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Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TUNAS SUMBER REJEKI |
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|
|
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Registered Office : |
Ruko
Perkantoran CBD Pluit Blok C No. 20 Jl. Pluit Selatan Raya, Kel.
Penjaringan Jakarta
Utara 14440 |
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Country : |
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Date of Incorporation : |
12.04.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import
and Distribution of Agricultural Products |
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|
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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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – 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 |
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Very High |
C1 |
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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. TUNAS
SUMBER REJEKI
Head Office
Ruko Perkantoran
CBD Pluit Blok C No. 20
Jl. Pluit Selatan Raya, Kel. Penjaringan
Jakarta Utara
14440
Indonesia
Phones -
(62-21) 6667 3016
Fax - (62-21) 6667 3438
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
12 April 2011
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. AHU-47852.AH.01.01.Tahun 2011
Dated 03 October 2011
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of
Finance
NPWP – not available
Related
Company :
None
Capital
Structure :
Authorized
Capital - Rp.
500,000,000.-
Issued Capital - Rp.
200,000,000.-
Paid up Capital - Rp.
200,000,000.-
Shareholders/Owners
:
a. Mr. Tji Kok
Sutrisno - Rp.
70,000,000.- (35%)
Address :
Perumahan Citra 5 Blok D8/23
Kel. Kamal, Kec. Kalideres
West Jakarta
Indonesia
b. Miss
Suwarty - Rp.
70,000,000.- (35%)
Address :
Jl. Pulau Rupat LK IX Belawan
Kel. Kelawan Bahar, Kec. Medan Belawan
Medan,
North Sumatra
Indonesia
c. Miss Rinda - Rp.
20,000,000.- (10%)
Address :
Jl. Pulau Rupat LK IX Belawan
Kel. Kelawan Bahar, Kec. Medan Belawan
Medan,
North Sumatra
Indonesia
d. Mrs. Meli - Rp.
20,000,000.- (10%)
Address :
Jl. Pulau Rupat LK IX Belawan
Kel. Kelawan
Bahar, Kec. Medan Belawan
Medan, North Sumatra
Indonesia
e. Mrs.
Haniwati Sutrisno - Rp.
20,000,000.- (10%)
Address :
Kavling Deplu Blok FM 445A
Kel. Jelambar,
Kec. Grogol Petamburan
West Jakarta
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Agricultural Products
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 500 million
Started
Operation :
June 2011
Brand Name :
TSR
Technical
Assistance :
None
Number of
Employee :
20 persons
Marketing Area
:
Local - 100%
Main
Customers:
a. Traditional
Markets
b. Food and
Beverage Industries
c. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Sumber
Pangan Utama
b. PT. Buana Tunas Segara Subur
c. PT. Indofresh
d. PT. Sekar Usaha Gemilang
e. PT. Wahana Baru Sejahtera
f. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Pluit Branch
Jl. Pluit Selatan
No. 2000
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 3.8 billion (June – December)
2012 – Rp. 22.0
billion
2013 – Rp. 36.0
billion
Net Profit
(estimated) :
2011 – Rp. 320 million (June – December)
2012 – Rp. 1,850
million
2013 – Rp. 3,027
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Tji Kok Sutrisno
Board of Commissioners :
President Commissioner -
Ms. Suwarty
Commissioner -
Ms. Rinda
Signatories :
Director (Mr. Tji Kok
Sutrisno) which must be approved by Board of Commissioners (Miss Suwarty and
Miss Rinda)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
P.T.
TUNAS SUMBER REJEKI (P.T. TSR) was established in Jakarta based on Notarial Deed
Number 48 dated April 12, 2011 drawn up by Sakto Lo, SH., notary in Jakarta
with an authorized capital of Rp. 500,000,000 issued capital of Rp. 200,000,000
entirely paid up. The founding shareholders of the company are Mr. Tji Kok
Sutrisno (35%), Ms. Suwarty (35%), Ms. Rinda (10%), Mrs. Meli (10%) and Mrs.
Haniwati Sutrisno (10%). They are
Indonesian business persons of Chinese extraction. The Deed of establishment was approved by the
Minister of Law and Human Rights through its Decision Letter No. AHU-47852.AH.01.01.Tahun
2011 dated October 03, 2011. No changes
have been effected in term of its shareholding composition and capital
structures to date.
Pursuant
to the company’s notary deed, P.T. TSR engaged to operate in trading, industry
and services. The Company’s registered
office located at Ruko Perkantoran BCD Pluit Blok C No. 20, Kel. Penjaringan,
Kec. Penjaringan, North Jakarta and the company can open branch offices or
representative offices at home and abroad.
We
observe that P.T. TSR has been operating since June 2011 to deal with trading,
import and distribution of agricultural commodities products. Ms. Lisawati, an
administrative staff of P.T. TSR explained that the merchandising goods
products including are garlic, ground nuts, dried chilly, pepper, pecans,
peanuts, green beans, shrimp paste, etc.
She also added the agricultural commodities products like garlic and
dried chilly are imported from China, ground nuts, peanuts, green beans from India.
Besides, the other products likes pepper, pecans, shrimp paste are obtained
from local such as Lampung province, Central Java province and East Java
province. Then, the whole products are marketed locally through traditional
market and food and beverage industries in Jakarta and its surroundings. We observed that P.T. TSR is classified as a
medium sized company of its kind in the country of which the operation has been
growing in the last three years.
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 food and
beverage industries 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 Indonesia. We consider P.T. TSR to be in a quite
favorable position for having already got hold of a steady clientele in the
Java and surroundings.
Until
this time P.T. TSR has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The management of
P.T. TSR is very reclusive towards outsiders and rejected to disclose its
financial condition. We
estimated that total sales turnover of the company in 2011 amounted of Rp. 3.8
billion and increased to Rp. 22.0 billion in 2012 and rose again to Rp. 36.0
billion in 2013. The operation in 2013
yielded an estimated net profit at least Rp. 3.0 billion and the company has an
estimated total net worth at Rp. 12.0 billion.
It is forecasted that total sales turnover of the company will increase
at least 10% in 2014. So far, we have
never heard of 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. TSR is led by Mr. Tji Kok Sutrisno (44) a businessman with
more than 12 years experience in trading, import and distribution of
agricultural products. In daily
activities he is assisted by Ms. Suwarty (42) as president commissioner and Ms.
Rinda (33) as commissioner. Beside, they are also assisted by a number of
expert staffs in the above business. The Company’s management has 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.
TUNAS SUMBER REJAKI 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.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 |
|
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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.