MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. ASIA AGROMAS ABADI |
|
|
|
|
Registered Office : |
Jalan Pasar Hitam No. 49, Desa Sampali, Medan Timur, North Sumatera |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
16 November 2005 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Exporter of Areca Nut |
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 |
|
Maximum Credit Limit : |
US$ 92,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. ASIA AGROMAS ABADI
Address
Head Office
Jalan Pasar Hitam No. 49
Desa Sampali, Medan Timur
North Sumatera
Indonesia
Phone - (62-61) 661 7917, 661 7918
Fax. - (62-61) 661 8846
Building Area - 1 storey
Office Space - 300 sq. meters
Region - Industrial Zone
Status - Rent
Warehouse
Jalan Medan-Binjei Km. 9,8 No. 63
Medan
North Sumatera
Indonesia
Phone - (62-61) 845 6235
Fax. - (62-61) 845 6609
Land Area - 3,500 sq. meters
Factory Space - 2,700 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation
16 November 2005
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
No. C-34364
HT.01.01.TH.2005
Dated 23 December 2005
Company Status
Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 02.279.154.5-119
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 2,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners :
a. Mr. Arianto AKA Akiong - Rp.
475,000,000.-
Address : Jl.
Kapten Pattimura Dalam No. 22 DD
Kelurahan Petisah Hulu,
Medan
Timur, North Sumatera,
Indonesia
b. Mr. Suwandi - Rp. 25,000,000.-
Address : Jl.
Timor No. 10-Y, Kelurahan
Gang Buntu, Medan Timur
North Sumatera, Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Exporter of Areca Nut
Production Capacity
None
Total Investment
None
Started Operation
December 2005
Brand Name
None
Technical Assistance
None
Number of Employee
13 persons
Marketing
Area
Export - 100%
Main Customer
Buyer in Nepal, Pakistan, India
Market Situation
Very Competitive
Main Competitors
a. UD. JAYA ABADI
b. P.T. ALAM INDORAMA
c. C.V. BUMI DJAJA
d. C.V. JAYA BERSAMA
e. C.V. PUTRA NUSA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
P.T. Bank MANDIRI Tbk
Jalam Imam Bonjol no. 7
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 7.0 billion
Net Profit (Loss) :
2006 – Rp. 0.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Arianto AKA Akiong
Board of Commissioners :
Commissioner - Mr. Suwandi
Signatories :
Director (Mr. Arianto AKA Akiong) which must be approved by the
Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit
Limit
C.O.D. To small
amount
Maximum Credit Limit
US$ 92,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. ASIA AGROMAS ABADI (P.T. AAA) was established in Medan on 16 November 2005 with an authorized capital of Rp. 2,000,000,000.- issued capital of Rp. 500,000,000.- of which paid up. Founders and shareholders pf the company are Mr. Arianto AKA (Also Known As) Akiong and Mr. Suwandi, both are Indonesian businessmen of Chinese extraction. The deed of amendment was made by Mrs. Farida Hanum, SH., a public notary in Medan under Company Registration Number C-34364.HT.01.01.TH.2005, dated November 16, 2005.
P.T. AAA had been operating since the end of 2005’s in trading and exporter agricultural products. Mr. Arianto AKA Akiong, that the agricultural product such as areca nut is collected and bought from farmers of Nangroe Aceh Darusalam and Medan, North Sumatera and surroundings. Then, the product likes are nuts is exported to Pakistan, Nepal and India. Areca nut or betel nut is aromatic and as astringent and is said to intoxicate when first taken. In India the areca nuts has long been used as a taenifuge for tapeworm. Besides, the product is also used for medicine and cosmetic. The type and specific of areca nut has divided into three type such as Super Malaysia with price US$ 950 per tons, Super Indonesia with the price of US$ 850 per tons and Super Baru with the price of US$ 600 to US$ 700 per tons. Mr. Arianto also explained that the areca nut is also directly collected from villages of Simalungun, Dairi, Asahan and Deliserdang all of the North Sumatera. We observed that the company’s operation has been growing in the last one year.
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 pharmaceutical and cosmetic industries international market. According to the Department of Industry that the export volume and value of the areca nuts from Medan (North Sumatera) to Pakistan, Bengladesh and India in 2005 reached to 95.8 million tons with US$ 34,97 million increased to 15,529 million tons with US$ 9,202 million. 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. AAA to be in a quite favorable position for having already got hold of a steady clientele in abroad.
Until this time P.T. AAA 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 the first year of 2006 amounted to Rp. 7.0 billion and projected to go on rising by at least 8% in 2007. The operation in 2006 yielded an estimated net profit at least Rp. 0.4 billion and the company has an estimated total networth by at least Rp. 850 million. We observe that P.T. AAA 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). Mr. Arianto, the director of the company disclosed that the company usually pays its debts punctually to suppliers.
The company is led out by Mr. Arianto AKA Akiong (51), a businessman who experienced for more than 14 years in the field of trading, exporter of agricultural products. 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. P.T. ASIA AGROMAS ABADI is sufficiently 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
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)