MIRA INFORM
REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUMBER YALASAMUDRA |
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Registered Office : |
Jalan Sampangan No. 19, Kedungrejo - Muncar , Banyuwangi,
68472, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16.01.1986 |
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Com. Reg. No.: |
No. AHU-31690.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Canned Sardine 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$ 2,500,000 |
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Status : |
Satisfactory |
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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. SUMBER YALASAMUDRA
company Address
Head Office & Cold Storage
Jalan Sampangan No. 19
Kedungrejo - Muncar
Banyuwangi, 68472
East Java
Indonesia
Phones - (62-333) 593377, 593366, 593451
Fax -
(62-333) 593452
Land Area - 35,000 sq. meters
Building Space - 28,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
16 January 1986
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
- No. C2-2769.HT.01.01.TH.87
Dated 9 April 1987
- No.
AHU-31690.AH.01.02.TH.2009
Dated 10 July 2009
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.235.709.1-627.000
Related Companies
a. P.T. ERINDO MANDIRI
(Bottled Drinking Water Processing)
b. P.T. SUPERINDO
UATAMA (Trading and Marketing of Bottled Drinking Water, Aquase)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 25,000,000,000.-
Issued Capital :
Rp. 7,000,000,000.-
Paid up Capital :
Rp. 7,000,000,000.-
Shareholders/Owners :
a. Mr. Tjipta Sudjarwo Tjoek -
Rp. 3,500,000,000.-
Address : Desa Kedungrejo RT. 04, RW. 12
Sampangan, Muncar,
Banyuwangi
East Java, Indonesia
b. Mr. Teddy Hartono -
Rp. 3,500,000,000.-
Address : Jalan Sampangan No. 19
Desa Kedungrejo RT. 003,
RW. 003
Sampangan, Muncar,
Banyuwangi
East Java, Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Canned Sardine Processing
Production Capacity :
a. Canned Fish - 45,000 tons p.a.
b. Fish Meals -
12,500 tons p.a.
c. Fish Oil - 5,000 tons p.a.
Total Investment :
Owned Capital -
Rp. 7.0 billion
Started Operation :
1988
Brand Name :
Sumber Yalasamudra
Technical Assistance :
None
Number of Employee :
527 persons
Marketing Area :
Local - 100%
(Fish Meal and Fish Oil)
Export - 100%
(Canned Sardine)
Main Customer :
Buyers in Singapore, Korea, Taiwan and South Africa
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AVILA PRIMA SENTRA MAKMUR
b. P.T. BLAMBANGAN FOODPACKERS
c. P.T. MAYA MUNCAR
d. C.V. PASIFIC HARVEST
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI
Tbk
Banyuwangi Main Branch
East Java
Indonesia
b. P.T. Bank DANAMON
INDONESIA Tbk
Banyuwangi Main
Branch
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 180.0 billion
2009 – Rp. 186.0 billion
2010 – Rp. 190.0 billion
Net Profit (estimated) :
2008 – Rp. 12.6 billion
2009 – Rp. 13.0 billion
2010 – Rp. 13.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Wijaya Tjoek
Director - Mr.
Sunario Hartono
Board of Commissioners :
President Commissioner - Mr. Tjipto Sudjarwo Tjoek
Commissioner - Mr. Teddy
Hartono
Signatories :
President Director (Mr. Wijaya Tjoek) or the Director (Mr.
Sunario Hartono) which must be approved by Board of Commissioner
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$ 2,500,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. SUMBER YALASAMUDRA (P.T. SYS) was established in Banyuwangi, East Java on January 16, 1986 with the authorized capital of Rp. 800,000,000 issued capital of Rp. 500,000,000 entirely paid up. The founding shareholders of the company are Mr. Tjipta Sudjarwo Tjoek and Mr. Teddy Hartono, both are Indonesian businessmen of Chinese extraction. The company notary deed has been changed and the latest in August 2008 the authorized capital was increased to Rp. 25,000,000,000 issued capital to Rp. 7,000,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become Mr. Tjipta Sudjarwo Tjoek (50%) and Mr. Teddy Hartono (50%). The deed of amendment was made by Mrs. Tirtayanti Karsodikromo, SH., a public notary in Bantuwangi, East Java and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-31690.AH.01.02.TH.2009 dated July 10, 2009.
We observe that Mr. Tjipta Sudjarwo Tjoek is also business stakes owners of P.T. ERINDO MANDIRI engaged in bottled drinking water processing and P.T. SUPERINDO UTAMA in trading, distribution and marketing of bottled drinking water with Aquase brand.
P.T. SYS has been operating since 1988 engaged in the field
of canned sardine processing which operates in Banyuwangi, East Java standing
on a land of 35,000 sq. meters. Located
at Muncar, Banyuwangi largest fishing village in Indonesia, the company main
product canned fish mainly sardines and mackerel, side product fish meal and
fish oil for animal feed and also can supply all kind frozen fish. P.T. SYS is one of the private companies
in Indonesia are
engaged in the fish canning industry and
cooperation (partnership) with the fishermen. The
cooperation here is not just a
profit-oriented per se, but how the business
is run can be sustained,
growing and beneficial to the common life. The Company produces of canned
sardine, fish meal and fish oil. P.T. SYS has production capacity for process
80 tons fresh fish per day. The plant
produces of canned sardine of 45,000 tons per year. Meanwhile fish meal of
12,500 tons and fish oil 5,000 tons per years. The whole basic materials in the
form of frozen fish obtained from East Java, Eastern of Indonesia. The whole
product like canned sardine is exported to Singapore, South Korea, Taiwan and
South Africa. Meanwhile fish meal and fish oil wholly marketed locally to
various animal feed milling which operating in the country. We observe that
P.T. SYS’s operation has been growing and developing well in the last three
years.
In overall views we
find the demand for fish meal, fish oil and feather meals had been rising by 5%
to 6% per year in the last five years, in line with the growth of animal feed
industry in the country. The Indonesian water particularly in Indonesian
Economic Zone is still dominated by foreign fishing boats who catching fish illegally.
The prolonged economic crisis caused the procurement of fishing boats to
impede. The absent of banking support caused Indonesian businessmen to find
difficulty to add their fishing boats. The Indonesian fisheries products export
including shrimp, tuna and others has yet to make any progress in 2008. The
protective law on export of Indonesian fisheries products imposed by developed
countries including the United States and the European countries through
embargo and or very strict security check (must be carried-out through
Singapore) will adversely Indonesian 2005's fisheries business. Beside that the
steep hike of fuel prices has also made domestic fisheries industry to bottom.
The export volume and value of the national fish fresh/frozen and shrimps
frozen products in 2005 to 2009 are pictured on the following table.
|
Year |
Fish Fresh (Frozen) |
Shrimps Frozen |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
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2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
Source: Central Bureau of Statistic (BPS)
Until this time
P.T. SYS has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. SYS 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. 180.0 billion
rose to Rp. 186.0 billion in 2009 increased to Rp. 190.0 billion in 2010 and
projected to go on rising by at least 4% in 2011.
The operation in
2010 yielded an estimated net profit of at least Rp. 13.5 billion and the
company has an estimated total networth of at least Rp. 25.0 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
P.T. SYS is led by Mr. Wijaya Tjoek (36) a professional manager with experience
in canned sardine processing, fish meal and fish oil processing. The company's
management is handled by professional managers in the above business. They have
wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. SUMBER
YALASAMUDRA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
UK Pound |
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
RATING EXPLANATIONS
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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 |
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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 |
|
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.