MIRA
INFORM REPORT
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Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
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Name : |
PT. SARIWANGI AGRICULTURAL ESTATE AGENCY |
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Registered Office : |
Jalan Mercedez Benz No. 288, Cicadas,
Gunung Putri, Bogor 16964, West Java |
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Country : |
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Year of Establishment : |
1962 |
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Com. Reg. No.: |
No. AHU-20695.AH.01.02.TH.2010 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Bulk Tea and Finished Tea Processing |
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No. of Employees : |
2,500 |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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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 |
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
BASIC SEARCH
Name
of Company :
P.T. SARIWANGI AGRICULTURAL ESTATE AGENCY
Address
:
Head Office & Factory I
Jalan Mercedez Benz No. 288
Cicadas, Gunung Putri
Bogor
16964
West
Java
Indonesia
Phones -
(62-21) 867 2486 (Hunting), 8672 487-9
Fax - (62-21) 867 2485
E-mail - info@sariwangigroup.com
Website - http://www.sariwangigroup.com
Land Area -
28,000 sq. meters
Building Area -
17,500 sq. meters
Region -
Industrial Zone
Status -
Owned
Branch & Factory II
Jalan
Mercedez Benz No. 288 Area B
Cicadas,
Gunung Putri
Bogor
16964
West
Java
Indonesia
Phones -
(62-21) 8686 1983 (Hunting)
Fax - (62-21) 8686 1989
Land Area -
24,000 sq. meters
Building Area -
15,000 sq. meters
Region -
Industrial Zone
Status -
Owned
Date
of Incorporation :
a.
1962 as C.V. SARIWANGI
b. 12
February 1973 as P.T. SARIWANGI AGRICULTURAL ESTATE AGENCY
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. W7-HT.01.10-10449
Dated 17 July 2007
- No. AHU-35646.AH.01.02.TH.2008
Dated 25 June 2008
- No. AHU-AH.01.10-23887
Dated 30 December 2009
- No. AHU-20695.AH.01.02.TH.2010
Dated 23 April 2010
Company
Status :
Private
National Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 01.313.842.5-431.000
Related
Company :
A
Member Company of the SARIWANGI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
75,000,000,000.-
Issued
Capital :
Rp. 25,620,000,000.-
Paid
up Capital :
Rp. 25,620,000,000.-
Shareholders/Owners
:
a. Mr. Johan Alexander Supit - Rp.
22,700,000,000.-
Address : Estate Bogor Raya Block D 14-15
RT.
001 RW. 04, Kel. Sukaraja, Kec.
Sukaraja, Bogor, West
Java
Indonesia
b. Mr. Donald Roetap Zakir - Rp. 1,281,000,000.-
Address : Jl. Anggrek Block F. IV No. 1
Cinere, Limo, Bogor
West Java
Indonesia
c. Mrs. Henriette Lousie Supit - Rp. 1,239,000,000.-
Address : Jl. Lombok No. 51
Gondangdia, Menteng
Jakarta Pusat
Indonesia
d. Mrs. Enny Supit -
Rp. 400,000,000.-
Address : Jl. A. Yani No. A. 21
Pisangan Timur, Pulo Gadung
Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines
of Business :
a. Bulk Tea and Finished Tea Processing
b. Investment Holding
Production Capacity :
a. Bulk Tea and Pocked Tea -
18,000 tons p.a.
b. Teabags (self-made packaging machineries) - 8 billion teabags
Total
Investment :
a. Owned Capital -
Rp. 25.6 billion
b. Loan Capital - Rp. 10.0 billion
c. Total Investment - Rp. 35.6 billion
Started
Operation :
1962
when it was C.V. SARIWANGI
Brand
Name :
Sariwangi
AEA
Technical
Assistance :
None
Number
of Employee :
2,500
persons
Marketing
Area :
Domestic (Local) - 30%
Export - 70%
Main
Customer :
a.
P.T. UNILEVER INDONESIA Tbk
b.
Distributorship
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. SINAR SOSRO
b.
