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Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CITRA
BINTANG FAJAR INDO |
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|
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Registered Office : |
Jalan Manyar Kertoadi Block W-XII No. 26 Manyar Regency 312 A Surabaya, 60117 East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
04.10.2011 |
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Com. Reg. No.: |
No. AHU-05523.AH.01.01.TH.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Lighting |
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No. of Employees : |
13 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
P.T. CITRA BINTANG FAJAR INDO
Head Office
Jalan Manyar
Kertoadi Block W-XII No. 26
Manyar Regency
312 A
Surabaya, 60117
East Java
Indonesia
Phones -
(62-31) 7773 7767, 7773 7797
Fax - (62-31) 5993680
E-mail - info@evershiny-led.com
Website - http://www.evershiny-led.com
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
4 October 2011
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-05523.AH.01.01.TH.2012
Dated 2 February
2012
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
UD. GUNUNG BERLIAN
(Trading, Export Import and Distribution of Dried and Raw Material of
Herbs/Turmeric and Spices)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp. 250,000,000.-
Shareholders/Owners
:
a. Mr. Petrus Sariowan - Rp.
125,000,000.-
Address :
Jl. Delima 19
Surabaya, East
Java
Indonesia
b. Mr. Edward Alexander Sariowan - Rp.
125,000,000.-
Address : Jl. Delima 19
Surabaya, East
Java
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Lighting
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2012
Brand Name :
EVERSHINY
Technical
Assistance :
None
Number of
Employee :
13 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing and Office Buildings
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ARTOLITE INDAH
MEDIATAMA
b. P.T. FOKUS
INDO LIGHTING
c. P.T. GUNUNGSARI WIDITAMA JAYA
d. P.T. SAHABAT
INDONESIA INTI MANDIRI
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan Pemuda
Surabaya, East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Kapas Kampung
Surabaya, East
Java
Indonesia
c. P.T. Bank PANIN Tbk
Surabaya Main Branch
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
Annual Sales
(estimated) :
2012 – Rp. 3.8
billion
Net Profit
(estimated) :
2012 – Rp.190
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Edward Alexander Sariowan
Board of Commissioners :
Commissioner -
Mr. Petrus Sariowan
Signatories :
Director (Mr. Edward
Alexander Sariowan) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. CITRA BINTANG
FAJAR INDO (P.T. CBFI) was established in Surabaya, East Java based on notary
deed of Mr. Imam Sudjono Hermanto, SH., No. 09 dated 4 October 2011 with the
authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000
entirely paid up. The company was founded by Mr. Petrus Sariowan (50%) and his
son Mr. Edward Alexander Sariowan (50%). Based on our knowledge up to writing
the report the notary documents of the company have not undergone any changes.
The notary deed of incorporation was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-05523.AH.01.01.TH.2012 dated February 2,
2012.
P.T. CBFI has
been operating since 2012 dealing with trading, import, retail and distribution
of lightings and equipments. The whole merchandise goods products are Arena
Light, Down Light, Flood Light, Industrial Light, Street Light, Led Tube, Led
Bulb, Led Panel Light and Track Light. The company is the sole
distributor in Indonesia with EVERSHINY trademark of China. In accordance with
the company's mission to promote the program by using environmentally friendly
products that save energy, then the company introduces the product Light
Emitting Diode (LED) to the general public to support the "GO GREEN with
ENERGY SAVING". Light
Emitting Diode (LED) lamp is a new technology is an energy efficient light
source.
When the LED
lights emit visible light in a very narrow spectrum of waves, they (LED chip)
can produce "white
light". This is in accordance with the unified arrangement of red-blue-green
or blue LED coated phosphorus. At the traffic light signals using a LED 10
Watt, equivalent to 196 LEDs replace incandescent 150 Watt. EVERSHINY Lighting
is an international brand LED lighting products marketed by PT. Citra Indo
Morning Star is the sole distributor of Indonesia are manufacturing LED
lighting product that has reached achievements as an Authorized Official
Lighting Supplier in multi-nation event ASIAN GAMES 2010 in China. The whole
products marketed locally to various industries, road contracting, building
contracting, hospitals, and also through trader and shops in Surabaya,
Semarang, Yogyakarta, Bandung and other cities in the country. We observe that
P.T. CBFI is still relatively new operation and the last one year.
Starting in the
second semester 2008, many markets in various parts of the world experienced
adverse economic condition. This condition was triggered by, amongst others,
the housing and mortgage loans crisis in the United States of America (US) that
spread to securities, structures products and commodity markets. The volatility
in the US markets coupled with the sharp appreciation in the US Dollars and a
series of corporate bankruptcies and takeovers enabled the crisis to spread to
other parts of the world. The impact of the global economic crisis has also
been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease,
commodity prices decreased, securities market declines, interest rate
increased, followed by decreases, tightened liquidity conditions, and increased
credit risks. Up to this time, the Company has not significantly suffered from
the economic crisis. In response to these economic events, during 2010 the
Company has plans as follows: Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, etc. In spite of the adverse economic conditions,
management believes that the Company will be able to continue operating as
going concern for the foreseeable future.
Until this time
P.T. CBFI 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
the first year operation 2012 amounted to Rp. 3.8 billion 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. 190 million and the company has an estimated total
networth of at least Rp. 1.0 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. CBFI is led by Mr. Edward Alexander Sariowan (34) a businessman and
professional manager with experience in trading, import and distribution of
lighting and equipment. Daily activity he is assisted by his father Mr. Petrus
Sariowan (63) as Commissioner. 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.
CITRA BINTANG FAJAR INDO is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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.