|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MADSUMAYA INDO SEAFOOD |
|
|
|
|
Registered Office : |
Jalan Kawasan Industri Gresik Kav. C-8 No. 15-16,
Randuagung, Kebomas, Gresik, 61121 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.05.2000 |
|
|
|
|
Com. Reg. No.: |
AHU-24210.AH.01.02.TH.2013 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Marine Products Processing |
|
|
|
|
No of Employees : |
400 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 – 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 |
P.T.
MADSUMAYA INDO SEAFOOD
Head Office & Cold Storage
Jalan Kawasan Industri Gresik Kav. C-8 No. 15-16
Randuagung, Kebomas
Gresik, 61121
East Java
Indonesia
Phones -
(62-21) 3982172, 3985381, 3985336
Fax - (62-21) 3982372
E-mail - info@monodonshrimp.com
Website - http://www.monodonshrimp.com
Land Area - 5,000 sq.
meters
Building Space - 3,000 sq. meters
Region - Industrial
Estate
Status - Rent
26 May 2000
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
- No. C-6222
HT.01.01.TH.2001
Dated 27 April 2001
- No.
AHU-24210.AH.01.02.TH.2013
Dated 6 May 2013
National Private Company
The Department of Finance
NPWP No. 01.941.737.7-641.000
The Department of Industry and Trade
TDP No. 130115112673
Dated 31 December 2001
a. P.T. MATSUMAYA MEGA INDUSTRI (Marine Products
Processing)
b. P.T. MITRA KARTIKA SEJATI (Marine Products
Processing)
c. P.T. MULTI MONODON INDONESIA (Marine Products
Processing)
Capital Structure :
Authorized Capital :
Rp. 3,500,000,000.-
Issued Capital :
Rp. 3,500,000,000.-
Paid up Capital :
Rp. 3,500,000,000.-
Shareholders/Owners :
a. Mr. Marthen Miningka, SH -
Rp. 3,465,000,000.-
Address : Jl. H.R. Mohammad C/23, RT. 004 RW. 006
Kelurahan Pradah Kali
Kendal, Kecamatan
Dukuh Pakis, Surabaya, East
Java
Indonesia
b. Mr. Jemmy Wahani -
Rp. 35,000,000.-
Address : Perumahan Banjarsari Block C2-/21
Kelurahan Banjarsari,
Kecamatan Cerme
Gresik, East Java
Indonesia
Lines of Business :
Marine Products Processing
Production Capacity :
Frozen Fish -
5,460 tons p.a.
Total Investment :
Owned Capital -
Rp. 5.0 billion
Started Operation :
2001
Brand Name :
Madsumaya Indo Seafood
Technical Assistance :
None
Number of Employee :
400 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Europe Union, China and Russia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ANEKA TUNA INDONESIA
b. P.T. BALI MAYA PERMAI
c. P.T. FIRST MARINA SEAFOOD
d. P.T. INDOMAGURO TUNAS UNGGUL
Business Trend :
Growing
Bankers :
P.T. Bank NEGARA INDONESIA Tbk
a. Jalan A. Yani No. 18 F
Gresik, East Java
Indonesia
b.
Jalan
Jend. Sudirman No. 1
Makassar, South
Sulawesi
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 45.0 billion
2012 – Rp. 47.0 billion
2013 – Rp. 50.0 billion
Net Profit (estimated) :
2011 – Rp. 2.8 billion
2012 – Rp. 3.0 billion
2013 – Rp. 3.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Marthen Moningka, SH
Director - Mr.
Jemmy Wahani
Board of Commissioners :
Commissioner - Mrs. Susan
Sanmeita Tangkunei
Signatories :
President Director (Mr.
