|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PD. GARUDA AGROBUSINESS |
|
|
|
|
Registered Office : |
Jl. Raya Cibabat No
312, Bandung 40513; West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1969 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Sole Proprietary Company |
|
|
|
|
Line of Business : |
· Engaged in trading and exporting of Agricultural Products such as tamarind, cinnamon, cocoa butter & powder, cardamom, nutmeg, candlenut, white pepper, cloves, cloves & green bean. · Subject imported Agriculture Products from China (garlic, sesame, onion) and from India (groundnut, sesame, dried chilies, coriander). |
|
|
|
|
No of Employees : |
55 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
PD. GARUDA AGROBUSINESS
Head Office
Jl. Raya Cibabat No
312
Bandung 40513
West Java
Indonesia
Phones - (62-22) 6652426
Fax -
(62-22) 6644483
Building Area - 1,200 sq. meters
Office Space - 220
sq. meters
Region - Commercial
Status - Owned
1969
PD. (Perusahaan Dagang) or Sole Proprietary Company
The Ministry of
Law and Human Rights
Not required
Private Company
The Department of
Finance
NPWP (Tax ID) Not available
Not Available
Capital Structure
:
Own Capital - Rp.
700,000,000.-
Owners :
a. Mrs. Hartati
Husein -
50%
b. Mr. Sonny Husein
Nugroho - 50%
Lines of Business
:
Trading, Exporter and Importer of
Agricultural Products
Production
Capacity :
None
Total Investment :
Equity Capital - Rp. 3.0
billion
Started Operation
:
1969
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
55 persons
Marketing Area :
Domestic (local) - 50%
Overseas (Export) - 50%
Main Customers :
a. Traditional Market, Food and Beverages Industries, Agriculture
products Stores, etc.
b. Overseas buyers in North and South America, Europe, Asia, Southeast
Asia and Middle East
Market Situation :
Very Competitive
Main Competitors :
a. P.T. JASA INDO MAKMUR
b. P.T. ADI SAMPOERNO
c. P.T. DAKAI IMPEX
d. P.T. ALAM INDO RAMA
e. C.V. BUMI DJAJA
f. P.T. ADI SAMPOERNO
g. C.V. PUTRA NUSA
h. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank ROYAL INDONESIA
Bandung Branch
West Java, Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Bandung Branch
West Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual
Sales (estimated) :
2011 – Rp. 53.0 billion
2012 – Rp. 59.0 billion
2013 – Rp. 65.0 billion
Net
Profit (estimated) :
2011 – Rp. 2.2 billion
2012 – Rp. 2.5 billion
2013 – Rp. 2.8 billion
Payment
Manner :
Fairly
Financial
Comments :
Satisfactory
Board
of Management :
Director -
Mr. Sonny Husein Nugroho
Board
of Commissioners :
Commissioner - Mrs. Hartati
Husein
Signatories :
Director
(Mr. Sonny Husein Nugroho) which must be approved by the board of commissioner
(Mrs. Hartati Husein)
Management
Capability :
Good
Business
Morality :
Good
PD. GARUDA AGROBUSINESS (PD. GAB) was established in 1969 in
Bandung, West Java with the legal status of Sole Proprietary Company. Founders and
owners of the company is the late Mr. Husein, an Indonesian businessman of
Chinese origin. Being as Sole Proprietary Company, the amount of its authorized
capital was not mentioned at the time of its establishment. In 1990’s, Mr. Husein passed
away and then he was replaced by his wife Mr. Hartati Husein and his son Mr.
Sonny Husein Nugroho. We estimated that PD. GAB has own capital of about
Rp. 700 million and it will be rising in line with the progress of its business
operation.
PD. GAB is dealing with trading, exporting and importing agriculture products. Ms. Rani, senior staff of the company, said that the activity volume of the company is mostly dealing with trading and exporting of agricultural products such as tamarind, cinnamon, cocoa butter & powder, cardamom, nutmeg, candlenut, white pepper, cloves, cloves & green bean. They exported Indonesian origin commodities to many countries in North and South America, Europe Eastern, Asia, Southeast Asia and Middle East. Besides that the company imported agriculture products from China (garlic, sesame, onion) and from India (groundnut, sesame, dried chilies, coriander). The whole import products supplied to local markets such as snack food industries, traditional markets, food and beverage industries, hypermarket and supermarket, agriculture products stores and retails shops in the country. We observed that PD. GAB is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
We have noticed that the demand for
agricultural products had increased some 7% to 8% 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.
Business position of PD. GAB is favorable for it has controlled a wide
marketing network at home and abroad.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management of PD. GAB is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover of the company in 2011 amounted to Rp. 53.0 billion increased to Rp. 59.0 billion in 2012 and rose again to Rp. 65.0 billion in 2013 and projected to go on rising again by at least 8% in 2014. The operation in 2013 yielded an estimated net profit of at least Rp. 2.8 billion and the company has an estimated total networth of at least Rp. 8.0 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.
PD. GAB's management is headed by Mr. Sonny Husein Nugroho (49) as Director, who has about more than 19 years of experience in trading, export and import of agricultural products. It is also handled by a number of experienced staff, having maintained a wide business relation among private businessmen at home and abroad. So far, we did not hear that the company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
PD. GARUDA AGROBUSINESS is sufficiently fairly good for business transaction. However, in view of the economic slowdown and political situation in the country is warming we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
UK Pound |
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.