MIRA INFORM REPORT

Report Date :

08.08.2014

IDENTIFICATION DETAILS

Name :	CV. VICLIN
Registered Office :	Jalan Raya Mastrip No. 22, RT.06/RW.01 Kedurus, Surabaya 60223 East Java
Country :	Indonesia
Date of Incorporation :	February 2006
Legal Form :	Partnership with Sleeping partner
Line of Business :	Trading and Supplier of Marine Products
No. of Employees	08

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
Payment Behaviour :	No complaints
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Indonesia	B1	A2

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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices

Source : CIA

Company name and address

CV. VICLIN

address

Head Office

Jalan Raya Mastrip No. 22, RT.06/RW.01

Kedurus, Surabaya 60223

East Java

Indonesia

Phone - (62-31) 766 2463

Fax - (62-31) 766 2463

Email - info@homardonline.com

Building Area - 180 sq. meters

Office Space - 120 sq. meters

Region - Commercial

Status - Rent

Date of Incorporation :

2006

Legal Form :

C.V. (Commanditaire Vennootschap) or Partnership with Sleeping partner

Company Reg. No. :

Not Required

Company Status :

Private Company

Permits by the Government Department :

The Department of Finance

Not available

Related/Affiliated Company :

HOWARD RESTAURANT (Seafood Restaurant Services)

CAPITAL AND OWNERSHIP

Capital Structure :

Owned Capital - Rp. 600 million

Partners/Owners :

a. Mr. Hendri Sentosa (as active partner)

b. Mrs. Herlina Dewi (as silent partner)

BUSINESS ACTIVITIES

Lines of Business :

Trading and Supplier of Marine Products

Production Capacity :

None

Total Investment :

None

Started Operation :

2006

Brand Name :

VICLIN

Technical Assistance :

None

Number of Employee :

8 persons

Marketing Area :

Local - 100%

Main Customers :

a. Restaurants, Hotels

b. Etc.

Market Situation :

Very Competitive

Main Competitors :

a. PT. Mina Jaya Makmur

b. PT. Sari Segar Laut

c. PT. Riki Utama Mandiri

d. CV. Lautan Putih

e. Etc.

Business Trend :

Growing

BANKER, AUDITOR & LITIGATION

B a n k e r :

P.T. PANIN Bank Tbk

Surabaya Main Branch

Jl. Kombespol M. Duryat No.25

Surabaya, East Java

Indonesia

Auditor :

Internal Auditor

Litigation :

No litigation record in our database

FINANCIAL FIGURE

Annual Sales (estimated) :

2011 – Rp. 9.8 billion

2012 – Rp. 11.0 billion

2013 – Rp. 12.6 billion

Net Profit (estimated) :

2011 – Rp. 230.0 million

2012 – Rp. 267.0 million

2013 – Rp. 306.0 million

Payment Manner :

Average

Financial Comments :

Satisfactory

KEY EXECUTIVES

Board of Management :

Director - Mr. Hendri Sentosa

Marketing Manager - Mrs. Herlinda Dewi

Board of Commissioners :

Member - None

Signatories :

Director (Mr. Hendri Sentosa) and Marketing Manger (Mrs. Herlina Dewi) is only the authorized person to sign the loan on behalf of the company.

CAPABILITIES

Management Capability :

Satisfactory

Business Morality :

Satisfactory

Credit Risk :

Average

OVERALL PERFORMANCE

C.V. VICLIN was incorporated in Surabaya, East Java in February 2006 with with the status C.V. (Commanditaire Vennootschap) or Partnership with sleeping partner. The founding owners of the company are Mr. Hendri Sentosa (as active partner) and his wife Mrs. Herlina Dewi (as silent partner). As in common in cases of companies with sole proprietorship or Partnership with sleeping partner, there is no mention in the company’s notary act of its capital structure. But going by the company’s conditions, we estimate its capital at some Rp. 600 million. But we have strong reason to believe that the capital invested in the company is now much bigger.

C.V. VICLIN is a private company dealing with trading and supplier of marine products. Mrs. Herlina Dewi, Marketing Manager of the company explained that C.V. VICLIN has been operating commercially since 2006 in trade and distribution of marine products such as live lobster, king crab, clams, oyster, scallop, barramundi fish, salmon fish, and other seafood products. The products are imported from Canada, USA, Alaska, Philippine, Singapore and others. The whole products are sold and supplied to a number of restaurants, hotels and food product industries in the country such as Homard Restaurant, Hotel Mulia Bali, PT. Classic Fine Food and others. We observed that C.V. VICLIN is classified as a small-sized company of its kind in the country of which the operation had been running smoothly and growing steadily.

Generally, demand for marine and seafood products have been increasing by 6% to 8% per annum in the last five years, in line with the growth of the international restaurants (European foods) and hotels, food and beverage industries in the country. But, as from October 2008, the demand growth for animal feed products has kept on dwindling as an impact of global economic crisis as told above. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The growth rate is now estimated at 4% to 5% per year. Market competition is very tight due to a large number of similar companies operating in the country. Business position of C.V. VICLIN is favorable for it has controlled a wide marketing network at home especially in East Java and its surroundings.

Until this time CV. VICLIN has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of CV. VICLIN is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total sales turnover of the company in 2011 amounted to Rp. 9.8 billion increased to Rp. 11.0 billion in 2012 and rose again to Rp. 12.6 billion in 2013 and projected to go on rising by at least 10% in 2014. The operation in 2013 yielded an estimated net profit of Rp. 306.0 million and the company has an estimated total net worth of at least Rp. 3.5 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.

The management of CV. VICLIN is led by Mr. Hendri Sentosa (38) a businesswoman with more than about 8 years experience in trading and distribution of marine and seafood products. In daily activities, she is assisted by his wife Mrs. Herlina Dewi (35) as Marketing Manger. The company's management is also handled by professional staffs 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. VICLIN is sufficiently fairly good for business transaction. However, in view of the political situation in the country is warming we recommend to treat prudently in extending a loan to the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.103.42
Euro	1	Rs.82.17

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.