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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. AGROFOOD MAKMUR MANDIRI |
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Registered Office : |
Jalan Raya Krian Mojosari Km. 2, Desa Watu Kenongo, Kecamatan Pungging, Mojokerto, 61384 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
15.10.2006 |
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Com. Reg. No.: |
AHU-AH.01.10-01736 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in Wheat Flour Mills |
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No of Employees : |
113 persons |
RATING & COMMENTS
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
Name of Company :
P.T. AGROFOOD MAKMUR MANDIRI
Address :
Head Office & Factory
Jalan Raya Krian Mojosari Km. 2
Desa Watu Kenongo, Kecamatan Pungging
Mojokerto, 61384
East Java
Indonesia
Phones -
(62-321) 595662, 595662
Fax - (62-321) 595663, 593726
E-mail - mardika@sby.dnet.net.id
Land Area - 10,000 sq.
meters
Building Space - 5,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
15 October 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
W10-00356.HT.01.01.TH.2006
Dated 15 November
2006
- No. AHU-06774.AH.01.02.TH.2009
Dated 10 March 2009
- No.
AHU-AH.01.10-01736
Dated 28 February
2012
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.297.603.9-602.000
Related Company :
None
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital :
Rp. 30,000,000,000.-
Issued Capital :
Rp. 15,000,000,000.-
Paid up Capital :
Rp. 15,000,000,000.-
Shareholders/Owners :
a. Mr. Beny Wijaya -
Rp. 14,850,000,000.-
Address : Dusun Dakon RT. 03 RW. 05
Kelurahan Watu Kenongo,
Kecamatan Pungging
Mojokerto, East Java
Indonesia
b. Mrs. Tirtasari Tedjakusuma -
Rp. 150,000,000.-
Address : Dusun Dakon RT. 03 RW. 05
Kelurahan Watu Kenongo,
Kecamatan Pungging
Mojokerto, East Java
Indonesia
BUSINESS ACTIVITIES |
Lines of Business :
Wheat Flour Mills
Production Capacity :
Wheat Flour - 25,000 tons p.a.
Total Investment :
Owned Capital - Rp. 30.0 billion
Started Operation :
2010
Brand Name :
Agrofood Makmur Mandiri
Technical Assistance :
None
Number of Employee :
113 persons
Marketing Area :
Local - 100%
Main Customer :
Food processing and distributors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BUNGASARI FLOUR MILLS
b. P.T. CERESTAR FLOUR MILLS
c. P.T. CROWN FLOUR MILLS
d. P.T. SARANA PRIMA MAKMUR
e. P.T. WILMAR FLOUR MILLS
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
Banker :
P.T. Bank CENTRAL ASIA Tbk
Jalan HOS Cokroaminoto No. 5
Mojokerto, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2011 – Rp. 55.0 billion
2012 – Rp. 61.0 billion
2013 – Rp. 66.0 billion
Net Profit (estimated) :
2011 – Rp. 3.3 billion
2012 – Rp. 3.7 billion
2013 – Rp. 4.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
Director - Mr. Beny Wijaya
Board of Commissioners :
Commissioner - Mr. Anthonius
Wijaya
Signatories :
Director (Mr. Beny
Wijaya) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
OVERALL PERFOMANCE |
P.T. AGROFOOD MAKMUR MANDIRI (P.T. AMM) was established in Mojokerto,
East Java, in October 2006 with the authorized capital of Rp. 10,000,000,000
issued capital of Rp. 2,500,000,000 entirely paid up. The founding shareholders
of the company are Mr. Beny Wijaya (99%) and Mr. Johny Thorion (1%) both are
Indonesian businessmen of Chinese origins. The company notary deed has
frequently been revised and in February 2009 the company authorized capital was
increased to Rp. 30,000,000,000 issued capital to Rp. 15,000,000,000 entirely
paid up. The latest according to the revision of notary deed Mrs. Dwi
Rosulliati, SH., no. 169 dated 30 January 2012 the company board of director
and the board of commissioner has been changed to lead and runs of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-07136 dated February
28, 2012.
P.T. AMM is a national private company started to be operating since
2010 engaged in the field of wheat flour mills. Its plant is located at Jalan
Raya Krian Mojosari Km. 2, Desa Watu Kenongo, Pungging district, Mojokerto
Regency, East Java standing on 10,000 sq. meters land. The construction of the
plant was begun in mid 2008 and completed in the end of 2009.
The plant has commercial production by the early 2010 by produce of
wheat flours of 25,000 tons per year. The construction of the wheat flour plant
has absorbed an investment of Rp. 30.0 billion wholly come from owned capital.
P.T. AMM is one of the flour mills in Indonesia which produce wheat flour with
ME brands. The whole products product marketed locally to various food and
instant noodles manufacturing and the rest is also distributed through distributors
of wheat flour in the country. The wheat seed imported from Australia, Canada
and the USA. We observe the operation of P.T. AMM has been growing and running
well in the last three years.
We note that generally the domestic demand for wheat flour has kept on
increasing in the last five years. The increasing demand was in keeping with
the development and growth of domestic industries processing food materials
like instant noodles, bread, biscuit, etc. from wheat flour as the main raw
material. However since 2008, the wheat flour industries have facing problem
because there is lot of cheap wheat flour imports marketed in the country
especially from Turkey. Indonesian Flour Producers Association (APTINDO) has
accused flour importers of intervening with the Government to avoid imposition
of antidumping duties against flour from Turkey. Cheap flour imported from
Turkey continued to flood the Indonesian market has brought bad impact to the
Indonesian producer of wheat flour industries.
Besides that, competition is very sharp in the wheat flour trade with 8
companies now operating in this industry in Indonesia, namely P.T. INDOFOOD
SUKSES MAKMUR BOGASARI FLOUR MILLS Tbk., P.T. PANGANMAS INTI PERSADA, P.T.
SRIBOGA RATURAYA, P.T. BERKAT INDAH GEMILANG, P.T. CARESTA FLOUR MILLS, P.T.
FEDERAL FLOUR MILLS, P.T. FUGUI FLOUR & GRAIN INDONESIA, P.T. EASTERN FLOUR
MILLS. See further table below for development of Indonesian wheat grain and
wheat flour imports.
The Growth of Capacity, Production
of
Wheat Flour Mills in Indonesia, 2006
- 2013
|
Year |
Production (Million Ton) |
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2006 |
4.2 |
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2007 |
4.8 |
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2008 |
4.8 |
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2009 |
5.7 |
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2010 |
5.8 |
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2011 |
6.5 |
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2012 |
7.3 |
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2013 |
8.2 |
Until this time P.T. AMM has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. AMM 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. 55.0 billion
increased to Rp. 61.0 billion in 2012 to Rp. 66.0 billion in 2013 and projected
to go on rising by at least 6% in 2014. The operation in 2013 has yielded a net
profit of Rp. 4.1 billion and the company has an estimated total networth of
Rp. 15.0 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. AMM is led by Mr. Beny Wijaya (47) a businessman
with experience in wheat flour mills industry. The company's management is
handled by professional managers 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. AGROFOOD
MAKMUR MANDIRI is sufficiently fairly good for business transaction. However,
in view of Indonesian political situation is not sable we recommend to treat
prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 58.48 |
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|
1 |
Rs. 98.67 |
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Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.