MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
CAHAYA TATA CEMERLANG |
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Registered Office : |
Jl. Raya Perancis No. 8,Kompleks
Pergudangan No. 8 DI-DJ, Desa Jatimulya, Dadap Kosambi, Tangerang 25211,
Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
25.07.2001 |
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Com. Reg. No.: |
C-UM.02.01.8374 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and Distribution of Food and
Industrial Chemicals |
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$ 115,500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
P.T.
CAHAYA TATA CEMERLANG
Address
Head Office
Jl. Raya Perancis No. 8
Kompleks Pergudangan No. 8 DI-DJ
Desa Jatimulya, Dadap Kosambi
Tangerang 25211
Indonesia
Phones - (62-21) 5590048, 5590051
Fax -
(62-21) 5590050
Land
Area - 1,200 sq. meters
Office
Space - 1,080 sq. meters
Region - Warehouse Complex Zone
Status - Owned
Date of Incorporation
25 July 2001
Legal Form
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg. No.
The
Ministry of Law and Human Rights
No.
C-UM.02.01.8374
Dated 16 June
2005
Company Status
National Private Company
Permit by the Government
Departments
The Department of Finance
No. NPWP
02.064.634.5-411.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 2,000.000,000.-
Issued Capital : Rp. 1,000,000,000.-
Paid up Capital : Rp. 1,000,000,000.-
Shareholders/Owners :
a. Mr. Utaya Yososudarmo - Rp. 750,000,000.-
Address : Jl. Sunter Paradise V F8/7, RT.05, RW.12, Jakarta Utara, Indonesia
b.
Mr. Lie Kiem Koan -
Rp. 80,000,000.-
Address : Jl. Pangeran Tubagus Angke No. 2, Jakarta Barat, Indonesia
c.
Mrs. Yetty Susanti -
Rp. 80,000,000.-
Address : Jl. Berok Dalam RT. 003, RW.004, Jakarta Utara, Indonesia
b.
Mr. Titin Rutia Jososudarmo -
Rp. 40,000,000.-
Address : Jl. Sunter Paradise V F8/7, RT.05, RW.12, Jakarta UTARA, Indonesia
c.
Mr. Drs. Muhamad Hatta Arfan -
Rp. 50,000,000.-
Address : Jl.Komplek Polisi Militer AD No. 2, Jakarta Selatan, Indonesia
BUSINESS ACTIVITIES
Lines
of Business:
Trading and Distribution of Food and Industrial Chemicals
Agent of : Food and Industrial Color and Pigments of India.
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 1,000 million
b. Loan Capital - Rp. -- million
c. Total Investment - Rp. 1,000 million
Started Operation
January 2002
Brand Name
None
Technical Assistance
None
Number of Employee
18 persons
Marketing Area
Domestic (Local) - 100%
Main Customers
a. P.T. Astaguna Wisesa
b. P.T. Kafindo Citarasa
c. P.T. Welco
d. P.T. Indramukti Segara
e. P.T. Pandurasa Kharisma, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. Halim Sakti Pratama
b. P.T. Colorindo Aneka Chemical
c. P.T. Lautan Luas Pewarna
d. P.T. Sari Sarana Kimia
e. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank Permata Tbk.
Jl. Hayam Wuruk No. 84-85
Jakarta 11160
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 3.5 billion
2004 – Rp. 6.2 billion
2005 – Rp. 7.4 billion
2006 – Rp. 8.5 billion
Net Profit (estimated) :
2003 – Rp. 260.0 million
2004 – Rp. 450.0 million
2005 – Rp. 580.0 million
2006 – Rp. 660.0 million
Payment Manner :
Promptly
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Utaya
Yososudarmo
Directors - a.
