MIRA INFORM REPORT

 

 

Report Date :           

15.11.2011

 

IDENTIFICATION DETAILS

 

Name :

C.V. JAYA ABADI

 

 

Registered Office :

Perkantoran CBD Pluit Block C No. 20, Jalan Pluit Selatan Raya, Jakarta Utara, 14440

 

 

Country :

Indonesia

 

 

Year of Establishment :

1999

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Partnership with Sleeping Partner

 

 

Line of Business :

Trading, Import 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$ 111,800

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company

 

C.V. JAYA ABADI

 

 

company Address

 

Head Office

Perkantoran CBD Pluit Block C No. 20

Jalan Pluit Selatan Raya

Jakarta Utara, 14440

Indonesia

Phones             - (62-21) 6667 3016 (Hunting)

Fax                   - (62-21) 6667 3438

Building Area     - 2 storey

Office Space      - 120 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

1999

 

                                  

Legal Form

 

C.V. (Commanditaire Vennootschap) or Parnership with Sleeping Partner

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

Not Required

 

 

Company Status

 

Private National Company

 

Permit by the Government Department

 

The Department of Finance

Not Available

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                 : Rp. 230 million

 

Shareholders/Owners :

a. Mr. Sutrisno (Active Partner)

b. Mr. Kelvin Soo (Silent Partner)

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Agricultural Commodities Products

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1999

 

Brand Name :

Jaya Abadi

 

Technical Assistance :

None

 

Number of Employee :

13 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customer :

Traditional Markets

 

Market Situation :

Very Competitive

 

Main Competitors :

a. C.V. BUMI DJAJA

b. UD. JAYA ABADI

c. C.V. JAYA BERSAMA

d. C.V. PUTRA NUSA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank CENRAL ASIA Tbk

Perkantoran CBD Pluit Block B No. 9 & 10

Jalan Pluit Selatan Raya

Jakarta Utara

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 6.3 billion

2009 – Rp. 7.4 billion

2010 – Rp. 8.5 billion

2011 – Rp. 4.5 billion (January – June)

 

Net Profit (estimated) :

2008 – Rp. 378 million

2009 – Rp. 444 million

2010 – Rp. 510 million

2011 – Rp. 279 million (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Sutrisno

Export Import Manager                     - Mr. Kelvin Soo

                                                                                                           

Board of Commissioners :

None

 

Signatories :

Director (Mr. Sutrisno) 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$ 111,800 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

C.V. JAYA ABADI (C.V. JA) was established in Jakarta in 1999’s with the legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The founding and owners of the company are Mr. Sutrisno as active partner and Mr. Kelvon Soo as silent partner. Being as Commanditaire Vennootschap, the amount of its authorized capital was not mentioned at the time of its establishment. We estimate, C.V. JA has own capital of about Rp. 230 million and it will be rising in line with the progress of its business operation.

 

C.V. JAYA ABADI is a private national company dealing with trading, import and distribution of agricultural commodities products. The merchandising goods products are dry chili, garlic, ground nuts and mung bean. Mr. Sutrisno, Director and owner of the company explained the company imports of dry chili, garlic and ground nuts from India. Besides, the company is also export of agricultural commodities based on season to overseas markets. However currently C.V. JA just imports of dry chili, garlic and ground nuts from India. To support of its activity, C.V. JA manages a warehouse located at Jalan Pluit Selatan Raya, Perkantoran CBD Pluit Block C No. 20, North Jakarta. The whole products supplied and marketed through traditional market in Jakarta, Bekasi, Karawang, Tangerang, Cilegon and Banten Province. We observe the operation of C.V. JA has been growing and developing well 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 C.V. JA to be in a quite favorable position for having already got hold of a steady clientele in the Jakarta and Banten Province.

 

Until this time C.V. JA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of C.V. JA is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 6.3 billion rose to Rp. 7.4 billion in 2009 increased to Rp. 8.5 billion in 2010. As from January to June 2011 the sales turnover has reached at Rp. 4.5 billion with a net profit of Rp. 279 million. It is projected the sales turnover will be higher by at least 5% in 2012. So far, we did not heard 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. JA is headed by Mr. Sutrisno (52) a businessman and professional manager with experience in trading, import 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 company 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. C.V. JAYA ABADI is sufficiently fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.85

UK Pound

1

Rs.80.36

Euro

1

Rs.68.83

 

 

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.