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Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. JAROSITE |
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Registered Office : |
Jalan Sunset Road
No. 69, Banjar Abian Base, Badung, Kuta – Bali 80360 |
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Country : |
Indonesia |
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|
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Date of Incorporation : |
31.08.2005 |
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Com. Reg. No.: |
No. AHU-AH.01.10-28847 |
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|
|
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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|
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Line of Business : |
Trading and Importing of Surfing Goods and Accessories |
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No. of Employees : |
30
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 |
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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 |
|
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.
JAROSITE
Head Office
Jalan Sunset Road No.
69
Banjar Abian Base,
Badung
Kuta – Bali 80360
Indonesia
Phones - (62-361) 754455 ext. 401
Fax. -
(62-361) 751745
Email - lyna@ripcurl.co.id or agus@ripcurl.co.id
Website - www.ripcurl.co.id
Building Area - 2 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Rent
31
August 2005
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No. C-32729 HT.01.01.TH.2005
Dated
09 December 2005
b. No.
AHU-77989.AH.01.02.Tahun 2008
Dated
24 October 2008
c. No. AHU-AH.01.10-28847
Dated
15 July 2013
National Private Company
The Department of Finance
NPWP
No. 02.414.470.1-056.000
A
member of the RIP CURL Group of Australia
Capital Structure :
Authorized Capital -
US$ 2,300,000.- (Rp 22,574,500,000.-)
Issued Capital -
US$ 1,175,000.- (Rp 11,532,625,000.-)
Paid up Capital -
US$ 1,175,000.- (Rp 11,532,625,000.-)
Shareholders/Owners :
a. RIP CURL INTERNATIONAL Pty. Ltd. - US$ 1,116,250.- (95%)
Address : 101 Surtcoast Higway,
Torquay Victoria 3228
Australia
b. RIP CURL PROPRIETARY Limited - US$ 58,750.-
( 5%)
Address : 101 Surtcoast Higway,
Torquay Victoria 3228
Australia
Lines of Business :
Trading and Importing of Surfing Goods
and Accessories
Sole Distributor of :
Rip Curl Product of Australia
Total Investment :
None
Started Operation :
2005
Brand Name :
Rip Curl Indonesia
Technical Assistance :
None
Number of Employee :
30 persons
Marketing Area :
Local (Domestic) - 100%
Main Customers :
Corporate and Individuals
Market Situation :
Very Competitive
Main Competitors :
a. Billabong Surfing Equipment
b. Quiksilver Surfing Equipment
c. Volcom Surfing Equipment
d. Etc.
Business Trend :
Growing
Bankers :
a. P.T.
Bank CENTRAL ASIA Tbk
Kuta - Bali Branch
Jl. Raya Kuta No. 121
Bali, Indoneisa
b. P.T. Bank MANDIRI Tbk
Kuta - Bali Branch
Jl. Raya Kuta No. 456
Bali, Indonesia
Auditor :
Internal Auditor
Litigation :
No detrimental filling in our database
Total Sales/Revenue (estimated) :
2010 – US$. 17.5 million
2011 – US$. 19.8 million
2012 – US$. 22.6 million
2013 – US$. 13.8 million (January -
June)
Net Profit (estimated) :
2010 – US$. 1.1 million
2011 – US$. 1.3 million
2012 – US$. 1.5 million
2013 – US$. 0.9 million (January -
June)
Payment Manner :
Almost promptly
Financial Comments :
Fairly good
Board
of Management :
President
Director - Mr.
Jeffry Robert Anderson
Director - Mr.
Antyony John Roberts
General
Manager - Mr.
Hardiaz Wibawa Said
Board
of Commissioners :
Commissioner - Mr. Francois
Jean Payot
Signatories
:
President Director (Mr. Jeffry Robert
Anderson) or director (Mr. Antyony John roberts) which must be approved by
Board of Commissioner (Mr. francois Jean Payot)
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Below
Average
Credit
Recommendation :
Credit
can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. JAROSITE was established in Bali based on notarial Deed No. 137
dated August 31, 2005 of notary Eliwaty Tjitra, SH., with authorized capital of
US$ 2,300,000.- of which US$ 575,000.- was issued and fully paid up. The
founding shareholders of the company are Rip Curl International Pte., (95%) and
Rip Curl Proprietary Limited (5%), both are foreign companies from
Australia. The Deed of establishment has
been approved by the Minister of the Law and Human Rights of the Republic of
Indonesia through its Decision Letter No. C-32729 HT.01.01.TH.2005 dated
December 9, 2005. The company’s notarial deed has been changed frequently, most
recently by notarial deed No. 07 dated April 8, 2013 of notary Eliwaty Tjitra,
SH., the issued capital was raised from US$ 575,000.- to US$ 1,175,000.- and
fully paid up. However, no changes have been effected in term of its
shareholding composition to date. The amendment to notarial Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-28847
dated July 15, 2013.
P.T. JAROSITE
or better known as trading style “Rip Curl Indonesia” has been operating since
2005 dealing with the trading and importing of surfing goods and
accessories. Mr. Hardiaz Wibawa Said,
general manager of Rip Curl Indonesia explained that the Company importing and
selling a variety surfing goods and accessories such as; clothing and apparels
for men and ladies (mirage board shorts, board walks, volleys, tees,
denim/pants, fleece, etc), bags and accessories (travel bag, satchels, board
bags, caps, wallets), watches, eye wear, footwear, surf board, etc. In marketing in the country, P.T. JAROSITE is
supported by its holding company Rip Curl International Pty., Ltd., which
already has a wide marketing network in the world. The Company operates and manages about 3
outlets in Bali and outside of Bali such as Jakarta, Bandung (West Java), Medan
(North Sumatra) and Balikpapan (South Sulawesi). We observed that P.T. JAROSITE of “Rip Curl Indonesia” is classified as
a large sized company of its kind in the country of which the operation has
been growing in the last three years.
Generally, local demand for Surfing equipments and accessories had been
increasing by 8% to 10% on the average per annum in the last five years having close
relation with the growth of surfing club and health centers, sport centers
including the growth of hotels, apartment and modern office buildings in
Jakarta and other big cities in Indonesia.
Its projected the demand will be increasing by 6% to 7% in the next two
years in line with the amelioration of the economic condition in the country.
The competition is very tight on account of lots of similar companies operating
in the country. The business position of P.T. JAROSITE is appraised to be
favorable for having established regular customers and wide marketing networks
in the country.
Until this time P.T. JEROSITE have not become a go public company
(unlisted in the Indonesian Stock Exchange), so that they shall not obliged to
announce their financial statement to the public. We observed that total
income/revenue of the company in 2010 is US$ 17.5 million increased to US$ 19.8
Million in 2011 and rose again to US$ 22.6 million in 2012. The operation in 2012 yielded a net profit
at least US$ 1.5 Million and the company has a total net worth of US$ 8.0
million. It is projected that total
sales turnover of the company will increase at least 10% in 2013. We observe that P.T. JEROSITE is supported
by financially strong behind it. So far, we did not hear that the company
having been black listed by the Central Bank (Bank Indonesia).
P.T. JEROSITE's management headed by Mr. Jeffry Robert Anderseon (41) as
President Director with experience more than 12 years in trading, import and
distribution of surfing goods and accessories.
In daily activities, he is assisted by Mr. Antyony John Roberts (48) as
director and a number of professional staff with more than 10 years experience
in above business. We consider the
management is quite capable of further developing business in the future. They
have close relations with private businessmen within and outside the country.
So far, we did not hear that the company’s management involved in the business
malpractices or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia.
P.T. JEROSITE 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.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.