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Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. UNIVERSAL TRADING MAJU |
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Registered Office : |
JCD Building, 3rd Floor Jalan K.H. Wahid Hasyim No. 27 Kelurahan Gondangdia, Kecamatan Menteng Jakarta Pusat, 10340 |
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Country : |
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Date of Incorporation : |
2000’s |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Trading, Import and Supply of Animal Feed Raw Materials |
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No. of Employees : |
7 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
C.V.
UNIVERSAL TRADING MAJU
Head Office
JCD Building, 3rd
Floor
Jalan K.H. Wahid Hasyim
No. 27
Kelurahan Gondangdia, Kecamatan Menteng
Jakarta Pusat, 10340
Indonesia
Phone -
(62-21) 31904162, 9159479
Fax - (62-21) 31926085
E-mail - chaiyono@indo.net.id
Building Area - 4 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2000’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 :
The Department of Finance
Not Available
Related
Company :
None
Capital
Structure :
Owned Capital : Rp. 200 million
Owners :
a. Mr. Chaiyono (Active
Partner)
b. His wife Mrs. Chaiyono
(Silent Partner)
Lines of Business :
Trading, Import and Supply of Animal
Feed Raw Materials
Production Capacity :
None
Total Investment :
None
Started Operation :
2000’s
Brand Name :
Universal Trading Maju
Technical Assistance :
None
Number of Employee :
7 persons
Marketing Area :
Local - 100%
Main Customer :
Animal Feed Milling Industry
Market Situation :
Very Competitive
Main Competitors :
a. PD. AGRO MAKMUR
b. C.V. ASIA ENTERPRISE
c. C.V. MULTI JAYA
d. P.T. KATRACO SANTIKA
e. P.T. PURINDO PUTRA JAYA
Business Trend :
Growing
B a n k e r s
:
a. Hongkong and
Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan K.H. Wahid Hasyim No. 183
A-B
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales (estimated)
:
2010 – Rp. 7.9 billion
2011 – Rp. 8.6 billion
2012 – Rp. 9.7 billion
Net Profit
(estimated) :
2010 – Rp. 395 million
2011 – Rp. 455 million
2012 – Rp. 485 million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Chaiyono
Board of Commissioners :
None
Signatories :
Director (Mr. Chaiyono) is only the authorized person 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
Based on investigation
the correct name of the Subject is C.V. UNIVERSAL TRADING MAJU not P.T.
UNIVERSAL TRADING MAJU as stated in your order ref. no. 226176 dated 18 June
2013. We have search and check through Ministry of Law and Human Rights there
was not found and registered P.T. UNIVERSAL TRADING MAJU. Based on contacted to
the company the Subject is C.V. UNIVERSAL TRADING MAJU.
C.V. UNIVERSAL
TRADING MAJU (C.V. UTM) was established in Jakarta in 2000’s with the legal
status of C.V. (Commanditaire Vennootschap)
or Partnership with Sleeping Partner. The founding and owners of the company
are Mr. Chaiyono as active partner and his wife as
silent partner. 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. UTM has
been in operation since 2000’s dealing with trading, importing and supply of
animal feed basic materials. Mr. Chaiyono, Director
and owner of the company said the company acted as broker by provides animal
feed basic materials to their clients in animal feed milling industry. The
animal feeds as the merchandise products include corn, soybean meals, mean and
bone meals, fish meals, blood meals and others. C.V. UTM provides soybean meal
and other basic materials for their customer in animal feed milling industry.
Whole basis materials of animal feeds are imported from the India, China,
Japan, South Korea, Argentina, and the USA. The merchandise products are sold
among animal feed industries in the country including P.T. JAPFA COMFEED
INDONESIA Tbk, P.T. MABARFEED in Medan,
North Sumatera, P.T. WELGRO FEEDMIL INDONESIA, P.T.
CENTRAL PRIMA PROTEINAPRIMA, P.T. KARKA NUTRI INDUSTRI in East Java and others.
We observe that C.V. UTM is a small size company of its kinds with its
operation has been growing in the last three years.
In overall we
find the demand for animal medicines, animal feed like broiler feed and other
animal feed had been rising in 2008, in line with a relative better animal
husbandry sector. The demand for meat, egg has also tended to rise in line with
a better economic condition in the country. The rising demand for livestock
products in 2009 had increased animal husbandry business both big livestock
like goat, sheep, cow and poultry like chicken, broiler, duck, etc. Among the
above livestock, poultry business is the most growing very fast. It has made
the growing of animal feed business and pushed up the demand of animal feed
basic materials like corn, soybean meal, fish meal, etc.
Beside that the
competition is very tight due to a large number of similar companies operating
in the country. The feed production in Indonesia in 2011 amounted at 11.3
million tons increased to 12.7 million tons in 2012. Increasing demand for meat
and eggs has seen driving domestic feed production. This has encouraged
expansion and entry of new players to feed industry. The business position of
C.V. UTM is appraised to be favorable for having established wide marketing
networks in the country. It’s projected the demand for fish meal, fish oil and
feather meals will be rising in the future at least 6% per annum.
Meat and Eggs production, 2010 – 2012
(Million
Metric Tons)
|
Products |
2010 |
2011 |
2012 |
|
Meat |
2,366 |
2,554 |
2,691 |
|
Eggs |
1,366 |
1,456 |
1,541 |
Source:
Global Feed Survey
Until this time
C.V. UTM has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The management of C.V. UTM
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. 7.9 billion rose to Rp. 8.6 billion in 2011 increased to Rp.
9.7 billion in 2012 and projected to go on rising by at least 5% in 2013. The
operation in 2012 yielded an estimated net profit of at least Rp. 485 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.
UNIVERSAL TRADING MAJU is led by Mr. Chaiyono (51) a
businessman and professional manager with experience in trading of animal feed
basic materials. 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. We believed that C.V.
UNIVERSAL TRADING MAJU is fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.