MIRA INFORM REPORT
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Report Date : |
10.03.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. AK GOLDENESIA |
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Registered Office : |
Jalan Wisma Permai Barat 2 Block NN-19, Surabaya, 60115, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
27.04.2010 |
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Com. Reg. No.: |
No.
AHU-32373.AH.01.01.TH.2010 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and
Exporter of Palm Oil Packed Products |
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No. of Employees
: |
51 |
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$ 342,100 |
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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. AK GOLDENESIA
Head Office &
Warehouse
Jalan Wisma Permai Barat 2 Block NN-19
Surabaya, 60115
East Java
Indonesia
Phones -
(62-31) 591 5003 (Hunting)
Fax - (62-31) 599 8244
E-mail - export@goldenesia.com
Website - http://www.akgoldenesia.com
Land Area - 2,500 sq.
meters
Building Space - 1,800 sq. meters
Region - Industrial
Zone
Status - Rent
27 April 2010
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
No.
AHU-32373.AH.01.01.TH.2010
Dated 28 June
2010
Foreign
Investment (PMA) Company
The Department of
Finance
Not Available
The Capital Investment
Coordinating Board
No.
00351/1/PPM/PMA/2010
Dated 15 March
2010
AK GOLDENESIA GEN
TRADING CO, LLC., Dubai (Trading)
Capital
Structure :
Authorized
Capital : US$
300,000.-
Issued Capital : US$ 300,000.-
Paid up Capital : US$ 300,000.-
Shareholders/Owners
:
a. Mr. Abdul
Razak -
US$ 165,000.-
Address : Asiya Villa, Post
Permannur Thokkotu
DK – 574183,
Katnataka
India
b. Mr. Javed
Hussain -
US$ 105,000.-
Address : Mehtab Manzil, Masjid
Cross Road
Shirva Udupi,
574116, Katnataka
India
c. Mrs. Reny
Nurhayati -
US$ 30,000.-
Address : Jl. Wisma Permai Barat 2 Block NN-12
Surabaya,
East Java
Indonesia
Lines of
Business :
Trading and
Exporter of Palm Oil Packed Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
May 2010
Brand Name :
AK Goldenesia
Technical
Assistance :
None
Number of
Employee :
51 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Middle
East
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AGRO
RESTU
b. P.T. AGRO JAYA PERDANA
c. P.T. MIKIO OLEO NABATI INDONESIA
d. P.T. SINAR MEADOW
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Jalan Veteran 42-44
Surabaya, East Java
Indonesia
b. Hongkong and Shanghai Banking Corp. Ltd.
Graha HSBC
Jalan Jend.
Basuki Rachmat No. 58-60
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 19.0
billion (May – December)
2011 – Rp. 26.0
billion
Net Profit
(estimated) :
2010 – Rp. 1.3
billion
2011 – Rp. 2.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Reny Nurhayati
Director -
Mr. Javed Hussain
Board of Commissioners :
Commissioner -
Mr. Abdul Razak
Signatories :
President Director (Mrs.
Reny Nurhayati) or the Director (Mr. Javed Hussain) 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$ 342,100 on 90
days D/A
P.T. AK GOLDENESIA (P.T. AKG) was incorporated in Surabaya, East Java based on notary deed of Mr. Dicky Dwiharnanto, SH., No. 02 dated 27 April 2010 with the authorized capital of US$ 300,000 wholly issued and paid up. The founding shareholders of the company are Mr. Abdul Razak (55%), Mr. Javed Hussain (35%) both are businessmen of India and Mrs. Reny Nurhayati (10%). Based on our knowledge up to writing the report the notary documents of the company have not undergone any changes. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-32373.AH.01.01.TH.2010 dated June 28, 2010.
