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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SAUDARA KUSUMA ERASEJAHTERA |
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Registered Office : |
Jl. Pluit Raya No. 3 Kel. Pluit, Kec. Penjaringan Jakarta Utara 14450 |
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Country : |
Indonesia |
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Date of Incorporation : |
05.10.1989 |
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Com. Reg. No.: |
No. AHU-AH.01.10-35582 |
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Trading, Export-Import and Distribution of Agricultural Products |
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No. of Employees : |
45 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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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. SAUDARA
KUSUMA ERASEJAHTERA
Head Office
Jl. Pluit Raya No.
3
Kel. Pluit, Kec.
Penjaringan
Jakarta Utara 14450
Indonesia
Phones -
(62-21) 662210, 6622159, 6612686
Fax. - (62-21) 662244
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
05 October 1989
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C2-2128.HT.01.01.Th.91
Dated 13 June 1991
b. No. AHU-36359.AH.01.02.Tahun 2009
Dated 30 July 2009
c. No.
AHU-AH.01.10-35582
Dated 01 October 2012
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 1.310.996.3-041
a. P.T.
MITRAKUSUMA ERAKHARISMA (Investment Holding)
b. P.T. INDONESIA
FARMING CM (Chicken Farming)
c. P.T.
MITRAKUSUMA ERASEMBAGA (Investment Holding)
d. P.T.
MITRAKUSUMA INDRANUSA (Investment Holding)
e. C.V. ANGKUTAN
SAUDARA (Land Transportation and General Trading)
Capital Structure :
Authorized Capital
- Rp. 20,000,000,000.-
Issued Capital - Rp. 7,000,000,000.-
Paid up Capital - Rp. 7,000,000,000.-
Shareholders/Owners :
a. Mr. Erwin
Taufik Kusumawan - Rp. 4,500,000,000.-
(64.3%)
Address : Jl. Pluit Timur Blok Y
Utara/1
RT.07/RW.09,
Penjaringan
Jakarta Utara
b. PT. Mitrakusuma Erakharisma -
Rp. 2,500,000,000.- (35.7%)
Address : Jl. Pluit Raya No. 3
RT.021/RW.07, Penjaringan
Jakarta Utara
Lines of Business
:
Trading, Export-Import and Distribution of
Agricultural Products
Production
Capacity :
None
Total Investment :
a. Owned Capital - Rp. 7.0 billion
b. Loan Capital - None______
c. Total
Investment - Rp. 7.0 billion
Started Operation :
December 1989
Brand Name :
None
Technical Assistance :
None
Number of Employee :
45 persons
Marketing Area :
a. Local - 60%
b. Export - 40%
Main Customers :
a. Traditional
markets in Jakarta and its surroundings
b. Supermarkets
and Hypermarkets
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALAM
INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI
SAMPOERNO
d. C.V. PUTRA NUSA
e. C.V. SUMBER
BUMI JAYA
f. C.V. ARSAM
PRATAMA
g. C.V. MUKTI JABAR
h. C.V. PRIMATAMA
i. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
(Ex. Lippo Bank)
Jl. Pluit Sakti Raya No. 113-115
Pluit,
Jakarta Utara
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jl. Pluit Samudera No. 2
Pluit, Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Income/Revenues (estimated) :
2009 – Rp. 24.6
billion
2010 – Rp. 28.0
billion
2011 – Rp. 31.5
billion
2012 – Rp. 36.0
billion
Net Profit (Loss)
:
2009 – Rp. 1.6
billion
2010 – Rp. 1.8
billion
2011 – Rp. 2.0
billion
2012 – Rp. 2.3
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of
Management :
Director - Mr. Andy Alvin
Jayakusuma
Board of
Commissioners :
President Commissioner -
Mr. Erwin Taufik Kusumawan
Commissioner - Mr. Teddy Surya
Signatories
:
Director (Mr.
Andy Alvin Jayhakusuma) which must be approved by Board of Commissioners (Mr.
