MIRA INFORM REPORT
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Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
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Correct Name : |
C.V. GANDA SUKSES |
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Registered Office : |
Jalan May
Sabara 2460 A, Palembang, South
Sumatera |
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Country : |
Indonesia |
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Year of Establishment : |
1993 |
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Legal Form : |
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner |
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Line of Business : |
Trading, Import
and Export of Agricultural Commodities Products |
RATING &
COMMENTS
|
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$ 56,200 |
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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. GANDA SUKSES
Address
Head Office
Jalan May Sabara 2460
A
Palembang
South Sumatera
Indonesia
Phone - (62-711) 7064133
Fax - (62-711) 357814
Building Area - 1 storey
Office Space - 180 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1993
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.
260 million
Owners :
a. Mr. Putro
Setiono (Active Partner)
b. Mrs.
Setiono (Silent Partner)
BUSINESS ACTIVITIES
Lines of
Business:
Trading, Import and
Export of Agricultural Commodities Products
Production Capacity
None
Total Investment
None
Started Operation
1993
Brand Name
None
Technical Assistance
None
Number of Employee
8 persons
Marketing Area
Local - 100%
Main Customer
Traditional
market
Market Situation
Very Competitive
Main Competitors
a. ANUGRAH PANGAN
b. UD. JAYA ABADI
c. C.V. BUMI
DJAJA
d. P.T. ASIA
AGROMAS ABADI
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Jend.
Sudirman No. 28
Palembang
South Sulawesi
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. 200
million
2006 – Rp. 220
million
2007 – Rp. 240
million
Payment Manner
:
Above Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Putro
Setiono
Board of Commissioners :
None
Signatories :
Director (Mr. Putro
Setiono) 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$ 56,200 on 90
days D/A
OVERALL PERFOMANCE
C.V. GANDA SUKSES (C.V. GS) was established in Palembang, South Sumatera
in 1993 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. Putro Setiono as
active partner and his wife Mrs. Setino as silent partners. Being as C.V., the
amount of its authorized capital was not mentioned at the time of its
establishment. We estimate, AP has own capital of about Rp. 260 million and it
will be rising in line with the progress of its business operation.
C.V. GANDA SUKSES had been operating in 1993 in trading, importer and
exporter of agricultural commodities products. Mr. Putro Setiono, the director
of the company explained that the company imported of spices from Malaysia.
Besides, the company also exported mung bean, white pepper, black pepper, mace,
clove, ginger, turmeric, coriander, and other agricultural product to Malaysia
and Singapore. The whole products bought from Sumatera, Palembang, Lampung,
Bengkulu and Jambi. He also added the company will be imported groundnut from
China and Vietnam and the products marketed locally through traditional market
in South Sumatera and surrounding. 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.
GANDA SUKSES to be in a quite favorable position for having already got hold of
a steady clientele in the South Sumatera and surroundings. 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 |
|
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 C.V. GS 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. 240 million and the company has an
estimated total networth by at least Rp. 400 million. We observe that C.V. GS
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. Putro Setiono, the director of the company disclosed that the company
usually pays its debts punctually to suppliers.
The company is led out by Mr. Putro Setiono (50), a businessman who
experienced for more than 15 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.
C.V. GANDA SUKSES 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. 42.33 |
|
UK Pound |
1 |
Rs. 84.32 |
|
Euro |
1 |
Rs. 66.75 |
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%)