MIRA INFORM REPORT

 

 

Report Date :

22.05.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. SUMBER PANGAN UTAMA

 

 

Registered Office :

Jalan Kramat Jaya No. 26, Lagoa, Koja, Tanjung Priok, Jakarta Utara, 14270

 

 

Country :

Indonesia

 

 

Date of Incorporation :

14.10.2002

 

 

Com. Reg. No.:

No. AHU-53051.AH.01.02.TH.2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Fresh Fruits

 

 

No. of Employees :

17

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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, 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

 

 

Name of Company 

 

P.T. SUMBER PANGAN UTAMA

 

 

company Address

 

Head Office

Jalan Kramat Jaya No. 26

Lagoa, Koja, Tanjung Priok

Jakarta Utara, 14270

Indonesia

Phones             - (62-21) 4374560, 4374563-65

Fax                   - (62-21) 4374557

Building Area     - 2 storey

Office Space      - 130 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation

 

14 October 2002

 

 

Legal Form

 

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

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

No. AHU-53051.AH.01.02.TH.2008

Dated 20 August 2008

 

 

Company Status

 

Private National Company

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 02.186.864.1-045.000

 

The Department of Industry and Trade

TDP No. 08.01.1.51.16145

Dated 5 December 2007

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

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

Issued Capital                                  : Rp.    550,000,000.-

Paid up Capital                                : Rp.    550,000,000.-

 

Shareholders/Owners :

a. Mr. Haris Chandra                                                        - Rp. 137,000,000.-

    Address : Jl. RS Fatmawati 47/S, RT. 004 RW. 006

                    Kelurahan Gandaria Utara, Kecamatan

                    Kebayoran Baru, Jakarta Selatan

                    Indonesia

b. Mr. Sonny Kurniawan                                                  - Rp. 137,000,000.-

    Address : Jl. Janur Elok QI 4/3, RT. 007, RW. 011

                    Kelurahan Kelapa Gading Barat, Kecamatan

                    Kelapa Gading, Jakarta Utara

                    Indonesia

 

c. Mrs. Liem Siam Tjie                                                     - Rp. 137,000,000.-

    Address : Jl. Janur Elok QI 4/3, RT. 007, RW. 011

                    Kelurahan Kelapa Gading Barat, Kecamatan

                    Kelapa Gading, Jakarta Utara

                    Indonesia

d.  Mr. Bambang Sutrisno                                                - Rp.   84,000,000.-

    Address : Jl. Janur Elok VIII Blcok Q1 4/12 A, RT. 007

                    RW. 011, Kelurahan Kelapa Gading Barat

                    Kecamatan Kelapa Gading, Jakarta Utara

                    Indonesia

e. Mr. Indra Gunawan Haris Chandra                               - Rp.   55,000,000.-

    Address : Jl. Martadireja 1 No. 709, RT. 001 RW. 005

                    Kelurahan Purwokerto Wetan, Kecamatan

                    Purwokerto Timur, Banyumas, Central Java, Indonesia

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Fresh Fruits

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2003

 

Brand Name :

Sumber Pangan Utama

 

Technical Assistance :

None

 

Number of Employee :

17 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customers :

a. Carrefour Hypermarket

b. Hero Supermarket, Gelael Supermarket, Alfa Supermarket and

c. Fresh Fruit Shops in Jakarta

d. Others

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. AYU LESTARI JAYA

b. P.T. INTI SEHAT SENTOSA

c. P.T. LARIS MANIS UTAMA

d. P.T. SEGAR ABADI UTAMA

e. Etc.

 

Business Trend :

Growing

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.   P.T. Bak CENTRAL ASIA Tbk

      Jalan Raya Boulevard Kelapa Gading

      Jakarta Utara

      Indonesia

b.   P.T. Bank MANDIRI Tbk

      Jalan Raya Martadinata

      Tanjung Priok

      Jakarta Utara

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 11.0 billion

2010 – Rp. 12.0 billion

2011 – Rp. 13.2 billion

 

Net Profit (estimated) :

2009 – Rp. 660 million

2010 – Rp. 720 million

2011 – Rp. 792 million

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Sonny Kurniawan

Director                                           - Mr. Bambang Sutrisno

 

Board of Commissioners :

President Commissioner                   - Mr. Haris Chandra

Commissioner                                 - Mr. Indra Gunawan Haris Chandra

 

Signatories :

President Director (Mr. Sonny Kurniawan) or the Director (Mr. Bambang Sutrisno) 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

 

 

OVERALL PERFORMANCE

 

P.T. SUMBER PANGAN UTAMA (P.T. SPU) was established in Jakarta on October 14, 2002 with the authorized capital of Rp. 1,000,000,000 of which Rp. 550,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Haris Chandra, Mr. Bambang Sutrisno, Mr. Sonny Kurniawan and his wife Mrs. Liem Sian Tjie and Mr. Indra Gunawan Haris Chandra. The company notary deed has been changed a couple of times. In April 2008 the board of directors and the board of commissioner of the company reappointed. Later in July 2008 the company activities has been expanded into trading, agribusiness, export import, distribution and services. However the capitalization structure and the board of director and the board of commissioner remained the same. The latest revision of amendment was made by Mrs. Irene Yulia, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-53051.AH.01.02.TH.2008, dated August 20, 2008.

 

P.T. SPU has been in operation since 2003 dealing with trading and importing of fresh fruits like lychees, grapes, apple, pears, oranges, kiwi and others. The whole fruits are imported from Australia, New Zealand, China, Thailand and other countries and then sold to supermarkets such as Carrefour, Alfa, Indomaret, Ramayana and other fruit wholesalers. The global economic crisis and very sharp depreciation of the Rupiah to foreign currencies in October 2008 have adversely affected the company's operations for having caused the sales prices of the fruit the company is selling, which have mostly been imported, to be very high and started increasing since April 2009 in line with the amelioration of the economic condition in the country. We observe that P.T. SPU is classified as a medium sized company in the country dealing with trading, importing and distributor of fresh fruits of which the operation had been running smoothly and growing slowly in the last three years.

 

We note that generally the domestic demand for fresh fruits has been rising by about 8% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider P.T. SPU to be in a quite favorable position for having already got hold of a steady clientele in the country.

 

Until this time P.T. SPU has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SPU is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 11.0 billion rose to Rp. 12.0 billion in 2010 increased to Rp. 13.2 billion in 2011 and projected to go on rising by at least 4% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 792 million and the company has an estimated total net worth 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 P.T. SPU is led by Mr. Sonny Kurniawan (52) a businessman and professional manager with experience in trading, import and distribution of fresh fruits. Daily activity he is assisted by Mr. Bambang Sutrisno (58) as director. The company's management is handled by professional staff 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 PANGAN UTAMA is sufficiently fairly good for business transaction.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.68

UK Pound

1

Rs.86.52

Euro

1

Rs.69.86

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.