Erwin Taufik Kusumawan or Mr. Teddy Surya)
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. SAUDARA KUSUMA
ERASEJAHTERA (P.T. SKE) was established in Jakarta on October 5, 1989 with an
authorized capital of Rp. 1,500,000,000.- issued capital of Rp. 600,000,000.-
entirely paid up. The founding shareholders of the Company are Mr. Erwin taufik
Kusumawan AKA Hiu Thauw Jin, Mr. Hiu Cho Djin, Mr. Ajie Surya, Mr. Edi Kusuma
and Mr. Hiu fung Djin. They are
Indonesian businessmen of Chinese extraction.
The Articles of Association has been approved by the Minister of Law and
Human Rights through Decision Letter No. C2-2128.HT.01.01.Th.1991 dated June
13, 1991.
The Company’s article of
association has been amended for several times.
In July 2009 the authorized capital was raised to Rp. 6,000,000,000.- of
which Rp. 1,500,000,000.- was issued and fully paid up. Since at the time, the shareholders of the
company are PT. MITRAKUSUMA ERAKHARISMA (99.6%) and Mr. Erwin Taufik Kusumawan
(0.4%). The
notarial Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-36359.AH.01.02.Tahun 2009 dated
July 30, 2009.
Most recently by notarial
deed of Yan Armin, SH., No. 82 dated September 18, 2012 the authorized capital
was raised again to Rp. 20,000,000,000.- of which Rp. 7,000,000,000.- was
issued and fully paid up. Concurrently,
the shareholders of the Company are PT. MITRAKUSUMAH ERAKHARISMA (64.3%) and
Mr. Erwin Taufik Kusumawan (35.7%). The amendment
to notarial Deed has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through Decree No. AHU-AH.01.10-35582 dated October
18, 2012.
P.T. SKE had
been operating since 1989 in trading, exporting and importing of agricultural
products like mung bean, soybean, ground nut, etc. The products likes mung bean
is imported from Myanmar and China, ground nut from India, RRC, Vietnam and
other Asian countries and soybean from the USA for some 2,000 tons per year
based on order from the National Logistics Agency (BULOG). P.T. SKE imports
ground nut and mung bean of 15 to 20 tons per month. Since mid-1998, the government allowed other
private companies to import wheat flour and P.T.SKE started to import wheat
flour from Germany as ordered by its buyers at home. As well as soybean is
imported freely. P.T. SKE has exported corn to Malaysia and clove to India. The
whole products (mung bean and ground nut) are sold to food stores, wholesalers
and food processing industries operating in Jakarta, Surabaya, Lampung and
other major cities in the country. It imports ground nut from India only 10
containers per month. P.T. SKE is classified as a medium-sized company of its
kind in the country of which the operation has been growing in the last three
years.
We have noticed that the
demand for agricultural products had increased some 10% to 11% per annum in the
last five years in line with the growth of industrial manufacturing in the
country and international market. In the coming years, the growth rate of
demand is estimated at about 6% to 7% 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 export import of
agricultural products with many companies now doing business in this field in
Indonesia. We consider P.T. SKE to be in a quite favorable position for having
already got hold of a steady clientele in the Java and surroundings.
Until this time
P.T. SKE has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. P.T. LD’s management
is very reclusive to outsider and rejecting to disclose its financial condition
but we estimated the total sales turnover of the company in 2010 amounted of
Rp. 28.0 billion increased to Rp. 31.5 billion in 2011 and rose gain to Rp.
36.0 billion in 2012. The operation in
2012 yielded an estimated net profit at least Rp. 2.3 billion and the company
has an estimated total networth at Rp. 12.5 billion. So far we did not hear that the P.T. SKE has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court. The company usually pays its debts
punctually to suppliers.
The management of the company has been led
by Mr. Andy Alvin Jayakusuma(55) as Director.
He is a businessman with experience for some 20 years in agricultural
products trading. In daily activities he
is assisted by Mr. Erwin Taufik Kusumawan (58) as President Commissioner and
Mr. teddy Surya (39) as Commissioner.
The management, which is evaluated quite creative and dynamic, also has
succeeded in expanding their overseas marketing network. They have close relations with many
high-ranking government officials as well as with private businessmen within
and outside the country. So far, we did not hear that the company’s management
involved in the business malpractices or detrimental cases that settled in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
P.T. SKE is appraised good for business
transaction. But owing to economic condition in the country is still unstable,
we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.