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Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. MULTI COMMODITY INDONESIA |
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Registered Office : |
Ruko Cempaka Indah Blok B-1/3 Jl. Letjen Suprapto 121 Cempaka Baru, Kemayoran Jakarta 10640 |
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Country : |
Indonesia |
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Date of Incorporation : |
25.06.2009 |
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Com. Reg. No.: |
No. AHU-42717.AH.01.01.Tahun 2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Trading and Exporting of Multipurpose Soap and Cosmetic Products |
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No. of Employees : |
10 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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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 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. MULTI
COMMODITY INDONESIA
Head Office
Ruko Cempaka Indah Blok B-1/3
Jl. Letjen Suprapto 121
Cempaka Baru, Kemayoran
Jakarta 10640
Phone -
(62-21) 4264005, 4264101, 4264317
Fax - (62-21) 4222342
Email - rina@mciindonesia.com
or rishinathani@gmail.com
Website - http://www.mciindonesia.com
Building Area - 2 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
25 June 2009
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-42717.AH.01.01.Tahun 2009
Dated 31 August
2009
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.978.664.7-063.000
Related
Company :
Not available
Capital
Structure :
Authorized Capital - Rp. 1,000,000,000.-
Issued Capital - Rp. 600,000,000.-
Paid up Capital - Rp. 600,000,000.-
Shareholders/Owners
:
a. Mr. Sanjay Sunnil Nathani - Rp. 400,000,000 (66.67%)
Address : Apartemen Bella Joe Residen,
Lantai 26 BF 15, Kuningan Timur
Jakarta Selatan
Indonesia
b. Miss Sharin Rony Wahab - Rp. 200,000,000 (33.33%)
Address : Jl. Bungur Besar No. 27
Kel. Gunung Sahari, Kemayoran
Jakarta Pusat
Indonesia
Lines of
Business :
General Trading
and Exporting of Multipurpose Soap and Cosmetic Products
Production
Capacity :
None
Total Investment
:
None
Started
Operation :
September 2009
Brand Name :
Multi Commodity
Indonesia
Technical
Assistance :
None
Number of
Employee :
10 persons
Marketing Area
:
Local -
100%
Main Customers
:
Overseas buyer in Nigeria, Saudi Arabia, Tanzania, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Kamadjaya Logistik
b. PT. Sinar Ancol
c. PT. Unilever Indonesia
d. PT. Sinar Gemilang sakti
e. PT. Kao Indonesia
f. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank MANDIRI
Tbk
ITC Cempaka Mas
Jl. Letjen
Suprapto Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 1,550
million
2010 – Rp. 4,800
million
2011 – Rp. 6,240
million
2012 – Rp. 8,150
million
Net Profit
(estimated) :
2009 – Rp. 78 million
2010 – Rp. 240
million
2011 – Rp. 312
million
2012 – Rp. 405
million
Payment Manner
:
Average
Financial
Comments :
Not strong
Board of Management :
Director -
Mr. Sanjay Sunnil Nathani
Board of Commissioners :
Commissioner -
Miss Sharin Rony Wahab
Signatories :
The Director (Mr. Sanjay
Sunnil Nathani) which must be approved by Board of Commissioner (Miss Sharin
Rony Wahab)
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. MULTI COMMODITY INDONESIA (P.T. MCI)
was established in Jakarta on June 25, 2009 with the authorized capital of Rp.
1,000,000,000 issued capital of Rp. 600,000,000 entirely paid up. The founding
shareholders of the company are Mr. Sanjay Sunnil Nathani (66.67%), an
Indonesian businessman of Indian origins and Mrs. Sharin Rony Wahab (33.33%),
an indigenous businesswoman. The Article of Association was made by Mr. Dradjat
Darmadji, SH, a public notary in Jakarta, and the deed of establishment has
been approved by the Ministry of Law and Human Rights through Decision Letter
No. AHU-42717.AH.01.01.Tahun 2009 dated 31 August 2009. No changes have been effected in term of its
shareholding composition and capital structures to date. Composition of the board of director and the
board of commissioner are Mr. Sanjay Sunnil Nathani as Director and Miss Sharin
Rony Wahab as Commissioner.
Pursuant
to the deed of notary of the company, P.T. MCI engaged to operate in
plantation, agriculture, husbandry, fishery, forestry and general trading. The
Company’s registered office located at South Jakarta and the company can open
branch offices or representative offices at home and abroad.
Pursuant to internet, the
company’s office located at Jl. Lingkar Mega Kuningan Barat Kav. E4-3,
Kuningan Timur, Bellagio Boutique Mall LG-17, South Jakarta. P.T. MCI is a trading company based in Indonesia, is a part
of a group of manufacturers. They
represent factories in the field of paper, soap, noodles, palm related
products, cosmetic and match sticks.
Based on our investigation,
the company’s office is located at Ruko Cempaka Indah Blok B-1/3, Jl. Letjen
Suprapto 121, Cempaka Baru, Kemayoran, Central Jakarta. Mr. Siswadi, a marketing staff of the company
explained that P.T. MCI started to be operating since September 2009 to deal
with trading and exporter of multipurpose soaps such as bath soap, toilet soap,
beauty soap, laundry soap and cosmetic products such as shampoo, body lotion
and baby products. The multipurpose
soaps and cosmetic products are bought from local companies such as PT.
Unilever Indonesia Tbk., PT. Sinar Ancol and others. Then, the whole products are exported to
Nigeria, Mozambique, Tanzania, Algeria, Saudi Arabia, etc. P.T. MCI is classified as a small sized
company of its kind in the country of which the operation has been growing
slowly in the last three years.
We have noticed that the
demand for multipurpose soap and cosmetic products had increased some 8% to 10%
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 trading and exporter of soap and cosmetic 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. PMJ to be in a quite favorable position for having already got
hold of a steady clientele in overseas market.
Until this time
P.T. MCI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
MCI 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. 4,800 million increased to Rp.
6,240 million in 2011 and rose again to Rp. 8,150 million in 2012. The operation in 2012 yielded an estimated
net profit of at least Rp. 405 million and the company has an estimated total
net worth of at least Rp. 1.5 billion.
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. MCI is led by Mr. Sanjay Sunnil Nathani (31) a young businessman of
Indian descent, with experience about 5 years in trading and export of
multipurpose soap and cosmetic products. The company's management is handled by
professional staff in the above business. They have 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. MCI) just about three 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.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
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 |
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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 |
|
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.