|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LARIS MANIS UTAMA |
|
|
|
|
Registered Office : |
Jalan
Beringin No. 1, Pelabuhan Sunda Kelapa, Jakarta Utara 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
15.04.1996 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-02337.AH.01.02.Tahun 2012 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Importing and Distribution of Fresh Fruits |
|
|
|
|
No. of Employees : |
62
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 |
|
Payment Behaviour : |
No Conplaints |
|
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 |
Name of Company
P.T. LARIS MANIS UTAMA
Head
Office
Jalan
Beringin No. 1
Pelabuhan
Sunda Kelapa
Jakarta
Utara 14430
Indonesia
Phones -
(62-21) 6908690 (hunting)
Fax - (62-21) 6908689
Email - Jakarta@lmu.co.id
Website - http://www.lmu.co.id
Land Area - 1,200 sq. metes
Building Area - 620 sq. meters
Region - Commercial
Status - Rent
Jalan
Achmad Jais No. 33-i
Surabaya
60274
East
Java
Indonesia
Phones -
(62-31) 5319195, 3568404
Fax - (62-31) 5473765
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
15
April 1996
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
- No. C2-8252.HT.01.01.TH.96
Dated 2 August 1996
-
No. AHU-AH.01.10-1821
Dated 24 January 2008
-
No. AHU-54361.AH.01.02.Tahun 2008
Dated 25 August 2008
-
No. AHU-02337.AH.01.02.Tahun 2012
Dated 13 January 2012
National
Private Company
The Department of Finance
NPWP
No. 01.773.157.1-046.000
P.T.
SEGAR UTAMA RAYA (Trading and Importing of Fresh Fruits)
Capital
Structure :
Authorized Capital - Rp. 10,000,000,000.-
Issued Capital - Rp. 2,730,000,000.-
Paid up Capital - Rp. 2,730,000,000.-
The
Shareholders :
a. Mr. Eddy Simon Sim -
Rp. 2,047,500,000.- (75%)
Address : Jl. Gunung Sahari XI
Kel. Gunung Sahari, Jakarta
Pusat
Indonesia
b. Mr. Sim Eddy Santoso -
Rp. 682,500,000.- (25%)
Address : Jl. Ahmad Yani No. 36
Kel. Sukarasa, Tangerang
Banten Province
Indonesia
Lines
of Business :
Trading,
Importing and Distribution of Fresh Fruits
Production
Capacity :
None
Total Investment :
None
Started
Operation :
1996
Brand
Name :
LMU
Technical
Assistance :
None
Number
of Employee :
62
persons
Marketing
Area :
Domestic - 100%
Main
Customers :
a.
Carrefour Hypermarket
b. Hero
Supermarket, Gelael Supermarket, Alfa Supermarket and
c. Fresh Fruit
Shops in Jakarta, Surabaya, Makassar and Bali
d. Others
Market
Situation :
Very
Competitive
Main Competitors :
a. PT. Tunas Sumber Rejeki
b. PT. Sumber Pangan Utama
c. PT. Meta Jaya Nusantara
d. PT. Indofresh
e. PT. Segar Manis Utama
f. PT. Pincuran Mas Bina Usaha
g. PT. Sewu Segar Nusantara
h. PT. Total Buah Segar
i. PT. Wigah Perkasa
j. PT. Surya Indah Perkasa
k. Etc.
Business
Trend :
Growing
B
a n k e r s :
a.
P.T. Bank PANIN Tbk
Jalan Asemka Raya
No. 30-31
Jakarta Barat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Asemka Raya No. 27-30
Jakarta Barat
Indonesia
c.
P.T. Bank CIMB NIAGA Tbk
Jalan Raya
Jembatan II No. 82
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 200.0 billion
2011
– Rp. 230.0 billion
2012
– Rp. 260.0 billion
2013
– Rp. 148.0 billion (January – June)
Net
Profit (estimated) :
2010
– Rp. 16.9 billion
2011
– Rp. 19.2 billion
2012
– Rp. 21.8 billion
2013
– Rp. 12.4 billion (January – June)
Payment
Manner :
Almost
Promptly
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Eddy Simon Sim
Board of Commissioners :
Commissioner - Mr. Sim Eddy Santoso
Signatories :
Director (Mr. Eddy Simon Sim) which must
be approved by Board of Commissioner (Mr. Sim Eddy Santoso)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
P.T.
LARIS MANIS UTAMA (P.T. LMU) was established in April 1996 with an authorized
capital of Rp. 1,200,000,000 of which Rp. 300,000,000 was issued and paid up.
The founding shareholders of the company are Mrs. Lim Bak Kiang, Mrs. Lindayani
and Mr. Sim Eddy Santoso (all three being Indonesians of Chinese extraction).
