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Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. EXCEL MEG INDO |
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Registered Office : |
Jalan Angkasa Kav. B 6 Block D.2 Kota Baru, Bandar Kemayoran Jakarta Pusat |
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Country : |
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Date of Incorporation : |
26.12.2006 |
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Com. Reg. No.: |
No. AHU-AH.01.10-17921 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Agrochemical Products |
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No. of Employees : |
22 persons |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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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 |
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. EXCEL
MEG INDO
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
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
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
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
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
Annual Sales
(estimated) :
2009 – Rp. 10.3
billion
2010 – Rp. 11.2
billion
2011 – Rp. 12.5
billion
2012 – Rp. 6.7 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 515 million
2010 – Rp. 560
million
2011 – Rp. 625
million
2012 – Rp. 368
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
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
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Based on investigation
result the correct name of report is P.T. EXCEL MEG INDO not PET EXCEL MEG INDO
as stated in your order ref. No. 195234 dated 25 September 2012.
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. Starting
in the second semester 2008, many markets in various parts of the world
experienced adverse economic condition. This condition was triggered by,
amongst others, the housing and mortgage loans crisis in the United States of
America (US) that spread to securities, structures products and commodity
markets. The volatility in the US markets coupled with the sharp appreciation
in the US Dollars and a series of corporate bankruptcies and takeovers enabled
the crisis to spread to other parts of the world. The impact of the global
economic crisis has also been felt in Indonesia as the Indonesian Rupiah
weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. In spite of the adverse economic
conditions, management believes that the Company will be able to continue
operating as going concern for the foreseeable future.
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. As from January to June 2012 the sales turnover has
reached at least Rp. 6.7 billion with a net profit of Rp. 368 million and
projected to go on rising by at least 4% in 2013. 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.53.25 |
|
|
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.64 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.