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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. REYKAR SKA |
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|
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Registered Office : |
Piazza De Europe, Boulevard Eropa 11 Lippo Karawaci Utara Tangerang
15811 |
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Country : |
Indonesia |
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Date of Incorporation : |
27.04.2011 |
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Com. Reg. No.: |
No. AHU-29749.AH.01.01.Tahun 2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Export and Distribution of Beauty Soap, Milk Soap and Orange
Juice |
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No. of Employees : |
6 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – 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 |
P.T. REYKAR SKA
Head Office
Piazza De Europe,
Boulevard Eropa 11
Lippo Karawaci Utara
Tangerang 15811
Indonesia
Phones -
(62-21) 5582 481
Fax - (62-82) 123 181975
Email - export@zaitoonsopa.com
or export@nadrjuice.com
Land Area - 300 sq. meters
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
27 April 2011
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
No. AHU-29749.AH.01.01.Tahun 2011
Dated 14 June 2011
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP – not available
Affiliated/Associated Company :
Not available
Capital Structure :
Authorized Capital - Rp.
1,000,000,000.-
Issued Capital - Rp. 600,000,000.-
Paid up Capital - Rp. 600,000,000.-
Shareholders/Owners :
a. Mr. Abdulla Srwan Kareem Abdulla -
Rp. 585,000,000.- (97.5%)
Address: Jl. K.H. Mas Mansyur No. 63
Kel. Kebon Melati, Kec. Tanah Abang
Central Jakarta
b. Miss Munirah -
Rp. 15,000,000.-
( 2.5%)
Address: Blok Jatimulya RT.021, RW.013
Kel. Mekarjaya, Kec. Gantar
Indramayu, West Java
Lines of Business :
Trading, Export and Distribution of Beauty Soap, Milk Soap and Orange
Juice
Production Capacity :
None
Total Investment :
Equity Capital - Rp. 600.0
million
Started Operation :
June 2011
Brand Name :
REYKAR SKA
Technical Assistance :
None
Number of Employee :
6 persons
Marketing Area :
a. Local - 80%
b. Export - 20%
Main Customers :
Beauty Shops, Beauty Parlors/Salons, etc
Market Situation :
Very Competitive
Main Competitors :
a. PT. DIAMOND COLD STORAGE
b. PT. UNILEVER INDONESIA Tbk
c. PT. INDO VAN HOUTEN
d. PT. INDOFREEZE INDUSTRIAL Ltd
e. PT. ORLANDO ICE CREAM
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Bisnis Indonesia Building
Jl. KH Mas Mansyur No. 12A
Jakarta Pusat
b. P.T. Bank CENTRAL ASIA Tbk.
KH Mas Manyur Branch
Jl. KH
Mas Mansyur Blok B/73
Jakarta
Pusat
Auditor :
Internal Auditor
Litigation :
No detrimental filling was recorded in our database
Total Sales/Revenue (estimated) :
2011 – Rp. 720 million
2012 – Rp. 2,500 million
Net Profit (estimated) :
2011 – Rp. 32 million
2012 – Rp. 110 million
Payment Manner :
Average
Financial Comments :
Fairly
Board of Management :
Director - Mr. Abdulla Srwan Kareem Abdulla
Board of Commissioners :
Commissioner - Miss Munirah
Signatories :
Director (Mr. Abdulla Srwan Kareem
Abdulla) which must be approved by Board of Commissioner (Miss Munirah)
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. REYKAR SKA (REYKAR) was established in Jakarta based on Notarial
Deed of Dradjat Darmadji, SH., No. 243 dated 27 April 2011 with the authorized
capital of Rp. 1,000,000,000.- of which Rp. 600,000,000.- was issued and fully
paid up. The founding shareholders of the company are Mr. Abdulla Srwan Kareem
Abdulla (97.5%), an Indonesian businessman of Arab extraction and Miss Munirah
(2.5%), an indigenous businesswoman. The Article of Association has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decision Letter No. AHU-29749.AH.01.01.Tahun 2011 dated June 14,
2011. No changes have been effected in
term of its shareholding composition and capital structures to date.
Pursuant to the company’s notary deed, P.T. REYKAR engaged to operate in
general trading, supplier, general contractor, real estate, services,
transportation, printing, industry, computer, electrical, mechanical,
agricultural, workshop and others. The Company’s registered office located at
Tangerang (Banten province) and the company can open branch offices or
representative offices at home and abroad.
According to the results of our investigation we noticed that P.T. REYKAR has been operating since mid-2011 to deal with trading exporting and
distribution of Zaitoon Beauty Soap (for formal skin types, for dry skin, for
dedicated skin) and Zaitoon Milk Soap is enriched with milk protein. Besides, the Company also sells orange juice
with Nadr brand, is a super concentrated beverage made with natural and
refreshing fruit juice. Provides the
important vitamin C. Nadr contains no artificial color, flavorings or
sweeteners. The most of
products (80%) are marketed locally to beauty shops, beauty parlors/salons,
supermarkets, etc., and the rest (20%) are exported to Middle East and
others. We observed
that P.T. REYKAR is still relatively new company in trading and export of
zaitoon beauty soap, milk soap and orange juice.
We have noticed that the demand for beauty soap, milk soap, orange juice and other fruit juice products had increased some 8% to 10% per annum in the last five years in line with the growth of various beauty parlors/salons, beauty shops, supermarkets, etc. In the coming years, the growth rate of demand is estimated at about 7% to 8% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country. Meanwhile, competition is quite heavy in the trading and distribution of beauty and milk soap, and fruit juice products with many companies now doing business in this field in Indonesia. P.T. REYKAR is classified as a new company of its kind in the country of which the operation has been growing slowly.
The financial condition of the company is appraised to be less strong
and its financial condition at present is as the paid up capital of Rp 600
million as stated in Articles of Association of the company. The financial
condition of the company still depends on the financial condition of its
shareholders. The management of P.T.
REYKAR is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company as of
June to December 2011 amounted to Rp. 720 million increased to Rp. 2,500 million
in 2012 with a net profit of at least Rp. 110 million and the company has an
estimated total net worth of at least Rp. 600 million. So far, we did not heard
that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. REYKAR is led by Mr. Abdulla Srwan Kareem Abdulla
(38) an Indonesian businessman of Arab descent with more than 5 years
experience in trading, export and import of beauty and milk soap, and orange
juice. In daily activities he is assisted by Miss Munirah (32) as
commissioner. The Company’s management
has 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.
Since this company (PT. REYKAR SKA) just about two
years in operation commercially, so we recommend caution when going to provide
fresh loans to them. Or it should obtain
sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.