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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. GOROM KENCANA |
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Registered Office : |
Jalan Tanjungsari Mas No. 1, Surabaya, 60187, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16.07.1988 |
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Com. Reg. No.: |
No. AHU-99193.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export-Import and Distribution of
Agricultural Products |
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|
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No. of Employees : |
36 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – 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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
Name of Company :
P.T. GOROM KENCANA
A d d r e s s :
Head Office & Warehouse
Jalan Tanjungsari Mas No. 1
Surabaya, 60187
East Java
Indonesia
Phone -
(62-31) 7480667-68, 7495167
Fax - (62-31) 7495165, 7496313
Email - goromkcn@indosat.net.id
Building Area - 2 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Own
Date of Incorporation :
16 July 1988
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-9996.HT.01.01.TH.88
Dated
31 October 1988
- No.
AHU-99193.AH.01.02.TH.2008
Dated
23 December 2008
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.479.944.9-619.000
Related Company :
None
Capital Structure :
Authorized Capital : Rp. 2,000,000,000.-
Issued Capital :
Rp. 500,000,000.-
Paid up Capital : Rp.
500,000,000.-
Shareholders/Owners :
a. Mr. Winarto AKA Oei Tjin Sun -
Rp. 476,000,000.-
Address : Jalan Kertajaya Indah Tengah Blok F No. 316
Surabaya, East Java
Indonesia
b. Mrs. Melissa Leo -
Rp. 24,000,000.-
Address : Jalan Kertajaya Indah Tengah Blok F No. 316
Surabaya, East Java
Indonesia
Lines of Business :
Trading, Export-Import and Distribution of
Agricultural Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1988
Brand Name :
None
Technical Assistance :
None
Number of Employee :
36 persons
Marketing Area :
Export
- 100 %
Main Customers :
Buyers in Japan, Singapore, India, the
Netherlands, Spain, Italy, etc
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALAM INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI SAMPOERNO
d. C.V. PUTRA NUSA
e. P.T. DAKAI IMPEX
Business Trend :
Growing
B a n k e r s :
a. P.T.
Bank MANDIRI Tbk
Jalan Basuki Rachmat No. 12
Surabaya, East Java
Indonesia
b. P.T.
Bank CIMB NIAGA Tbk
Jalan Basuki Rachmat No. 22
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 35.0 billion
2012 – Rp. 36.0 billion
2013 – Rp. 37.0 billion
Net Profit (estimated) :
2011 – Rp. 2.4 billion
2012 – Rp. 2.7 billion
2013 – Rp. 2.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Winarto AKA Oei Tjin Sun
Board of Commissioners :
Commissioner -
Mrs. Melissa Leo
Signatories :
Directors
(Mr. Winarto AKA Oei Tjin Sun) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. GOROM KENCANA (P.T. GK) was established in Surabaya, East Java on
July 16, 1988 with an authorized capital of Rp. 500,000,000 issued capital of
Rp. 120,000,000 entirely paid up. The founding shareholders are Mr. Winarto AKA
Oei Tjin Sun and Mr. Ade Sutjiawan. They are Indonesian businessmen of Chinese
extraction. The company notary deed has been changed and in August 2008 the
authorized capital was increased to Rp. 2,000,000,000 issued capital to Rp.
500,000,000 entirely paid up. Concurrently Mr. Ade Sutjiawan pulled out and the
whole share sold to Mrs. Melissa Leo as new shareholder. With this development
the composition of its shareholders has been changed to become Mr. Winarto AKA
Oei Tjin Sun (95.2%) and his wife Mrs. Melissa Leo (4.8%). The latest revision
of notary act was made by Mrs. Tirtayanti Karsodikromo, SH., was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-99193.AH.01.02.TH.2008, dated December 23, 2008.
P.T. GK has been in operation since 1988 in trading, export import and
distribution of agricultural products. Ms. Siti Aminah, a staff export import
of the company explained that the whole agricultural products likes nutmeg,
nutmeg oil, nutmeg flower, and pepper bought from farmer in Maluku (Ambon),
Manado (North Sulawesi) and Fak Fak (Papua).
Then, the whole products are exported to Japan, Singapore, India, the
Netherlands, Spain, Italy, Germany and France. Besides, the company is also
import of garlic and dry chili from India and China. The whole products marketed
through traditional market in Surabaya, and surroundings. We observed that the
company’s operation has been growing in the last three years.
We have noticed that the demand for agricultural products such as nutmeg
and nutmeg oil had increased some 8% to 10% 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. We consider P.T.GK to be in a quite
favorable position for having already got hold of a steady clientele in the
country and abroad.
Until this time P.T. GK has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. GK 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. 35.0 billion rose to Rp. 36.0 billion in 2012
increased to Rp. 37.0 billion in 2013 and projected to go on rising by at least
5% in 2014. The company’s operation in 2013 is figured to have a net profit of
at least Rp. 2.9 billion and the company has an estimated total networth of at
least Rp. 3.7 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. GK is led by Mr. Winarto AKA Oei Tjin Sun (49) a businessman
and professional manager with experience in export of agricultural commodities
products. 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. GOROM KENCANA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.