|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TRANS RETAIL
INDONESIA |
|
|
|
|
Registered Office : |
Carrefour Lebak Bulus, 3rd Floor, Jalan Lebak Bulus Raya
No. 8, Jakarta Selatan |
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|
Country : |
Indonesia |
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|
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Date of Incorporation : |
22.11.2012 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-21801 |
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Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Hypermarket Management and Development |
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|
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No of Employees : |
24,000 |
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 |
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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 |
A2 |
|
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 |
BASIC
SEARCH
|
Name of Company :
P.T. TRANS RETAIL
INDONESIA
Address :
Head Office &
Outlet
Carrefour Lebak Bulus, 3rd Floor
Jalan Lebak Bulus Raya No. 8
Jakarta Selatan
Indonesia
Phones -
(62-21) 75911968 (hunting)
Fax - (62-21) 75911972, 27585850
Land Area - 8,200 sq.
meters
Building Area - 5,500 sq. meters
Region - Commercial
Status -
Non-ownership title with limited duration
Branches &
Outlets
a. Jakarta - 36 outlets
b. Tangerang -
5 outlets
c. Bekasi - 4
outlets
d. Bandung -
4 outlets
e. Java & Bali -
30 outlets
f. Sumatra - 3 outlets
g. Sulawesi - 3 outlets
h. Others - 2 outlets
Date of
Incorporation :
a. 24 April 1995 as P.T.
CONTIMAS UTAMA INDONESIA
b. 20 November 2003 as P.T.
CARREFOUR INDONESIA
c. 22 November 2012 as P.T.
TRANS RETAIL INDONESIA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Laws and Human Rights
a. No.
C-29883.HT.01.04.TH.2003
Dated 23 December 2003
b. No. AHU-AH.01.10-06748
Dated 27 May 2009
c. No. AHU-AH.01.10-18952
Dated 28 May 2012
d. No. AHU-60979.AH.01.02.Tahun
2012
Dated 29 November 2012
e. No. AHU-AH.01.10-21801
Dated 03 June 2013
Company Status :
National Investment (PMDN) Company
Permit by the
Government Department :
The Capital Investment Coordinating Board
- No. 09/V/PMA/1999
Dated 21 January 1999
- No. 85/II/PMA/2000
Dated 17 April 2000
- No. 49/II/PMA/2002
Dated 16 October 2002
- No. 1410/III/PMA/2003
Dated 15 December 2003
- No. 10/B.3/A.6/2004
Dated 16 January 2004
- No. 695/B.1/A.6/2007
Dated 1 May 2007
Related Company :
A Member of the CTCORP Group
CAPITAL
AND OWNERSHIP
|
Capital Structure
:
Authorized Capital - Rp.
888,000,000,000.-
Issued Capital - Rp.
452,420,000,000.-
Paid up Capital - Rp.
452,420,000,000.-
Shareholders/Owners
:
a. P.T. TRANS
RETAIL of Indonesia - Rp.
452,415,475,800 (99.999%)
b. P.T. TRANS
LIFESTYLE of Indonesia -
Rp. 4,524,200 ( 0.001%)
BUSINESS
ACTIVITIES
|
Lines of Business
:
Hypermarket Management and Development
Production
Capacity :
Hypermarkets - 87 outlets
(349,562 sq. meters)
Total Investment :
a. Equity Capital -
Rp. 452.42 billion
b. Loan Capital -
Rp. 2,198.78 billion
c. Total Investment - Rp.
2,651.20 billion
Started Operation
:
July 1996
Brand Name :
CARREFOUR
Technical
Assistance :
CARREFOUR S.A. of France
Number of Employee
:
24,000 persons
Marketing Area :
Domestic - 100%
Main Customers :
The publics of Indonesia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. RAMAYANA LESTARI
SENTOSA
b. P.T.
