MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
PT SARIWANGI AEA |
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Registered Office : |
Jalan Mercedez
Benz No. 288, Cicadas, Gunung Putri, Bogor 16964, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1962 |
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Com. Reg. No.: |
No.
W7-HT.01.10-10449 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Finished Tea
Processing |
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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Maximum Credit Limit : |
US$ 4,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of
Company
P.T. SARIWANGI AEA
Address
Head Office
& Factory 1
Jalan Mercedez Benz No. 288
Cicadas, Gunung Putri
Bogor 16964
West Java
Indonesia
Phones - (62-21) 867 2486 (Hunting)
Fax - (62-21) 867 2485
E-mail - info@sariwangi-aea.co.id
Website - http : //www.sariwangi-aea.co.id
Land Area - 12,000 sq. meters
Building Area - 9,500 sq. meters
Region - Industrial Zone
Status - Owned
Branch &
Factory II
Jalan Mayor Oking Djajaatmadja No. 7 A
Citeureup
Bogor 16810
West Java
Indonesia
Phones - (62-21) 875 7375, 875 3444
Fax - (62-21) 875 3440
Land Area - 12,000 sq. meters
Building Area - 8,500 sq. meters
Region - Industrial Zone
Status - Owned
Date of
Incorporation
a. 1962 as C.V. SARIWANGI
b. 12 February 1973 as P.T. SARIWANGI AGRICULTURAL ESTATE
AGENCY
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry
of Law and Human Rights
No. W7-HT.01.10-10449
Dated 17 July 2007
Company Status
Private National Company
Permit by the
Government Department
The Department
of Finance
NPWP No. 01.313.842.5-403.000
Related Company
P.T. Maskapai Perkebunan INDORUB SUMBER WADUNG (Cultivation
of Tea Plantation)
CAPITAL AND
OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 75,000,000,000.-
Issued Capital :
Rp. 25,620,000,000.-
Paid up Capital :
Rp. 25,620,000,000.-
Shareholders/Owners
a. Mr. Johan Alexander Supit -
Rp. 22,699,320,000.-
Address : Jl.
Lombok 01
Gondangdia, Menteng
Jakarta Pusat
Indonesia
b. Mr. Donald Roetap Zakir -
Rp. 1,281,000,000.-
Address : Jl.
Anggrek Block F. IV No. 1
Cinere, Limo, Bogor
West Java
Indonesia
c. Mrs. Henriette Lousie Soepardi - Rp.
1,240,000,000.-
Address : Jl.
Lombok No. 11
Gondangdia, Menteng
Jakarta Pusat
Indonesia
d. Mrs. Enny Supit -
Rp. 399,680,000.-
Address : Jl. A. Yani No. A. 21
Pisangan Timur, Pulo Gadung
Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Finished Tea Processing
Production
Capacity
a. Finished Tea (Bulk Tea, Pocked Tea and Pot Bag Tea) - 18,000 tons p.a.
Total Investment
a. Owned Capital -
Rp. 25.6 billion
b. Loan Capital -
Rp. 10.0 billion
c. Total Investment -
Rp. 35.6 billion
Started Operation
1962 when it was C.V. SARIWANGI
Brand Name
Sedap Wangi
Technical
Assistance
None
Number of Employee
2,500 persons
Marketing Area
Domestic (Local) -
30%
Export - 70%
Main Customer
a. P.T. UNILEVER INDONESIA Tbk
b. Distributorship
Market Situation
Very Competitive
Main Competitors
a. P.T. SINAR SOSRO
b. P.T. ARGAPURA TRADING COMPANY
c. P.T. PUTINDO INTI SELARAS
d. P.T. VAN REES INDONESIA
e. P.T. TJIMAPAG
f. P.T. NITTOH MALINO THE
g. P.T. Perusahaan Perkebunan TAMBI
h. Etc.,
Business Trend
Growing
BANKER, AUDITOR
& LITIGATION
Bankers :
a. P.T. Bank NIAGA Tbk
Graha Niaga
Jalan Jend.
