MIRA INFORM REPORT

 

 

Report Date :           

06.07.2011

 

IDENTIFICATION DETAILS

 

Name :

TOKO MEKAR JAYA

 

 

Registered Office :

Jalan Mesjid Raya No. 92, Makassar, Ujung Pandang, South Sulawesi

 

 

Country :

Indonesia

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Sole Proprietary Concern

 

 

Line of Business :

Trading and Distribution of Agricultural Commodities Products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 52,600

Status :

Satisfactory

Payment Behaviour :

Usually Correct

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Name of Concern

 

Toko MEKAR JAYA

 

 

concern Address

 

Head Office & Warehouse

Jalan Mesjid Raya No. 92

Makassar, Ujung Pandang

South Sulawesi

Indonesia

Phones             - (62-411) 440575, 420795

Fax                   - (62-411) 447349

Land Area         - 1,000 sq. meters

Building Space  - 750 sq. meters

Region              - Industrial Zone

Status               - Rent

 

 

Date of Incorporation

 

1996’s

 

                                   

Legal Form

 

Sole Proprietary Concern

 

 

Concern Reg. No.

 

The Ministry of Law and Human Rights

Not Required

 

 

Concern Status

 

Private National Company

 

Permit by the Government Department

 

The Department of Finance

Not Available

 

Related Concern

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                 : Rp. 200 million

 

Owner :

Mr. William Tezen

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading and Distribution of Agricultural Commodities Products

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1996’s

 

Brand Name :

Toko Mekar Jaya

 

Technical Assistance :

None

 

Number of Employee :

13 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customer :

Traditional Markets

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. ADI SAMPOERNO

b. P.T. ALAM INDORONA

c. P.T. SIAN LIEP BUMI PERSADA

d. P.T. SUPA SURYA NIAGA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank MANDIRI Tbk

Jalan Arif Rate No. 8

Makassar, Ujung Pandang

South Sulawesi

Indonesia

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 3.0 billion

2009 – Rp. 3.5 billion

2010 – Rp. 4.0 billion

 

Net Profit (estimated) :

2008 – Rp. 210 million

2009 – Rp. 245 million

2010 – Rp. 280 million

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. William Tezen

                                                                                                           

Board of Commissioners :

None

                                                                                                           

Signatories :

Director (Mr. William Tezen) is only the authorized person to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

Proposed Credit Limit :

Small amount – periodical review

 

Maximum Credit Limit :

US$ 52,600 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

Toko MEKAR JAYA (Toko MJ) was incorporated in Makassar, South Sulawesi in 1996’s with the status of Sole Proprietary Company. Founders and owners of the concern is Mr. William Tezen, an Indonesian businessman of Chinese origin. Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. We estimate, Toko MJ has own capital of about Rp. 200 million and it will be rising in line with the progress of its business operation.

Toko MJ engaged in the field of trading and distribution of agricultural commodities products. Toko MJ sells and distribute of agricultural commodities in raw cashew nuts, kapok, dates, cocoa beans, groundnut kernel, green mung bean, onions, garlic, red onions, bird feed, long pepper, white pepper, coriander seed, ginger, and other spices. Mr. William Tezen, a director and owner of the concern explained that the whole agricultural products likes cashew nut, green mung bean, kapok, dates, cocoa bean etc., bought from farmers in Sulawesi, East Java and others island of Indonesia. Then, the whole products distributed to various traditional markets in South Sulawesi and surroundings. We observed that Toko MJ is classified a small sized concern of its kinds in the country which operation has been growing slowly in the last three years.

 

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 Toko MJ to be in a quite favorable position for having already got hold of a steady clientele in South Sulawesi.

 

Until this time Toko MJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of Toko MJ is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the concern in 2008 amounted to Rp. 3.0 billion rose to Rp. 3.5 billion in 2009 increased to Rp. 4.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 280 million and the concern has an estimated total networth of at least Rp. 0.5 billion. So far, we did not heard that the concern having been black listed by the Central Bank (Bank Indonesia). The concern usually pays its debts punctually to suppliers.  

 

The management of Toko MJ is led by Mr. William Tezen (24) a businessman and professional manager with experience in trading and distribution of agricultural commodities products. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the concern being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. Toko MEKAR JAYA is sufficiently fairly good for business transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.50

UK Pound

1

Rs.71.25

Euro

1

Rs.64.40

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.