MIRA INFORM
REPORT
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Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. GOLDENSTAR FRESH |
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Registered Office : |
Jalan RE Martadinata 2 No. 1, (Jalan Industri), Tanjung Priok,
Jakarta Utara |
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Country : |
Indonesia |
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Date of Incorporation : |
29.05.2009 |
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Com. Reg. No.: |
No. AHU-30445.AH.01.01.TH.2009 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Trading, Import and Distribution of Fresh Fruits |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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. GOLDENSTAR FRESH
company Address
Head Office
Jalan RE Martadinata 2 No. 1
(Jalan Industri)
Tanjung Priok
Jakarta Utara
Indonesia
Phones - (62-21) 70967025 Mobile Flexi
Fax -
(62-21) Not Available
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
29 May 2009
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
No. AHU-30445.AH.01.01.TH.2009
Dated 3 July 2009
Company Status
Private National Company
Permit by the Government
Department
The Department of
Finance
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 1,000,000,000.-
Issued Capital :
Rp. 250,000,000.-
Paid up Capital :
Rp. 250,000,000.-
Shareholders/Owners :
a. Mr. Go Iphantri -
Rp. 125,000,000.-
Address : Jl. Sunter Paradise 10/F. 18/19
Kel. Sunter Agung, Kec. Tanjung
Priok
Jakarta Utara
Indonesia
b. Mrs. Yessy Paramita Dewanto - Rp. 125,000,000.-
Address : Jl. Sunter Paradise 10/F. 18/19
Kel. Sunter
Agung, Kec. Tanjung Priok
Jakarta Utara
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Trading, Import and Distribution of Fresh Fruits
Production Capacity :
None
Total Investment :
None
Started Operation :
2010
Brand Name :
Goldenstar Fresh
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Local - 100%
Main Customer :
Traditional Markets and Fresh Shops
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AYU
LESTARI JAYA
b. P.T. INTI SEHAT
SENTOSA
c. P.T. MEKAR
CITRA ABADI
d. P.T.
PINCURAN MAS BINA USAHA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL
ASIA Tbk
Jalan Danau Agung II Block E 2 No. 1A
Sunter Agung Podomoro
Jakarta Utara
Indonesia
b. P.T. Bank OCBC NISP Tbk
Jalan Danau Agung II Block D 6/19
Sunter Agung Podomoro
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2010 – Rp. 4.0 billion
Net Profit (estimated) :
2010 – Rp. 0.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Go Iphantri
Board of Commissioners :
Commissioner - Mrs. Yessy
Paramita Dewanto
Signatories :
Director (Mr. Go Iphantri) which must be approved by Board
of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended
under guarantee
Proposed Credit Limit :
C.O.D. To small amount
Maximum Credit Limit :
No Comment
OVERALL PERFORMANCE
P.T. GOLDENSTAR FRESH (P.T. GF) was set-up in Jakarta on May 29, 2009 with the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000 fully and paid up. The founding shareholders of the company are Mr. Go Iphantri and his daughter Mrs. Yessy Paramita Dewanto, both are Indonesian business family of Chinese extraction. Based on our knowledge up to writing the reports, the notary documents of the company have yet been undergone any changes. The company notary documents was made by Mrs. Hilda Sari Gunawan, SH., a public notary in Jakarta and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-30445.AH.01.01.TH.2009 dated July 3, 2009.
P.T. GF has been in
operation since 2010 in trading, importing and distribution of fresh fruits
such as oranges, apples, grapes, pears, Sunkist, etc. Mr. Go Iphantri, Director
and owner of P.T. GF explained the products being sold are fresh fruits like
pears, apples, oranges, grapes, Sunkist etc., imported from Thailand, China,
Australia, New Zealand, the USA, Hong Kong and other countries. The company
supplies the above products to several fruit stores, grocery fruits and in
Jakarta and surroundings. He also added, the company also supplies the products
to operators of hotels and restaurants in Jakarta.
We observe that
P.T. GF is classified as a small 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 one year.
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. GF to be in a quite favorable
position for having already got hold of a steady clientele in the country.
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. GF has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. GF is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in the first year operation 2010 amounted to Rp. 4.0 billion rose to 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. 0.1 billion and the company has an estimated total networth of at least Rp. 0.3 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. GF is led by Mr. Go Iphantri (52) a
businessman and professional manager with experience in trading, import and
distribution of fresh fruits. Prior he is a marketing manager of P.T. LARIS
MANIS UTAMA dealing with trading, import and distribution of fresh fruits. 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. GOLDENSTAR FRESH is sufficiently fairly good for business transaction.
Considering Mr. Go Iphantri very reclusive to give the company’s office
address, we recommend to treat prudently in extending a loan to the company.
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
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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 |
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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.