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Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. SALITROSA AUSASIA |
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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 |
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Country : |
Indonesia |
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Date of Incorporation : |
24.02.1989 |
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Com. Reg. No.: |
No. AHU-AH.01.10-15271 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· importer and distributor of various fresh fruits like apples, Sunkist, oranges, grapes, pears, bread, kiwi, dates ·
Subject was engaged in trading and exporting
of various manufacturing products like marble and towel clot |
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No. of Employees : |
28 |
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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 more than 6% annually in 2010-12. 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
fiscal deficit below 3%, 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 2013 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 high oil prices.
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Source : CIA |
P.T. SALITROSA AUSASIA
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
24 February 1989
P.T. (Perseroan Terbatas) or Limited Liability Company
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
National Private Company
The Department of
Finance
NPWP No. 01.613.755.6-048.000
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 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
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 :
P.T. Bank DANAMON INDONESIA Tbk
Jalan Gajah
Mada No. 90A
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 19.4 billion
2011 – Rp. 20.5 billion
2012 – Rp. 21.6 billion
2013 – Rp. 11.5 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 1.1 billion
2011 – Rp. 1.3 billion
2012 – Rp. 1.4 billion
2013 – Rp. 0.8 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
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
Management Capability :
Good
Business Morality :
Good
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 product 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, 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 Jakarta 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 had 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 2010 amounted to Rp. 19.4 billion
rose to Rp. 20.5 billion in 2011 increased to Rp. 21.6 billion in 2012. As from
January to June 2013 the sales turnover has amounted at Rp. 11.5 billion with a
net profit of Rp. 0.8 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 (55) 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
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UK Pound |
1 |
Rs.102.15 |
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Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.