MIRA
INFORM REPORT
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Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
C.V. CIPTA AGUNG |
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Registered Office : |
JL. Bendul Merisi Permai Blok O/10 Surabaya, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
1988 |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Trading and
Import of 3M Abrasive of USA and VSM Abrasive of Germany. Thermal Spray Coating Services |
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$ 110,000 |
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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. CIPTA AGUNG
A d d r e s s
Head Office
JL. Bendul Merisi
Permai Blok O/10
Surabaya, East
Java
Indonesia
Phone - (62-31) 8416920
Fax - (62-31) 8421520
Land Area - 280 sq. meters
Office Space - 120 sq. meters
Region - Residence
Status - Owned
Warehouse
Jl. Rungkut Industri IX/24 & 25
Surabaya, East Java
Indonesia
Phone - (62-31) 8491909
Fax - (62-31) 8418329
Land Area - 1,800 sq.
meters
Office Space - 1,200 sq.
meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation
1988
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 Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Owned Capital : Rp. 800.0
million
Owners
a. Mr. Iwan Sudaryawan (as Active Partner)
b. Mrs. Sri Suryani or Yani (as Silent Partner)
BUSINESS ACTIVITIES
Lines of
Business:
a. Trading and
Import of 3M Abrasive of USA and VSM Abrasive of Germany.
b. Thermal Spray Coating Services
Production Capacity
None
Total Investment
Own Capital - Rp.
800 million
Started Operation
1988
Brand Name
3M Abrasive and VSM
Abrasive
Technical Assistance
None
Number of Employee
14 persons
Marketing Area
Local - 100%
Main Customer
a. P.T. TRIAS
SENTOSA Tbk
b. P.T. SURYA
KERTAS Tbk.
c. P.T. TJIWI
KIMIA Pulp and Paper Tbk.
d. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. HARSCO
NUGRAHA
b. U.D. USAHA
JAYA
c. P.T. BINTANG
BARUTAMA
d. P.T. ABRASIVE
MATERIAL PRIMA
e. P.T. PRONTON
ADIGUNA SEJAHTERA
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Surabaya Branch
East Java - Indonesia
b. P.T. Bank
MANDIRI Tbk
Surabaya Branch
East Java - Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2004 – Rp. 6.8
billion
2005 – Rp. 7.2
billion
2006 – Rp. 7.6
billion
2007 – Rp. 8.2
billion
Net Profit
(estimated) :
2004 – Rp. 410
million
2005 – Rp. 480
million
2006 – Rp. 550
million
2007 – Rp. 610
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Iwan Sudaryawan
Board of Commissioners :
None
Signatories :
Director (Mr. Iwan Sudaryawan) is only the authorized person to
sign the loan on behalf of the company
CAPABILITIES
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$ 110,000 on 90
days D/A
OVERALL PERFOMANCE
C.V. CIPTA AGUNG (C.V. CA) was established in 1988 in Surabaya, East Java
with the legal status of Commanditaire Vennootschap (C.V) or partnership with
sleeping partner. Founders
and owners of the company are Mr. Iwan Sudaryawan as active partner and his
wife Mrs. Sri Suryani as silent partner. Both are of indigenous businessmen.
Being as a C.V. company, the amount of its authorized capital was not mentioned
at the time of its establishment. We estimate, C.V. CA has own capital of about Rp. 800 million and it will be rising
in line with the progress of its business operation.
C.V. CA has been in operation since 1988’s dealing with trading and
import of abrasive products, such as 3M Abrasive of USA and VSM Abrasive of
Germany. But since 1990s, the company
has diversified to thermal spray coating services, whose workshop is located in
Rungkut Industry IX/24 & 26, Rungkut Industrial Estate, Surabaya, East
Java. Mrs. Sri Suryani, one of the
founding of C.V. CA explained that their customer are industry companies in
Surabaya, East Java such as P.T. TRIAS
SENTOSA Tbk., P.T. SURYA KERTAS Tbk., P.T. TJIWI KIMIA Pulp & Paper Tbk.,
etc. We observed that the company’s
operation has been growing in the last three years.
We have noticed that the demand for abrasive products and thermal spray
coating services had increased some 6% to 7% 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 5% to 6% per annum. The present market situation for abrasive
trading and thermal spray coating services is very competitive for a large
number of similar companies operating in the country. We consider C.V. CA to be in a quite favorable position for
having already got hold of a steady clientele in East Java and surroundings.
Until this time C.V. CA 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.
7.2 billion increased to Rp. 7.6 billion in 2006 and rose again to Rp. 8.2 billion in 2007. It is projected that
total sales turnover of the company will be higher by at least 6% in 2008. We
estimated the company has an estimated has yielded a net profit of at least Rp.
610 million in 2007 and estimated total networth at Rp. 1,200 million. 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, CA is headed by Mr. Iwan Sudaryawan (55), a
professional manager and businessman who has experienced for more than 20 years
in the field of trading and import of abrasive products. 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. CIPTA AGUNG 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
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%)