MIRA INFORM REPORT
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Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOPAK TRADING |
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Registered Office : |
Jalan Bumi Perkemahan RT. 10, Desa Sangkit Lama, Kecamatan Sungai Gelam, Kabupaten Muaro Jambi, Jambi, 36148 |
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Country : |
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Date of Incorporation : |
23.05.2005 |
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Com. Reg. No.: |
No. C-10979.HT.01.01.TH.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Export of Agricultural Commodities Products |
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No. of Employees
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34 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 282,800 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
P.T. INDOPAK TRADING
Head Office &
Warehouse
Jalan Bumi Perkemahan RT. 10
Desa Sangkit Lama, Kecamatan
Sungai Gelam
Kabupaten Muaro Jambi
Jambi, 36148
Indonesia
Phone -
(62-741) 7084786
Fax - (62-741) 573221
Mobile Phone - 0813 6663333
E-mail - mahek_mehwish@hotmail.com
Land Area - 2,500 sq.
meters
Building Space - 2,000 sq. meters
Region - Industrial
Zone
Status - Rent
23 May 2005
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
No. C-10979.HT.01.01.TH.2006
Dated 19 April 2006
Foreign Investment (PMA) Company
The Department of Finance
NPWP No. 02.537.205.3-331.000
The Capital Investment
Coordinating Board
No. 384/I/PMA/2005
Dated 14 April 2005
None
Capital
Structure :
Authorized Capital -
US$ 237,000.-
Issued Capital -
US$ 237,000.-
Paid up Capital -
US$ 237,000.-
Shareholders/Owners
:
a. Mr.
Mohammad Manowar -
US$ 177,750.-
Address : 232/C New Dhoraji,
Gulshan
E-Iqbal, Karachi
Pakistan
b. Mrs. Farida Nadjemunisa - US$
59,250.-
Address : Jl. Bulak Tengah I No. 1
Jakarta Timur
Indonesia
Lines of
Business :
Trading and Export of Agricultural Commodities Products
Production
Capacity :
None
Total
Investment :
a. Equity Capital -
US$ 237,000.-
b. Loan Capital -
None
c. Total Investment - US$ 237,000.-
Started
Operation :
August 2005
Brand Name :
Indopak Trading
Technical
Assistance :
None
Number of
Employee :
34 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Pakistan
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ALAM INDORAMA
b. P.T. ASIA AGROMAS ABADI
c. P.T. GLOBAL VISION IMPEX
d. P.T. PINANG MAS JAMBI
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank BUKOPIN Tbk
Jalan Halim
Perdana Kusumah No. 40-42
Jambi
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Dr. Sutomo
Jambi
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 18.0 billion
2010 – Rp. 19.8 billion
2011 – Rp. 21.5 billion
Net Profit
(estimated) :
2009 – Rp. 1.1 billion
2010 – Rp. 1.3 billion
2011 – Rp. 1.5 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Muhammad Manowar
Board of Commissioners :
Member -
Mrs. Farida Nadjemunisa
Signatories :
Director (Mr. Muhammad Manowar) which
must be approved by Board of Commissioner (Mrs. Farida Nadjemunisa)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 282,800 on the 90 days of payments
Based on investigation the correct name of the Subject is P.T. INDOPAK TRADING not P.T. INDO PAK TRADING as stated in your order ref. 17487 dated 21 March 2012. Previously the address and warehouse located at Jalan Majapahit RT. 06 No. 15 & 20, Kelurahan Payo Selincah, Kecamatan Jambi Timur. However since the end 2011 the address has been moved into new address located at Jalan Bumi Perkemahan RT. 10, Desa Sangkit Lama, Kecamatan Sungai Gelam, Muaro Jambi Regency, Jambi Province.
P.T. INDOPAK TRADING (P.T. IT) the company was established in Jambi based on notary deed of Mr. Muhammad Zen, SH., No. 54 dated 23 May 2005 with an authorized capital of US$ 237,000 wholly issued and paid up. The founding shareholders of the company are Mr. Mohammad Manowar of Pakistan (75%) and Mrs. Farida Nadjemunisa (25%) of Indonesia. Based on our knowledge up to writing the report the notary documents of the company have not undergone any changes. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. C-10979 HT.01.01.TH.2006 dated April 19, 2006.
P.T. IT operates under the framework of Foreign Investment (PMA) facilities in trading and exports of agricultural commodities products. P.T. IT started to be operating since August 2005 to deal with trading and exporter of agricultural commodities products. The company export of agro commodities like betel nut or areca nut, broom stick and others. The agricultural products likes betel nuts and broom sticks, nutmeg, mace, clove, gum copal, gum resin, long pepper, cubed cassia, star, betel nut (areca nut) aniseed & various consumer goods of Indonesia origin. The agricultural product bought from farmer in Jambi, Padang, Lampung, Medan and Nangroe Aceh Darusalam. Areca nut or betel nut is aromatic and as astringent and is said to intoxicate when first taken. Besides, the product is also used for medicine and cosmetic. Mr. Mohammad Manowar, director of P.T. IT went on to say the company is exported of betel nuts and broom sticks to Pakistan and the rest to India, Bangladesh, Nepal dan Sri Lanka. We observed that P.T. IT’s operation has been growing in the last three years.
We have noticed that the demand for agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia. We consider P.T. IT to be in a quite favorable position for having already got hold of a steady clientele in overseas market.
Until this time P.T. IT has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. IT 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. 18.0 billion rose to Rp. 19.8 billion in 2010 increased to Rp. 21.5 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. 1.5 billion and the company has an estimated total net worth of at least Rp. 4.0 billion. We observe that P.T. IT 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.
The management of P.T. IT is led by Mr. Muhammad Manowar (54), a professional manager of Pakistan with 22 years of experience in trading and export of agricultural commodities products. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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. P.T. INDOPAK TRADING is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.91 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.67.99 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.