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MIRA INFORM REPORT
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Report No. : |
484536 |
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Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
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Name : |
C.V. MERCURY GLOBAL |
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Registered Office : |
Jalan
Pak Kasih No. 2 Level 2, Pontianak, 78117, West Kalimantan |
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Country : |
Indonesia |
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Date of Incorporation : |
2000 |
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Legal Form : |
Partnership
with Sleeping Partners |
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Line of Business : |
Dealing with
General Trading, Importing and Distribution Services. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 less than 27 percent 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.
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Source
: CIA |
BASIC
SEARCH
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Name
of Company :
C.V.
MERCURY GLOBAL
Address
:
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 - 110 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
AND OWNERSHIP
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Capital
Structure :
Owned
Capital :
Rp. 100 million
Owners
:
a. Mr. Sunaryo (Active Partner)
b. Mr. Sugandi (Silent Partner)
BUSINESS
ACTIVITIES
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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
BANKER,
AUDITOR & LITIGATION
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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
FINANCIAL
FIGURE
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Annual
Sales (estimated) :
2015
– Rp. 3.0 billion
2016
– Rp. 3.3 billion
2017
– Rp. 3.8 billion
Net
Profit (estimated) :
2015
– Rp. 180 million
2016
– Rp. 198 million
2017
– Rp. 228 million
Payment
Manner :
Sometimes
delay
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
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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.
CAPABILITIES
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Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
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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.
The economy in 2017 is projected to post higher growth;
national level this is expected to result from infrastructure projects, while
rebound of commodity prices will drive improvement at the global level.
Government policies will further boost the economy in next year. The
prospective increase in the interest rate (Fed Funds Rate/FFR) in the United
States (US) and the economic slowdown in China contributed to uncertainty and
increased the risk of economic vulnerability throughout the world. The high
volatility of the global economy throughout 2016 which was triggered by low
commodity prices, the European Union (EU) debt crisis, the British decision to
leave the EU block (Brexit), and the results of the US presidential election
put pressure on worldwide economic activities. Global trade slowed down and the
decline in commodity prices became a major problem for the world economy.
Indonesian economic factors cannot be detached from
China’s economic slowdown and from the low prices of main export commodities
such as oil, coal, and palm oil. As Indonesia’s largest trading partner, the
slowdown in China caused Indonesia’s export values to tumble. Nevertheless, the
government sought to encourage equitable infrastructure development across
Indonesia to stimulate economic growth. However, entering the second half of
2016, private consumption and investment slowly began to improve in response to
declining interest rates on loans and improving commodity prices.
Various macro indicators at the end of 2016 showed
brighter prospects for 2017 including the property industry. Government
policies which are favorable for the property sector, such as tax amnesty (TA)
which will begin to show its impact in 2017 to boost growth of the property
industry. Rising commodity prices, such as palm oil, petroleum and coal give
new expectations for the property project.
Table of Indonesian Economic Indicators from 2012 to 2016
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Indonesian Economic
Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
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Gross Domestic Product (PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
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Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
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Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
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Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
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Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
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Population
(in millions) |
247 |
250 |
253 |
255 |
258 |
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Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
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Unemployment (percentage
of workforce) |
6.1 |
6.3 |
5.9 |
5.8 |
5.6 |
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Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
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 2015 amounted to Rp. 3.0 billion increased to Rp.
3.3 billion in 2016 rose to Rp. 3.8 billion in 2017 and projected to go on
rising by at least 4% in 2018.
The operation in 2017 yielded an estimated net profit of
at least Rp. 228 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 (49) 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.52 |
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|
1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.