|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KAPAL API GLOBAL |
|
|
|
|
Registered Office : |
The |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
31.08.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Holding Company/Investment Holding · Trading and Exporter of Coffee |
|
|
|
|
No. of Employees |
17 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
P.T. KAPAL API GLOBAL
Head Office
The Plaza Office
Tower 22nd Floor Unit A-D
Jalan M.H. Tahmrin
Kav. 28-30
Jakarta Pusat,
10350
Indonesia
Phones -
(62-21) 2992 2288 (Hunting)
Fax - (62-21) 2992 2282
E-mail - info@kapalapi.com
Website - http://www.kapalapi.com
Building Area - 30 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
31 October 2008
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
AHU-85004.AH.01.01.TH.2008
Dated 12 November 2008
- No.
AHU-03870.AH.01.02.TH.2013
Dated 1 February 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 21.058.444.7-076.000
Related
Company :
A Member of the
KAPAL API Group (see attachment
Capital
Structure :
Authorized
Capital : Rp.
35,400,000,000.-
Issued Capital : Rp.
35,400,000,000.-
Paid up Capital : Rp.
35,400,000,000.-
Shareholders/Owners
:
a. P.T. BHAKTI PUTRA SEJATI - Rp. 11,800,000,000.-
Address :
Jl. Kedungsari No. 66-F
Tegalsari,
Surabaya, East Java
Indonesia
b. P.T. INDADI JUVER -
Rp. 11,800,000,000.-
Address : Jl. DR. Makaliwe Raya
No. 16-B
Grogol
Petamburan
Jakarta Barat
Indonesia
c. P.T. MAHAGHORA -
Rp. 11,800,000,000.-
Address : Jl. Taman Jati Baru
Barat No. 1-2
Jakarta Pusat
Indonesia
Lines of Business :
a. Holding
Company/Investment Holding
b. Trading
and Exporter of Coffee
Production Capacity :
None
Total Investment :
None
Started Operation :
November 2008
Brand Name :
Kapal Api Global
Technical Assistance :
None
Number of Employee :
17 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BIMA PRATAMA SENTOSA
b. P.T. HASTA SEMPURNA
c. P.T. SINAR LAMPUNG
d. P.T. WINAS GUNA MUSTIKA
Business Trend :
Growing
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk
Mandiri Plaza (Ex. BBD Plaza)
Jl. Imam
Bonjol No. 61
Jakarta
Pusat
Indonesia
b. P.T. Bank MASPION INDONESIA
Surabaya Branch
Jl. Basuki Rachmat No. 50-54
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 155.0
billion
2012 – Rp. 161.0
billion
2013 – Rp. 168.0
billion
Net Profit
(estimated) :
2011 – Rp. 10.8
billion
2012 – Rp. 11.3
billion
2013 – Rp. 12.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Robin Setyono
Director -
Mr. David Gatot Gunawan
Board of Commissioners :
President Commissioner -
Mr. Soedomo Mergonoto
Commissioners -
a. Mr. Adi Haryono
b. Mr. Singgih Gunawan
Signatories :
President Director (Mr.
Robin Setyono) or the Director (Mr. David Gatot Gunawan) 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
P.T. KAPAL API GLOBAL (P.T. KAG) was established in Jakarta based on
notary deed Mr. Buntario Tigris, SH., no. 230 dated 31 October 2008 with the
authorized capital of Rp. 30,000,000,000 wholly issued and paid up. The
founding and shareholders are P.T. BHAKTI PUTRA SEJATI, P.T. INDAH JUVER, and
P.T. MAHAGHORA, the three are national private company dealing with investment
holding. Its article of association had been changed and based on notary deed
Mr. Buntario Tigirs, SH., no. 147 dated 21 November 2012 the company authorized
capital was increased to Rp. 35,400,000,000 wholly issued and paid up. With this
development the composition of its shareholders has been changed to become P.T.
BHAKTI PUTRA SEJATI (33.33%), P.T. INDADI JUVER (33.33%) and P.T. MAHAGHORA
(33.33%).
The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-03870.AH.01.02.TH.2013 dated February 1,
2013.
P.T. KAPAL API GLOBAL (P.T. KAG) has been operating since Kapal Api
Global has been operating was in 2009 as a holding company comprised of the
seven business units with the motivation to be more aggressive and professional
in expanding Kapal Api Group business in the future. Kapal Api Global always
stays true to its “Five Core Values” in running its business. The five
core values are: customer focus, integrity, team work, continuous learning and
work excellence. From coffee plantation to ginger candy, from producing to
distributing, KapalApi Global presents only the best quality to become a
dominant player in the global market. P.T. KAG is a holding company which
manages and as management trust of P.T. AGEL LANGGENG which sells candies; P.T.
