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Report No. : |
304385 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. ADHITYA SERAYAKORITA |
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Registered Office : |
Surya Dumai Group
Building, 5th Floor, Jalan Jend,
Sudirman No. 395, Simpang Empat, Pekanbaru Kota, Pekanbaru, Riau 28116 |
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Country : |
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Date of Incorporation : |
19.06.1992 |
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Com. Reg. No.: |
AHU-AH.01.10-06344 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
· Palm Oil Refining and Palm Kernel Crushing Industry · Trading and Exporter of Palm Oil Products |
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No. of Employee : |
250 |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. ADHITYA SERAYAKORITA
Head Office
Surya Dumai
Group Building, 5th Floor
Jalan Jend. Sudirman No. 395
Simpang Empat, Pekanbaru Kota
Pekanbaru, Riau 28116
Indonesia
Phone - (62-761) 32888
F a x -
(62-761) 33696
Building
Area - 10 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
19 June 1992
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Right
a. No. C2-4588.HT.01.01-Th93
Dated 12 June 1993
b. No. AHU-51742.AH.01.02.Tahun 2011
Dated 24 October 2011
c. No. AHU-AH.01.10-06344
Dated 25 February 2013
Foreign Investment
Company
Permit by the Government Department :
The Department of
Finance
NPWP No.
01.563.134.4-211.000
FIRST RESOURCES
LIMITED (Investment Holding)
A member of the
FIRST RESOURCES Group (SURYA DUMAI Group)
Capital Structure :
Authorized Capital
- Rp. 200,000,000,000.-
Issued Capital - Rp. 163,560,000,000.-
Paid up Capital - Rp. 163,560,000,000.-
Shareholders/Owners :
a. P.T.
FANGIONO PERKASASEJATI - Rp. 8,178,000,000.- ( 5%)
Address : Jalan Gatot Subroto No. 05
Kota
Tinggi, Pekanbaru
Riau,
Indonesia
b. FIRST
RESOURCES LIMITED - Rp.
155,382,000,000.- (95%)
Address : 8 Temasek Boulevard
No.
36-02 Suntec Tower Three
Singapore
Lines of Business :
a. Palm Oil Refining and Palm Kernel Crushing
Industry
b. Trading and Exporter of Palm Oil Products
Production Capacity :
Refined Palm Oil - On the order basis
Total Investment :
Owned Capital - Rp. 163.5 billion
Started Operation :
1994
Brand Name :
ADHITYA
SERAYAKORITA
Technical Assistance :
None
Number of Employee :
250 Persons
Marketing Area :
Local - 40%
Export - 60%
Main Customers :
a. Overseas Buyers in India, Rotterdam
(Netherlands) and Italy
b. Food and Beverages Industries in the country
c. Etc.
Market Situation :
Competitive
Main Competitors :
a. P.T. SMART Tbk
b. P.T.
ASIANAGRO AGUNGJAYA
c. P.T. SINAR ALAM PERMAI
d. Etc.
Business Trend :
Growing
Bankers :
a. P.T.
BANK MANDIRI Tbk
Jalan Jend. Sudirman No. 133 A
Dumai, Riau
Indonesia
b P.T.
BANK CENTRAL ASIA Tbk
Jalan Jend. Sudirman No. 90 A-B
Dumai, Riau
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales (estimated) :
2012 – Rp. 700.0
billion
2013 – Rp. 740.0
billion
2014 – Rp. 795.0
billion
Net Profit (estimated) :
2012 – Rp. 42.0
billion
2013 – Rp. 48.0
billion
2014 – Rp. 55.0
billion
Payment Manner :
Almost promptly
Financial Comments :
Satisfactory
Board
of Management :
Director -
Mr. Harianto Tanamoeljono
Board
of Commissioner :
Commissioner -
Mr. Bahadurin
Signatories :
The
Director (Mr. Harianto Tanamoeljono) which must be approved by the Board of
Commissioner
(Mr.
Bahadurin)
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Below average
P.T. ADHITYA
SERAYAKORITA (P.T. AS) was established in Batam (Riau) based on Notarial Deed No.
89 dated June 19, 1992 made by Notary Maria Anastasia Halim, SH., with an
authorized capital of Rp. 10,000,000,000.- of which Rp 3,000,000,000.- was
issued and fully paid up. The founding shareholders of the company are Mr.
Anas, SE., (33.33%) and Mr. Muharno Ngadimin (66.67%). The Deed of
establishment has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decision Letter No. C2-4588.HT.01.01-Th93
dated June 12, 1993.
The articles of
association of the company have frequently been changed, most recently by
notarial Deed No. 29 dated December 28, 2012 made by Notary Vidi Andito, SH.,
the authorized capital was raised to Rp 200,000,000,000.- of which Rp
163,560,000,000.- was issued and fully paid up. The latest shareholders of the
company are P.T. FANGIONO PERKASASEJATI (5%) and FIRST RESOURCES LIMITED of
Singapore (95%).
