
d. P.T. PACIFIC CHEMICAL INDONESIA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Angkasa Kav. B 7
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 10.3
billion
2010 – Rp. 11.2
billion
2011 – Rp. 12.5
billion
Net Profit
(estimated) :
2009 – Rp. 515
million
2008 – Rp. 560
million
2009 – Rp. 625
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Murugadass Natarajan
General Manager -
Mr. Kamatchi Raghu
Board of Commissioners :
Commissioner -
Mr. Deivasigamina Gautham Sigamani
Signatories :
Director (Mr. Murugadass
Natarajan) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 164,400 on 90
days D/A
OVERALL PERFORMANCE
P.T. EXCEL MEG
INDO (P.T. EMI) was established in Jakarta in December 2006 with the authorized
capital of US$ 500,000 entirely issued and paid up. The founding shareholders
of the company are Mr. Deivasigamina Gautham Sigamani and Mr. Natarajan
Murugadas both are businessmen of India. The company notary deed has been
changed and in February 2008 the Mr. Natarajan Murugadas pulled out and
replaced by Mr. Sarveswaran Karthikeyan of India and P.T. WAHGO INTERNASIONAL
of Indonesia as new shareholders. The deed of amendment was made by Mr. Yudha
Setyagraha Tedianto, SH., was approved by the Ministry of Law and Human Right
in its Decision Letter No. AHU-AH.01.10-7375, dated March 11, 2008. The latest
based on notary deed of Mr. Yudha Setyagraha Tedianto, SH., No. 16 dated 24 May
2011 Mr. Sarveswaran Karthikeyan withdrew and the whole shares took over by Mr.
Murugadass Natarajan as new shareholder. With this time the composition of its
shareholders has been changed to become Mr. Deivasigamina Gautham Sigamani
(49%), Mr. Murugadass Natarajan (26%) and P.T. WAHGO INTERNASIONAL (25%). The
latest revision of notary deed was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH01.10-17921 dated June 13, 2011.
We observe the
local partner P.T. WAHGO INTERNASIONAL is a private national company dealing
with trading and distribution of printing ink, telecommunication equipment and
services and majority business stakes is controlled by Mr. Suresh Gobindram
Vaswani and Mr. Natarajan Murugadas.
P.T. EMI has
been in operating since January 2007 as a distributor, importer of
agrochemicals, including pesticides, insecticides, and fungicides. P.T. EMI is an Indian
company which is being promoted by an Indian technocrat and supported by
experienced agricultural expertise who have the knowledge of both Indian and
Indonesian agricultural system and practice. The company holds
the agency for pesticides and agrochemicals which imported from India such as
Insecticides likes Raja Crin, Megadis, Jayam, Joker, Megda, Agrosiper, Megafos
and Zetwel brands; Fungicides likes Kontaf and Megathane brands; Herbicides
likes Clystar and Agni brands.
The above
merchandise products are largely marketed through distributors like P.T.
TIRTAMAS MITRA NIAGA SENTOSA, C.V. ANUGERAH and through dealers/pesticides and
agrochemical retailers stores in the country’s big cities, to farmers in West
Java and also the state plantation companies such as P.T. PERKEBUNAN NUSANTARA
IX (Solo, Central Java), P.T. PERKEBUNAN NUSANTARA X, XI and XII (all three in
East Java) and to other plantation companies. To support of its activities, P.T.
EMI has open a branch office in Semarang, Central Java and Surabaya, East Java.
The global
economic crisis and the extreme depreciation to the US$ and other hard foreign
currencies have adversely affected P.T. EMI’s business because all its
merchandise products are imported payable in US$/foreign exchange. The crisis
has caused the sales prices of the company’s traded products to rise very
highly. We observe the operation of P.T. EMI has been growing in the last three
years.
