MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SARIWANGI
AGRICULTURAL ESTATE AGENCY |
|
|
|
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Registered Office : |
Jalan Mercedez
Benz No. 288, Cicadas, Gunung Putri, Bogor 16964, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
12.02.1973 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Bulk Tea and Finished Tea Processing · Investment Holding |
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No of Employees : |
2,500 |
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.
SARIWANGI AGRICULTURAL ESTATE AGENCY
Address
:
Head
Office & Factory I
Jalan Mercedez Benz No. 288
Cicadas, Gunung Putri
Bogor
16964
West
Java
Indonesia
Phones -
(62-21) 867 2486 (Hunting), 8672 487-9
Fax - (62-21) 867 2485
E-mail - info@sariwangigroup.com
Website - http://www.sariwangigroup.com
Land Area - 28,000 sq.
meters
Building Area - 17,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Branch
& Factory II
Jalan
Mercedez Benz No. 288 Area B
Cicadas,
Gunung Putri
Bogor
16964
West
Java
Indonesia
Phones -
(62-21) 8686 1983 (Hunting)
Fax - (62-21) 8686 1989
Land Area - 24,000 sq.
meters
Building Area - 15,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
a.
1962 as C.V. SARIWANGI
b.
12 February 1973 as P.T. SARIWANGI AGRICULTURAL ESTATE AGENCY
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. W7-HT.01.10-10449
Dated 17 July 2007
- No. AHU-35646.AH.01.02.TH.2008
Dated 25 June 2008
- No. AHU-AH.01.10-23887
Dated 30 December 2009
- No. AHU-20695.AH.01.02.TH.2010
Dated 23 April 2010
- No. AHU-61941.AH.01.02.TH.2012
Dated 5 December 2012
Company
Status :
National
Private Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 01.313.842.5-431.000
Related
Company :
A
Member Company of the SARIWANGI Group (see attachment)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
75,000,000,000.-
Issued
Capital :
Rp. 25,620,000,000.-
Paid
up Capital :
Rp. 25,620,000,000.-
Shareholders/Owners
:
a. Mr. Johan Alexander Supit - Rp.
22,700,000,000.-
Address : Estate Bogor Raya Block D 14-15
RT. 001 RW. 04, Kel. Sukaraja, Kec.
Sukaraja,
Bogor, West Java
Indonesia
b. Mr. Donald Roetap Zakir - Rp. 1,281,000,000.-
Address : Jl. Anggrek Block F. IV No. 1
Cinere, Limo, Bogor
West Java
Indonesia
c. Mrs. Henriette Lousie Supit - Rp. 1,239,000,000.-
Address : Jl. Lombok No. 51
Gondangdia, Menteng
Jakarta Pusat
Indonesia
d. Mrs. Enny Supit -
Rp. 400,000,000.-
Address : Jl. A. Yani No. A. 21
Pisangan Timur, Pulo Gadung
Jakarta Timur
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
a. Bulk Tea and Finished Tea Processing
b. Investment Holding
Production Capacity :
a. Bulk Tea and Pocked Tea -
50,000 tons p.a.
b. Teabags (self-made packaging machineries) - 8 billion teabags
Total
Investment :
a.
Owned Capital - Rp. 25.6 billion
b.
Loan Capital - Rp. 10.0 billion
c.
Total Investment - Rp. 35.6 billion
Started
Operation :
1962
when it was C.V. SARIWANGI
Brand
Name :
Sariwangi
AEA
Technical
Assistance :
None
Number
of Employee :
2,500
persons
Marketing
Area :
Domestic (Local) - 20%
Export - 80%
Main
Customer :
a.
P.T. UNILEVER INDONESIA Tbk
b.
Distributorship
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. SINAR SOSRO
b.
P.T. ARGAPURA TRADING COMPANY
c. P.T. PUTINDO INTI SELARAS
d.
P.T. VAN REES INDONESIA
e. P.T. TJIMAPAG
f. P.T. NITTOH MALINO THE
g. P.T. Perusahaan Perkebunan TAMBI, Etc
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a.
P.T. Bank CIMB NIAGA Tbk
Graha Niaga
Jalan Jend.
