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Report Date : |
21.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAHAYA TERANG |
|
|
|
|
Registered Office : |
Ruko Textile Mangga Dua Block E 1/9 Jalan Arteri Mangga Dua Jakarta Utara, 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Sole Proprietary Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Textile Products |
|
|
|
|
No. of Employees : |
6 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6% annually in 2010-12. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2013 faces the ongoing challenge of improving Indonesia''s insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of high oil prices.
Source
: CIA
Name
of Company :
CAHAYA
TERANG
A
d d r e s s :
Head Office
Ruko
Textile Mangga Dua Block E 1/9
Jalan
Arteri Mangga Dua
Jakarta
Utara, 14430
Indonesia
Phones -
(62-21) 6011462 (Hunting)
Fax - (62-21) 6014830
E-mail - cttex@pacific.net.id
Building Area - 4 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
1998
Legal
Form :
Sole
Proprietary Company
Company
Reg. No. :
Not
Required
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
Not
Available
Related
Company :
None
Capital
Structure :
Owned
Capital :
Rp. 500 million
Owners
:
Mr. Prawin Mahaganesh
Lines of Business :
Trading and
Distribution of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1998
Brand Name :
Cahaya Terang
Technical Assistance
:
None
Number of Employee :
6 persons
Marketing Area :
Local - 100%
Main Customer :
Individual and Tailor
Market Situation :
Very Competitive
Main Competitors :
a. DUNIA LARIS
b. GANESHA JAYA
c. RANI TEX
d. PD. SURYA AGUNG
e. Etc.
Business Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Pusat Grosir Tekstil Mangga Dua
Jalan Arteri Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 6.1 billion
2011
– Rp. 6.6 billion
2012
– Rp. 7.0 billion
Net
Profit (estimated) :
2010
– Rp. 366 million
2011
– Rp. 409 million
2012
– Rp. 441 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Prawin Mahaganesh
Manager -
Mr. Ganesh Mathani
Board of Commissioners :
None
Signatories :
Director
(Mr. Prawin Mahaganesh) is only the authorized person to sign the loan on
behalf of the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Based
on investigation the correct name of the Subject is CAHAYA TERANG not CHHAYA
TERANG as stated in your order ref. no. 231129 dated 1 August 2013.
CAHAYA
TERANG is a sole proprietary company which established in Jaakrta in 1998’s by
Mr. Prawin Mahaganesh (50) an Indonesian businessman of Indian descent. The
company’s authorized capital is not announced in it’s of establishment. In
general, the company with status of sole proprietary company shall increase its
capital continuously together with its business development. We estimated that
CAHAYA TERANG has capital about Rp. 500 million.
CAHAYA
TERANG has been operating since 1998’s dealing with trading, distribution and
retails of textile products. The retails shops located at Ruko Textile Mangga
Dua Block E 1/9, Jalan Arteri Mangga Dua, North Jakarta, a big and the largest
textile trading centre in Jakarta. According information the retails sells of
various textile products for woman, lady’s and man’s with various types among
others are tile fabrics, satin, brocade, apparel fabric, chiffon fabrics,
cotton fabrics, jute fabrics and silk fabrics by using CERRUTY DOBBY, CERRUTY
GEORGETTTE and others. Mr. Prawin Mahaganesh director and owner of the company
went on to say some of the textile products mostly import from China, South
Korea and the rest for locals especially from Bandung, West Java. The whole products
sold through tailor made, trader and shops and others in Jakarta and
surroundings. We observe that CAHAYA TERANG is a small size company of its
kinds which its operation has been growing slowly in the last three years.
In overall
views we find the demand for textile products especially lady’s menswear has
kept on rising 6% to 8% per annum in the last five years. The sharp growth of
the demand was in line with the progress achieved in textile products locals
markets. The demand growth is estimated to continually rising by 6% over the
next five years. Market competition is very sharp considering many other
similar companies operating in the country. CAHAYA TERANG in this case is in a
sufficiently fairly good business position in view of the company has
controlled a wide marketing network in Jakarta and surroundings.
Until
this time CAHAYA TERANG has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The
management of the company is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2010 amounted to Rp. 6.1 billion rose to Rp. 6.6 billion in 2011
increased to Rp. 7.0 billion in 2012 and projected to go on rising by at least
5% in 2013. The operation in 2012 yielded an estimated net profit of at least
Rp. 441 million. So far, we did not heard 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 CAHAYA TERANG is led by Mr. Prawin Mahaganesh (50) a businessman
with experience in trading, import and distribution of textile products. The
company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the
country. So far, we did not hear that the management of the company being filed
to the district court for detrimental cases or involved in any business
malpractices. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. We are convinced CAHAYA
TERANG is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.73 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.85.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.