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Report No. : |
311007 |
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Report Date : |
11.03.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. PRIMERO OVERSEAS
SERVICES |
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Registered Office : |
Menara BCA Grand Indonesia 45th Floor Suite 4523, Jalan M.H. Thamrin No. 1 Jakarta Pusat, 10310 |
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Country : |
Indonesia
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Date of Incorporation : |
03.05.2010 |
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Com. Reg. No.: |
AHU-26506.ah.01.01.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading,
Distribution and Exporter of Vegetable Oil and Crude Palm Oils |
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No. of Employees : |
15 |
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.
PRIMERO OVERSEAS SERVICES
A
d d r e s s :
Head Office
Menara
BCA Grand Indonesia 45th Floor Suite 4523
Jalan
M.H. Thamrin No. 1
Jakarta
Pusat, 10310
Indonesia
Phone -
(62-21) 2358 5652
Fax - (62-21) 2358 5601
Mobile Phone - 081 294 23721
(Mr. Venkataraman Sekar)
E-mail - made@ptprimero.com
Building Area - 56 storey
Office Space - 60 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
3
May 2010
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-26506.ah.01.01.TH.2010
Dated
25 May 2010
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
Not
Available.
The Capital Investment Coordinating
Board
No.
00714/I/PPM/PMA/2010
Dated
26 April 2010
Related
Company :
BIOMAX
FUELS LIMITED, India (Biodiesel Processing and Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
100,000.-
Issued
Capital :
US$ 100,000.-
Paid
up Capital :
US$ 100,000.-
Shareholders/Owners
:
a. BIOMAX FUELS LIMITED -
US$ 99,000.-
Address : Plot #S&T, Visakhapatnam Special
Economic
Zone, Duvvada, Visakhapatnam, Andhra
Pradesh, India
b. Mr. Nidamanggala Srinivasa
Balamukundan - US$ 1,000.-
Address :
No. 1 Raghaviah Road
Nagar, Chennah 600017
India
BUSINESS
ACTIVITIES
|
Lines of Business :
Trading, Distribution
and Exporter of Vegetable Oil and Crude Palm Oils
Production Capacity :
None
Total Investment :
None
Started Operation :
2011
Brand Name :
Primero Overseas
Services
Technical Assistance
:
Biomax Fuels Limited,
India
Number of Employee :
15 persons
Marketing Area :
Export -
100%
Main Customer :
Biomax Fuels Limited,
India
Market Situation :
Very Competitive
Main
Competitors :
a.
P.T. MUSIM MAS
b.
P.T. PACIFIC INDOMAS
c.
P.T. TANIMAS EDIBLE OIL
d.
P.T. WILMAR NABATI INDONESIA
e.
Etc.
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a.
P.T. Bank CENTRAL INDONESIA Tbk
Menara BCA Grand Indonesia
Jalan M.H. Thamrin No. 1
Jakarta Pusat
b. P.T. Bank SBI INDONESIA
Gedung Graha Mandiri
Jalan Imam Bonjol No. 61
Jakarta Pusat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 43.8 billion
2013
– Rp. 47.0 billion
2014
– Rp. 51.8 billion
Net
Profit (estimated) :
2012
– Rp. 2.6 billion
2013
– Rp. 2.8 billion
2014
– Rp. 3.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
Director -
Mr. Venkataraman Sekar
Board of Commissioners :
Commissioner - Mr. Nidamanggala Srinivasa
Balamukundan
Signatories :
Director
(Mr. Venkataraman Sekar) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL
PERFORMANCE
|
P.T. PRIMERO OVERSEAS SERVICES (P.T. POS) was established
in Jakarta based on notary deed Mr. Suwanda, SH., no. 2 dated 3 May 2010 with
an authorized capital of US$ 100,000 wholly issued and paid up. The founding
and shareholders of the company are BIOMAX FUELS LIMITED of India (99%) and Mr.
Nidamangala Srinivasa Balamukundan of India (1%). The notary deed if
incorporation was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-26506.AH.01.01.TH.2010 dated May 25, 2010.
P.T. POS has obtained Foreign Investment (PMA) company
facility from the Capital Investment Coordinating Board (BKPM) do deal with
business management consulting services. According to the license the company
provides services in business management consultancy especially in crude palm
oil services and vegetable oil industries. Since operation in 2011 the company
has exports of crude palm oil and vegetable oil which wholly bough from oil
palm plantation in Sumatera and Kalimantan. According information the company
is able to export more than 5,000 tons of crude palm oil per month. Later the
whole crude palm oil and vegetable oil wholly exported to parent company BIOMAX
FUELS LIMITED, a private company based in India producing of bio-diesel oils,
glycerin and natural mixed cartenoids.
Besides, the company planned to markets and sells of the
products like Bio-diesel, petrochemicals/fuel oil, LSHS marketed in Indonesia and
supplied to P.T. ASIA PACIFIC FIBERS Tbk and others. We observe that P.T. POS
is classified a small sized company of its kinds in the country with operation
has been running smoothly in the last three years.
Palm oil is one of
the world's most produced and consumed oils. This cheap,
production-efficient and highly stable oil is used in a wide variety of food,
cosmetic and hygiene products, and can be used as source for bio-fuel
or biodiesel. Most palm oil is produced in Asia, Africa and South America
because the trees need warm temperatures, sunshine and plenty of rain in order
to maximize production. Looking at consumption growth trends in emerging
economies like India and China, the outlook for the palm oil industry is
expected to remain positive. With its growing population base, Indonesia has
become one of the largest consumers of palm oil together with China and India.
The 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.
Few Indonesian industries have shown such a robust growth
as the palm oil industry did during in the last 15 years. This growth is
visible in the country's production and export numbers as well as in the
quantity of its palm oil estate area. Driven by increased global demand and
higher yields, palm oil cultivation has been expanded significantly by
Indonesian farmers and conglomerates (at the expense of the environment and
production numbers of other agricultural products as farmers switch to palm oil
plantation). The majority of Indonesia's palm oil production is exported (see
table below). The most important export destination countries are China, India,
Malaysia, Singapore and the Netherlands. The business position of P.T. POS is
favorable for having established wide marketing coverage in India.
Indonesia’s
Palm Oil Production and Export
|
|
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
|
Production |
17.7 |
18.6 |
19.3 |
21.9 |
23.0 |
23.5 |
25.0 |
|
Export |
n.a |
14.2 |
15.5 |
15.6 |
16.5 |
18.1 |
21.0 |
|
Export |
n.a |
15.6 |
10.0 |
16.4 |
20.2 |
21.6 |
20.0 |
Until this time P.T. POS has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. POS 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. 43.8 billion
increased to Rp. 47.0 billion in 2013 rose to Rp. 51.8 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. 3.0 billion. We observe that P.T. POS
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. POS is led by Mr. Venkataraman
Sekar (42) a professional manager of India with experience in trading and
exporter of vegetable oil and crude palm oil. 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. PRIMERO OVERSEAS SERVICES is sufficiently fairly good
for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.70 |
|
|
1 |
Rs.94.55 |
|
Euro |
1 |
Rs.67.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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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.