Sudirman Kav. 58
Jakarta 12190
Indonesia
b. P.T. Bank OCBC NISP Tbk
Jalan Alternatif Cibubur –Cileungsi Km. 1
Jakarta Timur
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2011
– Rp. 365.0 billion
2012
– Rp. 378.0 billion
2013
– Rp. 395.0 billion
2014
– Rp. 209.0 billion (January – June)
Net
Profit (estimated) :
2011
– Rp. 31.4 billion
2012
– Rp. 32.8 billion
2013
– Rp. 34.6 billion
2014
– Rp. 19.0 billion (January – June)
Payment
Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board
of Management :
President Director - Mr. Johan Alexander Supit
Directors -
a. Mr. Rocky Christiano Menayang
b. Mr. Andrew Thobias Supit
c. Mr. Mohammad Sholeh
Board
of Commissioner :
President Commissioner - Mr. Donald Roetap Zakir
Commissioner - Mr. Henriette Louise Supit
Signatories :
President
Director (Mr. Johan Alexander Supit) or one of the directors (Mr. Rocky
Christiano Menayang, Mr. Andrew Thobias Supit or Mr. Muhammad Sholeh) which
must be approved by Board of Commissioners
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
BACKGROUND/HISTORY
|
Initially the company named C.V. SARIWANGI was
established in 1962 with the legal status as C.V. (Commanditaire Vennootschap) or
partnership with sleeping partner. The company was founded by Mr. Johan
Alexander Supit as active partner and his wife Mrs. Henriette Louise Supit or
Mrs. Henriette Louise Soepardi both are indigenous business family. Then, on 12
February 1973 the legal status was converted to Limited Liability Company (P.T.
Perseroan Terbatas) P.T. SARIWANGI ANGRICULTURAL ESTATE AGENCY or abbreviated
with trading style as P.T. SARIWANGI AEA
with an authorized of Rp. 5,000,000 and an issued and paid up capital of Rp. 1,000,000.
The founding shareholders of the company are Mr. Johan Alexander Supit, his
wife Mrs. Henriette Louise Supit and their son Mr. Bernhard Alfonsius Supit.
The company notary deed has frequently been revised. In 1987, Mr. Bernhard
Alfonsius Supit withdrew and was replaced by his younger sister Mrs. Enny
Supit. In December 1988 the authorized capital was increased to Rp.
1,000,000,000 issued capital to Rp. 700,000,000 entirely paid up. In September
1996, the authorized capital was raised to Rp. 6,000,000,000 issued and paid up
capital to Rp. 3,000,000,000. With this development the composition of its
shareholders has been changed to become Mr. Johan Alexander Supit (89.97%),
Mrs. Henriette Louise Supit (10%) and Mrs. Enny Supit (0.03%). Later in June 2007
the authorized capital was increased to Rp. 75,000,000,000 issued capital to
Rp. 25,620,000,000 entirely paid up.
On the same occasion Mr. Donald Roetap Zakir joined the
company as new shareholder. With this development the composition of its
shareholders has been changed to become Mr. Johan Alexander Supit (88.60%),
Mrs. Henriette Louise Supit (4.84%), Mr. Donald Roetap Zakir (5%) and Mrs. Enny
Supit (1.56%).
Then in April 2008 the board of directors of the company
has been changed and appointed Mr. Donal Roetap Zakir as director. Later in
December 2009 the board of directors and the board of commissioner had been
changed. Then in March 2010 the company domicile had been moved from Citeureup,
Bogor district into Gunung Putri, Bogor district, West Java. However the
capitalization structure and the composition of the board of directors and
commissioner remained the same. The latest according to the revision of notary
deed Mr. Dr. Irawan Soerodjo, SH., M.Si., no. 171 dated 18 July 2012 the
company board of director and the board of commissioner had been restructured
to lead and runs of the company’s operation. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-61941.AH.01.02.TH.2012 dated December 5, 2012.
We observe that Mr. Johan Alexander Supit and family
member is also majority business stakes owner of the SARIWANGI Group, a
medium-sized business group dealing with finished tea processing, agribusiness,
tea plantation, export import of tea and trading.
