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Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. PERMATA BAHARI MALINDONESIA |
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Registered Office : |
Jl. Madrasah Sampangan, Muncar, Desa Kedungrejo, Kec. Muncar, Banyuwangi, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
09.08.2010 |
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Com. Reg. No.: |
No.
AHU-45056.AH.01.01.Tahun 2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Fish Processing and Canning Industry |
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No. of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 6.2% and 6.5% 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 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. PERMATA BAHARI MALINDONESIA
Head Office & Factory
Jl. Madrasah Sampangan, Muncar
Desa Kedungrejo, Kec. Muncar
Banyuwangi,
East Java
Indonesia
Phones -
(62-333) 594707
Fax - (62-333) 595648
Email permata_malindonesia@yahoo.com
Land Area - 2,800 sq.
meters
Building Space - 2,400 sq. meters
Region - Industrial
Zone
Status - Rent
09
August 2010
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
No. AHU-45056.AH.01.01.Tahun 2010
Dated 22 September 2010
Foreign
Investment Company (PMA)
The Department of
Finance
NPWP
– not available
a. P.T. SINAR MAS MINA BAHARI (Frozen Fish Processing
Industry)
b.
A member of the ADABI Group of Malaysia
c.
Etc.
Capital
Structure :
Authorized
Capital - Rp.
10,876,800,000.-
Issued
Capital -
Rp. 2,625,600,000.-
Paid
up Capital -
Rp. 2,625,600,000.-
Shareholders/Owners
:
a. Mr. Salim Komar Indrakusuma - Rp. 1,450,240,000.- (40%)
Address : Dusun
Muncar, Kadungrejo
Kec. Muncar,
Kab. Banyuwangi
Banyuwangi, East Java,
Indonesia
b. Abadi Consumer Industries Sdn Bhd - Rp. 2,175,360,000.- (60%)
Address : Lot 136,
Rawang Integrated Industrial Park
48000 Rawang, Selangor Daru
Ehsan
Malaysia
Lines of Business
:
Fish Processing and Canning Industry
Production
Capacity :
Canned Sardines and Mackerel - 10,500 tons p.a.
Total Investment :
a. Owned Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 30.0
billion
c. Total Investment - Rp. 50.0 billion
Started Operation
:
2010
Brand Name :
ADABI
Technical
Assistance :
Adabi Consumer Industries Sdn. Bhd., of Malaysia
Number of Employee
:
550 persons
Marketing Area :
a. Local - 5%
b. Export - 95%
Main Customers :
a. Overseas buyer in Malaysia
b. Traditional Market and Mini-markets
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Bali Maya Permai
b. PT. Maya Food Industries
c. PT. Aneka Tuna Indonesia
d. PT. Bonanza Indonesia
e. PT. Trisejati Tatafood
f. PT. Maya Muncar
g. Etc.
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
Muncar Branch
Jl. Raya Muncar No. 115
Muncar, Banyuwangi
East Java
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 160.0 billion
2011 – Rp. 240.0 billion
2012 – Rp. 280.0 billion
Net Profit (Loss)
:
2010 – Rp. 8.0 billion
2011 – Rp. 12.0 billion
2012 – Rp. 14.5 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
Director -
Mr. Salim Komar Indrakusuma
Board of Commissioner :
Commissioner - Mr. Syed Manshor
Bin Syed Mahmood
Signatories :
Director (Mr. Salim Komar Indrakusuma)
which must be approved by Board of Commissioner (Mr. Syed Manshor Bin Syed
Mahmood)
Management Capability :
Good
Business Morality :
Good
P.T. PERMATA BAHARI MALINDONESIA or PT. PB MALINDONESIA (PT. PBM) was established in Muncar, Banyuwangi (East Java) based on notarial Deed No. 08 dated 9 August 2010 of Tony, SH., notary in Medan with an authorized capital of Rp 10,876,800,000.- of which Rp 3,625,600,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Salim Komar Indrakusuma of Indonesia (40%) and Adabi Consumer Industries Sdn. Bhd., of Malaysia (60%). The Deed of Establishment has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decision Letter No. AHU-45056.AH.01.01.Tahun 2010, dated 22 September 2010. No changes have been effected in term of its shareholding composition and capital structures to date.
Adabi Consumer Industries Sdn. Bhd., is the parent company and nucleus of ADABI Group with started with operation in 1984 in food and beverage industry and fish canning industry including; canned sardines and mackerel in tomato. Today, Adabi’s brand awareness stands at par with other famous international food brands sold in Malaysia. Adabi products were the first to receive Halal certification from the Islamic Affairs Division form the Prime Minister’s Department.
P.T. PBM has been operating since 2010 in fish processing and canning industry, is located on Jl. Madrasah, Sampangan, Muncar district, Banyuwangi regency, East Java province, a city that is famous for its fish resources. Ms. Tammy, a marketing staff of the company explained that its product range includes canned sardines and canned mackerel. It has a monthly production capacity of 850 tons of Tuna and 900 tons of canned Sardines and Mackerel. The products are marketed under ADABI brand, a brand under the license of Adabi Consumer Industries Sdn Bhd of Malaysia. Ms. Tammy said that more than 95% of the company’s production is exported to Malaysia and the rest is sold to the domestic market. We observed that P.T. PBM is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
We note that the demand for fish canning such as tuna, sardine and mackerel has been growing some 10% to 12% per year in the last five years in line with the growth of mini-markets, supermarkets, hypermarkets and other retail shops. In the coming years, the growth rate of demand is estimated at about 6% to 8% per annum. The present market situation for fish processing and canning industry is very competitive for a large number of similar companies operating in the country. P.T. MM is considered to be in a favorable business position in view of the company's production is exported to Malaysia.
Until this time P.T. PBM has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. P.T. PBM's management is very reticent to outsiders
particularly about finances. We
estimated that the company's sales turnover in 2010 amounted to Rp. 160.0
billion increased to Rp. 240.0 billion in 2011 rose again to Rp. 280.0 billion
in 2012 and projected to increase further by at least 8% in 2013. The company is figured to have made a net
profit of at least Rp. 14.5 billion in 2012.
P.T. PBM has an estimated net worth of at least Rp. 80.0 billion. So far, we have never heard of 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. PBM is led by Mr. Salim Komar Indrakusuma (44) an Indonesian businessman who experienced for more than 15 years in the field of fish processing and canning industry. He also as founding and director of P.T. SINAR MAS MINA BAHARI is engaged in frozen fish processing industry in Banyuwangi, East Java. The management is also handled by a number of professional staff, having maintained a wide business relation with private businessmen at home and abroad. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. PB MALINDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.77 |
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UK Pound |
1 |
Rs.83.31 |
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Euro |
1 |
Rs.70.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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.