MIRA
INFORM REPORT
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Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
C.V. SAHARA |
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Registered Office : |
Jalan Kajangan RT. 02/02, Ungaran, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1989 |
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Legal Form : |
Partnership With Sleeping Partner |
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Line of Business : |
Exporter and Importer 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$ 59,210 |
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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. SAHARA
A d d r e s s
Head Office
Jalan Kajangan RT.
02/02
Ungaran
Central Java
Indonesia
Phone - (62-24) 6921620,
6924778
Fax - (62-24) 6924266
Building Area - 1 storey
Office Space - 500 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
1989
Legal Form
C.V.
(Commanditaire Vennootschaap) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
Private National Company
Permit by the Government
Department
Not Available
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 200
million
Owners :
a. Mr. Abdul Majid (Active Partner)
b. Mrs. Lia Majid
(Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Export Import of Agricultural Products
Production Capacity
None
Total Investment
None
Started Operation
1989
Brand Name
None
Technical Assistance
None
Number of Employee
8 persons
Marketing Area
Export - 80%
Local - 20%
Main Customer
Buyers in Malaysia
and Singapore and local distributors
Market Situation
Very Competitive
Main Competitors
a. P.T. SUPA SURYA
NIAGA
b. C.V. PRIMATAMA
c. C.V. ARSAM
PRATAMA
d. P.T. USTRANESIA
e. C.V. MUKTI
JABAR
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Ungaran Main Branch
Central Java
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk.
Ungaran Main Branch
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 4.0
billion
2006 – Rp. 4.2
billion
2007 – Rp. 4.5
billion
Net Profit
(estimated) :
2005 – Rp. 280 million
2006 – Rp. 294 million
2007 – Rp. 315 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Abdul Majid
Board of Commissioners :
None
Signatories :
Director (Mr. Abdul Majid) 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$ 59,210 on 90 days D/A
OVERALL PERFOMANCE
C.V. SAHARA was established in 1989 in Ungaran, Central Java with the
legal status of Commanditaire Vennootschaaf (C.V) or partnership with sleeping
partner. Founders
and owners of the company are Mr. Abdul Majid as active partner and his wife
Mrs. Lia Majid as silent partner. Both are of indigenous businessmen. Being as
a C.V. company, the amount of its authorized capital was not mentioned at the
time of its establishment. We estimate, C.V.
SAHARA has own capital of about Rp. 200 million and it will be rising in
line with the progress of its business operation.
Previously the company office located at Jalan Gedang Asri Raya No. 19,
Perum Gedang Asri, Ungaran, Central Java and the house registered under the name of his mother in law Mrs.
Pardy with telephone number (024) 76911507. Presently, C.V. SAHARA office
located at Jalan Kajangan RT. 02/02.,
Ungaran, Central Java. C.V. SAHARA started with operation since 1989 in the
field of export import of agricultural products such as fresh fruits, fresh
vegetable, fresh cabbage, green bean, garlic, spices and herb fresh products.
Mr. Abdul Majid, the director and owner of the company explained that the whole
product such as dry chili and extract chili is imported from India. The dry
chili and extract chili marketed locally to traditional market in Semarang and
surroundings. Meanwhile, the other products such as fresh vegetable likes
lettuce head, beetroot, broccoli, potatoes, garlic, romaine, paprika, radicio
and other fresh vegetable products is collected from mainland of Indonesia
especially from Semarang (Central Java) and surroundings. The whole products
are exported to Malaysia and Singapore. We observe that operation of C.V.
SAHARA has been growing in the last three years and classified a small size
company in Central Java.
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. SAHARA to be in a quite favorable position for
having already got hold of a steady clientele in the Central Java and
surroundings. The production of vegetable harvested is attached below :
Production of Vegetable Harvested in Indonesia, 2005-2006*
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Vegetable Products |
2005 (Tons) |
2006* (Tons) |
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Shallot |
732,609 |
808,908 |
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Spring Onion |
501,437 |
579,366 |
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Potato |
1,009,619 |
1,010,284 |
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Cabbage |
1,292,984 |
1,250,501 |
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Mustard Green |
548,453 |
591,139 |
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Carrot |
440,002 |
409,465 |
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Ginger |
125,827 |
171,042 |
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Galingale |
36,292 |
42,393 |
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Turmeric |
82,107 |
109,747 |
Source : Central Bureau of
Statistic
*) Preliminary Figures
Until this time C.V. SAHARA has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Mr. Abdul Majid explained that sales turnover of the company in 2005
amounted to Rp. 4.0 billion increased to Rp. 4.2 billion in 2006 to Rp. 4.5
billion in 2007 and projected to go on rising by at least 8% in 2008. The
company’s operation are figured to have a net profit of at least Rp. 315
million and estimated total networth at least Rp. 500 million. The financial
condition of the company is backed up by financially fairly 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. SAHARA is headed by Mr. Abdul Majid (40), a
businessman and professional manager with has experienced for more than 18
years in the field of export import of agricultural products. The management of
the company is handled by experienced professional staff 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. SAHARA 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.
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%)