MIRA
INFORM REPORT
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Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
C.V. KUDA MAS |
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Registered Office : |
Ruko Grand City, Block B-12, Jalan Raya Rungkut Madya, Surabaya 61293,
East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2003 |
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Legal Form : |
Partnership with sleeping partner |
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Line of Business : |
Trading, Import and Distribution
Agriculture Products and Fresh Fruits |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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. |
Small |
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Maximum Credit Limit : |
US$ 123,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of company
C.V. KUDA MAS
Address
Head Office
Ruko Grand City,
Block B-12
Jalan Raya Rungkut
Madya
Surabaya 61293
East Java
Indonesia
Phones - (62-31) 878
2382, 879 6737
Fax - (62-31) 871 5008
Building Area - 2 storey
Office Space - 280 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
2003’s
Legal Form
C.V.
(Commanditaire Vennootschap) or partnership with sleeping partner
Company Reg. No.
Not Available
Company Status
Private National Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp.
300,000,000.-
Owners :
a. Mr. Budi Hintoko (Active Partner)
b. Mr. Irawan Febri (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Distribution Agriculture
Products and Fresh Fruits
Production Capacity
None
Total Investment
None
Started Operation
2003’s
Brand Name
None
Technical Assistance
None
Number of Employee
20 persons
Marketing Area
Domestic
(Local) - 100 %
Main Customer
Trader of agriculture products, traditional markets, herbal medicine and
beverage processing
Market Situation
Very Competitive
Main Competitors
a. P.T. LARIS
MANIS
b. P.T. UNIVERSAL
EXPORT
c. P.T. GLOBAL
VISION IMPEX
d. C.V. RAHAYU
MANDIRI
e. P.T. ASIA
AGROMAS ABADI
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Jend. Basuki
Rachmat
Surabaya, East Java
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Coklat No. 16
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 8.2
billion
2005 – Rp. 8.7
billion
2006 – Rp. 9.4
billion
2007 – Rp. 4.8
billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 574.0 million
2005 – Rp. 609.0 million
2006 – Rp. 658.0 million
2007 – Rp. 360.0 million (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Budi Hintoko
Board of
Commissioner :
None
Signatories
:
Director (Mr.
Budi Hintoko) is only the 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$ 123,000 on 90 days D/A
OVERALL PERFOMANCE
C.V. KUDA MAS (C.V. KM) was established in 2003 with the legal status C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The founder and owner of the company are Mr. Budi Hintoko as active partner and Mr. Irawan Febri as silent partner. Both are indigenous businessmen of Chinese origins. Being as Commanditaire Vennootschap 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. 300 million and it will be rising in line with the progress of its business operation.
C.V. KM has been in operation since 2003 dealing with trading, import and distribution of agricultural products. The merchandise products being sold by the company include ground nuts, garlic and onions. Mr. Budi Hintoko the director of the company explained that ground nuts and garlic imported from India; onion and garlic also from China. Meanwhile, the company has also imported fresh fruits like pears, apples, oranges, grapes, Sunkist from China and Taiwan; dates fruit (kurma) imported from Turkey. Whole merchandise like agriculture products are sold to various agents, food and beverage processing industries, medicine industries and other distributor in Surabaya and surrounding areas. The fresh fruits also sold to supermarket, fresh fruit shops and dealers in Surabaya and surroundings. We find that C.V. KM's operations have been growing in the last two years.
We note that generally the domestic demand for fruit has been rising by about 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 fruit trade with many companies now doing business in this field in Indonesia. Besides, 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 CVT. KM to be in a quite favorable position for having already got hold of a steady clientele in Surabaya and surrounding areas.
Until this time C.V. KM 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. 8.2 billion increased to Rp. 8.7 billion in 2005 to Rp. 9.4 billion in 2006. As from January to June 2007 the total sales turnover amounted to Rp. 4.8 billion with a net profit of Rp. 360 million with an estimated total networth at least Rp. 800 million. It is projected that total sales turnover of the company will increase at least 7% in 2008. We observe that C.V. KM is backed up by financially fairly strong businessmen behind it. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of C.V. KM is led by Mr. Budi Hintoko (43), a businessman and professional manager with 15 years of experience in trading, import and agro commodities and fresh fruits. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear 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. C.V. KUDA MAS 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. |
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%)