The amendment to
Deed has been approved by the Minister of Law and Human Rights through its
Decision Letter No. AHU-AH.01.10-06344 dated February 25, 2013. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. AS engaged in
palm oil refining & palm kernel crushing Industry and trading &
exporter of palm oil products. Its head office is located on Surya Dumai Group
Building, 5th Floor, Jalan Jend. Sudirman
No. 395,
Simpang Empat, Pekanbaru Kota, Pekanbaru, Riau
on an office space of some 260 sq. meters. Its factory is located on Lubuk
Gaung, Sungai Sembilan, Dumai, Riau. According to Mrs. Noni, a marketing staff of the company, said
to our inquiry that the company operated since 1994 engaged in trading of palm oil and in 2012
the company added operating as
crude palm oil (CPO) refining industry. For raw
materials, crude palm oil (CPO) is obtained from P.T. SURYA INTISARI RAYA. Approximately
60% of the company's production is exported to India, Rotterdam (Netherlands)
and Italy. The remaining is sold in domestic market, mainly to the processing
plants for cooking oil, food and beverages industries and others. We observed that
P.T. AS 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.
Generally, local
demand for palm oil (CPO), palm kernel oil (PKO) and other estate crops
products had kept on increasing by 5% to 6% per annum in the last five
years. Meanwhile, the competition is
very tight on account of many similar companies operating in the country. Pursuant to Central Bureau of Statistics
(BPS), the production of large estate crops such as; dry rubber, palm oil, palm
kernel, cocoa, coffee, tea cane sugar and tobacco have been fluctuating in the
last five years. The estate crops
activities in Indonesia is seen from the growth production of estate crops as
below.
(in
000 tons)
|
Year |
Dry Rubber |
Palm Oil |
Palm Kernel |
Cocoa |
Coffee |
Tea |
Cane Sugar |
Tobacco |
|
2003 |
396.1 |
6,923.5 |
1,529.2 |
56.6 |
29.4 |
126.2 |
1,991.6 |
5.2 |
|
2004 |
403.8 |
8,479.3 |
1,862.0 |
54.9 |
29.2 |
125.5 |
2,051.6 |
2.7 |
|
2005 |
432.2 |
10,119.0 |
2,155.9 |
55.1 |
24.8 |
128.2 |
2,241.7 |
4.0 |
|
2006 |
554.6 |
10,961.8 |
2,363.1 |
67.2 |
28.9 |
115.4 |
2,307.0 |
4.2 |
|
2007 |
578.5 |
11,438.0 |
2,593.2 |
68.6 |
24.1 |
116.5 |
2,623.8 |
3.1 |
|
2008 |
594.6 |
12,477.8 |
2,829.2 |
62.9 |
28.1 |
112.8 |
2,668.4 |
2.6 |
|
2009 |
522.3 |
13,872.3 |
3,145.5 |
67.6 |
28.7 |
107.3 |
2,333.9 |
4.1 |
|
2010 |
585.4 |
14,290.1 |
3,240.1 |
70.9 |
28.7 |
108.9 |
2,278.1 |
4.0 |
|
2011 |
531.9 |
16,908.7 |
3,994.6 |
44.8 |
23.7 |
137.2 |
1,348.3 |
2.9 |
|
2012 |
591.4 |
16,499.1 |
3,894.2 |
58.7 |
26.7 |
92.1 |
2,313.1 |
3.2 |
|
2013 |
613.5 |
17,809.6 |
4,200.9 |
51.5 |
27.9 |
89.8 |
2,241.6 |
3.8 |
The company is neither
public listed nor bond issued company. Therefore, the company has no obligation
to publish financial statement publicly.
The management is very reclusive and unlikely to expose its financial condition
to outsider. We estimate that sales turnover of the company in 2012
amounted to Rp. 700.0 billion increased to Rp. 740.0 billion in 2013 and rose again to Rp. 795.0 billion in 2014.
The operation of the company in 2014 yielded a net profit at least Rp. 55.0
billion and the company has a total net worth of Rp. 318.0 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2015. So far we did not hear that P.T. AS has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court. The company usually pays its debts punctually to suppliers.
The management of
P.T. AS is led by Mr. Harianto Tanamoeljono (44) as director. In his daily
activities, he is assisted by Mr. Bahadurin (39). The management has maintained
a wide relation with private businessmen at home and abroad as well as with
government authorities. So far, we did not hear that the company's management
having been involved in the business malpractices.
P.T.
AS is appraised to be good for business transaction. However, in view
of the economic condition in the country is still unstable, we recommend to
treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs. 93.12 |
|
Euro |
1 |
Rs. 69.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
|
-- |
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.