|
Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRIMA COMMODITY LTD |
|
|
|
|
Registered Office : |
Jalan Araya B 8
– 4, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Establishment : |
1986 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading and Exporter of
Agricultural Commodity Products |
|
|
|
|
No. of Employees : |
5 Persons |
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 : |
Slow but correct |
|
|
|
|
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 |
PRIMA COMMODITY LTD
Head Office
Jalan Araya B 8 –
4
Malang, 65126
East Java
Indonesia
Phones -
(62-341) 2223298, 7056978, 402130
Mobile Phone - 08135 7514358
Fax -
(62-341) 485183
E-mail - primacommodity@yahoo.com
Website - http://www.vanillaprimacommodity.com
Building Area - 1 storey
Office Space - 200 sq. meters
Region - Housing
Complex
Status - Rent
Warehouse
Jalan Araya J 7
No. 20
Malang, 65126
East Java
Indonesia
Phones -
(62-341) 402130
Fax - (62-341) 485183
Building Area - 1 storey
Office Space - 300 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
1986’s
Legal Form :
Sole Proprietary
Company
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 :
Capital : Rp.
250 million
Owners :
Mr. Hermanto Sasmita
Lines of Business :
Trading and Exporter of Agricultural
Commodity Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1986
Brand Name :
Prima Commodity
Technical Assistance :
None
Number of Employee :
5 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Hong Kong, Australia,
England, Philippine, India, and China
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIA
AGROMAS ABADI
b. C.V. BUMI DJAJA
c. C.V. PUTRA NUSA
d. P.T. TUNASUTAMA SARIPERKASA, Etc
Business Trend
:
Growing
Bankers :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Jend. A.
Yani No. 183
Malang, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 4.5
billion
2012 – Rp. 5.0
billion
2013 – Rp. 5.5
billion
Net Profit
(estimated) :
2011 – Rp. 0.2
billion
2012 – Rp. 0.3
billion
2013 – Rp. 0.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Hermanto Sasmita
Board of Commissioners :
None
Signatories :
Director (Mr. Hermanto
Sasmita) is only the authorized person to sign the loan on behalf of the
company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Based on investigation the correct name of the Subject is PRIMA
COMMODITY LTD., not HERMANTO SASMIA PRIMA COMMODITY LTD., as stated in your
order ref. no. 286184 dated 13 September 2014.
PRIMA COMMODITY LTD., (PC) is a sole proprietary company was established
in Malang, East Java in 1986. Founders and owner of the company is Mr. Hermanto
Sasmita, an Indonesian businessman of Chinese descent. Being as Sole
Proprietary Company, the amount of its authorized capital was not mentioned at
the time of its establishment. We estimate, PC has own capital of about Rp. 250
million and it will be rising in line with the progress of its business
operation.
PC is a sole proprietary company has been operating since 1986 dealing
with trading and exporter of agricultural commodities products. The merchandise
goods products are vanilla, cardamom, long pepper, nutmeg, pepper, tamarind,
black white pepper, chili, spice. The whole products obtained from East Java,
Central Java, Lampung, Sulawesi and other cities in the country. Besides, the
company is also export of sappan wood, rattan, timber, furniture and wood. The
whole agriculture products exported to Hong Kong, Australia, Philippine, India,
China, England, and USA. Meanwhile, furniture, art wood and sappan wood
exported to England and other counties. We observe that PRIMA COMMODITY LTD.,
is classified as small sized company of its kinds in the country with operation
has been growing and developing well in the last three years.
We have noticed that the demand for agricultural products such as nutmeg
and nutmeg oil had increased some 8% to 10% 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 5% to 6% 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 PC to be in a quite favorable position for
having already got hold of a steady clientele in overseas.
Until this time PC has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of PC 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. 4.5 billion rose to Rp. 5.0 billion in 2012
increased to Rp. 5.5 billion in 2013 and projected to go on rising by at least
6% in 2014. The operation in 2013 yielded an estimated net profit of at least
Rp. 0.4 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 PC is led by Mr. Hermanto Sasmita (57) a businessman
with experience in trading, and exporter of agricultural 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. PRIMA COMMODITY LTD., is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.