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Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SEGAR MANIS MATA |
|
|
|
|
Registered Office : |
Ruko Grand Ancol Block B No. 16 Jalan
R.E. Martadinata Jakarta Utara 14310 |
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|
|
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Country : |
Indonesia
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|
|
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Date of Incorporation : |
28.06.1996 |
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|
|
Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Trading, Import and Distribution of Fresh Fruits |
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|
|
|
No. of Employees |
46 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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, 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 |
P.T.
SEGAR MANIS MATA
Head
Office
Ruko Grand Ancol Block B No. 16
Jalan
R.E. Martadinata
Jakarta
Utara 14310
Indonesia
Phones - (62-21) 6915743-44, 6909267
Fax -
(62-21) 6910293
Email - segarmm@cbn.net.id
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Owned
Warehouse
Jl. Pegangsaan 2 Km. 4 - 89
Kelapa Gading
Jakarta Utara 14250
Indonesia
Phones - (62-21) 460 8000, 468 30091
Fax -
(62-21) 460 6933
Building Area - 2 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Owned
Date of
Incorporation :
28 June 1996
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
C-20041 HT.01.04.TH.2005
Dated 20 July 2005
b. No.
AHU-00045.AH.01.02.Tahun 2012
Dated 02 January 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.773.327.0-044.000
Affiliated Company :
P.T. ABADI BERKAT NIAGA (Trading, Import and Distribution of Fresh
Fruits)
Capital Structure
:
Authorized Capital -
Rp. 500,000,000
Issued Capital - Rp. 500,000,000
Paid up Capital - Rp. 500,000,000
Shareholders/Owners
:
a. Mr. Herman Susilo - Rp. 200,000,000 (40%)
Address: Jl. Imam
Bonjol RT.001/RW.018
Pontianak, West Kalimantan
Indonesia
b. Mr. Micheal Iksan Susilo - Rp.
150,000,000 (30%)
Address: Jl. Agung Tengah 12 Blok IB No.2B
Jakarta Utara
Indonesia
c. Mr. He Herman Tantiono - Rp.
150,000,000 (30%)
Address: Jl. Agung Utara Raya Blok E No. 2A
Jakarta Utara
Indonesia
Lines of Business
:
Trading, Import and Distribution of Fresh Fruits
Production
Capacity :
None
Total Investment :
None
Started Operation
:
1996
Brand Name :
SMM
Technical
Assistance :
None
Number of Employee
:
46 persons
Marketing Area :
Domestic -
100%
Main Customers :
a. Carrefour Hypermarket
b. Matahari Hypermarket
c. Giant Hypermarket
d. Hero Supermarket
e. Tip-Top Supermarket
f. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Laris Manis Utama
b. PT. Pincuran Mas Bina
Usaha
c. PT. Sewu Segar Nusantara
d. PT. Total Buah Segar
e. PT. Wigah Perkasa
f. PT. Surya Indah Perkasa
g. Etc.
Business Trend :
Growing slowly
B a n k e r :
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Gunung Sahari Raya No. 78
Central
Jakarta
Indonesia
b. P.T. Bank MANDIRI Tbk
Jl. Parang Tritis No. 4, Ancol
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 24.5 billion
2010 – Rp. 28.9 billion
2011 – Rp. 34.2 billion
2012 – Rp. 48.5 billion
2013 – Rp. 56.0 billion
Net Profit
(estimated) :
2009 – Rp. 1.6 billion
2010 – Rp. 1.9 billion
2011 – Rp. 2.2 billion
2012 – Rp. 3.1 billion
2013 – Rp. 3.6 billion
Payment Manner :
Almost Promptly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Michael Iksan Susilo
Director - Mr. He Herman Tantiono
Board of Commissioners :
Commissioner - Mr. Herman Susilo
Signatories :
President Director (Mr. Michael Iksan Susilo)
or Director (Mr. He Herman Tantiono) which must be approved by the Board of
Commissioner (Mr. Herman Susilo)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Initially
named P.T. MANIS MATA, the company was established in June 1996 with authorized
capital of Rp 500,000,000.- issued and paid
up capital of Rp 200,000,000.-. The founding shareholders are Mr. Herman
Susilo (40%), Mr. Michael Iksan Susilo (30%) and Mr. He Herman Tantiono
(30%). They are Indonesian businessmen
of Chinese extraction. In August 1996 the company renamed to P.T. SEGAR MANIS
MATA (P.T. SMM). This Articles of Association was approved by the Minister of Law and
Human Rights of the Republic of Indonesia by virtue of Decision Letter No.
