|
Report No. : |
327094 |
|
Report Date : |
19.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
C.V. MAHKOTA BARU |
|
|
|
|
Registered Office : |
Jalan Stasiun No. 2-B, Tanjung Mulia, Medan Deli, Medan, 20352, North Sumatera |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
2003 |
|
|
|
|
Legal Form : |
Partnership with Sleeping Partner |
|
|
|
|
Line of Business : |
Trading,
Export Import and Distribution of Agriculture Commodities Products |
|
|
|
|
No. of Employees : |
11
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 : |
No Complaints |
|
|
|
|
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. MAHKOTA BARU
A d d r e s s :
Registered Office
Jalan Stasiun No. 2-B
Tanjung Mulia, Medan Deli
Medan, 20352
North Sumatera
Indonesia
Phone -
(62-61) 4518769
Fax
- (62-61) 6632254
Building Area - 1 storey
Office Space -
100 sq. meters
Region -
Industrial Zone
Status -
Rent
Branch Office
Jalan K.L. Yos Sudarso No. 116 LK. II
Brayan Kota, Medan Barat
Medan, 20115
North Sumatera
Indonesia
Phone -
(62-61) 736 7806
Fax
- (62-61) 736 7806
Building Area - 1 storey
Office Space -
100 sq. meters
Region -
Industrial Zone
Status -
Rent
Date of Incorporation :
2003
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. 650
million
Owners :
a. Mr. Sunardy Eddy Ang (Active Partner)
b. Mrs. Elis Agustina (Silent Partner)
Lines
of Business :
Trading,
Export Import and Distribution of Agriculture Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2003
Brand
Name :
Mahkota
Baru
Technical
Assistance :
None
Number
of Employee :
11
persons
Marketing
Area :
Local - 100%
Main
Customer :
Traditional
Markets
Market
Situation :
Very
Competitive
Main
Competitors :
a.
C.V. BINTANG
b.
P.T. DAKAI IMPEX
c.
C.V. KARYA PRATAMA
d. C.V. MULYA AGRO LESTARI
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan
Diponegoro No. 15
Medan,
North Sumatera
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 8.8 billion
2013
– Rp. 9.6 billion
2014
– Rp. 10.5 billion
Net
Profit (estimated) :
2012
– Rp. 525 million
2013
– Rp. 600 million
2014
– Rp. 650 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sunardy Eddy Ang
Board of Commissioners :
Commissioner - Mrs. Elis Agustina
Signatories :
Director
(Mr. Sunardy Eddy Ang) is only the authorized person to sign the loan on behalf
of the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
C.V. MAHKOTA BARU (C.V. MB) was established in Medan,
North Sumatera in 2003 with a legal status of C.V. Commanditaire Vennootschap
or partnership with sleeping partner. Founders and owner of the company are Mr.
Sunardy Eddy Ang as silent partner and his wife Mrs. Elis Agustina as silent
partner. They are Indonesian business family of Chinese extraction. Being as
Commanditaire Vennootschap (C.V), the amount of its authorized capital was not
mentioned at the time of its establishment. In our estimate, the company has
own capital of about Rp. 650 million and it will be rising in line with the
progress of its business operation.
C.V. MB has been operating since 2003 dealing with export
import and distribution of agriculture commodities products. In its operation
the company exported of fresh cabbage, Chinese cabbage, sweet potato, tomato,
chili, pumpkin water, sour orange and other. The whole products mainly from
Tanah Karo district (Berastagi) and also from land Binjai, both are part of
North Sumatera. Later the whole product is exported to Malaysia, Singapore,
Taiwan and other countries. However since the end of 2010, the company just imported
of garlic, mung bean, peanuts from India and China; and sugar (cane molasses)
from Thailand. Then, the whole products supplied to supermarkets, traditional
market especially in Medan, Binjai, Pematang Siantar and in other cities of the
North Sumatra. However according information from Business Competition
Supervisory Commission (KPPU) declared 19 companies indicated to garlic trade
cartel period November 2012 – February 2013 that triggered the commodity prices
soared. Practice cartel
conducted 19 companies that violate Article 11, Article 19C and Article 24 of
Law no. 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair
Business Competition," said the Commission's Commissioner Sukarmi, after
chairing a preliminary hearing related to the importation of garlic.
According to Mrs.
Sukarmi, in the examination of 19 companies as garlic importers reported
involved in unfair business competition and practice cartel, are C.V. MAHKOTA
BARU, C.V. BINTANG, C.V. Karya Pratama, C.V. Mekar Jaya, P.T. Dakai Impex, P.T.
Dwi Tunggal Buana, P.T. Global Sarana Perkasa, P.T. Lika Dayatama, P.T. Mulya
Agung Dirgantara, P.T. Sumber Alam Jaya Perkasa. After the KPPU reports C.V.
MAHKOTA BARU very closed to the outside to provide information on the activities
of the company.
We have noticed that the demand for agricultural products
had increased some 10% to 11% 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. MB to be in a quite favorable position for having already got
hold of a steady clientele in the country.
Until this time C.V. MB 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. 8.8 billion
increased to Rp. 9.6 billion in 2013 rose to Rp. 10.5 billion in 2014 and
projected to go on rising by at least 5% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 650 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. MB is led by Mr. Sunardy Eddy Ang
(59) a businessman with experience in trading, import and distribution of
agriculture 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.
However, in view of the negative factor surrounded C.V. MAHKOTA BARU we
recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.100.99 |
|
Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.