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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
UD. SEHAT MAKMUR |
|
|
|
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Registered Office : |
Jalan Malaka II No. 5 G, Jakarta Barat, 11230 |
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|
|
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Country : |
Indonesia |
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|
|
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Year of Establishments: |
1982 |
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|
|
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Com. Reg. No.: |
Not Available |
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|
|
|
Legal Form : |
Sole Proprietary Company |
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|
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Line of Business : |
trader importer
and exporter of agricultural commodities products |
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|
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|
No. of Employees : |
05 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 |
UD. SEHAT MAKMUR
Head Office
Jalan Malaka II No. 5 G
Jakarta Barat, 11230
Indonesia
Phones -
(62-21) 690 4435, 690 0945
Fax
- (62-21) 690 4635
Building Area - 1 storey
Office Space -
200 sq. meters
Region -
Commercial
Status -
Rent
1982’s
Sole Proprietary Company
Not Required
National Private
Company
Not Available
None
Capital
Structure :
Authorized
Capital : Rp. 300
million
Owner
:
Mr. Hartono
Johannes AKA Jojo Handoko - 100%
Lines of Business :
Trading, Import and
Export of Agricultural Commodities Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1982’s
Brand Name :
None
Technical Assistance
:
None
Number of Employee :
5 persons
Marketing Area :
Local - 100%
Main Customer :
Traditional market
Market Situation :
Very Competitive
Main Competitors :
a. PD. FAJAR HARAPAN
b. Toko HAKA
c. Toko HALMAR
d. PT. KALATHAM
CORPORATION
e. Etc
Business Trend :
Growing
Banker
:
P.T.
Bank CENTRAL ASIA Tbk
Jalan Kalibesar Barat
Jakarta Barat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 6.0 billion
2011
– Rp. 6.5 billion
2007
– Rp. 7.0 billion
Net
Profit (estimated) :
2010
– Rp. 420 million
2011
– Rp. 455 million
2012
– Rp. 500 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Hartono Johannes
AKA Jojo Handoko
Board of Commissioners :
None
Signatories :
Director
(Mr. Hartono Johannes AKA Jojo Handoko) is only the authorized person to sign
the loan on behalf of the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
UD. SEHAT MAKMUR (SM) was established in 1982’s in Jakarta
with the status of Sole Proprietary Company. Founders and owners of the company is Mr. Hartono Johannes AKA Jojo
Handoko, an Indonesian businessman of Chinese origin. Being as Sole Proprietary
Company, the amount of its authorized capital was not mentioned at the time of
its establishment. We estimate, UD. SM
has own capital of about Rp. 300 million and it will be rising in line with the
progress of its business operation.
UD. SEHAT MAKMUR had been operating in 1982’s in trading, importer and exporter of agricultural commodities products. Mr. Tahir Taufik, the assistant director of the company explained that the company imported of onions, garlic, mung bean from China and India. Besides, the company is also sell agricultural products from local made which has been collected from Java and Lampung among others are broccoli, fresh pepper and others. The whole products marketed locally especially through traditional market in Jakarta and surrounding. We have also obtained information from other sources that the company is also dealing with trading and distribution of agricultural equipment, supplies and services by imported of the products from China. But, management of the company very closed to outsider to give the information regarding the above agricultural equipment. It seems to us UD. SEHAT MAKMUR is still belongs to a small company but its operation 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 UD. SEHAT MAKMUR to be in a quite favorable position for having already got holds of a steady clientele in the Jakarta.
Until this time UD. SEHAT MAKMUR 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 2010 amounted to Rp. 6.0 billion rose to Rp. 6.5 billion in 2011 to Rp. 7.0 billion in 2012 and projected to go on rising by at least 6% in 2013. The operation in 2012 yielded an estimated net profit at least Rp. 500 million. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). Mr. Hartono Johannes AKA Jojo Handoko, the director of the company disclosed that the company usually pays its debts punctually to suppliers.
The company is led out by Mr. Hartono Johannes AKA Jojo Handoko (58), a businessman who experienced for more than 31 years in the field of trading, importer and exporter of agricultural commodities products. 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. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. UD. SEHAT MAKMUR is sufficiently fairly good for business transaction. However, in view of the global economic crisis since October 2008 and Sharp Rupiah depreciation since August 2013, we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
UK Pound |
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
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.