MIRA INFORM REPORT
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Report Date : |
10th May 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
SVEE INTERNATIONAL |
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Registered Office : |
Ruko Metro Sunter Block
B/241 Jl. DanauSunter Utara Jakarta Utara 14340 Indonesia |
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Date of Incorporation : |
04
October 2001 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
General
Trading and Distribution of Agriculture Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. SVEE INTERNATIONAL
A d d r e s s
Head Office
Ruko Metro Sunter Block B/241
Jl. DanauSunter Utara
Jakarta Utara 14340
Indonesia
Phones - (62-21) 6582426, 65308553
Mobile Phone - (62) 8187797719
Fax. - (62-21) 6507071
Email - vijaylunkad@centrin.net.id
Building Area - 4 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
04 October 2001
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-13229.HT.01.01.TH.2001
Dated 14 November 2001
Company Status
Foreign Investment Company (PMA)
Permits by the Government
Department
The
Department of Finance
NPWP No. 02.059.120.2056.000
The Capital Investment Coordinating Board
No. 30/31/I/PMA/2001
Dated 2 October 2001
Related Company
SVEE INTERNATIONAL Group of Mumbai, India
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : Rp. 2,030,000,000.- (US$ 200,000)
Issued Capital : Rp. 507,500,000.- (US$ 50,000)
Paid up Capital : Rp. 507,500,000.- (US$ 50,000)
Shareholders/Owners
a. Mr. Vijay Mohanlal Lunkad - 50%
Address : 7, Modi Baug, Pune-16
Maharashtra, India
b. Mr. Prabhudas Gordhandas Jawani - 50%
Address : 5/85, Bhaweshwar Dham
R.A. Kidwani Marg, Wadala Matunga
Mumbai-400037, India
BUSINESS ACTIVITIES |
Lines of Business:
General Trading and Distribution of Agriculture Products
Production Capacity :
None
Total Investment :
a. Equity Capital - Rp. 507.5 million
b. Loan Capital - Rp. -- million
c. Total Investment - Rp. 507.5 million
Started Operation :
October 2001
Brand Name :
Svee International
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customer :
a. Animal Feed Industries
b. Food Product Industries
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Boniaga NBP
b. P.T. Bumi Mustika Putra
c. P.T. Primer Koperasi
d. P.T. Rian Puspita Jaya
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r :
Bank Commonwealth
Kelapa Gading Branch
Jl. Raya Boulevard Timur Block NC I/61
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2002 – Rp. 3.6 billion
2003 – Rp. 4.4 billion
2004 – Rp. 5.9 billion
2005 – Rp. 6.2 billion
Net Profit (Loss) :
2002 – Rp. 190 million
2003 – Rp. 230 million
2004 – Rp. 480 million
2005 – Rp. 540 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of
Management :
Director
1 - Mr. Vijay
Mohanlal Lunkad
Board of
Commissioner :
Commissioner -
Mr. Prabhudas Gordhandas
Signatories
:
The Director
(Mr. Vijay Mohanlal Lunkad) which must be approved by the Board of Commissioner
(Mr. Prabhudas Gordhandas)
CAPABILITIES
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Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Maximum
Credit Limit :
US$ 84,200.- on the 90 days of payments
OVERALL PERFOMANCE |
P.T. SVEE INTERNATIONAL (P.T. SI) was established on October 4, 2001 with the authorized capital of Rp 2.030.000.000,- and the subscribed capital of Rp 507.500.000,- which was fully paid up. The founder and shareholder of the company are Mr. Vijay Mohanlal Lunkad (50%) and Mr. Prabhudas Gradhandas Jawani (50%), both are businessmen from India. Until this time, there is no amendment on the company’s capital or shareholder structure.
Deed of amendment was made by Haji Dana Asmita, SH., a public notary in Jakarta, under Company Registration Number C-3229.HT.01.01.TH.2001, dated November 14, 2001. We observed that PT. SI is a subsidiary company of SVEE INTERNATIONAL Group based in Mumbai, India. SVEE INTERNATIONAL Group has representative offices in Srilanka, turkey, Singapore, United Kingdom and Vietnam.
P.T. SI established in the framework of Foreign Investment Company (PMA) that started its business since 2001 in the field of trading and importer of agricultural products. Ms. Annie, one of staff of PT. SI explained that the company imported many kinds of agricultural products such us, soybean and repressed meal, sesame seed, groundnut kernels, wheat floor, yellow & green peas, chili and many other products. A large part of products are imported from India, and the rest from Srilanka, Turkey, Vietnam, etc. Further, PT. SI sold directly its products to a number of animal feed company in Indonesia, such as, among others, P.T. METRO FEED INDUSTRY, P.T. GOLD COIN INDONESIA, P.T. COMFEED INDONESIA, P.T. JAPFA COMFEED, etc. According to the plan, PT. SI will carry out business in the field of exporter of Indonesian commodities, such as, among others, clove, raw cashew nut, palm oil, soaps, cinnamon etc. PT. SI supported by SVEE INTERNATIONAL Group in its business operation. We observed that the company’s business operation is running well and growing up slowly.
In general, we observed that demand on agricultural products in Indonesia still increase about 5% until 6% per year. This matter is connected with the development of feed mills industry in the country. But business competition is very tight cause there are many companies carried out business in the same field. Business position of P.T. SI is fairly good because they have wide marketing net in the country. Long-term prospect of the company is good if Indonesian economy is still in stable and controlled condition.
Until this time P.T. SI have not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2003 is Rp. 4.4 billion. In 2004, total sales turnover increased to be Rp 5.9 billion. In 2005, total sales turnover increased to be Rp 6.2 billion The company gained net profit from its business operation as much as Rp. 540 million in 2005. The company’s total net worth is about Rp. 2.5 million. It is forecasted that total sales turnover of the company will increase at least 12% in 2006.
The company led out by Mr. Vijay Mohanlal Lunkad, a businessman from India who was born in Pune, on October 15, 1956. He is holder of passport of the Republic of India under number A-5614155. He is residing at 7, Modi Baug, Pune-16, Maharashtra, India. His reputation in trading of agricultural products is fairly good. He has wide relationship with many private businessmen inside and outside the country. The company’s relationship with the government is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not been registered with the black list of Bank of Indonesia.
P.T. PAC is fairly good at conducting normal business transaction. We suggest being careful in giving new loan to them in view of unstable condition of Indonesian economy.
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 |