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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUKANDA DJAYA |
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Registered Office : |
Jl. Pasir Putih Raya Kav. 1 Ancol Timur, |
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Country : |
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Date of Incorporation : |
29.06.1973 |
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Com. Reg. No.: |
No.
AHU-17130.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Food Products such as Ice Cream, Orange, Milk, Cheese and Sundries Products |
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No. of Employees : |
310 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 |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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.
SUKANDA DJAYA
Head Office
Jl. Pasir Putih
Raya Kav. 1
Ancol Timur,
Jakarta 14430
Indonesia
Phones -
(62-21) 6405678 (hunting)
Fax. - (62-21)
6402861
PO Box - 3154 Jakarta
10002
Email - sukanda@diamond.co.id
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Warehouse and
Coldstorage
MM 2100
Industrial Town
Jl. Irian Blok FF-2
Cibitung, Bekasi 17520
West Java,
Indonesia
Phones -
(62-21) 8981246 (hunting)
Fax. - (62-21)
8981242
Land Area - 1.5 hectares
Building Space - 8,200 sq. meters
Region - Industrial
Town
Status - Rent
Date of Incorporation :
29 June 1973
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No. C-4416
HT.01.04.TH.1999
Dated 16 March 1999
b. No. AHU-17130.AH.01.02.Tahun 2008
Dated 07 April 2008
c. No.
AHU-59275.AH.01.02.Tahun 2-11
Dated 02 December 2011
Company Status
:
Domestic
Investment Company (PMDN)
Permit by the
Government Department :
The Department of Finance
No.
01.368.275.2-091.000
The Capital Investment Coordinating Board
No.
38/I/PMDN/1997
Dated 08 January
1997
Holding
Company :
P.T. DIAMOND COLD
STORAGE (Ice Cream & Soft drink Industry and Investment Holding)
Affiliated
Companies :
a. P.T. DAYACIPTA SEMPURNA (Trading
and Import of Ice Cream Raw Materials)
b. Firma HASTA
(General Trading and Importing)
Capital
Structure :
Authorized Capital - Rp. 700,000,000.-
Issued Capital - Rp. 700,000,000.-
Paid up Capital - Rp. 700,000,000.-
Shareholders/Owners
:
a. P.T. DIAMOND COLD STORAGE -
Rp. 357,000,000.- (51%)
Address
: Jl. Pasir Putih Raya Kav. 1
North Jakarta
Indonesia
b. Mr. Chen Tsen Nan AKA Norman Chen - Rp. 210,000,000.- (30%)
Address
: Jl. Merak No. 8, Bintaro
Pasanggrahan, South Jakarta
Indonesia
c. Mr. Chen Wa Tek -
Rp. 133,000,000.- (19%)
Address : Jl. Walet No. 1, Bintaro
Pasanggrahan,
South Jakarta
Indonesia
Lines of
Business :
a. Trading, Import
and Distribution of Food Products such as Ice Cream, Orange, Milk, Cheese
and Sundries Products
b. Cold storage Industry
Production
Capacity :
a. Frozen
Meats - 1,200 tons p.a.
b. Frozen
Fishes - 250 tons p.a.
c.
Vegetables - 160 tons p.a.
d. Fresh
Fruits - 240 tons p.a.
Total Investment :
a. Equity Capital - Rp. 10.0 billion
b. Loan Capital - Rp. 12.0 billion
c. Total Investment - Rp. 24.0 billion
Started
Operation :
1974
Brand Name :
SUKANDA DJAYA
Technical
Assistance :
None
Number of
Employee :
310 persons
Marketing Area
:
Local
(Domestic) - 100%
Main Customers
:
a. Hotels and
Restaurants
b. Hypermarkets
c. Supermarket
d. Mini-markets, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Aneka
Satwitrasari Food
b. PT. Balticindo Jaya Food
c. PT. Dharma
Kridatama
d. PT. Mia Food
Product
e. PT. Maharani Puan Sejahtera
f. PT. Naryadelta
Prarthana
g. CV. Super Pop Suryadarma
h. CV. Prima Rasa Abadi
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jl. Pasir Putih Raya, Ancol
North Jakarta
Indonesia
b. P.T. Bank DKI
Jl. Ir. Haji
Juanda III/9
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp. 850.0 billion
2009 – Rp. 980.0 billion
2010 – Rp.
1,060.0 billion
2011 – Rp.
1,145.0 billion
Net Profit
(estimated) :
2008 – Rp. 38.0
billion
2009 – Rp. 44.0
billion
2010 – Rp. 47.5
billion
2011 – Rp. 51.3
billion
Payment Manner
:
G o o d
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Chen Tsen Nan AKA Norman Chen
Director -
Mr. Chen Tsen Yung AKA Kenneth Chen
Board of Commissioners :
President Commissioner -
Mr. Chen Wa Tek
Commissioner -
Mrs. Lioe Mie Jin
Signatories :
President Director (Mr.
