|
Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
P.T. ASIANAGRI HILIR |
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|
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Formerly Known As : |
P.T. ASIANAGRO ABADITAMA |
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Registered Office : |
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Country : |
Indonesia |
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Date of Incorporation : |
18.02.1988 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-17218 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Investment Holding and Management Trust |
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No. of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Exists |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. ASIANAGRI HILIR
Head Office
Uniplaza Building,
East Tower, 6th Floor
Jl. Letjen MT Haryono No. A-1
Medan 20231
North Sumatra
Indonesia
Phones -
(62-61) 4532 155, 4532 388, 4532 532
Fax. - (62-61) 4532 095, 4530 987
Email - marketing@asianagri.com
Website - http://asianagri.com
Building Area - 18 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Owned by the
RGM Group
Jakarta Office
Jl. M.H. Thamrin No. 31
Jakarta Pusat 10230
Indonesia
Phones -
(62-21) 2358 6611, 392 3189
Fax. - (62-21) 2358 6620, 392 3559
18 February 1988 as P.T. ASIANAGRO ABADITAMA, changed its name to P.T.
ASIANAGRI HILIR on August 12, 1996.
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
a. No. AHU-75550.AH.01.02.Tahun 2008
Dated 20 October
2008
b. No.
AHU-AH.01.10-17218
Dated
08 July 2010
Foreign Investment Company (PMA)
The Department of
Finance
NPWP No. 01.793.898.6-072.000
Related Company :
A member of the RGM Group
Capital Structure :
Authorized Capital
- Rp. 100,000,000,000.-
Issued Capital - Rp. 27,750,000,000.-
Paid up Capital - Rp. 27,750,000,000.-
Shareholders/Owners :
a. FREEMORE
VENTURES Ltd., - Rp. 27,700,000,000.-
(99.82%)
Address : Seychelles
Republic of Seychelles
b. P.T. ALAMAS KARYA SEJATI -
Rp. 50,000,000.-
( 0.18%)
Address : Jl. Teluk Betung No. 31
Jakarta Pusat
Indonesia
Lines of Business
:
Investment Holding and Management Trust
Production
Capacity :
None
Total Investment :
Owned Capital - Rp. 27.75 billion
Started Operation :
1996
Brand Name :
None
Technical Assistance :
None
Number of Employee :
4 persons
Marketing Area :
Local (30%) and
Export (70%)
Main Customers :
Overseas buyers in
Singapore, Hong Kong, Vietnam, Sri Lanka, and others
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. MUSIM MAS
b. P.T. KARYA PRAJONA NELAYAN (KPN)
c. P.T. BIMOLI
d. P.T. SMART CORP Tbk
e. P.T. SAYAP MAS UTAMA
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jl. Balai Kota No.
8-10
Medan, North Sumatra
Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Jl. Pemuda No. 12
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
On 19 January 2007, the office of P.T. ASIAN AGRI, In Jakarta was
ransacked by Directorate General of Tax for alleging tax evasion worth Rp. 2.1
trillion. Beside in Jakarta, Corruption
Eradication Commission and Tax officers also ransacked P.T. ASIAN AGRI office,
in Medan, North Sumatra. An allegation
tax evasion case is still under investigation seriously to date.
Total Income/Revenue (estimated) :
2009 – Rp.
12,160.0 billion
2010 – Rp.
12,510.0 billion
2011 – Rp.
13,930.0 billion
Net Profit (Loss)
:
2009 – Rp. 980.0 billion
2010 – Rp. 1,005.0
billion
2011 – Rp. 1,120.0
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
Director
- Mr. Fandy Fong
Board of
Commissioners :
Commissioner - Mr. Albert Kwek, SE
Signatories
:
Director (Mr.
Fandy fong) which must be approved by Board of Commissioner (Mr. Albert Kwek,
SE)
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Originally named P.T. ASIANAGRO ABADITAMA, it was established in February 1988 with the authorized capital of Rp. 1,000,000,000 of which Rp. 200,000,000 was issued and fully paid up. The founding shareholders are Mrs. Tinah Bengei (wife of Mr. Sukanto Tanoto), Mr. Said Eddy, SH., Mr. Ir. Harijanto Hartono and Mr. Haji Mohamad Lubis. In April 1997, the company’s name was changed to P.T. ASIANAGRI HILIR is as known as PT. ASIANAGRI. Concurrently, Mrs. Tinah Bingei, Mr. Ir. Harijanto Hartono and Mr. Haji Mohamad Lubis pulled out and the whole shares are sold to Mr. Sukanto Tanoto and Mr. Said Eddy, SH.