P.T. ARGAPURA TRADING COMPANY
c. P.T. PUTINDO INTI SELARAS
d.
P.T. VAN REES INDONESIA
e.
P.T. TJIMAPAG
f. P.T. NITTOH MALINO THE
g. P.T. Perusahaan Perkebunan TAMBI, Etc
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
Graha Niaga
Jalan Jend. Sudirman Kav. 58
Jakarta 12190
Indonesia
b. P.T. Bank OCBC NISP Tbk
Jalan Alternatif Cibubur –Cileungsi Km. 1
Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2009
– Rp. 337.0 billion
2010
– Rp. 352.0 billion
2011
– Rp. 365.0 billion
2012
– Rp. 189.0 billion (January – June)
Net
Profit (estimated) :
2009
– Rp. 27.0 billion
2010
– Rp. 29.0 billion
2011 –
Rp. 31.4 billion
2012
– Rp. 16.4 billion (January – June)
Payment
Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
President Director - Mr. Andrew Thobias Supit
Director -
Mr. Rocky Christiano Menayang
Board
of Commissioner :
Commissioner -
Mr. Johan Alexander Supit
Signatories :
President Director (Mr.
Andrew Thobias Supit) or the Director (Mr. Rocky Christiano Menayang) which
must be approved by Board of Commissioners
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
BACKGROUND/HISTORY
Initially
the company named C.V. SARIWANGI was established in 1962 with the legal status
as C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The
company was founded by Mr. Johan Alexander Supit as active partner and his wife
Mrs. Henriette Louise Supit or Mrs. Henriette Louise Soepardi both are
indigenous business family. Then, on 12 February 1973 the legal status was
converted to Limited Liability Company (P.T. Perseroan Terbatas) P.T. SARIWANGI
ANGRICULTURAL ESTATE AGENCY or abbreviated with trading style as P.T. SARIWANGI AEA with an authorized
of Rp. 5,000,000 and an issued and paid up capital of Rp. 1,000,000. The
founding shareholders of the company are Mr. Johan Alexander Supit, his wife
Mrs. Henriette Louise Supit and their son Mr. Bernhard Alfonsius Supit. The
company notary deed has frequently been revised. In 1987, Mr. Bernhard
Alfonsius Supit withdrew and was replaced by his younger sister Mrs. Enny
Supit. In December 1988 the authorized capital was increased to Rp.
1,000,000,000 issued capital to Rp. 700,000,000 entirely paid up. In September
1996, the authorized capital was raised to Rp. 6,000,000,000 issued and paid up
capital to Rp. 3,000,000,000. With this development the composition of its
shareholders has been changed to become Mr. Johan Alexander Supit (89.97%),
Mrs. Henriette Louise Supit (10%) and Mrs. Enny Supit (0.03%). Later in June
2007 the authorized capital was increased to Rp. 75,000,000,000 issued capital
to Rp. 25,620,000,000 entirely paid up. On the same occasion Mr. Donald Roetap
Zakir joined the company as new shareholder. With this development the
composition of its shareholders has been changed to become Mr. Johan Alexander Supit
(88.60%), Mrs. Henriette Louise Supit (4.84%), Mr. Donald Roetap Zakir (5%) and
Mrs. Enny Supit (1.56%).
Then
in April 2008 the board of directors of the company has been changed and
appointed Mr. Donal Roetap Zakir as director. Later in December 2009 the board
of directors and the board of commissioner had been changed. The latest in
March 2010 the company domicile had been moved from Citeureup, Bogor district
into Gunung Putri, Bogor district, West Java. However the capitalization
structure and the composition of the board of directors and commissioner
remained the same. The latest revision of notary documents was made by Dr.
Irawan Soerodjo, SH., MSi., a public notary in Jakarta and was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-20695.AH.01.02.TH.2010 dated April 23, 2010.
We
observe that Mr. Johan Alexander Supit and family member is also majority
business stakes owner of the SARIWANGI Group, a medium-sized business group
dealing with finished tea processing, agribusiness, tea plantation, export
import of tea and trading.