Marthen Moningka, SH) or the Director (Mr. Jemmy Wahani) which must be approved
by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
P.T. MADSUMAYA INDO SEAFOOD (P.T. MIS) was established in Gresik, East Java
on 26 May 2000 with the authorized capital of Rp. 3,500,000,000 issued capital
of Rp. 1,750,000,000 fully and paid up. The founding and shareholders of the
company are Mr. Marthen Miningka, SH and Mr. Tommy Honggoriti Antolis, both are
indigenous businessmen. The company notary deed had been changed a couple of
times. Later according to the latest revision of notary deed Mr. Inas Abdullah
Thalib, SH., No. 63 dated 8 March 2013 the company issued capital was increased
to Rp. 3,500,000,000 of which paid up. On the same occasion Mr. Tommy
Honggoriti Antolis pulled out and the whole share sold to Mr. Jemmy Wahani as
new shareholder. With this time the composition of its shareholders has been
changed to become Mr. Marthen Moningka, SH (99%) and Mr. Jemmy Wahani (1%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-24210.AH.01.02.TH.2013 dated March 8, 2013.
P.T. MIS is a private company has
been operating since 2001 dealing with marine products processing industries.
The company manages a cold storage located at Jalan Kawasan Industri Gresik
Selatan Kav. C-8 No. 15-16, Randuagung, Kebomas, Gresik, East Java standing on
5,000 sq. meters. The cold storage has a production capacity of 15 tons raw
materials per day, 3cold storage with capacity 1,100 tons, 1 ice making machine
with capacity 30 tons per day and other equipment facilities. Most of raw
materials like Tuna, skipjack, octopus, cuttlefish, tuna loin, tuna saku, red
snapper, grouper, king fish, shrimp and other obtained from Surabaya, and
surroundings through local
fishermen.
|
Octopus |
1/2 to 4/6 |
Balltype, Flower Shape |
|
Cuttlefish |
1/2 to 4/6 |
Whole Cleaned |
|
Tuna Loin |
3-5 to 8-12 lb |
IVP |
|
Tuna Steak |
4oz to 10oz |
IVP |
|
Tuna Saku |
8 to 12 oz |
IVP |
|
Red Snapper |
2-4 oz to 8-10 oz |
Fillet |
|
Grouper |
2-4 oz to 8-10 oz |
Fillet |
|
Red Snapper |
1-2 lb to 6-8 lb |
WGGS |
|
Grouper |
5-10 lb to 15-20 lb |
W&G |
|
KingFish |
3-5 lb to 15-20 lb |
W&G |
|
And Some Others |
|
|
P.T. MIS is a complete seafood
industry that is dedicated to processing and exporting Indonesian shrimp and
seafood products throughout the world. Their products are processed from a selection
of only the finest raw materials and processed under control of the highest
hygienic food safety compliances to fit EU and USFDA regulations. The whole
products are frozen tuna, frozen shrimps and frozen cooked shrimp. It was further explained that the
tuna fish are exported to Japan, Taiwan, China and Singapore. We observe the
operation of P.T. MIS has been growing and developing well in the last three
years.
In overall views we
find the demand for fish meal, fish oil and feather meals had been rising by 5%
to 6% per year in the last five years, in line with the growth of animal feed
industry in the country. 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 2008.
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 |
Until this time P.T. MIS has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. MIS is very reclusive towards outsiders
and rejected to disclose its financial condition. We observed that total
sales turnover of the company in 2011 amounted to Rp. 45.0 billion rose to Rp.
47.0 billion in 2012 increased to Rp. 50.0 billion in 2013 and projected to go
on rising by at least 6% in 2014. The operation in 2013 yielded an estimated
net profit of at least Rp. 3.2 billion and the company has an estimated total
net worth of at least Rp. 7.0 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. MIS is led by Mr. Marthen Moningka, SH (54) a
businessman and professional manager with experience in marine products
processing industries. In its operation he is assisted by Mr. Jemmy Wahani (40)
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. MADSUMAYA INDO SEAFOOD is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.98 |
|
|
1 |
Rs. 104.61 |
|
Euro |
1 |
Rs. 86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.