|
Report No. : |
344906 |
|
Report Date : |
16.10.2015 |
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 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due
to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially increased
electric power capacity, since taking office. Fuel subsidies were almost
completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
BASIC
SEARCH
|
Name
of Company :
P.T.
MADSUMAYA INDO SEAFOOD
A
d d r e s s :
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
Date of Incorporation :
26
May 2000
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
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
Company
Status :
National
Private Company
Permit
by the Government Department :
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
Related
Companies :
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 AND OWNERSHIP
|
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
BUSINESS ACTIVITIES
|
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
BANKER, AUDITOR & LITIGATION
|
B
a n k e r :
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
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 47.0 billion
2013
– Rp. 50.0 billion
2014
– Rp. 54.0 billion
Net
Profit (estimated) :
2012
– Rp. 3.0 billion
2013
– Rp. 3.2 billion
2014
– Rp. 3.4 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
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
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
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 |
Ball Type, 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 |
|
King Fish |
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
2014 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 |
|
2013 |
658.5 |
1,043.5 |
127.0 |
1,346.4 |
|
2014 |
606.2 |
913.4 |
148.6 |
1,707.0 |
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 2012 amounted to Rp. 47.0 billion increased to Rp.
50.0 billion in 2013 rose to Rp. 54.0 billion in 2014 and projected to go on
rising by at least 5% in 2015. The operation in 2014 yielded an estimated net
profit of at least Rp. 3.4 billion and the company has an estimated total
networth of at least Rp. 7.5 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. MIS is led by Mr. Marthen
Moningka, SH (55) a businessman and professional manager with experience in
marine products processing industries. In its operation he is assisted by Mr.
Jemmy Wahani (41) 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.64.82 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.