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MIRA
INFORM REPORT
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Report No. : |
494574 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. NAEEM IMPEX INDONESIA |
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Registered Office : |
Jalan Bisma Timur 2 Block D-1 No. 5, Kelurahan Papanggo, Kecamatan
Tanjung Priok, Jakarta Utara, 14340 |
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Country : |
Indonesia |
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Date of Incorporation : |
28.06.2006 |
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Com. Reg. No.: |
No. AHU-0004635.AH.01.02.TH.2015 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
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Line of Business : |
Trading and Exporter of Betel Nuts, Coconut Oil, Inedible
Mixture of Fat Oil |
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No. of Employees : |
11 |
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 : |
Foreign Investment (PMA) Company |
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Payment Behaviour : |
Slow but Correct |
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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 And Address
Name of Company :
P.T. NAEEM IMPEX INDONESIA
A d d r e s s :
Head
Office
Jalan Bisma Timur 2 Block D-1 No. 5
Kelurahan Papanggo, Kecamatan Tanjung
Priok
Jakarta Utara, 14340
Indonesia
Phones - (62-21) 6530 1091, 652 22155
Fax - (62-21) 6471 4417
Mobile Phone - 0858 802811 55 (Mr. Naeem Mullah)
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
28 June 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The
Ministry of Law and Human Rights
- No. AHU-90768.AH.01.01.TH.2008
Dated 27 November
2008
- No. AHU-0004635.AH.01.02.TH.2015
Dated 24 March 2015
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The
Department of Finance
NPWP No. 02.419.576.0-048.000
Related Company :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : US$ 300,000.-
Issued Capital : US$ 300,000.-
Paid up Capital : US$ 300,000.-
Shareholders/Owners :
a.
Mr. Naeem Mullah -
US$ 210,000.-
Address : Apartment Metro Sunter Block II No. 227
Kelurahan Papanggo,
Kecamatan Tanjung
Priok, North Jakarta,
14340, Indonesia
b.
Mr. Allah Rakha -
US$ 90,000.-
Address : Apartment Metro Sunter Block II
No. 227
Kelurahan Papanggo,
Kecamatan Tanjung
Priok, North Jakarta,
14340, Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Trading and Exporter of Betel Nuts, Coconut Oil, Inedible
Mixture of Fat Oil
Production Capacity :
None
Total Investment :
None
Started Operation :
2008
Brand Name :
Naeem Impex Indonesia
Technical Assistance :
None
Number of Employee :
11 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Karachi, Pakistan
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASIANAGRO AGUNGJAYA
b. P.T. DOMUS JAYA
c. P.T. INDO VEGETABLE OIL
d. P.T. MUSIM MAS FUJI
e. Etc
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
P.T. Bank MANDIRI Tbk
Jalan Danau Agung 2 Block E.10 No. 22B
Sunter Agung, Tanjung Priok
Jakarta Utara, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2015 – Rp. 28.0 billion
2016 – Rp. 30.0 billion
2017 – Rp. 32.8 billion
Net Profit (estimated) :
2015 – Rp. 1.9 billion
2016 – Rp. 2.2 billion
2017 – Rp. 2.5 billion
Payment Manner :
Slow but Correct
Financial Comments :
Fairly strong
KEY EXECUTIVES
Board
of Management :
Director - Mr.
Allah Rakha
Board
of Commissioners :
Commissioner - Mr. Naeem
Mullah
Signatories
:
Director (Mr. Allah Rakha) which must be
approved by Board of Commissioner
CAPABILITIES
Management
Capability :
Fairly
Good
Business
Morality :
Fairly
Good
OVERALL PERFORMANCE
P.T. NAEEM IMPEX INDONESIA (P.T. NII)
was incorporated in Jakarta based on notary deed Mr. Haji Feby Rubein Hidayat,
SH., no. 183 dated 28 June 2006 with an authorized capital of US$ 100,000
wholly issued and paid up. The founding shareholders of the company originally
are Mr. Naeem Mullah and his daughter Mrs. Kashif Israr Naeemi and Mr. Allah
Rakha, both are foreign business family of Pakistan. The article of association
of the company had been changed and according to revision notary deed Mr.
Desman, SH., no. 05 dated 2 Mach 2015 Mrs. Kashif Israr Naeemi withdrew and the
whole share took over by Mr. Naeem Mullah. On the same occasion the company
authorized capital was increased to US$ 300,000 wholly issued and paid up. With
this development the composition of its shareholders has been changed to become
Mr. Naeem Mullah (70%) and Mr. Allah Rakha (30%). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-0004635.AH.01.02.TH.2015 dated March 24, 2015.
P.T. NII is a Foreign Investment (PMA)
company engaged in the field of trading and exporter of betel nuts, palm oil,
coconut oil and inedible mixture of fat oil. The whole agriculture products
like betel nut, oil-cake and other solid residues of palm nuts, pal oil,
coconut oil, palm kernel oil, and other related products obtained from Medan,
North Sumatra, Jambi, Lampung and others surroundings. Meanwhile most of palm
oil, coconut oil, palm kernel oil obtained from various cooking oil industries
in Jakarta, North Sumatra, Central Java, East Java and others. Later the whole
products exported to Karachi, Pakistan; Southeast Asia; Africa; Middle East and
Eastern Asia. We observe P.T. NII is classified a small sized company of its
kinds in the country with operation has been growing and developing well in the
last three years.
We have
noticed that the demand for agricultural products such as betel nuts, palm oil,
coconut oil, inedible mixture of fat oil had increased some 8% to 10% per annum
in the last five years in line with the growth of industrial manufacturing in
the country and 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 agricultural products 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
Until
this time P.T. NII has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management of P.T. NII 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. 28.0 billion increased to
Rp. 30.0 billion in 2016 rose to Rp. 32.8 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. 2.5 billion and the company has an estimated total
networth of at least Rp. 7.0 billion. We observe that P.T. NII 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
The
management of P.T. NII is led by Mr. Allah Rakha (34) a businessman and
professional manager of Pakistan with experience in trading and exporter of
agriculture commodities products. 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. NAEEM IMPEX 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 64.99 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 80.21 |
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IDR |
1 |
INR 0.0045 |
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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NIY |
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Report Prepared
by : |
KET |
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.