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MIRA INFORM REPORT
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Report No. : |
489945 |
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Report Date : |
19.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. MULTI COMMODITY INDONESIA |
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Registered Office : |
The Bellagio Mall OG
No. 26, Jalan Mega Kuningan Barat Kav. E 4.3 Kuningan Timur, Setiabudi,
Jakarta Selatan, 12950 |
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Country : |
Indonesia |
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Date of Incorporation : |
25.06.2009 |
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Com. Reg. No.: |
AHU-AH.01.10-04241 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Exporter of Soap Noodle, Soap, Soap Oil and Cooking Oils. |
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No. of Employees : |
21 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
COMPANY
NAME
PT.
MULTI COMMODITY INDONESIA
BASIC
SEARCH
Name of Company
PT. MULTI COMMODITY INDONESIA
Address:
Head Office
The Bellagio Mall OG
No. 26
Jalan Mega Kuningan
Barat Kav. E 4.3
Kuningan Timur,
Setiabudi
Jakarta Selatan,
12950
Indonesia
Phones -
(62-21) 300 66777 (Hunting)
Fax
- (62-21) 300 66554
E-mail -
info@mcindonesia.com
Website -
http://www.mecindonesia.com
Building Area - 2 storey
Office Space -
120 sq. meters
Region -
Commercial
Status -
Rent
Date of Incorporation :
25 June 2009
Legal Form :
PT. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
AHU-42717.AH.01.01.TH.2009
Dated 31 August 2009
- No.
AHU-AH.01.10-04241
Dated 12 February 2013
Company Status :
National Private Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related Company :
None
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued
Capital :
Rp. 600,000,000.-
Paid
up Capital :
Rp. 600,000,000.-
Shareholders/Owners
:
a. Mr. Sanjay Sunnil Nathani -
Rp. 400,000,000.-
Address : Apartment Bellagio Residence 26th Floor
BF 15
Jl. Mega Kuningan Barat Kav. E 4.1
Kelurahan Kuningan Timur, Kecamatan
Setiabudi, Jakarta Selatan, 12950, Indonesia
b. Mrs. Sharon Sanjay Nathani - Rp.
100,000,000.-
Address :
Apartment Bellagio Residence 26th Floor BF 15
Jl. Mega Kuningan Barat Kav. E 4.1
Kelurahan Kuningan Timur, Kecamatan
Setiabudi, Jakarta Selatan, 12950, Indonesia
c. Mrs. Krisha Melwani -
Rp. 100,000,000.-
Address :
Jl. Maluku No. 8-A, RT. 005 RW. 005
Kelurahan Gondangdia, Kecamatan Menteng
Jakarta Pusat, 10350, Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
Trading and Exporter
of Soap Noodle, Soap, Soap Oil and Cooking Oils
Production Capacity :
None
Total Investment :
None
Started Operation :
2010
Brand Name :
Multi Commodity
Indonesia
Technical Assistance
:
None
Number of Employee :
21 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Africa and
South America
Market Situation :
Very Competitive
Main Competitors :
a. PT. BINTANG ERA
SINAR TAMA
b. PT. MULTIMAS
NABATI ASAHAN
c. PT. PERUSAHAAN
PERDAGANGAN INDONESIA
d. PT. SMART Tbk
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
Bankers
:
a. PT. Bank OF INDIA INDONESIA Tbk
Jalan H. Samanhudi No. 37
Pasar Baru, Sawah Besa
Jakarta Pusat, 10710, Indonesia
b. PT. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2015
– Rp. 29.0 billion
2016
– Rp. 32.0 billion
2017
– Rp. 35.0 billion
Net
Profit (estimated) :
2015
– Rp. 1.8 billion
2016
– Rp. 2.1 billion
2017
– Rp. 2.3 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
Director -
Mr. Sanjay Sunnil Nathani
Board of Commissioners :
Commissioners - a. Mrs. Sharon Sanjay Nathani
b. Mrs. Krisha Melwani
Signatories :
Director
(Mr. Sanjay Sunnil Nathani) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
Based on search and investigation the correct name of the
Subject is PT. MULTI COMMODITY INDONESIA not MULTI COMMODITY INTERNATIONAL LTD
as stated in your order ref. no. 489945 dated 1 February 2018.
