MIRA INFORM REPORT
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Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. AGUNG MUSTIKA SELARAS |
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|
|
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Registered Office : |
Jalan Bandengan
Utara No. 1/5A, Jakarta Barat, 11220 |
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Country : |
Indonesia |
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Date of Incorporation : |
03.02.2000 |
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Com. Reg. No.: |
No.
AHU-54688.AH.01.02.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Exporter of Fresh Fruits |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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$ 177,600 |
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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) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. AGUNG MUSTIKA
SELARAS
company Address
Head Office
Jalan Bandengan
Utara No. 1/5A
Jakarta Barat,
11220
Indonesia
Phones -
(62-21) 6904140, 6906403
Fax - (62-21) 6907311
E-mail - joemono@cbn.net.id
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
3 February 2000
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C-18261 HT.01.01.TH.2001
Dated 5 November 2001
- No. AHU-85725.AH.01.02.TH.2008
Dated 13 November 2008
- No. AHU-54688.AH.01.02.TH.2010
Dated 22 November 2010
Company Status
Private National
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
01.876.972.5-033.000
Related Company
P.T. YUDA MUSTIKA
(Trading and Distribution of Holcim Cement)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 600,000,000.-
Paid up Capital : Rp. 600,000,000.-
Shareholders/Owners
:
a. Mr. Josep
Joemono -
Rp. 480,000,000.-
Address : Jl. Pluit Kencana V/16,
RT. 010 RW. 006
Kel. Pluit, Kec. Penjaringan
Jakarta Utara
Indonesia
b. Mrs.
Catherine Joemono - Rp. 120,000,000.-
Address : Taman Palem Lestari Block C.21 No. 20
RT. 007 RW. 005, Kel.
Cengkareng Barat
Kec. Cengkareng, Jakarta
Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Exporter of Fresh Fruits
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2001
Brand Name :
Agung Mustika
Selaras
Technical
Assistance :
None
Number of
Employee :
15 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Asian
countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AYU
LESTARI JAYA
b. P.T. INTI SEHAT SENTOSA
c. P.T. LARIS MANIS UTAMA
d. P.T. SURYA ALAM SEJAHTERA INDOMERAPI
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank CIMB
NIAGA Tbk
Jalan Kopi No. 12
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 12.0
billion
2009 – Rp. 12.8
billion
2010 – Rp. 13.5
billion
Net Profit
(estimated) :
2008 – Rp. 0.9
billion
2009 – Rp. 1.0
billion
2010 – Rp. 1.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mrs. Catherine Joemono
Director -
Mr. Budi Waluyo
Board of Commissioners :
Commissioner -
Mr. Josep Joemono
Signatories :
President Director (Mrs.
Catherine Joemono) or the Director (Mr. Budi Waluyo) 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$ 177,600 on 90
days D/A
OVERALL PERFORMANCE
P.T. AGUNG MUSTIKA SELARAS (P.T. AMS) was established in Jakarta on February 3, 2000 with the authorized capital of Rp. 50,000,000 issued capital of Rp. 15,000,000 fully and paid up. The founding shareholders of the company are Mr. Josep Joemono and his daughter Mrs. Catherine Joemono, both are Indonesian business family of Chinese extraction. The company notary deed had been changed a couple of times. In September 2008 the authorized capital was increased to Rp. 300,000,000 issued capital to Rp. 90,000,000 entirely paid up. The latest in October 2010 the authorized capital was raised to Rp. 1,000,000,000 issued capital to Rp. 600,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Josep Joemono (80%) and his daughter Mrs. Catherine Joemono (20%). The latest revision of notary documents was made by Mr. Sakti Lo, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-54688.AH.01.02.TH.2010 dated November 22, 2010.
We observe that Mrs. Catherine Joemono is also business stakes owner of P.T. YUDA MUSTIKA dealing with trading and distribution of Holcim cement products.
P.T. AMS started to be operating since 2001 to deal with trading and exporter of fresh fruits such as mangosteen and salacca fruits. P.T. AMS supplied fruits for local Indonesian market in 2001 until now. For export market P.T. AMS specializing in mangosteen and salacca mainly from Indonesia farmer from 12 provinces. Mr. Budi Waluyo, Director of P.T. AMS explained that mangosteen and salacca obtained from East Java, Central Java, Bali, Sumatra and other province. The whole fresh fruits exported to various countries such as Singapore, Malaysia, Thailand, China, India, Hong Kong, Japan, South Korea, Saudi Arabia, Kuwait, United Arab Emirates, Bahrain and Qatar. The global economic crisis and very sharp depreciation of the Rupiah to foreign currencies in October 2008 have adversely affected the company's operations for having caused the sales prices of the fruit the company is selling, which have mostly been imported, to be very high and started increasing since April 2009 in line with the amelioration of the economic condition in the country. We observe that P.T. AMS is classified as a medium sized company in the country dealing with trading, importing and distributor of fresh fruits of which the operation had been running smoothly and growing slowly in the last two years.
We note that generally the domestic demand for fresh fruits has been rising by about 8% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider P.T. AMS to be in a quite favorable position for having already got hold of a steady clientele in export market.
Production, Export and
Import Value of Fresh Fruits, 2005 – 2009
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Production (Million Ton) |
14,79 |
16,17 |
17,12 |
18,03 |
18,93 |
|
Export Value (Million US$) |
73,6 |
96,9 |
113,1 |
125,3 |
104,2 |
|
Import Value (Million US$) |
23,4 |
33,7 |
44,9 |
47,4 |
62,6 |
Source: Ministry of Agriculture
Until this time P.T. AMS has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. AMS 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. 12.0 billion rose to Rp.
12.8 billion in 2009 increased to Rp. 13.5 billion in 2010 and projected to go
on rising by at least 4% in 2011. The operation in 2010 yielded an estimated
net profit of at least Rp. 1.2 billion and the company has an estimated total
networth of at least Rp. 2.5 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.
The management of P.T. AMS is led by Mrs. Catherine Joemono (41) a
businessman and professional manager with experience in trading, and export of
fresh fruits. Daily activity she is assisted by Mr. Budi Waluyo (45) as
director. 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. AGUNG MUSTIKA SELARAS is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.19 |
|
UK Pound |
1 |
Rs.75.92 |
|
Euro |
1 |
Rs.65.44 |
RATING EXPLANATIONS
|
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 |
|
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.