MIRA INFORM REPORT
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Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. AGROJAYA PERDANA |
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Registered Office : |
Jalan K.L. Yos Sudarso Km. 15.5, Medan Labuhan, Medan 20251, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
04.04.1984 |
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Com. Reg. No.: |
No. AHU-63823.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Crude Palm Kernel Oil Manufacturing |
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No. of Employees
: |
240 |
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$ 5.0 million |
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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 – September 30th, 2011
|
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. AGROJAYA PERDANA
Head Office &
Factory
Jalan K.L. Yos
Sudarso Km. 15.5
Medan Labuhan
Medan 20251,
North Sumatra
Indonesia
Phone -
(62-61) 6850688 (Hunting), 6850203, 6851790
Fax - (62-61) 6850204
Email - agrojaya@indo.net.id
Land Area - 29,192 sq.
meters
Building Space - 11,382 sq. meters
Region - Industrial
Zone
Status - Owned
04 April 1984
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-683.HT.01.01.TH.85
Dated 13 February 1985
- No. C-27625.HT.01.04.TH.2003
Dated 18 November 2003
- No. AHU-63823.AH.01.02.TH.2008
Dated 16 September 2008
National Private Company
The Department of
Industry
a. License for Pelletizing
No. 294/DJAI/IUT-I/Non
PMA-PMDN/1987
Dated 22 May 1987
b. License for Palm Kernel Oil
No. 165/DJAI/PP/D.II/1990
Dated 14 April 1990
The Department of
Finance
NPWP No. 01.259.055.0-112.000
A member of the GROWTH STEEL Group (see attachment)
Capital
Structure :
Authorized Capital :
Rp. 16,000,000,000.-
Issued Capital :
Rp. 16,000,000,000.-
Paid up Capital :
Rp. 16,000,000,000.-
Shareholders/Owners
:
a. Mr. Fadjar Suhendra - Rp. 9,600,000,000.-
Address : Jl. Taman Polinia II No.
27
Kec. Medan
Polonia
North Sumatra
b. Mr. Sugih
Suhendra - Rp.
6,400,000,000.-
Address : Jl. Taman Polinia II No.
3
Kec. Medan
Polonia
North Sumatra
Lines of
Business :
Crude Palm Kernel Oil Manufacturing
Production
Capacity :
a. Crude Palm of Kernel Oil (CPKO) - 480,000 tons p.a.
b. Palm Kernel Expeller -
100,800 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 16.0 billion
b. Loan Capital -
Rp. 20.0 billion
c. Total Investment -
Rp. 36.0 billion
Started
Operation :
1984 and ceased operation on 12 February 2012
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
240persons
Marketing Area
:
a.
Export - 65%
b.
Local - 35%
Main Customer
:
Overseas Market in Europe and South Korea
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIAN AGRI HILIR
b. P.T. KARYA PRAJONA NELAYA
c. P.T. MUSIM MAS
d. P.T. SINAR MAS AGRO Tbk
e. Etc.
Business Trend
:
Declining
Bankers :
a. P.T.
Bank MANDIRI Tbk
Jalan
Diponegoro No. 100-109
Medan,
North Sumatra
Indonesia
b. P.T. Bank
PERMATA Tbk
Jalan KH Zainul Arifin No. 49-50
Medan, North Sumatra
Indonesia
c. ABN
AMBRO Bank
Jalan
Imam Bonjol No. 26-A
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 425.0 billion
2010 – Rp. 400.0 billion
2011 – Rp. 380.0 billion
Net Profit
(estimated) :
2009 – Rp. 29.7 billion
2010 – Rp. 28.0 billion
2011 – Rp. 26.6 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Sutrisno
Director -
Mr. Muchsin Sugandi
Board of Commissioners :
President Commissioner -
Mr. Fadjar Suhendra
Commissioner - Mr. Sugih Suhendra
Signatories :
President Directors (Mr. Sutrisno) or Director (Mr. Muchsin Sugandi)
which must be approved by Board of Commissioner (Mr. Fadjar Suhendra and Mr.
Sugih Suhendra)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 5.0 million on the 90 days of payments
P.T. AGRO JAYA PERDANA (P.T. AJP) was established in Jakarta, on April 1984 in Medan (North Sumatra) with an authorized capital of Rp. 100,000,000 issued capital of Rp. 50,000,000 entirely paid up. The founding and original shareholders are Mr. Sugih Suhendra, Mr. Tumin and Mr. Lie Tek Tjang, they are Indonesian businessmen of Chinese extraction. The company's notary deed has frequently been revised. Later in November 2003 the authorized capital was raised to Rp. 16,000,000,000 entirely issued and fully paid up. By the same time the shareholders had changed and Mr. Tumin and Mr. Lie Tek Tjang pulled out and the whole shares sold to Mr. Fadjar Suhendra. The deed of amendment was made by Mr. John Langsung, SH., a public notary in Medan, was approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-63823.AH.01.02.TH.2008 dated September 16, 2008.
