MIRA INFORM REPORT

 

 

Report Date :

16.10.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. SALITROSA AUSASIA

 

 

Registered Office :

Jalan Kom. L. Yos Sudarso Kav. 48, Komplek Mitra Sunter Boulevard Block D-1, Kelurahan Sunter Agung, Kecamatan Tanjung Priok, Jakarta Utara, 14350

 

 

Country :

Indonesia

 

 

Date of Incorporation :

24.02.1989

 

 

Com. Reg. No.:

No. AHU-AH.01.10-15271

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Fresh Fruits

 

 

No. of Employees :

28 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

 

Status :

Satisfactory

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 – 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

 

 

 

 

 

Name of Company

 

P.T. SALITROSA AUSASIA

 

 

ADDRESS

Head Office

Jalan Kom. L. Yos Sudarso Kav. 48

Komplek Mitra Sunter Boulevard Block D-1

Kelurahan Sunter Agung, Kecamatan Tanjung Priok

Jakarta Utara, 14350

Indonesia

Phones             - (62-21) 65307951, 65831912, 65831601

Fax                   - (62-21) 65307308

E-mail               - salitrosa@cbn.net.id

Building Area     - 2 storey

Office Space      - 180 sq. meters

Region              - Commercial

Status               - Rent

 

 

Registration data

 

Date of Incorporation

24 February 1989

 

Legal Form :

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

 

Company Reg. No. :

The Ministry of Law and Human Rights

- No. C2-7140.HT.01.01.TH.89

  Dated 7 August 1989

- No. AHU-61669.AH.01.02.TH.2008

  Dated 12 September 2008

- No. AHU-AH.01.10-15271

  Dated 23 May 2011

 

Company Status :

Private National Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.613.755.6-048.000

 

 

 

Related Companies :

a.   P.T. GRAMER (Marble Natural Industry)

b.   P.T. INDOBRILL SALITROSA (Trading and Distribution of Fresh Fruits)

c.   P.T. KURNIA (Marble Natural Industry)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 300,000,000.-

Issued Capital                                  : Rp. 300,000,000.-

Paid up Capital                                : Rp. 300,000,000.-

 

Shareholders/Owners :

a. Mr. Hendra Juwono                                                      - Rp. 270,000,000.-

    Address : Jl. Mangga Besar VI/46, RT. 009 RW. 001

                    Kelurahan Taman Sari, Kecamatan Sawah

                    Besar, Jakarta Barat

                    Indonesia

b. Mr. Timothy Paul Juwono                                             - Rp.   30,000,000.- 

    Address : Jl. Mangga Besar VI/46, RT. 009 RW. 001

                    Kelurahan Taman Sari, Kecamatan Sawah

                    Besar, Jakarta Barat

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Fresh Fruits

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1989

 

Brand Name :

Salitrosa Ausasia

 

Technical Assistance :

None

 

Number of Employee :

28 persons                                     

 

Marketing Area :

Local       - 100%

 

Main Customer :

Supermarket, Trader and Wholesale of Fresh Fruits

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ANUGERAH MUSTIKA OSTINDO

b. P.T. MULIA RAYA AGRIJAYA

c. P.T. SEMESTA ALAM RAYA

d. P.T. SURYA INDAH PERKASA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r :

P.T. Bank DANAMON INDONESIA Tbk

Jalan Gajah Mada No. 90A

Jakarta Pusat

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 18.5 billion

2010 – Rp. 19.4 billion

2011 – Rp. 20.5 billion

2012 – Rp. 10.5 billion (January – June)

 

Net Profit (estimated) :

2009 – Rp. 0.9 billion

2010 – Rp. 1.1 billion

2011 – Rp. 1.3 billion

2012 – Rp. 0.6 billion (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Hendra Juwono

Manager                                          - Mr. Dede Juwono

 

Board of Commissioners :

Commissioner                                 - Mr. Timothy Paul Juwono

 

Signatories :

Director (Mr. Hendra Juwono) 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. SALITROSA AUSASIA (PT. SRA) was incorporated in Jakarta on 24 February 1989 with the authorized capital of Rp. 60,000,000 issued and paid up. The founding shareholders of the company are Mr. Dede Juwono and his young brother Mr. Hendra Juwono, both are Indonesian business family of Chinese extraction. The company notary deed has been changed a couple of times and in August 2008 Mr. Dede Juwono withdrew and the whole share taken over by Mr. Timothy Paul Juwono as new shareholder. Then according to the latest revision of notary documents of Mrs. Fenny Tjitra, SH., No. 02 dated 4 April 2011 the company authorized capital was increased to Rp. 300,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mr. Hendra Juwono (90%) and his son Mr. Timothy Paul Juwono (10%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-15271 dated May 23, 2011.

 

We observe that majority shareholders Mr. Hendra Juwono is alos business stakes of P.T. GRAMER, P.T. KURNIA both are engaged in marble natural industry and P.T. INDOBRILL SALITROSA in trading, import and distribution of fresh fruits.

 

P.T. SRA is a private national company dealing with trading, import and distribution of fresh fruits. Originally the company engaged in trading and export of various manufacturing products like marble and towel cloth. The whole marble products is bought from domestic companies like P.T. KURNIA in Bandung, West Java and P.T. GRAMER in Lampung, etc. The products are exported to the USA on order basis. Towel cloth is bought from P.T. ATEJA MULTI INDUSTRY and other companies for export to the UK on order basis. The operation has been running quite slowly within the last three years. However, currently P.T. SRA activity has shifted into trading, import and distribution of fresh fruits. Hendra Juwono, Director of P.T. SRA said the company sells various fruits like apples, Sunkist, oranges, grapes, pears, bread, kiwi, dates, etc., all imported from Australia, New Zealand, the UK, the USA, Egypt, Thailand, China, Pakistan and other countries. The commodities are sold to supermarkets like MAKRO, GIANT, MATAHARI, etc., in Jakarta, Medan and Surabaya. Besides, the fresh fruit is also sold through trader of fresh fruits in Jaakrta and surroundings. The visitors/buyers are coming from middle-up income society. We observe the operation of P.T. SRA is a medium sized company of its kind in Indonesia and growing steadily in the last five 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. SRA to be in a quite favorable position for having already got hold of a steady clientele in the country.

 

Until this time P.T. SRA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SRA 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. 18.5 billion rose to Rp. 19.4 billion in 2010 increased to Rp. 20.5 billion in 2011. As from January to June 2012 the sales turnover has amounted at Rp. 10.5 billion with a net profit of Rp. 0.6 billion. It is projected the sales turnover will be higher by at least 4% in 2013. 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. SRA is led by Mr. Hendra Juwono (54) a businessman and professional manager with experience in trading, import and distribution of fresh fruits. He graduated from City University, United Kingdom in Mechanical Engineering. 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. SALITROSA AUSASIA is sufficiently fairly good for business transaction.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.11

UK Pound

1

Rs.85.14

Euro

1

Rs.68.60

 

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%)

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.