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Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUMBER YALASAMUDRA |
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Registered Office : |
Jalan Sampangan No. 19, Kedungrejo – Muncar, Banyuwangi, 68472, |
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Country : |
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Date of Incorporation : |
16.01.1986 |
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Com. Reg. No.: |
C2-2769.HT.01.01.TH.87 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the field of Canned Sardine Processing |
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No of Employees : |
527 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. SUMBER YALASAMUDRA
Head Office & Cold Storage
Jalan Sampangan No. 19
Kedungrejo - Muncar
Banyuwangi, 68472
East Java
Indonesia
Phones -
(62-333) 593377, 593366, 593451
Fax - (62-333) 593452
E-mail - marketing@sumberyala.com
Website - http://www.sumberyala.com
Land Area - 35,000 sq.
meters
Building Space - 28,000 sq. meters
Region - Industrial
Zone
Status - Owned
Marketing Office
Jalan Arief Rachman Hakim No. 139
Surabaya, 60241
East Java
Indonesia
Phones -
(62-333) 5920 608 (Hunting)
Fax - (62-333) 5920 609
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
16 January 1986
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-2769.HT.01.01.TH.87
Dated 9 April 1987
- No.
AHU-31690.AH.01.02.TH.2009
Dated 10 July 2009
- No. AHU-AH.01.10-29715
Dated 10 August 20012
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.235.709.1-627.000
Related Companies :
a. P.T. ERINDO MANDIRI
(Bottled Drinking Water Processing)
b. P.T. SUPERINDO UATAMA
(Trading and Marketing of Bottled Drinking Water, Aquase)
Capital Structure :
Authorized Capital : Rp.
25,000,000,000.-
Issued Capital :
Rp. 7,000,000,000.-
Paid up Capital :
Rp. 7,000,000,000.-
Shareholders/Owners :
a. Mr. Tjipta Sudjarwo Tjoek -
Rp. 3,500,000,000.-
Address : Desa Kedungrejo RT. 04, RW. 12
Sampangan, Muncar,
Banyuwangi
East Java, Indonesia
b. Mr. Teddy Hartono -
Rp. 3,500,000,000.-
Address : Jalan Sampangan No. 19
Desa Kedungrejo RT. 003,
RW. 003
Sampangan, Muncar,
Banyuwangi
East Java, Indonesia
Lines of Business :
Canned Sardine Processing
Production Capacity :
a. Canned Fish - 45,000 tons p.a.
b. Fish
Meals - 12,500 tons p.a.
c. Fish
Oil - 5,000 tons p.a.
Total Investment :
Owned Capital - Rp.
7.0 billion
Started Operation :
1988
Brand Name :
Sumber Yalasamudra
Technical Assistance :
None
Number of Employee :
527 persons
Marketing Area :
Local - 100% (Fish Meal and Fish Oil)
Export - 100% (Canned Sardine)
Main Customer :
Buyers in Singapore, Korea, Taiwan and South Africa
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AVILA PRIMA SENTRA MAKMUR
b. P.T. BLAMBANGAN FOODPACKERS
c. P.T. MAYA MUNCAR
d. C.V. PASIFIC HARVEST
e. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Banyuwangi
Main Branch
East Java
Indonesia
b. P.T. Bank DANAMON
INDONESIA Tbk
Banyuwangi Main
Branch
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 195.0 billion
2012 – Rp. 200.0 billion
2013 – Rp. 205.0 billion
Net Profit (estimated) :
2011 – Rp. 11.7 billion
2012 – Rp. 12.4 billion
2013 – Rp. 13.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Wijaya Putra Tjoek
Director - Mr. Sunario Hartono
Board of Commissioners :
President Commissioner - Mr. Tjipto Sudjarwo Tjoek
Commissioner - Mr. Teddy Hartono
Signatories :
President Director (Mr. Wijaya Putra
Tjoek) or the Director (Mr. Sunario Hartono) which must be approved by Board of
Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. SUMBER YALASAMUDRA (P.T. SYS) was established in Banyuwangi, East Java
on January 16, 1986 with the authorized capital of Rp. 800,000,000 issued
capital of Rp. 500,000,000 entirely paid up. The founding shareholders of the
company are Mr. Tjipta Sudjarwo Tjoek and Mr. Teddy Hartono, both are
Indonesian businessmen of Chinese extraction. The company notary deed has been
changed and the latest in August 2008 the authorized capital was increased to
Rp. 25,000,000,000 issued capital to Rp. 7,000,000,000 entirely paid up. With
this development the composition of its shareholders has been changed to become
Mr. Tjipta Sudjarwo Tjoek (50%) and Mr. Teddy Hartono (50%). The latest
according to the revision of notary deed Mrs. Agnes Ninik Mutiara Widjaja, SH.,
no. 95 dated 14 March 2012 the company board of director and the board of commissioner
re-elected 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-AH.01.10-29715 dated August 10, 2012.
