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Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDOFRESH |
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|
|
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Registered Office : |
Jl. Parang Tritis Raya No. 3 Ancol Barat Jakarta Utara 14430 |
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|
|
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Country : |
Indonesia |
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Date of Incorporation : |
08.03.2005 |
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|
|
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Com. Reg. No.: |
No.
AHU-23871.AH.01.02.Tahun 2010 |
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|
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Supplier and Importer of Fresh Fruits |
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No. of Employees : |
36 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 490,000 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. INDOFRESH
Head Office
Jl. Parang Tritis Raya No. 3
Ancol Barat
Jakarta Utara 14430
Indonesia
Phone -
(62-21) 6909590 (Hunting), 6909483-5
Fax. - (62-21) 6908497
Building Area - 3 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
8 March 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C-01433.HT.01.04.TH.2007
Dated 26 October 2007
b. No. AHU-23871.AH.01.02.Tahun 2010
Dated 11 May 2010
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.186.538.1-044.000
Affiliated/Associated Companies :
a. P.T. ANUGERAH BUANA UTAMA (Trading and Supplier of fresh fruits)
b. P.T. KAPUAS MEKAR JAYA (Ocean Going Shipping Services)
c. Etc.
Capital Structure :
Authorized Capital
- Rp. 5,000,000,000.-
Issued Capital - Rp. 5,000,000,000.-
Paid up Capital - Rp. 5,000,000,000.-
Shareholders/Owners :
a. Mr. Agus
Setiawan Ang - Rp. 500,000,000.- (10%)
Address : Jl. Agung Tengah No. 2,
RT.010 / RW. 018
Jakarta Pusat, Indonesia
b. Mr. Tony Ang - Rp. 500,000,000.- (10%)
Address : Jl. Balik
Papan I/46
Kelurahan Gambir
Jakarta Pusat, Indonesia
c. Mr. Abu Hasan
alias Ang Tjiu Bu - Rp. 4,000,000,000.- (80%)
Address : Jl. Daan Mogot Km. 14
RT. 009 RW. 003
Jakarta Barat, Indonesia
Lines of Business
:
Trading, Supplier and Importer of Fresh
Fruits
Production
Capacity :
None
Total Investment :
a. Owned Capital - Rp. 12.0 billion
b. Loan Capital - Rp. 0 billion
c. Total Investment -
Rp. 12.0 billion
Started Operation
:
April 2005
Brand Name :
None
Technical Assistance :
None
Number of Employee :
36 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. Fresh Fruits Hypermarkets and Supermarket
b. Traditional Markets
c. Fruits Shops
d. Hotel and Restaurants
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGRO MULTI
SARANA
b. P.T. BAROKAH
JAYA
c. P.T. MARUMAN
JAYA
d. P.T. MOENAPUTRA NUSANTARA
e. P.T. SALITROSA AUSASIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA
Tbk
Jalan Asemka No. 27-30
Jakarta Barat
Indonesia
b. P.T. Bank LIPPO Tbk.
Jalan Raya Jembatan II No. 82
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 24.0
billion
2010 – Rp. 32.0
billion
2011 – Rp. 36.0
billion
Net Profit
(estimated) :
2005 – Rp. 1.7 billion
2006 – Rp. 2.3 billion
2011 – Rp. 2.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Agus Setiawan Ang
Board of Commissioners :
President Commissioner - Mr. Abu Hasan alias Ang Tjiu Bu
Commissioner - Mr. Tony Ang
Signatories :
Director (Mr. Agust Setiawan Ang) which
must be approved by the Board of Commissioner (Mr. Abu Hasan alias Ang Tjiu Bu
and Mr. Tony Ang)
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$ 490,000.- on the 90 days of payments
P.T. INDOFRESH
was established on March 2005 with an authorized of Rp. 800,000,000.- which of
Rp. 550,000,000.- was issued and fully paid up.
