MIRA INFORM
REPORT
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Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. AGROPANGAN PUTRA MANDIRI |
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Registered Office : |
Gaha Rekso Building, 10th Floor Suite A, Jl. Boulevar
Artha Gading Kav. A1 Sentra Bisnis Artha Gading, Jakarta Utara 14240 |
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Country : |
Indonesia |
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Date of Incorporation : |
30.08.2000 |
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Com. Reg. No.: |
No. AHU-AH.01.10-23422 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Tea Plantation and
Processing Industry |
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$.7,950,000 |
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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. AGROPANGAN
PUTRA MANDIRI
Company address
Head Office
Gaha Rekso Building, 10th Floor Suite A
Jl. Boulevar Artha
Gading Kav. A1
Sentra Bisnis
Artha Gading
Jakarta Utara
14240
Indonesia
Phones - (62-21) 4585 6300 (Hunting)
Fax -
(62-21) 4585 6301
E-mail - evie@agrostuffs.com and agropam@indo.net.id
Website - http://www.agrostuffs.com
Building Area - 16 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Olimpic Raya Kav. A-5
Kawasan Industri Sentul,
Bogor, West Java
Indonesia
Phones - (62-21) 875 3848 (Hunting)
Fax -
(62-21) 875 2841
Land Area - 12,400 sq. meters
Building Space -
8,600 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
30 August 2000
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No.
AHU-42445.AH.01.01.TH.2008
Dated 18 July 2008
- No.
AHU-AH.01.10-23422
Dated 08 September
2010
Company Status
Private National Company
Permit by the Government
Department
The Department
of Finance
NPWP No. 01.983.319.3-046.000
Related Companies
a. P.T. SINAR SOSRO
(Tea Drinking and Bottling Industry)
b. P.T. ANGGADA
PUTRA REKSO MULIA (Investment Holding)
c. P.T. MITRA PANCA
UTAMA (Investment Holding)
d. P.T. GUNUNG SLAMAT
(Tea Plantation and Processing Industry)
e. P.T. SINAR
JATIMULIA GEMILANG (Packaging Industry)
f. P.T. ADI PUTRA MULIA (Property)
g. P.T. PURI TIRTA
KENCANA (Health and Beauty Services)
h. P.T. REKSO
NASIONAL FOOD (Fast Food Restaurant Management)
i. Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital -
Rp. 20,000,000,000.-
Issued Capital -
Rp. 61,893,000,000.-
Paid up Capital -
Rp. 61,893,000,000.-
Shareholders/Owners :
a. P.T.
ANGGADA PUTRA REKSO MULIA - Rp.
61,681,000,000 (99.66%)
Address : Gedung Rekso Building
Jl. Boulevar Artha Gading
Kav. A1
Sentra Bisnis
Artha Gading
Jakarta Utara
b. P.T. MITRA PANCA UTAMA - Rp.
212,000,000
( 0.34%)
Address : Gedung Rekso Building
Jl. Boulevar Artha Gading
Kav. A1
Sentra Bisnis
Artha Gading
Jakarta Utara
BUSINESS ACTIVITIES
Lines of Business :
Tea Plantation and Processing Industry
Production Capacity :
a. Bulk Tea -
36,000 tons p.a.
b. Tea Processed Products -
24,000 tons p.a.
c. Others Products -
12,500 tons p.a.
Total Investment :
Owned Capital -
Rp. 62.0 billion
Started Operation :
2001
Brand Name :
None
Technical Assistance :
None
Number of Employee :
2,000 persons
Marketing Area :
Local - 90%
Export - 10%
Main Customers :
a. PT. ANGGADA PUTRA REKSO MULIA (as sole distributor)
b. PT. SINAR SOSRO
c. Supermarkets and Hypermarkets
d. Traditional markets and Mini markets
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SARIWANGI AEA
b. P.T. ARGAPURA TRADING COMPANY
c. P.T. PUTINDO
INTI SELARAS
d. P.T. VAN REES INDONESIA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank OCBC NISP Tbk
Bank OCBC NISP Tower
Jl. Prof. Dr. Satrio Kav. 25
Jakarta 12940
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 512.0 billion
2009 – Rp. 538.0 billion
2010 – Rp. 560.0 billion
Net Profit (estimated) :
2008 – Rp. 41.0 billion
2009 – Rp. 42.5 billion
2010 – Rp. 44.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sukowati Sostrodjojo
Directors - a.
Mr. Haji Atjeng Sutisna
b. Mr. Rendry
c. Mrs. Evie Liliani Luhur
Board of Commissioners :
President Commissioner - Mr. Soekianto Sostrodjojo
Commissioner - Mr.
