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Report No. : |
310776 |
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Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SPICELINX |
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|
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Registered Office : |
Jalan Lingkar Selatan 1 No. 10, Kelurahan Kenali Asam Bawah, Kecamatan Kota Baru, Jambi 36138 |
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Country : |
Indonesia
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Date of Incorporation : |
23.03.2008 |
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|
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Com. Reg. No.: |
AHU-AH.01.10-08645 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Trading
and Exporter of Betel Nuts |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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, has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
SPICELINX
Address
:
Head Office & Warehouse
Jalan
Lingkar Selatan 1 No. 10
Kelurahan
Kenali Asam Bawah, Kecamatan Kota Baru
Jambi
36138
Indonesia
Phone -
(62-741) Not Enrolled
Mobile Phone - 082 88207 0093
E-mail - info@ptspicelinx.com
Website - http://www.spicelinx.com
Region - Commercial
Status - Rent
Date of Incorporation :
23
March 2008
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. AHU-20421.AH.01.01.TH.2008
Dated 23 April 2008
-
No. AHU-41808.AH.01.02.TH.2010
Dated24 August 2010
-
No. AHU-AH.01.10-08645
Dated 5 March 2014
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.715.004.4-4-331.000
Related
Company :
None
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
1,500,000,000.-
Issued
Capital :
Rp. 750,000,000.-
Paid
up Capital :
Rp. 750,000,000.-
Shareholders/Owners
:
a. Mr. Abdul Slam Tahir - Rp.
745,000,000.-
Address : Jl. Kenanga No. 7 RT. 011/05
Kelurahan Pondok Pinang,
Kebayoran Lama, Jakarta Selatan
Indonesia
b. Mrs. Laela Sari Fitauli - Rp. 5,000,000.-
Address :
Jl. H. Abdul Majid No. 20 A, RT. 011/002
Cipete Utara, Kebayoran Lama
Jakarta Selatan
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Trading
and Exporter of Betel Nuts
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2008
Technical
Assistance :
None
Number
of Employee :
100
persons
Marketing
Area :
Local - 100%
Main
Customer :
Buyers
in India and Pakistan
Market
Situation :
Very
Competitive
Main
Competitor :
a. P.T. ASIA AGROMAS ABADI
b. P.T. ALAM INDORAMA
c. C.V. BUMI DJAJA
d. P.T. GLOBAL VISION IMPEX
e. Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank MANDIRI Tbk
Jalan
Jend. Gatot Subroto No. 60A
Jambi
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 7.8 billion
2013
– Rp. 8.5 billion
2014
– Rp. 9.7 billion
Net
Profit (estimated) :
2012
– Rp. 0.7 billion
2013
– Rp. 0.8 billion
2014
– Rp. 0.9 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
Director - Mr. Abdul Slam Tahir
Board of Commissioners :
Commissioner - Mrs. Laela Sari Fitauli
Signatories :
Director
(Mr. Abdul Slam Tahir) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL
PERFOMANCE
|
Based on investigation results the correct name of the
Subject is P.T. SPICELINX not P.T. SPICELINX RXPORT – IMPORT as stated in your
order ref. no. 310776 dated 2 March 2015.
P.T. SPICELINX was established in Jambi, in March 2008
with the authorized capital of Rp. 300,000,000 issued capital of Rp.
150,000,000 entirely paid up. The founding shareholders of the company are Mr.
Abdul Slam Tahir and Mr. Abdul Rauf Shakir Chaudhry, both are Indonesian
businessmen of Pakistan descent. The company notary deed had been changed and
according to the revision of notary deed in July 2010 Mr. Abdul Rauf Shakir
Chaudry pulled out and into the company entered by Mrs. Laela Sari Fitauli as
new shareholder. The latest according to the revision of notary deed Mrs. Vivi
Novita Rido, SH., in February 2014 the company authorized capital was increased
to Rp. 1,500,000,000 issued capital to Rp. 750,000,000 entirely paid up. With
this development the composition of its shareholders has been changed to become
Mr. Abdul Slam Tahir (99.33%) and Mrs. Laela Sari Fitauli (0.67%). The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-08645 dated March 5, 2014.
P.T. SPICELINX is a national private company started to
be operating since 2008 dealing with trading and exporter of betel nuts or
areca nuts. According information the whole products like btel nuts is obtained
from farmers in Tanjung Batu, Tanjung Jabung and others in Jambi. Areca nut or
betel nut is aromatic and as astringent and is said to intoxicate when first
taken. Besides, the product is also used for medicine and cosmetic. The type
and specific of areca nut sells by P.T. SPICELINX are Elephant and Super
Elephants with price ranging from US$ 700 to US$ 950 per tons.
Spicelinx passion for progress is reflected in their
disciplined planning and management process that enables the company to
anticipate changing economic and industry conditions since it was first
established in 2007. The company deals in one of the finest qualities of Betel
Nuts in Jambi and have years of experience and wide ranges of customer bases
India, Pakistan and Nepal. Spicelinx deals with betel nuts which the main operation and their aim is to always deliver fine
quality products, so they can build long term relationships with the customers.
Spicelinx already has a well known market name in which we take pride with two
different brand names which are different in quality; among others Elephant 80%
to 85% quality; Super Elephant 90% to 95% quality. Spicelinx specializes in
split cut betel nuts which involve various processes to make sure the best of
quality is always achieved. Polishing (single and double), drying with controlled
hot air fumigation. We observe P.T. SPICELIX is classified a small sized
company of its kinds in the country with operation had been growing in the last
three years.
We have noticed that the demand for agricultural products such betel nuts had increased some 8% to 10% per annum in the last five years in line with the growth of industrial manufacturing in international market. In the coming years, the growth rate of demand is estimated at about 5% to 6% per annum. The present market situation for betel nuts is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia. We consider P.T. Spicelinx to be in a quite favorable position for having already got hold of a steady clientele in overseas.
Until this time P.T. SPICELINX has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. SPICELINXI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2012 amounted to Rp. 7.8 billion increased to Rp. 8.5 billion in 2013 rose to Rp. 9.7 billion in 2014 and projected to go on rising by at least 6% in 2015. The operation in 2014 yielded an estimated net profit of at least Rp. 0.9 billion and the company has an estimated total networth of at least Rp. 1.5 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. SPICELINX is led by Mr. Abdul Slam
Tahir (53) a businessman with experience in trading, and exporter of betel
nuts. 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. SPICELINX is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.62 |
|
|
1 |
Rs.94.39 |
|
Euro |
1 |
Rs.67.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared by
: |
TPT |
RATING EXPLANATIONS
|
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.