MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
C.V. SURYAMAS
PERKASA |
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Registered Office : |
Jalan Barata Jaya XIX/54 C, Surabaya 61293, East Java |
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Country : |
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, Import and Distribution of 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$ 76,000 |
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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. SURYAMAS PERKASA
Address
Head Office
Jalan Barata Jaya
XIX/54 C
Surabaya 61293
East Java
Indonesia
Phones - (62-31) 5040073,
5017164
Fax - (62-31) 5040073
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Branch
Jalan Laksda M.
Nasir No. 29
Surabaya
East Java
Indonesia
Phone - (62-31) 328 6728
Fax - (62-31) 328
6730
Building Area - 2 storey
Office Space - 260 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
April 2005
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.
280,000,000.-
Owners :
a. Mr. Achad Noval Pratama (Active Partner)
b. Mrs. Sri Noval Pratama (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Distribution of Fresh
Fruits
Production Capacity
None
Total Investment
None
Started Operation
May 2005
Brand Name
None
Technical Assistance
None
Number of Employee
12 persons
Marketing Area
Domestic
(Local) - 100 %
Main Customer
Trader of fruits, traditional markets,
Market Situation
Very Competitive
Main Competitors
a. C.V. KUDA MAS
b. P.T. LARIS
MANIS
c. P.T. UNIVERSAL
EXPORT
d. C.V. TOP BUAH
SEGAR
e. C.V. RAHAYU
MANDIRI
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Veteran 18-24
Surabaya, East Java
Indonesia
b. P.T. Bank
DANAMIN INDONESIA Tbk
Jalan Jend. Basuki Rachmat
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 4.0
billion
2006 – Rp. 5.8
billion
2007 – Rp. 3.2
billion (January-June)
Net Profit (Loss)
:
2005 – Rp. 200.0 million
2006 – Rp. 348.0 million
2007 – Rp. 208.0 million (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Ir. Achmad Noval Pratama
Board of Commissioner
:
None
Signatories
:
Director (Mr. Ir.
Achmad Noval Pratama) 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$ 76,000 on 90 days D/A
OVERALL PERFOMANCE
C.V. SURYAMAS PERKASA (C.V. SP) was established in Surabaya (East Java) in April 2005 with the legal status C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The founder and owner of the company are Mr. Ir. Achmad Noval Pratama as active partner and his wife Mrs. Sri Noval Pratama as silent partner. Both are indigenous business family 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. 280 million and it will be rising in line with the progress of its business operation.
C.V. SP has been in operation May 2005 dealing with trading, import and distribution of fresh fruits. Mr. Noval Pratama the director of the company explained that fresh fruit like pears, apples, oranges, grapes and Sunkist imported overseas. He explained that oranges imported from China, Pakistan and Australia; pear from South Korea and China; Sunkist from France; apple from the USA and China. The whole fresh fruits sold to fresh fruit shops and dealers, traditional markets in Surabaya and surroundings.
Besides, the company also supplies the products to operators of hotels and restaurants in Surabaya and surroundings. We find that C.V. SP's operations have been growing slowly in the last five years. 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 the company is selling, which have mostly been imported, to be very highly priced.
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. We consider C.V. SP to be in a quite favorable position for having already got hold of a steady clientele in Surabaya.
Until this time C.V. SP 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 2005 amounted to Rp. 4.0 billion increased to Rp. 5.8 billion in 2006 and as from January to June 2007 the total sales turnover amounted to Rp. 3.2 billion with a net profit of Rp. 208 million with an estimated total networth at least Rp. 400 million. It is projected that total sales turnover of the company will increase at least 7% in 2008. We observe that C.V. SP 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. SP is led by Mr. Ir. Achmad Noval Pratama (48) as director, with 16 years of experience in trading, import and distribution of 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. SURYAMAS PERKASA 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%)