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MIRA INFORM REPORT
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Report No. : |
486836 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. KENCANA HIJAU BINALESTARI |
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Registered Office : |
Jl. Pluit Karang Cantik Blok O 4 Barat No. 19 RT 006 RW 003, Kelurahan Pluit, Kecamatan Penjaringan, Kota Jakarta Utara 14450, DKI Jakarta |
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Country : |
Indonesia |
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Date of Incorporation : |
25.08.2011 |
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Com. Reg. No.: |
AHU-AH.01.03-0156586 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Line of Business : |
· Growing of other non-perennial crops · Manufacture of other organic basic chemicals |
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No. of Employees : |
Approximately 1,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, has seen a slowdown in
growth since 2012, mostly due to the end of the commodities export boom. During
the global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
development priorities. Indonesia, with the nine other ASEAN members, will
continue to move towards participation in the ASEAN Economic Community, though
full implementation of economic integration has not yet materialized.
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Source
: CIA |
COMPANY
IDENTIFICATION
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Company Name |
PT. KENCANA HIJAU BINALESTARI |
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Address |
Jl. Pluit Karang Cantik Blok O 4 Barat No. 19 RT 006 RW 003 |
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Telephone |
+622166695230 |
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Fax |
N.A. |
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Mobile Phone |
N.A. |
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Email |
info@kencanahijau.com
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Web |
www.kencanahijau.com |
PROFILE
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Address |
Jl. Pluit Karang
Cantik Blok O 4 Barat No. 19 RT 006 RW 003 |
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Office Building |
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Date of Establishment |
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Start Operation |
March 2016 |
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Legal Status |
Private Limited Liability Company or Perseroan
Terbatas (PT) |
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Legalization (historical) |
No.
AHU-43358.AH.01.01.Tahun 2011 |
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Government Permit (s) |
Direktorat
Jenderal Pajak |
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Significant change |
PT.
Kencana Hijau Binalestari (the Company) was established on August 25,
2011 in North Jakarta - DKI Jakarta with the authorized capital
of IDR 5,000 million, with issued and paid up capital
of IDR 1,250 million. The structure of shareholder were Mr. Tio Effendy
Tios (70.000%), Mr. Tami Abadi Tios (10.000%), Ms. Lao Hong Ling (10.000%)
and Ms. Aisa Tios (10.000%). On
July 25, 2017, the Company published a notarial act by not changing the
authorized capital and shareholders structure. As
far as we know, there has been no more change in the Company’s notarial act
as published by the Ministry of Justice. |
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Capitalization |
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SHAREHOLDERS
& MANAGEMENT
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Shareholders |
Total No. of Shareholders: 4 |
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Name of Shareholders |
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Management Board |
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Name |
Mr. Tio Effendy Tios |
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Position |
President Director |
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Nationality |
Indonesian |
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Name |
Mr. Tami Abadi Tios |
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Position |
Director |
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Nationality |
Indonesian |
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Name |
Ms. Aisa Tios |
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Position |
Director |
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Nationality |
Indonesian |
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Supervisory Board |
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Name |
Ms. Lao Hong Ling |
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Position |
Commissioner |
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Nationality |
Indonesian |
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Management Assessment |
The
management is deemed to have sufficient experience and industry expertise to
manage subject properly. |
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Authorized Signatories |
Mr. Tio Effendy Tios as President
Director, Mr. Tami Abadi Tios and Ms. Aisa Tios as Directors of the Company
which must be approved by shareholders's meeting. |
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Affiliate (s) / Associate (s) |
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KEY
DATA ON OPERATIONS
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Registered Activities |
SIC Code 01 :
Crop and animal production, hunting and related service activities |
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Number of Employee |
Approximately
1,000 employees |
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Business Category |
SIC Code 01.1 : Growing
of non-perennial crops |
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Line of Business |
SIC Code 01.19 :
Growing of other non-perennial crops |
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Product & Capacity |
- Gum turpentine - 15,000 tons p.a. |
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Status of Investment |
Non-facilities based Company |
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Sales Territory |
Local |
90% |
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International |
10% |
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Main Items Imported |
Industrial Machinery |
China |
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Main Items Exported |
Gum turpentine |
India |
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Major Customers |
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Major Supplier |
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Terms of Payment |
Purchase Payment |
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Activity Comment |
PT. Kencana Hijau Binalestari (the Company) is a
non-facilities based company that is engaged in pine industry and has been
operating since March 2016. The head office and registered address of the
Company are located at Jl. Pluit Karang Cantik Blok O 4 Barat No. 19 RT 006
RW 003, Kelurahan Pluit, Kecamatan Penjaringan, Kota Jakarta Utara 14450, DKI
Jakarta - Indonesia. We believe that the location is leased from another
parties. Based
on our investigation, the Company is engaged in the management of pine
plantation and pine resin processing. In 2014, the Company had signed an
agreement with the Aceh Forestry Department and obtain pine resin tapping and
citronella grass planting permit in an area of 55,000 ha in Kab. Gayo
Lues - Nanggroe Aceh Darussalam per 2016. In
addition, the Company has a processing factory of crude pine resin into its
first derivative products: gum rosin and turpentine oil. The factory is
located close to the concession area in Dusun Atu Baro Desa Pinang Rugub,
Kecamatan Rikit Gaib, Kab. Gayo Lues and has begun operating in March 2016.
