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Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. BONAFIDE ANUGERAH SENTOSA |
|
|
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Registered Office : |
Jalan
Sisingamangaraja VII No. 15, |
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Country : |
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Date of Incorporation : |
January 2013 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Partnership
with Sleeping Partners |
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Line of Business : |
Trading and Exporter of Coconut
Fibers |
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No. of Employees : |
05 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
|
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 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. BONAFIDE ANUGERAH SENTOSA
Head Office
Jalan
Sisingamangaraja VII No. 15
Semarang, 50257
Central Java
Indonesia
Phones -
(62-24) 8314143, 8316284, 8506419
Fax - (62-24) 8314143
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
January 2013’s
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Not Required
National Private
Company
The Department of Finance
Not Available
None
Capital
Structure :
Owned Capital : Rp. 280
million
Shareholders/Owners
:
a. Mr. Bernard
Santoso (Active Partner)
b. Mrs. Santoso
(Silent Partner)
Lines of Business :
Trading and Exporter of Coconut
Fibers
Production Capacity :
None
Total Investment :
None
Started Operation :
January 2013
Brand Name :
Bonafide
Anugerah Sentosa
Technical
Assistance :
None
Number of Employee :
5 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Asia, China, Australia,
Europe and North America
Market Situation :
Very Competitive
Main Competitors :
a. C.V. ABADI JAYA
b. C.V. ALOHA COCONUT FIBER
c. C.V.
BARUNA SAMUDERA JAYA
d. C.V.
FAJAR PUTRA JAYA
e. Etc.
Business Trend :
Growing
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan M.T. Haryono No. 657
Semarang, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2013 – Rp. 1.9
billion (January – May)
Net Profit
(estimated) :
2013 – Rp. 115
million (January – May)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Bernard Santoso
Board of Commissioners :
None
Signatories :
Director (Mr. Bernard
Santoso) is only the authorized person to sign the loan on behalf of the
company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
C.V. BONAFIDE ANUGERAH SSENTOSA (C.V. BAS) was established in Semarang, Central Java with the legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping partner. The company was founded by Mr. Bernard Santoso as active partner and his wife Mrs. Santoso as silent partners. 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. 280 million.
C.V. BAS has been operating since the early 2013 engaged in the field of trading and exporter of coconut fiber. C.V. BAS is a trusted exporter and supplier of premium quality coconut coir fiber and coconut dust. The merchandise goods products are coconut fiber, coconut charcoal, coconut shell briquettes, coconut shell chips, coconut pith, coconut husk chips, coconut shell powder, copra, brown coconut fiber and coconut charcoal powder. These are procured from a reliable base of vendors, who make their range from high grade components, spares and raw materials. The range supplied by vendors, confirms to the global quality standards. The whole products obtained from vendors in Central Java and surroundings. This helps company in maintaining clients, satisfaction and winning trust. Owing to this, C.V. BAS has become a recognized name in the international markets of China, South Korea and Asian countries. The coconut fiber products had a huge demand across the globe due to having no dust mites, non allergenic & non-hazardous property. We observe that C.V. BAS is relatively new in operation.
Coconut fiber (coco fiber) and coconut coir dust (coco peat) it can be processed into a variety of finished products, the replacement foam or cotton material for pillows, mattresses, car seats, motorcycle seats, spring bed, sofa, and rope. Additionally coco fiber is the basic material for coconut fiber craft, while coco peat can be used as a growing medium and fertilizer. Up here, for those of you who have not been able to process it further can earn extra income by selling coco fiber and coco peat is outside the region, or even to foreign countries, such as China and Korea.
Coconut fiber / coco fiber it can also be used as a base for industrial rope.
Of the rope can be used again for a variety of derivative products, such as
products such as crafts, or to strap the boat, and so on. Moreover, the
domestic industry, coco fiber can also be used as a base range of handmade
products. Those products, among others such as mats, exercise mats, brooms
house, brush, and so on. While in furniture industry, coco fiber can be applied
to a variety of products, such as for spring bed mattresses, car seats,
aircraft seats, sports mats, coco pot / Coir pots, a replacement for glass
fiber base material, silencers, and so on. Furniture product applications also
called rubberrized coir industry. Sales price of coco fiber or coco fiber in
the international market has declined significantly. During the year 2012, the
sales price of coco fiber in the international market has experienced three
times the decline, ranging from US$ 400 per ton to get down to the price of US$
300 per ton.
Until this time C.V. BAS has not been registered with Indonesian Stock Exchange, so that they had 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 the first year operation January to May 2013 amounted to Rp. 1.9 billion and projected to go on rising by at least 6% in 2014. We observe that C.V. BAS is supported by foreign partner with has financially strong and sound behind it.
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. BAS is led by Mr. Bernard Santoso (50) a
businessman with experience in trading and exporter of coconut fiber. 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 are
convinced that C.V. BONAFIDE ANUGERAH SENTOSA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
UK Pound |
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
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.