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Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
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Name : |
C.V. SUMBER ASIA |
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Registered Office : |
Jalan Raya Kletek 196-197 Taman, Sidoarjo, 61257 East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1970 |
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Legal Form : |
Partnership with sleeping partner |
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Line of Business : |
Canned Fish (Sardine) Processing |
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No. of Employees : |
278 persons |
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 : |
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) |
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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 |
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
C.V.
SUMBER ASIA
Head Office & Cold Storage
Jalan
Raya Kletek 196-197
Taman,
Sidoarjo, 61257
East
Java
Indonesia
Phones -
(62-31) 788 2517 (Hunting)
Fax - (62-31) 788 2726
E-mail - info@sumberasia.com
Website - http://www.sumberasia.com
Building Area - 5,000 sq. meters
Office Space - 230 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
1970’s
Legal
Form :
C.V.
(Commanditaire Vennootschap) or partnership with sleeping partner
Company
Reg. No. :
Not
Required
Company
Status :
Private
National Company
Permit
by the Government Department :
The Department of Finance
Not
Available
Related
Companies :
a. P.T. INDOPLASTIKA JAYA ABADI (Plastic
Products Industry)
b. P.T. NISON INDONESIA (Canned Fish Processing)
c. P.T. SURYA OPTIMA NUSA RAYA (Plastic
Packaging Industry)
Capital
Structure :
Owned
Capital :
Rp. 2.5 billion
Owners
:
a. Mr. Charles Singgih (Active
Partner)
b. Mr. Nicky Singgih (Silent Partner)
Lines
of Business :
Canned
Fish (Sardine) Processing
Production
Capacity :
a. Canned Fish -
5,000 tons p.a.
b. Animal Feeds -
1,000 tons p.a.
Total
Investment :
None
Started
Operation :
1970
Brand
Name :
Sumber
Asia
Technical
Assistance :
None
Number
of Employee :
278
persons
Marketing
Area :
Export - 80%
Local - 20%
Main
Customer :
Buyers
in India, China, Middle East and Africa
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. AVILA PRIMA SENTRA MAKMUR
b.
P.T. BLAMBANGAN FOODPACKERS
c.
P.T. MAYA MUNCAR
d.
C.V. PASIFIC HARVEST
e. Etc.
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan A. Yani No. 39
Sidoarjo, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 28.0 billion
2010
– Rp. 30.0 billion
2011
– Rp. 32.0 billion
2012
– Rp. 17.0 billion (January – June)
Net
Profit (estimated) :
2009
– Rp. 2.9 billion
2010
– Rp. 3.1 billion
2011
– Rp. 3.3 billion
2012
– Rp. 1.8 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Charles Singgih
Manager -
Mr. Ridwanto
Board of Commissioners :
Commissioner - Mr.. Nicky Singgih
Signatories :
Director
(Mr. Charles Singgih) is only the authorized person to sign the loan on behalf
of the company.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
The
correct name of the Subject is C.V. SUMBER ASIA not C.V. SUMBER ASIA TRADING
COMPANY as stated in your order ref. No. 191434 dated 23 August 2012.
C.V.
SUMBER ASIA (C.V. SA) was established in 1970 in Sidoarjo, East Java with the
legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping
Partner. The founding and owners of the company are Mr. Nicky Singgih as silent
partner and his son Mr. Charles Singgih as active partners both are Indonesian
businessmen of Chinese extraction. As in common in cases of companies with C.V.
status, there is no mention in the company’s notarial act of its capital
structure. But going by the company’s conditions, we estimate its capital at
some Rp. 2.5 billion.
We
observe that Mr. Charles Singgih is also founders and business stakes owners of
P.T. INDAHPLASTIKA JAYA ABADI engaged in plastic products industry, P.T. NISON
INDONESIA in canned fish processing and P.T. SURYA OPTIMA NUSA RAYA in plastic
packaging industry.
C.V.
SA is a private national company operates in 1970 in the field of canned fish
(mackerel) processing. The company manages a cold storage located at Jalan Raya
Kletek 196-197, Taman, Sidoarjo, East Java standing on 5,000 sq. meters land.
