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Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. MEKAR JAYA |
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Registered Office : |
Jl. Tubagus Angke No. 190-N, Jakarta Barat |
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Country : |
Indonesia |
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Date of Incorporation : |
01.12.2000 |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Trading, Import-Export and Distribution of Agricultural Products |
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No. of Employees : |
18 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC
OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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 2013 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 high oil prices.
|
Source
: CIA |
Name of Company :
C.V. MEKAR JAYA
Address :
Head Office
Jl. Tubagus Angke No. 190-N
Jakarta Barat
Indonesia
Phones -
(62-21) 6313034, 6315055
Fax - (62-21) 63862753
E-mail - songlie@bit.net.id
Building Area - 3 storey
Office Space - 210 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
01 December 2000
Legal Form :
C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner
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 Structure :
Owned Capital : Rp. 400 million
Owners :
a. Mr. Anton Lie AKA Song Lie (Active Partner)
b. Mrs. Susi Wijaya (Silent Partner)
Lines of Business :
Trading, Import-Export and Distribution of Agricultural Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2000
Brand Name :
Mekar Jaya
Technical Assistance :
None
Number of Employee :
18 persons
Marketing Area :
a. Local - 60%
b. Export - 40%
Main Customers :
a. Traditional Markets
b. Snack Food and Beverage Industries
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALAM INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI SAMPOERNO
d. C.V. PUTRA NUSA
e. C.V. SUMBER BUMI JAYA
f. C.V. ARSAM PRATAMA
g. C.V. MUKTI JABAR
h. C.V. PRIMATAMA
i. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Taman Duta Mas
Jl. Tubagus Angke No. 10 ABC
Jakarta Barat
b.
P.T. Bank OCBC NISP Tbk
Ruko Taman Duta Mas Blok D-9 A/11
Jl. Tubagus Angke No. 11
Jakarta Barat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 43.0 billion
2011 – Rp. 48.0 billion
2012 – Rp. 52.0 billion
Net Profit (estimated) :
2008 – Rp. 2.3 billion
2009 – Rp. 2.6 billion
2012 – Rp. 2.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Anton Lie AKA Song Lie
Board of Commissioner:
None
Signatories :
Director (Mr. Anton Lie AKA Song Lie)
is the only person who is authorized 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
C.V. MEKAR JAYA was established on December 2000 in Jakarta with the
legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping
Partner. The founding owners of the
company are Mr. Anton Lie AKA Song Lie as the active partner and his wife Mrs.
Susi Wijaya 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. 400 million.
C.V. MEKAR JAYA has been in operation since June 2000 in trading, export
import and distribution of agricultural products. At the first, they are importing onions and
beans for local market. And now they
have expanded their business in export and import for other types of
commodities.
Miss Yeni, a marketing staff of the company explained that the whole
agricultural products likes black/white pepper, cinnamon, coriander, cumin,
dried shrimp and star anise bought from farmer in Sumatra, Sulawesi, Java and
others island of Indonesia. Then, the
whole products are exported to the United States of America and Europe
Union. Besides, the company also
imported of garlic, soybean, onion, peanut, green beans, chili, vermicelli from
China, India, Vietnam, Myanmar and Thailand.
The whole products supplied to snack food industries and traditional
market in Surabaya, East Java and Bali.
They also directly supplied of peanut and snack food industries like
P.T. KACANG DUA KELINCI in East Java and other food industries in Surabaya and
its surroundings. We observed that C.V.
MEKAR JAYA is classified as a medium 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. MEKAR JAYA to be in a quite
favorable position for having already got hold of a steady clientele in the
Java and surroundings.
Until this time C.V. MEKAR JAYA 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 2010
amounted of Rp. 43.0 billion increased to Rp. 48.0 billion in 2011 and rose
again to Rp. 52.0 billion in 2012. The
operation in 2012 yielded an estimated net profit at least Rp. 2.8 billion and
the company has an estimated total networth at Rp. 15.0 billion. It is
forecasted that total sales turnover of the company will increase at least 8%
in 2013. 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. MEKAR JAYA is headed by Mr. Anton Lie AKA Song
Lie (45), a businessman who experienced for more than 16 years in the field of
trading, import-export and distribution of agricultural products. In his daily activities he is assisted by his
wife Mrs. Susi Wijaya (43). We observed
that management’s reputation in said business is fairly good. The management of
the company is handled by experienced professional manager having wide relation
with private businessmen of home and overseas as well as with the 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. P.T. AMES INDAH
INTERNATIONAL is sufficiently fairly good for business transaction.
C.V. MEKAR JAYA is appraised 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.58.27 |
|
|
1 |
Rs.91.15 |
|
Euro |
1 |
Rs.77.50 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.