|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. PACIFIC
INDOPALM INDUSTRIES |
|
|
|
|
Registered Office : |
Jalan Raya Dumai - Basilam Baru Km. 14, Kelurahan Lubuk Gaung, Kecamatan Sungai Sembilan Dumai, 28882
Riau Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.11.2004 |
|
|
|
|
Com. Reg. No.: |
No. AHU-19122.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Edible Vegetable Oil and Fats
Manufacturing |
|
|
|
|
No. of Employees : |
215 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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. PACIFIC INDOPALM INDUSTRIES
Address :
Head Office &
Factory
Jalan Raya Dumai - Basilam Baru Km. 14
Kelurahan Lubuk Gaung, Kecamatan Sungai Sembilan
Dumai, 28882
Riau Province
Indonesia
Phones -
(62-765) 438615, 438616
Fax - (62-765) 438607, 438605
E-mail - sudari@pacificindopalm.com
Land Area - 15,000 sq.
meters
Building Space - 10,000 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
Date of
Incorporation :
26 November 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No. C-13448
HT.01.01.TH.2005
Dated 18 May 2005
- No.
AHU-19122.AH.01.02.TH.2009
Dated 7 May 2009
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.365.427.0-212.000
Related Company :
A Member Company of the HAYEL SAEED ANAM Group (see attachment)
Capital Structure :
Authorized Capital : US$
15,000,000.-
Issued Capital : US$
10,000,000.-
Paid up Capital : US$
10,000,000.-
Shareholders/Owners :
a. COMMODITIES HOUSE DEVELOPMENT LTD. -
US$ 9,500,000.-
Address : Cayman
Island
British West Indies
b. Mr. Fouad Hayel Saeed Anam -
US$ 500,000.-
Address : Bangsar Puteri Apartment Block 41-16-2
Jl. Medang Serai Bukit
Bandaraya
Kuala Lumpur
Malaysia
Lines of Business :
Integrated Edible Vegetable Oil and Fats
Manufacturing
Production Capacity :
a. RBD Palm Oil - 450,000 tons p.a.
b. Vegetable Oil - 20,000 tons p.a.
c. Cooking Oil -
18,000 tons p.a.
d. Shortening Margarine - 10,000 tons p.a.
Total Investment :
a. Equity Capital - US$ 10.0 million
b. Loan Capital - US$ 15.0 million
c. Total Investment - US$ 25.0 million
Started Operation :
2009
Brand Name :
Pacific Indopalm Industries
Technical Assistance :
None
Number of Employee :
215 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Middle East, Asian countries, Africa
etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASIANAGRO AGUNGJAYA
b. C.V. SINAR LAUT
c. P.T. BUKIT KAPUR REKSA
d.
P.T. SINAR ALAM PERMAI
e. Etc.
Business Trend :
Growing
Bankers :
a.
P.T. Bank MANDIRI Tbk
Dumai Main Branch
Riau Province
Indonesia
b. 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. 198.0 billion
2011 – Rp. 204.0 billion
2012 – Rp. 212.0 billion
Net Profit (estimated) :
2010 – Rp. 14.2 billion
2011 – Rp. 15.5 billion
2012 – Rp. 16.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Fouad Hayel Saeed Anam
Directors - a. Mr. Salah Ahmed Hayel Saeed
Anam
b. Mr. Abdul Gabbar Hayel Saeed
c. Mr. Marwan Ahmed Hayel Saeed
Board of Commissioners :
Commissioner - Mr. Abdul Rahman Hayel Saeed Anam
Signatories :
President Director (Mr. Fouad Hayel
Saeed Anam) or one of the Directors (Mr. Salah Ahmed Hayel Saeed Anam, Mr.
Abdul Gabbar Hayel Saeed or Mr. Marwan Ahmed Hayel Saeed) which must be
approved by Board of Commissioner.
Management Capability :
Satisfactory
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. PACIFIC INDOPALM INDUSTRIES (P.T. PII) was incorporated in Dumai,
Riau Province based on notary deed of Mr. Zainal Baharuddin, SH dated 26
November 2004 with the authorized capital of US$ 10,000,000 issued capital of
US$ 5,000,000 entirely paid up. The founding shareholders of the company are
COMMODITIES HOUSE INVESTMENT LTD., Cayman Island, British Virgin Island and Mr.
Fouad Hayel Saeed Anam of Yemen. The company notary deed has been changed and
according to the revision of notary document of Mrs. Sastriany Josoprawiro, SH.,
No. 11 dated 26 February 2009 the company authorized capital was increased to
US$ 15,000,000 issued capital to US$ 10,000,000 entirely paid up. With this
development the composition of its shareholders has been changed to become
COMMODITIES HOUSE INVESTMENT LTD (95%) and Mr. Fouad Hayel Saeed Anam (5%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-19122.AH.01.02.TH.2009 dated May 7, 2009.
