|
Report Date : |
14.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDO CAFCO |
|
|
|
|
Registered Office : |
Jalan P. Tirtayasa, Kp. Galih Lk. II RT. 02, Kelurahan Campang Raya, Kecamatan Tanjung Karang Timur, Bandar Lampung, 35122 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
03.11.2000 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-36009 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
engaged in trading, distribution and supplying
of coffee beans, cocoa and cotton commodities |
|
|
|
|
No. of Employees |
87 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 more than 6% annually in 2010-12. 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
fiscal deficit below 3%, 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 2013 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 high 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 Sumatra
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
3 November 2000
P.T. (Perseroan
Terbatas) or Limited Liability Company
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
Foreign
Investment (PMA) Company
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
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
Bankers :
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) :
2011 – Rp. 385.0
billion
2012 – Rp. 394.0
billion
2013 – Rp. 405.0
billion
Net Profit
(estimated) :
2011 – Rp. 20.5
billion
2012 – Rp. 22.0
billion
2013 – Rp. 24.3
billion
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
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 Sumatra.
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.
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 dropt to 345.9 thousand ton worth US$ 1,034.7
million in 2011 increased to 446.9 thousand tons worth US$ 1,243.8 million in
2012. Market competition is very sharp for many other similar export oriented
companies operating in the country. 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 and Value of Coffee Bean, 2007-2012
|
Coffee Bean |
Volume (Thousand Ton) |
Value (Million US$) |
|
2007 |
315.5 |
633.7 |
|
2008 |
467.9 |
989.0 |
|
2009 |
510.1 |
822.1 |
|
2010 |
432.7 |
812.3 |
|
2011 |
345.9 |
1,034.7 |
|
2012 |
446.9 |
1,243.8 |
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 had 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 2011 amounted to Rp. 385.0 billion rose to Rp. 394.0 billion in 2012 increased to Rp. 405.0 billion in 2013 and projected to go on rising by at least 5% in 2014. The operation in 2013 has yielded a net profit of Rp. 24.3 billion and the company has an estimated total networth of at least Rp. 41.0 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 (59) 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 (38) of Australia and Mr. John Benny (46) 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.61.02 |
|
UK Pound |
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.85.02 |
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.