MIRA INFORM REPORT
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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. LARIS MANIS UTAMA |
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Registered Office : |
Jalan Beringin
No. 1, Pelabuhan Sunda Kelapa, |
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Country : |
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Date of Incorporation : |
15.04.1996 |
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Com. Reg. No.: |
No. AHU-54361.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Importing
and Distribution of Fresh Fruits |
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No. of Employees
: |
32 |
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 |
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
P.T. LARIS MANIS UTAMA
Head Office
Jalan Beringin
No. 1
Pelabuhan Sunda
Kelapa
Jakarta Utara
14430
Indonesia
Phones -
(62-21) 6908690 (hunting)
Fax - (62-21) 6908689
Email - Jakarta@lmu.co.id
Website - http://www.lmu.co.id
Land Area - 1,200 sq. metes
Building Area - 620 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Achmad Jais
No. 33-i
Surabaya 60274
East Java
Indonesia
Phone -
(62-31) 5473765, 5319195
Fax - (62-31) 5473765
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
15 April 1996
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry
of Law and Human Rights
- No. C2-8252.HT.01.01.TH.96
Dated 2 August 1996
- No.
AHU-AH.01.10-1821
Dated 24 January 2008
- No.
AHU-54361.AH.01.02.Tahun 2008
Dated 25 August 2008
National Private
Company
The Department
of Finance
NPWP No.
01.773.157.1-041.000
P.T. SEGAR UTAMA RAYA (Trading and Importing of Fresh Fruits)
Capital
Structure :
Authorized Capital - Rp. 2,000,000,000.-
Issued Capital - Rp. 1,200,000,000.-
Paid up Capital - Rp. 1,200,000,000.-
The
Shareholders :
a. Mr. Eddy
Simon Sim -
Rp. 810,000,000.-
Address
: Jl. Gunung Sahari XI
Kel. Gunung Sahari, Jakarta
Pusat
Indonesia
b. Mr. Sim
Eddy Santoso -
Rp. 390,000,000.-
Address :
Jl. Ahmad Yani No. 36
Kel. Sukarasa,
Tangerang
Banten Province
Indonesia
Lines of
Business :
Trading, Importing
and Distribution of Fresh Fruits
Production
Capacity :
None
Total Investment :
None
Started
Operation :
1996
Brand Name :
LMU
Technical
Assistance :
None
Number of
Employee :
32 persons
Marketing Area
:
Domestic - 100%
Main Customers
:
a. Carrefour
Hypermarket
b. Hero
Supermarket, Gelael Supermarket, Alfa Supermarket and
c. Fresh Fruit
Shops in Jakarta, Surabaya, Makassar and Bali
d. Others
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. AYU
LESTARI JAYA
b. P.T. INTI SEHAT SENTOSA
c. P.T. MEKAR CITRA ABADI
d. P.T. PINCURAN MAS BINA USAHA
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T. Bank PANIN Tbk
Jalan Asemka Raya No. 30-31
Jakarta Barat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan
Asemka Raya No. 27-30
Jakarta Barat
Indonesia
c. P.T. Bank CIMB NIAGA Tbk
Jalan Raya Jembatan II No. 82
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 23.0
billion
2010 – Rp. 26.5
billion
2011 – Rp. 30.4
billion
Net Profit
(estimated) :
2009 – Rp. 1.2
billion
2010 – Rp. 1.4
billion
2011 – Rp. 1.6
billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Eddy Simon Sim
Board of Commissioners :
President Commissioner -
Mr. Sim Eddy Santoso
Commissioner -
Mrs. Lim Bak Kiang
Signatories :
Director (Mr. Eddy Simon Sim) which must be approved by Board of
Commissioners (Mr. Sim Eddy Santoso and Mrs. Lim Bak Kiang)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. LARIS MANIS UTAMA (P.T. LMU) was established in April 1996 with an authorized capital of Rp. 1,200,000,000 of which Rp. 300,000,000 was issued and paid up. The founding shareholders of the company are Mrs. Lim Bak Kiang, Mrs. Lindayani and Mr. Sim Eddy Santoso (all three being Indonesians of Chinese extraction). The company's notarial act has been revised frequently. The latest in December 2007, the authorized capital was raised to Rp. 2,000,000,000 issued capital to Rp. 1,200,000,000 fully paid up. The latest shareholders of the company are Mr. Eddy Simon Sim (67.50%) and his young brother Mr. Sim Eddy Santoso (32.50%). The notary deed of amendment was made by Mr. Hendra Wijono, SH., a public notary in Jakarta under Company Registration No. AHU-AH.01.10-1821 dated January 24, 2008 and No. AHU-54361.AH.01.02.Tahun 2008 dated August 25, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. LMU has been in operation since April 1996 in trading, importing and distribution of fresh fruits such as oranges, apples, grapes, pears, Sunkist, etc. Basically, the company is continuing the activities of P.D. LARIS MANIS UTAMA, which had been in operation since 1986 by the late Mr. Lim Bak Kiang (father of Mr. Eddy Simon Sim and Mr. Sim Eddy Santoso). Mr. Go Ifantri, the company's marketing manager, said the products being sold are fresh fruits like pears, apples, oranges, grapes, Sunkist etc., imported by P.T. LMU from Australia, New Zealand, the USA, Chile, Hong Kong and other countries. Besides, the company also imported longan fruits from Thailand. The company supplies the above products to Carrefour Hypermarkets and several fruit stores, grocery fruits and supermarkets in Jakarta, Surabaya, Makassar (Ujungpandang) and Bali. Besides, the company also supplies the products to operators of hotels and restaurants in Jakarta, Surabaya and surroundings.
P.T. LMU is also selling and exporting of local oranges from Pontianak, West Kalimantan. These oranges are vaguely similar to mandarin oranges. 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. LMU 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 two 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. LMU to be in a quite favorable position for having already got hold of a steady clientele in the country.
Until this time P.T. LMU has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. LMU is very reclusive towards outsiders and rejected to disclose its financial condition. We estimate P.T. LMU's sales turnover in 2009 reached Rp. 23.0 billion increased to Rp. 26.5 billion in 2010 rose again to Rp. 30.4 billion in 2011 and projected to go on rising by at least 10% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 1.6 billion and the company has an estimated total net worth of at least Rp. 9.0 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.
P.T. LMU's management is headed by Mr. Eddy Simon Sim (61) as director with about 23 years of experience each in fresh fruits trading, importing and distribution. The company's management is handled by professionals 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 fraudulent dealings. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. LARIS MANIS UTAMA is appraised to be good for business
transaction. However, in view of the unstable
political condition in the country we recommend to treat prudently in extending
a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.87.91 |
|
Euro |
1 |
Rs.70.57 |
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 |
|
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 |
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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.