MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. CAHAYA
PELANGI INDAH |
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Registered Office : |
Jalan Wahana Wana 100 X, Ubud, Bali 80571 |
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Country : |
Indonesia |
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Date of Incorporation : |
10 September 1996 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading, Distribution and Design of
Jewelry |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. CAHAYA PELANGI INDAH
Address
Head Office
Jalan Wahana Wana
100 X
Ubud
Bali 80571
Indonesia
Phone - (62-361) 976 169
Fax - (62-361) 977 218
E-mail - putri@janicegirardi.com
Building Area - 1 storey
Office Space - 250 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
10 September 1996
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-21036
HT.01.01.TH.2005
Dated 29 July 2005
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.777.594.1-901
Related Companies
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
2,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners :
a. Mrs. Ir. Anna Ariani Sale - Rp. 250,000,000.-
Address : Jl. Pulau Moyo Gang Hotri No. 1
Bali, Denpasar
Indonesia
b. Mrs. Ni Gusti Ayu Suwitri - Rp. 250,000,000.-
Address : Jl. Sutomo No. 58
Kuta, Denpasar
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading, Distribution and Design of
Jewelry
Total Investment
None
Started Operation
1997
Brand Name
JANICE GIRARDI
Technical Assistance
None
Number of Employee
13 persons
Marketing Area
Domestic - 90%
Export - 10%
Main Customer
Tourism and end
users (individuals)
Market Situation
Very Competitive
Main Competitors
a. P.T. SUARTI
b. JANI SILVER
c. CITRA GOLD
d. P.T. SAKURA
DAMAI SEJAHTERA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
P.T. Bank LIPPO Tbk
Jalan Monkey
Forest
Ubud, Bali
Denpasar
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 8.5
billion
2005 – Rp. 9.0
billion
2006 – Rp. 9.5
billion
2007 – Rp. 4.8
billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 595 million
2005 – Rp. 630 million
2006 – Rp. 665 million
2007 – Rp. 336 million (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mrs. Ir. Anna Ariani Sale
Technical Advisor - Mrs. Janice Girardi
Board of Commissioners :
Commissioner - Mrs. Ni Gusti Ayu Suwitri
Signatories :
Director (Mrs. Ir. Anna Ariani Sale)
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
OVERALL PERFOMANCE
P.T. CAHAYA PELANGI INDAH (P.T. CPI) was established on 10 September 1996 in Ubud, Gianyar, Bali with an authorized capital of Rp. 150,000,000 issued capital of Rp. 37,500,000 entirely paid up. The founding shareholders of the company are Mrs. Ir. Anna Ariani Sale and Mrs. Ni Gusti Ayu Suwitri, both are indigenous businessmen of Balinese descent. The company's notary deed has frequently been revised. Lastly in June 2005 the authorized capital was raised to Rp. 2,000,000,000 issued and paid up capital to Rp. 500,000,000. The deed of amendment was made by Mr. I Gede Semester Winarno, SH., a public notary in Denpasar under Company Registration Number C-21036 HT.01.01.TH.2005, dated July 29, 2005.
There is strong indication that the majority share is controlled by Mrs. Janice Girardi, a businesswoman of the USA. One of the company staff disclosed that Mrs. Ir. Anna Ariani Sale and Mrs. Ni Gusti Ayu Suwitri is a proxy of Mrs. Janice Girardi.
