MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
C.V. JAYASAKTI
MANDIRI |
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Registered Office : |
Ruko Poris Indah Block P-1/D No. 16, Tangerang 15148, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
1999 |
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Legal Form : |
Partnership With Sleeping Partner |
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Line of Business : |
Trading, Import and Supplies of Green Houses |
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$ 105,263 |
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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. JAYASAKTI
MANDIRI
A d d r e s s
Head Office
Ruko Poris Indah
Block P-1/D No. 16
Tangerang 15148
Banten Province
Indonesia
Phone - (62-21)
55775299, 5541481
Fax - (62-21) 5541481
Mobile Phone - 0811-883629 (Mr.
Agus Wijaya)
Building Area - 2 storey
Office Space - 260 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1999
Legal Form
C.V.
(Commanditaire Vennootschaft) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
Private Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 250.0 million
Owners :
a. Mr. Agus Wijaya
(Active Partner)
b. Mrs. Atanasia
Wijaya (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Supplies of Green
Houses
Production Capacity
None
Total Investment
None
Started Operation
1999
Brand Name
METASIM
Technical Assistance
None
Number of Employee
10 persons
Marketing Area
Local - 100%
Main Customer
a. P.T. MUSI HUTAN
PERSADA (Forestry Concession)
b. P.T. TOBA PULP
LESTARI Tbk (Pulp Industry and Forestry Concession)
c. P.T. ARARA
ABADI (Forestry Concession)
d. P.T. WIRAKARYA
SAKTI (Forestry Concession)
e. Cultivation and
Nursery Estates
Market Situation
Very Competitive
Main Competitors
METASIM INDONESIA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Jalan Raya Daan Mogot
Tangerang, Jakarta Barat
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya Daan Mogot
Tangerang, Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 7.0
billion
2006 – Rp. 7.5
billion
2007 – Rp. 8.0
billion
Net Profit (Loss)
:
2005 – Rp. 420 million
2006 – Rp. 450 million
2007 – Rp. 480
million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr.
Agus Wijaya
Board of Commissioner :
None
Signatories :
Director (Mr. Agus Wijaya) 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$ 105,263.- on the 90 days of payments
OVERALL PERFOMANCE
C.V. JAYASAKTI MANDIRI (C.V. JSM) was established in 1999 in Tangerang,
Banten Province, with the legal status of Commanditaire Vennootschaf (C.V) or
partnership with sleeping partner. Founders and owners of C.V. JSM are Mr. Agus Wijaya as active partner
and his wife Mrs. Atanasia Wijaya as silent partner, both are Indonesian
business family of Chinese origins. 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. JSM has own capital of
about Rp. 250 million and it will be rising in line with the progress of its
business operation. Mr. Agus Wijaya, the director of the company explained that
the company legal status will be changed from C.V. (Commanditaire Vennootschaf)
to P.T. (Perseroan Terbatas) or Limited Liability Company, but up to now the
changed of legal status under still processing at Department of Justice.
C.V. JSM has been operating since 1999 operates in
trading, supplier and import of green houses and services. Mr. Agus Wijaya, the
company director went to say that the green houses and services including part
and component is imported from Israel, South Korea, USA and European countries
with METASIM brand. To support the activities, the company provides services
including design system, installation, maintenance and computerized system
services. After operation since 1999, the company has supplies and marketed the
green house service, system and component to various forestry concession and
cultivation estates such as P.T. MUSI HUTAN PERSADA, P.T. ARARA ABADI, P.T.
WIRAKARYA SAKTI, P.T. TOBA PULP LESTARI Tbk, and others industrial estates. The
company also supplies the products to palm oil plantation, vegetable estates,
rice estates and others plantations. We observed that the company’s operation
of C.V. JSM has been growing and developing well in the last five years.
We have noticed that the demand for green house service and component
has kept on rising some 10% to 11% per annum in the last five years in line
with the growth of agricultural industrial and crops in the country. In the
coming years, the growth rate of demand is estimated at about 6% to 7% per
annum. The present market situation for green house service is competitive for
a large number of similar companies operating in the country. We consider C.V.
JSM to be in a quite favorable position for having already got hold of a steady
clientele in the country.
Until this time C.V. JSM 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.
7.0 billion increased to Rp. 7.5 billion in 2006 and to Rp. 8.0 billion in
2007. The operation in 2007 yielded an estimated net profit at least Rp. 480
million and the company has an estimated total networth at least Rp. 700
million.
It is projected that total sales turnover of the company will increase
at least 7% in 2008. We observe that C.V. JSM 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). The company usually pays its
debts punctually to suppliers.
The management of C.V. JSM is led by Mr. Agus Wijaya (48), a businessman
with 15 years of experience in trading, import and supplies of green house
services. The management of the company is handled by a number of staff having
wide relation with private businessmen within and outside the country and with
the government sectors as well. We observed that management’s reputation in
said business 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. JAYASAKTI MANDIRI 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%)