MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CV. SUBUR SEJAHTERA |
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Registered Office : |
Semarang Indah Block D XI/16A, Semarang, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2002 |
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Legal Form : |
Partnership with sleeping partner |
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Line of Business : |
Trading, Import and Distribution of Spices Products |
RATING &
COMMENTS
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MIRAs 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$ 62,000. |
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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
CV. SUBUR
SEJAHTERA
Address
Head Office
Semarang Indah
Block D XI/16A
Semarang, Central
Java
Indonesia
Phones - (62-24) 761
5420, 761 3181
Fax. - (62-24) 761 5419
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Commercial
Status - Rented
SUMMARY
Date of
Incorporation :
2002
Legal Form :
C.V.
(Commanditaire Vennootschap) or Partnership with sleeping partner
Company Reg. No. :
The Ministry of
Justice and Human Rights
No Required
Company Status
:
National Private Company
Permit by the Government Department :
The Department of
Trade and Industry
Not Available
Related Company :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital -
Rp. 300,000,000.-
Owners :
- Mr. Anton as
Active Partner
- Mrs. Anton as
Silent Partner
BUSINESS ACTIVITIES
Lines of Business:
Trading, Import and Distribution of Spices
Products
Production
Capacity :
None
Total Investment :
Owned Capital -
Rp. 300 million
Started Operation :
2002
Brand Name :
None
Technical Assistance :
None
Number of Employee :
6 persons
Marketing Area :
Domestic (Local
Market) - 100%
Main Customers :
- Tradition
Market in Indonesia, especially in Semarang, Central Java
- Food
Processing Industries in Central Java
- Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. DAKAI INPEX
b. P.T. ALAM
INDORAMA
c. P.T. ADI
SAMPOERNO
d. P.T. SUPA SURYA
NIAGA
e. P.T. TORRYS
INDOSPICE
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
:
P.T. Bank CENTRAL ASIA Tbk
Semarang Branch
Jl. Pemuda No. 90-92
Semarang 50133, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 Rp. 3.7
billion
2006 Rp. 4.2
billion
2007 Rp. 4.7
billion
2008 Rp. 2.6 billion
(January June)
Net Profit (Loss)
:
2005 Rp. 220 million
2006 Rp. 250 million
2007 Rp. 280 million
2008 Rp. 160 million (January
June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Anton
Board of Commissioner :
None
Signatories :
The Director (Mr. Anton) is the only
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$ 62,000.- on the 90 days of payments
OVERALL PERFOMANCE
C.V. SUBUR SEJAHTERA (C.V. SS) was established in Semarang, Central Java
in 2002s with a legal status of Commanditaire Vennootscap (C.V.) of
partnership with sleeping partner. Founders and owners of the company are Mr.
Anton as active partner, and his wife Mrs. Anton as silent partner, both are
indigenous business family of Chinese extraction. Being as a C.V. company, the
amount of its authorized capital was not mentioned at the time of its
establishment. In our estimate, C.V. SUBUR SEJAHTERA has own capital of about Rp.
300 million and it will be rising in line with the progress of its business
operation.
C.V. SS started with operation in 2002 in trading, import and
distribution of spices products. All of the spices products like dry chili and
pepper importing from India and China thorough trader or agent of Singapore.
Then, the whole product supplied to traditional market in Semarang and other
traditional market in Central Java. Besides, the company also supplied dry
chili to various food seasoning processing industries operating in Central
Java. The operation of C.V. SS is classified as a small sized company in
Semarang of which the operating has been growing slowly in the last three
years.
Generally, demand for spices products has kept on rising by 9% to 10% per
years in the domestic and export market in the last five years having close
relation with the growth of food processing industries, cafes and restaurants
within and outsides the country. Besides, the spices products are one of basic
needs in daily life. The demand is estimated to be rising by at least 7% in the
coming five years. Meanwhile, the business position of C.V. SS is appraised to
be favorable because the company has already established wide marketing network
in Central Java.
The management of C.V. SS is very reclusive towards outsiders and
rejected to disclose its financial condition. However, we estimated that sales
of the company in 2005 amounted to Rp. 3.7 billion increased to Rp. 4.2 billion
in 2006 and rose again to Rp. 4.7 billion in 2007. The operation of the company in 2007 is estimated to have gained
a net profit of at least Rp. 280 million with an estimated total networth of at
least Rp. 360 million. It is
projected that total sales turnover of the company will increase at least 10%
in 2008. 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. SS is headed by Mr. Anton (43), a businessman
with 7 years experience in trading, importing and distribution of spices
products. The management is handled by professional staff having wide relation
with private businessmen of home and overseas as well as with the government
sectors. We have never heard of the company being filed to the district court
for detrimental cases. C.V. SUBUR SEJAHTERA is appraised sufficiently fairly
for business transaction. Considering the unstable economic condition in the
country we recommended to treat prudently in extending loan to the company.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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 SCs 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%)