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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. KUALA PANGAN |
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Formerly Known As : |
C.V. KUALAN PANGAN |
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Registered Office : |
Jalan Depan Terminal No. 23-25 Citeureup, Bogor, 16810 West Java |
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Country : |
Indonesia |
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Year of Establishment : |
1954 |
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Com. Reg. No.: |
No. Y.A. 5/339/15 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Dried Noodle Processing |
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No. of Employees : |
200 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment
grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source : CIA
P.T.
KUALA PANGAN
Head Office & Factory
Jalan
Depan Terminal No. 23-25
Citeureup,
Bogor, 16810
West
Java
Indonesia
Phones - (62-21) 8752467, 8752494
Fax - (62-21) 8751013, 8753636
E-mail - kupang@indo.net.id
Land Area - 2,500 sq.
meters
Building Space - 1,200 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
a. 1954 as KUALA PANGAN
b. 23 March 1972 as C.V. KUALAN PANGAN
c. 1 June 1974
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No.
Y.A. 5/339/15
Dated
24 May 1982
Company
Status :
Private
National and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.105.435.0-431.000
The Capital Investment Coordinating
Board
No.
114/VI/PMDN/1982
Dated
23 April 1982
The Department of Industry
No. 236/DJIHPK/D.2/Perluasan/VIII/1998
Dated
28 August 1998
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
31,000,000.-
Issued
Capital :
Rp. 31,000,000.-
Paid
up Capital :
Rp. 31,000,000.-
Shareholders/Owners
:
a. The heirs Mr. Sugih Arno -
Rp. 8,500,000.-
Address : Jl. Pajajaran Indah II No. 11
Bogor, West Java
Indonesia
b. Mr. Suherdy Arno -
Rp. 6,000,000.-
Address :
Jl. Pajajaran Indah II No. 11
Bogor, West Java
Indonesia
c. Mr. Suherto Arno -
Rp. 6,000,000.-
Address : Jl. Cincau No. 9, RT. 02 RW. 02
Kelurahan Pakuan, Kecamatan Bogor
Bogor, West Java
Indonesia
d. Mr. Suherry Arno -
Rp. 6,000,000.-
Address : Jl. Pajajaran Indah II No. 11
Bogor, West Java
Indonesia
e. Mrs. Tuty Sumijati -
Rp. 4,500,000.-
Address : Jl. Pajajaran Indah II No. 11
Bogor, West Java
Indonesia
Lines
of Business :
Dried
Noodle Processing
Production
Capacity :
a. Dried Noodles -
546 tons p.a.
b. Vermicelli -
546 tons p.a.
Total
Investment :
a. Equity Capital - Rp.
31.0 million
b. Loan Capital - Rp. 500.0 million
c. Total Investment - Rp. 531.0 million
Started
Operation :
1954
when it was Kuala Pangan
Brand
Name :
Kuala
Pangan
Technical
Assistance :
None
Number
of Employee :
200
persons
Marketing
Area :
Local - 100%
Main
Customer :
Distributors
and Food Traders
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ABC PRESIDENT INDONESIA
b.
P.T. INDOFOOD CBP SUKSES MAKMUR Tbk
c. P.T. KARUNIA ALAM SEGAR
d. P.T. NESTLE INDONESIA
e. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Raya Pajajaran No. 88 Block 1&3
Bogor, West Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Pajajaran No. 5
Bogor, West Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 11.5 billion
2010
– Rp. 12.8 billion
2011
– Rp. 13.6 billion
2012
– Rp. 7.5 billion (January – June)
Net
Profit (estimated) :
2009
– Rp. 0.8 billion
2010
– Rp. 0.9 billion
2011
– Rp. 1.1 billion
2012
– Rp. 0.6 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Tuty Sumijati
AKA Tjia Lee Tjoe
Director -
Mr. Suherto Arno
Board of Commissioners :
President Commissioner - Mr. Suherdy Arno
Commissioner - Mr. Suherry Arno
Signatories :
President
Director (Mrs. Tuty Sumijati AKA Tjia Lee Tjoe) or the Director (Mr. Suherto
Arno) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Originally
the company named KUALA PANGAN was incorporated in Bogor, West Java in 1954
with the status of Sole Proprietary Company. Later in March 1972 the company
legal status was changed into C.V. (Commanditaire Vennootschap) or Partnership
with Sleeping Partner with founded by the late Mr. Sugih Arno AKA Gouw Ie Tjong
and his wife Mrs. Tuty Sumijati AKA Tjia Lee Tjoe, both are Indonesian business
family of Chinese extraction. Then on 1 June 1974 the company status was
converted into P.T. (Perseroan Terbatas) or Limited Liability Company with the
name of P.T. KUALA PANGAN (P.T. KP) with the authorized capital of Rp.
