MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
UD. CIPTA SANTOSA |
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Registered Office : |
Jalan Kenanga V No. 7,
Ungaran,
Semarang, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2002 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Extract Chili Processing |
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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Maximum Credit Limit : |
US$ 59,200 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
UD. CIPTA
SANTOSA
A d d r e s s
Head Office & Workshop
Jalan Kenanga V
No. 7
Ungaran, Semarang
Central Java
Indonesia
Phone - (62-24) 6921841
Mobile Phone - 70387941 (Mr.
Benyamin Krsitiono)
Land Area - 500 sq. meters
Building Area - 200 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
2002
Legal Form
Sole Proprietary
Company
Company Reg. No.
Not Required
Company Status
Private National
Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
250 million
Owner :
Mr. Benyamin Kristiono - 100%
BUSINESS ACTIVITIES
Lines of
Business:
Extract Chili
Processing
Production Capacity
None
Total Investment
None
Started Operation
2002
Brand Name
None
Technical Assistance
None
Number of Employee
10 persons
Marketing Area
Local - 100%
Main Customer
Local traditional
market
Market Situation
Very Competitive
Main Competitors
a. P.T. TORYS
INDOSPICE
b. P.T. NEKA BOGA
PERISA
c. UD. ANUGRAH
AGUNG
d. P.T. SUPA SURYA
NIAGA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Ungaran Main
Branch
Semarang, Central
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 4.0
billion
2006 – Rp. 4.3
billion
2007 – Rp. 4.5
billion
Net Profit
(estimated) :
2005 – Rp. 280
million
2006 – Rp. 301
million
2007 – Rp. 315
million
Payment Manner
:
Average
Financial Comments
:
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Benyamin Kristiono
Board of Commissioners :
None
Signatories :
Director (Mr. Benyamin
Kristiono) is only the authorized person to sign the loan on behalf of the
company
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under guarantee
Proposed Credit Limit
C.O.D. To small
amount
Maximum Credit Limit
US$ 59,200 on 90
days D/A
OVERALL PERFOMANCE
UD. CIPTA SANTOSA (UD. CS) was established in 2002 in Ungaran, Semarang,
Central Java with the status of Sole Proprietary Company. Founders and owners of the company is Mr.
Benyamin Kristiono, an Indonesian businessman of Chinese origin. Being as Sole
Proprietary Company, the amount of its authorized capital was not mentioned at
the time of its establishment. We estimate, UD. CS has own capital of about Rp.
250 million and it will be rising in line with the progress of its business
operation.
UD. CIPTA SANTOSA had been operating in 2002 in extract chili
processing. The company operates workshop located at Jalan Kenanga V No. 7, Ungaran,
Semarang, Central Java on a land of 500 sq. meters. Some of the raw material
likes dry chili is imported from India, China and the rest from Central Java
and surroundings. Mr. Benyamin Kristiono, the director of the company explained
that the whole products like dry extract chili or power chili marketed locally
through food and instand noodle processing in Central Java and also marketed
locally through traditional market in Central Java and surroundings. It seems
to us UD. CIPTA SANTOSA is still belongs to a small company but its operation
growing slowly in the last three years.
We have noticed that the demand for agricultural products had increased
some 10% to 11% per annum in the last five years in line with the growth of
industrial manufacturing in the country and international market. In the coming
years, the growth rate of demand is estimated at about 6% to 7% per annum. The
present market situation for agricultural products is very competitive for a
large number of similar companies operating in the country. Meanwhile,
competition is quite heavy in the export import of agricultural products with
many companies now doing business in this field in Indonesia. We consider UD.
CIPTA SANTOSA to be in a quite favorable position for having already got holds
of a steady clientele in the Central Java.
Until this time UD. CIPTA SANTOSA 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
2005 amounted to Rp. 4.0 billion rose to Rp. 4.3 billion in 2006 to Rp. 4.5
billion in 2007 and projected to go on rising by at least 6% in 2008. The
operation in 2007 yielded an estimated net profit at least Rp. 315 million and
the company has an estimated total networth by at least Rp. 360 million. We
observe that UD. CS is supported by financially fairly strong behind it. So
far, we did not hear that the company having been black listed by the Central
Bank (Bank Indonesia). Mr. Benyamin Kristiono, the director of the company
disclosed that the company usually pays its debts punctually to suppliers.
The company is led out by Mr. Benyamin Kristiono (50), a businessman who
experienced for more than 5 years in the field of extract chili of powder chili
processing and trade. The company has had wide relation in the realm of the
private businessmen inside and outside the country. Their relation with the
government 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. UD. CIPTA SANTOSA 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.58 |
|
UK Pound |
1 |
Rs.81.43 |
|
Euro |
1 |
Rs.64.52 |
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%)