PT. MULTI COMMODITY INDONESIA (PT. MCI) was established
in Jakarta based on notary deed Mr. Dradjat Darmadji, SH., no. 285 dated 25
June 2009 with an the authorized capital of Rp. 1,000,000,000 issued capital of
Rp. 600,000,000 entirely paid up. The founding shareholders of the company
originally are Mr. Sanjay Sunnil Nathani an Indonesian businessman of India
descent and Mrs. Sharin Rony Wahab an indigenous businessman. Its article of
association had been changed and according to revision notary deed Mr. Suparman
Hasyim, SH., no. 15 dated 28 December 2012 Mrs. Sharin Rony Wahab pulled out
and into the company entered by Mrs. Sharon Sanjay Nathani and Mrs. Krisha
Melwani both are Indonesian businesswomen of India extraction as new
shareholders. With this time the composition of its shareholders has been
changed to become Mr. Sanjay Sunnil Nathani (66%), his wife Mrs. Sharon Sanjay
Nathani (17%) and Mrs. Krisha Melwani (17%). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-04241 dated February 12, 2013.
PT. MCI is a national private company has been operating
in 2010 dealing with trading and exporter of soap noodle, soap, soap oil and
cooking oils. The soap noodle types of products are toilet soap, multipurpose
soap, and laundry soap. The soap types products using various brands such as
PARISA, LA BELLA, LA BELLA MEDICATED, SUPERMUM LAUNDRY SOAP, SUPERMUM
MULTIPURPOSE SOAP, HAMMER MULTIPURPOSE SOAP, and HAMMER LAUNDRY SOAP. The soap
oil types are Liquid Residue, Coconut Fatty Acid Distillate, Hard Residue, Palm
Kernel Fatty Acid Distillate, Palm Fatty Acid Distillate, Palm Acid Oil, RBD
Palm Stearin, RBD Coconut Oil, Refined Glycerine and Crude Gylcerine and
cooking oil (bottle and Jerrygens). The company provides Soap Noodles, Laundry
Soaps, Multipurpose Soaps, Toilet Soaps and Palm-Related Oils for the Soap
Industry. PT. MCI, a trading office based in Indonesia, is a part of a
group of manufacturers. PT. MCI represents factories in the field of soap
noodles, soaps and palm related products. Concentrating within the local
Indonesian markets, MCI acts as their export division. PT. MCI has a large
range of distribution networks, from the Middle East all the way to large parts
of Africa and South America. The company has developed long standing
relationships with each of these distributors. Their soaps are sold in many of
the markets and are continually expanding. PT. MCI operation has been growing
and running smoothly in the last three years.
World global vegetable
oil production is expected to rise by more than 24% by 2024. Because it does
not contain trans fat, palm oil is expected to benefit from the growth of world
vegetable oil consumption. The long-term growth of world CPO prices will
continue to be driven by world demand growth of palm oil along with other
vegetable oils. Currently the palm oil industry faces some short-term
challenges, namely the decline in production caused by El Niño in Malaysia and
Indonesia in 2015 and 2016, fluctuations in CPO prices and volatile market
conditions, caused by uncertainty in the short-term outlook for global economic
growth and decline the world oil price that caused the decline of the CPO
market share as an alternative energy source.
However, medium and long
term growth is expected to continue and reach 72 million tonnes in 2020 and 90
million tons by 2025. This is primarily driven by population growth and
economic development in Asia, particularly in China, India and Indonesia, in
line with changes in preference a global diet, increased disposable income,
particularly in developing countries in Asia, increased use of CPO in bio-fuels
and increased use of palm oil for nonfood and oleo-chemical products. The growth of cooking
oil production in the last five years is pictured on the following table:
Export Volume and Value of Palm Oil,
2011 – 2016*
|
Year |
Palm Oil (000 Ton) |
Palm Oil (Million US$) |
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2011 |
16,774.7 |
17,730.3 |
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2012 |
19,675.1 |
18,461.5 |
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2013 |
21,770.8 |
16,787.5 |
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2014 |
37,162.7 |
28,183.3 |
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2015 |
27,670.8 |
16,427.0 |
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2016* |
21,413.7 |
14,045.2 |
Until this time PT. MCI has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of PT. MCI is very reclusive towards
outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in
2015 amounted to Rp. 29.0 billion increased to Rp. 32.0 billion in 2016 rose to
Rp. 35.0 billion in 2017 and projected to go on rising by at least 5% in 2018.
The operation in 2017 yielded an estimated net profit of at least Rp. 2.3
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 PT. MCI is led by Mr. Sanjay Sunnil
Nathani (36) a businessman and professional manager with experience in trading
and exporter of soap noodle, soap, soap oil and cooking oils. 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. PT. MULTI COMMODITY INDONESIA is sufficiently fairly
good for business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.91 |
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1 |
INR 90.31 |
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Euro |
1 |
INR 80.71 |
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IDR |
1 |
INR 0.0048 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.