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Report Date : |
29.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDO CAFCO |
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Registered Office : |
Jalan P. Tirtayasa, Kp. Galih Lk. II RT. 02 Kelurahan Campang Raya, Kecamatan Tanjung Karang Timur Bandar Lampung, 35122 |
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Country : |
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Date of Incorporation : |
03.11.2000 |
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Com. Reg. No.: |
No. AHU-AH.01.10-36009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporter of Coffee Bean |
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No. of Employees : |
87 persons |
RATING & COMMENTS
|
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
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. INDO CAFCO
Head Office & Warehouse
Jalan P. Tirtayasa, Kp. Galih Lk. II RT. 02
Kelurahan Campang Raya, Kecamatan Tanjung Karang Timur
Bandar Lampung,
35122
Indonesia
Phones -
(62-721) 350737, 350736
Fax - (62-721) 351491
E-mail - icc_lampung@cbn.net.id
Land Area - 10,000 sq.
meters
Office Space - 8,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Branch Office & Warehouse
Jalan Pertanahan 89
Medan, North Sumatera
Indonesia
Phones -
(62-61) 7883434 (Hunting)
Fax - (62-61) 7850361
E-mail - iccmdn@ino.net.id
Land Area - 10,000 sq.
meters
Office Space - 7,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
3 November 2000
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. AHU-AH.01.10-03906
Dated 17 April 2009
- No. AHU-01884.AH.01.02.TH.2009
Dated 12 January 2009
- No. AHU-AH.01.10-36009
Dated 9 November 2011
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.868.999.2-058.000
The Capital Investment Coordinating Board
- No. 2/I/PMA/2000
Dated 20 October 2000
- No. 02/II/PMA/2003
Dated 31 January 2003
- No. 04/II/PMA/2003
Dated 31 January 2003
- No. 84/II/PMA/2005
Dated 5 April 2005
- No. 75/II/PMA/2007
Dated 13 March 2007
The Department of Industry and Trade
- No. 011/T/Perdagangan/Industri/2001
Dated 31 October 2001
- No. 02/12/1218/T/Industri/2004
Dated 7 April 2004
Related
Company :
P.T. TANAH MAS
CELEBES INDAH (Trading and Exporter of Cocoa Bean)
Capital
Structure :
Authorized
Capital : US$
150,000.-
Issued Capital : US$
150,000.-
Paid up Capital : US$ 150,000.-
Shareholders/Owners
:
a. MULCORD TRADING LLC - US$ 148,500.-
Address :
1209 Orange Street, Wilmington
New Castle
Ireland
b. ECOM AGROINDUSTRIAL
CORP. LTD. - US$ 1,500.-
Address : Avenue Etienne
Guillemin 16,
Casa Postale
64, CH-1009 Pully
Switzerland
Lines of
Business :
Trading and
Exporter of Coffee Bean
Production
Capacity :
a. Coffee Beans -
21,500 tons p.a.
b. Cocoa Beans - 5,000 tons p.a.
Total
Investment :
a. Equity Capital - US$ 150,000.-
b. Loan
Capital -
US$ 1,120,000.-
c. Total
Investment - US$
1,270,000.-
Started
Operation :
2001
Brand Name :
Indo Cafco
Technical
Assistance :
None
Number of
Employee :
87 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
COFFEEBROS INDONESIA
b. P.T. SARIMAKMURTUNGGAL
MANDIRI
c. P.T. TOARCO
JAYA
d. P.T. VOLKOPI INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Bandar Lampung Main Branch
Lampung Province
Indonesia
b. DEUTCHE Bank AG
Wisma Deutsche Bank
Jalan Imam Bonjol No. 81
Jakarta Pusat
Indonesia
c. JP MORGAN CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 20-21
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 368.0
billion
2010 – Rp. 375.0
billion
2011 – Rp. 385.0
billion
2012 – Rp. 199.5
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 18.2
billion
2010 – Rp. 19.2
billion
2011 – Rp. 20.5
billion
2012 – Rp. 11.9
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Peter Richard Macgregor
Directors -
a. Mr. Nicholas David Watson
b. Mr. John Benny
Board of Commissioners :
President Commissioner -
Mr. Renaud Charles B.N.G.C. Kerchove D’Exaerde
Commissioners -
a. Mr. Andrew David Hay Falconer
b. Mr. Choong Nam Ng
Signatories :
President Director (Mr.
Peter Richard Macgregor) or one of the Directors (Mr. Nicholas David Watson or
Mr. John Benny) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. INDO CAFCO
(P.T. IC) was established in Lampung on November 3, 2000 with the authorized
capital of US$ 150,000 wholly issued and paid up. The company was founded by
ECOM AGROINDUSTRIAL CORP. LTD., of Switzerland (99%) and Mr. Ramon M. Esteve of
Spain (1%). The company notary deed has been changed a couple of times. In
August 2004 Mr. Ramon M. Esteve pulled out and the whole share sold to MULCORD
TRADING LLC of Ireland as new shareholder. Later in November 2008, the
composition of its shareholders has been changed to become MULCORD TRADING LLC
of Ireland (99%) and ECOM AGROINDUSTRIAL CORP. LTD., of Switzerland (1%). Then
in March 2009 the board of management and the board of commissioners of the
company had been changed (see profile of this report). The deed of amendment
was made by Mrs. Dheasy Suzanti, SH., M.Kn was approved by the Ministry of Law
and Human Right in its Decision Letter No. AHU-AH.01.10-03906, dated April 17,
2009. Then according to the latest revision of notary documents of Mrs. Etty
Roswitha Moelia, SH., No. 17 dated 26 September 2011 the company’s board of
director and the board of commissioner had been changed to lead and runs of the
company’s operation. The latest revision of notary documents was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-36009 dated November 9, 2011.