P.T. AKG is a foreign investment company (PMA) facility to deal with trading and exporter of palm oil packed by taking over the activity of C.V. GOLDENESIA which established in 2008 in trading and exporter of palm oil, margarine, and other products. Its focus was at serving the customers in the field of Palm Oil Products, which are essential substances and on high demand for the bakeries, confectioneries, biscuit industries, ice cream industries and dairy producers. Handful of experience in facing the challenges gathered for the last four decades in the field of wood, chemicals, ceramics, construction, real estate and plantations for the AK Group has made P.T. AKG ready to face, sustain and over come any challenges in the field of palm oil business. With strong commitment supported by well dedicated marketing and know how in production field, it is expected that working on mutual trust and good relationship in the long run with valuable customers can be achieved successfully in every aspects of business which can grow together as we are really much concerned with trust in the quality and service.
The whole products obtained from various cocoa processing and palm oil refinery in East Java and surroundings. Basically P.T. AKG did not produces the products, but it’s was produced by various cocoa processing and palm oil processing with contract manufacturing. The products produce for P.T. AK GOLDENESIA. Mrs. Reny Nurhayati, President Director of P.T. AKG went on to say the whole products such shortening, margarines, blend butter, glycerine, specialty fats by using MARIGOLD, PALMGOLD, WHITEGOLD,SUNGOLD and SUPERGOLD brands. Today, P.T. AK GOLDENESIA has widens its customer strength through out the world in Asia, South East Asia, Middle East, Africa and South America. To support of its activity P.T. AK GOLDENESIA has also has the regional office in United Arab Emirates to serve Africa and Middle East market in an effective way.
Generally, demand for palm cooking oil has kept on increasing in the last five years in line with the growing demand for palm cooking oil within and outside the country. According to research, total palm cooking oil industries operating in Indonesia are 53 units with production capacity 7.2 million tons but in 2005 reached 62 units with total production capacity of 9.7 million tons. The main business players in cooking oil business are SMART (SINAR MAS Group) under cooking oil brands of FILMA, KUNCI MAS; the SALIM Group through P.T. SALIM IVOMAS PRATAMA under cooking oil brand of BIMOLI; the KPN Group and others. 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.
Besides, generally observed that the demand for coffee beans has kept on
fluctuating within the last seventh years in line with the development of
coffee beans export price and volume. Volatility of export value of coffee
beans is a result of the decline in international coffee prices in the market
and also a flood of stock coffee export market. Based on data from Indonesian
Central Bureau of Statistic (BPS) indicated that the export volume of coffee
beans has in 2005 amounted to 442.8 thousand tons worth of US$ 497.7 million
decreased respectively to 411.5 thousand
tons worth US$ 583.2 million in 2006 dropped to 315.5 thousand tons worth US$
633.7 million in 2007 to 467.9 thousand tons of US$ 989.0 million in 2008 rose
to 510.1 thousand tons worth US$ 822.1 million in 2009 dropped to 432.7
thousand tons worth US$ 812.3 million in 2010. Market competition is very sharp
for many other similar export oriented companies operating in the country. We
consider P.T. AKG to be in a quite favorable position for having already got
hold of a steady clientele in abroad.
Export Volume and Value of Coffee Bean,
2002-2010
|
Tea |
Volume (Thousand Ton) |
Value (Million US$) |
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2005 |
442.8 |
497.7 |
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2006 |
411.5 |
583.2 |
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2007 |
315.5 |
633.7 |
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2008 |
467.9 |
989.0 |
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2009 |
510.1 |
822.1 |
|
2010 |
432.7 |
812.3 |
Source: Central Bureau
of Statistic, processed by ICB
Until this time P.T. AKG has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. AKG 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 May to December 2010 amounted to Rp. 19.0 billion rose to Rp. 26.0 billion in 2011 and projected to go on rising by at least 5% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 2.1 billion and the company has an estimated total net worth of at least Rp. 5.0 billion. We observe that P.T. AKG is supported by foreign partner 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.
The management of P.T. AKG is led by Mrs. Reny Nurhayati
(36) a businessman and professional manager with experience in trading and
export of industrial palm oil packed products including margarine, shortening,
glycerine, blend butter, specialty fats. In its operation she was assisted by
Mr. Javed Hussain (42) 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. AK GOLDENESIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.02 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.66.18 |
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 |
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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.