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Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. REZA
INDONESIA |
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Registered Office : |
Jl. Pasar Beringin No. 94,
Tarakan 77113 Kalimantan Timur |
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Country : |
Indonesia |
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Date of Incorporation : |
13.06.1985 |
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Com. Reg. No.: |
No. AHU-80905.AH.01.01.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Processing and Exporting of Frozen Shrimp |
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No. of Employees : |
120 persons |
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 – 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 |
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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.
|
Source
: CIA |
Name of Company :
P.T. REZA INDONESIA
Address :
Head Office
Jl. Pasar Beringin No. 94,
Tarakan 77113
Kalimantan Timur
Indonesia
Phones -
(62-551) 21097, 23208, 21063
Fax - (62-551) 51101
Building Area - 2 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Tanjung Pasir, Marburungan
Tarakan, East Kalimantan
Indonesia
Phones -
(62-551) 21921
Fax - (62-551) 21922
Land Area - 3,600 sq.
meters
Building Space - 1,800 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
13 June 1985
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Laws and Human Rights
a. No. C2-5512.HT.01.01.Th.86
Dated 08
August 1986
b. No. C2-5326.HT.01.04.Th.87
Dated 18
August 1987
c. No.
AHU-80905.AH.01.01.Tahun 2008
Dated 03 November
2008
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.409.482.5-723.000
Affiliated/Associated Company :
Not available
Capital Structure :
Authorized Capital - Rp.
8,000,000,000.-
Issued Capital - Rp.
2,000,000,000.-
Paid up Capital - Rp.
2,000,000,000.-
Shareholders/Owners :
a. Mr. Yos Sumitro - Rp.
1,162,500,000.- (58.1%)
Address: Jl. Mulawarman No. 99
Kel. Manggar, Balikpapan
East Kalimantan
b. Mr. Albert Purwanto - Rp. 600,000,000.- (30.0%)
Address: Jl. Mulawarman No.32
Kel. Manggar, Balikpapan
East Kalimantan
c. Mrs. Ervina - Rp. 237,500,000.- (11.9%)
Address: Jl. Mulawarman No. 99
Kel. Manggar, Balikpapan
East Kalimantan
Lines of Business :
Frozen Shrimp Processing and Exporting
Production Capacity :
Frozen Shrimp - 3,200 tons per
annum
Total Investment :
Equity Capital - Rp. 40.0 billion
Started Operation :
1986
Brand Name :
SKA (Sumber Kalimantan Abadi)
Technical Assistance :
None
Number of Employee :
120 persons
Marketing Area :
Export - 100%
Main Customers :
Overseas buyers in Asia, Europe and America
Market Situation :
Very Competitive
Main Competitors :
a. PT. Surya Sumber Laut
b. PT. Sabindo Raya Gumilang
c. PT. Indo Prima
d. CV. Nusa Indah perkasa
e. Etc.
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
Tarakan Branch
Jl. Yos Sudarso No. 10
Tarakan, Balikpapan
East Kalimantan
Auditor :
Internal Auditor
Litigation :
No detrimental filling was recorded in our database
Total Sales/Revenue (estimated) :
2011 – Rp. 99.0 billion
2012 – Rp. 113.0 billion
2012 – Rp. 128.0 billion
Net Profit (estimated) :
2010 – Rp. 6.1 billion
2011 – Rp. 7.0 billion
2012 – Rp. 8.2 billion
Payment Manner :
Average
Financial Comments :
Fairly
Board of Management :
President Director - Mr. Yos Sumitro
Directors - a. Mr. Hendry Saputra
- b. Mr.
Albert Purwanto
Board of Commissioners :
President Commissioner - Mrs. Ervina
Commissioner - Mrs. Emilia Cintya
Signatories :
President Director (Mr. Yos Sumitro) or
one of the Directors (Mr. Hendry Saputra or Mr. Albert Purwanto) which must be
approved by Board of Commissioner (Mrs. Ervina)
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. SUMBER KALIMANTAN ABADI (P.T. SKA) was established in Tarakan (East
Kalimantan) in 1985 with the authorized capital of Rp. 50,000,000.- entirely
was issued and fully paid up. The founding shareholders of the company are Mr.