The founding shareholders of the company are Mr. Abu Hasan AKA Ang Tjiu
Bu and his sons Mr. Agus Sestiawan Ang and Mr. Tony Ang, they are Indonesian
family businessmen of Chinese extraction.
Its Articles of Association has subsequently been revised for several
times. In July 2007, its authorized
capital was increased to Rp. 5,000,000,000.- wholly was issued and paid
up. The latest shareholders of P.T.
INDOFRESH are Mr. Abu Hasan alias Ang Tjiu Bu (80%) and the rest Mr. Agust
Setiawan Ang (10%) and Mr. Tony Ang (10%).
The latest amendment to Articles of Association was made by Mr.
Fulgensius Jimmy Hardjo Lukito, SH., a public notary in Jakarta and the deed
was approved by the Ministry of Law and Human rights in its decision letter No.
AHU-23871.AH.01.02.Tahun 2010, dated May 11, 2010. No changes have been
effected in term of its shareholding composition and capital structures to
date.
We note that shareholders of
P.T. INDOFRESH have relation with the ownership of P.T. ANUGERAH BUANA UTAMA
(Trading and Supplier of fresh fruits) and P.T. KAPUAS MEKAR JAYA (Ocean Going
Shipping Services).
P.T. INDOFRESH has been in
operation since early 2005 in trading, supplier and importing of fresh
fruits. The products sole by P.T
INDOFRESH are pears, apples, oranges, grapes, peaches, kiwi and others imported
the USA, People’s Republic of China, Hong Kong, Thailand, New Zealand,
Australia and other countries. The
fruits are supplier to fresh fruit supermarket like TOTAL Fruit, GIANT
hypermarket, CARREFOUR, LOTTE, INDOGROSIR hypermarkets, fruits shops,
traditional markets in Jakarta and its surrounding as well as to hotels and
restaurant management. We observe that P.T. INDOPRESH is classified as a small
sized company of its kind in the country of which the operation has been
growing in the last three years.
Generally, the
demand for fresh fruits, food and beverage in the country had significantly
rising by 8% to 10% per year in the last five years, in line with the growth of
fresh food supermarkets, hypermarkets, fruit shops, hotels, restaurants and
increasing purchasing power in Indonesia. But, as from October 2008, the demand
growth for flexible packaging and printing has kept on dwindling as an impact
of global economic crisis as told above.
Beside, the competition is very tight on account many similar companies
operating in the country. P.T. INDOFRESH
is considered to be in a favorable business position in view of the company's
experience in the above business.
Until this time
P.T. INDOFRESH has not been registered with Indonesian Stock Exchange, so that they
shall not oblige to announce their financial statement. We observed that total
sales turnover of the company in 2009 amounted to Rp. 24.0 billion increased to
Rp. 32.0 billion in 2010 and rose again to Rp. 36.0 billion in 2011. The operation in 2011 yielded an estimated
net profit by at least Rp. 2.6 billion and the company has an estimated total
net worth at Rp. 18.0 billion. It is
projected that total sales turnover of the company will be higher by at least
12% in 2012. We observe that P.T. INDOFRESH
is supported by financially fairly strong behind it. So far, we have never heard of the company
having been black listed by the Central Bank (Bank Indonesia). The company
disclosed that the company usually pays its debts punctually to suppliers.
The management
of P.T. INDOFRESH is headed by Mr. Agus Setiawan Ang (34) as director and
assisted by Mr. Tony Ang (29) as director.
But we believe that the prime mover of the company is Mr. Abu Hasan
alias Ang Tjiu Bu (63), a businessman with more than 30 years of experience in
trading, supplier and importing of fresh fruits. We observed that management’s reputation in
that business is fairly good. The
management of the company is handled by experienced professional manager having
wide relation with private businessmen of home and overseas as well as with the
government sectors. So far, we have never heard that the company’s management
involved in the business malpractices 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.
We believe that PT. INDOFRESH is considered to be good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.32 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
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.