The company's notarial act has been revised frequently. The latest in December
2007, the authorized capital was raised to Rp. 2,000,000,000 issued capital to
Rp. 1,200,000,000 fully paid up. The shareholders of the company are Mr. Eddy
Simon Sim (67.50%) and his young brother Mr. Sim Eddy Santoso (32.50%). In December 2011, the authorized capital was
raised again to Rp. 10,000,000,000.- of which Rp. 2,730,000,000.- was issued
and fully paid up. Since the time, the
shareholders of the company are Mr. Eddy Simon Sim (75%) and Mr. Sim Eddy
Santoso (25%). The latest amendment to
notary deed was made by Ms. Kamelina, SH., a public notary in Jakarta and it
was approved by the Minister of Law and Human Rights through its Decision
Letter No. AHU-02337.AH.01.02.Tahun 2012, dated January 13, 2012. No changes
have been effected in term of its shareholding composition and capital
structures to date.
We
observed that Mr. Eddy Simon Sim and Mr. Sim Eddy Santoso are also founders and majority business stakes
owners of P.T. SEGAR UTAMA RAYA dealing with trading and importing of fresh
fruits.
P.T.
LMU has been in operation since April 1996 in trading, importing and
distribution of fresh fruits such as oranges, apples, grapes, pears, Sunkist,
garlic, litchi, etc. Basically, the
company is continuing the activities of P.D. LARIS MANIS UTAMA, which had been
in operation since 1986 by the late Mr. Lim Bak Kiang (father of Mr. Eddy Simon
Sim and Mr. Sim Eddy Santoso). Mr. Tri Suseno, a marketing manager of the
company explained that the products being sold are fresh fruits like pears,
apples, oranges, grapes, Sunkist etc., imported by P.T. LMU from Australia, New
Zealand, the USA, Chile, Hong Kong and other countries. Besides, the company
also imported longan fruits from Thailand. The company supplies the above
products to Carrefour Hypermarkets and several fruit stores, grocery fruits and
supermarkets in Jakarta, Surabaya, Semarang, Palembang and Bali. Besides, the company
also supplies the products to operators of hotels and restaurants in Jakarta,
Surabaya and surroundings.
Beside,
P.T. LMU is also selling and exporting of local oranges from Pontianak, West
Kalimantan. These oranges are vaguely similar to mandarin oranges. The global
economic crisis and very sharp depreciation of the Rupiah to foreign currencies
in October 2008 have adversely affected the company's operations for having
caused the sales prices of the fruit the company is selling, which have mostly
been imported, to be very high and started increasing since April 2009 in line
with the amelioration of the economic condition in the country. We observe that P.T. LMU is classified as a
large-sized company in the country of which the operation had been running
smoothly and growing in the last five years.
In general we noticed that the demand for fresh fruit increased
around 8% to 10% per year in the last five years. This increase was closely
related to the increasing purchasing power of people. Indonesia's economic
growth rate was also stable with lots of construction of new supermarkets,
hypermarkets, restaurants and international standard hotels and so forth.
Indonesia with a population currently reaches 240 million people is a potential
market for fresh fruit. During the the time import of fresh fruit was mostly
from China such as Oranges, Apples and Pears.
Mr. Kapi Kurnia, chairman of Indonesian Fresh Fruits and Vegetables
Exporters and Importers Association (Aseibssindo) said that the average cost of
imports reached US$ 2.000 to US$ 3,000 per container. About 50% to 60% of total
import consumers were in Jakarta and surrounding. The rest were sent to
Bandung, Yogyakarta, and Cirebon. The Indonesian government has limited the
entry of imported fresh fruit, as it may kill the domestic fruit growers. We
believe that the demand for fresh fruit will still be rising, but competition
is also very tight, because many companies are engaged in trading and importing
of fresh fruit. We consider P.T. LMU to be in a quite favorable position for having
already got hold of a steady clientele in the country.
Until
this time P.T. SMM has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. The management of P.T. LMU is very reclusive towards
outsiders and rejected to disclose its financial condition. Mr. Tri Suseno, a marketing manager of the
company said that P.T. LMU is a large-size company in the country dealing with
trading, importing and distributor of fresh fruits and horticulture products. He estimate that P.T. LMU's sales turnover in
2010 reached Rp. 200.0 billion increased to Rp. 230.0 billion in 2011 rose
again to Rp. 260.0 billion in 2012 and projected to go on rising by at least
10% in 2013. The operation in 2012
yielded an estimated net profit of at least Rp. 21.8 billion and the company
has an estimated total asset 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.
P.T.
LMU's management is headed by Mr. Eddy Simon Sim (62) as director with about 24
years of experience each in fresh fruits trading, importing and distribution.
The company's management is handled by professionals 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 fraudulent dealings. The company’s litigation record is
clean and it has not registered with the black list of Bank of Indonesia.
P.T.
LARIS MANIS UTAMA is appraised to be good for business transaction. However, in view of the 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.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.