31,000,000 wholly issued and paid up. On the same occasion the composition of
its shareholders has been changed to become the late Mr. Sugih Arno (27.42%)
his sons Mr. Suherto Arno (19.35%), Mr. Suherdy Arno (19.35%, Mr. Suherry Arno
(19.35%) and his mother Mrs. Tuty Sumijati AKA Tjia Lee Tjoe (14.52%). The
company notary deed has been approved by the Ministry of Law and Human Rights
in its decision letter No. Y.A. 5/339/15 dated May 24, 1982. Based on 3 March
2011 Mr. Sugih Arno was died and the whole shares taken over by his family
members. However the revision of notary act has yet been made in the notary
public.
P.T.
KP is a private national company dealing with dried noodles and vermicelli
processing which manages a plant located at jalan Depan Terminal No. 23-25,
Citeureup, Bogor, West Java standing on 2,500 sq. meters land. P.T. KP is a
company engaged in food processing industry with the main products of dried
noodles, vermicelli and seasoning. In early 1954, the process of the company is
still using the sun’s heat for the drying process. This led the company does
not produce optimally because given the location of the company in a high
rainfall area. In 1965, P.T. KP expansion by establishing the location is
different and vermicelli factory in Cireureup, Bogor. Machines are used simple
technology and domestically. The increasing demand and expansion of marketing
to encourage company to expanded their business to improve the quality of its
production. Currently P.T. KP produces 3,000 kg of dry noodles and vermicelli
by a machine of modern technology machinery from Taiwan, Japan, Germany, United
Kingdom and machinery in the country. Roll press is a production machine that
consists of 3 pieces of pressing unit (milling), slitter and steaning conveyor
unit. The basic material in the form of wheat flour is bought from P.T.
BOGASARI FLOUR MILLS and other companies and the rest raw materials imported
from overseas. The whole products like dry noodles and vermicelli use SUPER
BIHUN brand and mostly marketed locally in Java island, Sumatera and other
cities in the country. We observe that P.T. KP is a small size company of its
kinds with operation has been growing in the last three years.
Generally
we find that food industries in the country had been growing by 10% to 12% per
year within the last five years until 2012 in line with the increasing income
of the people and rising demand for export. The long-term prospect of snack
food, biscuit product, health drink is favorable. However, the competition is
very tight on account of many similar companies operating in the country. The
company has competitors not only from the local products but also the imported
ones. The long-term prospect of the company is favorable once unstable economic
condition starts recovery. Business position of P.T. KUALA PANGAN remains quite
well for it has controlled a wide export network and the products have been
widely known in the country.
Production Growth of Instant Noodles, Wet Noodles and Dry
Noodles
In Indonesia, 2005 – 2012*
|
Year |
Instant Noodles (Ton) |
Wet Noodles (Ton) |
Dry Noodles (Ton) |
|
2005 |
1,357,630 |
382,046 |
85,481 |
|
2006 |
1,392,956 |
392,742 |
89,156 |
|
2007 |
1,455,427 |
412,560 |
91,757 |
|
2008 |
1,500,000 |
400,921 |
89,134 |
|
2009 |
1,800,000 |
452,255 |
96,044 |
|
2010 |
1,940,000 |
488,435 |
103,727 |
|
2011 |
2,056,400 |
517,741 |
109,951 |
|
2012* |
2,179,784 |
548,805 |
116,539 |
Source:
Central Bureau of Statistics (BPS) processed by ICB
*)
Projected
Until
this time P.T. KP has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of P.T. KP 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. 11.5 billion rose to Rp. 12.8 billion in 2010
increased to Rp. 13.6 billion in 2011. As from January to June 2012 the sales
turnover has reached at least Rp. 7.5 billion with a net profit of Rp. 0.6
billion and projected to go on rising by at least 5% in 2013. The company has
an estimated total networth of at least Rp. 4.0 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. KP is led by Mrs. Tuty Sumijati AKA Tjia Lee Tjoe (75) a
businesswoman with experience in dried noodles processing industry. Due to the
old age she is assisted by her son Mr. Suherto Arno (47) 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. KUALA PANGAN is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.