|
Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LARIS MANIS UTAMA |
|
|
|
|
Registered Office : |
Jalan Beringin
No. 1 Pelabuhan Sunda Kelapa |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15.04.1996 |
|
|
|
|
Com. Reg. No.: |
AHU-02337.AH.01.02 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Importing and Distribution of Fresh Fruits |
|
|
|
|
No. of Employees : |
62 |
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 |
|
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 |
B1 |
|
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 |
P.T. LARIS
MANIS UTAMA
Head Office
Jalan Beringin
No. 1
Pelabuhan Sunda
Kelapa
Jakarta Utara
14430
Indonesia
Phones -
(62-21) 6908690 (hunting)
Fax - (62-21) 6908689
Email - Jakarta@lmu.co.id
Website - http://www.lmu.co.id
Land Area - 1,200 sq. metes
Building Area - 620 sq. meters
Region - Commercial
Status - Rent
Branch
Jalan Achmad Jais
No. 33-i
Surabaya 60274
East Java
Indonesia
Phones -
(62-31) 5319195, 3568404
Fax - (62-31) 5473765
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
15 April 1996
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-8252.HT.01.01.TH.96
Dated 2 August 1996
- No.
AHU-AH.01.10-1821
Dated 24 January 2008
- No.
AHU-54361.AH.01.02.Tahun 2008
Dated 25 August 2008
- No.
AHU-02337.AH.01.02.Tahun 2012
Dated 13 January 2012
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.773.157.1-046.000
Related
Company :
P.T. SEGAR UTAMA
RAYA (Trading and Importing of Fresh Fruits)
Capital
Structure :
Authorized Capital - Rp. 10,000,000,000.-
Issued Capital - Rp. 2,730,000,000.-
Paid up Capital - Rp. 2,730,000,000.-
The
Shareholders :
a. Mr. Eddy Simon Sim -
Rp. 2,047,500,000.- (75%)
Address : Jl. Gunung Sahari XI
Kel. Gunung Sahari, Jakarta
Pusat
Indonesia
b. Mr. Sim
Eddy Santoso - Rp. 682,500,000.- (25%)
Address :
Jl. Ahmad Yani No. 36
Kel. Sukarasa,
Tangerang
Banten Province
Indonesia
Lines of
Business :
Trading,
Importing and Distribution of Fresh Fruits
Production
Capacity :
None
Total Investment :
None
Started
Operation :
1996
Brand Name :
LMU
Technical
Assistance :
None
Number of
Employee :
62 persons
Marketing Area
:
Domestic - 100%
Main Customers
:
a. Carrefour
Hypermarket
b. Hero
Supermarket, Gelael Supermarket, Alfa Supermarket and
c. Fresh Fruit Shops
in Jakarta, Surabaya, Makassar and Bali
d. Others
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Tunas Sumber Rejeki
b. PT. Sumber Pangan Utama
c. PT. Meta Jaya Nusantara
d. PT. Indofresh
e. PT. Segar Manis Utama
f. PT. Pincuran Mas Bina Usaha
g. PT. Sewu Segar Nusantara
h. PT. Total Buah Segar
i. PT. Wigah Perkasa
j. PT. Surya Indah Perkasa
k. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank PANIN Tbk
Jalan Asemka Raya No. 30-31
Jakarta Barat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan
Asemka Raya No. 27-30
Jakarta Barat
Indonesia
c. P.T. Bank CIMB NIAGA Tbk
Jalan Raya Jembatan II No. 82
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 200.0
billion
2011 – Rp. 230.0
billion
2012 – Rp. 260.0
billion
2013 – Rp. 310.0
billion
Net Profit
(estimated) :
2010 – Rp. 16.9
billion
2011 – Rp. 19.2
billion
2012 – Rp. 21.8
billion
2013 – Rp. 26.0
billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Eddy Simon Sim
Board of Commissioners :
Commissioner -
Mr. Sim Eddy Santoso
Signatories :
Director (Mr. Eddy Simon Sim) which must be approved by Board of
Commissioner (Mr. Sim Eddy Santoso)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T.
LARIS MANIS UTAMA (P.T. LMU) was established in Jakarta on April 15, 1996 with
an authorized capital of Rp. 1,200,000,000 of which Rp. 300,000,000 was issued
and paid up. The founding shareholders of the company are Mrs. Lim Bak Kiang,
Mrs. Lindayani and Mr. Sim Eddy Santoso (all three being Indonesians of Chinese
extraction). The Deed of establishment was approved by the Minister of Justice
and Human Rights of the Republic of Indonesia in its Decree No.
C2-8252.HT.01.01.TH.96 dated August 2, 1996.
