MIRA
INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
Toko MAS ALAM |
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Registered Office : |
Jalan Songoyudan
No. 81, Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1987 |
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Legal Form : |
Sole Proprietary
Company |
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Line of Business : |
Trading, Export – Import of Agricultural
Products |
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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Maximum Credit Limit : |
US$ 102,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
Toko MAS ALAM
Address
Head Office
Jalan Songoyudan
No. 81
Surabaya, East
Java
Indonesia
Phone - (62-31) 3521852
Fax. - (62-31) 3533284
HP - 70581996
(Mr. Gondo Untoro)
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
1987’s
Legal Form
Sole Proprietary
Company
Company Reg. No.
Not Required
Company Status
Private Company
Permit by the
Government Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp.
250,000,000.-
Owner :
Mr. Gondo
Untoro - 100%
BUSINESS ACTIVITIES
Lines of Business:
Trading, Export – Import of Agricultural
Products
Production Capacity
None
Total Investment
Owned Capital – Rp. 800 million
Started Operation
1987
Brand Name
None
Technical Assistance
None
Number of Employee
9 persons
Marketing Area
Import - 60%
Export - 40%
Main Customer
Buyers in the
India, China, Malaysia, Philippine, Myanmar, Dubai, Pakistan and food
processing industries
Market Situation
Very Competitive
Main Competitors
a. P.T. TORRYS
INDOSPICE
b. P.T. ALAM
INDORAMA
c. P.T. ADI
SAMPOERNO
d. P.T. SUPA SURYA
NIAGA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Gubeng – Surabaya Branch
Surabaya, East Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Basuki Rachmat
Surabaya, East Java
Indonesia
c. P.T. Bank N.I.S.P.
Surabaya Branch
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 6.5
billion
2005 – Rp. 7.0
billion
2006 – Rp. 7.5
billion
Net Profit (Loss)
:
2004 – Rp. 0.3 billion
2005 – Rp. 0.4 billion
2006 – Rp. 0.6 billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Gondo Untoro
Board of Commissioners :
None
Signatories :
Director (Mr. Gondo Untoro) is only
authorized person to sign the loan on behalf of the company.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 102,000.- on the 90 days of payments
OVERALL PERFOMANCE
Toko MAS ALAM (Toko MA) was established in 1987’s in Surabaya, East Java
with a status of Sole Proprietary Company. Founders and owner of the company is
Mr. Gondo Untoro, a Indonesian businessman of Chinese extraction. Being as Sole
Proprietary Company, the amount of its authorized capital was not mentioned at
the time of its establishment. In our estimate, the company has own capital of
about Rp. 250 million and it will be rising in line with the progress of its
business operation.
Toko MAS ALAM (Toko MA) has been operating since 1987 in the field of
trading and export-import of agricultural products. Export import and general
trading in agricultural commodities spice like chili, tamarin, green mung bean,
long pepper, gardamon, garlic, ginger, gambiar, cashew nuts, spices, etc. Mr.
Gondo Untoro, the director of the company explained that the whole agricultural
products likes chili, groundnut, garlic and other spices is imported from India
and China, spice from Dubai and groundnut from Myanmar. Besides, the company
also exported the agricultural products likes long pepper to China and India,
green mung bean exported to Philippine, gardamon exported to China. The whole
agricultural product like long pepper, tamarin (asam), gardamon, green mung
bean, etc., bought from farmers in Lampung, Madura, Central Java, East Java and
others island of Indonesia. Then, the whole agricultural products supplied to
food processing industries such as P.T. GARUDAFOOD PUTRA PUTRI JAYA, P.T.
PACIFIC MILLENIA PANGAN MAKMUR (ORANG TUA Group), and other instant noodles
processing and traditional market in Surabaya and other cities in East Java. We
observed that the company’s operation has been growing in the last three years.
We have noticed that the demand for agricultural products had increased
some 10% to 11% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 6% to 7% per annum. The
present market situation for agricultural products is very competitive for a
large number of similar companies operating in the country. Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia. We consider Toko
MA to be in a quite favorable position for having already got hold of a steady
clientele in the country and abroad.
Until this time Toko MA has 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 2004 amounted to Rp. 6.5 billion increased to Rp. 7.0 billion in 2005 to Rp. 7.5 billion in 2006 and projected it will be higher by at least 6% in 2007. The operation in 2006 yielded an estimated net profit at least Rp. 600 million and the company has an estimated total net worth at Rp. 800 million. We observe that Toko MA 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 Toko MA is led by Mr. Gondo Untoro (50), a professional manager who has experienced for more than 20 years in the field of trading, export import and distribution of agricultural products. We observed that management’s reputation in said business is fairly good. The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation 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 registered with the black list of Bank of Indonesia. Toko MAS ALAM is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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RATING |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)