MIRA INFORM REPORT
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Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. VAN REES INDONESIA |
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Registered Office : |
Wisma Kemang, 4th Floor, Jl. Kemang Selatan Raya No. 1, Jakarta 12560 |
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Country : |
Indonesia |
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Date of Incorporation : |
25.05.2000 |
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Com. Reg. No.: |
No. AHU-AH.01.10-02559 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Export Trading Services |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 1,300,000 |
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Status : |
Moderate |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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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 |
Name of Company
P.T. VAN REES
INDONESIA
company Address
Head Office
Wisma Kemang, 4th Floor
Jl. Kemang Selatan Raya No. 1
Jakarta 12560
Indonesia
Phones - (62-21) 781
7044-6
Fax. - (62-21) 781
7047
Emial - vanrees@vri.co.id
Building Area - 8 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
25 May 2000
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of Law and Human Rights
a. No. AHU-26744.AH.01.02.Tahun 2009
Dated 17 June 2009
b. No.
AHU-AH.01.10-02559
Dated 25 January 2011
Company Status
Foreign Investment Company (PMA)
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.978.559.1-091.000
The Investment
Coordinating Board
No. 216/I/PMA/2000
Dated 21 March 2000
Holding
Company :
VAN REES B.V., of
the Netherlands (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- US$. 200,000 (Rp.
1,391,000,000)
Issued Capital - US$. 200,000 (Rp. 1,391,000,000)
Paid up Capital - US$. 200,000 (Rp.
1,391,000,000)
Shareholders/Owners :
a. VAN REES B.V., - US$. 198,000 (99%)
Address: Emmalaan 14,
3051 JG
Rotterdam
The Netherlands
b. VAN REES CEYLON
B.V. - US$ 2,000 (
1%)
Address: Wijnhaven 65
3011 WJ
Rotterdam
The Netherlands
BUSINESS ACTIVITIES
Lines of Business
:
Export Trading Services
Production
Capacity :
Export Trading Fee - US$ 4.0 million p.a.
Total Investment :
a. Equity Capital - US$. 200,000
b. Loan Capital - US$. 170,000
c. Total Investment - US$. 370,000
Started Operation :
June 2000
Brand Name :
VAN REES INDONESIA
Technical Assistance :
VAN REES B.V., of the Netherlands
Number of Employee :
26 persons
Marketing Area :
Export -
100%
Main Customer :
Overseas Buyers in European countries, the USA, Middle East and others
Market Situation :
Very Competitive
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a. ABN AMRO Bank N.A.
Indonesian Stock Exchange
Building
Jl. Jend. Sudirman Kav. 52-53
Jakarta Selatan
Indonesia
b. P.T. Bank MANDIRI Tbk
Kemang Branch
Jl. Kemang Raya No. 18A
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 63.5
billion
2008 – Rp. 71.0
billion
2009 – Rp. 80.8
billion
2010 – Rp. 92.0
billion
Net Profit
(estimated) :
2007 – Rp. 4.2 billion
2008 – Rp. 4.7 billion
2009 – Rp. 5.4 billion
2010 – Rp. 6.2 billion
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Philippus Albertus Gemma Marie Van Rijen
Director -
Mr. Vladimir Mosyagin
Board of
Commissioners :
President Commissioner -
Mr. Fons Johannes Petrus Van Der Vleuten
Commissioner - Mr. Neeltje Hollanders
Signatories :
President director (Mr. Philippus
Albertu Gemma Marie Van Rijen) or director (Mr. Vladimir Mosyagin) which must
be approved by Board of Commissioners (Mr. Fons Johannes Petrus Van Der Vleuten
and Mr. Neeltje Hollanders).
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Average
Credit
Recommendation :
Credit can be proceeded with monitor
Proposed Credit Limit :
Small amount –
periodical revew
Maximum Credit
Limit :
US$ 1,300,000 on the 90 days of payments
OVERALL PERFORMANCE
P.T. VAN REES INDONESIA (P.T. VRI) was established in Jakarta in May
2000 with the authorized capital of US$ 200,000 (Rp. 1,391,000,000) fully
issued and paid up. The founding shareholders of the company are VAN REES B.V. (99%)
and N.V. DELI UNIVERSAL (1%), both of the Netherlands. The
articles of association of the company have frequently been revised. In June
2009, N.V. DELI UNIVERSAL pulled out and the whole shares is sold to VAN REES
CEYLON N.V., is also of the Netherlands.
The deed of amendment was made by Dr. Teddy Anwar, SH., a public
notary in Jakarta and it was approved by the Ministry of Law and Human Right in
its Decision Letter No. AHU-26744.AH.01.02.Tahun 2009 dated 17 June 2009 and
No. AHU-AH.01.10-02559 dated 25 January 2010. No changes have been effected in
term of its shareholding composition and capital structures to date.
P.T. VRI obtained a Foreign Capital Investment (PMA) issued by the
Capital Investment Coordinating Board (BKPM) to deal with export trading having
been in commercial operation since June 2000.
A staff of the company said that the company is trading and exporting
agricultural products such as tea (black, green or white tea) gained from state
owned plantation P.T. PERKEBUNAN NUSANTARA (PERSERO) abbreviated PTPN. The
products are gained through a tender conducted by PTPN on Wednesdays every
week. The merchandise products are exported to several countries including
Japan through MITSUI CORPORATION, European countries, the USA, Middle East countries
and others. P.T. VRI is classified as a
medium sized company in the country dealing with export trading of which the
operation has been running smoothly and growing in the last five years.
In overall we find the demand for agricultural products such as tea, coffee, sugar, cocoa and others has kept on rising by about 10% to 12% per annum in the last five years in line with the growth of various industrial sectors as consumers respectively food and beverage processing industry, pharmaceutical, confectionery and traditional herb processing industry. It is estimated that the demand growth will continue on rising by 8% within the next two years. The competition is very tight on account of lots of similar company operating in the country. The estate crops activities in Indonesia is seen from the total production of crops as below: The competition is very tight on account of lots of similar companies operating in the country. The business position of the company is appraised to be favorable for having established wide marketing networks within and outside the country. We believed that P.T. VRI is in position to thrive its business in the future.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover of P.T. VRI in 2008 amounted to Rp. 71.0 billion went up to Rp. 80.8 billion in 2009 rose again to Rp. 92.0 billion in 2010 and projected to be rising by 10% to 12% in 2011. The operation of P.T. VRI in 2010 is estimated to have gained a profit of Rp. 6.2 billion with an estimated networth of Rp. 40.0 billion. So far, we did not hear that P.T. VRI having been black listed by Bank Indonesia (Central Bank) and registered in district court for detrimental cases. The company has a punctual payment habit within 1 to 3 months.
The management of P.T. VRI is headed by Mr. Philippus Albertus Gemma Marie Van Rijen (65) as president director, a professional manager of VAN REES B.V. of the Netherlands with more than 30 years experience in export trading of agricultural products. In his daily activities, he is assisted by Mr. Vladimir Mosyagin (38) as director and general manager of the company. The company’s management is having wide relation with private businessmen of home and overseas as well as with the government sectors. 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. VAN REES IINDONESIA is appraised quite feasible for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.65.97 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.