MIRA
INFORM REPORT
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Report Date : |
28.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
C.V. GIDEON |
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Registered Office : |
Jalan Pelangi III No. 88-89, Bekasi 17146, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
2006 |
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Legal Form : |
Partnership With Sleeping Partner |
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Line of Business : |
Trading and Distribution of Wire Screen (Stainless) |
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$ 52,600 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
C.V. GIDEON
A d d r e s s
Head
Office
Jalan Pelangi III No. 88-89
Bekasi 17146
West Java
Indonesia
Phone - (62-21) 8207030
Fax - (62-21) 8207030
Mobile Phone - 0816-4808189 (Mr. Hendra Sidharta)
E-mail - henshi2000@gmail.com
Building Area - 200 sq. meters
Office Space - 120 sq. meters
Region - Residence
Status - Rent
Date of Incorporation
2006
Legal Form
C.V. (Commanditaire Vennootschaap) or partnership with sleeping partner
Company Reg. No.
Not Required
Company Status
Private National Company
Permit by the Government
Department
Not Available
Related Companies
P.T. HENSHI JAKA
MULIA (Trading and Distribution of Electrical Mechanicals Component and Parts
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 270.0 million
Owners :
a.
Mr. Hendra Sidharta (Active Partner)
b.
Mrs. Henshi Sidharta (Silent Partner)
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Wire Screen (Stainless)
Production Capacity
None
Total Investment
None
Started Operation
2006
Brand Name
VIRAY
Technical Assistance
None
Number of Employee
5 persons
Marketing Area
Local - 100%
Main Customer
a. CHEVRON GEOTHERMAL SALAK Ltd.
b. CHEVRON GEOTHERMAL NORT SUMATERA Ltd.
c. CHEVRON GEOTHERMAL DRAJAD Ltd.
d. CNOOC SES Ltd.
e. P.T. PERTAMINA
f. PETROCHINA INTERNATIONAL INDONESIA Ltd.
Market Situation
Very Competitive
Main Competitors
a. PD. WILVIN STEEL
b. UD. MUTIARA
c. P.T. TALURIT PERKASA PRATAMA
d. P.T. SINGA ERSKINDO
e. P.T. BEVANANDA MUSTIKA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
P.T. Bank MANDIRI Tbk
Jalan Medan Satria
Bekasi
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 3.7 billion
2007 – Rp. 4.0 billion
Net Profit (estimated) :
2006 – Rp. 0.2 billion
2007 – Rp. 0.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Hendra Sidharta
Board of Commissioners :
None
Signatories :
Director (Mr. Hendra Sidharta) is only the authorized person to sign the
loan on behalf of the company.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
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$ 52,600 on 90
days D/A
OVERALL PERFOMANCE
C.V. GIDEON was established in
Bekasi, West Java in 2006’s with the status of Commanditaire Vennootschap (C.V.) or partnership
with sleeping partner. The founding and owners of the company are Mr. Hendra Sidharta
as active partner and his wife Mrs. Henshi Sidharta as silent partner. Both are
an Indonesian businessfamily of Chinese origin. Being as C.V. (Commanditaire
Vennootschap) 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. 270 million and it will be rising in line with the progress of its
business operation. We observe that Mr. Hendra Sidharta is also founder and
business stakes owner of P.T. HENSHI JAKA MULIA dealing with trading and
distribution of electrical mechanical component and parts.
C.V. GIDEON has been in operation since 2006 in the field of trading and
distribution of wire screen (stainless). Mr. Hendra Sidharta the director of
the company explained that the merchandise products are welded wiremesh, wire
screen, wire chain link, razor wire and barbed wire. The whole wire (stainless)
is imported from India with VIRAY brand. He also explained that the company
also imported grinding precision and equipment from China, Singapore, Germany
and the USA. The whole products supplied to CHEVRON GEOTHERMAL SALAK Ltd,
CHEVRON GEOTHERMAL DRAJAD Ltd, PETROCHINA INTERNATIONAL Ltd, P.T. PERTAMINA,
CHINA NATIONAL OFFSHORE OIL CORPORATION SES Ltd, and other oil and gas
contracting companies operating in Indonesia. We observe that operation of C.V.
GIDEON has been growing in the last two years.
The demand for wire screen (stainless) and other technical equipment 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 sectors like oil and
gas, industrial refineries, fertilizer industry, electricity, office building,
chemical industry, pharmaceutical industry, food and beverage companies, pulp
and paper, cement 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. C.V. GIDEON’s business position in this case is not too
badly because it has established regular customers and extensive marketing
network.
Until this time C.V. GIDEON 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 2006
amounted to Rp. 3.7 billion increased to Rp. 4.0 billion in 2007 and projected
to go on rising by at least 6% in 2008. It is estimate the company has yielded
a net profit of at least Rp. 300 million in 2007 and the company has an
estimated total networth of at least Rp. 700 million. The
financial condition of the company is backed up by financially strong and sound
businessmen 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 C.V. GIDEON is headed by Mr. Hendra Sidharta (43), a
businessman and professional manager with has experienced for more than 4 years
in the field of trading and distribution of wire screen (stainless) products.
We observed that management’s reputation in said business is fairly good. The
management of the company is handled by experienced professional manager having
wide relation with private businessmen of home and overseas as well as with the
government sectors. 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. C.V. GIDEON 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. |
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%)