MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANUGRAH PANGAN |
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Registered Office : |
Jalan Perniagaan Barat 106, Jakarta Barat, 11230 |
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Country : |
Indonesia |
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Date of Incorporation : |
1978 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading, Import and Export of Agricultural Commodities
Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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$ 94,700 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
ANUGRAH PANGAN
A d d r e s s
Head Office
Jalan Perniagaan
Barat 106
Jakarta Barat,
11230
Indonesia
Phones - (62-21) 6903479
Fax - (62-21) 65309036
Handphone - 08161937357
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1978
Legal Form
Sole Proprietary
Company
Company Reg. No.
Not Required
Company Status
Private National
Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
600 million
Owners :
Mr. Andrew Royce -
100%
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import
and Export of Agricultural Commodities Products
Production Capacity
None
Total Investment
None
Started Operation
1978
Brand Name
None
Technical Assistance
None
Number of Employee
50 persons
Marketing Area
Import - 100%
Main Customer
Local tradition
market
Market Situation
Very Competitive
Main Competitors
a. C.V. USAHA
RAJIN
b. UD. JAYA ABADI
c. C.V. BUMI
DJAJA
d. P.T. ASIA
AGROMAS ABADI
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Kalibesar
Barat
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 6.2
billion
2006 – Rp. 6.7
billion
2007 – Rp. 7.2
billion
Net Profit
(estimated) :
2005 – Rp. 438
million
2006 – Rp. 469
million
2007 – Rp. 504
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr. Andrew
Royce
Board of Commissioners :
None
Signatories :
Director (Mr. Andrew
Royce) is only the authorized person to sign the loan on behalf of the company
CAPABILITIES
Management Capability :
G o o d
Business Morality
G o o d
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 94,700 on 90
days D/A
OVERALL PERFOMANCE
ANUGRAH PANGAN (AP) was established in 1978 in Jakarta with the status
of Sole Proprietary Company. Founders and owners of the company is the late of Mr. Andrew an
Indonesian businessman of Chinese origin. But now, the company has been
controlled by his son namely Mr. Andrew Royce. Being as Sole Proprietary
Company, the amount of its authorized capital was not mentioned at the time of
its establishment. We estimate, AP has own capital of about Rp. 600 million and
it will be rising in line with the progress of its business operation.
ANUGRAH PANGAN had been operating in 1978 in trading, importer and
exporter of agricultural commodities products. Mr. Andrew Royce, the director
of the company explained that the company imported of garlic, groundnut from
India and China. Besides, the company will be exported mung bean, coriander,
pepper, and other agricultural product to Singapore and Taiwan. The whole
products bought from Sumatera and Java. Then, the whole product like garlic and
groundnut marketed locally through traditional market in Java and Sumatera. 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 ANUGRAH
PANGAN to be in a quite favorable position for having already got hold of a
steady clientele in the Central Java and surroundings. The production of
vegetable harvested is attached below :
Production of Vegetable Harvested in Indonesia, 2005 - 2006
|
Vegetable Products |
2005 (Tons) |
2006 (Tons) |
|
Shallot |
732,609 |
808,908 |
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Spring Onion |
501,437 |
579,366 |
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Potato |
1,009,619 |
1,010,284 |
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Cabbage |
1,292,984 |
1,250,501 |
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Mustard Green |
548,453 |
591,139 |
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Carrot |
440,002 |
409,465 |
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Ginger |
125,827 |
171,042 |
|
Galingale |
36,292 |
42,393 |
|
Turmeric |
82,107 |
109,747 |
Source : Central Bureau of
Statistic
Until this time AP 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 amounted to Rp.
6.2 billion rose to Rp. 6.7 billion in 2006 to Rp. 7.2 billion in 2007 and
projected to go on rising by at least 6% in 2008. The operation in 2007 yielded
an estimated net profit at least Rp. 504 million and the company has an
estimated total networth by at least Rp. 920 million. We observe that AP is
supported by financially fairly strong behind it. So far, we did not hear that
the company having been black listed by the Central Bank (Bank Indonesia). Mr.
Andrew Royce, the director of the company disclosed that the company usually
pays its debts punctually to suppliers.
The company is led out by Mr. Andrew Royce (47), a businessman who experienced
for more than 16 years in the field of trading, importer and exporter of
agricultural commodities 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 did not hear 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. ANUGRAH PANGAN 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
RATING
EXPLANATIONS
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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 |
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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 |
|
<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%)