|
Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TRIJASA PRIMA INTERNATIONAL |
|
|
|
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Registered Office : |
Rukan Plaza
Sunter Terrace Kav. 60 Block C No. 7 Jalan Danau Sunter Utara Kelurahan
Sunter Agung, Kecamatan Tanjung Priok Jakarta Utara, 14350 |
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|
|
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Country : |
Indonesia |
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Date of Incorporation : |
24.09.2011 |
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|
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Com. Reg. No.: |
No. AHU-54234.AH.01.01.TH.2011 |
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|
|
|
Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Trading and Exporter of Tea Products |
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No. of Employees : |
13 persons |
RATING & COMMENTS
|
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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.
Source
: CIA
P.T.
TRIJASA PRIMA INTERNATIONAL
Head Office
Rukan Plaza Sunter Terrace Kav. 60 Block C No. 7
Jalan Danau Sunter Utara
Kelurahan Sunter Agung, Kecamatan Tanjung Priok
Jakarta Utara, 14350
Indonesia
Phones -
(62-21) 65833110 (Hunting)
Fax - (62-21) 65803080, 6583080
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
24 September 2011
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-54234.AH.01.01.TH.2011
Dated 7 November
2011
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
A Member Company
of the SARIWANGI Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
30,000,000,000.-
Issued Capital : Rp.
10,000,000,000.-
Paid up Capital : Rp.
10,000,000,000.-
Shareholders/Owners
:
a. P.T. SARIWANGI AEA -
Rp. 6,000,000,000.-
Address :
Jl. Mercedes Benz No. 288
Kelurahan
Cicadas, Kecamatan Gunung Putri
Bogor, West
Java
Indonesia
b. Mr. Sajuti Trisna -
Rp. 4,000,000,000.-
Address : Komplek Sek-Neg Block
B XX No. 1, RT. 013
RW. 010,
Kelurahan Sunter Utara, Kecamatan
Tanjung Priok,
Jakarta Utara
Indonesia
Lines of
Business :
Trading and
Exporter of Tea Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
October 2011
Brand Name :
Trijasa Prima
International
Technical
Assistance :
None
Number of
Employee :
13 persons
Marketing Area
:
Export -
100%
Main Customer
:
Buyers in Asian
counties
Market
Situation :
Very Competitive
Main
Competitors :
a. C.V. ANUGERAH
b. P.T. CIPTA
MONANG PRATAMA
c. P.T. DAVID ROY
INDONESIA
d. P.T. LAUTAN
MUTIARA SEWU
e. P.T. PACIFIC
AGRITAMA COMODITI
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank ANZ INDONESIA
ANZ TOWER 8th Floor
Jalan Jend. Sudirman Kav. 33 A
Jakarta Pusat, 10220
Indonesia
b. P.T. Bank INTERNATIONAL INDONESIA Tbk
Plaza BII, Tower II
Jalan M.H. Thamrin No. 51
Jakarta Pusat, 10350
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 2.8 billion (October – December)
2012 – Rp. 23.0
billion
Net Profit
(estimated) :
2011 – None
2012 – Rp. 2.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Sajuti Trisna
Directors -
a. Mrs. Cathalia Frida
b. Mr. Muhammad Sholeh
Board of Commissioners :
President Commissioner -
Mr. Johan Alexander Supit
Commissioner -
Mr. Rocky Christiano Menayang
Signatories :
President Director (Mr.
Sajuti Trisna) or one of the Directors (Mrs. Cathalia Frida or Mr. Muhammad
Sholeh) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. TRIJASA
PRIMA INTERNATIONAL (P.T. TPI) was established in Jakarta based on notary deed
of Rp. 30,000,000,000 issued capital of Rp. 10,000,000,000 entirely paid up.
The founding and shareholders of the company are P.T. SARIWANGI AEA (60%) and
Mr. Sajuti Trisna, an Indonesian businessman of Chinese descent. Based on our
knowledge up to writing the report the notary documents of the company have not
undergone any changes. The notary deed of incorporation was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-54234.AH.01.01.TH.2011 dated November 7, 2011.
We observe that
P.T. SARIWANGI AEA is a large size company dealing with bulk tea and finished
tea processing which majority shares controlled by Mr. Johan Alexander Supit.
Mr. Johan Alexander Supit and family member is also majority business stakes
owner of the SARIWANGI Group, a medium-sized business group dealing with
finished tea processing, agribusiness, tea plantation, export import of tea and
trading.
