|
Report No. : |
332319 |
|
Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
C.V. MERCURY GLOBAL |
|
|
|
|
Registered Office : |
Jalan
Pak Kasih No. 2 Level 2, Pontianak, 78117, West Kalimantan |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
2000 |
|
|
|
|
Legal Form : |
Partnership with Sleeping Partners |
|
|
|
|
Line of Business : |
General Trading and
Importer (Note: We tried to confirm obtain the details activity but the same is not available from any source.) |
|
|
|
|
No. of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
Name
of Company :
C.V. MERCURY GLOBAL
A
d d r e s s :
Head Office
Jalan
Pak Kasih No. 2 Level 2
Pontianak,
78117
West
Kalimantan
Indonesia
Phone -
(62-561) 735287
Fax - (62-561) 733291
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2000’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
Company :
None
Capital
Structure :
Owned
Capital :
Rp. 100 million
Owners
:
a. Mr. Sunaryo (Active Partner)
b. Mr. Sugandi (Silent Partner)
Lines of Business :
General Trading and
Importer
Production Capacity :
None
Total Investment :
None
Started Operation :
2000
Brand Name :
Mercury Global
Technical Assistance
:
None
Number of Employee :
3 persons
Marketing Area :
Local - 100%
Main Customer :
Trader and
distributors
Market Situation :
Very Competitive
Main Competitors :
a. C.V. ABADI
SEJAHTERA
b. C.V. BINTANG
PONTIANAK
c. C.V. CENTRAL LUCKY
d. C.V. DAMAI MANDIRI
e. Etc.
Business Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Pontianak
Main Branch
West
Kalimantan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 2.1 billion
2013
– Rp. 2.3 billion
2014
– Rp. 2.5 billion
Net
Profit (estimated) :
2012
– Rp. 126 million
2013
– Rp. 138 million
2014
– Rp. 150 million
Payment
Manner :
Sometimes
delay
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sunaryo
Board of Commissioners :
Commissioner - Mr. Sugandi
Signatories :
Director
(Mr. Sunaryo) is only the authorized person to sign the loan on behalf of the
company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
C.V. MERCURY GLOBAL (C.V. MG) was incorporated in
Pontianak, West Kalimantan in 2000 with the legal status of C.V. (Commanditaire
Vennootschap) or partnership with sleeping partners. The company was founded by
Mr. Sugandi as silent partner and his young brother Mr. Sunaryo as active
partner both are Indonesian business family of Chinese extraction. Being as a C.V. company,
the amount of its authorized capital was not mentioned at the time of its
establishment. We estimate, C.V. MG has own capital of about Rp. 100 million
and it will be rising in line with the progress of its business operation.
C.V. MG is a small sized company started with operating
since 2000 dealing with general trading, importing and distribution services.
According information from Mr. Sunaryo, Director and owner of the company
explained the merchandise goods products are automotive component and parts,
machinery component and parts, industrial machinery, component and parts,
fruits, garlic, red onion, peanuts and others. Further Mr. Sunaryo also added
the company is able imported of various raw materials and other industrial
component based on job order basis from customers. Currently the company import
of automotive component and parts from India, China, Taiwan and other
countries. Then the whole products marketed locally through various trader and
shops of automotive parts, repair and maintenance of motorcars which operating
in Pontianak, West Kalimantan. We observe C.V. MG is classified a small sized
company of its kinds in the country.
Based on the forecast from some economists, Indonesia’s
economic growth in 2015 is still challenging. Bank Indonesia has decided to
maintain the BI Rate at 7.75% based on the evaluation of the 2015 economic
outlook. This is also in line with the efforts to steer inflation around 4% by
2015, while supporting the control of the current account deficit to a more
healthy level. The Rupiah currency is predicted to be in the average range of
Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that
Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above
conditions indicate that in general, Indonesia’s economic condition is not
growing optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has predicted the
following 2015 global economic challenges which cover; uncertain global economy
triggered by either economic downturn or economic crisis in many countries; the
risk caused by the fluctuating global commodity prices, especially the raw oil
price; commitment to support the ASEAN Economic Community (AEC); and
implementation of the global development agenda post 2015. Meanwhile, the
forecasted 2015 domestic economic challenges will cover: An increase in the
slowing down of economic growth; risk in the domestic financial market;
imbalanced payment balance sheet; and reduced social gap. It is estimated that
industrial growth equal to or less compared to the previous
year.
Until this time C.V. MG 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 2012 amounted to Rp. 2.1 billion increased to Rp.
2.3 billion in 2013 rose to Rp. 2.5 billion in 2014 and projected to go on
rising by at least 6% in 2015.
The operation in 2014 yielded an estimated net profit of
at least Rp. 150 million. 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. MG is led by Mr. Sunaryo (47) a
businessman with experience in general trading, importing, distribution. 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. However, in view of C.V.
MERCURY GLOBAL classified a small sized company and its operation grow with
slowly we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.00 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.