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Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. UNITRANS LOGISTICS |
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|
|
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Registered Office : |
Jalan I Gusti
Ngurah Rai, Perum Griya Anyar 99 Y, Denpasar, 80221, |
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Country : |
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Year of Establishments: |
2008 |
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|
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Customs Clearances Services |
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No. of Employees : |
08 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a
vast polyglot nation, grew an estimated 6.2% and 6.5% 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 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 |
C.V. UNITRANS LOGISTICS
Head Office
Jalan I Gusti
Ngurah Rai
Perum Griya Anyar
99 Y
Denpasar, 80221
Bali
Indonesia
Phones -
(62-361) 710889
Fax - (62-361) 721848
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
2008’s
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Not Required
National Private
Company
The Department of
Finance
Not Available
P.T. DHIWANTARA
MUDA (Freight Forwarding Services)
Capital
Structure :
Owned Capital : Rp. 200
million
Owners :
a. Mr. Iwan Rudiana (Active Partner)
b. Mr. Achmad Faisal (Silent Partner)
Lines of Business :
Customs Clearances Services
Production Capacity :
None
Total Investment :
None
Started Operation :
2008
Brand Name :
Unitrans Logistics
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Local - 100%
Main Customer :
Trading and Export Import Services
Companies
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ANDHINI NUGRAHA
b.
P.T. ANUGERAH EXINDO
c.
P.T. CITRA HUTATA PERSADA
d.
P.T. SANTOSA PRIMA MAJU
Business Trend :
Growing Slowly
Bankers :
P.T. Bank CENTRAL
ASIA Tbk
Jalan By Pas
Nugrah Rai No. 074
Nusa Dua Denpasar
Bali
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 1.3
billion
2011 – Rp. 1.5
billion
2012 – Rp. 1.8
billion
Net Profit
(estimated) :
2010 – Rp. 104
million
2011 – Rp. 120
million
2012 – Rp. 135
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Iwan Rudiana
Manager -
Mr. Made
Board of Commissioners :
Commissioner -
Mr. Achmad Faisal
Signatories :
Director (Mr. Iwan
Rudiana) in only the authorized person to sign the loan on behalf of the
company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
C.V. UNITRANS LOGISTICS (C.V. UL) was established in Denpasar, Bali in 2008’s with the legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping partners. The company was founded by Mr. Iwan Rudiana as active partner and Mr. Achmad Faisal as silent partner, both are indigenous businessmen. 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. 200 million.
C.V. UL has been in operating since 2008’s engaged in the fields of customs clearances services. Mr. Made, export import staff of the company explained the company provides services in cargo and logistic services, and customs clearance to handle and manages of import duties at Benoa ports, Celukan Bawang port, and also import duties thorough Ngurah Rai International Airport Denpasar, Bali Province. Mr. Made also added the company provides services in handle of import of fishing equipment which imported by customer from Taiwan. Besides the company is also handle custom clearance of various agribusiness commodities products such as garlic, red onion and others from China, India, and others. In the implementation of these imports, C.V. UL as much as possible trying to be immediately removing the goods they import to get to the destination. C.V. UL provides import services including marine line in Benoa ports and airline Ngurah Rai International Airport, fishing equipment and agricultural products, delivered up in warehouse, volume all-in (dock & tracking) etc. C.V. UL will import goods and delivered to warehouse of all clients. We observe that C.V. UL is classified a small size company of its kinds in Denpasar, Bali which operation growing with slowly in the last three years.
The domestic demand in custom clearances, export import services has kept on fluctuating in the last five years in line with the growth of export and import of various Indonesian products including oil and gas. The demand for post and cargo handling had kept on increasing up in the lat five years in line with the growth of various businesses requiring its services to send letters to domestic and foreign destination.
According data from the Ministry of Sea Communication that total of sea freight to overseas in the last five years has been increasing. However, the global economic crisis in October 2008 had caused the demand to decline especially in cargo freight of sea port. C.V. UL’s is considered to be in a favorable business position in view of the company's experience in the above business.
Until this time C.V. UL has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 1.3 billion rose to Rp. 1.5 billion in 2011 to Rp. 1.8 billion in 2012 and projected to go on rising by at least 6% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 135 million. 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. UL is led by Mr. Iwan Rudiana (48), a
businessman with experience in export import or custom clearances services. He
also a professional manager of parent company P.T. DHIWANTARA MUDA a private
company dealing with freight forwarding and cargo logistic services. The
company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the
country. 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. UNITRANS LOGISTICS is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.