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Report Date : |
21.09.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. MAHKOTA BARU |
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Registered Office : |
Jalan
K.L. Yos Sudarso No. 116 LK. II, Brayan Kota, Medan Barat, Medan, 20115, North Sumatera |
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Country : |
Indonesia |
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Year of Establishments: |
2003 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
exporter, importer and distributor of agriculture commodities products such as fresh cabbage, Chinese cabbage, sweet potato, tomato, chili, pumpkin water, sour orange |
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No. of Employees : |
11 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
C.V. MAHKOTA BARU
Head Office
Jalan
K.L. Yos Sudarso No. 116 LK. II
Brayan
Kota, Medan Barat
Medan,
20115
North Sumatera
Indonesia
Phone -
(62-61) 736 7806
Fax
- (62-61) 736 7806
Building Area - 1 storey
Office Space -
100 sq. meters
Region -
Industrial Zone
Status -
Rent
2003
C.V. (Commanditaire Vennootschap) or
Partnership with Sleeping Partner
Not Required
National Private Company
The Department of Finance
Not Available
None
Capital
Structure :
Owned Capital : Rp. 650
million
Owners :
a. Mr. Sunardy
Eddy Ang (Active Partner)
b. Mrs. Elis Agustina (Silent Partner)
Lines of
Business :
Trading, Export
Import and Distribution of Agriculture Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2003
Brand Name :
Mahkota Baru
Technical
Assistance :
None
Number of
Employee :
11 persons
Marketing Area
:
Local - 100%
Main Customer
:
Traditional
Markets
Market
Situation :
Very Competitive
Main
Competitors :
a. C.V. BINTANG
b. P.T. DAKAI
IMPEX
c. C.V. KARYA
PRATAMA
d. C.V. MULYA AGRO LESTARI
Business Trend
:
Growing
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Diponegoro
No. 15
Medan, North
Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 7.3
billion
2011 – Rp. 8.0
billion
2012 – Rp. 8.8
billion
Net Profit
(estimated) :
2010 – Rp. 438
million
2011 – Rp. 480
million
2012 – Rp. 528
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sunardy Eddy Ang
Board of Commissioners :
Commissioner -
Mrs. Elis Agustina
Signatories :
Director (Mr. Sunardy
Eddy Ang) is only the authorized person to sign the loan on behalf of the
company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Based on investigation through Telkom Information, Medan, North Sumatera that Subject has not been registered on Jalan Stasiun No. 2-B, Kelurahan Tanjung Mulia, Kecamatan Medan Deli, Medan, North Sumatera. The address was placed by Mrs. Erlina with phone (62-61) 4518769. However after we contacted and clarify, Mrs. Erlina said that C.V. MAHKOTA BARU did not placed on the above address.
Besides, we also check through other sources that C.V. MAHKOTA BARU address is located at Jalan K.L. Yos Sudarso No. 116, Lingkungan II, Brayan Kota, Medan Barat, Medan, North Sumatera. The address is placed by Mr. Sunardy Eddy Ang and his wife Mrs. Elis Agustina, both are Indonesian business family of Chinese descent. However after we contacted and clarify Mr. Sunardy Eddy Ang did not ready to give more information. Later we also check through his wife Mrs. Elis Agustina explained they involved business in export import of agriculture commodities products.
C.V. MAHKOTA BARU (C.V. MB) was established in Medan, North Sumatera in 2003 with a legal status of C.V. Commanditaire Vennootschap or partnership with sleeping partner. Founders and owner of the company are Mr. Sunardy Eddy Ang as silent partner and his wife Mrs. Elis Agustina as silent partner. They are Indonesian business family of Chinese extraction. Being as Commanditaire Vennootschap (C.V), the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the company has own capital of about Rp. 650 million and it will be rising in line with the progress of its business operation.
C.V. MB has been operating since 2003 dealing with export import and distribution of agriculture commodities products. In its operation the company exported of fresh cabbage, Chinese cabbage, sweet potato, tomato, chili, pumpkin water, sour orange and other.
The whole products mainly from Tanah Karo district (Berastagi)
and also from land Binjai, both are part of North Sumatera. Later the whole
product is exported to Malaysia, Singapore, Taiwan and other countries. However
since the end of 2010, the company just imported of garlic, mung bean, peanuts
from India and China; and sugar from Thailand. Then, the whole products
supplied to supermarkets, traditional market Sambo especially in Medan, Binjai,
Siantar and in other cities of the North Sumatra. However according information
from Business Competition Supervisory Commission (KPPU) declared 19 companies
indicated to garlic trade cartel period November 2012 – February 2013 that
triggered the commodity prices soared. Practice cartel conducted 19 companies that violate Article 11, Article 19C
and Article 24 of Law no. 5 Year 1999 concerning Prohibition of Monopolistic
Practices and Unfair Business Competition," said the Commission's
Commissioner Sukarmi, after chairing a preliminary hearing related to the
importation of garlic.
According to Mrs.
Sukarmi, in the examination of 19 companies as garlic importers reported
involved in unfair business competition and practice cartel, are C.V. MAHKOTA
BARU, C.V. BINTANG, C.V. Karya Pratama, C.V. Mekar Jaya, P.T. Dakai Impex, P.T.
Dwi Tunggal Buana, P.T. Global Sarana Perkasa, P.T. Lika Dayatama, P.T. Mulya
Agung Dirgantara, P.T. Sumber Alam Jaya Perkasa. After the KPPU reports C.V.
MAHKOTA BARU very closed to the outside to provide information on the
activities of the company.
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. MB to be in a quite favorable position for having already got hold of a steady clientele in the country.
Until this time C.V. MB 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. 7.3 billion rose
to Rp. 8.0 billion in 2011 increased to Rp. 8.8 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. 528 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. MB is led by Mr. Sunardy Eddy Ang (57) a
businessman with experience in trading, import and distribution of agriculture
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. However, in view of the negative factor surrounded C.V. MAHKOTA BARU
we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
UK Pound |
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
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 |
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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.