Throughout the year, the company has developed a reliable history in the raw
material for the animal feed industry. This was proved by numerous national and
international clients that have trusted us with their businesses continuously
over time. An animal feed material manufacturing division for steam bone meal
was added since and C.V. SA has continued to grow better with higher market
demands and a steady supply of clients. The company then developed the business
even more by expanding into Warehousing in 2002 and Manufacturing Canned Goods
at the end 2006. With these new departments, C.V. SA has grown quickly to
become one of the foremost runs in the industry. The company produces of canned
fish and animal feed products. Mr. Ridwanto, Manager of the company said most
of raw material like fish imported from China, India and Yemen.
With
the experience in fresh fish processing, C.V. SA added its business to include
canned food as one of its major products in several types of taste and brands
such as BONEX, NISON and FUJISAN. Besides, C.V. SA also produces canned
sardines in several types of taste and brands depending on market needs and raw
material availability. Besides, fishmeal is an excellent source of protein for
poultry feed and aqua feed since it contains adequate quantities of all the
essential amino acids required by chickens and fish. C.V. SA produces a wide
range of steam dried fishmeal material grading, depending on their protein
levels, ranging from 60%-65%. After processing, we conduct thorough tests on
our fishmeal to ensure consistent level of high-quality products that satisfy
the customer needs for standardization of all levels. The other products is
crude fish oil made from fresh fish processing. Depending on the customer needs
and requirements, fish oil with custom levels of FFA, Iodine, or Peroxide
values are available and can be appropriated into the products. Steam bone meal
has become one of the main raw material for poultry feed in the past 30 years. It
is widely known as the source of Phosphor, Calcium, and Protein for poultry and
can also be used for plants’ fertilizer. Mr. Ridwanto also explained that most
of the mackerel (canned fish) exported to India, China, Middle East and Africa.
Meanwhile animal feed supplied to various animal feed milling in the
country.
Besides,
C.V. SA also rents of warehouses located in Kletek, Sidoarjo with sizes from
900m2 to 3735m2 are provided by C.V. SA to meet the customer’s demands. With
reliable security, 24 hour access, telephone line, and forklift and scale
rentals, the warehouses has been home to several big name companies like
Indofood, Charoen Phokpand, Japfa Comfeed, and many more. We observe the
operation of C.V. SA has been growing and developing well in the last three
years.
In
overall views we find the demand for fish meal, fish oil and feather meals had
been rising by 5% to 6% per year in the last five years, in line with the
growth of animal feed industry in the country. The Indonesian water particularly
in Indonesian Economic Zone is still dominated by foreign fishing boats who
catching fish illegally. The prolonged economic crisis caused the procurement
of fishing boats to impede. The absent of banking support caused Indonesian
businessmen to find difficulty to add their fishing boats. The Indonesian
fisheries products export including shrimp, tuna and others has yet to make any
progress in 2008. The protective law on export of Indonesian fisheries products
imposed by developed countries including the United States and the European
countries through embargo and or very strict security check (must be
carried-out through Singapore) will adversely Indonesian 2005's fisheries
business. Beside that the steep hike of fuel prices has also made domestic fisheries
industry to bottom. The export volume and value of the national fish
fresh/frozen and shrimps frozen products in 2005 to 2009 are pictured on the
following table.
|
Year |
Fish Fresh (Frozen) |
Shrimps Frozen |
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|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
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|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
Source: Central Bureau of Statistic (BPS)
Until
this time C.V. SA has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of C.V. SA 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. 28.0 billion rose to Rp. 30.0 billion in 2010
increased to Rp. 32.0 billion in 2011. As from January to June 2012 the sales
turnover was amounted at Rp. 17.0 billion with an estimated net profit of Rp.
1.8 billion. It is projected the sales turnover will be higher by at least 4%
in 2013. We observe that P.T. BBI is supported by foreign partner with has
financially strong and sound behind it. 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 C.V. SA is headed by Mr. Charles Singgih (48) a businessman and
professional manager in canned sardine processing and trading. 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. C.V. SUMBER ASIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
|
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.