Generally,
demand for agrochemical products, pesticides, fungicides, herbicides,
insecticides has tended to decline in the last five years being caused by
several causes including the sluggish public purchasing power in line with high
Rupiah depreciation against US$ in 2001 causing pesticides counterfeiting. The
declining pesticides sales are also caused by the lack of expansion of
plantation areas. There are few expansion of plantation areas having been
realized from expansion of agricultural companies or new investment. There is indication
that the declining plantation areas are shown in the declining investment
interest on plantation sectors and the low realization of the development
projects by plantation companies obtaining license. The decreasing investment
on plantation sector is also caused by the declining prices of the agricultural
commodities in international markets. However, since end 2001 the prices of
agricultural commodities in international markets have started increasing.
Besides, the Indonesian
economy has weathered the storm and is currently accelerating. As for the global economy, it is also in a
recovery phase and this recovery is expected to continue in 2010. Overall, the
prospects for the Indonesian economy in 2010 are brighter than in 2009. The
global economic recession has exerted significant downward pressures on the
Indonesia economy. In the first quarter
of 2009 the economy grew by 4.4 percent, or significantly lower than in the
fourth quarter of 2008 when the economy grew by 5.2 percent and lower than in
the third quarter of 2008 when the economy grew by 6.4 percent.
Eventually, the impact of the
fiscal and monetary stimuli on the economy could be seen. This was reflected in
the brisker pace of growth in Indonesia despite the global economic recession. In the second quarter of 2009 the Indonesian
economy grew by 4.0 percent, and in the third quarter of the year it grew by
4.2 percent. The economic is expected to
accelerate further in the fourth quarter of 2009. Ant for the whole of 2009 the Indonesian
economy is expected tot grow by 4.7 percent and 6.0 percent in 2010. Several
factors support brisker economic growth in 2010. First, the global economic conditions are
expected to be better in 2010 than in 2009.
This is evident in the global economic recover that is expected to
continue well into 2010. The US economy, for example, is expected to grow by
2.5 percent in 2010 compared to a contraction of 2.4 percent in 2009.
Meanwhile, the Japanese
economy is predicted to grow by around 1.2 percent in 2010 in contrast to an
expected contraction of around 5.7 percent in 2009. As for Europe, it is expected to grow by 1.1
percent in 2010 compared to an expected contraction of around 3.8 percent in
2009. Against this backdrop, Indonesian
exports are expected to grow by 12.9 percent 2010.
Indonesia’s economic growth in 2008, 2009 and forecast for 2010
|
No. |
Sector |
2008 |
2009 |
2010 |
|
1. |
Agriculture |
4.8 |
3.6 |
3.3 |
|
2. |
Mining and Quarrying |
0.5 |
3.7 |
3.7 |
|
3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
|
4. |
Electricity, Gas, and Clean Water |
10.9 |
13.4 |
13.4 |
|
5. |
Construction |
7.3 |
7.1 |
7.0 |
|
6. |
Trade, Hotel, and Restaurant |
7.2 |
1.2 |
5.8 |
|
7. |
Transportation and Communication |
16.7 |
17.4 |
16.7 |
|
8. |
Finance, Leasing and Business Services |
8.2 |
5.5 |
6.3 |
|
9. |
Services |
6.4 |
6.7 |
6.9 |
|
Gross Domestic Product (GDP) |
6.1 |
4.7 |
6.0 |
|
Source: Indonesia Economic Almanac
2010 by Bisnis Indonesia
Until this time P.T.
EMI has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of P.T. EMI
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. 10.3 billion rose to Rp. 11.2 billion in 2010 increased to Rp.
12.5 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. 625 million
and the company has an estimated total net worth of at least Rp. 7.0 billion.
We observe that P.T. EMI 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 company usually
pays its debts punctually to suppliers.
P.T. EMI's management is headed by Mr.
Murugadass Natarajan (42), a businessman and professional manager with has 11 year
experience in trading and distribution of agrochemicals products. They have
wide relations in private business circles within and outside the country. So
far, we did not hear that the management of the company having been filed to
Jakarta 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. P.T. EXCEL MEG INDO is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.13 |
|
|
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.64.75 |
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.