MIRA INFORM REPORT
|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.V. HARIA GEMILANG |
|
|
|
|
Registered Office : |
Jalan Ikan
Munsing 9 No. 48, Surabaya, 60177, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
2008 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Partnership
with Sleeping Partner |
|
|
|
|
Line of Business : |
Trading, Import
and Distribution of Agro Commodities Products |
|
|
|
|
No. of Employees
: |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 31,500 |
|
Status : |
Moderate |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
C.V. HARIA GEMILANG
Head Office &
Warehouse
Jalan Ikan
Munsing 9 No. 48
Surabaya, 60177
East Java
Indonesia
Phone -
(62-31) 3577102, 3552225 (House)
Fax - (62-31) None
Mobile Phone - 081 938652563 Ms.
Dina Muhammad
081 8371863 Ms. Frina Yasmin
E-mail - frina19@yahoo.com
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
2008’s
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner
Not Required
Private National
Company
The Department of
Finance
Not Available
None
Capital
Structure :
Owned Capital : Rp. 150
million
Owners :
a. Ms. Dina Muhammd (Active Partner)
b. Ms. Frina
Yasmin (Silent Partner)
Lines of
Business :
Trading, Import
and Distribution of Agro Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2008’s
Brand Name :
Haria Gemilang
Technical
Assistance :
None
Number of
Employee :
5 persons
Marketing Area
:
Local -
100%
Main Customer
:
Traditional market
Market
Situation :
Very Competitive
Main Competitors :
a. C.V. AGRO NUSA PERAMI
b. C.V. BUMI DJAJA
c. C.V. HERLINDA
d. C.V. PUTRA NUSA
e. Etc.
Business Trend
:
Growing
Banker :
P.T. Bank MANDIRI
Tbk
Jalan Jend.
Basuki Rachmat 127-129
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 2.0
billion
2010 – Rp. 2.2
billion
2011 – Rp. 2.4
billion
Net Profit (estimated)
:
2009 – Rp. 0.1
billion
2010 – Rp. 0.1
billion
2011 – Rp. 0.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Ms. Dina Muhammad
Board of Commissioners :
Commissioner -
Ms. Frina Yasmin
Signatories :
Director (Ms. Dina
Muhammad) is only the authorized person to sign the loan on behalf of the
company.
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$ 31,500 on 90
days D/A
C.V. HARIA GEMILANG was established in Surabaya, East Java in 2008’s with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding and owners of the company are Ms. Dina Muhammad as active partner and her young sister Ms. Frina Yasmin as silent partner. As in common in cases of companies with C.V. status, there is no mention in the company’s notarial act of its capital structure. But going by the company’s conditions, we estimate its capital at some Rp. 150 million.
C.V. HARIA GEMILANG started with operating since 2008’s to deal with trading, import and distribution of agricultural commodities. The company manages a warehouse located at Jalan Ikan Munsing 9 No. 48, Surabaya standing on 100 sq. meters. Ms. Dina Muhammad, Director and owner of the company went on to say the company import of garlic, red onion of India; red onion and ground nuts of China. Then, the whole product like garlic, red onion and ground nut marketed locally through traditional market in Surabaya, East Java and surroundings. We find that C.V. HARIA GEMILANG's operations have been growing with slowly in the last three years. Besides, C.V. HARIA GEMILANG is classified a small size company of its kinds which operation 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. Besides, that generally the domestic demand for fruit has been rising by about 6% - 8% per year in the last five years in line with the growing population and increasing income of part of the population in the country. The demand is projected to go on rising each year in the next five years. Meanwhile, competition is quite heavy in the fruit trade with many companies now doing business in this field in Indonesia. We consider C.V. HARIA GEMILANG to be in a quite favorable position for having already got hold of a steady clientele in Surabaya and surroundings.
Until this time C.V. HARIA GEMILANG has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 2.2 billion rose to Rp. 2.2 billion in 2010 increased to Rp. 2.4 billion in 2011 and projected to go on rising by at least 4% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 0.2 billion and the company has an estimated total net worth of at least Rp. 0.4 billion. 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. HARIA GEMILANG is led by Ms. Dina Muhammad (47) a
businesswoman with experience in trading, import and distribution of
agricultural commodities products. Daily activity the company is also handled
by Ms. Frina Yasmin (45) as Commissioner. 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. HARIA GEMILANG is sufficiently fairly good for
business transaction. However, in view of the company is classified a small
size and its operation growing with slowly we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.66 |
|
UK Pound |
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.