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Report Date : |
22.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.V. INDO JAYA PUTRA |
|
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Registered Office : |
Jl. Lebak Permai Utara II/12, |
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Country : |
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Date of Incorporation : |
2000 |
|
|
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Legal Form : |
Partnership With
Sleeping Partner |
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Line of Business : |
Trading, Import
and Distribution of Food Chemical Products |
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No. of Employees : |
12 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 |
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Payment Behaviour : |
No complaints |
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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 30, 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. INDO JAYA PUTRA
A d d r e s s :
Head Office
Jl. Lebak Permai Utara II/12
Surabaya 60134
East Java
Indonesia
Phone -
(62-31) 3823257
Fax - (62-31) 3810198
Building Area - 240 sq. meters
Office Space - 160 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
2000
Legal Form :
C.V. (Commanditaire Vennootschap) or
partnership with sleeping partner
Company Reg.
No. :
Not Required
Company Status
:
Private National
Company
Permit by the
Government Department :
Not Available
Related
Company :
None
Capital Structure
:
Authorized
Capital - Rp. 500 million
Owners :
a. Mr. Sugijanto Kwok
(Active Partner)
b. Mrs. Widiana (Silent Partner)
Lines of
Business :
Trading, Import
and Distribution of Food Chemical Products
Production Capacity
:
None
Total
Investment :
None
Started
Operation :
2000
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
12 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Food Chemicals
Shops
b. Food and
Beverage Industries
c. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. MULTI
KIMIA
b. P.T. TANDES LAUTAN
c. P.T. PANCASAKTI PRAKARSAMULYA
d. P.T. ASKRIKIMA
UTAMA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jl. Raya Darmo No. 12
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp. 7.5 billion
2009 – Rp. 9.2 billion
2010 – Rp. 10.3 billion
2011 – Rp. 11.5 billion
Net Profit
(estimated) :
2008 – Rp. 370 million
2009 – Rp. 460 million
2010 – Rp. 510 million
2011 – Rp. 570 million
Payment Manner
:
Above Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sugijanto
Kwok
Board of Commissioners :
None
Signatories :
Director (Mr. Sugijanto Kowk) is only the
authorized person to sign the loan on behalf of the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under guarantee
Proposed
Credit Limit :
C.O.D. To small
amount
Maximum Credit Limit :
US$ 150,000 on 90
days D/A
C.V. INDO JAYA PUTRA (C.V.
IJP) was established in the 2000’s in Surabaya, East Java with the legal status
of C.V. (Commanditaire Vennootschap)
or Partnership with Sleeping Partner. The founding owners of the company are
Mr. Sugijanto Kwok as the active partner and his wife
Mrs. Widiana as silent partner. Both of are
Indonesian business family of Chinese extraction. As in common in cases of
companies with C.V. status, there is no mention in the company’s notary act of
its capital structure. But going by the company’s conditions, we estimate its
capital at some Rp. 500 million and it will be rising in line with the
progress of its business operation.
C.V. IJP had been operating
in 2000 in trading, importer and distribution of food chemicals and food colour. Miss Tati, a senior staff of the company explained that the
company imported of food colour chemical from
India. Besides, the company also
trading and distribution of food chemicals such as acetic acid, aspartame,
caustic soda flake, citric acid, cyclohexylamine,
sodium benzoate, sodium bicarbonate, sodium chloride, sodium cyclamate, sodium
hyposulfite, sodium hypochloride, gum Arabic, pine
oil, soda ash dense, vanilli, sodium methabisulfite, sodium nitrate, sodium saccharine, sodium sulphate, STPP, sulfamic acid and
mono sodium glutamate which are imported from China, Japan and also local
products. Most of its food colour and chemical products are distributed to food
chemicals shops, food and beverage industries, biscuit and snack industries and
also traditional market in East Java and Central Java. We observed that C.V.
IJP is classified as a small sized company of its kind in the country of which
the operation has been growing in the last three years.
Generally,
demand for industrial chemical, pharmaceutical raw materials and others has
kept on rising in the last five years in the country in line with the
activities of paint industry, textile industry, furniture industry and other
industries in the country. The demand is estimated to be increasing by 8% to
10% per annum in the next three years. The competition is very tight on account
of many similar companies operating in the country. The business position of
C.V. IJP is good for it has established wide marketing networks in East Java
and Central Java.
Until this time C.V. IJP 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 amounted to Rp. 9.2
billion increased to Rp. 10.3 billion in 2010
increased to Rp. 11.5 billion in 2011 and projected
to go on rising by at least 10% in 2012.
The operation in 2011 yielded an estimated net profit of at least Rp. 570 million and the company has an estimated total networth of at least Rp. 2.0
billion. So far, we did not heard that
the company having been black listed by the Central Bank (Bank Indonesia).
The management
of C.V. IJP is headed by Mr. Sugijanto Kwok (42), a
businessman with experience for some 14 years in trading and distribution of
food colour and chemicals products. In daily activities, he is assisted by his
wife Mrs. Widiana (39). The management is also handled by a number
of professional managers in this business, having maintained a wide business
relation with private businessmen at home and abroad as well as with government
authorities. We observed that management’s reputation in said business is
sufficiently fairly good. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia.
C.V. INDO JAYA
PUTRA is appraised fairly good for business transaction. But owing to political
condition in the country is still unstable, we recommend to treat prudently in
extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.59 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.67.14 |
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.