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Report No. : |
304846 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOFRESH |
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Registered Office : |
Jl. Parang Tritis Raya No. 3, Kel. Ancol Barat, Kec. Pademangan, Jakarta Utara 14430 |
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Country : |
Indonesia |
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Date of Incorporation : |
08.03.2005 |
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Com. Reg. No.: |
AHU-AH.01.10-52100 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Supplier and Importer of Fresh Fruits |
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No. of Employee : |
48 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
BASIC SEARCH |
Name of Company :
P.T. INDOFRESH
A d d r e s s :
Head Office
Jl. Parang Tritis Raya No. 3
Kel. Ancol Barat,
Kec. Pademangan
Jakarta Utara 14430
Indonesia
Phone - (62-21) 6909590 (Hunting), 6909483-5
Fax. -
(62-21) 6908497
Building Area - 3 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Branches
a. Jl. Tanjung Sari No. 43
Surabaya, East Java
Indonesia
Phone -
(62-31) 749 8999
Fax.
- (62-31) 749 2559
b. Jl. Kaligawe Raya Km. 3 No. 87
Semarang, Central Java
Indonesia
Phone -
(62-24) 658 3459
Fax.
-
(62-24) 658 3460
Date of Incorporation :
8 March 2005
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
:
The Ministry of Law and Human Rights
a. No.
C-01433.HT.01.04.TH.2007
Dated 26 October 2007
b. No. AHU-23871.AH.01.02.Tahun 2010
Dated 11 May 2010
c. No. AHU-AH.01.10-52100
Dated 03 December 2013
Company Status :
National Private
Company
Permit by the Government Department :
The Department of Finance
NPWP No. 02.186.538.1-044.000
Affiliated/Associated
Companies :
a. P.T. ANEKA BUANA
UTAMA (Trading and Supplier of fresh fruits)
b. P.T. ANUGERAH
BUAH UTAMA (Trading and Supplier of fresh fruits)
c. P.T. KAPUAS
MEKAR JAYA (Ocean Going Shipping Services)
d. P.T. ANEKA
BANGUN USAHA (Trading and Distribution of Portland Cement)
e. P.T. ARUM
NIRWANA GLOBAL (Food and Beverage Industry)
f. MARKET CITY (Supermarket Management)
g. MODERN
MONTESSORI INTERNATIONAL (Preschool Learning and Education)
h. ARO IDOL
(Trading an Export of Super Red Arowanas fish)
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital - Rp.
5,000,000,000.-
Issued Capital - Rp. 5,000,000,000.-
Paid up Capital - Rp. 5,000,000,000.-
Shareholders/Owners :
a. Mr. Agus Setiawan Ang - Rp. 500,000,000.- (10%)
Address : Jl. Agung
Tengah No. 2,
RT.010 / RW. 018
Jakarta Pusat, Indonesia
b. Mr. Tony Ang -
Rp. 500,000,000.-
(10%)
Address : Jl. Balik Papan I/46
Kelurahan Gambir
Jakarta Pusat, Indonesia
c. Mr. Abu Hasan alias Ang
Tjiu Bu - Rp. 4,000,000,000.- (80%)
Address : Jl. Daan
Mogot Km. 14
RT. 009 RW. 003
Jakarta Barat, Indonesia
BUSINESS ACTIVITIES |
Lines of Business :
Trading, Supplier and Importer of Fresh Fruits
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 12.0 billion
Started Operation :
April 2005
Brand Name :
Indofresh
Technical Assistance :
None
Number of Employee :
48 persons
Marketing Area :
Domestic - 100%
Main Customers :
a. Fresh Fruits
Hypermarkets and Supermarket
b. Traditional
Markets
c. Hotel and
Restaurants, Fruits Shops, etc
Market Situation :
Very Competitive
Main
Competitors :
a.
P.T. ANEKA SARIVITA
b. P.T. BINA MENTARI TUNGGAL
c. P.T. BUMI MANDIRI PUSPATAMA
d. P.T. SURYA CEMERLANG ABADI
e. P.T. BERKAT MANDIRI PRIMA
f. P.T.
INDOGUNA UTAMA
g. P.T. LARIS MANIS UTAMA
h. P.T. SEGAR MANIS MATA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Asemka No. 27-30
Jakarta Barat
Indonesia
b. P.T. Bank CIMB NIAGA Tbk. (Ex. Bank LIPPO Tbk.)
