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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MINAUT LINTAS NUSANTARA |
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|
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Registered Office : |
Apartment Green Tower 10th Floor Block HD, Jalan Hartono
Raya, Kelapa Indah, Tangerang, 15117, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
2000 |
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Com. Reg. No.: |
No. AHU-AH.01.10-23932 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export Import and Distribution of Marine Products |
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No. of Employees : |
8 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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 |
Name of Company :
P.T. MINAUT LINTAS NUSANTARA
A d d r e s s :
Head Office
Apartment Green Tower 10th Floor Block HD
Jalan Hartono Raya
Kelapa Indah, Tangerang, 15117
Banten Province
Indonesia
Mobile Phone - 085 7737 0671
Fax - (62-21) 5421 3008
Building Area - 10 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
2000
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
- No.
AHU-61508.AH.01.02.TH.2009
Dated 16 December 2009
- No. AHU-AH.01.10-23932
Dated 26 July 2011
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.006.129.7-416.000
Related Companies :
a. C.V. MORI JAYA LESTARI (Trading, Export and Distribution of
Agricultural Commodities
Products)
b. P.T. TORRYS INDOSPICE (Trading, Export Import of Agricultural
Products, Cocoa Products and
Spices)
Capital Structure :
Authorized Capital : Rp.
2,000,000,000.-
Issued Capital :
Rp. 500,000,000.-
Paid up Capital :
Rp. 500,000,000.-
Shareholders/Owners :
a. Mr. dr. Parlin
Simanjuntak -
Rp. 200,000,000.-
Address : Jl. Danau Maninjau 6 No. 3
Vassa Wood Lippo Cikarang,
Cikarang
Bekasi, West Java
Indonesia
b. Mr. Mangihut
Sanggam Mardohar Simanjuntak, MSc. MM -
Rp. 150,000,000.-
Address : TGS
Catalina Block AC 4/56
Medang, Pagedangan
Tangerang, Banten Province
Indonesia
c. Mr. Tony
Orbayandut, SE -
Rp. 150,000,000.-
Address : Batu Ampar RT. 002 RW. 002
Kelurahan Batu Ampar,
Kecamatan Kramat Jati
Jakarta Timur
Indonesia
Lines of Business :
Trading, Export Import and Distribution of Marine Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2000
Brand Name :
Minaut Lintas Nusantara
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in China
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BITUNG MINA UTAMA
b. P.T. BONECOM
c. P.T. DELTA PACIFIC INDOTUNA
d. P.T. MANDO MINA CITRA
e. Etc.
Business Trend :
Declining
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Lippo
Karawaci
Tangerang, Banten Province
Indonesia
a. P.T. Bank INTERNATIONAL
INDONESA Tbk
Jalan Ir. H. Juanda No. 37-38
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 10.0 billion
2012 – Rp. 9.0 billion
2013 – Rp. 8.0 billion
Net Profit (estimated) :
2011 – Rp. 0.6 billion
2008 – Rp. 0.5 billion
2009 – Rp. 0.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Mangihut Sanggam Mardohar Simanjuntak, MSc, MM
Board of Commissioners :
President Commissioner - Mr. Tony Orbayandut, SE
Commissioner - Mr. dr. Parlin Simanjuntak
Signatories :
Director (Mr. Mangihut Sanggam Mardohar
Simanjuntak, MSc. MM) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. MINAUT LINTAS NUSANTARA (P.T. MLN) was established in 2000 with an
authorized capital of Rp. 500,000,000 issued capital of Rp. 100,000,000 fully
and paid up. The company was founded by Mr. Mangihut Sanggam Mardohar
Simanjuntak, MSc., MM and Mr. Marthien Torrys, both are indigenous business
persons. The company notary deed has been changed and in November 2009 the
authorized capital was increased to Rp. 2,000,000,000 issued capital to Rp.
