|
Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. GOROM KENCANA |
|
|
|
|
Registered Office : |
Jalan
Tanjungsari Mas No. 1, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
16.07.1988 |
|
|
|
|
Com. Reg. No.: |
No. AHU-99193.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Export-Import and Distribution of Agricultural Products |
|
|
|
|
No. of Employees : |
36 employees |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – 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 |
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. GOROM KENCANA
Head Office
Jalan Tanjungsari
Mas No. 1
Surabaya 60187,
East Java
Indonesia
Phone -
(62-31) 7480667-68, 7495167
Fax - (62-31) 7495165, 7496313
Email - goromkcn@indosat.net.id
Building Area - 2 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Own
16 July 1988
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-9996.HT.01.01.TH.88
Dated 31 October 1988
- No. AHU-99193.AH.01.02.TH.2008
Dated 23 December 2008
Private National Company
The Department of
Finance
NPWP No. 01.479.944.9-619.000
None
Capital
Structure :
Authorized Capital :
Rp. 2,000,000,000.-
Issued Capital :
Rp. 500,000,000.-
Paid up Capital :
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Winarto
AKA Oei Tjin Sun -
Rp. 476,000,000.-
Address : Jalan Kertajaya Indah
Tengah Blok F No. 316
Surabaya, East
Java
Indonesia
b. Mrs. Melissa Leo -
Rp. 24,000,000.-
Address : Jalan Kertajaya Indah
Tengah Blok F No. 316
Surabaya, East
Java
Indonesia
Lines of
Business :
Trading, Export-Import and Distribution of Agricultural Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1988
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
36 persons
Marketing Area
:
Export - 100 %
Main Customers
:
Buyers in Japan, Singapore, India, the Netherlands, Spain, Italy, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ALAM INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI SAMPOERNO
d. C.V. PUTRA NUSA
e. P.T. DAKAI
IMPEX
Business Trend
:
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Basuki Rachmat No. 12
Surabaya, East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Basuki Rachmat No. 22
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 33.8 billion
2010 – Rp. 34.5 billion
2011 – Rp. 35.0 billion
2012 – Rp. 18.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 2.0 billion
2010 – Rp. 2.2 billion
2011 – Rp. 2.4 billion
2012 – Rp. 1.3 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Winarto AKA Oei Tjin Sun
Board of Commissioners :
Commissioner -
Mrs. Melissa Leo
Signatories :
Directors (Mr. Winarto AKA Oei Tjin Sun)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
P.T. GOROM KENCANA (P.T. GK) was established in Surabaya, East Java on July 16, 1988 with an authorized capital of Rp. 500,000,000 issued capital of Rp. 120,000,000 entirely paid up. The founding shareholders are Mr. Winarto AKA Oei Tjin Sun and Mr. Ade Sutjiawan. They are Indonesian businessmen of Chinese extraction. The notary deed of the company was made by Mrs. Susanti, SH., a public notary in Surabaya under Company Registration Number C2-9996 HT.01.01.TH.88, dated October 31, 1988.
The company notary deed has been changed and in August 2008 the authorized capital was increased to Rp. 2,000,000,000 issued capital to Rp. 500,000,000 entirely paid up. Concurrently Mr. Ade Sutjiawan pulled out and the whole share sold to Mrs. Melissa Leo as new shareholder. With this development the composition of its shareholders has been changed to become Mr. Winarto AKA Oei Tjin Sun (95.2%) and his wife Mrs. Melissa Leo (4.8%). The latest revision of notary act was made by Mrs. Tirtayanti Karsodikromo, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-99193.AH.01.02.TH.2008, dated December 23, 2008.
P.T. GK has been in operation since 1988 in trading, export import and distribution of agricultural products. Miss Siti Aminah, a staff export import of the company explained that the whole agricultural products likes nutmeg, nutmeg oil, nutmeg flower, and pepper bought from farmer in Maluku (Ambon), Manado (North Sulawesi) and Fak Fak (Papua). Then, the whole products are exported to Japan, Singapore, India, the Netherlands, Spain, Italy, Germany and France. Besides, the company is also import of garlic and dry chili from India and China. The whole products marketed through traditional market in Surabaya, and surroundings. We observed that the company’s operation has been growing in the last three years.
We have noticed that the demand for agricultural products such as nutmeg and nutmeg oil had increased some 8% to 10% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 5% to 6% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia. We consider P.T.GK to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.
Until this time P.T. GK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. GK 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. 33.8 billion rose to Rp. 34.5 billion in 2010 increased to Rp. 35.0 billion in 2011. As from January to June 2012 the sales turnover reached at Rp. 18.0 billion with a net profit of Rp. 1.3 billion and the company has an estimated total networth of at least Rp. 3.5 billion. It is projected the sales turnover will be higher by at least 5% in 2013. 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. GK is led by Mr. Winarto AKA Oei Tjin Sun (47) a
businessman and professional manager with experience in export of agricultural
commodities products. 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. GOROM KENCANA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
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.