P.T. SARIWANGI
AEA started with operation in 1962 dealing with tea processing industry and
exporting. The Company initially operates in the field of tea trading and
later-on becoming a tea producer (produce tea on its own-self including
blending and manufacturing package products). Firstly, it handled a plant in
Jalan Mercedes Benz No. 288, Cicadas, Gunung Putri, Bogor, West Java, had been
operating since 1973. In late 1980, the company introduces a concept of tea bag
in the Indonesia market using its own company brand called Sariwangi and at the
same time introduced the name “Teh Celup” in Indonesia. At later stage, the
brand was acquired by P.T. UNILEVER INDONESIA Tbk in 1989. Later on, in the
year of 1989, the brand Sariwangi became the property of Unilever. And in June
1996, it had been operating new plant in Cicadas, Jalan Mayor Oking
Djajaatmadja No. 7 A, Citeureup, Bogor, West Java. However since May 2010 the
plant has been moved to Jalan Raya Mercedez Benz No. 288 Area B, Gunung Putri,
Bogor, West Java, both of plant on a land of 52,000 sq. meters.
The whole basic
materials required by the company obtained from sister company P.T. Maskapai
Perkebunan INDORUB SUMBER WADUNG which operates in tea plantation on a land of
4,000 hectares located in Cigaru, Patuahwattee, Alkaterie, and P.T. Perkebunan
dan Perindustrian NIRMALA AGUNG in Nirmala and Surangga. Besides, P.T.
SARIWANGI AEA is also bought tea from P.T. PERKEBUNAN NUSANTARA XII and P.T.
PERKEBUNAN NUSANTARA XIII both are located in Bandung, West Java.
The
company leads the market amongst private companies in commodity trading, up to
20,000 tons annually, capacity of manufacturing up to 8 billion teabags,
self-made packaging machineries, own-supply of made tea up to 7,000 tons
annually. The above plant are certified to ISO 9001: 2000 (Quality Management
System), BRC (British Retail Consortium) HACCP (hazard Analysis Critical
Control Point) and are currently employing around 2500 personnel. P.T.
SARIWANGI AEA produced and manufacture of Sariwangi brand for P.T. UNILEVER
INDONESIA Tbk. Besides, the company has launched a new product Sedap Wangi and
Teh Saring brands. The new brand is the culmination of 40 years industry
experience and expertise, and offers Indonesian consumers quality products in
term of taste, aroma and extended product range.
Some
70% of the products is exported to South East Asia Region, Southeast Asia &
South Pacific Region, South Middle East, Australia, New Zealand, Europe Union,
Russia and North America and United States of America. Most of the buyers are
well-known traders and have been long-time business partners such as
Lipton-Unilever, Dilman, Tetley, Boh Tea, Elink Schurman and Thompson. We
observe the operation of P.T. SARIWANGI AEA has been growing and developing
well in the last three years.
Besides,
P.T. SARIWANGI AEA is also engaged in investment holding by controlling of 60%
shares of P.T. Maskapai Perkebunan INDORUR SUMBER WADUNG engaged in tea plantation;
99.07% shares of P.T. NUTRIGASI AGRO INDONESIA in agribusiness and plantation;
12% shares in P.T. Perkebunan Dan Perindustrian NIRMALA AGUNG in tea plantation
and 10% shares in P.T. SARI WANGI INDUSTRIES engaged in trading and
distribution of tea products.
The Chart ownership of P.T. SARIWANGI AEA subsidiaries
Source: Company Notary Deed
Generally, the national
tea production has been fluctuating in the last five years as the impact of the
unstable economic condition in the country and the increasing oil prices, labor
wages and others. The national tea production in 2004 reached 100,185 tons or
increasing by 2.3% from the previous year reaching 88,176 tons. West Java is
the largest tea producer contributing 70% of total tea production worth Rp.
