MIRA INFORM REPORT

 

 

Report Date :

08.03.2013

 

IDENTIFICATION DETAILS

 

Name :

P.T. FADJARPURNAMA PRATAMA INTI

 

 

Formerly Known As :

P.T. GADJAH PURA INDAH TRADING & INDUSTRIAL CORPORATION

 

 

Registered Office :

Bungur Grand Centre Block C. 8-9, Jalan Ciputat Raya No. 4-6, Grogol Selatan, Kebayoran Lama, Jakarta Selatan, 12220

 

 

Country :

Indonesia

 

 

Date of Incorporation :

21.10.1981

 

 

Com. Reg. No.:

No. AHU-AH.01.10-22803

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading and Distribution of Agricultural Chemical and Fertilizers

 

 

No. of Employees :

37 employees

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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

(31.03.2012)

Current Rating

(30.06.2012)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

Name of Company

 

P.T. FADJARPURNAMA PRATAMA INTI

 

 

Company Address

 

Head Office

Bungur Grand Centre Block C. 8-9

Jalan Ciputat Raya No. 4-6

Grogol Selatan, Kebayoran Lama

Jakarta Selatan, 12220

Indonesia

Phones             - (62-21) 7294329 (Hunting), 7258332

Fax                   - (62-21) 7294327

E-mail               - fadjarpi@dnet.net.id

Website            - http://www.fadjarpurnama.com

Building Area     - 2 storey

Office Space      - 230 sq. meters

Region              - Commercial Building

Status               - Rent

 

Factory

Kawasan Industri Modern

Jalan Modern Industri 1 No. 21

Tangerang, Serang

Banten Province

Indonesia

Phones             - (62-254) 403747, 403748

Fax                   - (62-254) 403746

Land Area         - 7,000 sq. meters

Office Space      - 4,000 sq. meters

Region              - Industrial Estate

Status               - Owned

 

 

Date of Incorporation

 

a.   21 October 1981 as P.T. GADJAH PURA INDAH TRADING & INDUSTRIAL CORPORATION

b.   15 December 1989 as P.T. FADJARPURNAMA PRATAMA INTI

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. C-20909 HT.01.04.TH.2000

  Dated 19 September 2000

- No. AHU-26277.AH.01.02.TH.2009

  Dated 15 June 2009

- No. AHU-AH.01.10-22803

  Dated 20 July 2011

 

 

Company Status

 

National Private Company

 

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 01.366.679.7-013.000

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 7,500,000,000.-

Issued Capital                                  : Rp. 7,500,000,000.-

Paid up Capital                                : Rp. 7,500,000,000.-

 

Shareholders/Owners :

a. Mr.  Maulana Ahmad Firdaus Amir Djalil                     - Rp. 3,825,000,000.- 

    Address : Jl. Simprug Golf XIV No. 10 A

                    Kelurahan Grogol Selatan, Kecamatan Kebayoran

                    Lama, Jakarta Selatan

                    Indonesia

b. Mrs. Sabrina Amir Djalil                                               - Rp. 3,675,000,000.-

    Address : Jl. Simprug Golf XIV No. 10 A

                    Kelurahan Grogol Selatan, Kecamatan Kebayoran

                    Lama, Jakarta Selatan

                    Indonesia

 

BUSINESS ACTIVITIES

 

Lines of Business :

a.   Trading and Distribution of Agricultural Chemical and Fertilizers

b.   Manufacture of Agricultural Chemical Formulation

c.   Nitrogen Phosphate Potassium (NPK) Formulation

 

Production Capacity :

a.   Insecticides                               - 50,000 liters p.a.

b.   Fungicides                                - 50,000 liters p.a.

c.   Herbicides                                 - 50,000 liters p.a.

d.   PMLT                                        -   6,000 tons p.a.

 

Total Investment :

Owned Capital                                 - Rp. 7.5 billion

 

Started Operation :

1982

 

Brand Name :

Fadjarpurnama Pratama Inti

 

Technical Assistance :

None

 

Number of Employee :

37 persons

 

Marketing Area :

Local       - 100%

 

Main Customer :

Distributors of Agrochemical and Fertilizers

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. AGROTANI UNGGUL LESTARI

b. P.T. MEROKE TETAP JAYA

c. P.T. PETROKIMI KAYAKU

d. P.T. TRITAMA WIRAKARSA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.   P.T. Bank CIMB NIAGA Tbk

      CIMB NIAGA Building

      Jalan Gatot Subroto No. 1

      Karawaci, Tangerang

      Banten Province

      Indonesia

b.   DEUTSCHE Bank AG

      Deutsche Bank Building

      Jalan Imam Bonjol 80

      Jakarta Pusat

      Indonesia

 

Auditor :

Internal Auditor

 

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2010 – Rp. 35.0 billion

2011 – Rp. 37.0 billion

2012 – Rp. 39.0 billion

 

Net Profit (estimated) :

2010 – Rp. 3.0 billion

2011 – Rp. 3.4 billion

2012 – Rp. 3.7 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mrs. Dr. Hajjah Farida Amir Djalil, SpS

Director                                           - Mrs. Cut Luisa Merzia

 

Board of Commissioners :

Commissioner                                 - Mr. Haji Amir Djalir

 

Signatories :

President Director (Mrs. Dr. Hajjah Farida Amir Djalil, SpS) or the Director (Mrs. Cut Luisa Merzia) which must be approved by Board of Commissioner

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

 

OVERALL PERFORMANCE

 

