MIRA INFORM REPORT

 

 

Report No. :

492304

Report Date :

23.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CV. ANDALAN MITRA USAHA

 

 

Registered Office :

Komplek Enggano Megah Blok B No.7A, Jl. Raya Enggano, Kelurahan Tanjung Priok, Kecamatan Tanjung Priok, Kota Jakarta Utara 14310, DKI Jakarta

 

 

Country :

Indonesia

 

 

Date of Incorporation :

2015

 

 

Legal Form :

Commanding Company or CV

 

 

Line of Business :

·         Wholesale trade, except of motor vehicles and motorcycles

·         Wholesale of food, beverages and tobacco

·         Wholesale of fruit and vegetables

 

 

No. of Employees :

20 [2017]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow 

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Indonesia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

INDONESIA - ECONOMIC OVERVIEW

 

Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.

Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.

 

Source : CIA

 

 

COMPANY IDENTIFICATION

 

Company Name

CV. Andalan Mitra Usaha

 

Address

Komplek Enggano Megah Blok B No.7A, Jl. Raya Enggano
Kelurahan Tanjung Priok, Kecamatan Tanjung Priok
Kota Jakarta Utara 14310
DKI Jakarta - Indonesia

 

 

Telephone

+622143934873

Fax

N.A.

Mobile Phone

N.A.

 

 

Email

bsahendrik@gmail.com

Web

N.A.

 

 

PROFILE

 

Address

Komplek Enggano Megah Blok B No.7A, Jl. Raya Enggano
Kelurahan Tanjung Priok, Kecamatan Tanjung Priok
Kota Jakarta Utara 14310
DKI Jakarta - Indonesia

 

 

Office Building

a.

Area - Commercial

b.

Status - Leased

 

Date of Establishment

- 

2015

 

 

Start Operation

2015

 

 

Legal Status

Commanditaire Vennootschap or CV

 

 

Legalization (historical)

N.A.

 

 

Government Permit (s)

N.A.

 

 

Significant change

CV. Andalan Mitra Usaha (the Company) is a Commanditaire Vennootschap or CV company, which was established in 2015, in North Jakarta. The Company was founded by Mr. Tjhin Hoi Djan as the Active Partner and Mr. Ferry Alidjaja Purnama as the Passive Partner.

Since its status as a Commanditaire of Vennootschap (CV) Company, so we are not entitled to show you details about its capitalization and shareholder structures.

 

 

Capitalization

     -    Authorized Capital
     -    Issued Capital
     -    Paid Up Capital



N.A.
N.A.
N.A.

 

 

SHAREHOLDERS & MANAGEMENT

 

Shareholders

Total No. of Shareholders: 2
Shareholders as N.A.
Total Shareholding private – N.A. shares

 

Name of Shareholders

- 

Mr. Tjhin Hoi Djan
(0 shares) -

- 

Mr. Ferry Alidjaja Purnama
(0 shares) -

 

 

Management Board

 

 

Name

Mr. Tjhin Hoi Djan

 

 

Position

Director

 

 

Nationality

Indonesian

 

 

Supervisory Board

 

 

Name

Mr. Ferry Alidjaja Purnama

 

 

Position

Passive Partner

 

 

Nationality

Indonesian

 

 

Management Assessment

The management of the Company is modest, but so far no negative issues of the management are found out in the business malpractice.

 

 

Authorized Signatories

Mr. Tjhin Hoi Djan as Director and Active Partner of the Company.

 

 

Affiliate (s) / Associate (s)

  - 

PT. Andalan Transportindo Prima
(Other transportation support activities)

 

 

 

KEY DATA ON OPERATIONS

 

Registered Activities

SIC Code 46 : Wholesale trade, except of motor vehicles and motorcycles

 

 

Employee

Per 2017
20

Per 2017
20

 

 

Business Category

SIC Code 46.3 : Wholesale of food, beverages and tobacco

 

 

Line of Business

SIC Code 46.31 : Wholesale of fruit and vegetables

 

 

Product & Capacity

N.A.

 

 

Status of Investment

Non-facilities based Company

 

 

 

Sales Territory

Local

100%

 

 

 

 

International

00%

 

 

Main Items Imported
And Country Origin

Fruits
Fruits
Fruits
Fruits

Thailand
China
Australia
Pakistan

 

 

 

Main Items Exported
and Country Destination

-

-

 

 

Major Customers

  - 

PT. Hero Supermarket Tbk

  - 

PT. Trans Retail Indonesia

  - 

Local Distributor

 

 

Major Supplier

  - 

Principal from China

  - 

Principal From Pakistan

  - 

Principal from Thailand

  - 

Principal from Australia

  - 

PT. Andalan Transportindo Prima

 

 

Terms of Payment

Purchase Payment
Domestic: Telegraphic Transfer (T.T) up to 14 days;
Overseas: Telegraphic Transfer (T.T) up to 14 days;

Sale Terms
Domestic: Telegraphic Transfer (T.T) up to 14 days;
Overseas: N.A.

 

 

Activity Comment

CV. Andalan Mitra Usaha (the Company) is a non-facilities based Company engaged in the trading business since 2015. The Company's head office and warehouse are located in a commercial area in North Jakarta, precisely at the registered address Komplek Enggano Megah Blok B No. 7A, Jl. Raya Enggano, Kelurahan Tanjung Priok, Kecamatan Tanjung Priok, Jakarta Utara 14310, DKI Jakarta - Indonesia. We believed this location is leased from the other parties.

