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MIRA INFORM REPORT
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Report No. : |
514873 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. SEGAR PRIMA JAYA |
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Registered Office : |
Komp. Windsor Square Block A No. 95-96, (Belakang Avava Fresh Market) Lubuk Baja Kota sub-district, Lubuk Baja district, Batam, Kepulauan
Riau Province |
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Country : |
Indonesia |
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Date of Incorporation : |
18.09.2008 |
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Com. Reg. No.: |
No. AHU-14793.40.22.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesaler and Supplier of All Kinds of Fresh Vegetable, Fruits and
Unions |
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No. of Employees : |
36 persons |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, has seen a slowdown in
growth since 2012, mostly due to the end of the commodities export boom. During
the global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 34% today. In May 2017 Standard & Poor’s became
the last major ratings agency to upgrade Indonesia’s sovereign credit rating to
investment grade.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in
July 2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
development priorities. Indonesia, with the nine other ASEAN members, will
continue to move towards participation in the ASEAN Economic Community, though
full implementation of economic integration has not yet materialized.
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Source
: CIA |
BASIC
SEARCH
Name of Company :
P.T. SEGAR PRIMA
JAYA
Address :
Head Office
Komp. Windsor Square Block A No. 95-96,
(Belakang Avava Fresh Market)
Lubuk Baja Kota sub-district, Lubuk Baja district,
Batam, Kepulauan Riau Province
Indonesia
Phones - (62-778) 428
679, 604 0225
Fax - (62-778) 429 638
Email - ngimeng18801@yahoo.com
or alexc1009@gmail.com
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Owned
Warehouse
Jl. Pelabuhan Simpang,
Industri Batu Ampar,
Kelurahan Singkuang,
Kecamatan Batu Ampar,
Batam, Kepulauan Riau Province
Indonesia
Land Area - 3,400 sq.
meters
Building Area - 2,200 sq. meters
Region - Housing Zone
Status - Rent
Date of Incorporation
:
18 September 2008
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No.
AHU-86128.AH.01.01.Tahun 2008
Dated 13 November
2008
b. No. AHU-14793.40.22.2014
Dated 19 June 2014
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.903.256.2-217.000
Affiliated Company :
Not available
CAPITAL
AND OWNERSHIP
Capital Structure
:
Authorized Capital -
Rp. 1,000,000,000
Issued Capital -
Rp. 400,000,000
Paid up Capital -
Rp. 400,000,000
Shareholders/Owners
:
a. Mr. Ngi Meng - Rp. 200,000.- (50%)
Address: Komp. Anggrek Permai Blok B No. 11
Batam, Kepulauan
Riau Province
Indonesia
b. Mr. Liang Tjoei - Rp. 200,000.- (50%)
Address: Komplek Tanjung
Pantun, RT.002/RW.002
Sei Jodoh,
Kepulauan Riau Province
Indonesia
BUSINESS
ACTIVITIES
Lines of Business
:
Wholesaler and Supplier of All Kinds of Fresh Vegetable, Fruits and
Unions
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2008
Brand Name :
SEGAR PRIMA JAYA
Technical
Assistance :
None
Number of Employee
:
36 persons
Marketing Area :
Domestic -
100%
Main Customers :
Hotels, Restaurants, Supermarket, Mini-market and Traditional Markets
Market Situation :
Very Competitive
Main Competitors :
a. PT. Laris Manis Utama
b. PT. Pincuran Mas Bina
Usaha
c. PT. Sewu Segar Nusantara
d. PT. Total Buah Segar
e. PT. Wigah Perkasa
f. PT. Surya Indah Perkasa
Business Trend :
Growing slowly
BANKER,
AUDITOR & LITIGATION
B a n k e r :
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Raja Ali Haji 18, Sei Jodoh,
Batam, Kepulauan
Riau Province
Indonesia
b. P.T. Bank MANDIRI Tbk
Jl. Imam Bonjol No. 90.