Chen Tsen Nan AKA Norman Chen) or Director (Mr. Chen Tsen Yung AKA Kenneth
Chen) which must be approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be processed normally
Proposed
Credit Limit :
Moderate amount
P.T. SUKANDA
DJAYA (P.T. SD) was established on June 29, 1973 with an authorized capital of
Rp 5,000,000.-, issued and paid up capital of Rp 1,000,000.- The founding
shareholders originally are Mr. Chen Wa Tek, an Indonesian businessman of
Chinese extraction and Mrs. Warda, SH., an indigenous business woman. The Articles of association (notary deed) was
made by Mr. Abdul Latief, SH., a public notary in Jakarta and it was approved
by the Ministry of Law and Human Right in its Decision Letter No. Y.A. 5/61/2
dated 21 February 1974. The company's notarial act has frequently been amended.
On September 1998 the authorized capital was raised to Rp 100,000,000.-,
entirely was issued and fully paid up. And
on April 2008, the authorized capital was raised again to Rp. 500,000,000.-
entirely was issued and fully paid up.
By the same time the entire shares has been controlled by P.T. DIAMOND
COLD STORAGE (51%), Mr. Chen Wa Tek (19%) and his son Mr. Chen Tsen Nan AKA
Norman Chen (30%). The deed of
amendment was made by Mrs. Lindasari Bachroem, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No.
AHU-17130.AH.01.02.TH.2008, dated April 07, 2008.
The latest
October 2011, the authorized capital was raised again to Rp. 700,000,000.-
entirely was issued and fully paid up. No changes have been effected in term of
its shareholding composition and capital structures to date. The deed of amendment was made by Mrs.
Lindasari Bachroem, SH., was approved by the Ministry of Law and Human Right in
its Decision Letter No. AHU-59275.AH.01.02.Tahun 2011, dated December 2,
2011.
P.T. DIAMOND
COLD STORAGE is a private company dealing with ice-cream and soft drinks industry
of which the majority business stakes are controlled by Mr. Chen Wa Tek (51%)
and his children namely Mr. Chen Tsen Nan AKA Norman Chen (20%), Mr. Chen Tsen
Yung AKA Kenneth Chen (20%) and Miss
Chen Wai Sioe (9%). Mr. Chen Wa Tek and
his family members are also the founder and majority business stakes owner of
Firma HASTA and P.T. DAYACIPTA SEMPURNA (both are dealing with general trading
and importing).
P.T. SD is
operating in trading, importing and distribution of food products such as ice
cream, orange juice, milk, cheese, and soft drinks. Beside that the company is operating in
trading of frozen food such as meat, vegetables, dairy products, and sundries
products which generally brought in from France, the USA, Australia and New
Zealand.
Besides, it is
also selling local food products like ice cream, pasteurized milk and fruit
juice products of holding company P.T. DIAMOND COLD STORAGE. In 1997 the company's activity was expanded
into cold storage industry. The cold storage is located at MM 2100 Industrial
Town, Jalan Irian Blok FF-2, Cibitung, Bekasi, West Java, on a land of some 1.5
hectares operating since the end 1999. So far, the company is freezing meat and
fish which mostly imported from the USA, Australia, New Zealand and Norway.
The company’s
products are sold to various hotels, restaurants, hypermarkets, supermarkets,
mini markets, fast food restaurants, oil companies, meat processors and others.
To support its activities, the company opens branch offices in several major
cities in the country including Bandung, Yogyakarta, Surabaya, Bali, Pekan
Baru, Palembang, Padang, Batam, Balikpapan, Makassar, Menado, Mataram and
others. We observed that P.T. SD is
classified as a large sized company of its kind in the country of which the
operation has been growing in the last three years.
In overall we
find the demand for food products like ice cream, pasteurized milk, fruit juice
and the likes had been rising by the average 10% to 12% per year within the
last five years in line with the growth of international hotels, restaurants,
supermarkets and a stable economic growth in the period. But since the global
economic crisis and tight money policy being imposed by Bank Indonesia in
October 2008 the demand was decreased within due to a poor economic condition,
decreasing income per capita and a weak in public purchasing power. The demand
was increasing in the early 2009 due to economic condition was gradually
recovery in the country. The growth rate is now estimated at 6% to 8% per year.
Market competition is very tight due to a large number of similar companies
operating in the country. Business position of P.T. SD is favorable for it has
controlled a wide marketing network at home and abroad and its brand has been
widely known among consumers in the country.
Until this time P.T. SD has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of P.T. SD is
very reclusive towards outsiders and rejected to disclose its financial
condition but we estimated that sales turnover of the company in 2008 amounted
to Rp. 850.0 billion increased to Rp. 980.0 billion in 2009 to Rp. 1,060.0 billion in 2010 and rose again to Rp. 1,145.0 billion in 2011. It is estimated that P.T. SD’s operation has
in 2009 yielded a total net profit of Rp 44.0 billion rose to Rp. 47.5 billion
in 2010 and to Rp. 51.3 billion in 2011, with a total assets of Rp 310.0
billion. So far, we did not hear that
the company having been black listed by Bank Indonesia (Central Bank) and
registered in the court for detrimental cases.
The management
is headed by Mr. Chen Tsen Nan AKA Norman Chen (58) as President Director. He
is a businessman with experience for 27 years in trading, importing and distribution
of food products. In daily activities,
he is assisted by older brother Mr. Chen tsen Yung AKA Kenneth Chen (60). Both are sons of Mr. Chen Wa Tek (89) and
Mrs. Lioe Mie Jin (84). The company's
management has wide relations in private business circles within and outside
the country and in the ranks of high-ranking government officials as well. 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.
We believed that P.T. SUKANDA DJAYA is appraised to be good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.92 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.