The
company's notarial act has been revised frequently. The latest in December
2007, the authorized capital was raised to Rp. 2,000,000,000 issued capital to
Rp. 1,200,000,000 fully paid up. The shareholders of the company are Mr. Eddy
Simon Sim (67.50%) and his young brother Mr. Sim Eddy Santoso (32.50%). In December 2011, the authorized capital was
raised again to Rp. 10,000,000,000.- of which Rp. 2,730,000,000.- was issued
and fully paid up. Since the time, the
shareholders of the company are Mr. Eddy Simon Sim (75%) and Mr. Sim Eddy
Santoso (25%). The latest amendment to
notary deed was made by Ms. Kamelina, SH., a public notary in Jakarta and it
was approved by the Minister of Law and Human Rights through its Decision
Letter No. AHU-02337.AH.01.02.Tahun 2012, dated January 13, 2012. No changes
have been effected in term of its shareholding composition and capital
structures to date.
We
observed that Mr. Eddy Simon Sim and Mr. Sim Eddy Santoso are also founders and majority business stakes
owners of P.T. SEGAR UTAMA RAYA dealing with trading and importing of fresh
fruits.
P.T.
LMU has been in operation since April 1996 in trading, importing and
distribution of fresh fruits such as oranges, apples, grapes, pears, Sunkist,
garlic, litchi, etc. Basically, the
company is continuing the activities of P.D. LARIS MANIS UTAMA, which had been
in operation since 1986 by the late Mr. Lim Bak Kiang (father of Mr. Eddy Simon
Sim and Mr. Sim Eddy Santoso). Mr. Tri Suseno, a marketing manager of the
company explained that the products being sold are fresh fruits like pears,
apples, oranges, grapes, Sunkist etc., imported by P.T. LMU from Australia, New
Zealand, the USA, Chile, Hong Kong and other countries. Besides, the company
also imported longan fruits from Thailand. The company supplies the above
products to Carrefour Hypermarkets and several fruit stores, grocery fruits and
supermarkets in Jakarta, Surabaya, Semarang, Palembang and Bali. Besides, the
company also supplies the products to operators of hotels and restaurants in
Jakarta, Surabaya and surroundings.
Beside,
P.T. LMU is also selling and exporting of local oranges from Pontianak, West
Kalimantan. These oranges are vaguely similar to mandarin oranges. The global
economic crisis and very sharp depreciation of the Rupiah to foreign currencies
in October 2008 have adversely affected the company's operations for having
caused the sales prices of the fruit the company is selling, which have mostly
been imported, to be very high and started increasing since April 2009 in line
with the amelioration of the economic condition in the country.
We
observe that P.T. LMU is classified as a large-sized company in the country of
which the operation had been running smoothly and growing in the last five
years.
In general we noticed that the demand for fresh fruit increased
around 8% to 10% per year in the last five years. This increase was closely
related to the increasing purchasing power of people. Indonesia's economic
growth rate was also stable with lots of construction of new supermarkets,
hypermarkets, restaurants and international standard hotels and so forth.
Indonesia with a population currently reaches 240 million people is a potential
market for fresh fruit. During the the time import of fresh fruit was mostly
from China such as Oranges, Apples and Pears.
Mr. Kapi Kurnia, chairman of Indonesian Fresh Fruits and Vegetables
Exporters and Importers Association (Aseibssindo) said that the average cost of
imports reached US$ 2.000 to US$ 3,000 per container. About 50% to 60% of total
import consumers were in Jakarta and surrounding. The rest were sent to
Bandung, Yogyakarta, and Cirebon. The Indonesian government has limited the
entry of imported fresh fruit, as it may kill the domestic fruit growers. We
believe that the demand for fresh fruit will still be rising, but competition
is also very tight, because many companies are engaged in trading and importing
of fresh fruit. We consider P.T. LMU to be in a quite favorable position for having
already got hold of a steady clientele in the country.
Until
this time P.T. LMU has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. The
management of P.T. LMU is very reclusive towards outsiders and rejected to
disclose its financial condition. Mr.
Tri Suseno, a marketing manager of the company said that P.T. LMU is a
large-size company in the country dealing with trading, importing and distributor
of fresh fruits and horticulture products.
He estimates that P.T. LMU's sales turnover in 2011 reached Rp. 230.0
billion increased to Rp. 260.0 billion in 2012 rose again to Rp. 310.0 billion
in 2013 and projected to go on rising by at least 8% in 2014. The operation in 2013 yielded an estimated
net profit of at least Rp. 26.0 billion and the company has an estimated total
asset of at least Rp. 65.0 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.
P.T.
LMU's management is headed by Mr. Eddy Simon Sim (63) as director with about 25
years of experience each in fresh fruits trading, importing and
distribution. In daily activities he is
assisted by his younger brother Mr. Sim Eddy Santoso (61) as commissioner. The company's management is handled by
professionals 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 fraudulent dealings. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T.
LARIS MANIS UTAMA is appraised to be good for business transaction. However, in view of the political situation
in the country is warming we recommend to treat prudently in extending a loan
to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.44 |
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 |
|
|
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.