At the factory, the Company can produce between 10,000 tons and 15,000 tons
of Gum Rosin (Gum turpentine) per year. The Company's product has been tested
in various laboratories such as Agricultural Institute of Bandung, Sucofindo,
and Anton Testing & Consultancy Services Ltd. (China). In
the operation, the Company is supported by modern technological production
machines imported from China. In addition, the Company also obtains raw pine
resin from another pine plantation company in Aceh. In
April 2017, the Company signed a Cooperation Agreement on Pine Resin Tapping
between UPTD KPH Pemprov Sulbar (West Sulawesi Provincial Government) and the
Company. In the next two years, a pine resin processing factory will be
operate to meet the needs of pine resin. In
general, the Company's operational performance from the beginning of
operation until the early 2018 is quite good. The Company's product sales are
quite stable even increased. In the future, the Company plans to build a pine
resin processing factory in West Sulawesi. Unfortunately
we are unable to confirm the Company's current cash flow management. In
its operation, the Company currently employs approximately 1,000 employees. At the time this report is written, this
Company has not been involved in any criminal or civil cases. This statement
is based on a result of search for cases conducted at the State Court in the
district where the Company was established and operates today. |
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Plantation and Factory Address |
Dusun Atu Baro Desa
Pinang Rugub, Kecamatan Rikit Gaib |
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BANKING
INFORMATION
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Banker (s) |
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Insurance |
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BUSINESS
PROSPECTS
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Business Prospects |
Indonesia
is ranked second to China in international pine resin trade. China produces
430,000 tons of resin (60% of the world's total production) while Indonesia
produces 69,000 tons of resin (10% of the world's total production). According
to Perhutani, pine resin is one of the commodities with high demand both
locally and internationally, where 80% of its production is allocated for
export to Europe, India, South Korea, Japan and America. The
world's current gum rosin demand is increasingly supported by the development
of science, and today we have found many innovative products of gum rosin
derivatives, so we believe that the Company is still prospective in the future. Given
the high demand for the world's resin products, we are confident that the
Company's business is still prospective in the next few years. |
FINANCIAL
STATEMENT
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Sales Turn Over |
2016 - IDR 120,000,000,000 (Estimated
(10 Months)) |
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Total Assets |
As the Company is not a publicly listed
company, we are unable to give a detailed picture of the financial condition
of the Company. |
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Other Financial Data |
As the Company is not a publicly listed
company, we are unable to give a detailed picture of the financial condition
of the Company. |
CREDITWORTHINESS
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Management Capability |
Adequate |
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Business Morality |
Adequate |
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Payment Manner |
Satisfactory |
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Financial Condition |
Satisfactory |
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Operating Trend |
Undetermined |
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Conclusive remarks |
Based
on the information shown above, we learned that the Company is engaged in the
management of pine plantation and pine resin processing in Kab. Gayo Lues,
Nangroe Aceh Darusalam (NAD). The Company produces crude pine resin into its
first derivative products: gum rosin and turpentine oil. Until now, the
Company has exported products to India, Europe and South Korea. As
we know, the Company's operational performance from the beginning of
operation to this day looks pretty good. Meanwhile, seeing the world's
current gum rosin demand continues to increase as more and more product
innovations from gum rosin, we believe that the Company is still prospective
in the future. Although
relatively new in operation, world needs of gum resins is still high and the
expansion of the Company to build a new industrial crop forest makes us
confident that the Company is optimistic about the market potential that
exists. For
security reason, then, we advise those wishing to cooperate with or grant
loans to this Company to keep asking for adequate collateral from its
shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.