MATAHARI PUTRA PRIMA
c. P.T. HERO SUPERMARKET
d. P.T. INDOMARCO PRISMATAMA
e. P.T. HERO SUPERMARKET
f. P.T. LION SUPERINDO
g. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
Bankers :
a. P.T. BANK MEGA Tbk
Menara Bank Mega
Jl. Kapten
Tendean No. 12-14A
Jakarta
Selatan
Indonesia
b. DEUTSCHE BANK ASIA S.A.
Deutsche Bank Building
Jl. Imam Bonjol No. 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
|
Total Sales/Income
:
2009 – Rp. 11,210.0 billion
2010 – Rp. 12,330.0 billion
2011 – Rp. 14,016.0 billion
2012 – Rp. 14,990.0 billion
2013 – Rp. 16,040.0 billion
2014 – Rp. 8,580.0 billion
(January – June)
Net Profit (Loss)
:
2009 – Rp. 420.0 billion
2010 – Rp. 460.0 billion
2011 – Rp. 520.0 billion
2012 – Rp. 550.0 billion
2013 – Rp. 588.0 billion
2014 – Rp. 315.0 billion (January – June)
Payment Manner :
Good
Financial Comments
:
Strong and Sound
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Shafie Bin Shamsuddin
Director -
Mr. Yong Hock Hian
Board of Commissioners :
President Commissioner - Mr. Chairul Tanjung
Commissioners - a. Mr. Abdullah Mahmud Hendropriyono
b. Mr. RM. Suroyo Bimantoro
c. Mr.
Salahuddin Nyak Kaoy
Signatories :
President Director (Mr. Shafie Bin
Shamsuddin) or Director (Mr. Yong Hock Hian) which
must be approved by Board of Commissioner (Mr. Chairul Tanjung) and other
Commissioners
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Initially named P.T. CONTIMAS UTAMA INDONESIA (P.T. CUI), it was
established in 1995 with the authorized capital of Rp. 1,000,000,000 of which
Rp. 200,000,000 was issued and fully paid up. The founding shareholders are Mr.
Ir. Aan Subrata and Mrs. Lucie Mariana, both are Indonesian of Chinese
extraction. The articles of association of the company have been revised for a
couple of times. In April 2000, the authorized capital of the company was
raised to Rp. 230,000,000,000 of which Rp. 181,822,000,000 was issued and fully
paid up and concurrently both shareholders withdrew and replaced by CONTINENT
HYPERMARCHES of France and P.T. PRIWAT JASARAYA of Indonesia.
On 20 November 2003, P.T. CUI merged into P.T. CARTISA PROPERTI
INDONESIA and P.T. CARTI SATRIA MEGASWALAYAN to establish a new company named
P.T. CARREFOUR INDONESIA (P.T. CARREFOUR).
Concurrently, the authorized capital of P.T. CI was set up to Rp.
888,000,000,000 of which Rp. 452,420,000,000 was issued and fully paid up. Since that time, the shareholders are
CONTINENT HYPERMARCHES of France (66.72%), CARREFOUR NEDERLAND of the
Netherlands (21.81%), ONESIA B.V. of the Netherlands (9.35%) and P.T. PRIWAT
JASARAYA of Indonesia (2.12%).
On April 29, 2009 the shareholders of P.T. CARREFOUR are CARREFOUR S.A.
of France (66.72%), CARREFOUR NEDERLAND B.V., of the Netherlands (21.81%) and
ONESIA B.V., of the Netherlands (11.47%).
The amendment to Deed was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-AH.01.10-06748 dated 27 May 2009. The latest, on April 30, 2012, P.T. TRANS
RETAIL of Indonesian entered into the Company as a new shareholder. Since at the time, the shareholders of P.T.
CARREFOUR INDONESIA are CARREFOUR S.A. of France (39.02%), CARREFOUR NEDERLAND
B.V., of the Netherlands (9.51%), ONESIA B.V., of the Netherlands (11.47%) and
P.T. TRANS RETAIL of Indonesia (40.00%).
The latest amendment to Deed was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-AH.01.10-18952 dated 28 May 2012.
The Company’s article of association has been amended for several times.
On November 22, 2012, the company renamed to P.T. TRANS RETAIL INDONESIA (P.T.