We observe that Mr. Tjipta Sudjarwo Tjoek is also business stakes owners
of P.T. ERINDO MANDIRI engaged in bottled drinking water processing and P.T.
SUPERINDO UTAMA in trading, distribution and marketing of bottled drinking
water with Aquase brand.
P.T. SYS has been operating since 1988 engaged in the field of canned
sardine processing which operates in Banyuwangi, East Java standing on a land
of 35,000 sq. meters. Located at Muncar, Banyuwangi largest fishing village in
Indonesia, the company main product canned fish mainly sardines and mackerel,
side product fish meal and fish oil for animal feed and also can supply all
kind frozen fish. P.T. SYS is one of the private companies in Indonesia are
engaged in the fish canning industry and
cooperation (partnership) with the fishermen. The
cooperation here is not just a
profit-oriented per se, but how the business
is run can be sustained,
growing and beneficial to the common life. The Company produces of canned sardine, fish
meal and fish oil. P.T. SYS has production capacity for process 80 tons fresh
fish per day. The plant produces of canned sardine of 45,000 tons per year.
Meanwhile fish meal of 12,500 tons and fish oil 5,000 tons per years. The whole
basic materials in the form of frozen fish obtained from East Java, Eastern of
Indonesia. The whole product like canned sardine is exported to Singapore,
South Korea, Taiwan and South Africa. Meanwhile fish meal and fish oil wholly
marketed locally to various animal feed milling which operating in the country.
We observe that P.T. SYS’s operation has been growing and developing well in
the last three years.
The Indonesian water particularly in Indonesian Economic Zone is still
dominated by foreign fishing boats who catching fish illegally. The prolonged
economic crisis caused the procurement of fishing boats to impede. The absent
of banking support caused Indonesian businessmen to find difficulty to add
their fishing boats. The Indonesian fisheries products export including shrimp,
tuna and others has yet to make any progress in 2003. The protective law on
export of Indonesian fisheries products imposed by developed countries
including the United States and the European countries through embargo and or
very strict security check (must be carried-out through Singapore) will
adversely Indonesian 2005's fisheries business. Beside that the steep hike of
fuel prices has also made domestic fisheries industry to bottom. The export
volume and value of the national fish fresh/frozen and shrimps frozen products
in 2005 to 2013 are pictured on the following table.
|
Year |
Fish Fresh
(Frozen) |
Shrimps Frozen |
||
|
(Thousand Tons) |
(US$ Million) |
(Thousand Tons) |
(US$ Million) |
|
|
2005 |
460.7 |
480.5 |
133.2 |
846.9 |
|
2006 |
478.3 |
479.8 |
146.2 |
980.2 |
|
2007 |
390.9 |
578.0 |
134.8 |
920.5 |
|
2008 |
418.1 |
703.7 |
140.8 |
979.8 |
|
2009 |
413.7 |
636.1 |
117.2 |
790.9 |
|
2010 |
584.6 |
825.4 |
114.0 |
861.9 |
|
2011 |
595.0 |
979,6 |
119.8 |
1,065.8 |
|
2012 |
644.5 |
1,136.5 |
122.9 |
1,065.3 |
|
2013* |
601.6 |
958 |
116.9 |
1,222.4 |
Source: Central Bureau of
Statistic (BPS)
*) January - November
Until this time P.T. SYS has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. SYS 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. 195.0 billion
rose to Rp. 200.0 billion in 2012 increased to Rp. 205.0 billion in 2013 and
projected to go on rising by at least 4% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 13.0 billion and the company has an
estimated total networth of at least Rp. 25.0 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. SYS is led by Mr. Wijaya Putra Tjoek (46) a
professional manager with experience in canned sardine processing, fish meal and
fish oil processing. The company's management is handled by professional
managers in the above business. They have 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. SUMBER YALASAMUDRA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.97.25 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
SHG |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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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 |
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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.