MIRA INFORM
REPORT
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Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. GOLD COIN INDONESIA |
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Formerly Known As : |
P.T. SUBUR GOLD
COIN INDONESIA |
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Registered Office : |
Jalan Raya Bekasi
Km. 28, Medan Satria, Pondok Ungu, Bekasi, 17132, West Java |
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Country : |
Indonesia |
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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 |
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
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 INDONESIA
Company Address
Head Office & Factory I
Jalan Raya Bekasi
Km. 28
Medan Satria,
Pondok Ungu
Bekasi, 17132
West Java
Indonesia
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, Surabaya
East Java
Indonesia
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
Medan
Jalan Pulau Bali
No. 2
Medan, North
Sumatera
Indonesia
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
INDONESIA
b. 7 July 1986 as P.T. GOLD COIN INDONESIA
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 Republic of Indonesia
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 :
British Virgin
Island
b. Mr.
Mariyanto -
US$ 1.-
Address : Jl. Bengkalis 1 No. 7
Medan, North Sumatera
Indonesia
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
Indonesia
Technical
Assistance :
Gold Coin
Management Holdings Ltd., British Virgin Island
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. VISTA GRAIN
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
Jakarta Selatan
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Ruko Plaza Menteng Block B No. 19
Jalan M.H. Thamrin
Bekasi, West Java
Indonesia
c. P.T. Bank UOB BUANA Tbk
Jalan Asemka No. 32-33
Jakarta Pusat
Indonesia
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
2011 – Rp. 202.5
billion (January - June)
Net Profit
(estimated) :
2008 – Rp. 25.7
billion
2009 – Rp. 26.3
billion
2010 – Rp. 29.6
billion
2011 – Rp. 16.2
billion (January – June)
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 Singapore as the original shareholders. The company notary deed has been changed a couple of times. In July 1986 the company's name was changed to P.T. GOLD COIN INDONESIA (P.T. GCI) and concurrently P.T. SUBUR RIPAH withdrew and into the company entered a new shareholder, namely P.T. ASEAM INDONESIA Bank (ex-P.T. ASEAM INDONESIA). In 1987 P.T. GCI's authorized capital was increased to US$ 5,400,000 fully issued and paid up. In January 1992 GOLD COIN Limited of Singapore pulled out and into the company entered a new shareholder, namely GOLD COIN (C.I.) LIMITED of the UK.
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 British Virgin Island and GOLD COIN SERVICES SINGAPORE of Singapore. The latest in September 2010, GOLD COIN SERVICES SINGAPORE withdrew and the whole share sold to Mr. Mariyanto as new shareholder. With this time the composition of its shareholders has been changed to become GOLD COIN MANAGEMENT HOLDINGS of British Virgin Island (99.99%) and Mr. Mariyanto (0.01%). The latest revision of notary documents was made by Mr. Buntario Tigris, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-28539 dated November 9, 2010.
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, Surabaya (East Java); and in the Medan II Industrial Estate (KIM II), Jalan Pulau Bali No. 2, Medan (North Sumatra). The three plants have been expanded several times, and according to their licenses the company has now a combined production capacity of 162,000 tons of compound feeds, 30,000 tons of protein concentrates and 70,000 tons of prawn and fish feeds per year. In July 1996 P.T. GCI was licensed by the Investment Coordinating Board (BKPM) to step up production capacity by 168,000 tons of compound feeds and 42,000 tons of protein concentrates per years. The investment put into development of the three plants has come to US$ 13.4 million (US$ 5.4 million from company capital and the balance from loans).
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. As from January to June 2011 the sales turnover has reached at Rp. 202.5 billion with a net profit of Rp. 16.2 billion and projected to go on rising by at least 5% in 2012. The company has an estimated total networth of at least Rp. 121.7 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 Indonesia). The company usually pays its debts punctually to suppliers.
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 Singapore as Vice President Director and two directors namely Mr. Zulkarnaen Pasaribu (44) and Mr. Rudy Susetyono Dermawan (39) both are professional managers of Indonesia. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. GOLD COIN INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
UK Pound |
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.