MIRA
INFORM REPORT
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Report Date : |
21st
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
CAHAYA
DIESEL |
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Registered Office : |
Perkantoran Karang Anyar Permai, Jalan Karang Anyar 55 Block A No, 12, Jakarta Pusat, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
1980 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading and Distribution of Hydraulic
Hose and Connectors |
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 : |
Regular |
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Litigation : |
Clear |
Name of Company
CAHAYA DIESEL
Address
Head Office
Perkantoran Karang Anyar Permai
Jalan Karang Anyar 55 Block A No. 12
Jakarta Pusat
Indonesia
Phone - (62-21) 6591970 (Hunting)
Fax. - (62-21) 6591985
Building Area - Office
Office Space - 100 sq. meters
Region - Commercial
Status - Owned
Showroom & Branch
Taman Sari Pasar Asam Reges Block A No. 12 B
Jakarta Barat
Indonesia
Phone - (62-21) 6396729
Fax. - (62-21) 6287321
Building Area - Office
Office Space - 100 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
1980
Legal Form
Sole Proprietary Company
Company Reg. No.
Not Required
Company Status
Private Company
Permit by the Government Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 500.0 million
Owner :
Mr. Priyanto Setiadi -
100%
BUSINESS ACTIVITIES
Lines
of Business
Trading and Distribution of Hydraulic Hose and Connectors
Production
Capacity
None
Total
Investment
None
Started Operation
1980
Brand Name
None
Technical Assistance
None
Number of Employee
17 persons
Marketing Area
Domestic - 100 %
Main Customer
Heavy Duty Equipment Rental, General Contracting
Market Situation
Very Competitive
Main Competitors
a. P.T. INDAH JAYA TEKNIK PRECISI
b. P.T. LIMUSNUNGGAL RUBBER
c. P.T. SUNWAY MARKETING INDONESIA
d. P.T. ADICITRA ANGGANA
Business
Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers
a. P.T. Bank PANIN Tbk
Jalan Krekot Raya
Jakarta Pusat
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Karang Anyar
Jakarta Barat
Indonesia
Auditor
Internal Auditor
Litigation
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 4.0 billion
2004 – Rp. 4.4 billion
2005 – Rp. 4.8 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 :
Director - Mr. Priyanto Setiadi
Board of Commissioners :
None
Signatories :
Director (Mr. Priyanto Setiadi) is only the authorized person to
sign the loan on behalf of the company.
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$ 63,000.- on the 90 days of payments
OVERALL PERFOMANCE
CAHAYA DIESEL (CD) was established in Jakarta in 1980
with a status of Sole Proprietary Company. Founders and owner of the company is
Mr. Priyanto Setiadi, a Indonesian businessman of Chinese extraction. Being as
Sole Proprietary Company, 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. 500 million and it will be rising in line with the
progress of its business operation.
CAHAYA DIESEL (CD) has been in operation since 1980
in trading and distribution of hydraulic hose and connectors for heavy duty.
The whole products are imported from Germany with Ponix brand and from Austria
with Semperit brand. All of the merchandising goods and services are sold and
used by its customers in heavy duty rental and services such as P.T. PROBESCO
DISATAMA, P.T. INTRACO PENTA, P.T. UNITEDA ARKATRO. Besides the company also
supplied the products general contracting, mining contracting, and also sold
thorough by dealers in Jakarta, Semarang (Central Java), Bandung (West Java)
and surroundings. CAHAYA DIESEL’s operation has been growing in the last three
years.
The demand for technical equipment including hydraulic hose, connectors
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, heavy duty equipment rental and services 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. CD’s business position in this case
is not too badly because it has established regular customers and extensive
marketing network.
Until this time CD 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. 4.4 billion in 2004 and to Rp. 8.8 billion in 2005. The
operation in 2005 yielded an estimated net profit at least Rp. 500 million and
the company has an estimated total networth at Rp. 750 million. It is
forecasted that total sales turnover of the company will increase at least 8%
in 2006. We observe that CD 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. Priyanto Setiadi, a businessman who
experienced for more than 25 years in the field of trading and distribution of
hydraulic hose and connectors. We observed that management’s reputation in said
business is sufficiently fairly good. The management is handled by professional
staff 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.
CAHAYA DIESEL 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 |