Sudirman Kav. 58
Jakarta 12190
Indonesia
b. P.T. Bank NISP Tbk
Jalan Alternatif
Cibubur –Cileungsi Km. 1
Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 275.0 billion
2006 – Rp. 290.0 billion
2007 – Rp. 310.0 billion
Net Profit (Loss) :
2005 – Rp. 22.0 billion
2006 – Rp. 23.2 billion
2007 – Rp. 24.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Johan Alexander Supit
Director - Mr.
Andrew Thobias Supit
Board of Commissioner :
Commissioner -
Mrs. Henriette Louise Supit
Signatories :
President
Director (Mr. Johan Alexander Supit) or the Director (Mr. Andrew Thobias Supit)
which must be approved by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with
monitor
Proposed Credit
Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 4,000,000 on 90 days D/A
OVERALL PERFOMANCE
Initially the company named C.V.
SARIWANGI was established in 1962 with the legal status as C.V. (Commanditaie
Vennootschap) or partnership with sleeping partner. The company was founded by
Mr. Johan Alexander Supit as active partner and his wife Mrs. Henriette Louise
Soepardi, both are indigenous business family. Then, on 12 February 1973 the
legal status was converted to Limited Liability Company (P.T. Perseroan
Terbatas) P.T. SARIWANGI ANGRICULTURAL ESTATE AGENCY or abbreviated with
trading style as P.T. SARIWANGI AEA
with an authorized of Rp. 5,000,000 and an issued and paid up capital of Rp.
1,000,000. The founding shareholders of the company are Mr. Johan Alexander
Supit, his wife Mrs. Henriette Louise Soepardi and their son Mr. Bernhard
Alfonsius Supit. The company notary deed has frequently been revised. In 1987,
Mr. Bernhard Alfonsius Supit withdrew and was replaced by his younger sister
Mrs. Enny Supit. In December 1988 the authorized capital was increased to Rp. 1,000,000,000
issued capital to Rp. 700,000,000 entirely paid up. In September 1996, the
authorized capital was raised to Rp. 6,000,000,000 issued and paid up capital
to Rp. 3,000,000,000. The latest in June 2007 the authorized capital was
increased to Rp. 75,000,000,000 issued capital to Rp. 25,620,000,000 entirely
paid up. On the same occasion Mr. Donald Roetap Zakir joined the company as new
shareholder. The deed of amended was made by Mr. Dr. Irawan Soerodjo, SH, MSi,
a public notary in Jakarta, under Company Registration Number
W7-HT.01.10-10449, dated July 17, 2007.
We observe that Mr. Johan
Alexander Supit and family member is also majority business stakes owner of
P.T. Maskapai Perkebunan INDORUB SUMBER WADUNG dealing with cultivation of tea
plantation.
P.T. SARIWANGI
AEA started with operation in 1962 dealing with tea processing industry and
exporting. The company initially operate in the field of tea trading and
later-on becoming a tea producer (produce tea on its own-self including
blending and manufacturing package products). Firstly, it handled a plant in
Citeureup, Bogor, West Java, had been operating since 1973 In late 1980, the
company introduces a concept of tea bag in the Indonesia market using its own
company brand called Sariwangi and at the same time introduced the name “Teh
Celup” in Indonesia. At later stage, the brand was acquired by P.T. UNILEVER
INDONESIA Tbk in 1989. . And in June 1996, it had been operating new plant in
Cicadas, Gunung Putri, Bogor, West Java, both of plant on a land of 24,000 sq.
meters. The whole basic materials required by the company obtained from sister
company P.T. Maskapai Perkebunan INDORUB SUMBER WADUNG which operates in tea
plantation on a land of 4,000 hectares located in Cigaru, Patuahwattee,
Alkaterie, Nirmala and Surangga.
