MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
C.V. INDO JAYA PUTRA |
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Registered Office : |
Jl. Lebak Permai Utara II/12, Surabaya 60134, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership With Sleeping Partner |
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Line of Business : |
Trading, Import and Distribution of Food Chemical 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$ 85,000 |
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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. INDO
JAYA PUTRA
A d d r e s s
Head Office
Jl. Lebak Permai
Utara II/12
Surabaya 60134
East Java
Indonesia
Phone - (62-31) 3823257
Fax - (62-31) 3810198
Building Area - 1 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Own
Date of Incorporation
2000
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 :
Authorized
Capital : Rp.
250 million
Owners :
a. Mr.
Sugijanto (Active Partner)
b. Mrs. Widiana
(Silent Partner)
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import
and Distribution of Food Chemical Products
Production Capacity
None
Total Investment
None
Started Operation
2000
Brand Name
None
Technical Assistance
None
Number of Employee
10 persons
Marketing Area
Local - 100%
Main Customers
a. Food Chemicals
Shops
b. Food and
Beverage Industries
c. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. MULTI
KIMIA
b. P.T. TANDES
LAUTAN
c. P.T.
PANCASAKTI PRAKARSAMULYA
d. P.T. ASKRIKIMA
UTAMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jl. Raya Darmo
No. 12
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 4.9
billion
2006 – Rp. 5.5
billion
2007 – Rp. 6.2
billion
Net Profit
(estimated) :
2005 – Rp. 220
million
2006 – Rp. 260
million
2007 – Rp. 310
million
Payment Manner
:
Above Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Sugijanto
Board of Commissioners :
None
Signatories :
Director (Mr. Sugijanto)
is only the authorized person to sign the loan on behalf of the company
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
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$ 85,000 on 90
days D/A
OVERALL PERFOMANCE
C.V. INDO JAYA PUTRA (C.V. IJP) was established in Surabaya, East Java
in 2000 with the legal status of C.V. (Commanditaire Vennootschap) or
partnership with sleeping partner. Founders and owners of the company is the late of Mr. Sugijanto as
active partner and his wife Mrs. Widiana as silent partners. Being as C.V., the amount of its authorized
capital was not mentioned at the time of its establishment. We estimate, C.V.
IJP has own capital of about Rp. 250 million and it will be rising in line with
the progress of its business operation.
C.V. IJP had been operating in 2000 in trading, importer and
distribution of food chemicals and food colour. Miss Tati, a senior staff of the company explained that the
company imported of food colour chemical from India. Besides, the company also trading and distribution of food
chemicals such as acetic acid, aspartame, caustic soda flake, citric acid,
cyclohexylamine, sodium benzoate, sodium bicarbonate, sodium chloride, sodium
cyclamate, sodium hyposulfite, sodium hypochloride, gum Arabic, pine oil, soda
ash dense, vanilli, sodium methabisulfite, sodium nitrate, sodium saccharine,
sodium sulphate, STPP, sulfamic acid and mono sodium glutamate which are
imported from China, Japan and also local products. Most of its food colour and chemical products are distributed to
food chemicals shops, food and beverage industries, biscuit and snack industries
and also traditional market in East Java and Central Java. We observe that C.V. IJP is classified as a little sized
company of its kind in the country of which the operation has been growing in
the last three years.
Generally, demand for industrial chemical, pharmaceutical raw materials
and others has kept on rising in the last five years in the country in line
with the activities of paint industry, textile industry, furniture industry and
other industries in the country. The demand is estimated to be increasing by 8%
to 10% per annum in the next three years. The competition is very tight on
account of many similar companies operating in the country. The business
position of C.V. IJP is good for it has established a wide marketing networks
in East Java and Central Java.
Import Value of Basic Materials
Chemicals for Food and Beverages and
Basic Material for Industry,
2000-2006
|
Year |
Food and Beverages Mainly for
Industry (Million US$) |
Raw Materials for Industry
(Million US$) |
||
|
Primary |
Processed |
Primary |
Processed |
|
|
2000 |
1,009.8 |
507.6 |
2,020.3 |
12,421.4 |
|
2001 |
797.1 |
503.6 |
2,228.9 |
10,970.2 |
|
2002 |
1,096.5 |
441.2 |
1,758.6 |
10,541.7 |
|
2003 |
1,127.4 |
531.6 |
1,697.8 |
10,570.8 |
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2004 |
1,456.7 |
568.6 |
2,236.3 |
15,357.8 |
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2005 |
1,325.3 |
830.4 |
2,064.4 |
17,407.0 |
|
2006 |
1,352.2 |
909.1 |
2,438.7 |
18,050.7 |
Source : Central
Bureau of Statistic
Until this time C.V. IJP 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. 4.9
billion rose to Rp. 5.5 billion in 2006 increased to Rp. 6.2 billion in 2007
and projected to go on rising by at least 8% in 2008. The operation in 2007 yielded an estimated net profit of at
least Rp. 310 million and the company has an estimated total networth of at
least Rp. 1.5 billion. So far, we did
not heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of C.V. IJP is headed by Mr. Sugijanto (38), a
businessman with experience for some 10 years in trading and distribution of
food colour and chemicals
products. In daily activities, he is
assisted by his wife Mrs. Widiana (35).
The management is also handled by a number of professional managers in
this business, having maintained a wide business relation with private businessmen
at home and abroad as well as with government authorities. We observed that
management’s reputation in said business is sufficiently fairly good. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
We are sure that C.V. IJP is quite feasible for normal business
transaction, but particularly in extending any new loans, an adequate
collateral from the shareholders is highly required due to economic condition
in the country to remain unstable.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.20 |
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UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
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 |
|
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%)