MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SUDHA INTERNATIONAL |
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Registered Office : |
Jalan Penjaringan Sari II Block J No. 7, Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
31.07. 2007 |
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Com. Reg. No.: |
W7-09228.HT.01.01.TH.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporter 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$ 39,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. SUDHA
INTERNATIONAL
A d d r e s s
Head Office
Jalan Penjaringan
Sari II Block J No. 7
Surabaya
East Java
Indonesia
Phone - (62-31) 8720811
Fax - (62-31) 8458767
Hand Phone - 0813-30591975
(Mrs. Sudha Sisodiya)
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
31 July 2007
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
W7-09228.HT.01.01.TH.2007
Dated 21 August
2007
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
02.476.758.4-615.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : US$
400,000.-
Issued Capital : US$
100,000.-
Paid up Capital : US$ 100,000.-
Shareholders/Owners
:
a. Mr. Vishnu Sisodiya - US$ 99,000.-
Address :
677, Dana Gali, Mhow
Indore
India
b. Mr. Pramod Sisodiya - US$ 1,000.-
Address : 1611/6, Sai Vihar
Colony Rau
Indore
India
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Exporter of Agricultural Products
Production
Capacity :
None
Total
Investment :
Owned Capital - US$ 400,000.-
Started
Operation :
August 2007
Technical
Assistance :
None
Number of
Employee :
11 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in India, Pakistan
and Nepal
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIA
AGROMAS ABADI
b. C.V. AR-RAYYAN
AGRO INDUSTRI
c. P.T. PERMATA
ALAM LESTARI
d. P.T. GLOBAL
VISION IMPEX
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank MANDIRI
Tbk
Jalan Jend.
Basuki Rachmat 126
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 3.0 billion
(August-December)
2008 – Rp. 3.5
billion (January-June)
Net Profit
(estimated) :
2007 – Rp. 150
million (August-December)
2008 – Rp. 180
million (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr. Vishnu
Sisodiya
Marketing Manager -
Mrs. Sudha Sisodiya
Board of Commissioners :
Commissioner -
Mr. Pramod Sisodiya
Signatories :
Director (Mr. Vishnu
Sisodiya) or Marketing Manager (Mrs. Sudha Sisodiya) which must be approved by
Board of Commissioner (Mr. Pramod Sisodiya)
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$ 39,000 on 90
days D/A
OVERALL PERFOMANCE
P.T. SUDHA INTERNATIONAL (P.T. SI) was established in Surabaya, East
Java on 31 July 2007 with the authorized capital of US$ 400,000 issued capital
of US$ 100,000 entirely paid up. The founding shareholders of the company are
Mr. Vishnu Sisodiya and Mr. Pramod Sisodiya, both are businessmen of India. The
deed of amendment was made by Mrs. Lanny Setyawati Djojokusumo, SH, was
approved by the Ministry of Law and Human Right in its Decision Letter No.
W7-09228.HT.01.01.TH.2007, dated August 21, 2007.
P.T. SI operates under the framework of Foreign Investment (PMA)
facilities in trading and export of agricultural products. The company has been
operation since August 2007 and exporter of spices and agro commodities like
betel nut or areca nut, mace, nutmeg, clove, mung bean (green beans) and other
agro commodities. The agricultural products likes nutmeg, mace, clove, gambier,
cinnamon, dammar baru, long pepper, cubed cassia and other goods of Indonesia
origin. The agricultural product bought from farmer in Java, North Sumatera,
West Sumatera, Jambi, South Sumatera, Lampung, East Java, Central Java,
Yogyakarta, Sulawesi, Ambon, Papua and others island of Indonesia. Areca nut or
betel nut is aromatic and as astringent and is said to intoxicate when first
taken. In India the areca nuts has long been used as a taenifuge for tapeworm.
Besides, the product is also used for medicine and cosmetic. Then, the whole
products are exported to India, Pakistan, Nepal, Sri Lanka, and Africa. We
observed that the company’s operation has been growing in the last one year.
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 P.T.
SI to be in a quite favorable position for having already got hold of a steady
clientele in the country and abroad.
Until this time P.T. SI 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 the first year
operation August to December 2007 amounted to Rp. 3.0 billion. We estimated the total sales turnover as from
January-June 2008 amounted to Rp. 3.5 billion and projected to be rising by 8%
in 2009. The operation of the company in January-June 2008 is estimated to have
gained a profit of at least Rp. 180 million with an estimated total networth of
at least Rp. 1.2 billion. P.T. SI has never been black listed by Bank Indonesia
(Central Bank). The company management always pays its debts punctually to
suppliers ranging from 1 to 3 months. The company is strongly backed up by
financially strong and sound foreign partner of India behind it.
P.T. SI's management is headed by Mr. Vishnu Sisodiya (36), a
businessman and professional manager with has 5 year experience in trading and
distribution of agrochemicals products. Daily activity, he is assisted by Mrs.
Sudha Sisodiya (33) as a marketing manager. The management of the company is
handled by professional managers 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. P.T. SUDHA INTERNATIONAL is appraised to be 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)