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Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. CAHAYA SUBUR PRIMA |
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Registered Office : |
Ruko Graha Mas Block C No. 9 Jalan Raya Perjuangan No. 1 Kebon Jeruk Jakarta Barat, 11530 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.04.2000 |
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Com. Reg. No.: |
Limited Liability Company |
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Legal Form : |
No. AHU-43149.AH.01.02.TH.2008 |
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Line of Business : |
Soap Manufacturing |
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No. of Employees : |
327 persons |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. 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 small current account surplus, a fiscal deficit below 2%, 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 2012 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 rising oil prices.
Source
: CIA
P.T. CAHAYA
SUBUR PRIMA
Head Office
Ruko Graha Mas Block C No. 9
Jalan Raya Perjuangan No. 1
Kebon Jeruk
Jakarta Barat,
11530
Indonesia
Phones -
(62-21) 5300205, 5358178
Fax - (62-21) 5300230
E-mail - cspmarketing@cbn.net.id
Website - http://www.cahayasuburprima.com
Building Area - 2 storey
Office Space - 200 sq. meters
Region -
Commercial
Status -
Rent
Factory
Kawasan Industri Mekar Jaya
Jalan Karet Jaya IV No. 3
Cadas Sepatan,
Tangerang, 15520
Banten Province
Indonesia
Phones -
(62-21) 5937 0402 (Hunting)
Fax - (62-21) 5937 0414
Land Area - 10,000 sq.
meters
Building Space - 7,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
2 April 2000
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
C-UM.02.01.4733
Dated 27 April
2004
- No. AHU-43149.AH.01.02.TH.2008
Dated 21 July 2008
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.097.577.7-035.000
Related
Company :
P.T. SUMBER CAHAYA
HARAPAN GEMILANG (Trading and Distribution of Food and Beverages)
Capital
Structure :
Authorized
Capital : Rp.
3,000,000,000.-
Issued Capital : Rp.
2,000,000,000.-
Paid up Capital : Rp.
2,000,000,000.-
Shareholders/Owners
:
a. Mr. Muljadi Tanata -
Rp. 1,400,000,000.-
Address :
Jl. Kembang Molek IV/J6/15, RT. 010 RW. 003
Kelurahan
Kembangan Selatan, Kecamatan
Kembangan,
Jakarta Barat
Indonesia
b. Mr. Hasril Nursali -
Rp. 600,000,000.-
Address : Jl. Jelambar Ilir,
RT. 006 RW. 010
Kelurahan
Jelambar Baru, Kecamatan
Grogol
Petamburan, Jakarta Barat
Indonesia
Lines of
Business :
Soap
Manufacturing
Production
Capacity :
a. Soaps (Baby Cute, Leora, MP-3,
Neola, Palm Wash, Switso, White Balance) - 62,730 cartons p.a.
b. Cologne - 6,000 cartons p.a.
c. Body Lotions (Body Preparation) -
9,180 cartons p.a.
d. Shampoo (Hair Preparation) - 50,000 cartons
p.a.
Total
Investment :
Owned Capital - Rp. 3.0
billion
Started
Operation :
2000
Brand Name :
Cahaya Subur
Prima
Technical
Assistance :
None
Number of
Employee :
327 persons
Marketing Area
:
Local - 90%
Export -
10%
Main Customer
:
a. CARREFOUR
b. GIANT
c. ALFAMART
d. INDOMARET
e. Distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BINA
KARYA PRIMA
b. P.T. BUKIT
PERAK
c. P.T. PZ CUSSON
INDONESIA
d. P.T. SAYAP MAS UTAMA
e. P.T. WINGS
SURYA
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Raya
Perjuangan
Kebon Jeruk
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 31.0
billion
2011 – Rp. 32.3
billion
2012 – Rp. 33.8
billion
Net Profit
(estimated) :
2010 – Rp. 2.2
billion
2011 – Rp. 2.5
billion
2012 – Rp. 2.8
billion
Payment Manner
:
Average
Financial Comments
:
Satisfactory
Board of Management :
Director - Mr. Muljadi Tanata
Manager -
Mr. Djulizar Noersali
Board of Commissioners :
Commissioner -
Mr. Hasril Nursali
Signatories :
Director (Mr. Muljadi Tanata)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical
review
The correct name
of the Subject is P.T. CAHAYA SUBUR PRIMA not P.T. CAHAYA SUBUR PRIMA SOAP
MANUFACTURER as stated in your order ref. no. 207025 dated 11 January 2013.
