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Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. PACIFIC AGRITAMA COMODITI |
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Registered Office : |
Jalan Raya Serang Km. 12, Desa Sukadamai, Kecamatan Cikupa, Tangerang, 15710, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
09.03.1999 |
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Com. Reg. No.: |
No. AHU-AH.01.10-40025 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in black and green tea processing industry |
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No. of Employees : |
237 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
TATUS |
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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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew more than 6% annually in 2010-12. 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
fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source : CIA |
P.T. PACIFIC AGRITAMA
COMODITI
Head Office &
Factory
Jalan Raya Serang
Km. 12
Desa Sukadamai,
Kecamatan Cikupa
Tangerang, 15710
Banten Province
Indonesia
Phones -
(62-21) 596 2010, 596 9010
Fax - (62-21) 596 2012
E-mail - guru@pacificagritama.com
Website - www.pacificinter-link.com.my
Land Area - 5,000 sq.
meters
Building Space - 4,200 sq. meters
Region - Industrial
Zone
Status - Owned
Jakarta
Representative Office
Menara Kadin
Indonesia, 17th Floor Unit D&E
Jalan H.R. Rasuna Said Block X-5 Kav. 2&3
Jakarta Selatan, 12950
Indonesia
Phones -
(62-21) 5790 3777 (Hunting)
Fax -
(62-21) 5790 3733
E-mail - salah@pacificindomas.com
Building Area - 37 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
9 March 1999
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No.
C-11041 HT.01.01.TH.99
Dated
14 July 1999
- No.
AHU-33791.AH.01.02.TH.2010
Dated
6 July 2010
- No.
AHU-AH.01.10-40025
Dated
12 November 2012
Foreign Investment (PMA) Company
The Department of Finance
NPWP No. 01.882.517.4-057.000
The Department of Industry and Trade
TDP No. 100311503023
Dated 10 September 1999
The Capital Investment Coordinating
Board
- No.
81/I/PMA/1999
Dated
18 February 1999
- No.
576/III/PMA/1999
Dated
18 May 1999
A Member Company of the HAYEL SAEED
ANAM Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
500,000.-
Issued Capital : US$
500,000.-
Paid up Capital : US$ 500,000.-
Shareholders/Owners
:
a. COMMODITIES HOUSE INVESTMENT LTD. - US$ 450,000.-
Address : British
West Indies
British Virgin
Islands
b. Mr. Fouad Hayel Saeed Anam - US$ 50,000.-
Address : Bangsar Puteri Apartment Block 41-16-2
Jl. Medang Serai Bukit
Bandaraya
Kuala
Lumpur
Malaysia
Lines of
Business :
Black Tea
Processing
Production
Capacity :
Black Tea - 24,000
tons p.a.
Total Investment :
a. Equity
Capital - US$
0.5 million
b. Loan
Capital - US$
1.0 million
c. Total
Investment - US$
1.5 million
Started Operation :
2000
Brand Name :
TEASHOP, TEAKOESDUST
Technical Assistance :
Pacific Inter-Link Sdn Bhd.,
Malaysia
Number of Employee :
237 persons
Marketing Area :
Export -
100%
Main Customers :
Buyers in Saudi Arabia, Egypt,
United Kingdom, Malaysia, Algeria, China, Ethiopia, India, Iraq, Jordan, Kenya, Morocco, Rusia
Slovakia, Somalia, Sudan, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARGAPURA TRADING COMPANY
b. P.T.
NITTOH MALINO TEH
c. P.T.
Perusahaan Perkebunan TAMBI
d.
P.T. PUTINDO INTI SELARAS
e. P.T. VAN REES INDONESIA
f.
P.T. SARIWANGI AEA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank
ANZ INDONESIA
ANZ TOWER 8th Floor
Jalan Jend. Sudirman Kav. 33 A
Jakarta Pusat, 10220, Indonesia
b. P.T. Bank MANDIRI Tbk
Dumai Main Branch
Riau Province
Indonesia
c. STANDARD CHARTERED Bank
Menara Standard Chartered Bank
Jalan Prof. Dr. Satrio No. 164
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 176.0
billion
2011 – Rp. 182.0
billion
2012 – Rp. 190.0
billion
2013 – Rp. 107.0 billion
(January – June)
Net Profit
(estimated) :
2010 – Rp. 12.3
billion
2011 – Rp. 13.0
billion
2012 – Rp. 14.2
billion
2013 – Rp. 8.1 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Fouad Hayel Saeed Anam
Directors -
a. Mr. Rami Mohammed Abdo Saeed
b. Mr. Salah Ahmed Hayel Saeed
c. Mr. Marwan Ahmed Hayel Saeed
Board of Commissioners :
Commissioner -
Mr. Abdul Gabber Hayel Saeed
Signatories :
President Director (Mr.
Fouad Hayel Saeed Anam) or one of the Directors (Mr. Rami Mohammed Abdo Saeed,
Mr. Salah Ahmed Hayel Saeed or Mr. Marwan Ahmed Hayel Saeed) which must be
approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. PACIFIC AGRITAMA COMODITI (P.T. PAC) was established on March 9, 1999 with the authorized capital of US$ 500,000 all of which was subscribed and fully paid up. The founder and shareholder of the company is COMMODITIES HOUSE INVESTMENT LTD., (90%) a company based in British Virgin Islands and Mr. Fouad Hayel Saeed Anam (10%), a businessman from Yemen. Its article of association has frequently been revised for several times and based on the latest revision notary deed of Mrs. Sastriany Josoprawiro, SH., No. 45 dated 25 July 2012 the company board of director and the board of commissioner had been restructured to lead and runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-40025 dated July 25, 2012.