500,0 billion. The largest destination countries of the national tea export
included Russia of 15.4%, the United Kingdom of 14.4%, Malaysia of 9%, Pakistan
of 8.6%, Germany of 7%, the USA of 7%, Poland of 5.4% and the Netherlands of
5.3%. These countries have absorbed 72% of total national tea export.
Meanwhile, the national tea consuming rate reaches just 310 gram per capita
while India reaching 660 gram per capital, Saudi Arabia of 670 gram per capital
and Iraq of 2,770 gram per capita. Bases on the above data, there are still
export opportunities for tea products despite tight competition within and
outside the country, However, the business position of P.T. SARIWANGI AEA is
favorable in line with the steady and continuous production markets.
Export Volume and Value of Tea Product, 2005-2010
|
Tea |
Volume (Thousand Ton) |
Value (Million US$) |
|
2005 |
45.7 |
48.0 |
|
2006 |
42.6 |
51.1 |
|
2007 |
55.6 |
73.2 |
|
2008 |
83.8 |
125.1 |
|
2009 |
82.9 |
144.3 |
|
2010 |
79.2 |
149.4 |
Source: Central Bureau
of Statistic, processed by ICB
P.T. SARIWANGI AEA
has not been registered with Indonesian Stock Exchange, so that they shall not
obliged to announce their financial statement. The management of P.T. SARIWANGI
AEA 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. 337.0 billion increased to Rp. 352.0 billion in 2010 to Rp.
365.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at Rp. 189.0 billion with a net profit of Rp. 16.4 billion and
projected to go on rising by at least 6% in 2013. The company has an estimated
total networth by at Rp. 115.0 billion. We observe that P.T. SIARIWANGI AEA is
supported by the fairly strong and sound businessmen behind it. We observe that
assets like account receivable, stock and corporate guarantee has been
controlled by P.T. Bank OCBC NISP Tbk as adequate guarantee on 24 January 2008.
On the same occasion, P.T. SARIWANGI AEA has received syndicated loan from P.T.
Bank OCBC NISP Tbk to expanding its business operation. So far we did not hear
that the company registered with the black list of Bank of Indonesia (Central
Bank) or involved in the civil case that settled through the country court.
The
company is led by Mr. Andrew Thobias Supit (46), a businessman and professional
manager with has experienced for more than 18 years in the field of finished
tea processing and tea plantation. Daily operation, he assisted by his
brother-in-law Mr. Rocky Christiano Menayang (44) as director. We observed that
management’s reputation in said business is sufficiently fairly good. The
company has had wide relation in the realm of the 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. So far we have never
heard that the board of directors and commissioners of the company involved in
business malpractices or detrimental cases that settled through the court.
Their litigation record is clean and they have never involved in civil or
criminal cases or politics in the country. Both are not in bankruptcy condition
as their business is running well.
We
are convinced that P.T. SARIWANGI AGRICULTURAL ESTATE AGENCY or SARIWANGI AEA
is sufficiently fairly good for business cooperation.
Attachment:
List of the SARIWANGI Group Members
1.
Maskapai Perkebunan INDORUB SUMBER WADUNG, P.T. (Tea Plantation)
2.
NUTRIGASI AGRO INDONESIA, P.T. (Agribusiness & Plantation)
3. Perkebunan dan Perindustrian NIRMALA AGUNG, P.T. (Tea Plantation)
4.
SARIWANGI AGRICULTURAL ESTATE AGENCY, P.T. (Bulk Tea and Finished Tea
Processing and Investment Holding)
5.
SARI WANGI INDUSTRIES, P.T. (Trading and Distribution of Tea
Products)
6.
SARI WANGI PLANTATION, P.T. (Tea Plantation)
7.
SEDAP WANGI INDONESIA, P.T. (Trading, Franchise of DMD Tea)
8.
SINAR AGAPE PRESS, P.T. (Digital and Offset Graphic Printing
Services)
9.
TIPATI INTERNASIONAL, P.T. (Trading and Exporter of Tea Packaging
Products)
10.
TAMAN OLAHRAGA JAGORAWI, P.T. (Golf Course Development and
Management Services)
11.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.