FASTRA BUANA which serves to distribute coffee products and candies to all
parts of Indonesia; Excelso Café which is the café extension of the coffee
business; P.T. SULOTCO JAYA ABADI which operates a coffee plantation in Toraya;
P.T. SANTOS JAYA ABADI in powdered coffee making industry; P.T. SANTOS PREMIUM
KRIMER which produces non dairy creamer and P.T. WEISS TECH that produces
production machines and espresso machines. Besides, P.T. KAG is also export of
coffee such as Kopi Kapal Api, Kopi ABC & Kopi Good Day, confectionery such
as Relaxa & SAY candy, Ceremix Cereal, Leading Café Excelso etc. The whole
products produced by sister company under the KAPAL API Group. P.T. KAP is also
engaged in investment holding by invested funds in coffee processing industry
which holds and controls 71.43% shares of P.T. SANTOSA JAYA ABADI a national
private company dealing with powdered coffee making industry.
Indonesia as the country's third largest coffee producer in the
world after Brazil
and Vietnam, with production in 2013 amounted
to 692 thousand tons,
or about 8% of world coffee production. Indonesia also has various types
of specialty coffee in the world known
as Gayo Coffee, Coffee Mandailaing, Lampung Coffee,
Java Coffee, Kintamani Coffee,
Toraja Coffee, Coffee Bajawa,
Wamena Coffee and Coffee Luwak
also with flavor
and aroma appropriate geographical indications that are the hallmark Indonesia. But the development of this industry in the country still have the prospect
of coffee consumption good.This is considering the average Indonesian society
has reached 1.2 kg
per capita / year
is far below the state
- coffee importing
countries like USA 4.3 kg, 3.4 kg Japan, Austria
7.6 kg, 8.0 kg Belgium, Norway and Finland 10.6
kg 11.4 kg
per capita / year.
"The development of the national coffee industry still needs to be improved given the current only able to absorb about 40% of coffee bean production in the country and the remaining approximately 60% is exported as raw material. Growth in consumption of processed coffee products in the country increased an average of 7.5 % per year exports of processed coffee products in 2013 reached US $ 243.87 million, down 24.41% from 2012 to reach $ 322.62 million US dominated exports of processed coffee products instant Coffee products, extracts, essences and concentrates of coffee spread to the destination countries such as the Philippines, Malaysia, Singapore, the PRC, and the United Arab Emirates. As information processing of the coffee industry in the country is growing these days, so they also complained about the lack of domestic supply of raw materials for the industry. This situation led to the other side of Indonesia's coffee imports also rose significantly, namely 54.86% from 2009 to 2013, where in 2009 the value of coffee imports stood at 18,441 million USD and in 2013 jumped to 117.195 million Euro (BPS).
The products produced by
the coffee industry is basically
a form of ground coffee and instant coffee. Of these two species produced coffee products such as
coffee three in one and other. While in the Cafe (Coffee Shop) product is essentially the original form of coffee and
espresso coffee.
Powdered coffee production is currently estimated to
have reached 150,000 tons, while for the instant coffee and the decline
has reached 20,000 tons. Data BPS (Central Bureau of Statistics)
noted that the volume of exports of
soluble coffee on average in the last 5 years to
reach approximately 15,000
tons per year, while ground
coffee exports reached
3,000 tons per year.
Until this time P.T. KAG has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. KAG is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover of the
company in 2011 amounted to Rp. 155.0 billion rose to Rp. 161.0 billion in 2012
increased to Rp. 168.0 billion in 2013 and projected to go on rising by at
least 6% in 2014. The operation in 2013 yielded an estimated net profit of at
least Rp. 12.1 billion and the company has an estimated total networth of at
least Rp. 36.0 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. KAG is led by Mr. Robin Setyono (35) a
professional manager with experience in holding company, management trust and
exporter of coffee products. Daily activity he is assisted by Mr. David Gatot
Gunawan (33) 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. KAPAL API
GLOBAL is sufficiently fairly good for business transaction.
List of the KAPAL API Group
Members
1.
AGEL LANGGENG, P.T. (Candy Industry)
2.
BUANATIRTA ADIJAYA, P.T.
(Candy Industry)
3.
EXCELSO MULTI RASA, P.T. (Coffee Shops Management)
4.
FASTRATA BUANA, P.T. (Distribution and Exporter of Coffee
Products and Candies)
5.
INASENTRA UNISATYA, P.T. (Candy Industry)
6.
INDADI SETIA, P.T. (Trading and Distribution of Military
Equipment and Technical Goods)
7.
MANOHARA ASRI, P.T. (Snacks Industry)
8.
KAPAL API, P.T. (Management Trust)
9.
KAPAL API GLOBAL, P.T. (Trading and Exporter of Coffee
Products)
10.
SALIM GRAHA FOOD & BEVERAGES, P.T. (Food and Beverages Processing)
11.
SANTOS JAYA ABADI, P.T. (Powdered Coffee Making Industry)
12.
SULOTCO JAYA ABADI, P.T. (Coffee Plantation)
13.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.56 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.