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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. AA JAYA
BERSAMA |
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Registered Office : |
Jalan Kebraon 2 Apel No. 35 Surabaya, 60223 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
January, 2012 |
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Trading, Import and Distribution of Bird Feeds |
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No. of Employees : |
8 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 |
|
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 |
Name of Company :
C.V. AA JAYA BERSAMA
Address :
Head Office
Jalan Kebraon 2 Apel No. 35
Surabaya, 60223
East Java
Indonesia
Phone -
(62-31) 7664732
Fax - (62-31) 7664732
E-mail - mailaajaya@yahoo.co.id
Building Area - 1 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
January 2012
Legal Form :
C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partners
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. 200 million
Shareholders/Owners :
a. Mr. Andi Irawan (Active Partner)
b. Mr. Joseph Irawan (Silent Partner)
Lines of Business :
Trading, Import and Distribution of Bird Feeds
Production Capacity :
None
Total Investment :
None
Started Operation :
January 2012
Brand Name :
AA Jaya Bersama
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Local - 100%
Main Customer :
Trader and Shops of Bird Feeds
Market Situation :
Very Competitive
Main Competitors :
a. PD. AGRO MAKMUR
b. C.V. EUCHEUMA
c. PD. LINGGA KASHANA
JAYA
d. TANI DJAYA
Business Trend :
Growing
Banker:
P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Darmo 5
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2012 – Rp. 3.0 billion
Net Profit (estimated) :
2012 – Rp. 180 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Andi Irawan
Board of Commissioners :
Commissioner - Mr. Joseph Irawan
Signatories :
Director (Mr. Andi Irawan) 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
C.V. AA JAYA BERSAMA (C.V. AJB) was established in Surabaya, East Java
in January 2012 with the legal status of C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partner. The founding and owners of the company are
Mr. Andi Irawan as active partner and his young brother Mr. Joseph Irawan as
silent partner both are Indonesian business family of Chinese descents. 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. AJB is a private company started to be operating since January 2012
engaged in the field trading, import and distribution of bird feeds. Mr. Andi
Irawan, the Director and owner of the company said they import of canaryseed,
Canadian canary seed, Plain canary seeds and other bird feed from Canada and
the USA through TUMAC COMMODITIES INC., of the USA. Canaryseed (Phalaris canariensis), or
annual canarygrass, is a major component of feed mixtures for caged and wild
birds. A member of the grass plant family (Graminaceae), it is an important
special crop in Saskatchewan. The seedlings resemble green foxtail or corn
seedlings, are finely leafed, and purple to red at the base of the stem. Canada
is the largest producer and exporter of canaryseed in the world, and provides
over one-half of total annual world production and world trade. Mr. Andi Irawan
also added the whole products marketed thorough trader and shops of bird feeds
in Surabaya, Sidoarjo, East Java and surroundings. We observe that C.V. AJB is
classified a small size company of its kinds which operation has been growing
and the last one year.
We note that generally the domestic demand for canaryseed of bird feed
has been rising by about 6% - 7% per year in the last five years in line with
the growing population and increasing of bird lovers in the country. The demand
is projected to go on rising each year in the next five years. Meanwhile,
competition is quite heavy in the bird feed trade with many companies now doing
business in this field in Indonesia. We consider C.V. AJB to be in a quite
favorable position for having already got hold of a steady clientele in the
East Java.
Until this time C.V. AJB 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 the first year operation January to December 2012 amounted to
Rp. 3.0 billion and projected to go on rising until the end of 2013. We
estimate the operation in 2012 has figured net profit at least Rp. 180 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. AJB is led by Mr. Andi Irawan (45) a businessman
with experience in trading, import and distribution of bird feeds. 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. AA JAYA BERSAMA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
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.