|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.V. PUTRA NUSA |
|
|
|
|
Registered Office : |
Wisma Bank Metro Express, 3rd Floor Jalan Hayam Wuruk No. 19-20 Jakarta
10120 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1970’s |
|
|
|
|
Legal Form : |
Partnership with sleeping partner |
|
|
|
|
Line of Business : |
Trading and Distribution of Agriculture Commodities Products |
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|
|
|
No. of Employees : |
24 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 |
|
Maximum Credit Limit: |
US$ 450,000 |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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
C.V. PUTRA
NUSA
Head Office
Wisma Bank Metro
Express, 3rd Floor
Jalan Hayam Wuruk No. 19-20
Jakarta 10120
Indonesia
Phones - (62-21)
2311857, 2311858
Fax - (62-21) 2311859, 2311551, 3447449
E-mail - cvpn@cbn.net.id
Building Area - 6 storey
Office Space - 250 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
1970’s
Legal Form :
C.V. (Commanditaire Vennootschap) or Partnership with sleeping partner
Company Reg.
No. :
The Ministry of Law and
Human Rights
Not Required
Company Status
:
National Private Company
Permit by the
Government Department :
The Department of Trade
API No. 2557N (Import License)
Related
Company :
A Member Company of the METRO EXPRESS Group (see attachment)
Capital
Structure :
Owned Capital -
Rp. 1.5 billion
Shareholders/Owners
a. Mr. Witu Sianandar (as active partner)
Address : Jl. Kesehatan No. 11
Kel. Petojo
Selatan, Gambir
Jakrta Pusat - Indonesia
b. Mr. Tri Sianandar (as active partner)
Address : Jl. Tasikmalaya No. 11-A
Kel. Menteng,
Menteng
Jakarta Pusat
- Indonesia
c. Mr. Jan Sianandar (as silent partner)
Address : Jl. Tasikmalaya No. 11-A
Kel. Menteng,
Menteng
Jakarta Pusat
– Indonesia
d. Mr. Djitu Sianandar (as silent partner)
Address : Jl. Kesehatan
No. 17
Kel. Petojo Selatan,
Gambir
Jakarta Pusat - Indonesia
e. Mr. Kartono Sianandar (as silent partner)
Address : Jl. M.H. Thamrin No. 66-C
Kel. Tegal
Sari, Surabaya
East Java -
Indonesia
Lines of
Business :
Trading and Distribution of Agriculture Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1970
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
24 persons
Marketing Area
:
a. Domestic
(Local) - 75%
b. Export - 25%
Main Customers
:
a. Traditional markets
b. Food and Beverages Industries
c. Foodstuff Stores
d. Wholesalers and food industries
Market
Situation :
Very Competitive
Main Competitors :
a. P.T. ALPUTRA MULIA
b. P.T. GOLDEN SINAR SAKTI
c. P.T. MAJU JAYA AGRO UTAMA
d. P.T. SUMBER MAKMUR SEJAHTERA ABADI
e. Etc
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank METRO EXPRESS
Jakarta Head Office
Jalan Hayam Wuruk No. 19-20
Jakarta Pusat, 10120
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Hayam Wuruk
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 30.5 billion
2011 – Rp. 31.5 billion
2012 – Rp. 32.6 billion
Net Profit
(estimated) :
2010 – Rp. 2.9 billion
2011 – Rp. 3.1 billion
2012 – Rp. 3.3 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Witu Sianandar
Director - Mr. Tri Sianandar
Board of Commissioner :
Commissioner - Mr. Jan Sianandar
Signatories :
President Director (Mr. Witu Sianandar) or
the Director (Mr. Tri Sianandar) is the authorized person to sign the loan on
behalf of the company
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 450,000 on the 90 days of the payment
C.V. PUTRA NUSA (C.V. PN) was
established in the 1970’s in Jakarta with the legal status of C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding
owners of the company are Mr. Witu Sianandar and Mr. Tri Sianandar as the
active partner and some of his brothers as silent partners, including Mr. Jan
Sianandar, Mr. Djitu Sianandar and Mr. Kartono Sianandar. They are Indonesian
businessmen of Chinese extraction. As in common in cases of companies with C.V.
status, there is no mention in the company’s notarial act of its capital
structure. But going by the company’s conditions, we estimate its capital at
some Rp. 1.5 billion.
We observed that
Sianandar family is a rich businessmen family in the country. Indirectly,
Sianandar family has the majority shares of PT. Bank METRO EXPRESS, a medium sized
bank in the country. Besides, they have majority shares of PT. METRO INTI
SEJAHTERA, producer of animal feed and any other companies or under the wing of
METRO EXPRESS Group.
Originally, C.V.
PUTRA NUSA carried out business in trading, distributor and importer of plastic
material, such as Polypropylene (PP), polyethylene (PE) and others which are
imported from Japan, Korea, USA and Germany. But its business operation was not
running well and finally it was stopped. In 1990, C.V. PUTRA NUSA changed its
business activities to trading and importer of agricultural commodities
products as, dry chili, ground-nut, garlic, soybean and coriander. The products
are imported from China, India, Vietnam, Myanmar and coriander from Egypt.
Meanwhile, the agricultural product likes nutmeg, clove, cashew nut, white
pepper, coffee, tea, spices bought from farmer in Sumatra, Sulawesi, Java and
others island of Indonesia. Then, the whole products are exported to Japan, the
United States of America and Europe Union. Besides, some of the products
supplied to snack food industries, foodstuff stores, wholesalers and
traditional market in Jakarta, Surabaya, Lampung and other major cities in the
country. Furthermore, it was explained that C.V. PUTRA NUSA has made business
relation as agricultural supplier for along time with snack food processing,
wholesalers, foodstuff stores and until this time the business relation still
tied in with them. We observed that the company’s operation has been growing
slowly 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 C.V. PN to be in a quite
favorable position for having already got hold of a steady clientele in the
country and abroad.
Until
this time C.V. PN has not been registered with Indonesian Stock Exchange, so
that they had not obliged to announce their financial statement. The management
of C.V. PN 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. 30.5 billion rose to Rp. 31.5 billion in 2011 increased to
Rp. 32.6 billion in 2012 and projected to go on rising by at least 4% in 2013.
The operation in 2012 yielded an estimated net profit of at least Rp. 3.3
billion and the company has an estimated total networth of at least Rp. 8.0
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 company is
headed by Mr. Witu Sianandar (70) and his younger brother Mr. Tri Sianandar
(65), both businessmen with experienced for more than 33 years in the field of
trading, export import and distribution of agricultural commodities products.
The management also handled by a number of professional staff in the business.
We observed that management’s reputation in said business is fairly good. 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. C.V. PUTRA NUSA is sufficiently fairly good
for business transaction.
Attachment:
List of the
METRO EXPRESS Group Members
1.
AMYLUM
CORN GRITS, P.T. (Corn Grits by Raw Material for Chiki Snack Foods)
2.
METRO
EXPRESS Bank, P.T. (Banking)
3.
METRO
INTI PURNAMA, P.T. (Animal Feed Mills)
4.
METRO
INTI SEJAHTERA, P.T. (Hatchery, Farm DOC)
5.
METROPANCA
GEMILANG, P.T. (Investment Holding)
6.
PANEN
BARU, C.V. (Trading and Export of White Pepper, Coffee, Tea and Spices)
7.
PUTRA
NUSA, C.V. (Trading, Export Import of Agricultural Commodities Products)
8.
WIDYA
SAKTI KUSUMA, P.T. (Warehouse Rental for Containers)
9.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
|
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
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.