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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.V. PUTRA NUSA |
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|
|
|
Registered Office : |
Wisma Bank Metro Express, 3rd Floor Jalan Hayam
Wuruk No. 19-20 |
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|
|
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Country : |
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|
|
Year of Establishment : |
1970’s |
|
|
|
|
Legal Form : |
Partnership with sleeping partner |
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|
|
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Line of Business : |
Trading and Distribution of Agriculture Commodities Products |
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|
|
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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$ 400,000 |
|
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
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 -
b. Mr. Tri Sianandar (as active
partner)
Address
: Jl. Tasikmalaya No. 11-A
Kel. Menteng, Menteng
c. Mr. Jan Sianandar (as silent
partner)
Address
: Jl. Tasikmalaya No. 11-A
Kel. Menteng, Menteng
d. Mr. Djitu Sianandar (as silent
partner)
Address
: Jl. Kesehatan No. 17
Kel. Petojo Selatan, Gambir
e. Mr. Kartono Sianandar (as silent
partner)
Address
: Jl. M.H. Thamrin No. 66-C
Kel. Tegal Sari,
East Java -
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. JASA
INDO MAKMUR
b. P.T. ADI
SAMPOERNO
c. P.T. DAKAI
IMPEX
d. P.T. ALAM
INDO RAMA
e. C.V. BUMI
DJAJA
f. P.T. ADI
SAMPOERNO, Etc.
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank
METRO EXPRESS
Jalan
Hayam Wuruk No. 19-20
b. P.T. Bank
MANDIRI Tbk
Jalan
Hayam Wuruk
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2008 – Rp. 28.0 billion
2009 – Rp. 29.5 billion
2010 – Rp. 30.5 billion
Net
Profit (estimated) :
2008 – Rp. 2.5 billion
2009 – Rp. 2.6 billion
2010 – Rp. 2.9 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr.
Witu Sianandar
Director - Mr. Tri Sianandar
Board of Commissioner :
None
Signatories :
President
Director (Mr. Witu Sianandar) or the Director (Mr. Tri Sianandar) is only the
authorized person to sign the loan on behalf of the company
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be
proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 400,000 on the 90 days of the payment
C.V. PUTRA
NUSA (C.V. PN) was established in the 1970’s in
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.
Formerly,
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
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
Export Volume of Agricultural Products, 2005-2009
(Thousand Tons)
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
45,7 4,8 442,8 107,3 368,7 31,5 |
42,6 9,2 411,5 114,1 494,1 29,4 |
55,6 8,7 315,5 114,1 381,9 25,6 |
83,8 9,6 467,9 114,8 382,5 30.0 |
82,9 10,0 510,1 110,4 440,3 32,8 |
Export Value of Agricultural Products, 2005-2009
(Million
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
48,0 46,4 497,7 138,0 468,2 62,9 |
51,1 14,3 583,2 188,6 620,3 57,3 |
73,2 12,3 633,7 258,5 623,1 56,6 |
125,1 16,3 989,0 283,7 856,2 73,7 |
144,3 12,8 822,1 239,6 1,088,2 93,7 |
Source: Central Bureau of
Statistic, processed by ICB
Until
this time C.V. PN has not been registered with Indonesian Stock Exchange, so
that they shall 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 2008 amounted to Rp. 28.0 billion rose to Rp. 29.5 billion in 2009
increased to Rp. 30.5 billion in 2010 and projected to go on rising by at least
4% in 2011. The operation in 2010 yielded an estimated net profit of at least
Rp. 2.9 billion and the company has an estimated total networth of at least Rp.
7.0 billion. So far, we did not heard that the company having been black listed
by the Central Bank (Bank
The
company is headed by Mr. Witu Sianandar (67) and his younger brother Mr. Tri
Sianandar (63), both businessmen with experienced for more than 30 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.55.62 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.96 |
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.