MIRA
INFORM REPORT
|
Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UD.SEHAT MAKMUR |
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Registered Office : |
Jalan Malaka II No. 5 G,
Jakarta
Barat |
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Country : |
Indonesia |
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Date of Incorporation : |
1989 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading, Import and Export of Agricultural Commodities
Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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$ 52,600 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
UD.SEHAT
MAKMUR
A d d r e s s
Head Office
Jalan Malaka II
No. 5 G
Jakarta Barat
Indonesia
Phone - (62-21) 690 4435
Fax - (62-21) 690 4635
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1989
Legal Form
Sole Proprietary
Company
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.
300 million
Owner :
Mr. Hartono Johannes -
100%
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import
and Export of Agricultural Commodities Products
Production Capacity
None
Total Investment
None
Started Operation
1989
Brand Name
None
Technical Assistance
None
Number of Employee
5 persons
Marketing Area
Local - 100%
Main Customer
Traditional
market
Market Situation
Very Competitive
Main Competitors
a. PD. FAJAR
HARAPAN
b. Toko HAKA
c. Toko HALMAR
d. P.T. KALATHAM
CORPORATION
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Kalibesar
Barat
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 3.4
billion
2006 – Rp. 3.7
billion
2007 – Rp. 4.0
billion
Net Profit
(estimated) :
2005 – Rp. 238
million
2006 – Rp. 259
million
2007 – Rp. 280
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Hartono Johannes
Board of Commissioners :
None
Signatories :
Director (Mr. Hartono Johannes)
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$ 52,600 on 90
days D/A
OVERALL PERFOMANCE
UD. SEHAT MAKMUR (SM) was established in 1989 in Jakarta with the status
of Sole Proprietary Company. Founders and owners of the company is Mr. Hartono Johannes, an
Indonesian businessman of Chinese origin. Being as Sole Proprietary Company,
the amount of its authorized capital was not mentioned at the time of its
establishment. We estimate, UD. SM has
own capital of about Rp. 300 million and it will be rising in line with the
progress of its business operation.
UD. SEHAT MAKMUR had been operating in 1989 in trading, importer and exporter
of agricultural commodities products. Mr. Taufik, the director assistant of the company explained that the company
imported of onions, garlic, mung bean from China. Besides, the company is also
sell agricultural products from local made which has been collected from Java
and Lampung. The whole products marketed locally especially through traditional
market in Jakarta and surrounding. We have also obtained information from other
sources that the company is also dealing with trading and distribution of
agricultural equipment, supplies and services by imported of the products from
China. But, management of the company is very closed to outsider to give the
information regarding the above agricultural equipment. It seems to us UD.
SEHAT MAKMUR is still belongs to a small company but its operation growing
slowly 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 UD.
SEHAT MAKMUR to be in a quite favorable position for having already got holds
of a steady clientele in the Jakarta. The production of vegetable harvested is
attached below :
Production of Vegetable Harvested in Indonesia, 2005-2006*
|
Vegetable Products |
2005 (Tons) |
2006* (Tons) |
|
Shallot |
732,609 |
808,908 |
|
Spring Onion |
501,437 |
579,366 |
|
Potato |
1,009,619 |
1,010,284 |
|
Cabbage |
1,292,984 |
1,250,501 |
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Mustard Green |
548,453 |
591,139 |
|
Carrot |
440,002 |
409,465 |
|
Ginger |
125,827 |
171,042 |
|
Galingale |
36,292 |
42,393 |
|
Turmeric |
82,107 |
109,747 |
Source : Central Bureau of
Statistic
*) Preliminary Figures
Until this time UD. SEHAT MAKMUR 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. 3.4 billion rose to Rp. 3.7 billion in 2006 to Rp. 4.0 billion
in 2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit at least Rp. 280 million and the company
has an estimated total networth by at least Rp. 320 million. We observe that
UD. SM is supported by financially fairly strong behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
Indonesia). Mr. Taufik, the director of the company disclosed that the company
usually pays its debts punctually to suppliers.
The company is led out by Mr. Taufik (48), a businessman who experienced
for more than 18 years in the field of trading, importer and exporter of
agricultural commodities products. The company has had wide relation in the
realm of the private businessmen inside and outside the country. Their relation
with the government 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. UD. SEHAT MAKMUR is
sufficiently 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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%)