MIRA INFORM REPORT

 

 

Report Date :

26.11.2012

 

IDENTIFICATION DETAILS

 

Name :

C.V. JAYA SENTOSA

 

 

Registered Office :

c/o Jalan Puri Anjasmoro J 3 No. 25, Semarang, Central Java

 

 

Country :

Indonesia

 

 

Year of Establishment :

2005

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

partnership with sleeping partner

 

 

Line of Business :

Trading and Export of Agricultural Commodities Products

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Company is Inactive

Payment Behaviour :

----

Litigation :

----

 

 

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

(31.03.2012)

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. JAYA SENTOSA

 

 

Company Address

 

Head Office

c/o Jalan Puri Anjasmoro J 3 No. 25

Semarang

Central Java

Indonesia

Phone               - (62-24) 7608325

Fax                   - (62-24) 7613481

Building Area     - 2 storey

Office Space      - 110 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

2005’s

 

 

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 AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 200 million

 

Owners :

a. Mr. Surya (Active Partner)             - 50%

b. Mrs. Yulita (Silent Partner)            - 50%

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading and Export of Agricultural Commodities Products

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2005’s, but the company has been inactive since early 2010.

 

Brand Name :

None

 

Technical Assistance :

None

 

Number of Employee :

None                                              

 

Marketing Area :

No Comment

 

Main Customer :

No Comment

 

Market Situation :

Very Competitive

 

Main Competitors :

a. C.V. AMANAH ALAM RAYA

b. P.T. PERMATA ALAM LESTARI

c. C.V. PINANG RAJA

d. P.T. ALAM INDORAMA

e. C.V. BUMI DJAJA

f.  P.T. ADI SAMPOERNO

g. C.V. PUTRA NUSA

 

Business Trend :

Declining

 

 

BANKER, AUDITOR & LITIGATION

 

Banker (Inactive) :

P.T. Bank MANDIRI Tbk

Jalan Pahlawan No. 3

Semarang, Central Java

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2007 – Rp. 3.0 billion

2008 – Rp. 2.2 billion 

2009 – Rp. 1.4 billion

2010 – None

 

Net Profit (loss) :

2007 – Rp. 150 million

2008 – Rp. 120 million

2009 – (Rp.  35 million)

2010 – None

 

Payment Manner :

Sometime delay

 

Financial Comments :

Weak

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Surya

 

Board of Commissioners :

None

 

Signatories :

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

 

 

CAPABILITIES

 

Management Capability :

Poor

 

Business Morality :

Prudent

 

 

OVERALL PERFORMANCE

 

C.V. JAYA SENTOSA (C.V. JS) was established in Semarang, Central Java in 2005’s with the legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The founding and owners of the company are Mr. Surya as active partner and his wife Mrs. Yulita 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. JS has own capital of about Rp. 200 million and it will be rising in line with the progress of its business operation.

 

Originally CV. JS was engaged in trading, import-export and supplier of agricultural products such as mung beans, cashew nuts, tamarind, clove, nutmeg, copra, cinnamon, patchouli oil, dry ginger and so forth. The company has been operating since 2005. At first this company operated quite smoothly and most of these agricultural products were exported to various countries, among others, India, Nepal, China and Pakistan. In addition C.V. JS also imported ground nut from India and China, the product was sold to the domestic market mainly traditional markets in Central Java.

 

Operational Office  of JS is located at Jalan Puri Anjasmore J-3 No. 25, Semarang, Central Java, with telephone number (62-24) 7608325 and Fax. (62-24) 7613481. But when we contacted the telephone number, it appeared that the office was already occupied by another company named CV. MAKMUR SEJAHTERA, led by Mr. Tjiu Fui Tjhin, an Indonesian businessman of Chinese descent. Mr. Fui Tjiu Tjhin when contacted by phone said that the CV. JS had been moved to another place and according to him it was no longer in operation since early 2010. Currently, the address has been occupied by C.V. MAKMUR SEJAHTERA engaged in trade and importer of dried chili.

 

We also have done an investigation into the various sources of information in Indonesia, but we did not find the address of CV JS. We strongly suspect that the company was not active in operation since early 2010.

 

 

When it was still in operation C.V. JAS chaired by Mr. Surya (appr. 53) a businessman with experience since 2005, plunging the fields of trading, import and export of agricultural products. Up to mid 2008, its operation was still going pretty smoothly, but after that its operations continued to decline until the end of 2009. Since early 2010, the company's operational office that was occupied by another company named CV MAKMUR SEJAHTERA.

 

Because C.V. JAYA SENTOSA has been already inactive in operation, then we recommend that extra caution to do business with them. We also recommend to canceled all business deals or fresh loans to that company.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

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.