P.T. TPI started
to be operating since October 2011 dealing with trading and exporter of tea
products. In its operation the company exports of black tea, green tea, bulk
tea, tea bags which obtained from parent company P.T. SARIWANGI AEA. Besides,
the company is also obtained tea prom other companies such as P.T. PERKEBUNAN
NUSANTARA III, P.T. PERKEBUNAN NUSANTARA IV, P.T. PERKEBUNAN NUSANTARA XII and
P.T. PERKEBUNAN NUSANTARA XIII. The whole products are exported to Middle East,
Pakistan, China, India, Afghanistan, and Africa. Mrs. Cathalia Frida, Director
of P.T. TPI also explained the company is also import of black tea from Sri
Lanka. Then the whole products marketed locally to various tea & coffee
café and restaurant in Jakarta and surroundings. We observe the operation of
P.T. TPI has been growing slowly in the last three years.
Generally, the national tea
production has been fluctuating in the last five years as the impact of the
unstable economic condition in the country and the increasing oil prices, labor
wages and others. The national tea production in 2004 reached 100,185 tons or
increasing by 2.3% from the previous year reaching 88,176 tons. West Java is
the largest tea producer contributing 70% of total tea production worth Rp.
500,0 billion. The largest destination countries of the national tea export
included Russia of 15.4%, the United Kingdom of 14.4%, Malaysia of 9%, Pakistan
of 8.6%, Germany of 7%, the USA of 7%, Poland of 5.4% and the Netherlands of
5.3%. These countries have absorbed 72% of total national tea export.
Meanwhile, the national tea consuming rate reaches just 310 gram per capita
while India reaching 660 gram per capital, Saudi Arabia of 670 gram per capital
and Iraq of 2,770 gram per capita. Bases on the above data, there are still
export opportunities for tea products despite tight competition within and
outside the country, However, the business position of P.T. TPI is favorable in
line with the steady and continuous production markets.
The Production, Export Volume and Value
of Tea Product, 2007-2012
|
Year |
Production Volume (Thousand Ton) |
Export Volume (Thousand Ton) |
Export Value (Million US$) |
|
2007 |
115,4 |
55,6 |
73,2 |
|
2008 |
116,5 |
83,8 |
125,1 |
|
2009 |
112,8 |
82,9 |
144,3 |
|
2010 |
107,3 |
79,2 |
149,4 |
|
2011 |
100,1 |
68,1 |
136,6 |
|
2012 |
92,1 |
61,6 |
125,0 |
Source: Central Bureau of
Statistic, processed by ICB
Until this time
P.T. TPI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The management of the
company is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
the first year operation October to December 2011 amounted to Rp. 2.8 billion
rose to Rp. 23.0 billion in 2012 and projected to go on rising by at least 6%
in 2013. The operation in 2012 yielded an estimated net profit of at least Rp.
2.0 billion and the company has an estimated total networth of at least Rp.
11.0 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. TPI is led by Mr. Sajuti Trisna (50) a businessman and professional
manager with experience in trading, export import and distribution of black
tea, green tea and other tea products. Daily activity he is assisted by Mrs.
Cathalia Frida (38) and Mr. Muhammad Sholeh (66) as Directors. 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. TRIJASA PRIMA INTERNATIONAL is sufficiently
fairly good for business transaction.
Attachment:
List
of the SARIWANGI Group Members
1.
Maskapai
Perkebunan INDORUB SUMBER WADUNG, P.T. (Tea Plantation)
2.
NUTRIGASI
AGRO INDONESIA, P.T. (Agribusiness & Plantation)
3.
Perkebunan dan Perinddustrian NIRMALA
AGUNG, P.T. (Tea Plantation)
4.
SARIWANGI
AGRICULTURAL ESTATE AGENCY, P.T. (Bulk Tea and Finished Tea Processing and
Investment Holding)
5.
SARI
WANGI INDUSTRIES, P.T. (Trading and Distribution of Tea Products)
6.
SARI
WANGI PLANTATION, P.T. (Tea Plantation)
7.
SEDAP
WANGI INDONESIA, P.T. (Trading, Franchise of DMD Tea)
8.
SINAR
AGAPE PRESS, P.T. (Digital and Offset Graphic Printing Services)
9.
TAMAN
OLAHRAGA JAGORAWI, P.T. (Golf Course Development and Management Services)
10.
TIPATI
INTERNASIONAL, P.T. (Trading and Exporter of Tea Products)
11.
TRIJASA
PRIMA INTERNATIONAL, P.T. (Trading, Export Import and Distribution of Tea
Products)
12.
Etc
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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.