TRI). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decision Letter
No. AHU-60979.AH.01.02.Tahun 2012 dated November 29, 2012.
Most recently by notarial deed of Merry Susanti Siaril, SH., No. 25
dated May 20, 2031 the shareholders, management, and supervisory board was
changed. Since the time, the shareholders of the company are P.T. TRANS RETAIL
(99.999%) and P.T. TRANS LIFESTYLE (0.001%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-21801 dated June 03, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. TRANS RETAIL INDONESIA (P.T. TRI) is dealing with hypermarket
management and development being a member of the CTCORP Group, a big company
group of Indonesia. P.T. TRI retains exclusive right to use the CARREFOUR brand
in Indonesia under a license agreement with CARREFOUR.
P.T. TRI at present operates 87 CARREFOUR Outlets in Jakarta (36 units),
Tangerang (5 units), Bekasi (4 units), Bandung (4 units), Java and Bali (30
units), Sumatra (3 units), Sulawesi (3 units) and others (2 units). The
strategic location in the middle of the city is one of the company’s benefits
in its operation. Besides, the consumers are free to shop without member cards
as applied in GIANT, MAKRO and INDOGROSIR Hypermarkets. It is estimated that CARREFOUR
Hypermarket will keep on growing to become a hypermarket leader in the country.
In early 2008, P.T. TRI took over majority (75%) business stakes of P.T.
ALFA RETAILINDO Tbk., a public listed company and the rest is owned by P.T.
SIGMANTARA ALFINDO (20%) and the publics (5%).
P.T. ALFA RETALINDO Tbk., is a large sized company dealing with 29
outlets supermarket management in the country known by its trading style ALFA
Supermarket. Concurrently, the trading
style is changed from ALFA supermarket to CARREFOUR Express. Presently, P.T.
TRI is classified as a largest sized company of its kind in the country dealing
with hypermarket and supermarket management by controlling 20% of the retail
market shares.
Local Media Checks:
Carrefour expects
higher sales growth in second half
The Jakarta Post | Business | Sat, July 14 2012, 8:55 AM
PT Carrefour Indonesia, the arm of France’s retail giant Carrefour, may
record sales growth of between 3 percent and 4 percent this year in the second
semester of this year, the company’s executive said.
Carrefour Indonesia head of public affairs Satria Hamid said in Jakarta on
Friday that although its sales growth was not so high, the Indonesian unit of
the French retail giant, together with other Asian units, helped compensate the
fall in sales in Europe.
Carrefour SA announced on Thursday that its group sales reached ¤43.68 billion
(US$53.22 billion) in the first half of the year, a slight 0.9 percent increase
compared to a year earlier. Only for the second quarter, Carrefour SA’s sales
stood at ¤21.71 billion, falling slightly by 0.3 percent year on year.
Carrefour SA said that its arms in emerging markets helped the company
compensate the declined of sales in France of 2.1 percent and 3.5 percent in
other European countries. Sales in Asia, it said, was up 14 percent to reach
¤2.02 billion in the second quarter, mostly supported by sales growth in China.
“Of the 14 percent increase, Carrefour Indonesia contributed about 7 to 8
percent [of the Asian markets total amount of sales],” Satria said. She could
not elaborate the financial performances of Carrefour Indonesia in the second
quarter, because the financial reports were under completion.
Carrefour Indonesia is also expecting to see its sales jump in the second half
of the year, as result of growing demand during Idul Fitri in August and
Christmas holiday – followed by New Year holiday – this December.
Ahead of Idul Fitri, Satria said that Carrefour has anticipated growing demands
by adding its supply, particularly staple foods, to up to 30 percent compared
to normal days.
“The critical phases are one week before and two weeks after Idul Fitri as
supply will be hampered due to many distributors halt their operations,” Satria
said.
