MIRA INFORM REPORT
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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. AGRO RESTU |
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Registered Office : |
Jalan Kayu Putih Selatan Raya No. 226, Jakarta Pusat, 13260 |
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Country : |
Indonesia |
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Date of Incorporation : |
01.06.2005 |
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Com. Reg. No.: |
No. AHU-44996.AH.01.02.TH.2010 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Crude Palm Oil, Crude Coconut Oil, Palm & Coconut Charcoal, Furniture, Handicraft Manufacturing |
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No. of Employees
: |
16 |
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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Maximum Credit Limit : |
US$ 789,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
P.T. AGRO RESTU
Head Office
Jalan Kayu Putih Selatan Raya No. 226
Jakarta Pusat,
13260
Indonesia
Phones -
(62-21) 4752451, 4786 7854
Fax - (62-21) 4788 1932
E-mail - wahyu@agrorestu.com
Website - http://www.agrorestu.com
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Plantation Site (Plasma & PIR)
Losmakon
Aceh -
10,000 hectare
Palm Oil Refinery
Des aKuala
Simpang
Aceh
Coconut Refinery
Jalan Taruna No. 25
Pulogadung
Jakarta Timur
Indonesia
1 June 2005
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C-19200 HT.01.01.TH.2005
Dated 12 July 2005
- No. AHU-44996.AH.01.02.TH.2010
Dated 22 September 2010
National Private
Company
The Department of
Finance
NPWP No.
02.436.325.1-003.000
None
Capital
Structure :
Authorized
Capital : Rp.
10,500,000,000.-
Issued Capital : Rp.
10,500,000,000.-
Paid up Capital : Rp.
10,500,000,000.-
Shareholders/Owners
:
a. Mrs. Wahyu
Meilina Chandra -
Rp. 5,250,000,000.-
Address : Jl. Kayu Putih Selatan
Raya No. 226
Jakarta Timur
Indonesia
b. Mr. Daniel -
Rp. 5,250,000,000.-
Address : Jl. Kebon Jeruk Dalam 6
Jakarta Barat
Indonesia
Lines of
Business :
Crude Palm Oil,
Crude Coconut Oil, Palm & Coconut Charcoal, Furniture, Handicraft
Manufacturing
Production
Capacity :
a. Crude Palm Oil (CPO) - 15,000 tons per month
b. Desiccated Coconut (Flour) -
2,000 ton per month
c. Crude Coconut Oil - based on job orders
Total
Investment :
Owned Capital - Rp. 10.5
billion
Started
Operation :
August 2005
Brand Name :
Agro Restu
Technical
Assistance :
None
Number of
Employee :
16 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union, India, China, Malaysia, Philippine, Vietnam, UEA, Saudi Arabia, Syria,
Etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AGRO JAYA
PERDANA
b. P.T. INDO FURNITAMA RAYA
c. C.V. SAMUDERA ALAM NUSANTARA
d. P.T. TANJUNG RAYA INTIGA
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank COMMENWEALTH
Wisma Metropolitan III A Floor
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, 12920
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Matraman No. 55
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 51.0
billion
2010 – Rp. 56.4
billion
2011 – Rp. 60.0
billion
Net Profit
(estimated) :
2009 – Rp. 4.8
billion
2010 – Rp. 5.0
billion
2011 – Rp. 5.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mrs. Wahyu Meilina
Chandra
Board of Commissioners :
Commissioner -
Mr. Daniel
Signatories :
Director (Mrs. Wahyu
Meilina Chandra) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical
review
Maximum Credit Limit :
US$ 789,000 on 90
days D/A
Based on investigation result that the subject address located at Jalan Kayu Putih Selatan Raya No. 226, East Jakarta not Jalan Melawai Raya No. 110, South Jakarta as stated in your order Ref. No. 169933 dated 18 February 2012.
P.T. AGRO RESTU (P.T. AR) was established in Jakarta based on notary deed of Mrs. Ingrid Lannywaty, SH., No. 15 dated 1 June 2005 with the authorized capital of Rp. 500,000,000 wholly issued and paid up. The company was founded by Mrs. Wahyu Meilina Chandra and Mr. Daniel; both are Indonesian businessmen of Chinese origins. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. C-19200 HT.01.01.TH.2005 dated July 12, 2005. The company notary deed has been changed and according to the revision of notary documents of Mr. Warman, SH., No. 93 dated 24 August 2010 the authorized capital was increased to Rp. 10,500,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mrs. Wahyu Meilina Chandra (50%) and Mr. Daniel (50%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-44996.AH.01.02,TH.2010 dated September 22, 2010.