P.T. SARIWANGI AEA started with operation in 1962 dealing
with tea processing industry and exporting. The Company initially operates in
the field of tea trading and later-on becoming a tea producer (produce tea on
its own-self including blending and manufacturing package products). Firstly,
it handled a plant in Jalan Mercedes Benz No. 288, Cicadas, Gunung Putri,
Bogor, West Java, had been operating since 1973. In late 1980, the company
introduces a concept of tea bag in the Indonesia market using its own company
brand called Sariwangi and at the same time introduced the name “Teh Celup” in
Indonesia. At later stage, the brand was acquired by P.T. UNILEVER INDONESIA
Tbk in 1989. Later on, in the year of 1989, the brand Sariwangi became the
property of Unilever. And in June 1996, it had been operating new plant in
Cicadas, Jalan Mayor Oking Djajaatmadja No. 7 A, Citeureup, Bogor, West Java.
However since May 2010 the plant has been moved to Jalan Raya Mercedez Benz No.
288 Area B, Gunung Putri, Bogor, West Java, both of plant on a land of 52,000
sq. meters.
The whole basic materials required by the company
obtained from sister company P.T. Maskapai Perkebunan INDORUB SUMBER WADUNG
which operates in tea plantation on a land of 4,000 hectares located in Cigaru,
Patuahwattee, Alkaterie, and P.T. Perkebunan dan Perindustrian NIRMALA AGUNG in
Nirmala and Surangga. Besides, P.T. SARIWANGI AEA is also bought tea from P.T.
PERKEBUNAN NUSANTARA XII and P.T. PERKEBUNAN NUSANTARA XIII both are located in
Bandung, West Java.
The company leads the market amongst private companies in
commodity trading, up to 50,000 tons annually, capacity of manufacturing up to
8 billion teabags, self-made packaging machineries, own-supply of made tea up
to 7,000 tons annually. The above plant are certified to ISO 9001: 2000
(Quality Management System), BRC (British Retail Consortium) HACCP (hazard
Analysis Critical Control Point) and are currently employing around 2500
personnel. P.T. SARIWANGI AEA produced and manufacture of Sariwangi brand for
P.T. UNILEVER INDONESIA Tbk. Besides, the company has launched a new product
Sedap Wangi and Teh Saring brands. The new brand is the culmination of 40 years
industry experience and expertise, and offers Indonesian consumers quality products
in term of taste, aroma and extended product range.
Some 80% of the products is exported to South East Asia
Region, Southeast Asia & South Pacific Region, South Middle East,
Australia, New Zealand, Europe Union, Russia and North America and United
States of America. Most of the buyers are well-known traders and have been
long-time business partners such as Lipton-Unilever, Dilman, Tetley, Boh Tea,
Elink Schurman and Thompson. We observe the operation of P.T. SARIWANGI AEA has
been growing and developing well in the last three years.
Besides, P.T. SARIWANGI AEA is also engaged in investment
holding by controlling of 60% shares of P.T. Maskapai Perkebunan INDORUB SUMBER
WADUNG engaged in tea plantation; 99.07% shares of P.T. NUTRIGASI AGRO
INDONESIA in agribusiness and plantation; 12% shares in P.T. Perkebunan Dan
Perindustrian NIRMALA AGUNG in tea plantation and 10% shares in P.T. SARI WANGI
INDUSTRIES engaged in trading and distribution of tea products.
The Chart ownership of
P.T. SARIWANGI AEA subsidiaries
Generally, the national tea production has been
fluctuating in the last five years as the impact of the unstable economic condition
in the country and the increasing oil prices, labor wages and others. The
national tea production in 2004 reached 100,185 tons or increasing by 2.3% from
the previous year reaching 88,176 tons. West Java is the largest tea producer
contributing 70% of total tea production worth Rp. 500.0 billion. The largest
destination countries of the national tea export included Russia of 15.4%, the
United Kingdom of 14.4%, Malaysia of 9%, Pakistan of 8.6%, Germany of 7%, the
USA of 7%, Poland of 5.4% and the Netherlands of 5.3%. These countries have
absorbed 72% of total national tea export. Meanwhile, the national tea
consuming rate reaches just 310 gram per capita while India reaching 660 gram
per capital, Saudi Arabia of 670 gram per capital and Iraq of 2,770 gram per
capita. Bases on the above data, there are still export opportunities for tea
products despite tight competition within and outside the country, However, the
business position of P.T. Sariwangi AEA is favorable in line with the steady
and continuous production markets.