C2-8661.HT.01.01.Th.96 dated 28 August 1996.
The
company’s notary deed has been changed and on July 05, 2005 the issued capital
was raised to Rp. 500,000,000 and fully paid up. This
Articles of Association amendment was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
C-20041.HT.01.04.Th. 2005 dated 20 July 2005.
Based on notarial deed of Jhonni Marihotua Sianturi, SH., No. 22 dated
December 9, 2011 concerning changes of the whole article of association of the
Company’s to conform with Law No. 40 Year 2007 concerning Limited Liability
Company. The notarial Deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-00045.AH.01.02.Tahun 2012 dated 2 January 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
In
accordance with article 3 (three) of the articles of association contained in
the deed of establishment, the scope of activities of the Company is primarily
in general trading, development including contracting, mining, industry,
aquaculture, fish catching and marine processing, recreation, printing,
transportation, general technical, agriculture, plantation and forestry. In fact it is engaged in trading, import and
distribution of fresh fruits.
The
Company’s registered office located at Jl. RE Martadinata Ruko Grand Ancol Blok
B No. 16, North Jakarta and the company can open branch offices or
representative offices at home and abroad.
At the address there was also another company called P.T. ABADI BERKAT NIAGA,
who also engaged in trading and importing of fresh fruits. P.T. SMM was affiliated with P.T. ABADI BERKAT NIAGA.
We observe that P.T. SMM is engaged in the
trading and distribution of fresh fruits, since 1996, by taking over the whole
assets, liabilities and activities of its sister company P.T. SEGAR KUMALA
operating since 1994. Mr. Ngalimin,
marketing manager of the company (head office) said the fruits it is trading
for are pears, apples, grapes, kiwis, oranges, durian, etc., those imported from
Australia, New Zealand, the USA and China.
P.T. SMM also sells local fruits like oranges of Pontianak, West
Kalimantan, salak of Bali, etc. Mr.
Ngalimin added that the fresh fruits are locally sold to supermarkets like Hero
Supermarkets, Carrefour, Tip-Top, fruit stalls and other fruit retailers in
Jakarta and West Java. We observed that
P.T. SMM is classified as a medium sized company in the country dealing with
trading and importing of fresh fruits of which the operation has 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.
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. P.T. SMM’s management is very reclusive to
outsider and rejecting to disclose its financial condition but we estimated the
total sales turnover of the company in 2011 amounted to Rp. 34.2 billion
increased to Rp. 48.5 billion in 2012 and rose again to Rp. 56.0 billion in
2013. The operation in 2013 yielded a
net profit at least Rp. 3.6 billion and the company has a total net worth of
Rp. 13.5 billion. It is projected that
total sales turnover of the company will increase at least 8% in 2014. So far we did not hear that P.T. SMM has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The
management is headed by Mr. Michael Iksan Susilo (50), a businessman with
experience for some 19 years in the trading and distribution of fresh fruits.
In daily activities, he is assisted by Mr. He Herman Tantiono (61) as director
and Mr. Ngalimin (47) as marketing manager.
We consider the management is quite capable of further developing
business in the future. They have close relations with many high-ranking
government officials as well as with private businessmen within and outside the
country. So far, we did not hear that the company’s management involved in a
business malpractice 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.
We
believe that P.T. SEGAR MANIS MATA is appraised fairly good for business
transaction. However, in view of the unstable economic condition in the country
we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.18 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.