Mrs. Titin Rutia Jososudarmo
b. Mr. Drs. Muhamad Hatta Arfan
Board of Commissioner :
President
Commissioner - Mrs. Yetty Susanty
Commissioner - Mr. Lie Kiem
Koan
Signatories :
President Directors (Mr. Utaya Yososudarmo) or one of Directors
(Mrs. Titi Rutia Jososudarmo or Mr. Drs. Muhamad Hatta Arfan) which must be approved by the President
Commissioner (Mrs. Yetty Susanty) or Commissioner (Mr. Lie Kiem Koan)
CAPABILITIES
Management Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with
monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 115,500.- on the 90 days D/A terms of payments
OVERALL PERFOMANCE
P.T. CAHAYA TATA CEMERLANG (P.T. CTC) was established in Jakarta on July
25, 2001 with the authorized capital of Rp. 1,000,000,000 issued and paid
capital of Rp. 500,000,000. The founders and original shareholders are Mr.
Utaya Yososudarmo and Mr. Lie Kiem Koen, both are businessmen of Chinese
extraction. In June 2005, the
authorized capital was raised to Rp. 2,000,000,000.- issued and paid capital of
Rp. 1,000,000,000.- The whole shared
had been controlled by Mr. Utaya Yososudarmo (75%), Mr. Lie Kiem Koen (8%), Mrs.
Yetty Susanty (8%), Mrs. Titi Rutia Jososudarmo (4%), all are businessmen of
Chinese extraction and Mr. Drs. Muhamad Hata Arfan (5%), an indigenous
businessman. We have never heard of any
change having been made in the company's notarial act to date. The deed of amendment was made by Mrs.
Komalasari, SH., a public notary in Jakarta under Company Registration Number
C-UM.02.01.8374, dated June 16, 2005.
P.T. CTC has been in operation since January 2002 dealing with trading
and distribution of food and industrial chemical products. Mr. Hadi Harsono,
marketing manger of P.T. CTC explained that Types of chemical products sold
are pigments and colour chemicals for
food and lubricating oil. The chemical products are imported from India and
China. The products are sold to several
plastics, ink and dye producers in Jakarta, Bogor, Tangerangm Bekasi, Surabaya,
Bali and its surrounding. Mr. Hadi
explained that they sold its products to a number of food product factory in
Indonesia, such as, among others, P.T. Astaguna Wisesa, P.T. Kafindo Citarasa,
P.T. Welco, P.T. Indramukti Segara, P.T. Pandurasa Kharisma, etc. We observed that the company’s business in
running smoothly and growing up in the last three years.
In overall we find until the end 1997 the demand for food chemical
products had been rising by 8% to 10% per year in line with the growth of
various industrial sectors in the country. But it declined sharply in 1998 due
to lack of activities of various industrial sectors as the impact of economic crisis
occurred in the country since the
second-half 1997 followed by declining demand for food chemical products. It
seems the demand rose again within the last three years, but still in a small
scale. It is estimated the demand will be higher by at least 5% at least until
next year. The competition is very
tight on account of many similar companies operating in the country. We note
that the business position of P.T. CTC is good in line with wide operational
networks and marketing coverage.
The
management of P.T. CTC is very closed to outsiders and rejected to disclose its
financial conditions. The sales turnover in 2004 is estimated to have reached
Rp. 6.2 billion with a net profit of Rp. 450 million, increased to Rp 7.4
billion with a net profit of Rp. 580
million in 2005 and rose again to Rp 8.5 billion with a net profit of Rp 660
million in 2006. Total networth of the
company is about Rp. 4.5 billion. It is
forecasted that their sales turnover will increase about 12% in 2007. So far,
we have never heard that the company has been black listed by Bank Indonesia
(Central Bank). Its payment to suppliers is running punctually.
The management of P.T. CTC
is led by Mr. Utaya Yososudarmo (59), with more than ten years of experience in trading and
distribution of chemical products. The management is handled by professional
managers, having wide relation with overseas and national private businessmen.
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. CTC has not registered with the black list of Bank of
Indonesia.
Of our whole observation, we may conclude that P.T. CTC is considered to be good for normal business
transactions. Considering unstable economic condition in the country, we
recommend to treat prudently in extending 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 |
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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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