MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. ANEKA SARIVITA

 

 

 

 

Registered Office :

Jalan Tanjung Selor No. 15 – B Cideng, Gambir Jakarta Pusat, 10150

 

 

 

 

Country :

Indonesia

 

 

 

 

Date of Incorporation :

January 1996

 

 

 

 

Com. Reg. No.:

No. AHU-50185.AH.01.02.TH.2008

 

 

 

 

Legal Form :

Limited Liability Company

 

 

 

 

Line of Business :

Vegetarian Meat Manufacturing

 

 

 

 

No. of Employees :

57 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 – 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

 

 

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. ANEKA SARIVITA

 

 

Address

 

Head Office & Marketing

Jalan Tanjung Selor No. 15 – B

Cideng, Gambir

Jakarta Pusat, 10150

Indonesia

Phones             - (62-21) 638 60929 (Hunting)

Fax                   - (62-21) 632 3106

E-mail               - marketing@proteina.co.id

Website            - http://www.proteina.co.id

Building Area     - 1 storey

Office Space      - 120 sq. meters

Region              - Commercial

Status               - Rent

 

Factory

c/o P.T. INTER ANEKA LESTARI KIMIA

Jalan Daan Mogot Km. 18.5

Jurumudi Baru, Tangerang, 15124

Banten Province

Indonesia

Phones             - (62-21) 541 3522 (Hunting)

Fax                   - (62-21) 619 3611

Land Area         - 1,500 sq. meters

Office Space      - 1,000 sq. meters

Region              - Industrial Zone

Status               - Rent

 

 

Registration data

 

Date of Incorporation :

January 1996

 

Legal Form :

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

 

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-50185.AH.01.02.TH.2008

Dated 12 August 2008

 

Company Status :

Private National Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.348.944.8-028.000

 

Related Companies :

a.   P.T. ADI CAKRA UTAMA MULIA (Trading)

b.   P.T. ANEKA SARIVITA (Vegetarian Meat Manufacturing)

c.   P.T. HIDUPMAKMUR LESTARIABADI (Trading of Chemicals)

d.   P.T. INTER ANEKA LESTARI KIMIA (Manufacture of Premium Quality Masterbatch and

      Compound for All Plastic Converting Industries)

e.   P.T. UNICHEM INDOMULIA (Investment Holding)

f.    P.T. UNITED CHAMICALS INTER ANEKA (Trading, Agency and Distribution of Industrial

      Chemicals and Machineries and Investment Holding)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 400,000,000.-

Issued Capital                                  : Rp. 400,000,000.-

Paid up Capital                                : Rp. 400,000,000.-

 

Shareholders/Owners :

a. P.T. UNICHEM INDOMULIA                                  - Rp. 320,000,000.-

    Address : Jl. Kesehatan No. 21

                    Jakarta Selatan

                    Indonesia

b. Mr. Ir. Herman Moeliana                                     - Rp.   68,000,000.-

    Address : Jl. Taman Tanah Abang III No. 28, RT.

                    002 RW. 004, Kelurahan Petojo Selatan

                    Kecamatan Gambir, Jakarta Pusat

                    Indonesia

c. Mr. David Tanuwijaya                                         - Rp.   12,000,000.-

    Address : Jl. Laksamana Muda Nurtanio No. 63

                    RT. 09 RW. 02, Kelurahan Bangus

                    cariang, Kecamatan Anwir, Bandung

                    West Java, Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Vegetarian Meat Manufacturing

 

Production Capacity :

Soy Protein                                     - 500 tons p.a.

Total Investment :

Owned Capital                                 - Rp. 1.0 billion

 

Started Operation :

1996

 

Brand Name :

Aneka Sarivita

 

Technical Assistance :

None

 

Number of Employee :

57 persons                                     

 

Marketing Area :

Local       - 100%

 

Main Customer :

Metro Supermarket and Traditional Market

 

Market Situation :

Very Competitive

 

Main Competitors :

None

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a.   P.T. Bank CENTRAL ASIA Tbk

      Jalan Abdul Muis No. 24-26

      Jakarta Pusat

      Indonesia

b.   P.T. Bank EKONOMI RAHARDJA

      Tangerang Main Branch

      Banten Province

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 5.0 billion

2010 – Rp. 5.6 billion

2011 – Rp. 6.4 billion

2012 – Rp. 3.5 billion (January – June)