Batam, Kepulauan Riau Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales (estimated)
:
2015 – Rp. 41.0 billion
2016 – Rp. 48.0 billion
2017 – Rp. 56.0 billion
Net Profit
(estimated) :
2011 – Rp. 3.0 billion
2012 – Rp. 3.6 billion
2013 – Rp. 4.2 billion
Payment Manner :
Slow but Correct
Financial Comments
:
Fairly
KEY
EXECUTIVES
Board of Management :
Director - Mr. Ngi Meng
Marketing Manager - Mr. Alex Chin
Board of Commissioners :
Commissioner - Mr. Liang Tjoei
Signatories :
Director (Mr. Ngi Meng) or Marketing
Manager (Mr. Alex Chin) which must be approved by the Board of Commissioner
(Mr. Liang Tjoei)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
OVERALL
PERFORMANCE
P.T. SEGAR PRIMA JAYA (P.T. SPJ) was established in Batam (Kelupauan Riau
Province) based on Notary Deed of Aryanto Lie, SH., No. 20 dated September 18,
2008 with authorized capital of Rp
1,000,000,000.- of which Rp. 400,000,000.- was issued and paid up. The founding shareholders are Mr. Ngi Meng
(50%) and Mr. Liang Tjoei (50%), both are Indonesian businessmen of Chinese
extraction. The Deed of establishment was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
AHU-86128.AH.01.01.Tahun 2008 dated November 13, 2008.
In 2014, based on notary Deed No. 32 dated May 22, 2014 drawn up by
Notary Aryanto Lie, SH., concerning the reappointment in composition of the
Company’s board of Director and Commissioner.
This amendment to Deed has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through its Decree No.
AHU-14793.40.22.2014 dated June 19, 2014.
Since then, no changes have been effected in term of its shareholding
composition and capital structure to date.
In accordance with article 3 (three) of the articles of association contained in the deed of establishment, the scope of activities of the Company is primarily in trading, import-export, supplier, distributor, wholesaler, transportation, industry and services. The company registered office located at Komp. Windsor Square Block A No. 95-96, (Belakang Avava Fresh Market), Lubuk Baja Kota sub-district, Lubuk Baja district, Batam, Kepulauan Riau Province and the company can open branch offices or representative offices at home and abroad.
We observe that P.T. SPJ is engaged in the trading, import and
distribution of fresh vegetables and fruits, which has been in operation since 2008. Mr. Alex Chin, marketing manager of the
company explained that P.T. SPJ is wholesaler and supplier of all kinds of
fresh vegetables, fruits and unions, those imported from Singapore, Thailand,
India, China, Hong Kong, Australia, New Zealand and USA. P.T. SPJ also sells local fruits like
oranges of Pontianak, West Kalimantan, etc.
And then, the all the company's merchandize products (fresh vegetable
and fruits) are sold to hotels, restaurants, supermarkets, mini-market and
traditional markets location in Batam and its surroundings. We observed that P.T. SPJ is classified as a
medium sized company of its kind in the country of which the operation has been
growing in the last five years.
In general we noticed that the demand for fresh
fruits and vegetables 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 260
million people is a potential market for fresh fruits and vegetables. During
the time import of fresh fruit was mostly from China such as Oranges, Apples
and Pears. The growth rate is
now estimated at 6% to 8% per year. The solid and steady domestic economy,
increased government activity in infrastructure development and improving
investment climate in Indonesia with the rising of Country Rating to Investment
Grade, and also supported by Indonesia’s economic indicators such as inflation,
exchange rates and interest rates are expected to encourage the business
sectors. Business position
of P.T. SPJ is favorable for it has controlled a wide marketing network
especially in Batam and its surroundings.
Until this time P.T. SPJ has not
been registered with Indonesian Stock Exchange, so that they shall not oblige
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. P.T. SPJ’s management is very reclusive to
outsider and rejecting to disclose its financial condition but we estimated the
total sales turnover of the company in 2015 amounted to Rp. 41.0 billion
increased to Rp. 48.0 billion in 2016 and rose again to Rp. 56.0 billion in
2017. The operation in 2017 yielded a
net profit at least Rp. 4.2 billion and the company has a total net worth of
Rp. 15.0 billion. It is projected that
total sales turnover of the company will increase at least 8% in 2018. So far we did not hear that P.T. SPJ has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management is headed by Mr. Ngi Meng (46) as director and CEO of the
company. He is a businessman with
experience for some 15 years in the trading and distribution of fresh fruits
and vegetables. In daily activities, he is assisted by Mr. Alex Chin (40) as
marketing manager and Mr. Liang Tjoei (62) as commissioner. They have close relations with many
high-ranking government officials as well as with private businessmen within
and outside the country. So far, we did not hear that the company’s management
involved in a business malpractice 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.
P.T. SEGAR PRIMA JAYA is appraised to be good for business
transaction. However, in view of the
economic condition in the country is still unstable and political situation in
the country is warming, we recommend
to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.15 |
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1 |
INR 90.27 |
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Euro |
1 |
INR 79.35 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.