MIRA INFORM REPORT
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Report Date : |
5th May 2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
CVC TECHNOLOGIES INDONESIA |
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Registered Office : |
Jl. Pulo
Sidik Kav. R.30 Kawasan
Industri Pulo Gadung Jakarta Timur 13930 Indonesia |
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Date of Incorporation : |
21 February 2002 |
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Com. Reg. No.: |
C-08376.HT.01.01.TH.2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the business of trading and importing
of CVC machinery and spare parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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
P.T. CVC TECHNOLOGIES INDONESIA
A d d r e s s
Head Office
Jl. Pulo Sidik Kav. R.30
Kawasan Industri Pulo Gadung
Jakarta Timur 13930
Indonesia
Phone -
(62-21) 4683 2555
Fax. - (62-21) 4683 2556
Email - sales@cvctech.co.id
Land Area - 2,200 sq.
meters
Building Space - 1,500 sq.
meters
Region -
Industrial Estate
Status - Rental
Date of Incorporation
21 February 2002
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-08376.HT.01.01.TH.2002
Dated 15 May 202
Company Status
Foreign Investment Company (PMA)
Permit by the Government Department
The Capital Investment Coordinating Board (BKPM)
No. 98/I/PMA/2002
Dated 15 February
2002
Related Company
CVC TECHNOLIGIES,
Inc., USA (holding company)
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital :
US$. 70,000.-
Issued Capital : US$.
70,000.-
Paid up Capital : US$. 70,000.-
Shareholders/Owners :
a. CVC TECHNOLOGIES Inc. -
95%
Address : 10349 Regis Court, Rancho
Cucamenga, California 91730
U.S.A.
b. Mr. Sheng Hui Yang -
5%
Address : 2, Lane 64, Tung Kuang Yuan Road
Taichung, Taiwan
Republic of China
BUSINESS ACTIVITIES |
Lines of Business:
Trading and Importing of CVC Machinery and Spare Parts
Production Capacity :
None
Total Investment :
a. Equity Capital - US$. 70,000.-
b. Loan Capital -
US$. 0.-
c. Total Investment -
US$. 70,000.-
Started Operation :
2002
Brand Name :
CVC Labeling Machine of the
USA
Technical Assistance :
CVC Technologies Inc., of USA
Number of Employee :
55 persons
Marketing Area :
Domestic (Local) -
100 %
Main Customer :
a. Food and Beverages
Industries
b. Pharmaceutical Industries
c. Cosmetic Industries
d. Tire Industries, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Jupiter Mitra Setia
b. P.T. Syspex Kemasindo
c. P.T. Pengemasan Reksa
Madya Jaya
d. P.T. Bella Nitec Machinery
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r :
Hongkong and Shanghai
Banking Corporation
World Trade Centre
Jl. Jend. Sudirman Kav.
29-31
Jakarta, Indonesia
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2002 – Rp. 2.4 billion
2003 – Rp. 5.8 billion
2004 – Rp. 8.7 billion
2005 – Rp. 12.6 billion
Net Profit (Loss) :
2002 – Rp. 190 million
2003 – Rp. 560 million
2004 – Rp. 750 million
2005 – Rp. 920 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
Director – Mr. Hsien Chang Yang alias K. Joe Yang
Board of Commissioner :
Commissioner - Mr. Sheng Hui Yang
Signatories :
The Director (Mr. Hsien Chang Yang alias K. Joe
Yang) which must be approved by the Board of Commissioner (Mr. Sheng Hui Yang)
CAPABILITIES
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Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical
review
Maximum Credit Limit :
US$ 180,000 on the 90 days of
payments
OVERALL PERFOMANCE |
P.T. CVC
TECHNOLOGIES INDONESIA (P.T. CTI) was established on 21 February 2002 with the
authorized capital of US$ 70,000. - which was fully issued and paid up. The founders and shareholders of the Company
are CVC TECHNOLOGIES Inc., of the USA and Mr. Shen Hui Yang of Taiwan. Deed of
Amendment was made by Mr. George Handojo Hermawi, SH, a public notary in
Jakarta under Company Registration Number C-08376.HT.01.04.TH. 2002, dated May
15, 2002. We observe that a majority share of the company is owned by CVC
TECHNOLOGIES Inc., of the USA (95%) dan Mr. Shen Hui Yang, a Taiwan Businessman
(5%).
P.T. CTI was established in the frame work of Foreign Capital Investment that carried out business in the field of trading and importing of industrial machinery, such as, among others, labeling machine, pharmaceutical and cosmetic packaging machine, etc. P.T. CTI is a representative office of CVC TECHNOLOGIES Inc., in Indonesia. Besides in Indonesia, CVC TECHNOLOGIES Inc., also have any other representative offices in Taiwan, China, Thailand, Italy, Russia etc. One of marketing staff of P.T. CTI explained that they sold its products to a number of pharmaceutical factory in Indonesia, such as, among others, P.T. Kalbe Farma Tbk., P.T. Kimia Farma Tbk., P.T. Yupharin Pharmaceutical, P.T. Combipharm, P.T. Abbott Indonesia, etc. We observed that the company’s business in running smoothly and growing up rapidly in the last three years.
In general,
we observed that demand on pharmaceutical and cosmetic packaging machine and
labeling machine in the country increased about 5% until 6% per year. This
increase is connected with the development of pharmaceutical and cosmetics
industry. But, business competition is very tight cause there are many
companies carried out business in the same field. Business position of P.T. CTI
is fairly good because brand of packaging and labeling machine of CVC is well
known in the country. Long-term prospect of this company is fairly good
especially if condition of Indonesian economy is still stable and controlled.
Until
this time P.T. CTI have not been listed in the Indonesian Stock Exchange so
that the company shall not obliged to announce its financial statement to the
public. We estimate that total sales turnover of the company in 2003 is Rp. 5.8
billion, increased to Rp 8.7 billion in 2004 and increased again to Rp 12.6
billion in 2005. The company’s operation
gained net profit of Rp. 750 million in 2004 and rose to Rp 920 million in
2005. Total net worth of the company is about Rp. 6.0 billion. It is forecasted
that their sales turnover will increase about 12% in 2006.
The company is presided over by three
directors namely Mr. Hsien Chang Yang or K. Joe Yang (46), a businessman from
Taiwan. But, we believe that the
primemover of the company is Mr. Robert Paul Shelly (71), businessman residing
in California 91709, 1933N, Turquoise Circle, Chino Hills, whose gave attorney
in his capacity as Vice President for and on behalf of CVC TECHNOLOGIES
Inc. We observe that management’s
reputation in said business is fairly good. They have wide relations with the
private businessmen in or outside the country. They also have good relations
with the government. 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 relation in
banking sector is good enough and P.T. CTI has not registered with the black
list of Bank of Indonesia.
We
appraise that P.T.CTI is good enough for normally business transaction. We
suggest being careful in giving new loan to them in view of unstable condition
of Indonesian economics.
RATING EXPLANATIONS
RATING
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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 |