MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
C.V. MAJU
BERSAMA |
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Registered Office : |
Jalan Pahlawan 2 No. 1, Gresik, Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2002’s |
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Legal Form : |
Partnership With Sleeping Partner |
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Line of Business : |
Custom Clearances Services and Importer of Electronic Products and
Component |
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$ 72,000 |
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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. MAJU BERSAMA
A d d r e s s
Head Office & Warehouse
Jalan Pahlawan 2
No. 1
Gresik, Surabaya,
East Java
Indonesia
Phone - (62-31) 398 3218
Land Area - 1,200 sq.
meters
Building Area - 800 sq. meters
Region - Industrial
Zone
Status - Rent
Operation
Office
Jalan Ikan Sepat V
No. 31
Tanjung Perak,
Surabaya, East Java
Indonesia
Phone - (62-31) 354 1145
Fax - (62-31) 357 1392
Building Area - 1 storey
Office Space - 250 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
2002’s
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. 220
million
Owners :
a. Mr. Frangky Mondong (Active Partner)
b. Mrs. Elisabeth
Palimbong (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Custom Clearances Services and Importer of Electronic
Products and Component
Production Capacity
None
Total Investment
None
Started Operation
2002’s
Brand Name
None
Technical Assistance
None
Number of Employee
15 persons
Marketing Area
Local - 100%
Main Customer
Dealer and Shops
of Electronics
Market Situation
Very Competitive
Main Competitors
a. YUN ELECTRONIC
b. P.T. PASMACO
UTAMA
c. SETIA JAYA
d. DJUN JAYA ABADI
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
:
P.T. Bank MANDIRI Tbk
Jalan Basuki
Rachmat
Surabaya, East
JAva
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 4.8
billion
2006 – Rp. 5.2
billion
2007 – Rp. 5.5
billion
Net Profit
(estimated) :
2005 – Rp. 288 million
2006 – Rp. 312 million
2007 – Rp. 330 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Frangky Mondong
Board of Commissioners :
None
Signatories :
Director
(Mr. Frangky Mondong) 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$ 72,000 on 90 days D/A
OVERALL PERFOMANCE
C.V. MAJU BERSAMA (C.V. MB) was established in 2002 in Surabaya, East
Java with the legal status of Commanditaire Vennootschaaf (C.V) or partnership
with sleeping partner. Founders and owners of the company are Mr. Frangky Mondong as active
partner and his wife Mrs. Elisabeth Palimbong as silent partner. Both are of
indigenous business family. 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. MB has own capital of
about Rp. 220 million and it will be rising in line with the progress of its
business operation.
C.V. MAJU BERSAMA (C.V. MB) started with operation since 2002’s in the
field custom clearances services and importer of electronic household
appliances products and components. Mr. Frangky Mondong, the director and owner
of the company explained that the merchandise goods products are DVD, Color
Television (TV), Tape and Radio HiFi, Walkman, and other electronic products.
The whole electronic products are imported from China and India. Most of the
companies using C.V. MB's services are dealer and trader of electronic products
in importing of electronic household appliance products and component companies
operating in Surabaya and surrounding. The company manages and handled an
export import services especially in Tanjung Perak Port. He explained that the
company manages and handled an export import services such as cargoes,
merchandising goods from China and India. Furthermore, it was explained that
P.T. FI operation has been growing slowly and the company is classified as
small-sized company in Surabaya.
The domestic demand for custom clearances services has kept on
fluctuating in the last five years in line with the growth of export and import
of various Indonesian products including oil and gas. According to the Central
Bureau of Statistic (BPS), Indonesian export in 1999 amounted to US$ 48,665.4
million increased to US$ 62,124.0 million in 2000 dropped to US$ 56,320.9
million in 2001 surged to US$ 57,158.8 million in 2002, to US$ 61,058.0 million
in 2003, to US$ 71,584.6 million in 2004, to US$ 85,660.0 million in 2005 and
to US$ 22,452.0 million in 2006 (January-March).
In the meantime, Indonesian import in 1999 amounted to US$ 24,003.3
million, increased to US$ 33,514.8 million in 2000 dropped to US$ 30,962.1
million in 2001 rose to US$ 31,288.9 million in 2002 to US$ 32,550.7 million in
2003 to US$ 46,524.5 million in 2004, to US$ 57,70.0 million in 2005 and to US$
13,327 in 2006 (January-March). In the meantime, we realized that market
competition is very tough on account of many other similar companies operating
in the country.
Volume of Inter-Island Cargo Loaded and Unloaded
in 4 main ports, 1999 – 2006*
(Thousand tons)
|
Year |
Belawan |
Tanjung Priok |
Tanjung
Perak |
Ujung Pandang |
||||
|
Loading |
Unloading |
Loading |
Unloading |
Loading |
Unloading |
Loading |
Unloading |
|
|
1999 |
918,381 |
4,305,001 |
4,192,882 |
12,049,280 |
3,755,523 |
11,231,938 |
396,966 |
1,137,542 |
|
2000 |
644,924 |
5,471,535 |
2,788,284 |
10,631,489 |
3,367,447 |
11,868,163 |
644,754 |
989,671 |
|
2001 |
678,926 |
6,739,174 |
5,547,628 |
14,722,628 |
3,870,535 |
12,039,205 |
1,331,984 |
1,125,804 |
|
2002 |
3619,135 |
6,320,880 |
6,566,408 |
16,450,799 |
5,795,277 |
14,030,368 |
1,603,857 |
2,217,253 |
|
2003 |
598,636 |
6,791,319 |
5,157,169 |
16,207,475 |
9,156,853 |
16,841,808 |
2.316,691 |
2,391,813 |
|
2004 |
616,309 |
6,932,082 |
6,370,303 |
16,158,105 |
9,582,370 |
15,171,520 |
2,147,129 |
3,223,550 |
|
2005 |
884,832 |
7,346,894 |
7,512,656 |
15,830,356 |
10,530,932 |
14,845,098 |
2,399,927 |
3,168,497 |
|
2006* |
241,570 |
2,944,894 |
2,890,296 |
6,634,206 |
3,327,669 |
3,990,436 |
1,104,939 |
1,200,826 |
Source : Central Statistic Bureau (BPS)
*) January - May
Until this time C.V. MB has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
It is estimated that sales turnover of the company in 2005 amounted to Rp. 4.8
billion increased to Rp. 5.2 billion in 2006 to Rp. 5.5 billion in 2007 and
projected to go on rising by at least 6% in 2008. The company’s operation are
figured to have a net profit of at least Rp. 330 million and estimated total
networth at least Rp. 600 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. MB is headed by Mr. Frangky Mondong (44), a
businessman and professional manager with has experienced for more than 18
years in the field of custom clearance services and importer of electronic
household 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. MAJU
BERSAMA 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%)