At present, the majority business stakes of P.T. AJP are controlled by Mr. Fadjar Suhendra (60%) and his younger brother Mr. Sugih Suhendra (40%). P.T. AJP is a member of the GROWTH STEEL Group or the GROWTH SUMATERA Group, a small sized company group being led by Mr. Fadjar Suhendra (65). The group focuses its activities to deal with iron and steel casting, steel milling, shrimp culturing and cold storage, cassava pelletizing and chip manufacturing.
P.T. AJP is engaged in the filed of palm kernel crushing mill Industry and has been operating since 1987. The factory is located on a 2.9 hectare plot of land at Jalan K.L. Yos Sudarso Km. 15.5, Medan, North Sumatra. P.T. AJP has crushing capacity of 1800 MT Palm Kernel per day in producing Crude Palm Kernel Oil (CPKO) and Palm Kernel Expeller (PKE). The company was awarded ISO 9001:2000 Quality Management System from TUV and GMP / HACCP from Schutter. About 65% of the company's Palm Kernel Oil and Expeller are exported to Japan, the USA, Europe and the Middle East, and the rest is sold to cooking oil industries in the country. The company equipped with various modern machineries such as 101 units press machines; 92 units of second press machine; 4 units of kernel elevators; 8 unit oil conveyors; 4 lines silo kernel & expeller; 15 units filter pressing; 8 units panels; and other facilities. P.T. AJP also does the trading of Crude Coconut Oil, Copra Expeller and Crude Palm Oil. The products are mainly exported to Europe and Asia Market.
Oil yield from Palm Kernel Oil are Crude Palm Kernel Oil (CPKO), in the CPKO included there are fat, protein, fibre and water and some other component able to influence the quality from the oil, one of the important parameter in determining the quality of oil its sour content of free fat. High free fat acid in an oil can generate the strange odor and easy to oxidase so that can cut short a period to keeping. Increase of Rate ALB determined to start from moment palm kernel harvested untul fruit produce by the factory. P.T. AJP is classified as a big-sized company dealing with palm kernel crushing mill industry in North Sumatra. However the factory has been ceased or stopped production on 12 February 2012 because P.T. AJP proved to dispose of waste and cover drainage and footpath residents around the plant. Additionally processing machinery P.T. AJP is very noisy and disturbs the surrounding community. Because of violations committed by the company, the community demands P.T. AJP halt factory operations. In addition the government has also been suggested that P.T. AJP stop the operation of the factory until the company was concerned about community demands.
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*
|
Year |
Production (Thousand Ton) |
Consumption (Thousand Ton) |
Export (Thousand Ton) |
|
2006 |
16,05 |
3,7 |
12,54 |
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2007 |
17,27 |
4,0 |
12,65 |
|
2008 |
19,20 |
4,5 |
14,61 |
|
2009 |
21,14 |
4,9 |
16,94 |
|
2010* |
22,30 |
5,1 |
17,15 |
Source: Agriculture Ministry, GAPKI
*) Estimated by GAPKI (Indonesian Pal Oil
Association)
Until this time P.T. AJP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. AJP 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. 425.0 billion declined to Rp. 400.0 billion in 2010 dropt to Rp. 380.0 billion in 2011 and projected it will be lower by at least 6% in 2012 due to the stopped of the factory. The operation in 2011 yielded an estimated net profit of at least Rp. 26.6 billion and the company has an estimated total net worth of at least Rp. 220.0 billion. We observe that P.T. AJP is supported by GROWTH STEEL Group 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.
P.T. AJP's management is headed by Mr. Sutrisno (44) as president director, a businessman with more than 24 years of experience in palm kernel oil industry and trade. Daily activities, he is assisted by Mr. Muchsin Sugandi (42) as director. But, we believed that the prime-mover of the company is Mr. Fadjar Suhendra (65), a businessman with 42 years of experience in steel making and palm kernel oil industry. He is also the prime mover of the GROWTH STEEL Group, a company group focusing its business to deal with iron and steel product industry. 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. Considering P.T. AGROJAYA PERDANA factory’s has been stopped operation on 12 February 2012 we recommend to stop any new business transaction to the company.
Attachment:
List of the
GROWTH STEEL Group Members
1.
AGROJAYA PERDANA, P.T. (Palm Kernel Crushing Mills)
2.
GROWTH ASIA, P.T. (Iron and Steel Casting)
3.
GROWTH PACIFIC, P.T. (Shrimp Culture and Cold Storage)
4.
GROWTH PAKANINDO SPESIAL, P.T. (Animal Feed Mills)
5.
GROWTH SUMATRA
INDUSTRY LTD., P.T. (Steel Milling)
6.
HARKAT SEJAAHTERA, P.T. (Crude Palm Oil Processing)
7.
INDOFERRO, P.T. (Pig Iron Industry)
8.
LESTARI AGRIBISNIS INDONESIA, P.T. (Peternakan)
9.
LUBUK NAGA, P.T. (Shrimp Culture)
10. PRISCOLIN, P.T. (Crude Palm
Oil Processing)
11. SERDANG JAYA PERDANA, P.T.
(Coconut Oil Processing) Pabrik minyak kelapa
12. UNION CONFECTIONARY, P.T.
(Candy Manufacturing)
13. UNION FOODS, P.T. (Food
Processing)
14. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.08 |
|
UK Pound |
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.17 |
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 |
|
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.