|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MULIA RAYA AGRIJAYA |
|
|
|
|
Registered Office : |
Jalan Jembatan Genit, Gang Semut No. 12, Kelurahan Kapuk,
Kecamatan Cengkareng, Jakarta
Barat, 11720 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
02.06.1993 |
|
|
|
|
Com. Reg. No.: |
TDP No.
09.02.1.51.11673 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Fresh
Fruits |
|
|
|
|
No. of Employees : |
20 |
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 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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices
|
Source
: CIA |
Name of
Company :
P.T. MULIA
RAYA AGRIJAYA
A d d r e s s
:
Head Office
Jalan Jembatan Genit, Gang Semut No. 12
Kelurahan Kapuk, Kecamatan Cengkareng
Jakarta Barat,
11720
Indonesia
Phones -
(62-21) 5455835, 5455839, 5455840
Fax - (62-21) 5455464, 6198326
E-mail - spmulia@idola.net.id
Building Area - 1 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a. 2 June 1993 as P.T. SURYAMULIA ADIBUANA
b. 1 October 1997 as P.T. MULIA RAYA AGRIJAYA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-17474 HT.01.01.TH.1994
Dated 29 November 1994
- No. C2-4054 HT.01.04.TH.98
Dated 22 April 1998
- No. AHU-44687.AH.01.02.TH.2008
Dated 25 July 2008
- No. AHU-31673.AH.01.02.TH.2011
Dated 23 June 2011
- No. AHU-AH.01.10-28671
Dated 15 July 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.571.995.8-038.000
The Department of Industry and Trade
TDP No.
09.02.1.51.11673
Dated 24 October
2003
Related
Companies :
a. P.T. ADIL MULIA USAHA (Trading and
Distribution of Fresh Fruits)
b. P.T. ANEKAMULIA TATASEMPURNA (Trading and
Distribution of Soft Drink)
c. P.T. INDOMARU LESTARI (Trading and
Distribution of Food Products)
d. P.T. INDOPANGAN SARANA PRIMA (Trading and
Distribution of Frozen Beef)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. Lie Po Fung Jaya - Rp. 998,500,000.-
Address :
Jl. Moti Dalam II No. 40, RT. 009 RW. 005
Kel. Cideng,
Kec. Gambir, Jakarta Pusat
Indonesia
b. Mr. Liong Nata Wiguna - Rp. 1,500,000.-
Address : Jembatan II Block
B/54, RT. 010 RW. 002
Kel. Pejagalan,
Kec. Penjaringan
Jakarta Utara
Indonesia
Lines of Business :
Trading and Distribution of Fresh
Fruits
Production Capacity :
None
Total Investment :
None
Started Operation :
1993
Brand Name :
Mulia Raya Agrijaya
Technical Assistance :
None
Number of Employee :
20 persons
Marketing Area :
Local - 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. P.T. AYU LESTARI JAYA
b. P.T.
INTI SEHAT SENTOSA
c.
P.T. MEKAR CITRA ABADI
d.
P.T. PINCURAN MAS BINA USAHA
e.
Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan
Asemka Raya No. 27-30
Jakarta Barat
Indonesia
b. 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) :
2011 – Rp. 25.7
billion
2012 – Rp. 26.6
billion
2013 – Rp. 28.0 billion
Net Profit
(estimated) :
2011 – Rp. 1.8
billion
2012 – Rp. 2.0
billion
2013 – Rp. 2.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Lie Po Fung Jaya
Director -
Mr. Liong Nata Wiguna
Board of Commissioners :
Commissioner -
Mrs. Lay Janny
Signatories :
President Director (Mr.