Based on our investigation, the Company that is engaged in the trading and import of varieties of fruits. At the present time, the Company mainly imports such as longan (from Thailand), oranges (from China), apples (from China and Australia), Kino Mandarin (from Pakistan), and others.

In its import activities, the Company has an API green line with the dwelling time 2-3 days because fresh fruits can rot easily so it should not be detained longer in the port. On its importing process, the Company is using services from PT. Andalan Transportindo Prima for the import documents.

Meanwhile, in terms of marketing, the Company has two marketing divisions, namely marketing to traditional markets, and to the modern market. Some of the customers among others, are PT. Hero Supermarket Tbk (Giant), PT. Trans Retail Indonesia (Carrefour), and merchants in Kramat Jati market.

In terms of payment, from the terms given to the customers, the Company has no late payment from the customers. This causes payments to the suppliers are also done timely. Therefore, until now the cash flow of the Company is still in the normal and stable condition.

According to the source, since its operation started in 2015, the Company was confronted with several constraints on import processes and import quotas limited by the government. Moreover, the undeniable difference in the rate of US dollar against rupiah is very influential in the purchase of imported products. However, the Company must also lower its selling price because of the intense price competition in order to keep the product bought and the product is not rotten because it is too long kept.

Unfortunately in 2016, for protecting Indonesian farmers, the Ministry of Agriculture published a regulation of the Minister of Agriculture No.4/PP340/2/2015 concerning food safety controls on inflows and outflows of fresh food of the plant which is effective from February 17, 2016. Moreover, through the regulation, the government limits the imports of fresh fruits and vegetables from several countries, particularly from China. That regulation also greatly affect its decrease in sales in 2016. The Company faced a decrease in its sales of about 20%.

In 2017, with the increasing number of import quota restrictions and even the prohibition of imports caused the supply of products of the Company decreased. In addition, the buying interest of Indonesian people also decreased, so the sales of the Company again declined. In 2017 the decline is greater than 2016, which is about 30%.

According to the source, sales of the Company since 2017 only reached IDR 1,000 million per month. The Company tries to survive to survive by trying to replace the prohibited and restricted fruit with other fruits and looking for suppliers at lower prices in order to compete in terms of price.

In 2018, the Company is supported by approximately 20 employees or similar with 2017.

 

 

Litigation

At the time this report is written, this Company has not been involved in any criminal or civil cases. This statement is based on a result of search for cases conducted at the State Court in the district where the Company was established and operates today.

 

 

BANKING INFORMATION

 

Banker (s)

- 

PT. Bank Mandiri (Persero) Tbk

 

 

Insurance

- 

Badan Penyelenggara Jaminan Sosial (BPJS)

 

 

BUSINESS PROSPECTS

 

Business Prospects

Actually, Indonesia has lots and varying types of fruits. Unfortunately, fruit consumption in the country is still very low. In fact, it is below the standard, namely only 34.55 kg per capita per year – far lower than the adequacy standard at 73 kg per capita per year, or health adequacy standard at 91.25 kg per capita per year. On the other hand, the considerable number of population of Indonesia, which is more than 200 million people, is definitely indicating the very potential market of horticultural commodities.

with the increasing number of import quota restrictions and even the prohibition of imports caused the supply of products of the Company decreased. In addition, the buying interest of Indonesian people also decreased, so the sales of the Company again declined. In 2017 the decline is greater than 2016, which is about 30%.

According to the source, the Company's sales since 2017 only reached IDR 1,000 million per month. The Company tries to survive to survive by trying to replace the prohibited and restricted fruit with other fruits and looking for suppliers at lower prices in order to compete, in terms of price.

 

 

FINANCIAL STATEMENT

 

Sales Turn Over

2015 - IDR 18,720,000,000 (Estimated)
2016 - IDR 15,600,000,000 (Estimated)
2017 - IDR 12,000,000,000 (Estimated)

 

 

Total Assets

As the Company is not a publicly listed company, we are unable to give a detailed picture of the financial condition of the Company.

 

 

Other Financial Data

As far as we know, there has been no change in the Company’s notarial act as published by the Ministry of Justice.

 

 

CREDITWORTHINESS

 

Management Capability

Adequate

 

 

Business Morality

Adequate

 

 

Payment Manner

Satisfactory

 

 

Financial Condition

Satisfactory

 

 

Operating Trend

Down

 

 

Conclusive remarks

Based on the information shown above, we learn that the Company is engaged in fresh fruit importers and it started operation in 2015. The Company imported fruits from Thailand, China, Australia, and Pakistan. In term of marketing, the Company has two (2) marketing divisions, namely marketing to traditional markets, and to modern markets.

From the operational side, we learned that the Company is experienced a decrease in the past 3 years due to the unfavorable condition of Indonesian economy and impacts of import regulation settled by the government. In 2018, the Company still strive to survive by replacing products that are subject to quota restrictions with other fruit types.

As we learn, the Ministry of Trade will limit the volume of imported fruits and also limit the sale of local fruits at national fruit retail stores, most of the products are imported. This is to maintain the existence of local fruit growers. With the tightening of import permits, the Company will experience more severe constraints in 2018.

For security reason, then, we advise those wishing to cooperate with or grant loans to this Company to keep asking for adequate collateral from shareholders.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.05

UK Pound

1

INR 90.41

Euro

1

INR 79.83

IDR

1

INR 0.0045 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.