MIRA
INFORM REPORT
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Report Date : |
13th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
P. T.
LIMAS CAHAYA |
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Registered Office : |
Jalan Pakis Tirtosari XI No. 2, Surabaya, East Java, Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
2005 |
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Date of Incorporation : |
02.03.1994 |
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Com. Reg. No.: |
C-20010 HT.01.01.TH.2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution and Supplier of
Hardware Equipment |
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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Maximum Credit Limit : |
US$ 84,700 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Report on : P.T. LIMAS CAHAYA
Your Ref. No. : 19221 (Year 2006)
Reports Type : Company Standard Report
Service Type : Normal Service
Order Date : E-mail, 08 June 2006
Date Report Sent : 13 June 2006
Name of Company
P.T.
LIMAS CAHAYA
Address
Head Office
Jalan Pakis Tirtosari XI No. 2
Surabaya, East Java
Indonesia
Phone - (62-31) 5662118
Fax. - (62-31) 5668916
Building Area - Office
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
2
March 1994
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No. C-20010 HT.01.01.TH.2001
Dated 9 November 2001
Company Status
Private Company
Permit by the Government
Department
The
Department of Finance
NPWP No. 1.491.328.6-522
Dated 18 April 2001
The Department of Industry &
Trade
TDP No. 110815100284
Dated 7 March 2002
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 500,000,000.-
Issued Capital : Rp. 125,000,000.-
Paid up Capital : Rp. 125,000,000.-
Shareholders/Owners :
a. Mrs. Martini Gozali -
Rp. 50,000,000.-
Address : Jalan Lawu 14 A, RT. 01/ RW. 09
Kelurahan Sidanegara, Kecamatan Cilacap,
Central Java, Indonesia
b. Mr. Frans Wibisono -
Rp. 45,000,000.-
Address : Muara Karang Barat, RT. 003/ RW. 017
Kelurahan Pluit, Kecamatan Penjaringan
Jakarta Utara, Indonesia
c. Mr. Leonardo Wibisono - Rp. 30,000,000.-
Address : Jalan Pakis Tirtobari RT. 010/ RW. 005
Kelurahan Pakis, Kecamatan Sawahan
Surabaya, East Java, Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Trading, Distribution and Supplier of Hardware Equipment
Production
Capacity :
None
Total
Investment :
a. Owned Capital - Rp. 125.0 million
b. Loan Capital - None______
c. Total Investment - Rp. 125.0 million
Started Operation :
1997
Brand Name :
None
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Domestic - 100 %
Main Customer :
Industrial chemical, cement, power plant, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SUMBER CIPTA KARYA BAKTI
b. C.V. ANUGERAH ALAM ABADI
c. P.T. SINAR MAS SAKTI
d. C.V. PRIMA CONTROL
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank INTERNATIONAL INDONESIA Tbk
Wisma BII 2nd Floor
Jalan Pemuda 60-70
Surabaya, East Java
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 4.0 billion
2004 – Rp. 5.0 billion
2005 – Rp. 6.3 billion
Net
Profit (Loss) :
2003 – Rp. 0.3 billion
2004 – Rp. 0.4 billion
2005 – Rp. 0.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Frans Wibisono
Director - Mr.
Leonardo Wibisono
Board of Commissioners :
Commissioner -
Mrs. Martini Gozali
Signatories :
President Director (Mr. Frans Wibisono) or the Director (Mr.
Leonardo Wibisono) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with
monitor
Proposed Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 84,700.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. LIMAS
CAHAYA (P.T. LC) was established in Cilacap, Central Java in March 1994 with an
authorized capital of Rp. 500,000,000.- issued capital of Rp. 100,000,000.-
entirely paid up. The founding shareholders are Mr. Frans Wibisono, his wife
Mrs. Martini Gozali and his son Mr. Leonardo Wibisono. They are Chinese origin
Indonesian business family. The articles of association has been changed. In
April 2001 the issued capital was raised to Rp. 125,000,000.- entirely paid up.
Concurrently the company’s status law has been move to Jakarta. The deed of
amendment was made by Mr. Yonsah Minanda, SH., a public notary in Jakarta under
Company Registration Number C-20010 HT.01.01.TH. 2001, dated November 9, 2001.
P.T. LC has
been in operation since 1997 in trading, distribution and supplier of hardware
equipment for refineries and other industrial companies. The merchandise
products such as tools, spare parts, piping, valves, pipe fittings equipments are
imported from the India with brand BDK Valves. Besides that the company also
imported the merchandise products from China, Taiwan and South Korea based on
job orders from their clients. The company is also carrying out
the installation of the above products. All of the merchandising goods and
services are sold and used by its customers in petroleum industry including
P.T. SEMEN GRESIK, P.T.PETROKIMIA GRESIK, P.T. PETRONIKA, P.T. PETROWIDADA,
P.T. SAMATOR GAS INDUSTRI, P.T. INDOFOOD SUKSES MAKMUR Tbk, P.T. PERUSAHAAN
LISTRIK NEGARA Tbk, P.T. PEMBANGKITAN JAWA BALI, MOBIL CEPU LTD., P.T.
PERTAMINA in Cilacap and others. We observed that the company’s operation has
been growing in the last three years.
The demand for technical
equipment including valves, pressure equipment, piping systems, fitting,
flanges, actuators and other has kept on rising by 8% to 10% per annum in the
last five years. Such condition was in line with the growth of general mining
industry like oil and gas, industrial refineries, fertilizer industry,
electricity, chemical industry, pulp and paper industry, cement and other
sectors requiring the above products. It is projected that the demand growth
will be rising within the next five years. Market competition is very tough on
account of many other similar companies operating in Indonesia. P.T. LC’s
business position in this case is not too badly because it has established
regular customers and extensive marketing network especially in East Java.
Until this time P.T. LC 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 2003 is Rp. 4.0 billion
increased to Rp. 5.0 billion in 2004 and to Rp. 6.3 billion in 2005. The
operation in 2005 yielded an estimated net profit at least Rp. 500.0 million
and the company has an estimated total networth at Rp. 3.5 billion. It is
projected that total sales turnover of the company will be higher by at least
8% in 2006. We observe that company is supported by financially fairly strong
behind it. So far, we have never heard of the company having been black listed
by the Central Bank (Bank Indonesia). The company disclosed that the company
usually pays its debts punctually to suppliers.
The company is led out by Mr. Frans Wibisono (58), a businessman who
experienced for more than 9 years in the field of trading, distribution and
supplier of hardware equipment. But, daily the company is led by his son Mr.
Leonardo Wibisono (32), as director. We observed that management’s reputation
in said business is fairly good. The management is handled by professional
manages having wide relation with home and overseas private businessmen as well
as with the government sectors. So far, we have never heard that the company’s
management involved in a dirty business practice 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. PT. LIMAS CAHAYA is fairly
good 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.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |