MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. GOROM
KENCANA |
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Registered Office : |
Jl. Tanjungsari Mas No. 1 Surabaya 60187, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16.07.1988 |
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Com. Reg. No.: |
C2-9996.HT.01.01.TH.88 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export-Import and Distribution of Agricultural Products |
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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Maximum Credit Limit : |
US$ 380,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. GOROM KENCANA
A d d r e s s
Head Office
Jl. Tanjungsari
Mas No. 1
Surabaya 60187,
East Java
Indonesia
Phone - (62-31) 7480667
(hunting)
Fax. - (62-31) 7495165
Email - goromkcn@indosat.net.id
Building Area - 2 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Own
Date of Incorporation
16 July 1988
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
No.
C2-9996.HT.01.01.TH.88
Dated 31 October
1988
Company Status
Private Company
Permit by the Government
Department
The Department of
Finance
Not Available
Related Company
:
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
500,000,000.-
Issued Capital : Rp. 120,000,000.-
Paid up Capital : Rp.
120,000,000.-
Shareholders/Owners :
a. Mr. Winarto AKA
Oei Tjin Sun - Rp. 60,000,000.- (50%)
Address : Jalan Kertajaya Indah Tengah
Blok F No. 316
Surabaya, East Java
Indonesia
b. Mr. Ade
Sutjiawan -
Rp. 60,000,000.- (50%
Address : Jalan Lamadukelleng No. 20
Makassar, South Sulawesi
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Export-Import and Distribution of
Agricultural Products
Production Capacity
None
Total Investment
Owned Capital - Rp. 8.0 billion
Started Operation
1988
Brand Name
None
Technical Assistance
None
Number of Employee
35 persons
Marketing Area
Export - 100 %
Main Customer
Buyers in Japan,
Singapore, India, the Netherlands, Spain, Italy, etc.
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
e. P.T. DAKAI
IMPEX
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Jalan Basuki Rachmat No. 12
Surabaya, East Java
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Basuki Rachmat No. 16
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 21.0
billion
2006 – Rp. 24.0
billion
2007 – Rp. 28.0 billion
Net Profit (Loss)
:
2005 – Rp. 1.1 billion
2006 – Rp. 1.4 billion
2007 – Rp. 1.8
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Winarto AKA Oei Tjin Sun
Board of
Commissioners :
Commissioner - Mr. Ade Sutjiawan
Signatories
:
Directors (Mr.
Winarto AKA Oei Tjin Sun) which must be approved by Board of Commissioner.
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$ 380,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. GOROM KENCANA (P.T. GK) was established in Surabaya, East Java on
July 16, 1988 with an authorized capital of Rp. 500,000,000.- issued capital of
Rp. 120,000,000.- entirely paid up. The founding shareholders are Mr. Winarto
AKA Oei Tjin Sun and Mr. Ade Sutjiawan.
They are Indonesian businessmen of Chinese extraction. The notary deed of the company was made by
Mrs. Susanti, SH., a public notary in Surabaya under Company Registration
Number C2-9996 HT.01.01.TH.88, dated October
31, 1988.
P.T. DI has been in operation since 1988 in trading, export import and
distribution of agricultural products. Miss Sari, a staff export import of the
company explained that the whole agricultural products likes nutmeg, nutmeg oil
and nutmeg flower, bought from farmer in Maluku (Ambon), Manado (North
Sulawesi) and Fak Fak (Papua). Then,
the whole products are exported to Japan, Singapore, India, the Netherlands,
Spain, Italy, Germany and France. We observed that the company’s operation has
been growing in the last three years.
We have noticed that the demand for agricultural products such as nutmeg
and nutmeg 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 Indonesia. We consider P.T.GK 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. GK 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 2005 is Rp. 21.0 billion increased to Rp. 24.0
billion in 2004 and rose again to Rp. 28.0 billion in 2007. The operation in 2007 yielded an estimated
net profit at least Rp. 1.8 billion and the company has an estimated total
networth at Rp. 8.0 billion. It is
forecasted that total sales turnover of the company will increase at least 10%
in 2008. We observe that P.T. GK 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). Miss Sari, the export
import staff of the company disclosed that the company usually pays its debts
punctually to suppliers.
The company is led out by Mr. Winarto AKA Oei Tjin Sun (52), a
businessman who experienced for more than 20 years in the field of trading,
export import and distribution of agricultural products. 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. GOROM KENCANA 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
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%)