MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
C.V. PRIMATAMA |
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Registered Office : |
Jalan Sei Besitang No. 18 A, Medan, North Sumatera |
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Country : |
Indonesia |
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Date of Incorporation : |
2001 |
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Legal Form : |
Partnership with Sleeping Partner
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Line of Business : |
Trading and Exporter of Coffee Bean and
Betel Nuts |
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$ 131,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
C.V. PRIMATAMA
Address
Head Office
Jalan Sei Besitang
No. 18 A
Medan
North Sumatera
Indonesia
Phone - (62-61) 8444448
(Hunting)
Fax - (62-61) 8444000
Building Area - 3 storey
Office Space - 600 sq. meters
Region - Commercial
Building
Status - Owned
Date of Incorporation
2001
Legal Form
C.V.
(Commanditaire Vennootschaap) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
Private National Company
Permit by the Government
Department
Not Available
Related Company
P.T. COFFINDO (Trading and Exporter of Coffee Bean)
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 400.0
million
Owners :
a. Mr. Irfan Anwar (Active Partner)
b. Mr. Ikrama Anwar (Silent Partner)
c. Mrs. Suryati Athie (Silent Partner)
d. Mr. Syalim Anwar (Silent Partner)
e. Mrs. Lenny Fadila (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Trading and Exporter of Coffee Bean and
Betel Nuts
Production Capacity
Basis job orders
Total Investment
None
Started Operation
2001
Brand Name
Primatama
Technical Assistance
None
Number of Employee
36 persons
Marketing Area
Export - 100%
Main Customer
Buyer in Nepal,
Pakistan, India, Bangladesh, Sri Lanka, Japan, USA and Europe Union
Market Situation
Very Competitive
Main Competitors
a. P.T. GLOBAL VISION IMPEX
b. P.T. ASIA
AGROMAS ABADI
c. C.V. BUMI DJAJA
d. C.V. JAYA
BERSAMA
e. C.V. PUTRA NUSA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. STANDARD CHARTERED Bank
Jalan Imam Bonjol No. 7
Medan
North Sumatera
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 7
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 8.0 billion
2005 – Rp. 9.0 billion
2006 – Rp. 10.0
billion
2007 – Rp. 5.4 billion (January – June)
Net Profit
(estimated) :
2004 – Rp. 0.7 billion
2005 – Rp. 0.8 billion
2006 – Rp. 0.9 billion
2007 – Rp. 0.5 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Irfan
Anwar
Board of
Commissioners :
None
Signatories
:
Director (Mr.
Irfan Anwar) 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$ 131,000.- on the 90 days of payments
OVERALL PERFOMANCE
C.V. PRIMATAMA was established in 2001 in Medan, North Sumatera,
with the legal status of Commanditaire Vennootschaaf (C.V) or partnership with
sleeping partner. Founders and owners of
the company are Mr. Irfan Anwar as active partner and his family members Mrs.
Suryati Athie, Mr. Ikrama Anwar, Mr. Syalim Anwar and Mrs. Lenny Fadila all as
silent partners. All of them are indigenous business family. Being as a C.V.
company, the amount of its authorized capital was not mentioned at the time of
its establishment. We estimate, C.V.
PRIMATAMA has own capital of about Rp. 400 million and it will be rising
in line with the progress of its business operation. We observe that the family
member is also founder and majority business stakes owners of P.T. COFFINDO
dealing with trading and exporter of coffee beans.
C.V. PRIMATAMA had been operating since 2001’s in trading and exporter agricultural products. The company exporter of coffee bean and agro commodities likes betel nut or areca nut. The agricultural product likes betel nut and coffee bean & various consumer goods of Indonesia origin. To support its operation, the company operates 2 warehouse located in Medan, North Sumatera. The agricultural product bought from farmer in North Sumatera and Nangroe Aceh Darusalam. Areca nut or betel nut is aromatic and as astringent and is said to intoxicate when first taken. In India the areca nuts has long been used as a taenifuge for tapeworm. Besides, the product is also used for medicine and cosmetic. The type and specific of areca nut has divided into three type such as Super Malaysia with price US$ 950 per tons, Super Indonesia with the price of US$ 850 per tons and Super Baru with the price of US$ 600 to US$ 700 per tons. Then, the whole products are exported to Pakistan, Bangladesh, India, Nepal and Sri Lanka. Mrs. Lis Diana, the marketing staff of the company disclosed that it has exported some 1,000 tons of betel nut per month with the price of US$ 700-850 per tons. Meanwhile, the company also exported coffee bean to Japan, Singapore, Hong Kong, USA, Belgium and Netherlands. The types of coffee bean are Arabica Mandailing and Arabica Lintong wholly collected from North Sumatera and Nagroe Aceh Darusalam. 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 C.V. PRIMATAMA to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.
Until this time C.V. PRIMATAMA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Mrs. Lis Diana, disclosed that total sales turnover of the company in 2004 amounted to Rp. 8.0 billion increased to Rp. 9.0 billion in 2005 and to Rp. 10.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 900 million and the company has an estimated total networth at least Rp. 3.5 billion. It is projected that total sales turnover of the company will increase at least 7% in 2007. We observe that C.V. PRIMATAMA is backed up by financially fairly strong business family 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. PRIMATAMA is led by Mr. Irfan Anwar (41), a professional manager and businessman with 12 years of experience in trading and exporter of agricultural products. 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. PRIMATAMA 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%)