Yos Sumitro, Mr. Albert Purwanto, Mr. Pattaly Sigiharto and Mrs. Nurin. They are Indonesian business entrepreneurs of
Chinese extraction. The Article of Association has been approved by the
Minister of Justice of the Republic of Indonesia through Decision Letter No.
C2-5512.HT.01.01.Th.86 dated 8 August 1986.
The articles of association of the company have frequently been revised. In April 1987 the authorized capital was
raised to Rp. 400,000,000.- entirely was issued and fully paid up. The
amendment to Article of Association has been approved by the Minister of
Justice of the Republic of Indonesia through Decision Letter No.
C2-5326.HT.01.04.Th.87 dated 8 August 1987.
Most recently by notarial deed of Andreas Gunawan, SH., No. 04 dated 03
September 2008 the authorized capital was raised again to Rp. 8,000,000,000.-
of which Rp. 2,000,000,000.- was issued and fully paid up. Since the time, the shareholders of the
company are Mr. Yos Sumitro (58.1%), Mr. Albert Purwanto (30.0%) and Mrs.
Ervina (11.9%). The amendment to
Article of Association has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-80905.AH.01.02.Tahun
2008 dated 3 November 2008. 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. SKA engaged to operate in
trading, supplier, general contractor, agricultural, fishery, plantation,
industry and services. The Company’s registered office located at Jl. Pasar
Beringin No. 94, Tarakan, East Kalimantan 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. SKA has been
in commercial operation since 1986 dealing with frozen shrimp processing
industry located in Tarakan, East Kalimantan.
Ms. Yenny, a marketing staff of the company explained that P.T. SKA
specialized in processing and exporting frozen shrimp product. The company manages a cold storage unit
located on Jl. Tanjung Pasir, Mamburungan, Tarakan, East Kalimantan with
production capacity of 200 ton 300 tons of frozen shrimp per month. She added that the shrimps are gained from
fishermen operating in East Kalimantan and surroundings. The company also has a branch office and
shrimp processing facility unit on Pontianak, West Kalimantan. The products of
P.T. SKA are exported to various countries including Japan, Hong Kong, Taiwan,
China, Europe and USA. P.T. SKA is
classified as a medium sized company in the country dealing with cold storage
and frozen shrimp processing and exporting of which the operation had been
running smoothly but growing slowly in the last five years.
Generally, demand for cold storage and frozen seafood processing
industry and exporting has been growing some 10% to 12% per year in the last
five years in line with the growth of international hotels, sea food
restaurant, food court, supermarkets, hypermarkets and other fishes retail
shops. In the coming years, the growth
rate of demand is estimated at about 6% to 8% per annum. The present market
situation for fish processing and canning industry is very competitive for a
large number of similar companies operating in the country. P.T. SKA is considered to be in a favorable
business position in view of the company's experience in the above
business.
Until this time P.T. SKA has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SKA 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. 99.0 billion increased to Rp. 113.0 billion in
2011 rose again to Rp. 128.0 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. 8.2 Billion and the company has an estimated total net worth of at
least Rp. 60.0 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. SKA is headed by Mr. Yos Sumitro (50) as
president director, a businessman with more than 27 years experience in frozen
shrimp processing and exporting. In his daily activities, he is assisted by Mr.
Hendry Saputra (49) and Mr. Albert Purwanto (56) as director respectively. The management is handled by professional
managers having wide relation with private businessmen of home and overseas as
well as with the government sectors. So far, we did not hear
that the management of the company having been involved in business
malpractices 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. SKA is sufficiently fairly 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.54.88 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
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 |
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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 |
|
<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.