East Java, Indonesia
Pledged :
Raised :
  • Projected Return


  • Projected Timeline

    3 Months

  • SGD $34,349.00

    Fundraising Goal
  • SGD $34,637.00

  • 0

    Days to go
This campaign is fully funded.
  • CV Surya Adi Jaya ("Surya Adi") has received a Purchase Order (PO) from PT Varia Usaha Beton ("Varia") for the procurement and delivery of silica sand.
  • Surya Adi is a company with the same management team with CV Amazone, where Ethis has done similar projects before with Amazone and has been completely well.
  • Surya Adi and Amazone are registered vendors of Varia. It is common in Indonesia to register several names to become vendors of large companies so that they always get the opportunity to order.
  • The purchase order is to procure of 4,925 tonnes of silica sand to the 5 location of Varia’ material warehouses in Tuban, Batu kilang, Pujut, Sidoarjo and Bitung.
  • Payment from Varia to Surya Adi is via a Local Bank Letter of Credit and will be made within 180 days from delivery fulfilment. Amazone has the option of getting less than 90 days supply chain financing at a 4% discount from Varia Associate Bank.

CV Surya Adi Jaya

CV Surya Adi was founded in 2019 and has become a supplier of mining and agricultural products to various large companies and state-owned companies. With Varia, Surya Adi is a main supplier of silica sand with a good track record of payment from Varia.

PT Varia Usaha Beton (“Varia”) is a subsidiary of PT. Semen Indonesia, and manufactures various kinds of concrete products such as ready-to-use concrete, precast concrete, concrete masonry, crushed stone, construction services, and rent equipment services.

  • Since 2010 Raffli has continued their family hospitality business (Izzi Hotel & Restaurant, Roti Booster, Bakso Booster).
  • Previously worked as a Director at CV Cakra Mas engaged in coal and barge.
  • Personal guarantee from the Director of CV Surya Adi Jaya.
  • Surya Adi has affirmed willingness to give Transaction Access Number and Token Bank Account so that Ethis can access payment from Varia once made to Surya Adi via Letter of Credit.


Investments made in other currencies will be converted to Indonesia Rupiah (IDR) for project use. Investors may incur fx (currency) losses if there is a depreciation in the IDR to their own currency.

Risk Mitigation:

There is no fx guarantee or currency hedging done for investors. A higher projected ROI has been agreed upon with the project company to account for this.


Varia has a good record of payments by providing a Local Letter of Credit. From the previous project with Ethis, there was a slight delay due to limited on workers in Varia office during the pandemic and made invoicing process was rather slow. There is a risk that the invoicing process will slower again due to Ied Mubarak holiday.

Risk Mitigation:

The stock of silica sands is ready to be shipped, the delivery process will take 1 week only. After delivery received the invoice will directly issued and the local Letter of Credit can be processed. Total tenor of this project is 2 months and Ethis give 1 month as a buffer for the risk of delay.

Investors will appoint PT SMB to enter into a Musharakah partnership with CV Surya Adi Jaya. The purpose of this Musharakah partnership is to allow Amazone to receive funding necessary for the accomplishment of the purchase order from PT Varia Usaha Beton.

– Surya Adi will issue invoices to Varia after delivery received. Varia will make payments to Surya Adi by the Local Letter Of Credit to Surya Adi’s bank account, which is Ethis has been given open access to it. 

– Upon receiving the payments, Surya Adi will pay the investors their capital and profit (if any) and the Musharakah partnership will be dissolved.


This investment opportunity is based on a
first come first serve basis. Your investment is secured only after your transfer-proof has been received. A pledge is merely an interest to invest and does not guarantee you a slot in this investment.


This campaign facts and the content herein do not constitute as any financial advice, or solicitation for the purposes of making financial investments in Indonesia or other territories. Ethis.co is a platform specialising in the match-making of opportunities to those who register themselves as members on the Ethis platform. With regards to these opportunities, the need and onus to do due diligence lies squarely with our members as we do not profess to advise on the same. All dealings and transactions are directly with the businesses, project owners or authorised agents we refer to our members.


In the event of non-performance or default by the project owner, Ethis will initiate a recovery process and handle the initial administrative steps. Should there be a need to pursue further action, investors will need to agree to and bear any additional costs incurred.

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