MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P. T. AGROMIS PRIMA |
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Registered Office : |
Komp. Pasar Induk Beras Cipinang Block HA No. 10, Jl. Pasar Induk Beras, Cipinang, Jakarta Timur |
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Country : |
Indonesia |
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Date of Incorporation : |
8 March 2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
General Trading and Importer of Agriculture Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 89,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. AGROMIS PRIMA
Address
Head Office
Komp. Pasar Induk Beras Cipinang Block
HA No. 10
Jl. Pasar Induk Beras Cipinang
Jakarta Timur
Indonesia
Phones - (021) 47867569, 4718144
Fax - (021)
4706071
Building Area - 2 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Year of Established
8 March 2006
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-22186.HT.01.01.TH.2006
Dated 28 July 2006
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.544.990.1.004.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital -
Rp. 5,000,000,000.-
Issued Capital -
Rp. 3,000,000,000.-
Paid up Capital -
Rp. 3,000,000,000.-
Shareholders/Owners :
a. Mr. Lo Reynaldi
Christianto -
Rp. 1,020,000,000.-
Address : Jl. Lontar Raya No. 341
Kel. Tanjung Duren Utara
Jakarta Barat
b. Mr. Kasim
Santoso - Rp. 990,000,000.-
Address : Jl. Jl. Jend. S. Parman RT.04/01
Kel. Kota, Belitung
South Sumatra
c. Mr. Kwok Kwong
Ping -
Rp. 990,000,000.-
Address : Jl. Kebon Pala I/24, RT.002/005
Kel. Kampung Melayu
Jakarta Timur
BUSINESS ACTIVITIES
Lines of Business:
General Trading and Importer of Agriculture
Products
Production Capacity
None
Total Investment
Equity
Capital - Rp. 3.0 billion
Started Operation
2006
Brand Name
None
Technical Assistance
None
Number of Employee
12 persons
Marketing Area
Domestic
(local) - 100%
Main Customer
Traditional Market,
Food and Beverages Industries, Agriculture products Stores, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. JASA INDO
MAKMUR
b. P.T. ADI
SAMPOERNO
c. P.T. DAKAI
IMPEX
d. P.T. ALAM INDO
RAMA
e. C.V. BUMI DJAJA
f. P.T. ADI SAMPOERNO
g. C.V. PUTRA NUSA
h. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
a. P.T.
LIPPO Bank Tbk.
Komp.
Pasar Induk Beras
Jakarta
Timur
b. P.T. Bank CENTRAL ASIA Tbk.
Jalan Balai Pustaka Timur J/225-C
Jakarta Timur
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 6.5 billion
2007 – Rp. 9.5 billion (January – June)
Net Profit :
2006 – Rp. 0.4 billion
2007 – Rp. 0.8 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Ferry Setiawan Gunawarman
Director -
Mr. Susanto Hutama Taufiq
Board of Commissioners
:
President Commissioner - Mr. Lo Reynaldy Christianto
Commissioner - a. Mr. Kasim Santoso
b. Mr. Kwok Kwong Ping
Signatories
:
President
Director (Mr. Ferry Setiawan Gunawarman) or Director (Mr. Susanto Hutama
Taufiq) which must be approved by the board of commissioners.
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$ 89,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. AGROMIS PRIMA (P.T. AP) was established on March 8, 2006 with an authorized capital of Rp. 5,000,000,000.- issued capital of Rp. 3,000,000,000.- entirely paid up. The founding shareholders are Mr. Lo Reynaldi Christianto, Mr. Kasim Santoso and Mr. Kwok Kwong Ping. They are Indonesian businessmen of Chinese extraction. There is no change on the capital as well as shareholders composition until this time. The deed of amendment was made by Mrs. Rose Takarina, SH., a public notary in Surabaya under Company Registration Number C-22186. HT.01.01.TH. 2006, dated July 28, 2006.
P.T. AP is dealing with trading and importing agriculture products. Mr. Sapto Utama, senior staff of the company, said that the activity volume of the company is mostly dealing with trading and importing of agricultural products such as groundnut kernels, green nuts, pepper, dried chili, corn powder, rice, sesame seeds, etc. The company import agriculture products from India (dried chili), China (groundnut, green nut, dried chili, corn powder), Thailand and Vietnam (rice). However, P.T. AP also sales of agriculture products local such as groundnut, pepper, rice and nutmeg. The whole products supplied to snack food industries such as PT. Indofood Sukses Makmur, foodstuff stores, wholesalers, and traditional market in Jakarta, Surabaya, Semarang, Lampung and other major cities in the country. Furthermore, it was explained that P.T. AP has made business relation as agricultural supplier for along time with snack food processing, wholesalers, foodstuff stores and until this time the business relation still tied in with them. We observed that the company’s operation has been growing slowly in the last two 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.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported.
The management of P.T. AP is
very reclusive towards outsiders and rejected to disclose its financial
condition. However, we estimated that total sales turnover of the company in
2006 amounted to Rp. 6.5 billion with a net profits of Rp. 400 million in 2006
(May – December) and rose to Rp. 9.5 billion with a net profit of Rp. 800
million in 2007 (January – June). So
far, we have never heard of C.V. ABN
having been black listed by Bank Indonesia (Central Bank) and registered
in district court for detrimental cases.
P.T. AP's management is headed by Mr. Ferry Setiawan Gunawarman (33) as President Director and he is assisted by Mr. Susanto Hutama Faufiq (30) as Director. But we believed that the primemover of the company is Mr. Lo Reynaldy Christianto (43), who has about 12 years of experience in general trading and import of agriculture products. They have wide relations with private businessmen within and outside the country and with government functionaries as well. 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.
We appraise P.T. AGROMIS PRIMA to be quite good for normal business transactions. In extending a loan to the company, we recommend to treat prudently due to unstable economic condition in the country.
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)