MIRA
INFORM REPORT
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Report Date : |
30th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DAKAI IMPEX |
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Registered Office : |
Jalan Teluk Kumai Timur No. 60-66 Surabaya, East Java Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
2005 |
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Date of Incorporation : |
25 January 2002
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in trading, export-import and
distribution of agricultural products
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular
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Litigation : |
Clear |
Name of Company
P.T. DAKAI IMPEX
A d d r e s s
Head Office
Jalan Teluk Kumai Timur No. 60-66
Surabaya, East Java
Indonesia
Phone - (62-31) 3291514, 3299496
Fax. - (62-31) 3291701
Building Area - Office
Office Space - 320 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
25 January 2002
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No. C-04244 HT.01.01.TH.2002
Dated 14 March 2002
Company Status
Private Company
Permit by the Government Department
The
Department of Finance
NPWP No. 02.091.788.6-605.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 6,500,000,000.-
Issued Capital : Rp. 1,625,000,000.-
Paid up Capital : Rp. 1,625,000,000.-
Shareholders/Owners :
a. Mr. Chan Luen Kai - Rp. 812,500,000.-
Address : Jalan Manyar Kertoardjo 8/35
Surabaya, East Java, Indonesia
b. Mrs. Tjong Yuviana Kurniawati - Rp. 487,500,000.-
Address : Jalan Manyar Kertoarjo 8/35
Surabaya, East Java
Indonesia
c. Mr. Chan Hon Ngai AKA Hans - Rp. 325,000,000.-
Address : Jalan Carbeen Ave, ST.
Ives New South Wales
Australia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Export-Import and Distribution of Agricultural Products
Production Capacity :
None
Total Investment :
a. Owned Capital - Rp.1.6 billion
b. Loan Capital - None______
c. Total Investment - Rp. 1.6 billion
Started Operation :
June 2002
Brand Name :
None
Technical Assistance :
None
Number of Employee :
28 persons
Marketing Area :
Export - 100 %
Main Customer :
Buyers in the USA, Europe Union
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALAM INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI SAMPOERNO
d. C.V. PUTRA NUSA
Business Trend :
Growing
ANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jalan Basuki Rachmat
Surabaya, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Basuki Rachmat
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 16.0 billion
2004 – Rp. 18.0 billion
2005 – Rp. 21.0 billion
Net Profit (Loss) :
2003 – Rp. 0.9 billion
2004 – Rp. 1.0 billion
2005 – Rp. 1.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
Director - Mrs. Tjong Yuviana
Kurniawati
Board
of Commissioners :
Commissioner - Mr. Chan Luen Kai
Signatories
:
Directors
(Mrs. Tjong Yuviana Kurniawati) which must be approved by Supervisory Board.
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small
amount – periodical review
Maximum
Credit Limit :
US$ 282,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. DAKAI IMPEX (P.T. DI) was established in Surabaya, East Java in January 2002 with an authorized capital of Rp. 6,500,000,000.- issued capital of Rp. 1,625,000,000.- entirely paid up. The founding shareholders are Mr. Chan Luen Kai, his wife Mrs. Tjong Yuviana Kurniawati and his son Mr. Chan Hon Ngai AKA Hans. They are Indonesian businessmen of Chinese extraction. The deed of amendment was made by Mrs. Evy Retno Budiarty, SH., a public notary in Surabaya under Company Registration Number C-04244 HT.01.01.TH. 2002, dated March 14, 2002.
P.T. DI has been in operation since June 2002 in trading, export import and distribution of agricultural products. Mrs. Ina, a staff export import of the company explained that the whole agricultural products likes mung bean, nutmeg, clove, cashew nut, chilly, cardamons, bought from farmer in Sumatra, Sulawesi, Java and others island of Indonesia. Then, the whole products are exported to the United States of America and Europe Union. Besides, the company also imported of garlic, peanut from Taiwan, China, Vietnam, Myanmar and India. The whole products supplied to snack food industries and traditional market in Java and Sumatra. They also directly supplied of peanut to P.T. DWI KELINCI in East Java. We observed that the company’s operation has been growing in the last three years.
We have
noticed that the demand for agricultural products had increased some 10% to 11%
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 6% to 7% 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 Indonesia. We consider P.T. DI to be in a
quite favorable position for having already got hold of a steady clientele in
the country and abroad.
Until
this time P.T. DI has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We observed
that total sales turnover of the company in 2003 is Rp. 16.0 billion increased
to Rp. 18.0 billion in 2004 and to Rp. 21.0 billion in 2005. The operation in
2005 yielded an estimated net profit at least Rp. 1.3 billion and the company
has an estimated total networth at Rp. 5.0 billion. It is forecasted that total
sales turnover of the company will increase at least 8% in 2006. We observe
that P.T. DI is supported by financially fairly strong behind it. So far, we
have never heard of the company having been black listed by the Central Bank
(Bank Indonesia). Mrs. Ina, the export import staff of the company disclosed
that the company usually pays its debts punctually to suppliers.
The
company is led out by Mrs. Tjong Yupiana Kurniawati (49), a businessman who
experienced for more than 12 years in the field of trading, export import and
distribution of agricultural products. But, we believed that the primemover of
the company his husband Mr. Chan Luen Kai (62). We observed that management’s reputation
in said business is fairly good. The company has had wide relation in the realm
of the private businessmen inside and outside the country. Their relation with
the government is fairly good. So far, we have never heard that the company’s
management involved in a dirty business practice or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
PT.
DAKAI IMPEX is fairly good for business transaction. However, in view of the
unstable economic condition in the country we recommend to treat prudently in
extending a loan to the company.
RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |