MIRA INFORM REPORT

 

 

Report Date :

14.12.2012

 

IDENTIFICATION DETAILS

 

Name :

C.V. MULIA AGRO LESTARI

 

 

Registered Office :

Ruko Klampis Megah Blok I No. 30 Jl. Klampis Jaya, Klampis Ngasem Kecamatan Sukolilo Surabaya, East Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

March, 2008

 

 

Legal Form :

Partnership with sleeping partners

 

 

Line of Business :

Trading, Export Import of Agricultural Products

 

 

No. of Employees :

14 persons

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Indonesia - ECONOMIC OVERVIEW

 

Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.

 

Source : CIA

 

 

Name of Company

 

C.V. MULIA AGRO LESTARI

 

Address

 

Head Office

Ruko Klampis Megah Blok I No. 30

Jl. Klampis Jaya, Klampis Ngasem

Kecamatan Sukolilo

Surabaya, East Java

Indonesia

Phone               - (62-31) 5930839

Fax                   - (62-31) 5930839

Building Area    - 2 storey

Office Space    - 400 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

March 2008

 

Legal Form :

C.V. (Commanditaire Vennootschaap) or partnership with sleeping partners

 

Company Reg. No. :    

Not Required

 

Company Status :

Private National Company

 

Permit by the Government Department :          

Not Available

 

Related Company :      

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital   - Rp. 500 million

 

Shareholders/Owners :

a. Mr. Guruh Saputro (Active Partners)   

b. Mr. Ronny Prasetio (Silent Partner)

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Export Import of Agricultural Products

 

Production Capacity :

None

 

Total Investment :       

None

 

Started Operation :

April 2008

 

Brand Name :  

None

 

Technical Assistance :

None

 

Number of Employee :

14 persons       

 

Marketing Area :          

Domestic (Local)    - 100%

 

Main Customer :

Traditional markets

 

Market Situation :

Very Competitive

 

Main Competitors :      

a. P.T. ALAM INDORAMA

b. P.T. DAKAI IMPEX

c. P.T. SUPA SURYA NIAGA

d. P.T. TORRYS INDOSPICE

e. P.T. ADI SAMPOERNO

f.  C.V. BUMI DAJAJA

g. C.V. PUTRA NUSA

h. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank MANDIRI Tbk

Jalan Jend. Basuki Rachmat 129-137

Surabaya, East Java

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :      

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :       

2008 – Rp. 16.5 billion

2009 – Rp. 24.0 billion

2010 – Rp. 28.5 billion

2011 – Rp. 34.0 billion

2012 – Rp. 19.5 billion (January – June)

 

Net Profit (Loss) :        

2008 – Rp. 320 million

2009 – Rp. 520 million

2010 – Rp. 610 million

2011 – Rp. 720 million

2012 – Rp. 413 million (January – June)

 

Payment Manner :       

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :           

Director                        - Mr. Guruh Saputro

 

Board of Commissioner :        

None

 

Signatories :   

Director (Mr. Guruh Saputro) is only he authorized person to sign the loan

 

 

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

 

 

OVERALL PERFORMANCE

 

C.V. MULIA AGRO LESTARI (C.V. MAL) was established in March 2008 in Surabaya, East Java, with the legal status of Commanditaire Vennootschaf (C.V) or partnership with sleeping partner. The founding owners of C.V. MAL are Mr. Yoseph Tyasono as active partner and his wife Mrs. Ratna Tyasono as silent partner both are Indonesian business family of Chinese origin. Being as a C.V. company, the amount of its authorized capital was not mentioned at the time of its establishment.  In mid-2009, Mr. Yoseph Tyasono and his wife pulled out and the whole shares are sold to Mr. Guruh Saputro (as active partner) and his partner Mr. Ronny Prasetio (as silent partner). We estimated that now C.V. MAL has own capital of about Rp. 500 million and it will be rising in line with the progress of its business operation.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

C.V. MAL started with operating since April 2008 engaged in the field of trading, export-import and distribution of agricultural products. Export import and general trading in agricultural commodities products like chili, garlic, mung bean, ground nuts, spices, corn, etc.  Ms. Retnowati, an administrative staff  of the company explained that the whole agricultural products likes chili, garlic, mung bean and other spices is imported from China, India and the company also imported ground nuts from Vietnam and others. They also imported various agricultural commodities based on job orders from their customers in Surabaya and surroundings. Then, the whole products supplied to food processing industries such as PT. SEKAR LAUT Tbk., PT. MANDALA CAHAYA SENTOSA, P.T. DUA KELINCI and also supplies through traditional markets in East Java, Bali, Lombok, and South Kalimantan.   We observed that C.V. MAL is classified as a middle-sized company of its kind in the country of which the operation has been growing 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. MAL to be in a quite favorable position for having already got hold of a steady clientele in the country and abroad.

 

Until this time C.V. MAL 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 2009 is Rp. 24.0 billion increased to Rp. 28.5 billion in 2010 and rose again to Rp. 34.0 billion in 2011.  The operation in 2011 yielded an estimated net profit at least Rp. 720 million and the company has an estimated total networth at Rp. 2.2 billion.  It is forecasted that total sales turnover of the company will increase at least 14% in 2012.  So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mrs. Ina, the export import staff of the company disclosed that the company usually pays its debts punctually to suppliers.  

 

The company is led by Mr. Guruh Saputro (36), a young businessman with has experienced for more than 9 years in the field of trading, export import and distribution of agricultural products. We observed that management’s reputation in said business is sufficiently fairly good. The company has had wide relation in the realm of the private businessmen within and outside the country. 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.

 

C.V. MULIA AGRO LESTARI is appraised a good enough for business transaction.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.23

UK Pound

1

Rs.87.53

Euro

1

Rs.70.94

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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