Lie Po Fung Jaya) or the Director (Mr. Liong Nata Wiguna) which must be
approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally the
company named P.T. SURYAMULIA ADIBUANA it was established in June 1993 with the
authorized capital of Rp. 60,000,000 of which Rp. 12,000,000 was issued and
paid up. The founding shareholders are Mr. Thio Sen Liong AKA Liong Nata
Wiguna, Mr. Lie Po Fung AKA Lie Po Jaya and Mr. Ardian Hadimulia, all are
Indonesian businessmen of Chinese extraction. The articles of association of
the company have frequently been revised. In October 1997, the company renamed
to P.T. MULIA RAYA AGRIJAYA (P.T. MRA). At the same time, the company took over
whole assets and liabilities of its sister company P.D. MULIA RAYA. The issued
and paid up capital of the company were increased to Rp. 15,000,000 and
concurrently Mr. Ardian Hadimulia withdrew as shareholder. With this time the
composition of its shareholders has been changed to become Mr. Lie Po Fung AKA
Lie Po Jaya (96.67%) and Mr. Liong Nata Wiguna AKA Thio Sen Liong (3.33%). Then
in May 2008 the authorized capital was raised to Rp. 500,000,000 issued capital
to Rp. 300,000,000 entirely paid up. With this development the composition of
its shareholders has been changed to become Mr. Lie Po Fung AKA Lie Po Jaya
(99.83%) and Mr. Thio Sen Liong AKA Liong Nata Wiguna (0.17%). The latest
according to the revision of notary deed Mrs. Hartanti Kuntoro, SH., no. 36
dated 16 May 2013 the company authorized capital was increased to Rp.
1,000,000,000 wholly issued and paid up. With this development the composition
of its shareholders has been changed to become Mr. Lie Po Fung AKA Lie Po Jaya
(99.85%) and Mr. Liong Nata Wiguna AKA Thio Sen Liong (0.15%). The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-28671 dated July 15, 2013.
We notice that
one of P.T. MRA's shareholders namely Mr. Lie Po Fung is founder is the
majority business stake owner of of P.T. ANEKAMULIA TATASEMPURNA dealing with
distribution of soft drink and P.T. INDOMARU LESTARI dealing with trading and
distribution of processed foods.
Basically,
P.T. MRA operation is to continue the operation of P.T. SURYAMULIA ADIBUANA
started up in 1993 and P.D. MULIA RAYA started up in 1989, in fruit trading and
distribution. The type of fruits sold by P.T. MRA are including oranges,
apples, grapes, pears, cherry, durians, longans, banana and others totally
imported from Thailand, France, Australia, Taiwan, New Zealand and others. The
above fruits are sold to various supermarkets, fruit stores in the country.
Until the end of 1997 the company operated two branch offices and two
warehouses in Bandung, West Java and Surabaya, East Java but as from mid 1998,
discontinued as the impact of economic crisis striking Indonesia in 1997. In
1997, P.T. MRA operated 12 units of trucks for transportation merchandising goods
to various regions and 16 units of cold storage for storage merchandising
goods. At present the company operates with 8 trucks and 6 cold storages as the
impact of global economic crisis as since October 2008. Sharp Rupiah
depreciation against hard foreign currencies including US$, Yen and other
caused the prices of imported goods to soar and people purchasing power to
drop. Besides, P.T. MRA is also authorized distributor for food products with
brands ANCHOR, CHESDALE, MAINLAND, GOLDEN FERN and BAKER’S MIX of P.T. FONTERRA
BRANDS INDONESIA. The whole products marketed to various food trader &
shops in Jakarta and surroundings. We observe the operation of P.T. MRA has been running
smoothly in the last three years.
We note that
generally the domestic demand for fresh fruits has been rising by about 8% -
10% per year in the last five years in line with the growing population and
increasing income of part of the population in the country. The demand is
projected to go on rising each year in the next five years. Meanwhile,
competition is quite heavy in the fruit trade with many companies now doing
business in this field in Indonesia. We consider P.T. MRA to be in a quite
favorable position for having already got hold of a steady clientele in the
country.
Until this time
P.T. MRA has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The
management of P.T. MRA is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover
of the company in 2011 amounted to Rp. 25.7 billion rose to Rp. 26.6 billion in
2012 increased to Rp. 28.0 billion in 2013 and projected to go on rising by at
least 5% in 2014. The operation in 2013 has gained a net profit of at least Rp.
2.2 billion. The company has an estimated total net worth of at least Rp. 6.0
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. MRA is led by Mr. Lie Po Fung AKA Lie Po Jaya (50) a businessman and
professional manager with experience in trading, import and distribution of
fresh fruits. Daily operation he is assisted by Mr. Liong Nata Wiguna AKA Thio
Sen Liong (46) as director. The company's management is handled by professional
staff 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 business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. MULIA RAYA AGRIJAYA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.86 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PDT |
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.