P.T. CPI or well known with trading style as Janice Girardi has been operating since 1997 dealing with trading, design and distribution of jewelry and accessories. Janice Girardi has been designing in Bali, Indonesia for at least two decades. Her designs are clean and dynamic, often utilizing the Balinese technique of granulation. Gems of extraordinary brilliance come from Sri Lanka and are cut in Jaipur, India. P.T. CPI or Janice Girardi relocated studio to Bali to better interact with her team of artisans, and silversmiths. It is produces intricate silver work and stone cuts from this region, and has became one of the most collected designers at Kussmaul Gallery. Stateside, the coasts of California and Washington provide silver and stones are all the rage, and alternative metals are seeing a surge of popularity as well as polymer clay designs and blown glass jewelry. The most sought after stones include : rutilated quartz, green and smokey quartz, jasper, ryolite, moss agate, snowflake obsidian, and red corral. Besides, the company products are handbags, jewelry, totes, travel and others. Some 90% of the products marketed locally through boutique in Bali, Jakarta and the rest 10% also exported to FIFTH AVENUA in the USA, Singapore, Kusmaul Gallery and other boutiques in the worlds by using Janice Girardi brand. We observe that operation of P.T. CPI or Janice Girardi has been growing in the last four years.
In overall views we find the demand for jewelry and accessories had been rising by 10% to 12% per year in the last five years, in line with the rapid growth of industrial sectors in the country. While competition, is very tight due to a large number of similar companies operating in the country. The economic crisis battering the country since mid 1997 followed by the sharp Rupiah depreciation against US$, Japan Yen, Germany Mark and other hard foreign currencies has brought bad impact to the jewelry designs, and other industrial sectors such as the development of tourism, hotel, real estates, office buildings, shopping buildings, apartments and others. Pursuant to Statistical Center Bureau (BPS), growing rate of Indonesian economy in 2003 was 4.72%, rose to be 5.05% in 2004 and rose again to be 5.60% in 2005. It is estimated that such growing rose again to be 5.61% in 2006. For details, please see Gross Domestic Production (GDP) table of Indonesia in 2003 until 2006 hereunder:
|
Description
(Business Sector) |
2003 |
2004 |
2005 |
2006 |
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Agriculture, husbandry, forestry
and Plantation |
240,387.3 |
248,222.8 |
254,391.3 |
268,128.4 |
|
Mining and quarrying |
167,603.8 |
160,100.4 |
162,642.0 |
165,569.5 |
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Preparation Industries |
441,754.9 |
469,952.4 |
491,699.5 |
517,267.9 |
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Electricity, Gas and Clean Water |
10,349.2 |
10,889.8 |
11,596.6 |
12,559.1 |
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Construction |
89,621.8 |
96,333.6 |
103,403.8 |
110,403.8 |
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Trading, Hotel and Restaurant |
256,516.6 |
271,104.9 |
294,396.3 |
317,359.2 |
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Transportation and Communication |
85,458.4 |
96,896.7 |
109,467.1 |
124,245.1 |
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Financing, Leasing and Coy.
Services |
140,374.4 |
151,187.8 |
161,959.6 |
162,364.5 |
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Other Services |
145,104.9 |
152,137.3 |
159,990.7 |
169,750.1 |
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Gross Domestic Production (GDP) |
1,577,171.3 |
1,656,825.7 |
1,749,546.9 |
1,847,647.6 |
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Economic Growth (%) |
4.72 |
5.05 |
5.60 |
5.61 |
Source : Central
Bureau of Statistic
Competition is very tight caused there are many companies carried out business in the same business field especially in the Jakarta and its surrounding. Business position of the P.T. CPI is good enough because they have permanent customers in the country.
Until this time P.T. CPI 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 2004 amounted to Rp. 8.5 billion, increased to Rp. 9.0 billion in 2005 to Rp. 9.5 billion in 2006. We estimated the total sales turnover as from January to June 2007 amounted to Rp. 4.8 billion with a net profit of Rp. 336 million. It is estimated the company has an estimated total networth at least Rp. 2.5 billion. It is projected that total sales turnover of the company will increase at least 8% in 2008. We observe that P.T. CPI is supported by financially strong businessman behind it. So far, we did not hear 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 P.T. CPI is led by Mrs. Ir. Anna Ariani Sale (43) a businessman with 12 years of experience in trading, design and distribution of jewelry and accessories. But we believed that the prime mover of the company is Mrs. Janice Girardi (60) a businesswoman of the USA. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear 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.
P.T. CAHAYA PELANGI INDAH is sufficiently 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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)