We observe that COMMODITIES HOUSE INVESTMENT LTD., is a private national company dealing with investment and refinancing services which majority shares controlled by Mr. Fouad Hayel Saeed Anam. He is also founder and majority business stakes owners of the HAYEL SAEED ANAM Group, a small sized business group dealing with oil palm processing, RBD palm oil, glycerine, margarine, toilet soap manufacturing, trading, milk processing and spinning mills.
P.T. PAC was established in the framework of Foreign Investment Company
(PMA) that started its business since 2000 in the field of black and green tea
processing industry. Its factory located at Jalan Raya Serang Km. 12, Cikupa,
Tangerang, Banten on the land of 5,000 square meters. This factory has
production capacity license of 24.000 tons black and green tea per year, with
total investment of US$ 1.5 million. Ms. Linda, one of senior staff of P.T. PAC
explained that their products used trademark of Teashop and Teakeodust that
packed at 5 kgs until 60 kgs sized.
Their manufacturing unit is equipped with state-of-the-art equipment
including fully automatic blending and FFS packing machines to consistently
ensure high quality products. P.T. PAC has given special attention to hygiene
and quality management system has made us the only Tea factory in Indonesia
having ISO and HACCP certifications. Most of the raw materials is obtained from
various tea plantation in Java and Sumatra then it processed in their factory.
P.T. PAC Products:
|
Types : |
Orthodox/CtC
leaf grades, Fanning and dust grades |
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Blended Bulk : |
Paper Sacks,
PP Bags (from 5kg to 50kg) |
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Packaged : |
Pouches, Cartons
(100gm to 1,000gm) |
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Tea Bags : |
Soft/hard tag,
pot,/pillow types with/without envelopes |
In line with the ambitions to provide complete customer satisfaction through maximum value, the company has ventured into tea buying from tea auctions and producers as well as manufacturing, blending and packing tea aimed at both domestic and international markets. All of the company’s products exported to many country such as, among others, lain Saudi Arabia, Egypt, Malaysia, Algeria, China, Ethiopia, India, Syria, Iraq, Jordan, Kenya, Marocco, Russia, United Kingdom, Slovakia, Somalia, Sudan, etc. We observed that their marketing net abroad is very wide and fully supported by HSA (Hayel Saeed Anam) Group who has wide marketing net in trading tea, milk, textile, palm oil, etc. We observed that P.T. PAC is classified as a big company in the field of exporter of black tea.
Generally, the national tea production has been fluctuating in the last five years as the impact of the unstable economic condition in the country and the increasing oil prices, labor wages and others. The national tea production in 2004 reached 100,185 tons or increasing by 2.3% from the previous year reaching 88,176 tons. West Java is the largest tea producer contributing 70% of total tea production worth Rp. 500.0 billion. The largest destination countries of the national tea export included Russia of 15.4%, the United Kingdom of 14.4%, Malaysia of 9%, Pakistan of 8.6%, Germany of 7%, the USA of 7%, Poland of 5.4% and the Netherlands of 5.3%. These countries have absorbed 72% of total national tea export. Meanwhile, the national tea consuming rate reaches just 310 gram per capita while India reaching 660 gram per capital, Saudi Arabia of 670 gram per capital and Iraq of 2,770 gram per capita. Bases on the above data, there are still export opportunities for tea products despite tight competition within and outside the country, However, the business position of P.T. PAC is favorable in line with the steady and continuous production markets.
The Production, Export Volume and Value of Tea Product, 2007-2012
|
Year |
Production Volume (Thousand Ton) |
Export Volume (Thousand Ton) |
Export Value (Million US$) |
|
2007 |
115,4 |
55,6 |
73,2 |
|
2008 |
116,5 |
83,8 |
125,1 |
|
2009 |
112,8 |
82,9 |
144,3 |
|
2010 |
107,3 |
79,2 |
149,4 |
|
2011 |
100,1 |
68,1 |
136,6 |
|
2012 |
92,1 |
61,6 |
125,0 |
Source:
Central Bureau of Statistic, processed by ICB
Until this time P.T. PAC has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. PAC is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 176.0 billion rose to Rp. 182.0 billion in 2011 increased to Rp. 190.0 billion in 2012. As from January to June 2013 the sales turnover was amounted at Rp. 107.0 billion with a net profit of Rp. 8.1 billion and the sales it’s projected to go on rising by at least 6% in 2014.
The company has an estimated total networth of at least Rp. 50.0 billion. We observe that P.T. PAC 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. PAC is headed by Mr. Fouad Hayel Saed Anam (56) a businessman who experienced for more than 18 years in black tea processing, integrated edible vegetable oil and fats manufacturing. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors. 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. PACIFIC AGRITAMA COMODITI is sufficiently fairly good for business transaction.
Attachment:
List of the
HAYEL SAEED ANAM Group Members
1. OLEOCHEM
& SOAP INDUSTRI, P.T. (Glycerine and Toilet Soap Manufacturing)
2.
PACIFIC AGRITAMA
COMODITI, P.T. (Tea Processing)
3. PACIFIC
INDO DAIRY, P.T. (Milk Powder Packaging)
4. PACIFIC
INDOMAS, P.T. (Trading)
5. PACIFIC
INDOPALM INDUSTRIES, P.T. (Oil Palm Plantation and Processing)
6. PACIFIC
MEDAN INDUSTRI, P..T (Oil Palm Processing)
7. PACIFIC
PALMINDO INDUSTRI, P.T. (Oil Palm Processing)
8. PACIFIC
TEXTINDO INDUSTRY, P.T. (Spinning Mills)
9. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
UK Pound |
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
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 |
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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 |
|
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.