Jalan Raya Jembatan II
No. 82
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2010 – Rp. 32.0
billion
2011 – Rp. 36.0
billion
2012 – Rp. 42.0
billion
2013 – Rp. 45.0
billion
2014 – Rp. 53.0
billion
Net Profit (estimated) :
2010 – Rp. 2.3
billion
2011 – Rp. 2.6
billion
2012 – Rp. 3.0
billion
2013 – Rp. 3.2
billion
2014 – Rp. 3.8
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President Director
- Mr. Agus Setiawan Ang
Director -
Mr. Tony Ang
Board of Commissioners :
Commissioner -
Mr. Abu Hasan alias Ang Tjiu Bu
Signatories :
President Director (Mr. Agust Setiawan Ang) or Director (Mr. Tony Ang)
which must be approved by the Board of Commissioner (Mr. Abu Hasan alias Ang
Tjiu Bu)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE |
P.T. INDOFRESH was established on March 2005 with an authorized of Rp.
800,000,000.- which of Rp. 550,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Abu Hasan AKA Ang Tjiu Bu and his sons Mr. Agus Setiawan Ang and Mr. Tony
Ang, they are Indonesian family businessmen of Chinese extraction. Its Articles of Association has subsequently
been revised for several times. In July
2007, its authorized capital was increased to Rp. 5,000,000,000.- wholly was
issued and paid up. The shareholders of
P.T. INDOFRESH are Mr. Abu Hasan alias Ang Tjiu Bu (80%) and the rest Mr. Agust
Setiawan Ang (10%) and Mr. Tony Ang (10%).
The amendment to Articles of Association was made by Mr. Fulgensius
Jimmy Hardjo Lukito, SH., a public notary in Jakarta and the deed was approved
by the Ministry of Law and Human rights in its decision letter No.
AHU-23871.AH.01.02.Tahun 2010, dated May 11, 2010.
The most recently by Deed of Notary Yufita Sudjinto, SH., No. 10 dated
November 20, 2013, the company’s board of director and commissioner was
changed. However, no changes have been effected in term of its shareholding
composition and capital structures to date. The amendment
to Notary Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decision Letter No. AHU-AH.01.10-52100 dated
December 3, 2013.
We note that shareholders of P.T. INDOFRESH have relation with the
ownership of P.T. ANUGERAH BUANA UTAMA (Trading and Supplier of fresh fruits)
and P.T. KAPUAS MEKAR JAYA (Ocean Going Shipping Services).
P.T. INDOFRESH has been in operation since early 2005 in trading,
supplier and importing of fresh fruits.
The products sole by P.T INDOFRESH are pears, apples, oranges, grapes,
peaches, kiwi, dragon fruit, durian, lemon, lychee, melon, pomegranate and
others imported the USA, People’s Republic of China, Hong Kong, Thailand, New
Zealand, Australia, USA and other countries.
The fruits are supplier to fresh fruit supermarket like TOTAL BUAH
SEGAR, DUTA BUAH, FARMER & MARKET, THE FOOD HALL and general supermarkets
like HYPERMART, CARREFOUR, LOTTE MART and others including hotels and
restaurants. We observe that P.T.
INDOPRESH is classified as a medium-sized company of its kind in the country of
which the operation has been growing in the last three 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.
Until this time P.T. INDOFRESH has not been registered with Indonesian
Stock Exchange, so that they shall not oblige to announce their financial
statement. We observed that total sales turnover of the company in 2011
amounted to Rp. 36.0 billion increased to Rp. 42.0 billion in 2012 to Rp. 45.0
billion in 2013 and rose again to Rp. 53.0 billion in 2014. The operation in 2014 yielded an estimated
net profit by at least Rp. 3.8 billion and the company has an estimated total
asset at Rp. 26.0 billion. It is
projected that total sales turnover of the company will be higher by at least
8% in 2015. We observe that P.T.
INDOFRESH is supported by financially fairly strong behind it. So far, we have never heard of the company
having been black listed by the Central Bank (Bank Indonesia). The company
disclosed that the company usually pays its debts punctually to suppliers.
The management of P.T. INDOFRESH is headed by Mr. Agus Setiawan Ang (37)
as president director and assisted by his younger brother Mr. Tony Ang (32) as
director both are sons of Mr. Abu Hasan AKA Ang Tjiu Bu (65). We believe that the prime mover of the
company is Mr. Abu Hasan, a businessman with more than 33 years of experience
in trading, supplier and importing of fresh fruits. We observed that
management’s reputation in that business is fairly good. The management of the company is handled by
experienced professional manager having wide relation with private businessmen
of home and overseas as well as with the government sectors. So far, we have
never heard that the company’s management involved in the business malpractices
or detrimental cases that settled in the country. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia. We believe that PT. INDOFRESH is considered to be good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.93.18 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
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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 |
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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.