Originally named P.T. GADJAH PURA INDAH TRADING & INDUSTRIAL CORPORATION, the company was established in October 1981 with an authorized capital of Rp. 50,000,000 and an issued capital of Rp. 15,000,000 fully paid up. The company was founded by Mr. Maulana Ahmad Firdaus Amir Djalil and Mrs. Unny Handajani, both indigenous citizens, as the original shareholders. The company's notarial act was since revised a couple of times. In December 1989 the company's name was changed to P.T. FADJARPURNAMA PRATAMA INTI (P.T. FPT). Later in May 1999 the authorized capital was increased to Rp. 7,500,000,000 with an issued and paid up capital of Rp. 7,000,000,000. According to the revision of the company's notarial act the company's shareholders are listed as Mr. Maulana Ahmad Firdaus Amir Djamil, his mother Mrs. Dr. Farida Amir Djalil and his daughter Mrs. Sabrina Amir Djalil, all three being an indigenous business family. Then in May 2009, Mrs. Dr. Farida Amir Djalil sold of its shares to her son and daughter. Later according to the latest revision of notary documents of Mrs. Toety Juniarto, SH., No. 56 dated 27 June 2011 the issued capital was raised to Rp. 7,500,000,000 of which paid up. With this time the composition of its shareholders has been changed to become Mr. Maulana Ahmad Firdaus Amir Djalil (51%) and Mrs. Sabrina Amir Djalil (49%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-22803 dated July 20, 2011.

 

P.T. FPI has been in operation since 1982, starting first in selling and distribution of agricultural formulation products. The agricultural formulation products were imported from Germany, India, China and Australia. But since 1990 P.T. FPI switched activities to manufacturing herbicides, insecticides and fungicides under the CLIPOSAT and PRAQUAT brands. Later in 1996 the company also started producing nitrogen phosphate potassium (NPK) or better known as compound fertilizer complemented with tablet (PMLT) under the FADJAR trade mark. But these agricultural products and compound fertilizer complete with tablet (PMLT) are produced by P.T. MEGA TITAN in Bandung, West Java. In that time, P.T. FPI does not own a plant, but the products are produced by manufacturing contract/making tariff (CTM). Later in 2007 the fertilizer formulation and agricultural chemical has been produced and plant located at Kawasan Industri Modern, Jalan Modern Industri 1 No. 21, Serang, Banten Province.

 

All the company's production is marketed in the country to farmers in East Java, Central Java, West Java, private plantation companies, the government and other parties. The PMLT product is marketed in the ranks of oil palm plantation companies, coffee, cacao, rubber and clove plantations operating in West Java, East Java, Central Java, Sumatra, Kalimantan and Sulawesi. The global economic crisis and the steep Rupiah depreciation to the hard foreign currencies have adversely affected the company's business for having pushed up highly the prices of imported basic materials resulting in much increased production cost. The crisis has caused the sales price of the product to rise sharply. Gradually these operations running smoothly and developing and its products are marketed to the plantation sector and also to agriculture chemical distributor in the country. We observe the operation of P.T. FPI has been growing and developing well in the last three years.

 

Generally outlook, the local demand for Urea, ZA, TSP, KCL fertilizer, nitrogen phosphate kalium (NPK) fertilizer has kept on rising by 6% to 7% per annum within the last five years having close connection with the rise in agricultural industry using lots of fertilizer for increasing its production. It is estimated that the demand growth will continue on rising within the next five years. In the meantime, we realized that market competition in the above business is very tough on account of large number of other similar companies operating in the country. In the meantime, there are three existing companies dealing with NPK fertilizer manufacturing in Indonesia respectively P.T. PETROKIMIA GRESIK with PONSKA brand, P.T. KERTOPATEN KENCANA with TAWON brand, P.T. SARIBUMI DEWATA LESTARI with SUBURIN brand and P.T. PUPUK SUBUR MAKMUR with PUSMA NPK Plus TE brand. Beside the above three brand NPK fertilizer circulated in Indonesia are imported ones.

 

Several Producers of Compound Fertilizer NPK and their capacity

Name of Company

Production (Ton/Year)

Started Operation

Type

Brand

P.T. AGRO SUBUR BUMI LESTARI

P.T. INDOAGRO MAKMUR JAYA

P.T. KERTOPATEN KENCANA

P.T. PASIRMAUNG FERTILIZER

P.T. PETROKIMIA GRESIK

P.T. PUPUK KALTIM

P.T. POLOWIJO GOSARI

P.T. SARASWANTI ANUGERAH

MAKMUR

P.T. SARIBUMI DEWATA LESTARI

P.T. SENTANA ADIDAYA PRATAMA

5,000

5,000

51,000

5,000

300,000

100,000

12,000

 

10,000

12,000

120,000

1999

1999

1997

1998

2000

2003

1999

 

1998

1995

April 2004

Tablet

Tablet

Granule

Tablet

Granule

Granule

Tablet

 

Tablet

Tablet

Granule

PML-Agro

PML-Diamond

Tawon

PMLT-PMF

Phonska

Pelangi

PLLT-Pullet

 

PMLT-Planta

PMLT-Suburin

SENTANA

 

Until this time P.T. FPI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company 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. 35.0 billion rose to Rp. 37.0 billion in 2011 increased to Rp. 39.0 billion in 2012 and projected to go on rising by at least 5% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 3.7 billion and the company has an estimated total networth of at least Rp.11.0 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. FPI is led by Mrs. Dr. Hajjah Farida Amir Djalil, SpS., (66) a professional manager with experience in agriculture chemical and fertilizer formulation and trading. Daily activity she is assisted by her daughter Mrs. Cut Luisa Merzia (30) as Director. 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. P.T. FADJARPURNAMA PRATAMA INTI is sufficiently fairly good for business transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.74

UK Pound

1

Rs.82.14

Euro

1

Rs.71.27

 

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

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.