Crude Palm Oil, Coconut Oil, Palm & Coconut Charcoal, Furniture, Handicraft Manufacturing
P.T. AR is a national private company in crude palm oil, coconut oil manufacturing. The company is also manages a oil palm plantation in Losmakon, Aceh of 10,000 hectares cooperation with farmers in the areas. P.T. AR is also operates a refinery near to the estates Kuala Simpang village, Aceh with a capacity of 15,000 tons of crude palm oil per month. Then P.T. AR is also manages and operates a coconut processing located at Jalan Taruna No. 25, Pulagadung, East Java and produces of coconut cooking oil and desiccated coconut (coconut flour). The basic material like coconut is obtained from Java islands and others. Mrs. Wahyu Meilina Chandra disclosed the company is also export of Crude Palm Oil, RBD Palm Oil, RBD Palm Olein, Palm Fatty Acid Distillate, Palm Kernel, Copra, Crude Coconut Oil, Coconut Cake, Coconut Sugar, Desiccated Coconut and others. P.T. AR produces hardwood flooring from kind of wood that we already choose to produce the best quality. To fulfill the market for furniture and parquette, we have modern tools & professional human resources for produce good quality of product. P.T. AR also have charcoal store with latest technology, the charcoal will having maximum function. The Essential Oil product already been consumed in UAE, Saudi Arabia, Syria, Vietnam, Malaysia, Philippines and Turkey. Further Mrs. Wahyu Meilina Chandra said the crude coconut oil and crude palm oil and others derivative is exported to India, China, United Kingdom and the USA.
To produce high quality of Palm & Coconut oil, P.T. AR use high quality of machinery that make production line is more efficient, produce more yield, and environmentally friendly. Mrs. Wahyu Meilina Chandra went on to say P.T. AGRO RESTU products are Akasia Flooring, Antislipery Flooring, Bamboo Flooring, Bamboo Curtain, Batique Flooring, Coconut Flooring, Jabon Flooring, Kemiri Flooring, Manii Flooring, Rosewood Flooring, Rubber Flooring, Teak Flooring, Coconut Shell Charcoal, Harwood Charcoal, Briquette Charcoal, Modern Charcoal, Metal Charcoal and furniture and handicrafts wholly made from locals. The company manages a workshop located in Klender, East Jakarta and Sumatera. Mr. Wahyu Meilina Chandra, director of P.T. AR went on to say that the whole raw material likes coconut, palm coconut, jabon coconut, acacia coconut and other trees owned by the coconut farmers, they cut the coconut and other timber with the technical specifications that must be met by coconut /acacia trees which will cut. Among them, the coconut trees aged over 40 years should be filled with fiber and because they want to send quality timber to their consumers.
P.T. AR has made products from palm and coconut plant. Their products already consumed in lots of country. They produce hardwood flooring from kind of wood that already choose to produce the best quality. To fulfill the market for furniture and parquette, P.T. AR has modern tools & professional human resources for produce good quality of product. They are also has charcoal store with latest technology, the charcoal will having maximum function. The whole product already been consumed in UAE, Saudi Arabia, Syria, Vietnam, Malaysia, Philippine and other countries. We observe the operation of P.T. AR in trading and export of charcoal, palm & coconut furniture, handicraft has been growing and developing well in the last three years.
Generally outlook, the demand for CPO and PKO products has kept on rising well within the last five years in line with the increasingly growing demand for CPO and PKO products both from the local and foreign market. From the production sector, Indonesian CPO and PKO production has kept on rising significantly. The increase in production is caused by the increasingly growing wider of new oil palm estate development and production in Indonesia within the last several years. Besides, the national cooking oil production has kept on increasing in the last five years in line with the changing of the publics’ consumption patterns from using coconut cooking oil to palm cooking oil. Palm oil may tumble as much as 7.4 percent by the end of October 2010 as Malaysian production rebounds and Indonesian growers speed up shipments because of an export tax, according to Godrej International Ltd. Indonesia said August 2010 that production may fall to 19.0 million and 20 million tons, from 21 million in 2009. Global vegetable-oil demand will increase by 4.5 million tons in the year beginning Oct. 1, 2010 exceeding the 3.8 million tons increase in supply, Ministry said. The national crude palm oil, palm kernel oil production has kept on increasing in the last five years in line with the changing of the publics’ consumption patterns from using coconut cooking oil to palm cooking oil.
Indonesia’s Production, Consumption, Export of CPO,
2006-2010*
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Year |
Production (Thousand Ton) |
Consumption (Thousand Ton) |
Export (Thousand Ton) |
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2006 |
16,05 |
3,7 |
12,54 |
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2007 |
17,27 |
4,0 |
12,65 |
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2008 |
19,20 |
4,5 |
14,61 |
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2009 |
21,14 |
4,9 |
16,94 |
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2010* |
22,30 |
5,1 |
17,15 |
Source: Agriculture Ministry, GAPKI
*) Estimated by GAPKI (Indonesian Pal Oil
Association)
Until this time P.T. AR has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. AR is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 51.0 billion rose to Rp. 56.0 billion in 2010 increased to Rp. 60.0 billion in 2011 and projected to go on rising by at least 4% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 5.4 billion and the company has an estimated total net worth of at least Rp. 21.0 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.
The management of P.T. AR is led by Mrs. Wahyu Meilina Chandra (55) a
businesswoman and professional manager with experience in crude palm oil and
crude coconut oil processing, trading and export of palm & coconut
charcoal, furniture, handicraft, flooring etc. 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. AGRO RESTU is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.77.79 |
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Euro |
1 |
Rs.65.17 |
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.