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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.V. MENTARI TIMUR
SEJAHTERA |
|
|
|
|
Registered Office : |
Komplek
Ruko Royal Sunter Block B-25, Jalan Danau Sunter Selatan, Jakarta Utara,
14350 |
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|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1998 |
|
|
|
|
Com. Reg. No.: |
Not Available |
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|
|
|
Legal Form : |
C.V. Commanditaire Vennootschap or partnership with sleeping partner |
|
|
|
|
Line of Business : |
Trading,
Import and Distribution of Agricultural Commodities Products |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 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. MENTARI TIMUR SEJAHTERA
Address
Head Office
Komplek
Ruko Royal Sunter Block B-25
Jalan
Danau Sunter Selatan
Jakarta
Utara, 14350
Indonesia
Phones -
(62-21) 6583 3810, 6583 3820
Fax - (62-21) 6583 3812
E-mail - mts_jkt@yahoo.com
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
1998
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. 300 million
Owners
a. Mr. Prayoga Trijono (Active Partner)
b. Mrs. Mifta Hujanna (Silent
Partner)
Lines
of Business
Trading,
Import and Distribution of Agricultural Commodities Products
Production
Capacity
None
Total
Investment
None
Started
Operation
1998’s
Brand
Name
Mentari
Timur Sejahtera
Technical
Assistance
None
Number
of Employee
12
persons
Marketing
Area
Local -
100%
Main
Customer
Traditional
Markets
Market
Situation
Very
Competitive
Main
Competitors
a.
P.T. AGROMIS PRIMA
b. P.T. ALAM INDO RAMA
c. P.T. DAKAI IMPEX
d. C.V. PUTRA NUSA
Business
Trend
Growing
Bankers
a. P.T. Bank SBI INDONESIA
Jalan Griya Utama Sunter
Ruko Nusa
Plaza Indah Block A No. 78
Sunter Agung, Jakarta
Utara
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Danau Agung
II Block E No. 8
Sunter Agung, Jakarta Utara
Indonesia
Auditor
Internal
Auditor
Litigation
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 8.6 billion
2011
– Rp. 9.2 billion
2012
– Rp. 10.7 billion
Net
Profit (estimated) :
2010
– Rp. 0.5 billion
2011
– Rp. 0.6 billion
2012
– Rp. 0.7 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management
Director - Mr. Prayoga Trijono
Vice Director - Mrs. Mifta Hujanna
Board of Commissioners
None
Signatories
Director
(Mr. Prayoga Trijono) 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
The correct name of the Subject is C.V. MENTARI TIMUR
SEJAHTERA not C.V. MENTARI TIMUR SHJAHTERA as stated in your order ref. no.
221130 dated 8 May 2013.
C.V. MENTARI TIMUR SEJAHTERA (C.V. MTS) was incorporated
in Jakarta in 1998’s with the legal status of C.V. (Commanditaire Vennootschap)
or partnership with sleeping partner. The company was founded by Mr. Prayoga
Trijono as active partner and Mrs. Mifta Hujanna 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. 300 million.
C.V. MTS is a private national company which has been
operating since 1998’s engaged in the field of trading, importer and
distribution of agriculture commodities products. The agriculture products
including are green bean, ground nuts, garlic, red onion, yellow onion, frozen
garlic as well as dragon fruits. According information from vice director Mrs.
Mifta Hujanna went on to say the company imports of green bean and dragon
fruits from Vietnam; red onion & yellow onion from USA; ground nuts,
garlic, from India and China. Besides, the company is also imports of orange
from China. Then the whole agriculture products and fruits marketed locally
throughout traditional market, wholesale and shops in Jakarta, Tangerang,
Bekasi, Cikarang, Banten province and surroundings. We observed that the
company’s operation has been growing slowly 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. MTS to be in a quite favorable position for
having already got holds of a steady customer in the country.
Until this time C.V. MTS has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. The management of C.V. MTS 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. 8.6 billion rose to
Rp. 9.2 billion in 2011 increased to Rp. 10.7 billion in 2012 and projected to
go on rising by at least 4% in 2013. The operation in 2012 yielded an estimated
net profit of at least Rp. 0.7 billion and the company has an estimated total
net worth of at least Rp. 1.0 billion. 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. MTS is led by Mr. Prayoga Trijono
(49) a businessman and professional manager with experience in trading, import
and distribution of agriculture commodities products and fresh fruits. However,
daily activity the company’s operation is run by Mrs. Mifta Hujanna (39) as
Vice Director. 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. MENTARI TIMUR
SEJAHTERA 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 : |
NIT |
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.