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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
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Name : |
C.V. TRIJAYA MULYA |
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|
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Registered Office : |
Jalan Perak Timur No. 522 A Pabean, Cantikan Surabaya, 60165 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
February 2013 |
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Legal Form : |
Partnership with Sleeping Partners |
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Line of Business : |
Subject is engaged in custom clearance, shipping documents
and transportation |
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No. of Employees |
08 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
C.V. TRIJAYA MULYA
Head Office
Jalan Perak Timur No. 522 A
Pabean, Cantikan
Surabaya, 60165
East Java
Indonesia
Phone - (62-31) 329 5373
Fax - (62-31) 329 5304
E-mail - lautanluas08@yahoo.com
Building Area - 2 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
February 2013
Legal Form :
C.V. (Commanditaire Vennootschap) or Partnetship 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 Company :
C.V. BUANA PERKASA (Custom Clearance Services)
Capital Structure :
Owned Capital : Rp. 300 million
Owners :
a. Mrs. Diana
Islami (Active Partner)
b. Mr. Rochmat
(Silent Parner)
Lines of Business :
Custom Clearance Services
Production Capacity :
None
Total Investment :
None
Started Operation :
February 2013
Brand Name :
Trijaya Mulya
Technical Assistance :
None
Number of Employee :
8 persons
Marketing Area :
Local - 100%
Main Customer :
Stainless Steel & Steel Trading Companies
Market Situation :
Very Competitive
Main Competitors :
a. C.V. AMANAH ABADI CARGO
b. P.T. ARAYA
BANGUN SARANA
c. C.V.
BUANA PUTRA WILANGGA
d. C.V.
DELAPAN SARANA NIAGA
Business Trend :
Growing
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk
Jalan Perak
Timur No. 518 E
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2013 – Rp. 3.0 billion
Net Profit (estimated) :
2013 – Rp. 0.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mrs. Diana Islami
Import
Documents - Mrs. Susanti Herawati
Board
of Commissioners :
Commissioner - Mr. Rochmat
Signatories
:
Director (Mrs.
Diana Islami) is only the authorized person to sign the loan on behalf of the
company.
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Based on investigation the correct address of the Subject is located at Jalan Perak Timur No. 522 A, Pabean, Cantikan, Surabaya, East Java not at Rungkut Asri Timur VI/25, RK 4/C-5, Surabaya, East Java as stated in your order ref. no. 234272 dated 30 August 2013.
C.V. TRIJAYA MULYA (C.V. TM) was incorporated in Surabaya, East Java in February 2013 with the legal status of C.V. (Commanditaire Vennootschap) or partnership with sleeping partners. The company was founded by Mrs. Diana Islami as active partner and her husband Mr. Rochmat as silent partner. 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 of Rp. 300 million.
C.V. TM is a private company has been operating since February 2013 which main business in custom clearance, shipping documents and transportation. As an architect of custom clearance and transportation, C.V. TM has deep concern to fast and efficient arrangement of custom clearance and transportation. Basically the company just acted as custom clearances to handle and manages of import duties in Tanjung Perak ports, Surabaya, East Java. According information from Mrs. Susanti Herawati, Import Documents Staff of the company went on to say that the company provides services in handle of import of stainless steel and steel from China and India. In the implementation of these imports, C.V. TM as much as possible trying to be immediately removing the goods they import to get to the destination. The company provides import services including marine line in Tanjung Perak port, stainless steel and steel products, delivered up in warehouse, volume all-in (dock & tracking) and will import goods and delivered to warehouse of all clients. Mrs. Susanti Herawati added the whole services uses by various industries and traders in Jakarta, Surabaya and surroundings. The services used by P.T. GLOBALINDO HARAPAN JAYA, C.V. SUMBER BAHAGIA both are trading of stainless steel and steel products which import from China and India. We observe the operation of C.V. TM had been growing the last six months.
The domestic demand in custom clearances, export import services has kept on fluctuating in the last five years in line with the growth of export and import of various Indonesian products including oil and gas. The demand for post and cargo handling had kept on increasing up in the last five years in line with the growth of various businesses requiring its services to send letters to domestic and foreign destination. According data from the Ministry of Sea Communication that total of sea freight to overseas in the last five years has been increasing. However, the global economic crisis in October 2008 had caused the demand to decline especially in cargo freight of sea port. C.V. TM’s is considered to be in a favorable business position in view of the company's experience in the above business.
Until this time C.V. TM 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 the first year operation as from February to December 2013 amounted at Rp. 3.0 billion and projected to go on rising by at least 5% in 2014. The operation in 2013 has yielded a net profit of Rp. 0.5 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. TM is led by Mrs. Diana Islami (49) a businesswoman with experience in custom clearance services. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within 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. TRIJAYA MULYA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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|
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 |
|
|
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.