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Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
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Name : |
C.V. AHKAM PRODUCT COMPANY |
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Registered Office : |
JL. Solo Boyolali Km. 7, Mangkubumen 05 03, Tegalrejo, Sawit Boyolali, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2002 |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Trading, Import-Export and Distribution of Agriculture Commodities
Products |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Name of Company :
C.V. AHKAM PRODUCT COMPANY
A d d r e s s :
Head Office
JL. Solo Boyolali Km. 7
Mangkubumen 05 03, Tegalrejo
Sawit Boyolali, Central Java
Indonesia
Phone -
(62-271) 241 2047
Fax - (62-173) 450 9527
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
2002’s
Legal Form :
C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner
Company Reg. No. :
Not Required
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
Not Available
Related Company :
None
Capital Structure :
Owned Capital - Rp. 500 million
Shareholders/Owners :
a. Mr. Ibnu Fajar (Active Partner)
b. His wife Mrs. Fibnu Fajar (Silent Partner)
Lines of Business :
Trading, Import-Export and Distribution of Agriculture Commodities
Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2002’s
Brand Name :
Ahkam Product Company
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Local - 100%
Main Customer :
Traditional markets
Market Situation :
Very Competitive
Main Competitors :
a. C.V. INDO RAHAYU AGRITAMA
b. C.V. RIEFEL TRADE COMPANY
c. C.V. MATAHARI HANJAYA
d. C.V. BUMI PERSADA
Business Trend :
Growing
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk
Jalan Kates No. 149
Boyolali, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 18.6 billion
2012 – Rp. 21.2 billion
2013 – Rp. 24.0 billion
Net Profit (estimated) :
2011 – Rp. 1.3 billion
2012 – Rp. 1.5 billion
2013 – Rp. 1.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Ibnu Fajar
Board of Commissioners :
None
Signatories :
Director (Mr. Ibnu Fajar) is only the
authorized person to sign the loan on behalf of the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
C.V. AHKAM PRODUCT COMPANY (C.V. APC) was established in Boyolali,
Central Java in 2002’s with the legal status of C.V. (Commanditaire
Vennootschap) or Partnership with Sleeping Partner. The founding owners of the
company are Mr. Ibnu Fajar as active partner and his wife Mrs. Ibnu Fajar as
silent partner. Both are Indonesian entrepreneurs of Arab extraction. 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. 500 million.
C.V. APC has been in operation since 2002 in trading, export import and
distribution of agricultural products.
Miss Siti, an export-import staff of the company explained that the
whole agricultural products like herbs and spices, fresh ginger, dried ginger,
cardamom, clove, black and white pepper, nutmeg and sesame seed bought from
farmer in Java, Sumatra, Sulawesi and other island of Indonesia. Then, the whole products are exported to USA
and Europe union. Besides, the company
also imported of garlic, shallot, chili, peanut from China, India and Thailand.
The whole products supplied to snack food industries and traditional market in
Surabaya, East Java and Denpasar, Bali.
They also directly supplied of peanut and snack food industries,
traditional markets in East Java and eastern of Indonesia. We observed that C.V. APC is classified as a
medium sized company of its kind in the country of which the operation has been
growing in the last three years.
We have noticed that the demand for agricultural products had increased
some 10% to 12% 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.
APC to be in a quite favorable position for having already got holds of a
steady customer in the country.
Until this time C.V. APC 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 2011 amounted to Rp. 18.6 billion increased to Rp. 21.2 billion
in 2012 rose again to Rp. 24.0 billion in 2013 and projected to go on rising by
at least 7% in 2014. The operation in 2013
yielded an estimated net profit of at least Rp. 1.7 billion and the company has
a total net worth of Rp. 6.5 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. APC is led by Mr. Ibnu Fajar (50) a businessman
with experience in trading, export-import and distribution of agriculture
products. The company's management is handled by a number of 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. AHKAM PRODUCT COMPANY is sufficiently fairly good for business
transaction. However, in view of the political situation in the country is
warming and the economic condition in the country is still unstable, we
recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
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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.