 

Net Profit (estimated) :

2009 – Rp. 0.3 billion

2010 – Rp. 0.4 billion

2011 – Rp. 0.5 billion

2012 – Rp. 0.3 billion (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Ir. Herman Moeliana

Director                                           - Mr. Boejoeng Tjahjana Lukito

General Manager                             - Mr. Lukman Abdullah

 

Board of Commissioners :

President Commissioner                   - Mr. Rilantini Harjani Muljawan

Commissioner                                 - Mrs. Lenny Theresia Mulyana

 

Signatories :

President Director (Mr. Ir. Herman Moeliana) or the Director (Mr. Boejoeng Tjahjana Lukito) 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. ANEKA SARIVITA (P.T. ASV) was incorporated in Jakarta in January 1996 with the authorized capital of Rp. 400,000,000 issued capital of Rp. 150,000,000 entirely paid up. The founding shareholders of the company are Mr. Ir. Herman Moeliana and Mr. David Tanuwijaya both are Indonesian businessmen of Chinese descent. The company notary deed has been changed a couple of times. Then according to the latest revision of notary documents of Mr. Robert Purba, SH., No. 202 dated 24 July 2008 the company issued capital was increased to Rp. 400,000,000 of which paid up. On the same occasion P.T. UNICHEM INDOMULIA entered into the company as new shareholder. With this development the composition of its shareholders has been changed to become P.T. UNICHEM INDOMULIA (80%), Mr. Ir. Herman Moeliana (17%) and Mr. David Tanuwijaya (3%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-50185.AH.01.02.TH.2008 dated August 12, 2008.

 

We observe that Mr. Ir. Herman Moeliana and Mr. David Tanuwijaya are the founding owners of P.T. ADHI CAKRA UTAMA MULIA in trading, P.T. HIDUPMAKMUR LESTARIABADI engaged in trading of chemicals, P.T. INTER ANEKA LESTARI KIMIA in industrial chemicals, P.T. UNICHEM INDOMULIA in trading and investment holding and P.T. UNITED CHEMICALS INTER ANEKA engaged in trading, agency and distribution of industrial chemicals and machineries and investment holding.

 

P.T. ASV is the producer of vegetarian meat manufacturer and distribution which operating since 1996 by managing a plant located adjacent with parent company P.T. INTER ANEKA LESTARI KIMIA, Jalan Daan Mogot Km. 18.5, Jurumudi Baru, Tangerang, Banten Province standing on 1,500 sq. meters lands. The plant produces of Soy Protein Products with PROTEINA brand. PROTEINA contains pure vegetable protein from soy oil that has been separated, with no other ingredients added. Nutritionally equivalent to meat protein, cholesterol free and low fats. Protein is substitute for animal protein and healthy for consumption and safe those who are running the diet program. Most of raw materials like soybean imported from China, Vietnam and India and later processed in their factory. Mr. Lukman Abdullah, General Manager of P.T. ASV explained the whole products marketed locally through Metro Supermarket in Pasar Baru, Central Jakara. Besides, the product also distributed through traditional market in Jakarta, Bekasi, Depok, Bogor, Tangerang and Karawang. We observe that P.T. ASV is the only producer of vegetarian meat from raw soybean in Indonesia which operation has been growing in the last five years.     

 

Until this time P.T. ASV has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. ASV 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. 5.0 billion rose to Rp. 5.6 billion in 2010 increased to Rp. 6.4 billion in 2011. As from January to June 2012 the sales turnover has reached at Rp. 3.5 billion with a net profit of Rp. 0.3 billion and projected to go on rising by at least 6% in 2013. The company has an estimated total networth 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. ASV is led by Mr. Ir. Herman Moeliana (68) a businessman and professional manager with experience in vegetarian meat manufacturing. Mr. Moeliana also a professional manager which experienced in trading, agent, distribution of industrial chemicals and manufacturing of aqua proof and aqua shell and compound polymers. Daily activity he is assisted by Mr. Boejoeng Tjahjana Lukito (49) 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. ANEKA SARIVITA is sufficiently fairly good for business transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.