The company
leads the market amongst private companies in commodity trading, up to 18,000
tons annually, capacity of manufacturing up to 4 billion teabags, self-made
packaging machineries, own-supply of made tea up to 7,500 tons annually. The
above plant are certified to ISO 9001: 2000 (Quality Management System), BRC
(British Retail Consortium) HACCP (hazard Analysis Critical Control Point) and
are currently employing around 2500 personnel. P.T. SARIWANGI AEA produced and
manufacture of Sariwangi brand for P.T. UNILEVER INDONESIA Tbk. Besides, the
company has launched a new product Sedap Wangi brand. The new brand is the
culmination of 40 years industry experience and expertise, and offers
Indonesian consumers quality products in term of taste, aroma and extended
product range. Some 70% of the products is exported to South East Asia Region,
South Asia, Middle East, Australia, New Zealand, Europe Union and North America
and United States of America. Most of the buyers are well-known traders and
have been long-time business partners such as Lipton-Unilever, Dilman, Tetley,
Boh Tea, Elink Schurman and Thompson. We observe the operation of P.T.
SARIWANGI AEA has been growing and developing well in the last three years.
Generally, the national tea production has been fluctuating in the last
five years as the impact of the unstable economic condition in the country and
the increasing oil prices, labor wages and others. The national tea production
in 2004 reached 100,185 tons or increasing by 2.3% from the previous year
reaching 88,176 tons. West Java is the largest tea producer contributing 70% of
total tea production worth Rp. 500,0 billion. The largest destination countries
of the national tea export included Russia of 15.4%, the United Kingdom of
14.4%, Malaysia of 9%, Pakistan of 8.6%, Germany of 7%, the USA of 7%, Poland
of 5.4% and the Netherlands of 5.3%. These countries have absorbed 72% of total
national tea export. Meanwhile, the national tea consuming rate reaches just 310
gram per capita while India reaching 660 gram per capital, Saudi Arabia of 670
gram per capital and Iraq of 2,770 gram per capita. Bases on the above data,
there are still export opportunities for tea products despite tight competition
within and outside the country, However, the business position of P.T.
SARIWANGI AEA is favorable in line with the steady and continuous production
markets.
Export Volume and Value of Tea Product, 2002-2007*
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Tea |
Volume (Thousand Ton) |
Value (Million US$) |
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2002 |
95,5 |
98,1 |
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2003 |
84,7 |
91,8 |
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2004 |
55,9 |
64,8 |
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2005 |
45,7 |
48,0 |
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2006 |
42,6 |
51,1 |
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2007* |
31,9 |
42,7 |
Source :
Central Bureau of Statistic, processed by ICB
*)
January-August
Until this time P.T. SARIWANGI AEA has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. We observed that total sales turnover of the company in
2005 amounted to Rp. 275.0 billion rose to Rp. 290.0 billion in 2006 increased
to Rp. 310.0 billion in 2007 and projected to go on rising by at least 6% in
2008. The operation in 2007 yielded an estimated net profit of at least Rp.
24.8 billion and the company has an estimated total networth of at least Rp.
112.5 billion. We observe that P.T. SIARIWANGI AEA is supported by the fairly
strong and sound businessmen behind it. We observe that assets like account
receivable, stock and corporate guarantee has been controlled by P.T. Bank NISP
Tbk as adequate guarantee on 24 January 2008. On the same occasion, P.T.
SARIWANGI AEA has received syndicated loan from P.T. Bank NISP Tbk to expanding
its business operation. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia).
The company is led by Mr. Johan Alexander Supit (76), a businessman and
professional manager with has experienced for more than 40 years in the field
of finished tea processing and tea plantation. Daily operation, he assisted by
his son Mr. Andrew Thobias Supit (44) as director. We observed that
management’s reputation in said business is sufficiently fairly good. The
company has had wide relation in the realm of the private businessmen within
and outside the country. So far, we did not hear that the company’s management
involved in a dirty business practice or detrimental cases that settled in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
P.T. SARIWANGI AEA is sufficiently fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)