We observe that
P.T. IC is a member company of the ECOM Group, a business group dealing with
trading, distribution and supplies of coffee beans, cocoa and cotton
commodities. Besides, the company is also affiliate with P.T. TANAH MAS CELEBES
INDAH dealing with trading and exporter of cocoa beans.
P.T. INDO CAFCO
obtained a Foreign Capital Investment (PMA) facility issued by the Capital
Investment Coordinating Board (BKPM) to deal with trading, distribution and
exporter of coffee beans. The company operates two warehouses located in
Lampung and and Medan, North Sumatera. The types of coffee sells and export by
the company including Arabica Coffee (Lintong, Java Arabica/private Estates and
PTP) and Mandheling, Toraja Kalosi; Robusta Coffee including Regular EK Grades,
Special EK Grades – Java/Celebes/High Grown, Flores EK and AP, Extra Large
Beans (450/400/360 bean), Regular AP Grades (Polished), Java WIB (Private
Estates and PTP), Excelsa Coffee such as Regular EK Grades Polished Grades and
Special Coffee such as Bali Fully Mandheling (SKAL International – EC/USDA
NDP/JAS) and Kopi Luwak. The whole coffee bean obtained from various farmers
estates in Bali, Toraja, Aceh Nangroe Darusalam, Medan and Lampung. The whole
coffee bean is exported to Singapore, Malaysia, South Africa, Australia,
Belgium, Bulgaria, Italy and the USA. We observe the operation of P.T. IC has
been growing and developing well in the last three years.
Indonesia
exports 7% of world coffee production. Coffee represents 0.6% of total GNP and
17% of all agricultural products exports in Indonesia. Planted on 1.3 million
hectares of land, coffee plantings yield approximately 600,000 tons of green
coffees are broken down as follows: 85 – 90% Robusta (65% coming from Southern
Sumatra), 10 – 13% Arabica and 1 – 2% others such as Liberica. As a share of
agricultural exports from Indonesia, coffee is reported at 17%.
Coffee is
produced by a total of 2.33 million household smallholder farmers cultivating
an average holding of 1.0 to 1.5 hectares and deriving approximately $
910.00/year per hectare (Robusta) and $ 1680.00/year per hectare (Arabica).
Coffee represents 50 – 70% of coffee farmer’s income. It is estimated that Aceh
is the largest Arabica production area in S.E. Asia. Exports of North Sumatra
coffee (Aceh 60% and North Sumatra 40%) receive a premium of 30% over similar
coffees grown in Indonesia. Owing to the unique character and body coffees of
Northern Sumatra is in high demand from major specialty coffee buyers. Coffee
provinces visited by the assessment team included: South Sulawesi (Tana Toraja
and Enrekang), North Sumatra (Medan), Aceh (Banda Aceh) and Bali (Kintamani
highland).
We have noticed that the
demand for agricultural products had increased some 10% to 11% 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 6% to 7% 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. IC to be in a quite
favorable position for having already got hold of a steady clientele in the
country and abroad.
Export Volume of Agricultural Products, 2007-2011
(Thousand Tons)
|
Products |
2007 |
2008 |
2009 |
2010 |
2011 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
55,6 8,7 315,5 114,1 381,9 25,6 |
83,8 9,6 467,9 114,8 382,5 30.0 |
82,9 10,0 510,1 110,4 440,3 32,8 |
79,2 13,8 432,7 130,3 433,5 28,0 |
68,1 10,8 345,9 97,9 214,7 18,8 |
Export Value of Agricultural Products, 2007-2011
(Million US$)
|
Products |
2007 |
2008 |
2009 |
2010 |
2011 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
73,2 12,3 633,7 258,5 623,1 56,6 |
125,1 16,3 989,0 283,7 856,2 73,7 |
144,3 12,8 822,1 239,6 1,088,2 93,7 |
149,4 33,5 812,3 407,4 1,191,3 73,7 |
103,2 26,4 817,6 320,4 478,2 49,3 |
Source: Central Bureau of
Statistic, processed by ICB
Until this time
P.T. IC has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
IC 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. 368.0 billion rose to Rp. 375.0 billion in 2010 increased to
Rp. 385.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at least Rp. 199.5 billion with a net profit of at least Rp. 11.9
billion and projected to go on rising by at least 4% in 2013. The company has
an estimated total networth of at least Rp. 410 billion. We observe that P.T.
IC 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. IC is led by Mr. Peter Richard Macgregor (57) a professional manager of
the United Kingdom with experience in trading, and distribution and exporter of
coffee beans. Daily activities he is assisted by Mr. Nicholas David Watson (36)
of Australia and Mr. John Benny (44) of Indonesia as Directors. 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. INDO CAFCO is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.69 |
|
|
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.68.15 |
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.