MIRA INFORM REPORT

 

 

Report Date :           

15.06.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. SURABAYA GRAIN

 

 

Registered Office :

Jl. Pacuan Kuda No. 76, Surabaya 60252, East Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

04.07.2006

 

 

Com. Reg. No.:

No. AHU-72933.AH.01.02.Tahun 2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Agriculture Product especially grain (serealia)

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 180,000

Status :

Moderate

Payment Behaviour :

No Complaints

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)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Name of Company

 

P.T. SURABAYA GRAIN

 

 

company Address

 

Head Office

Jl. Pacuan Kuda No. 76

Surabaya 60252

East Java

Indonesia

Phone               - (62-31) 531 3194

Fax                   - (62-31) 531 3194

Land Area         - 180 sq. meters

Office Space      - 110 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

04 July 2006

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

a. No. C-23001.HT.01.01.TH.2006

    Dated 07 August 2006

b. No. AHU-72933.AH.01.02.Tahun 2008

    Dated 13 October 2008

Company Status

 

National Private Company

           

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 02.586.453.9-614.000

 

The Domicile Permit from Petemon Sub-district

No. 503/29/436.9.11.1/2008

Dated 14 May 2008

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                   - Rp. 1,000,000,000.-

Issued Capital                         - Rp.    750,000,000.-

Paid up Capital                       - Rp.    750,000,000.-

 

Shareholders/Owners :

a. Mr. Han Franky Lasa                  - Rp. 487,500,000.- (65%)

    Address : Jl. Simo Sidomulyo 4/72-A

                    Surabaya, East Java

                    Indonesia

b. Miss Han Lussye                        - Rp. 262,500,000.- (35%)

    Address : Jl. Simo Sidomulyo 4/72-A

                    Surabaya, East Java

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Agriculture Product especially grain (serealia)

 

Production Capacity :

None

 

Total Investment :                         

Owned Capital         - Rp. 750 million

 

Started Operation :

August 2006

 

Technical Assistance :                  

None

 

Number of Employee :

8 persons                                       

 

Marketing Area :                           

Local    - 100%

 

Main Customers :

a. Traditional Markets

b. Animal (Bird) Markets

c. Etc.

 

Market Situation :                         

Very Competitive

 

Main Competitors :

a. P.T. ALAM INDORAMA

b. C.V. BUMI DJAJA

c. P.T. ADI SAMPOERNO

d. C.V. PUTRA NUSA

e. P.T. DAKAI IMPEX

 

Business Trend :

Growing but only slowly

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank CENTRAL ASIA Tbk

Surabaya Branch

Jl. Veteran No. 18-24

Surabaya, East Java

Indonesia

 

Auditor :

Internal Auditor

           

Litigation :                                    

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :            

2007 – Rp.   7.2 billion

2008 – Rp.   9.8 billion

2009 – Rp. 11.0 billion

2010 – Rp. 12.5 billion

 

Net Profit (Loss) :                          

2007 – Rp. 350 million

2008 – Rp. 480 million

2009 – Rp. 540 million

2010 – Rp. 620 million

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :                

Director                                           - Mr. Han Franky Lasa

 

Board of Commissioner :              

Commissioner                                 - Miss Han Lussye

 

Signatories :                                 

Director (Mr. Han Franky Lasa) which must be approved by Board of Commissioner (Miss Han Lussye)

 

 

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$ 180,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. SURABAYA GRAIN (P.T. SG) was established in Surabaya, on July 4, 2006 with the authorized capital of Rp. 1,000,000,000 of which Rp. 250,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Han Franky Lasa (75%) and his older sister Miss Han Lussye (25%), both are Indonesian business family of Chinese descent. The deed of amended was made by Mr. Lukas Haridjaja Gani, SH, a public notary in Surabaya under Company Registration Number C-23001 HT.01.01.TH.2006, dated 7 August 2006.  In August 2008, the issued capital was increased to Rp. 750,000,000 and fully paid up.  Concurrently, the shareholders of the company are Mr. Han Franky Lasa (65%) and Miss Han Lussye (35%). The notary deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-72933.AH.01.02.Tahun 2008, dated 13 October 2008.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. SG has been operating since August 2006 dealing with trading, import and distribution of agricultural commodities. Miss  Han Lussye, commissioner and owner of the company went on to say the company import of grain such as corn, soybeans, wheat, brown rice, sorghum, barley, bran, oats, etc., from India and China.  Then, the whole products marketed locally through traditional markets in Surabaya, Gresik, Sidoarjo, Mojokerto, Malang and other cities in East Java.  Besides, the company supplies the above products to several grain stores, bird markets and poultry markets in Surabaya and surroundings.  P.T. SG is classified as a small sized company of its kind in the country of which the operation has been growing slowly in the last three years.

 

We have noticed that the demand for grain and agricultural products had increased some 6% to 8% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. The present market situation for grain and agricultural products is very competitive for a large number of similar companies operating in the country.  In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum.  Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider P.T. SG to be in a quite favorable position for having already got hold of a steady clientele in East Java.

 

Until this time P.T. GS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SG is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 9.8 billion increased to Rp. 11.0 billion in 2009 rose again to Rp. 12.5 billion in 2010 and projected to go on rising by at least 6% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 620 million and the company has an estimated total networth of at least Rp. 1.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.  

 

The management of the company is headed by Mr. Han Franky Lasa (30) as Director, a young businessman with more than 5 years of experience in trading, import and supply of grain. In daily activities, he is assisted by his older sister Miss Han Lussye (35) as Commissioner.  Beside that the management is also handled by a number experienced staff officer having wide relation with private businessmen of home and overseas as well as with the government sectors.  So far, we did not hear that P.T. GS has been involved in business malpractices or detrimental cased being settled in local district court.

 

P.T. SURABAYA GRAIN is appraised to be good for normal business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.77

UK Pound

1

Rs.73.45

Euro

1

Rs.64.55

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.