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. PII operates under Foreign Investment
(PMA) facilities in integrated edible vegetable oil and pats manufacturing. Its
refinery is located on Jalan Raya Dumai – Basilam Km. 14, Kelurahan Lubuk
Gaung, Kecamatan Sungai Sembilan, Dumai, Riau Province standing on 10,000 sq.
meters land. Already in operation since 2009, the plant has been producing RBD
Palm Oil of 450,000 tons, Vegetable Oil of 20,000 tons, Cooking Oil of 18,000
tons, Shortening /Margarine of 10,000 tons respectively per annum. The raw
materials like (crude palm oil/CPO and palm kernel oil/PKO) bought from the
MUSIM MAS Group and the WILMAR Group. P.T. PII started its operation in December
2009 had invested in the latest state of the art technology in the Palm Oil
refinery industry with a capacity of 1,500 metric tons/day extendable up to
1,800 metric tons/day refining and 1,400 metric tons/day fractionation. The
plant is fully automated and no manual intervention takes place once the system
is running. The company had already been awarded with the ISO 9001:2008, HACCP
and HALAL certificates in a very short span of time. It is also a member of the
RSPO. The company had also invested in a storage and bulking facility with a
capacity of 41,000 metric tons to ensure the efficient logistics operations
that will cater to the different requirements of the refinery. It has also
bought a fleet of road tankers that ensures the continuous flow of CPO from the
plantations to the refinery.
Since P.T. PII is located by the sea side, it had invested in its own
Jetty. This investment has given the company a competitive edge since big
vessels up to a loading capacity of 50,000 metric tons can berth in this jetty.
The company had also invested in a high bumping capacity to load vessels with a
maximum of 1,800 MT/HR.
These investments guarantee the minimum loading time amongst any other
ports and therefore reducing the cost of loading of their customers. P.T. PII
is also generating its own electricity by investing in high pressure boilers
and steam turbines. This investment helped the company in supplying its own
utility requirements (steam and electricity) consistently at law competitive
cost. The company is proud to mention that it is using a non polluted
environment friendly fuel (Palm Kernel Shell) to produce its power. According
information from Mr. Sisyanto, export import staff of the company said the
whole product is exported to Middle East, Africa and others countries. We
observe the operation of P.T. PII has been growing and developing well in the
last three years.
Generally, demand for palm cooking oil has kept on increasing in the last
five years in line with the growing demand for palm cooking oil within and
outside the country. According to research, total palm cooking oil industries
operating in Indonesia are 53 units with production capacity 7.2 million tons
but in 2005 reached 62 units with total production capacity of 9.7 million
tons. The main business players in cooking oil business are SMART (SINAR MAS
Group) under cooking oil brands of FILMA, KUNCI MAS; the SALIM Group through
P.T. SALIM IVOMAS PRATAMA under cooking oil brand of BIMOLI; the KPN Group and
others. The national cooking oil production has kept on increasing in the last
five years in line with the changing of the publics’ consumption patterns from
using coconut cooking oil to palm cooking oil. The business position of P.T.
PMI is favorable some 75% of its product for export market. The growth of
cooking oil production in the last five years is pictured on the following
table:
The Production of Palm Cooking Oil, 2004 – 2011*
|
Year |
Production (Ton) |
|
2004 |
4,527,700 |
|
2005 |
4,980,470 |
|
2006 |
5,428,670 |
|
2007 |
5,808,670 |
|
2008 |
6,186,233 |
|
2009 |
6,619,269 |
|
2010 |
6,826,000 |
|
2011 |
7,250,000 |
*) Estimated
Source: Department of
Industry, Processed by ICB
Until this time P.T. PII 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. 198.0 billion rose to Rp. 204.0 billion in
2011 increased to Rp. 212.0 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. 16.9 billion and the company has an estimated total net worth of at
least Rp. 121.0 billion. We observe that P.T. PII 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. PII is headed by Mr. Fouad Hayel Saed Anam (56) a
businessman who experienced for more than 18 years in the 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 INDOPALM INDUSTRIES is sufficiently fairly good for
business transaction.
List of the HAYEL SAEED ANAM Group Members
OLEOCHEM & SOAP INDUSTRI, P.T. (Glycerine
and Toilet Soap Manufacturing)
PACIFIC
AGRITAMA COMODITI, P.T. (Tea Processing)
PACIFIC INDO DAIRY, P.T. (Milk Powder
Packaging)
PACIFIC INDOMAS, P.T. (Trading)
PACIFIC INDOPALM INDUSTRIES, P.T. (Oil Palm
Plantation and Processing)
PACIFIC MEDAN INDUSTRI, P..T (Oil Palm
Processing)
PACIFIC PALMINDO INDUSTRI, P.T. (Oil Palm
Processing)
PACIFIC TEXTINDO INDUSTRY, P.T. (Spinning
Mills)
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.