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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.V. CITRA SENTOSA |
|
|
|
|
Registered Office : |
Jl. Margomulyo No. 44 Blok 00/31 (Komp. Pergudangan Suri Mulia Permai) Surabaya, East Java |
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
2005 |
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|
|
|
Legal Form : |
Partnership with sleeping partners |
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|
|
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Line of Business : |
Importing services of agricultural products. |
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|
|
|
No. of Employees : |
8 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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
C.V. CITRA SENTOSA
Head
Office
Jl. Margomulyo No. 44 Blok 00/31
(Komp. Pergudangan Suri Mulia Permai)
Surabaya,
East Java
Indonesia
Phone -
(62-31) 749 9243
Fax - (62-31) 749 9243
Building Area - 650 sq. meters
Office Space - 120 sq.
meters
Region - Commercial
Status - Rent
Year
of Incorporation :
2005
Legal
Form :
C.V.
(Commanditaire Vennootschaap) or partnership with sleeping partners
Company Reg. No. :
Not
Required
Company
Status :
Private
National Company
Permit by the Government Department :
a. The Ministry of Trade
API No. 130101933 U
b.
Gabungan Importir Nasional Seluruh Indonesia (Ginsi)
Member No.
850/IMP/C/06
Related
Company :
None
Capital
Structure :
Owned
Capital -
Rp. 500 million
Shareholders/Owners
:
a. Mr. Gatot Jayadikarta (Active
Partners)
b. Mrs. Gatot Jayadikarta (Silent Partner)
Lines
of Business :
Importing
Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2005
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
8
persons
Marketing
Area :
Domestic
(Local) - 100%
Main
Customer :
Traditional
markets
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Adi Surya Sampurna
b.
PT. Bangun Citra Irawan
c.
PT. Berkat Anugerah Raya
d.
PT. Cakrawala Bahari
e.
PT. Delphia Prima Jaya
f. CV. Citra Abadi
g. CV. Dasamas Multi Trade
h. Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk.
Jl. Veteran
No. 18-24
Surabaya,
East Java
Indonesia
b. P.T. Bank PERMATA Tbk.
Jl.
Diponegoro No. 52
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Total
Income/Revenue (estimated) :
2009
– Rp. 16.2 billion
2010
– Rp. 18.5 billion
2011
– Rp. 21.0 billion
2012
– Rp. 24.5 billion
Net
Profit (Loss) :
2009
– Rp. 402 million
2010
– Rp. 458 million
2011
– Rp. 520 million
2012
– Rp. 612 million
Payment
Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Gatot Jayadikarta
Operational Manager - Mr. Wuryanto
Board
of Commissioner :
None
Signatories :
Director (Mr.
Gatot Jayadikarta) is the only who is authorized to sign the loan on behalf of
the company
Management
Capability :
G o o d
Business
Morality :
G o o d
Credit
Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small
amount – periodical review
C.V. CITRA SENTOSA (CV. CS) was
established in 2005 in Surabaya, East Java, with the legal status of Commanditaire
Vennootschaf (C.V) or partnership with sleeping partner. The founding owners of the
Company are Mr. Gatot Jayadikarta as active partner and his wife Mrs. Gatot
Jayadikarta as silent partner both are Indonesian business persons of Chinese
extraction. Being as a C.V. company, the amount of its authorized capital was
not mentioned at the time of its establishment. We estimated that now CV. CS has own capital
of about Rp. 500 million and it will be rising in line with the progress of its
business operation. No
changes have been effected in term of its shareholding composition and capital
structures to date.
CV. CS started with operating since 2005 engaged in the field of importing services of agricultural products. Mr. Agus Satpama, a senior staff of the company explained that CV. CS imported of garlic, chili, soybean, onion, peanut, green beans, vermicelli, etc., from China and India. Besides, the company also imported of fresh fruits like apple, orange, pier, kiwi, grape and others from Australia, New Zealand and USA. To support its operations, the company is in cooperation with several shipping companies within and outside the country. Besides, the company also serves document handling of the imported goods such as seaport administration, customs clearance and others. We observed that CV. CS is classified as a small-sized company of its kind in the country of which the operation has been growing slowly in the last three years.
Generally,
local demand for importing services has been fluctuating in the last five years
as evident from the domestic and international aircraft traffic (passenger and
cargo) as shown below:
Domestic Aircraft Traffic
|
Year |
Passenger (Person) |
Cargo (Tons) |
||
|
Departure |
Arrival |
Loaded |
Unloaded |
|
|
2005 |
25,329,828 |
24,053,222 |
203,356 |
154,313 |
|
2006 |
29,167,100 |
27,184,367 |
192,303 |
149,699 |
|
2007 |
31,168,400 |
27,963,707 |
202,966 |
162,527 |
|
2008 |
31,911,400 |
28,312,958 |
238,166 |
156,301 |
|
2009 |
35,659,207 |
34,320,813 |
230,544 |
159,330 |
|
2010 |
43,779,723 |
39,383,172 |
274,200 |
197,758 |
|
2011 |
51,517,316 |
46,868,408 |
315,166 |
204,065 |
|
2012 |
54,543,900 |
55,367,241 |
343,032 |
209,742 |
Source: Central Bureau of Statistic (BPS)
International Aircraft Traffic
|
Year |
Passenger (Person) |
Cargo (Tons) |
||
|
Departure |
Arrival |
Loaded |
Unloaded |
|
|
2005 |
5,528,934 |
5,642,926 |
139,108 |
94,874 |
|
2006 |
5,706,540 |
5,531,303 |
136,444 |
103,114 |
|
2007 |
6,435,353 |
6,141,606 |
155,298 |
110,750 |
|
2008 |
7,134,948 |
6,828,585 |
176,818 |
162,385 |
|
2009 |
7,969,548 |
7,786,625 |
167,317 |
136,149 |
|
2010 |
9,622,150 |
9,361,870 |
199,565 |
182,763 |
|
2011 |
10,828,006 |
10,398,612 |
159,069 |
152,329 |
|
2012 |
11,860,631 |
11,010,032 |
168,547 |
159,009 |
Source: Central Bureau of Statistic (BPS)
Until
this time CV. CS has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. We observed that total income/revenues of
the company in 2010 is Rp. 18.5 billion increased to Rp. 21.0 billion in 2011
and rose again to Rp. 24.5 billion in 2012.
The operation in 2012 yielded an estimated net profit at least Rp. 612
million and the company has an estimated total networth at Rp. 3.5
billion. It is forecasted that total
sales turnover of the company will increase at least 6% in 2013. So far, we have never heard of the company
having been black listed by the Central Bank (Bank Indonesia).
The
company is led by Mr. Gatot Jayadikarta (45), a businessman with has
experienced for more than 12 years in the field of importing services. In his daily activities, he is assisted by
Mr. Wuryanto (44) as Operational Manager.
We observed that management’s reputation in said business is
sufficiently fairly good. The company has had wide relation in the realm of the
private businessmen within and outside the country. 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.
CITRA SENTOSA is appraised a good enough for business transaction. But owing to
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
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.