P.T. CAHAYA
SUBUR PRIMA (P.T. CSP) was established in Jakarta in April 2000 with the
authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000 fully
and paid up. The founding and shareholders of the company are Mr. Muljadi
Tanata and Mr. Hasril Nursali, both are Indonesian businessmen of Chinese
descents. The company notary deed had been changed a couple of times. Then
according to the latest revision of notary documents of Mr. Edi Priyono, SH.,
No. 29 dated 15 May 2008 the company authorized capital was increased to Rp.
3,000,000,000 issued capital to Rp. 2,000,000,000 entirely paid up. With this
development the composition of its shareholders has been changed to become Mr.
Muljadi Tanata (70%) and Mr. Hasril Nursali (30%). The latest revision of
notary documents was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-43149.AH.01.02.TH.2008 dated July 21, 2008.
P.T. CSP is a
private company started to be operating since 2000 engaged in the field of soap
manufacturing. The plant is located at Kawasan Industri Mekar Jaya, Jalan Karet
Jaya IV No. 3, Tangerang, Banten Province standing on a land of 1 hectare. The
factory is located in a 1 hectare manufacturing facility in Tangerang
Indonesia, minutes away from the Soekarno-Hatta International Airport. The
company is established by young talented and experienced people in the industry
not just in the manufacturing technicalities but long exposure in marketing of
personal care products overseas. This advantage makes the company understand
deeply the fundamentals of the market thus making it easy for in developing a
more precise product specification to answer the needs of a particular customer
or country. Their GMP certified facilities started as a toilet soap
manufacturing company after which through customer requests they expanded to
liquid products (body wash, shampoo, lotions, creams, colognes, and many more).
The company also produces OEM (Oriented products Export Manufacturing) in
accordance with company formulations. Integrity is a vital pillar of any
business at the company, P.T. CSP respect confidentiality of all formulas,
brands or trade secrets given to them by any customer. Some 90% of the products
like soap marketed locally by using brands such as Baby Cute, LEORA, Neola,
MP-3, Palm Wash, Switso, White Balance; Cologone using CAZBLACK, CAZPINK;
Lotion using White Balance and others. Meanwhile the rest 10% is exported to
Mid East, and Asian countries. We observe that P.T. CSP is classified a small
size company of its kinds in the country of which operation has been running
smoothly and growing stable in the last three years.
Generally
outlook we find that detergent industry had been increasing within the last
five years, but soap industry declining since mid-1997 to the end 1998 and
since then rose again. But competition is very tight due to a large number of
similar companies operating in the country, among others, P.T. UNILEVER
INDONESIA, P.T. KAO INDONESIA, P.T. FILMA UTAMA SOAP, P.T. SAYAP MAS UTAMA,
P.T. WINGS SURYA, P.T. MUSIM MAS, etc. The following table shows the detergent
and soap production in Indonesia:
Development of Detergent Production, 2005 – 2012*
(Ton)
|
Year |
Powder |
Cream |
Bar |
Liquid |
|
2005 2006 2007 2008 2009 2010 2011 2012* |
165,057 174,960 185,457 196,213 207,789 220,256 231,279 245,156 |
450,460 477,460 504,108 529,108 560,854 594,505 624,230 661,684 |
78,918 83,653 88,583 93,898 99,531 104,507 110,777 117,424 |
56,962 60,380 64,003 67,843 71,913 75,509 80,039 84,841 |
Source: ICB Processing,
2012* (projected)
Until this time
P.T. CSP has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
CSP 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. 31.0 billion rose to Rp. 32.3 billion in 2011 increased to Rp.
33.8 billion in 2012 and projected to go on rising by at least 6% in 2013. The
operation in 2012 yielded an estimated net profit of at least Rp. 2.8 billion
and the company has an estimated total networth of at least Rp. 6.0 billion. 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 P.T. CSP is led by Mr. Muljadi Tanata (43) a businessman with experience in
soap manufacturing and trading. 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.
P.T. CAHAYA SUBUR PRIMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
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 |
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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 |
|
<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.