500,000,000 entirely paid up. With this development the composition of its
shareholders has been changed to become Mr. Mangihut Sanggam Mardohar
Simanjuntak, MSc., MM (60%) and Mr. Marthien Torrys (40%). Later according to the
latest revision of notary deed Mr. Buchari Hanafi, SH., No. 14 dated 13 July
2011 Mr. Marthien Torrys pulled out and the whole share sold to Mr. Tony
Orbayandut, SE and Mr. dr. Parlin Simanjuntak as new shareholders.
With this time the composition of its shareholders has been changed to
become Mr. dr. Parlin Simanjuntak (40%), Mr. Mangihut Sanggam Mardohar
Simanjuntak, M.Sc., MM (30%) and Mr. Tony Arbayandut, SE (30%). The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-23932 dated July 26, 2011.
We observe that Mr. Ir. Mangihut Sanggam Mardohar Simanjuntak, MM is
also founder and majority business stakes owners of C.V. MORI JAYA LESTARI
engaged in the field of trading trading, export and distribution of
agricultural commodities products and P.T. TORRYS INDOSPICES engaged in the
field of trading, export – import of agricultural commodities products, cocoa
product and spices.
P.T. MLN has been in operation since 2002 dealing with trading, export
import of marine products. The whole marine products likes grouper, tuna,
skipjack, tripang, octopus, etc., obtained and collected from Bitung, Makassar,
Kendari, Ambon, and other East Indonesian and surroundings. Mr. Bartolomeus
Purwanto, warehouse manager of P.T. MLN went on to say the company export of
fresh marine products like grouper, tuna, octopus fish, tripang fish and other
fresh fish to China and Hong Kong. Besides, Mr. Bartolomeus Purwanto added the
company is also import of tuna and tripang from China and marketed locally. The
company is also able to import of fresh fish based on order basis from their
clients in the country. According information the company is also import of
capsicum oleoresin and paprika from overseas. The company's operations has
decreased in the last five four years because the company had difficulty in marketing their products, and the
company was facing financial difficulties since the last four years.
We observe that P.T. MLN is classified small size and the operation has been
declining in the last the last four years.
The Indonesian water particularly in Indonesian Economic Zone is still
dominated by foreign fishing boats who catching fish illegally. The prolonged
economic crisis caused the procurement of fishing boats to impede. The absent
of banking support caused Indonesian businessmen to find difficulty to add
their fishing boats. The Indonesian fisheries products export including shrimp,
tuna and others has yet to make any progress in 2003. The protective law on
export of Indonesian fisheries products imposed by developed countries
including the United States and the European countries through embargo and or
very strict security check (must be carried-out through Singapore) will
adversely Indonesian 2005's fisheries business. Beside that the steep hike of
fuel prices has also made domestic fisheries industry to bottom. The export
volume and value of the national fish fresh/frozen and shrimps frozen products
in 2005 to 2012 are pictured on the following table.
|
Year |
Fish Fresh
(Frozen) |
Shrimps Frozen |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
|
2010 |
584.6 |
825.4 |
114.0 |
861.9 |
|
2011 |
595.0 |
979,6 |
119.8 |
1,065.8 |
|
2012* |
644.5 |
1,136.5 |
122.9 |
1,065.3 |
Source: Central
Bureau of Statistic (BPS)
*) estimated
P.T. MLN has not been registered with Indonesian Stock Exchange, so that
they hadl not obliged to announce their financial statement. We observed that
total sales turnover of the company in 2011 amounted to Rp. 10.0 billion
declined to Rp. 9.0 billion in 2012 drop to Rp. 8.0 billion in 2013 and
projected to decline by at least 6% in 2014. The operation in 2013 yielded an
estimated net profit of at least Rp. 400 million and the company has an
estimated total networth of at least Rp. 1.0 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. MLN is led by Mr. Ir. Mangihut Sanggam Mardohar
Simanjuntak, MSc., MM (43) a professional manager who has experienced for more
than 11 years in the field of trading, export import and distribution of
agricultural products and marine products. He is an engineer graduated from
University of Gajah Mada (UGM), Yogyakarta and awarded Magister Management from
IPWI, Jakarta. 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. Considering P.T. MINAUT
LINTAS NUSANTARA has been declining we recommend to treats prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.