In October 2008 the company’s authorized capital was increased again to Rp. 100,000,000,000 of which Rp. 27,750,000,000 was issued and fully paid up. Since that time, the shareholders of the company are FREEMORE VENTURES Ltd., of Seychelles (99.82%) and PT. ALAMAS KARYA SEJATI of Indonesia (0.18%). The amendment Article of Association was made by Ms. Linda Herawati, SH., a public notary in Jakarta and it was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-75550.AH.01.02.Tahun 2008 dated 20 October 2008 and No. AHU-AH.01.10-17218 dated 08 July 2010. No changes have been effected in term of its owner composition and capital structures to date.
We are extremely difficult to
trace or investigate the shareholders of FREEMORE VENTURES Ltd., as this
company is incorporated under law of the Republic of Seychelles. But we allege or estimate that the owners of this
company are the number of Indonesian businessmen, and one of them is Mr.
Sukanto Tanoto AKA Lim Sui Hang AKA He Sui Hang.
P.T. ASIANAGRI is parent company of ASIAN AGRI Group, a sub-group of the RGM Group. P.T. ASIAN AGRI is engaged in investment holding by controlling 99% shares of P.T. ASIANAGRO AGUNGJAYA dealing with integrated edible vegetable oil and fats manufacturing and 82.96% shares of P.T. INTI INDOSAWIT SUBUR deal with integrated palm oil plantation.
Pursuant to internet, ASIAN AGRI Group currently owns 28 palm oil plantations and operates 19 palm oil mills in Sumatra. We are also in partnership with 11 Plasma and KKPA estates. Our mills process palm fruits from all 160,000 hectares of land which are under cultivation. The 19 existing mills have the capacity to produce around 1 million metric tonnes of Crude Palm Oil (CPO).
The CPO extraction process begins with the harvested ripe Fresh Fruit Bunches (FFB) being transported from plantation to mill. The FFB then undergoes a one-and-a-half hour steam-sterilization process, which also facilitates the separation of the fruitlets from the bunch body. The fruitlets move on to a pressing station where the palm oil is extracted and then passed through a clarification process to remove moisture, solids and impurities.
ASIAN AGRI Group currently has 4 refineries in operation located in Indonesia and China. To date, our refineries produce approximately 1.7 million metric tones of CPO per annum with plans to increase production to 2.7 million MT per annum. Our Biodiesel plant in Dumai which has capacity of 400,000 tones per annum. This plan aims to cater for an expanding demand in domestic and international markets.
We observed that P.T. ASIAN AGRI or the ASIAN AGRI Group is classified as a large sized company of its kind in the country of which the operation has been growing 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*
|
Year |
Production (Thousand
Ton) |
Consumption (Thousand Ton) |
Export (Thousand Ton) |
|
2006 |
16,05 |
3,7 |
12,54 |
|
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. ASIAN AGRI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total income/revenue of the company in 2009 amounted of Rp. 12,160.0 billion increased to Rp. 12,510.0 billion in 2010 and rose again to Rp. 13,930.0 billion in 2011. The operation in 2011 yielded an estimated net profit at least Rp. 1,120.0 billion and the company has an estimated total net-worth at Rp. 1,250.0 billion. It is forecasted that total sales turnover of the company will increase at least 10% in 2012.
On 19 January 2007, the office of P.T. ASIAN AGRI, In Jakarta was ransacked by Directorate General of Tax for alleging tax evasion worth Rp. 2.1 trillion. Beside in Jakarta, Corruption Eradication Commission and Tax officers also ransacked P.T. ASIAN AGRI office, in Medan, North Sumatra. An allegation tax evasion case is still under investigation seriously to date.
Since July 2010, the management of the company has been led by Mr. Fandy
Fong (50), a professional manager as director and he is assisted by Mr. Albert
Kwek, SE. (49) as Commissioner. But, we
believe that the prime-mover of the company is Mr. Sukanto Tanoto AKA Lim Sui
Hang AKA He Sui Hang (63), the founder and owner of the RAJA GARUDA MAS Group
or RGM Group, a large sized company group in Indonesia. Mr. Sukanto Tanoto has close relation with
high-ranking officers during Soeharto’s government era and high-ranking
officers of the army. He reportedly has
close relation with crony of the late former President Soeharto. In mid 2008,
FORBES ASIA Magazine stated that Mr. Sukanto Tano is one of the ten richest
businessmen in Indonesia with a net-worth of US$ 1.43 billion equivalent Rp.
