MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
C.V. GRACIA |
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Registered Office : |
Jalan Tanjung
Priok No. 29 Block A-12, Surabaya 60165, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1999 |
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Legal Form : |
Partnership with sleeping partner |
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Line of Business : |
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$ 52,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name of Company
C.V. GRACIA
Address
Head Office &
Warehousing
Jalan Tanjung
Priok No. 29 Block A-12
Surabaya 60165
East Java
Indonesia
Phones - (62-31) 328
1831-32
Fax - (62-31) 328 1832
Building Area -
1,600 sq. meters
Building Space -
1,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
1999
Legal Form
C.V.
(Commanditaire Vennootschap) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
Private National Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 250.0
million
Owners :
a. Mr. Alun (Active Partner)
b. Mr. Hartono (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Export Import of Agricultural Products
Production Capacity
None
Total Investment
None
Started Operation
1999
Brand Name
None
Technical Assistance
None
Number of Employee
9 persons
Marketing Area
Export - 100%
Main Customer
Buyers in India
Market Situation
Very Competitive
Main Competitors
a. P.T. MULTI
MULIA LANGGENG
b. P.T. SILKVAN
JAYA KURNIA
c. C.V. ARSAM
PRATAMA
d. P.T. USTRANESIA
e. C.V. MUKTI
JABAR
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
P.T. Bank MANDIRI Tbk
Jalan Tanjung
Perak
Surabaya
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 3.0
billion
2005 – Rp. 3.7
billion
2006 – Rp. 4.0
billion
2007 – Rp. 2.5
billion (January-June)
Net Profit
(estimated) :
2004 – Rp. 0.2 billion
2005 – Rp. 0.3 billion
2006 – Rp. 0.4 billion
2007 – Rp. 0.3 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Alun
Board of Commissioners :
None
Signatories :
Director (Mr. Alun) is only the
authorized person to sign the loan on behalf of the company.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 52,000 on 90 days D/A
OVERALL PERFOMANCE
C.V. GRACIA was established in Surabaya, East Java in 1999 with the status of Commandiatire Vennootschap (C.V.) or partnership with sleeping partner. The founding and owners of the company are Mr. Alun as active partner and his younger brother Mr. Hartono as silent partner. Both are an Indonesian businessman of Chinese origin. Being as C.V. (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. 250 million and it will be rising in line with the progress of its business operation.
C.V. GRACIA has been in operation since 1999 dealing with export import and general supplier of agricultural products such as groundnuts, mung beans, cashew nuts and tamarind (asam jawa). The company have more than 8 years more experiences, starting from Surabaya, providing selective high qualities of groundnuts, mung beans, cashew nuts, tamarind, to the people of Indonesia, resulting from the mainlands of Indonesia and exported to India. C.V. GRACIA collected the tamarind product from Madura, Flores, South Sulawesi; ground nuts from East Java and surroundings area; cashew nuts from Central Java, South Sulawesi and mung bean from Central Java. Then the whole product is exported to India. Mr. Alun, the agriculture products is collected from mainland of Indonesia. The company manages a warehousing in Surabaya, East Java on a land of 1,600 sq. meters. We observe that operation of C.V. GRACIA has been growing in the last five years in line with the operation networks and wide marketing networks.
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. GRACIA to be in a quite favorable position for having already got hold of a steady clientele India.
Until this time C.V. GRACIA 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. 3.0 billion increased to Rp. 3.7 billion in 2005 to Rp. 4.0 billion in 2006. As from January to June 2007 the total sales turnover amounted to Rp. 2.5 billion with a net profit of at least Rp. 300 million with an estimated total networth of at least Rp. 350 million. It is projected that total sales turnover of the company will be higher by at least 6% in 2008. The financial condition of the company is backed up by financially strong and sound 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. GRACIA is headed by Mr. Alun (43), a professional manager and businessman who has experienced for more than 8 years in the field of export import of agricultural products. We observed that management’s reputation in said business is fairly good. The management of the company is handled by experienced professional manager having wide relation with private businessmen of home and overseas as well as with the government sectors.
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. GRACIA 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%)