MIRA INFORM REPORT
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Report Date : |
28th April
2006 |
IDENTIFICATION DETAILS
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Name : |
C.V. PUTRA NUSA |
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|
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Registered Office : |
Wisma Metro, 3rd
floor Jalan Hayam
Wuruk No. 19-20 Kebon
Pala - Gambir |
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Date of Incorporation : |
1970’s |
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|
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Legal Form : |
Partnership
with Sleeping Partner |
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Line of Business : |
Engaged
in the trading and import of
agriculture product |
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 : |
Regular |
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Litigation : |
Clear |
NAME
C.V. PUTRA
NUSA
Head office
Wisma
Metro, 3rd floor
Jalan
Hayam Wuruk No. 19-20
Kebon
Pala -
Gambir
Jakarta
10120
Phones - (021) 2311857,
2311858, 2311859
Fax - (021)
2311859, 2311551
E-mail : cvpn@cbn.net.id
gmlpn@cbn.net.id
Date of Establishment
1970’s
Legal Status
C.V. (Commanditaire
Vennotschap) or Partnership with Sleeping
Partner
Legalization by the Ministry of Justice
Not Required
C a t e g o r y
Private Company
Permit by the Government Department
The Department of Trade
API No.
2557 N (Import License)
Lines of Business
Trading and Import
of Agriculture Product
Production Capacity
None
Business Trend
Growing
Market Situation
Very competitive
Capitalization
Owned Capital
- Rp.
1.0 billion
(Estimated)
Owners
a. Mr. Witu Sianandar - active partner
b. Mr. Jan Sianandar - silent partner
c. Mr. Djitu Sianandar - silent partner
d. Mr. Kartono Sianandar - silent partner
e. Mr. Tri Sianandar - active partner
Total Investment
Not
Available
B a n k e r
P.T. Bank METRO EXPRESS
Jalan Hayam
Wuruk No. 19
Jakarta
Started Operation
1970
Total Employees
15 persons
Supervisory Board
None
Board of Management
President Director - Mr. Witu Sianandar
Directors - -
Mr. Tri Sianandar
Financial Conditions
Satisfactory
Sales Turnover
(estimated)
2002 – Rp. 4.0
billion
2003 – Rp. 4.5 billion
2004 – Rp. 5.0 billion
2005 – Rp. 6.0 billion
Payment Habit
Almost promptly
Management Capability
Satisfactory
Litigation Record
No detrimental
filing was recorded at the court
Business Morality
Satisfactory
Creditworthiness
Good with special
precautions
Maximum Limit of Credit
No Comment
Precautions
Asking adequate
collateral from the shareholders
Signatories
President
Director (Mr. Witu
Sianandar) or one
of the Directors (Mr. Tri
Sianandar) is the only authorized person to
sign the loan on behalf of the
company
Associated Companies
The METRO
EXPRESS Group Members
H H H H
Remarks on
28
April 2006
C.V.
PUTRA NUSA
The company was established in the
1970's in Jakarta with the legal status of C.V. (Commanditaire Vennootschap) or
Limited Partnership. The founding owners of C.V. PUTRA NUSA (C.V. PN) are Mr.
Witu Sianandar and Mr. Tri Sianandar as the active partner and some of his
brothers as silent partners, including Mr. Jan Sianandar, Mr. Djitu Sianandar
and Mr. Kartono Sianandar. They are Indonesian businessmen of Chinese
extraction. As in common in cases of companies with C.V. status, there is no mention
in the company's notarial act of its capital structure. But going by the
company's conditions, we estimate its capital at some Rp 1.0 billion. We
observe that Mr. Witu Sianandar, Mr. Jan Sianandar and Mr. Djitu Sianandar are
the founders and shareholders of P.T. METROPANCA GEMILANG (P.T. MG), a private
company dealing with investment holding.
P.T. MG at present controls 99.99% shares of P.T. Bank METRO EXPRESS
(P.T. BME), a national private bank in the country. P.T. BME is also a parent company of the METRO EXPRESS Group, a
developing business group headed by the Sianandar brothers.
C.V. PN used to deal with general
trading, importing, supplies and distribution of plastic granulars those
imported from Japan, South Korea, the USA, and Germany, which entirely being
supplied to plastic goods industries in Jakarta and other major cities. But
since 1990's this business had been running insufficiently and currently the
company is doing import & export of agricultural products like mung bean,
soybean, peanut, etc. Mr. Samsudin, an export-import staff said that mung bean
is imported from Vietnam, Myanmar and China. It imports peanut and mung bean of
15 to 20 tons per month on the average and sold them to foodstuff stores,
wholesalers and food processing industries in Jakarta, Surabaya, Lampung and
other major cities in the country. We also heard that at present C.V. PN is
cooperating with some of its abroad suppliers for the import of agricultural
products from some other countries.
Generally, the demand toward
agriculture products, like legumes, spices and others has kept on growing in
the past five years in line with the growth of food and beverage industry,
medical herbs and cosmetic in the country.
The demand is estimated to still increase at least by 4% up to the end
of next year. In the meantime, the
competition is very tight on account of lots of similar products and companies
operating in the country. The business
position of C.V. PN is appraised to be favorable as it gets strong support from
the METRO EXPRESS Group. The operation of C.V. PN had been growing
slowly in the last three years.
Generally, the demand toward
agriculture products, like legumes, spices and others has kept on growing in
the past five years in line with the growth of food and beverage industry,
medical herbs and cosmetic in the country.
The demand is estimated to still increase at least by 4% up to the end
of next year. In the meantime, the
competition is very tight on account of lots of similar products and companies
operating in the country. The business
position of C.V. PN is appraised to be favorable as it gets strong support from
the METRO EXPRESS Group.
The management has extremely rejected
to disclose its financial condition to outsider, but we presume the total sales
turnover in 2002 amounted to Rp. 4.0 billion rose to Rp. 4.5 billion in 2003 to
Rp. 5.0 billion in 2004 and to Rp 6.0 billion in 2005. The operation in 2005
yielded a net profit at least Rp. 500.0 million and the company has a total net
worth at least Rp. 1.0 billion. So far, we have never heard of the company
having been black listed by the Central Bank (Bank Indonesia). Besides, the
company has a punctual payment habit within 1 to 2 months.
The management of C.V. PN is headed by
Mr. Witu Sianandar (58), a businessman with experience for some 26 years in
import & export of agricultural products. The management is also handled by
a number of professional staff in the business, having maintained a wide
business relation among private companies at home and abroad as well as among
government agencies. So far, we have never heard of
the management of the company being filed to the district court for detrimental
cases.
C.V. PUTRA NUSA is sufficiently fairly
good for business transaction. But considering the economic condition in the
country is remaining in crisis, we recommend to treat prudently in
extending any new loans to the company.
GENERAL OBSERVATIONS
We have been doing maximally to get information through all our sources including Department of Justice, Investment Coordinating Board [BKPM], other government institutions, Chamber of Commerce & Industry, associations, directories, PT. PERUSAHAAN PENGELOLA ASET ex. IBRA, etc. but we did not find it.
If more details and correct address are made available, we shall restart our investigation.
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |