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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. INTIMAS SURYA |
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Formerly Known As : |
P.T. INTIMAS |
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Registered Office : |
Jalan Muara Karang Blok O-VI Timur No. 2 Jakarta
Utara 14450 |
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Country : |
Indonesia |
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Date of Incorporation : |
08.08.1994 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged in Frozen Seafood Processing and Exporting |
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No. of Employees : |
82 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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, 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. INTIMAS SURYA
Head Office
Jalan Muara Karang Blok O-VI Timur No. 2
Jakarta Utara 14450
Indonesia
Phones - (62-21) 668 1576, 668 0044
Fax -
(62-21) 661 8095
Email - frid@indo.net.id
or jorgih@indo.net.id
Building Area - 2 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Owned
Branch Office & Processing Facility
Jl. Ikan Tuna Raya III, Pelabuhan Benoa
Denpasar 80361
Bali - Indonesia
Phones - (62-361) 724 246
Fax -
(62-361) 721 159
Land Area - 1,260 sq.
meters
Building Space - 800 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
08 August 1994 as
P.T. INTIMAS changed its name to P.T. INTIMAS SURYA on May 19, 1995
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C2-8090 HT.01.01.TH.95
Dated 27 June 1995
b. No.
C2-00888 HT.01.04.TH.2006
Dated 12 January 2006
c. No.
AHU-07854.AH.01.02.Tahun 2009
Dated 16 March 2009
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.696.446.2-041.000
Related
Company :
Not available
Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000.-
Issued Capital - Rp. 600,000,000.-
Paid up Capital - Rp. 600,000,000.-
Shareholders/Owners
:
a. Mrs.
Farida -
Rp. 408,000,000.- (68%)
b. Mr. Anton
Tanjung AKA Lim King Tong - Rp.
192,000,000.- (32%)
Lines of
Business :
Frozen Seafood
Processing and Exporting
Production
Capacity :
Frozen Fishes -
3,500 tons p.a.
Total
Investment :
a. Owned Capital -
Rp. 4.5 million
b.
Loan Capital - Rp. 2.0 million
c. Total Investment - Rp. 6.5 million
Started
Operation :
1 9 9 5
Brand Name :
Intimas Surya
Technical
Assistance :
None
Number of
Employee :
82 persons
Marketing Area
:
Export - 90%
Local - 10%
Main Customers
:
Foreign buyers in
Japan, Hong Kong and European countries
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Shorin Bali
b. PT. Bali Mina Utama
c. PT. Central Bali Bahari
d. PT. Dae Do Raya Utama
e. PT. Super Saku Bali
f. PT. Sari Segar
Laut Indonesia
Business Trend
:
Growing but only
slowly
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Menara
BCA
Jl. M.H.
Thamrin No. 1
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jl. Gatot Subroto
Kav. 36-38
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 62.0
billion
2011 – Rp. 70.0
billion
2012 – Rp. 74.5
billion
2013 – Rp. 82.0
billion
Net Profit
(estimated) :
2010 – Rp. 4.1
billion
2011 – Rp. 4.6
billion
2012 – Rp. 4.8
billion
2013 – Rp. 5.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mrs. Farida
General Manager - Mr. Ivan Hans
Jorgih
Board of Commissioners :
Commissioner -
Mr. Anton Tanjung AKA Lim King Tong
Signatories :
Director (Mrs. Farida)
or General Manger (Mr. Ivan Hans Jorgih) which must be approved by Board of
Commissioner (Mr. Anton Tanjung AKA Lim King Tong)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Initially named P.T. INTI MAS, it was
established in Jakarta in August 1994 with the authorized capital of Rp.
100,000,000 of which Rp. 20,000,000 was issued and fully paid up. The founding
shareholders of the company are Miss Farida (60%) and Mr. Lim Ivan Hans Jorgih
(40%), both are Indonesian entrepreneurs of Chinese extraction. In May 1995,
the company renamed to P.T. INTIMAS SURYA. The Articles of association has been
approved by the Minister of Law and Human Rights through Decision Letter No.
C2-8090 HT.01.01.TH.95 dated June 27, 1995.
The articles of association of the company
have frequently been revised. In October 2005, the authorized capital of the
company was raised to Rp. 1,000,000,000 of which Rp. 600,000,000 was issued and
fully paid up. At the same time, the shareholders of P.T. INTIMAS SURYA were
Mrs. Farida (68%) and Mr. Anton Tanjung AKA Lim Kin Tong (32%). Most recently by notarial deed of Siti
Masnuroh, SH., No. 16 dated February 11, 2009 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-07854.AH.01.02.Tahun 2009
dated 16 March 2009. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. INTIMAS SURYA has been in commercial operation
since 1995 dealing with fresh and frozen seafood processing industry located in
Jakarta and Bali. The company specialized in processing and exporting fresh and
frozen fish product. The company
manages a cold storage unit located on Jalan Muara Karang, Block O-VI Timur No.
2, North Jakarta with production capacity of 3,500 tons of frozen fishes. A staff of the company said that the fish
and shrimps are gained from fishermen operating in Java Sea and surroundings
and also from its own catching because the company has several fish catching
ships. The company also has a branch office and fish processing facility unit
on Jalan Ikan Tuna Raya III, Benoa Seaport, Denpasar, Bali doubling as a place
for its ships. The products of P.T. INTIMAS SURYA are exported to various
countries including Japan, Hong Kong, Australia and others. P.T. INTIMAS SURYA is classified as a medium
sized company in the country dealing with cold storage and frozen food
processing and exporting of which the operation had been running smoothly but
growing slowly in the last five years.
Generally, demand for cold storage and
frozen seafood processing industry and exporting has been growing some 10% to
12% per year in the last five years in line with the growth of international hotels,
sea food restaurant, food court, supermarkets, hypermarkets and other fishes
retail shops. In the coming years, the
growth rate of demand is estimated at about 6% to 8% per annum. The present
market situation for fish processing and canning industry is very competitive
for a large number of similar companies operating in the country. Pursuant to media local, in 2012 Bali`s exports of tuna fish dropped 20.29 percent
year-on-year to US$42.86 million in the first seven months of the year. The
fall in the export earning followed a 28.02 percent decline in the export
volume from 10,451.9 tons to 7,523.8 tons in the same period, I Ketut Teneng,
the chief spokesman of the provincial administration, said. Japan has been the main export destination for fresh and
frozen tuna from Bali with a smaller part to Europe, I Ketut Teneng said here
on Wednesday. He attributed the decline
to weak demand from Japan which has not yet fully recover from last year’s
tsunami and shrinking production.
P.T. INTIMAS SURYA is considered to be in a favorable business position
in view of the company's experience in the above business.
Until this time P.T. INTIMAS SURYA has not
been registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of P.T. INTIMAS SURYA is
very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2010
amounted to Rp. 62.0 billion increased to Rp. 70.0 billion in 2011 to Rp. 74.5
billion in 2012 and rose again to Rp. 82.0 billion in 2013. The operation in
2013 yielded an estimated net profit of at least Rp. 5.2 billion and the
company has an estimated total net worth of at least Rp. 46.0 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. INTIMAS SURYA is
headed by Mrs. Farida (51), a businesswoman with more than 18 years experience
in seafood (fish and shrimp) processing and exporting. In his daily activities,
she is assisted by Mr. Ivan Hans Jorgih (53) as General Manager and Mr. Anton
Tanjung AKA Lim Kim Tong (60) as Commissioner.
The management is handled by professional managers having wide relation with private
businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the management of the company having been
involved in business malpractices 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. INTIMAS SURYA is sufficiently fairly
good for business transaction. But owing to 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.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
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.