Carrefour Indonesia currently has 85 outlets nationwide. The retailer is
planning to open between five and 10 more stores this year to support its
business amid tight competition in the market. Among Carrefour Indonesia’s
competitors are Hypermart, Giant and Korean Lotte Mart. The company has said
that it would also expand to eastern Indonesia, in an attempt to grab the
increasing demand there. The company only has nine stores located outside Java
so far; four of them are located in Makassar, two in Medan, tow in Batam and
one in Palembang.
Carrefour Indonesia is 39 percent owned by France-based Carrefour SA.
Indonesian PT Trans Retail, a subsidiary of Trans Corp controlled by local
tycoon Chairul Tanjung, has become the majority shareholders in Carrefour
Indonesia after an acquisition of 40 percent stake in 2010. The remaining
shareholders are Carrefour Nederlands BV (9.5 percent) and Onesia BV (11.5
percent).
Tycoon Chairul
Tanjung acquires Carrefour for $750m
The Jakarta Post, Jakarta | Business | Tue, November 20 2012, 4:19
PT Trans Retail, a unit of conglomerate CT Corp founded by local tycoon
Chairul Tanjung, announced on Tuesday that it had reached a deal worth US$750
million to acquire a 60 percent stake in retailer PT Carrefour Indonesia, a
subsidiary of French Carrefour SA.
The acquisition means Trans Retail now fully owns Carrefour Indonesia
from previously 40 percent.
"We signed the sale and purchase agreement on Monday. We also have
transferred the acquisition funds, which are bridging loans from 10
international banks, to Carrefour SA," Chairul said on Tuesday.
Trans Retail obtained loans from Credit Suisse, BNP Paribas, J P Morgan
Securities, ING Bank, ANZ, Goldman Sachs, Deutsche Bank, Royal Bank of
Scotland, Standard Chartered Bank and Bank of Tokyo Mitsubishi UFJ.
Following the acquisition, Carrefour's shops in Indonesia will remain
using its brand with addition of "Trans".
"We have the right to use the brand for five years. We have decided
to use double brand that is Trans Carrefour. As time goes by, the word 'Trans'
will be bigger and 'Carrefour' will diminish," Chairul said.
Chairul said that he expected that under the full ownership of Trans
Retail, Trans Carrefour would report 30 percent business growth annually on the
back of the country's strong domestic demand.
In overall we find the demand for consumer goods, electronics household,
food & beverages and others are sold by supermarkets and hypermarkets has
kept on rising by about 10% to 12% per annum in the last five years. It is
estimated that the demand growth will continue on rising by 8% within the next
two years. The competition is very tight on account of lots of similar company
operating in the country such as LOTTE (Formerly MAKRO) Hypermarket, GIANT
Hypermarket, MATAHARI Hypermarket, INDO GROSIR Hypermarket and others. The
business position of P.T. TRI is appraised to be favorable for having wide
marketing networks in major cities in the country.
Until this time P.T. TRANS RETAIL INDONESIA has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. We estimated that total sales turnover of the company in
2010 amounted to Rp. 12,330.0 billion increased to Rp. 14,016.0 billion in 2011
rose to 14,990.0 in 2012 and rose again to Rp. 16,040.0 billion in 2013. The operation of the company in 2013 gained a
net profit of Rp. 588.0 billion with a total networth of Rp. 8,250.0 billion.
The total sales turnover is projected to be increasing by at least 8% in 2013. So far we did not hear that P.T. TRI has been
black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court.
The management of the company is headed by Mr. Shafie Bin Shamsuddin (44) as president director with more than
15 years of experience in hypermarket management and development. In his daily
activities, he is assisted by Mr. Yong Hock Hian (59) as director and four commissioners namely Mr. Chairul Tanjung (52), Mr. Abdullah Mahmud
Hendropriyono (69), Mr. RM. Suroyo Bimantoro (58), and Mr. Salahuddin
Nyak Kaoy (72). The Company’s management is having wide relation with overseas and
national private businessmen as well as with the government sectors. So far we
did not hear that the company’s management having been involved in business malpractices.
We believe that P.T. TRANS RETAIL INDONESIA is good for normal business
transaction. However, in view of he
unstable political 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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.