14.3 trillion.
In early 2007, the Directorate General of Tax and the Corruption Eradication Committee (KPK) ransacked the offices of P.T. ASIAN AGRI in Jakarta and Medan in line with tax evasion of Rp. 2.1 trillion. Up to present, the tax evasion case has been investigating. The Directorate General of Tax and the Corruption Eradication Committee (KPK) will carry out the same action on a number of other company members of the RGM Group.
In view of the negative factors and unstable economic condition in the country, we recommend to treat prudently in business transaction and in extending a loan to P.T. ASIAN AGRI and company members of the RGM Group.
Attachment:
Judicial corruption taskforce visits ex-Asian
Agri executive
The Jakarta Post, Jakarta | National | Wed, 02/17/2010 12:26 PM
Members of the presidential
judicial corruption taskforce visited Wednesday former financial controller of
palm oil giant PT Asian Agri who is serving an 11-year jail term for money
laundering and theft of the company’s assets.
Taskforce secretary Denny Indrayana and member Mas Achmad Santosa met with
Vincentius Amin Sutanto behind closed doors at the Cipinang detention center in
East Jakarta. Chairman of the Witness and Victim Protection Institute (LPSK)
Abdul Haris Semendawai accompanied the taskforce members to the meeting.
Neither Denny nor Mas Achmad was available for comment concerning their visit,
kompas.com reported.
In 2008, the Supreme Court upheld a lower court’s ruling that imprisoned
Vincentius for the crime and ordered him to pay Rp 28.3 billion and S$23,000 in
restitution to Asian Agri.
The theft has led the Attorney General’s Office to alleged tax evasion worth Rp
1.4 trillion involving Raja Garuda Mas, the parent company of Asian Agri. The
state prosecutors and the tax office launched a joint investigation into the
case last year, but there have been no developments so far.
Asian Agri tax manager fails to attend trial
due to sickness
The Jakarta Post | National | Wed,
02/23/2011 8:30 PM
The tax manager of
agribusiness giant PT Asian Agri failed Wednesday to attend a tax evasion trial
at the Central Jakarta District Court due to his sickness.
“[The trial has been postponed] until further notice, until the panel of judges
is informed of the defendant's dismissal from the hospital,” Presiding Judge
Martin Ponto said as quoted by tempointeraktif.com.
Prosecutors are demanding that the manager, Suwir Laut, be sentenced to six
years in prison in a case that allegedly caused Rp 1,259 trillion (US$ 142.2
million) in state losses.
His lawyers were scheduled to convey their objections on Wednesday. Mohammad Assegaf, one of the lawyers, said
that his team had actually prepared the note of objection. Suwir was reportedly undergoing treatment for
gall bladder complications.
Asian Agri tax
manager walks free
The Jakarta Post | National | Fri, 03/16/2012 9:51 AM
Suwir Laut: The tax manager
of agribusiness giant PT Asian Agri. Suwir Laut.
JAKARTA: The tax manager of
agribusiness giant PT Asian Agri was acquitted of a tax evasion charges by the
Central Jakarta District Court on Thursday.
The panel of judges said that the prosecutors’ indictment was weak.
“We hereby declare that prosecutors’ indictment is premature. And because of
that the charge is unacceptable,” presiding judge Martin Ponto said on
Thursday.
The panel of judges said that the prosecutors should have asked the Taxation
Directorate General to issue a tax calculation form for the defendant.
Prosecutors demanded that the manager, Suwir Laut, be sentenced to six years’
imprisonment for allegedly submitting a false tax reports between 2002 and 2005
that allegedly caused Rp 1.259 trillion (US$137 million) in state losses.
Suwir’s attorney, Muhammad Assegaf, said that the judge ruling did not state
whether his client was guilty or not, only saying that the indictment was
premature.
Source: http://www.thejakartapost.com/news/2012/03/16/asian-agri-tax-manager-walks-free.html
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
|
UK Pound |
1 |
Rs.87.93 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
NB |
New Business |
---- |
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.