MIRA INFORM REPORT
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Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. GOLD COIN |
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Formerly Known As : |
P.T. SUBUR GOLD COIN |
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Registered Office : |
Jalan Raya Bekasi Km. 28, |
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Country : |
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Date of Incorporation : |
22.12.1979 |
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Com. Reg. No.: |
No. AHU-AH.01.10-28539 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Animal Feed Milling and Poultry Breeding |
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$ 2,500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. GOLD COIN
Company Address
Head Office & Factory I
Jalan Raya Bekasi
Km. 28
Bekasi, 17132
Phones -
(62-21) 8842445, 8853665-68, 8842085
Fax - (62-21) 8841947
E-mail - idr@indo.net.id
Land Area - 15,000 sq.
meters
Building Space - 11,200 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Margomulyo
G/1-3
Tandes,
Phones -
(62-31) 7491257, 7491589
Fax - (62-31) 7490946
E-mail - mdzone@indo.net.id
Land Area - 12,000 sq.
meters
Building Space - 10,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory III
Kawasan Industri
Jalan Pulau
Phones -
(62-61) 6855126, 6855127
Fax - (62-61) 6853452
E-mail - k.edward@indo.net.id
Land Area - 13,000 sq.
meters
Building Space - 10,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 22 December 1979 as P.T. SUBUR GOLD COIN
b. 7 July 1986 as P.T. GOLD COIN
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No
The Ministry
of Law and Human Rights
- No. AHU-45462.AH.01.02.TH.2008
Dated 28 July 2008
- No. AHU-AH.01.10-28539
Dated 9 November 2010
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department
of Finance
NPWP No.
01.000.246.7-057.000
The President
of the
No.
B-49/Pres/II/1979
Dated 3 November
1979
The Capital
Investment Coordinating Board
- No. 24/I/PMA/1979
Dated 3 December 1979
- No. 124/III/PMA/1989
Dated 20 April 1989
- No. 131/II/PMA/1996
Dated 1 July 1996
- No. 859/III/PMA/1997
Dated 30 June 1997
- No. 733/III/PMA/2001
Dated 15 June 2001
- No. 620/III/PMA/2004
Dated 30 June 2004
The Department
of Industry
No.
23/T/Industri/1999
Dated 13 January
1999
Related Company
P.T. GOLD COIN
SPECIALISTIES (Aquaculture Feed Industry)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
5,400,000.-
Issued Capital : US$
5,400,000.-
Paid up Capital : US$
5,400,000.-
Shareholders/Owners
:
a. GOLD COIN
MANAGEMENT HOLDINGS LTD. - US$
5,399,999.-
Address :
b. Mr.
Mariyanto -
US$ 1.-
Address : Jl. Bengkalis 1 No. 7
BUSINESS ACTIVITIES
Lines of
Business :
Animal Feed
Milling and Poultry Breeding
Production
Capacity :
a. D.O.C. Final Stocks - 1,800,000 tons p.a.
b. Prawn and Fish Feeds - 70,000 tons
p.a.
c. Compound Feed - 168,000 tons p.a.
e. Protein Concentrate -
42,000 tons p.a.
Total
Investment :
a. Equity Capital - US$
5.4 million
b. Loan Capital -
US$ 8.0 million
c. Total Investment - US$ 13.4 million
Started
Operation :
1981
Brand Name :
Gold Coin
Technical
Assistance :
Gold Coin
Management Holdings Ltd.,
Number of
Employee :
354 persons
Marketing Area
:
Local - 100%
Main Customer
:
Animal Feed
Distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. CHAROEN
POHKPHAND
b. P.T. INDOJAYA
AGRINUSA
c. P.T. MALINDO
FEEDMILL
d. P.T.
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav. 29-31
b. P.T. Bank NEGARA
Jalan M.H. Thamrin
Bekasi,
c. P.T. Bank UOB BUANA Tbk
Jalan Asemka No. 32-33
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 368.0
billion
2009 – Rp. 376.0
billion
2010 – Rp. 395.0
billion
Net Profit
(estimated) :
2008 – Rp. 25.7
billion
2009 – Rp. 26.3
billion
2010 – Rp. 29.6
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Jonathan Forrest Wilson
Vice President Director -
Mr. Soh Ching Kher
Directors -
a. Mr. Zulkarnaen Pasaribu
b. Rudy Susetyono Dermawan
Board of Commissioners :
Commissioner -
Mr. Lim Keng Huan
Signatories :
President Director (Mr.
Jonathan Forrest Wilson) or Vice President Director (Mr. Soh Ching Kher) or one
of the Directors (Mr. Zulkarnaen Pasaribu or Mr. Rudy Susetyono Dermawan) 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$ 2,500,000 on 90
days D/A
OVERALL PERFORMANCE
Originally named P.T. SUBUR GOLD COIN INDONESIA, the company
was established in September 1979 with an authorized capital of US$ 2,800,000
of which US$ 280,000 was issued and paid up. The company was founded by P.T.
SUBUR RIPAH of Indonesia and GOLD COIN LIMITED of
In May 1999 P.T. ASEAM INDONESIA Bank withdrew and replaced
by Mr. Soedarjo, a businessman of Chinese extraction. In September 2005, GOLD
COIN (C.I) LTD., and Mr. Soedarjo pulled out and the whole shares have been
sold to GOLD COIN MANAGEMENT HOLDINGS LTD of
P.T. GCI operates under Foreign Investment (PMA) facilities in the
animal feed industry and breeding farm business. The company manages 3 plants
located each at Jalan Raya Bekasi Km. 28, Desa Medan Satria, Bekasi (West
Java); at Jalan Margomulyo G/1-3, Tandes,
The company's production is entirely marketed in the country under the GOLD
COIN brand through animal feed distributors appointed in several big cities of
the country. P.T. GCI manufacturing and marketing of livestock and poultry
feeds, aquafeeds, protein concentrates and premixes; manufacturing and
marketing of micro encapsulated additives and other specialty products, trading
in agricultural commodities. We observe the operation of P.T. GCI has been
growing and developing well in the last three years.
In overall views we find the demand for animal feed, fish meal, fish oil and feather meals had been rising by 5% to 6% per year in the last five years, in line with the growth of animal feed industry in the country. We observed that the national poultry industry in 2008 is having a difficult time as production cost has been increasing due to the high prices of the basic materials for animal feed triggered by bad weather conditions and the world crude oil price hike.
Besides that the competition is very tight due to a large number of similar companies operating in the country. It’s projected the demand for animal feed, fish meal, fish oil and feather meals will be rising in the future at least 5% per annum. The business position of P.T. GCI is appraised to be favorable for having established wide marketing networks within and outside the country.
Until this time P.T. GCI has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. The management of P.T. GCI is
very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2008
amounted to Rp. 368.0 billion rose to Rp. 376.0 billion in 2009 increased to
Rp. 395.0 billion in 2010 and projected to go on rising by at least 5% in 2011.
The operation in 2010 yielded an estimated net profit of at least Rp. 29.6
billion and the company has an estimated total networth of at least Rp. 121.0
billion. We observe that P.T. GCI is supported by foreign partner with has
financially strong and sound behind it. So far, we did not heard that the
company having been black listed by the Central Bank (Bank
The management of P.T. GCI is led by Mr. Jonathan Forrest
Wilson (47) a professional manager of GOLD COIN MANAGEMENT HOLDINGS LTD., with
experience in animal feed milling manufacturing and trading. In his daily
activity, he is assisted by Mr. Soh Ching Kher (52) of
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
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|
1 |
Rs.72.25 |
|
Euro |
1 |
Rs.63.09 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.