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Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. TUNAS SUMBER
REJEKI |
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Registered Office : |
Ruko Perkantoran CBD Pluit Blok C No. 20, Jl. Pluit Selatan Raya, Kel., Penjaringan, Jakarta Utara 14440 |
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Country : |
Indonesia |
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Date of Incorporation : |
12.04.2011 |
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Com. Reg. No.: |
No.
AHU-47852.AH.01.01.Tahun 2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading,
Import and Distribution of Agricultural Products |
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No. of Employees : |
8 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No complaint |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. TUNAS SUMBER REJEKI
Head Office
Ruko
Perkantoran CBD Pluit Blok C No. 20
Jl. Pluit Selatan Raya, Kel. Penjaringan
Jakarta
Utara 14440
P.T. TUNAS SUMBER REJEKI
Phones -
(62-21) 6667 3016
Fax - (62-21) 6667 3438
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
12
April 2011
P.T.
(Perseroan Terbatas) or Limited Liability Company
The
Ministry of Law and Human Rights
No. AHU-47852.AH.01.01.Tahun 2011
Dated 03 October 2011
National
Private Company
The Department of
Finance
NPWP – not available
None
Capital
Structure :
Authorized
Capital - Rp.
500,000,000.-
Issued
Capital -
Rp. 200,000,000.-
Paid
up Capital -
Rp. 200,000,000.-
a.
Mr. Tji Kok Sutrisno -
Rp. 70,000,000.- (35%)
Address : Perumahan Citra 5 Blok D8/23
Kel. Kamal, Kec. Kalideres
West Jakarta
Indonesia
b.
Miss Suwarty -
Rp. 70,000,000.- (35%)
Address : Jl. Pulau Rupat LK IX Belawan
Kel. Kelawan Bahar, Kec. Medan
Belawan
Medan, North Sumatra
Indonesia
c.
Miss Rinda -
Rp. 20,000,000.- (10%)
Address : Jl. Pulau Rupat LK IX Belawan
Kel. Kelawan Bahar, Kec. Medan
Belawan
Medan, North
Sumatra
Indonesia
d.
Mrs. Meli -
Rp. 20,000,000.- (10%)
Address : Jl. Pulau Rupat LK IX Belawan
Kel. Kelawan Bahar, Kec. Medan
Belawan
Medan, North Sumatra
Indonesia
e.
Mrs. Haniwati Sutrisno - Rp.
20,000,000.- (10%)
Address : Kavling Deplu Blok FM 445A
Kel. Jelambar, Kec. Grogol Petamburan
West Jakarta
Indonesia
Lines
of Business :
Trading,
Import and Distribution of Agricultural Produts
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 500 million
Started
Operation :
June
2011
Brand
Name :
TSR
Technical
Assistance :
None
Number
of Employee :
8
persons
Marketing
Area :
Local - 100%
Main
Customers:
Pharmaceutical
Industries
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Enseval Putera Megatrading
b. PT. Ekacitta Dian Persada
c. PT. Megasetia Agung Kimia
d. PT. Providen Mitratara
e. PT. Roche Indonesia
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Pluit
Branch
Jl.
Pluit Selatan No. 2000
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011
– Rp. 2,900 million (June – December)
2012
– Rp. 3,400 million (January – June)
Net
Profit (estimated) :
2011
– Rp. 190 million (June – December)
2012
– Rp. 230 million (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Tji Kok Sutrisno
Board of Commissioners :
President Commissioner - Miss Suwarty
Commissioner - Miss Rinda
Signatories :
Director
(Mr. Tji Kok Sutrisno) which must be approved by Board of Commissioners (Miss
Suwarty and Miss Rinda)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
P.T.
TUNAS SUMBER REJEKI (P.T. TSR) was incorporated in Jakarta on April 12, 2011 with
the authorized capital of Rp. 500,000,000 issued capital of Rp. 200,000,000
entirely paid up. The founding shareholders of the company are Mr. Tji Kok
Sutrisno (35%), Miss Suwarty (35%), Miss Rinda (10%), Mrs. Meli (10%) and Mrs.
Haniwati Sutrisno (10%). They are
Indonesia family business persons of Chinese extraction. The Articles of Association was made by Sakti
Lo, SH., a notary in Tangerang and it has been approved by the Minister of Law
and Human Rights through Decision Letter No. AHU-47852.AH.01.01.Tahun 2011
dated October 03, 2011. No changes have
been effected in term of its shareholding composition and capital structures to
date.
Pursuant to
the company’s notary deed, P.T. TSR engaged to operate in trading, industry and
services. The Company’s registered
office located at Ruko Perkantoran BCD Pluit Blok C No. 20, Kel. Penjaringan,
Kec. Penjaringan, North Jakarta and the company can open branch offices or
representative offices at home and abroad.
P.T.
TSR has been operating since June 2011 to deal with trading, import and
distribution of agricultural commodities products. Miss Lisa, an administrative
staff of P.T. TSR explained that the merchandising goods products including are
garlic, ground nuts, dried chilly, pepper, pecans, peanuts, green beans, shrimp
paste, etc. She also added the
agricultural commodities products like garlic and dried chilly are imported
from China, ground nuts, peanuts, green beans from India. Besides, the other
products likes pepper, pecans, shrimp paste are obtained from local such as
Lampung province, Central Java province and East Java province. Then, the whole
products are marketed locally through traditional market in Jakarta and its
surroundings. We observed that P.T. TSR is still
relatively new company in trading, import and distribution of agricultural
products.
We have
noticed that the demand for agricultural products had increased some 10% to 11%
per annum in the last five years in line with the growth of industrial
manufacturing in the country and international market. In the coming years, the
growth rate of demand is estimated at about 6% to 7% per annum. The present
market situation for agricultural products is very competitive for a large
number of similar companies operating in the country. Meanwhile, competition is
quite heavy in the export import of agricultural products with many companies
now doing business in this field in Indonesia.
P.T. TSR is classified as a new company of its kind in the country of
which the operation has been growing slowly.
The
financial condition of the company is appraised to be less strong and its
financial condition at present is as the paid up capital of Rp. 200,000,000 as
stated in the articles of association of the company. The
financial condition of the company still depends on the financial condition of
its shareholders. The management of P.T.
TSR is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company as of
June to December 2011 amounted to Rp. 2.9 billion increased to Rp.3.4 billion
as of January to June 2012. The operation as of January to June 2012 yielded an
estimated net profit of at least Rp. 230 million and the company has an
estimated total net worth of at least Rp. 1.2 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. TSR is led by Mr. Tji Kok Sutrisno (42) a businessman with more than 10
years experience in trading, import and distribution of agricultural
products. In daily activities he is
assisted by his younger sisters namely Miss Suwarty (40) as president
commissioner and Miss Rinda (29) as commissioner. Beside, they are also assisted by a number
of expert staffs in the above business. The Company’s management has 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.
Since
this company (PT. TSR) just about two years in operation commercially, so we
recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all
shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
UK Pound |
1 |
Rs.87.42 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.