Hermawanto
Signatories :
President Director (Mr. Sukowati Sostrodjojo) or one of the
Directors (Mr. Haji Ateng Sutisna, Mr. Rendry and Mrs. Evie Liliani Luhur)
which must be approved by Board of Commissioner (Mr. Soekianto Sostrodjojo)
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded
normally
Proposed Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$.7,950,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. AGROPANGAN
PUTRA MANDIRI (P.T. APM) was established on August 30, 2000 with the authorized
capital of Rp. 100,000,000 of which Rp. 25,000,000 was issued and fully paid
up. The founding shareholders of the company are PT. ANGGADA PUTRAREKSO MULIA
(80%) and Mr. Soegiharto Sosrodjojo (20%), an Indonesian businessman of Chinese
extraction. The Article of Association was made by Ms. Ratna Sintawati Tantudjojo,
SH., a public notary in Jakarta and it was approved by the Ministry of Law and
Human Right in its Decision Letter No. C-4706 HT.01.01.TH.2001 dated 16 April
2001.
The articles of
association of the company have frequently been changed. In July 2008 the
authorized capital was increased to Rp. 100,000,000,000 of which Rp.
46,393,000,000 was issued and fully paid up. The latest In February 2010 the
issued capital was raised to Rp. 61,893,000,000.- entirely was paid up. The
latest shareholders of the company are PT. ANGGADA PUTRAREKSO MULIA (99.66%)
and PT. MITRA PANCA UTAMA (0.34%). The
latest amendment notary deed has obtained registration number from the
Department of Law and Human Rights under No. AHU-AH.01.10-23422 dated 08
September 2010. The latest composition
of the board of directors and the board of commissioners are not change.
P.T. APM is engaged in tea plantation and
its processing into bulk tea and other tea products.
This company has five
subsidiaries engaged in tea plantation, namely
PT. Sinar Inesco,
PT. Cibuniwangi, PT.
Karya Sinar Ciguha, PT. Perkebunan Gunung
Rosa Djaja and
PT. Perkebunan Gunung
Manik, which its tea plantations
are located at two
tea estates namely
Manik Mount and Rosa
Mount, in Cianjur, West Java and three other tea estates
in Cianjur and
Garut, also in
West Java. The results of these tea plantations are processed at their factory located
at Industrial Estate Sentul Bogor, Jl. Olimpic
Raya Kav. 5,
Bogor, West Java.
The products of this company are largely absorbed by
their own group
members, namely PT. SINAR SOSRO, producer of Teh
Bottle Sosro and
Teh Kotak. PT. SINAR
SOSRO is a
pioneer in the bottled tea drinks in Indonesia and is
the largest in the
country. Also P.T.
APM also exported
around 10% of
its products to Russia,
Pakistan, Europe and
the Middle East. We
noticed that PT.
APM belongs to large industrial company
and tea exporter
in the country.
In general we have noticed that the demand of domestic market of tea products, whether it is bulk tea, tea powder, tea bags, tea drinks in bottles and other types of tea are still rising about 6% to 8% per year. While the competiton also is very tight, because so many companies are engaged in tea leaves processing industry in the country. In international markets, Indonesia has also succeeded in exporting bulk tea products to the international markets. Only the competition also very tight, because Indonesia has to face a number of teas leaves producers, such as Sri Lanka, China, Kenya and India. For long-term it is predicted that the demand of international market of bulk tea is still increasing, but competition will also remain the harder.
Until this time P.T. APM has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management of P.T. APM 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. 512.0 billion
increased to Rp. 538.0 billion in 2009 rose again to Rp. 560.0 billion in 2010
and projected to go on rising by at least 6% in 2011. The operation in 2010
yielded an estimated net profit of at least Rp. 44.8 billion and the company
has an estimated total net worth of at least Rp. 120.0 billion. 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.
Management of this company is chaired by Mr. Sukowati Sostrodjojo (39)
as the president director. He is the youngest son
of Mr. Soegiharto
Sosrodjojo (81), founder
of the SOSRO
Group or REKSO
Group, a group of
large companies in
the field of soft-drink industry,
especially those derived from tea leaves. Everyday he
is assisted by three directors namely
Mr. Haji Atjeng
Sutisna ((71),
Mr. Rendry (45)
and Mrs. Evie
Liliani Luhur (59).
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. AGROPANGAN PUTRA MANDIRI is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.85 |
|
UK Pound |
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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 |
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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 |
|
<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.