MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

C.V. MENTARI TIMUR SEJAHTERA

 

 

Registered Office :

Jaln Manyar Kertoarjo I No. 52, Sidoarjo, 60273, East Java

 

 

Country :

Indonesia

 

 

Year of Establishment :

2007

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Partnership with Sleeping Partners

 

 

Line of Business :

Trading, Import and Distribution of Agricultural Products like garlic, peanuts, black pepper, etc.

 

 

No. of Employees :

06

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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

B1s

 

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. MENTARI TIMUR SEJAHTERA

 

 

company Address

 

Head Office

Jaln Manyar Kertoarjo I No. 52

Sidoarjo, 60273

East Java

Indonesia

Phone               - (62-31) 5930567

Fax                   - (62-31) 5921470

Land Area         - 250 sq. meters

Office Space      - 120 sq. meters

Region              - Residential

Status               - Owned

 

 

Date of Incorporation

 

2007

 

 

Legal Form

 

C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partners

 

 

Company Reg. No.

 

Not Required

 

 

Company Status

 

National Private Company

 

Permit by the Government Department :

 

The Department of Finance

Not Available

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                 : Rp. 500 million

 

Shareholders/Owners :

a. Mr. Sastro Hadi Utomo (Active Partner)

b. Mrs. Sartro Hadi Utomo (Silent Partner)

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Agricultural Products like garlic, peanuts, black pepper, etc.

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2007

 

Brand Name :

None

 

Technical Assistance :

None

 

Number of Employee :

6 persons

 

Marketing Area :

Local    - 100%

 

Main Customer :

Traditional Markets

 

Market Situation :

Very Competitive

 

Main Competitors :

a. C.V. AGRO NUSA PERMAI

b. C.V. BUMI DJAJA

c. C.V. PUTRA NUSA

d. P.T. TUNASUTAMA SARIPERKASA

e. P.T. ASIA AGROMAS ABADI

f.  C.V. ANUGRAH PANGAN

g. UD. JAYA ABADI

h. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank CENTRAL ASIA Tbk

Sidoarjo Branch

Jl. Ahmad Yani No. 39-A

Sidoarjo, East Java

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 5.8 billion

2010 – Rp. 6.3 billion

2011 – Rp. 7.0 billion

 

Net Profit (estimated) :

2009 – Rp. 290 million

2010 – Rp. 315 million

2011 – Rp. 350 million

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Sastro Hadi Utomo

 

Board of Commissioners :

None

 

Signatories :

Director (Mr. Sastro Hadi Utomo) is only the authorized person to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

Average

 

 

OVERALL PERFORMANCE

 

Based on investigation the correct name of the Subject is C.V. MENTARI TIMUR SEJATI not P.T. MENTARI TIMUR SEJATI as stated in your order ref. no. 182686 dated 4 June 2012.

 

C.V. MENTARI TIMUR SEJAHTERA (C.V. MTS) was established in Sidoarjo (East Java) in 2007 with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner. The founding and owners of the company are Mr. Sastro Hadi Utomo as active partner and his wife as silent partner.  Both of are Indonesian businessman/woman of Chinese descent.  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. 500 million. 

 

C.V. MTS started with operating since 2007 to deal with trading, import and distribution of agricultural products.  Mr. Sastro Hadi Utomo Director and owner of the company went on to say the company sells and distributed of agriculture products such as garlic, peanuts, black pepper, etc.  He also added the merchandising goods product like garlic imported from China and India; peanuts and black pepper imported from India. The company has never exported local agricultural products to overseas. Then, the whole product like garlic, peanuts and black pepper marketed locally through traditional market in East Java such as Sidoarjo, Pasuruan, Surabaya, etc. We observed that C.V. MTS is classified as a small sized company of its kind in the country of which the 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 growing population and increasing income of part of the population in the country.  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. 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. MTS to be in a quite favorable position for having already got hold of a steady clientele in Sidoarjo, Pasuruan and Surabaya.

 

Until this time C.V. MTS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of C.V. MTS 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. 5.8 billion rose to Rp. 6.3 billion in 2010 increased to Rp. 7.0 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. 350 million and the company has an estimated total net worth of at least Rp. 0.5 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. MTS is led by Mr. Sastro Hadi Utomo (48) a businessman with 14 years of experience in trading, import and distribution of agriculture commodities products. The management is handled by experienced staff in this business, having maintained a wide business relation with private businessmen at home and abroad as well as with government sectors. 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. MENTARI TIMUR SEJAHTERA is sufficiently fairly good for business transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.