MIRA INFORM REPORT

 

 

Report Date :

19.02.2014

 

IDENTIFICATION DETAILS

 

Name :

C.V. MEKAR SARI JAYA

 

 

Registered Office :

c/o P.T. MUSTIKA BUANA JAYA, Jalan Raya Lumajang – Tempeh Km. 7, Desa Besuk, Kecamatan Tempeh, Lumajang, 67371, East Java

 

 

Country :

Indonesia

 

 

Year of Establishment :

1990

 

 

Legal Form :

Partnership with Sleeping Partners

 

 

Line of Business :

Subject is engaged in Salt Industry

 

 

No of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Ceased Operations

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

 

 

BASIC SEARCH

 

Name of Company :

C.V. MEKAR SARI JAYA

 

 

Address :

 

Head Office

c/o P.T. MUSTIKA BUANA JAYA

Jalan Raya Lumajang – Tempeh Km. 7

Desa Besuk, Kecamatan Tempeh

Lumajang, 67371

East Java

Indonesia

Phones             - (62-334) 887888, 881554

Fax                   - (62-334) 881147

E-mail               - fatma81@gmail.com

Building Area    - 2 storey

Office Space    - 230 sq. meters

Region              - Industrial Zone

Status               - Rent

 

 

Date of Incorporation :

1990’s

 

 

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 Companies :

a.   P.T. KARYA SETYA MUSTIKA TAMA (Rice Mills)

b.   P.T. MUSTIKA BAHANA JAYA (Woodworking Industry)

c.   P.T. MUSTIKA BUANA SEJAHTERA (Woodworking Industry)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital                                 : Rp. 200 million

 

 

Shareholders/Owners :

a. Mr. Yusuf Satrio (Active Partner)

b. Mrs. Retnowati Satrio (Silent Partner)

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Salt Industry

 

 

Production Capacity :

None

 

 

Total Investment :

None

 

 

Started Operation :

1990 but ceased operation since 2013

 

 

Brand Name :

Mekar Sari Jaya

 

 

Technical Assistance :

None

 

 

Number of Employee :

None

 

 

Marketing Area :

Local       - 100%

 

 

Main Customer :

None

 

 

Market Situation :

Very Competitive

 

 

Main Competitors :

a.   C.V. EMPAT SAUDARA

b.   P.T. GARAM (Persero)

c.   UD. PUTERA BHAKTI

d.   P.T. SALTINDO PERKASA

 

 

Business Trend :

No Comment

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank MANDIRI Tbk

Lumajang Main Branch

East Java

Indonesia

 

 

Auditor :

Internal Auditor

 

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

None

 

 

Net Profit (estimated) :

None

 

 

Payment Manner :

Average

 

Financial Comments :

Weak

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                          - Mr. Yusuf Satrio

 

 

Board of Commissioners :

Commissioner                                 - Mrs. Retnowati Satrio

 

 

Signatories :

Director (Mr. Yusuf Satrio) is only the authorized person to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Weak

 

 

Business Morality :

Prudent

 

 

Credit Risk :

Very High

 

 

Credit Recommendation :

Not qualified for credit assessment

 

 

OVERALL PERFORMANCE

 

Based on investigation through address Jalan Raya Lumajang – Tempeh Km. 7, Desa Besuk, Kecamatan Tempeh, Lumajang, East Java found P.T. MUSTIKA BAHANA JAYA not C.V. MEKAR SARI JAYA. Previously C.V. MEKAR SARI JAYA also registered on the above address, but since 2013 C.V. MEKAR SARI JAYA has been ceased operation.

 

C.V. MEKAR SARI JAYA (C.V. MSJ) was set-up in 1990 in Lumajang, East Java with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partners. The company was founded by Mr. Haji Yusuf Satrio as active partners and his wife Mrs. Retnowati Satrio as silent partners, both of are indigenous business family. As in common in cases of companies with C.V. status, there is no mention in the company’s notary act of its capital structure. But going by the company’s conditions, we estimated the company’s capital at some Rp. 200 million.

 

C.V. MSJ has been operating since 1990 engaged in the field of salt industry by manages a plant located at Jalan Raya Besuk Candipuro, Lumajang, East Java. The plant produces of iodized salts of with type table salt and refined iodized salt. According information the company production capacity of 1,000 tons per month wholly marketed in Lumajang, East Java and surroundings. However the company’s operations continue to decline and losses in the last few years. This is due to their products cannot compete with some of the salt producing companies in the country.  Later since the end of 2013, the operation of C.V. MSJ has been ceased operation. Concurrently, whole factory assets had been sold.

 

We refrain from informing the business prospect of C.V. MSJ because since the end 2013 it has been ceased operation and automatically C.V. MSJ was dispersed without prior liquidating process.

 

The management of C.V. MSJ is led by Mr. Yusuf Satrio (49) a businessman with experienced in woodworking industry and trading. In view of C.V. MEKAR SARI JAYA has been ceased operation and automatically was dispersed without prior liquidating process, we recommend to cancel whole business transaction and loan to the company.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.12

UK Pound

1

Rs. 103.93

Euro

1

Rs. 85.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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