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Report No. : |
319151 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
C.V. MULIA AGRO LESTARI |
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Registered Office : |
Ruko Klampis Megah Blok I No. 30, Jl. Klampis Jaya, Klampis Ngasem, Kecamatan Sukolilo, Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
March 2008 |
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Legal Form : |
C.V. (Commanditaire Vennootschaap) or partnership with sleeping partners |
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Line of Business : |
Trading, Import and distribution of Agricultural Products and fresh fruits |
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No of Employees : |
14 persons |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
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Source
: CIA |
BASIC
SEARCH
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Name of Company :
C.V. MULIA AGRO
LESTARI
Address :
Head Office
Ruko Klampis Megah Blok
I No. 30
Jl. Klampis Jaya,
Klampis Ngasem
Kecamatan Sukolilo
Surabaya, East Java
Indonesia
Phone -
(62-31) 3286728, 3286729
Fax - (62-31) 3286730
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
March 2008
Legal Form :
C.V. (Commanditaire Vennootschaap) or
partnership with sleeping partners
Company Reg. No. :
Not Required
Company Status :
Private National Company
Permit by the
Government Department :
Not Available
Related Company :
None
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Owned Capital - Rp. 500 million
Shareholders/Owners :
a. Mr. Guruh Saputro
(Active Partners)
b. Mrs. Riana Saputro
(Silent Partner)
BUSINESS
ACTIVITIES
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Lines of Business :
Trading, Import and
distribution of Agricultural Products and fresh fruits
Production Capacity :
None
Total Investment :
None
Started Operation :
April 2008
Brand Name :
None
Technical Assistance
:
None
Number of Employee :
14 persons
Marketing Area :
Domestic (Local) - 100%
Main Customer :
Traditional markets
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALAM INDORAMA
b. P.T. DAKAI IMPEX
c. P.T. SUPA SURYA
NIAGA
d. P.T. TORRYS
INDOSPICE
e. P.T. ADI SAMPOERNO
f. C.V. BUMI DAJAJA
g. C.V. PUTRA NUSA
h. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
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Banker :
P.T. Bank MANDIRI Tbk
Jalan Jend. Basuki Rachmat 129-137
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
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Annual Sales (estimated) :
2010 – Rp. 28.5 billion
2011 – Rp. 34.0 billion
2012 – Rp. 41.5 billion
2013 – Rp. 44.8 billion
2014 – Rp. 48.0 billion
Net Profit (Loss) :
2010 – Rp. 1.8 billion
2011 – Rp. 2.1 billion
2012 – Rp. 2.6 billion
2013 – Rp. 2.8 billion
2014 – Rp. 3.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
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Board of Management :
Director - Mr. Guruh Saputro
Board of Commissioner :
None
Signatories
:
Director (Mr. Guruh Saputro) is only he authorized
person to sign the loan
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
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C.V.
MULIA AGRO LESTARI (C.V. MAL) was established in March 2008 in Surabaya, East Java,
with the legal status of Commanditaire Vennootschaf (C.V) or partnership with
sleeping partner. The founding owners of C.V. MAL are Mr. Yoseph Tyasono as active partner
and his wife Mrs. Ratna Tyasono as silent partner both are Indonesian business
family of Chinese origin. Being as a C.V. company, the amount of its authorized
capital was not mentioned at the time of its establishment. In mid-2009, Mr. Yoseph Tyasono and his wife
pulled out and the whole shares are sold to Mr. Guruh Saputro (as active
partner) and his wife Mrs. Riana Saputro (as silent partner). We estimated that
now C.V. MAL has own capital of about Rp. 500 million and it will be rising in
line with the progress of its business operation.
C.V. MAL started with operating since April 2008 engaged in the field of trading, export-import and distribution of agricultural products. Export import and general trading in agricultural commodities products like chili, garlic, mung bean, ground nuts, spices, corn, etc. Mr. Ronny, an administrative staff of the company explained that the whole agricultural products likes chili, garlic, mung bean and other spices is imported from China, India and the company also imported ground nuts from Vietnam and others. They imported various agricultural commodities based on job orders from their customers in Surabaya and surroundings. Then, the whole products supplied to food processing industries (such as PT. Sekar Laut Tbk., PT. Mandala Cahaya Sentosa, PT. Dua Kelinci) and traditional markets in East Java, Bali, Lombok, and South Kalimantan.
Beside,
C.V. MAL also imports fresh fruits like; orange, apple, longan, pear, grape and
other are imported from China, Australia, New Zealand and USA. C.V. MAL also imported of fresh table grapes
from Cuba. C.V. MAL imports from
Dominus S.a.c., in Panama through the port of Los Angeles, California. We observed that C.V. MAL is classified as a
middle-sized company of its kind in the country of which the operation has been
growing in the last three years.
We
note that generally the domestic demand for agricultural products, spices and
fresh fruits has been rising by about 8% - 10% per year in the last five years
in line with the growing population and increasing income of part of the
population in the country. The global
economic crisis and very sharp depreciation of the Rupiah to foreign currencies
in October 2008 have adversely affected the company's operations for having
caused the sales prices of the fruit the company is selling, which have mostly
been imported, to be very high and started increasing since April 2009 in line
with the amelioration of the economic condition in the country. The demand is projected to go on rising each
year in the next five years. Meanwhile, competition is quite heavy in the fruit
trade with many companies now doing business in this field in Indonesia. We
consider C.V. MAL to be in a quite favorable position for having already got
hold of a steady clientele in the country and abroad.
Until
this time C.V. MAL has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We observed that total sales turnover of the
company in 2012 is Rp. 41.5 billion increased to Rp. 43.0 billion in 2013 and
rose again to Rp. 46.0 billion in 2014.
The operation in 2014 yielded an estimated net profit at least Rp. 990
million and the company has an estimated total net worth at Rp. 4.5
billion. It is forecasted that total
sales turnover of the company will increase at least 8% in 2015. So far, we have never heard of the company
having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually
to suppliers.
The
company is led by Mr. Guruh Saputro (39), a young businessman with has experienced
for more than 12 years in the field of trading, export import and distribution
of agricultural products and fresh fruits. We observed that management’s
reputation in said business is sufficiently fairly good. The company has had
wide relation in the realm of the private businessmen within and outside the
country. So far, we did not hear that the company’s management involved in the
business malpractices or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
C.V.
MULIA AGRO LESTARI is appraised a good enough for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.57 |
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|
1 |
Rs. 97.98 |
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Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.