The Production, Export Volume and Value of Tea Product,
2007-2013
|
Year |
Production Volume (Thousand Ton) |
Export Volume (Thousand Ton) |
Export Value (Million US$) |
|
2007 |
115,4 |
55,6 |
73,2 |
|
2008 |
116,5 |
83,8 |
125,1 |
|
2009 |
112,8 |
82,9 |
144,3 |
|
2010 |
107,3 |
79,2 |
149,4 |
|
2011 |
100,1 |
68,1 |
136,6 |
|
2012 |
95,1 |
61,6 |
125,0 |
|
2013 |
98,6 |
64,6 |
131,3 |
P.T. SARIWANGI AEA has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. SARIWANGI AEA 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. 365.0 billion
increased to Rp. 378.0 billion in 2012 to Rp. 395.0 billion in 2013. As from
January to June 2014 the sales turnover has reached at least Rp. 209.0 billion
with a net profit of at least Rp. 19.0 billion. It is projected the sales
turnover will be higher by at least 6% in 2015. The company has an estimated
total networth by at Rp. 118.0 billion. We observe that P.T. SIARIWANGI AEA is
supported by the fairly strong and sound businessmen behind it. We observe that
assets like account receivable, stock and corporate guarantee has been
controlled by P.T. Bank OCBC NISP Tbk as adequate guarantee on 24 January 2008.
On the same occasion, P.T. SARIWANGI AEA has received syndicated loan from P.T.
Bank OCBC NISP Tbk to expanding its business operation. So far we did not hear
that the company registered with the black list of Bank of Indonesia (Central
Bank) or involved in the civil case that settled through the country court.
The company is led by Mr. Johan Alexander Supit (82) a
businessmen with experienced for more than 52 years in the field of finished
tea processing and tea plantation. In his daily operation he is assisted his
son Mr. Andrew Thobias Supit (48), a businessman and professional manager with
has experienced for more than 19 years in the field of finished tea processing
and tea plantation. Besides, the company is assisted by his brother-in-law Mr.
Rocky Christiano Menayang (46) as well Mr. Mohammad Sholeh (67) as directors.
We observed that management’s reputation in said business is sufficiently
fairly good. The company has had wide relation in the realm of the 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. So
far we have never heard that the board of directors and commissioners of the company
involved in business malpractices or detrimental cases that settled through the
court. Their litigation record is clean and they have never involved in civil
or criminal cases or politics in the country. Both are not in bankruptcy
condition as their business is running well.
We are convinced that P.T. SARIWANGI AGRICULTURAL ESTATE
AGENCY or SARIWANGI AEA is sufficiently fairly good for business cooperation.
Attachment
List
of the SARIWANGI Group Members
1.
MASKAPAI
PERKEBUNAN INDORUB SUMBER WADUNG, P.T. (Tea Plantation)
2.
NUTRIGASI
AGRO INDONESIA, P.T. (Agribusiness & Plantation)
3. Perkebunan dan Perinddustrian NIRMALA AGUNG, P.T. (Tea Plantation)
4.
SARIWANGI
AGRICULTURAL ESTATE AGENCY, P.T. (Bulk Tea and Finished Tea Processing and
Investment Holding)
5.
SARI
WANGI INDUSTRIES, P.T. (Trading and Distribution of Tea Products)
6.
SARI
WANGI PLANTATION, P.T. (Tea Plantation)
7.
SEDAP
WANGI INDONESIA, P.T. (Trading, Franchise of DMD Tea)
8.
SINAR
AGAPE PRESS, P.T. (Digital and Offset Graphic Printing Services)
9.
TAMAN
OLAHRAGA JAGORAWI, P.T. (Golf Course Development and Management Services)
10.
TIPATI
INTERNASIONAL, P.T. (Trading and Exporter of Tea Products)
11.
TRIJASA
PRIMA INTERNATIONAL, P.T. (Trading, Export Import and Distribution of Tea
Products)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
TPT |
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.