MIRA INFORM REPORT
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Report Date : |
18th April
2006 |
IDENTIFICATION DETAILS
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Name : |
C.V.
SURYA MAS PERKASA |
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Registered Office : |
Jalan Barata Jaya XIX/54-C
, Surabaya East
Java, Indonesia |
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Date of Incorporation : |
April 2005 |
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Legal Form : |
Partnership
with sleeping partner |
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Line of Business : |
Trading
and Distribution of Fresh Fruit and Peanut |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
C.V. SURYA MAS PERKASA
A d d r e s s
Head Office
Jalan Barata Jaya XIX/54-C
Surabaya
East Java
Indonesia
Phone - (62-31) 504-0073, 501-7164
Fax. - (62-31) 504-0073
Building Area - 1storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
April 2005
Legal Form
C.V. (Commanditaire Vennootschap) or partnership with sleeping partner
Company Reg. No.
The Ministry of Law and Human Rights
Not Required
Company Status
Private Company
Permit by the Government
Department
The Department of Finance
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 350,000,000.-
Shareholders/Owners :
a. Mr. Ir. Achmad Naufal - (Active Partner)
b. Mrs. Ayu Buta Sutarini - (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Fresh Fruit and Peanut
Production Capacity :
None
Total Investment :
a. Equity Capital - Rp. 350 million
b. Loan Capital - Rp. -- million
c. Total Investment - Rp. 350 million
Started Operation :
May 2005
Brand Name :
None
Technical Assistance :
None
Number of Employee :
16 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customer :
a. Supermarkets
b. Retail Shops
c. P.T. DWI KELINCI
d. P.T. GARUDA PUTRA PUTRI JAYA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. LARIS MANIS UTAMA
b. TOTAL BUAH SEGAR
c. Etc.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r :
a. P.T. Bank NIAGA Tbk
Surabaya Main Branch
East Java
b. P.T. Bank MANDIRI Tbk
Surabaya Main Branch
East Java
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 4.0 billion
Net Profit (Loss) :
2005 – Rp. 200 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director - Mr. Ir. Achmad Naufal
Board of
Commissioner :
None
Signatories
:
Directors
(Mr. Ir. Achmad Naufal) is only the authorized person to sign the loan on
behalf of the company
CAPABILITIES
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Above
Average
Credit
Recommendation :
Credit
should be extended under guarantee
Proposed Credit Limit :
C.O.D. To small amount
Maximum
Credit Limit :
US$ 27,900.- on the 45 days of payments
OVERALL PERFOMANCE
C.V. SURYA MAS PERKASA (C.V. SMP) was established in Surabaya, East Java in April 2005 with a legal status of Commanditaire Vennootschap (C.V.) or partnership with sleeping partner. Founders and owners of the company are Mr. Ir. Achmad Naufal as active partner, and Mrs. Ayu Buta Sutarini as silent partner. Both are indigenous businessmen. Being as a C.V., company, the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, C.V. SURYA MAS PERKASA has own capital of about Rp. 350 million and it will be rising in line with the progress of its business operation.
C.V. SMP has been n operation since May 2005 in fresh fruit and peanut trading and distribution. Mrs. Yuni, the company’s executive staff, sad the products being sold are fresh fruit like pear, oranges, apples, grapes, sunkist, wine, etc., imported from China, Canada, Australia and peanut from India. The company supplies the above products to several fruit stroes, grocery fruits and supermarkets in Surabaya, East Java. Besides, the product like peanut supply to P.T. DWI KELINCI (Kacang dua Kelinci brand) and P.T. GARUDA PUTRA PUTRI JAYA (Kacang Garuda brand). Besides, the company also supplies the fresh fruit to operator of hotels and restaurant in Surabaya. We find that C.V. SMP’s operations have been growing slowly in the last one year. The economic crisis and very sharp depreciation of the Rupiah to foreign currencies have adversely affected the company’s operations for having caused the sales prices of the fruit and the peanut the company selling, which have mostly been imported, to be very highly priced.
We note that generally the domestic demand for fresh fruit and peanut has been rising by 9% - 10% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fresh fruit and peanut trade with many companies now doing business in this field in Indonesia. We consider C.V. SMP to be in a quite favorable position for having already got hold of a steady clientele in the country.
C.V. SMP’s management is very closed to outsiders and rejected to disclose company’s finances. We estimate the company’s sales turnover in the first year from May to December 2005 amounted to Rp. 4.0 billion and projected to go on rising by at least 8% in 2006. The company if figured to have made a net profit of about Rp. 200 million in 2005 and the company has an estimated total networth by at least of Rp. 550 million. So far, we have never heard of the company having been listed by the Central Bank (Bank Indonesia). Besides, the company has a punctual payment habit within 1 to 2 months.
C.V. SMP’s management is headed by Mr. Ir. Achmad Naufal (app. 47) as director with 2 years experience in fresh fruit and peanut trading and distribution. The management is handled by professional staff having wide relations with home and overseas private businessmen as well as with the government sectors. So far, we have never heard of the management of the company being filed to the district court for detrimental cases. C.V. SURYA MAS PERKASA is fairly good for business transactions. Considering the current prolonged economic crisis surrounding the company, we advise to require adequate guarantee from its owners before extending loan to the company.
RATING EXPLANATIONS
RATING
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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 |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |