MIRA
INFORM REPORT
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Report Date : |
24.09.2007 |
IDENTIFICATION DETAILS
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Name : |
C. V. RAHAYU
MANDIRI JAYA |
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Registered Office : |
Jalan Teluk
Betung I No. 25, |
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Country : |
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Date of Incorporation : |
January 2005 |
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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 : |
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$ 197,000 |
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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. RAHAYU MANDIRI JAYA
Address
Head Office
Jalan Teluk Betung
I No. 25
Phones -
(62-21) 5041089, 20309893
Fax. - (62-21) 5041089
Handphone - 081-55038799
(Ms. Yetik Handayani)
Email - yetik.handayani@yahoo.com
Land Area -
400 sq. meters
Building Space -
320 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
January 2005
Legal Form
C.V.
(Commanditaire Vennootschap) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
National Private Company
Permit by the
Government Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 300.0
million
Shareholders/Owners :
a. Ms. Yetik Handayani (Active Partner)
b. Mrs. Sri Rahayu (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Export Import of Agricultural Products
Production Capacity
None
Total Investment
None
Started Operation
2005
Brand Name
None
Technical Assistance
None
Number of Employee
11 persons
Marketing Area
Export - 100%
Main Customer
Buyers in
Market Situation
Very Competitive
Main Competitors
a. P.T. GLOBAL
VISION IMPEX
b. P.T. INDOPAK
TRADING CORPORATION
c. P.T. INDOPAC
TRADING
d. P.T.
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan Jend. Basuki Rachmat
b. P.T. Bank
Jalan Raya Darmo-Gresik
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 14.0
billion
2006 – Rp. 15.0
billion
Net Profit
(estimated) :
2005 – Rp. 1.1 billion
2006 – Rp. 1.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Ms. Yetik Handayani
Board of Commissioners :
None
Signatories :
Director (Ms. Yetik Handayani) 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$ 197,000 on the 90 days of payments D/A
OVERALL PERFOMANCE
C.V. RAHAYU MANDIRI JAYA (C.V. RMJ) was established in January 2005 with the legal status C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The founder and owner of the company are Ms. Yetik Handayani as active partner and Mrs. Sri Rahayu as silent partner. Both are indigenous businessmen. 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. RMJ has been in operation since 2005 dealing with export
import of agricultural products. The company has been operation since 2005 and
exporter of spices and agro commodities like, mace, nutmeg, vanilla, kunir, and
other agro commodities. The agricultural products likes nutmeg, mace, clove,
gambier, gumcopal, damar batu, gum dabur, long pepper, cubed cassia, star,
aniseed & various consumer goods of Indonesia origin. The agricultural
product bought from farmer in Irian Jaya (Papua), South Sulawesi, East Java,
North Sumatera, West Sumatera, Jambi, South Sumatera, Lampung, Java, and others
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
Until this time C.V. RMJ 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. 14.0 billion increased to Rp. 15.0 billion in 2006. The
operation in 2006 yielded an estimated net profit at least Rp. 1.2 billion and
the company has an estimated total networth at least Rp. 1.8 billion. It is
projected that total sales turnover of the company will increase at least 7% in
2007. We observe that C.V. RMJ is backed up by financially strong foreign
partner behind it. So far, we did not hear that the company having been black
listed by the Central Bank (Bank
The management of RMJ is led by Ms. Yetik Handayani (38), a professional manager with 5 years of experience in trading and exporter of agro commodities. 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. RAHAYU MANDIRI JAYA 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%)