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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Correct Name |
P.T. CITILINK INDONESIA |
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Formerly Known as: |
PT. GARUDA INDONESIA |
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Registered Office : |
Menara Citicon, 16th Floor, Jl. S. Parman Kav. 72,
Slipi, Jakarta Barat 11410 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.01.2009 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-34590 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Scheduled
Air Transportation Services |
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No. of Employees : |
140 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
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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.
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Source : CIA |
P.T. CITILINK INDONESIA
Head Office
Menara Citicon, 16th Floor
Jl. S. Parman Kav. 72, Slipi
Jakarta Barat 11410
Indonesia
Phones -
(62-812) 1035538 (John Natal)
E-mail - john.natal@citilink.co.id
Website - http://www.citilink.co.id
Building Area - 22 storey
Office Space - 480 sq. meters
Region - Commercial
Status - Rent
Operational Office
a.
Bandara
International Soekarno Hatta
Gedung GMF, 3rd Floor, Pajang
Airport Cengkareng
Jakarta 15126
Phones - (62-21) 5508662, 5508709
Fax. - (62-21) 5501615
b.
Juanda
Business Centre Blok C/2
Jl. Ir. H. Juanda
Raya No. 2, Waru
Surabaya 61256
East Java
Phones - (62-31) 8549860, 8554914, 8554934
Fax. - (62-31) 5340165
2001 as CITILINK is a subsidiary of PT. GARUDA INDONESIA, and changed its name to P.T. CITILINK INDONESIA, on January 6, 2009.
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-14555.AH.01.01.Tahun 2009
Dated 22 April 2009
b. No.
AHU-47100.AH.01.02.Tahun 2012
Dated 04 September 2012
c. No.
AHU-AH.01.10-34590
Dated 29 September 2012
National
Private Company
a. The Department of Finance
NPWP No. 02.827.597.2-643.000
b. The Department of Communication
SIUAU/NB-027, dated 27 January 2012
P.T.
GARUDA INDONESIA (Scheduled Airlines Services and Investment Holding)
Capital
Structure :
Authorized Capital - Rp. 1,700,000,000,000
Issued Capital - Rp. 431,710,000,000
Paid up Capital - Rp. 431,710,000,000
Shareholders/Owners
:
a.
P.T. GARUDA INDONESIA Tbk - Rp.
406,960,000,000.- (94.27%)
Address : Garuda
Indonesia Building
Jl. Kebon Sirih No. 44
Jakarta Pusat
Indonesia
b. P.T. AEROWISATA -
Rp. 24,750,000,000.- ( 5.73%)
Address :
Aerowisata House, 3rd Floor
Jl. Prapatan No. 32, Kwitang
Jakarta Pusat
Indonesia
Lines
of Business :
Scheduled
Air Transportation Services
Production
Capacity :
a.
Airbus A320 jets -
14 units
b.
Boeing 737-300 Airplanes - 6 units
c.
Boeing 737-400 Airplanes - 1 unit
Total
Investment :
a. Equity Capital - Rp. 75.0
billion
b. Loan Capital -
Rp. 25.0 billion
c. Total Investment - Rp.100.0 billion
Started
Operation :
2001
Brand
Name :
CITILINK
Technical
Assistance :
None
Number
of Employee :
140
persons
Marketing
Area :
Domestic (Local) - 100%
Main
Customer :
Corporate
and Publics
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. SRIWIJAYA AIR
b.
P.T. LION MENTARI AIRLINES
c.
P.T. PELITA AIR SERVICES
d.
P.T. AIRASIA AIRLINES
e.
Etc.
Business
Trend :
Growing
Bankers
:
a. P.T. Bank
MANDIRI Tbk
Mandiri Plaza
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
b. P.T. Bank
NEGARA INDONESIA Tbk
Wisma BNI Kota 46
Jalan
Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Total
Income/Revenue (estimated) :
2009
– Rp. 830.0 billion
2010
– Rp. 920.0 billion
2011
– Rp. 1,160.0 billion
2012
– Rp. 1,820.0 billion
Net
Profit (estimated) :
2009
– Rp. 37.0 billion
2010
– Rp. 42.0 billion
2011
– Rp. 53.0 billion
2012
– Rp. 85.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Muhammad Arif Wibowo
Director -
a. Mr. Ir. Albert Burhan, MM
b. Mr. Hadinoto Soedigno
IT Support Senior Manager - Mr. John Natal
Board of Commissioners :
President Commissioner - Mr. Elisa Lumbantoruan
Commissioner - Mr. Alexander
Maria Tae Maneklaran
Signatories :
President
Director (Mr. Muhammad Arif Wibowo) or one of Directors (Mr. Ir. Albert Burhan,
MM or Mr. Hadinoto Soedigno) which must be approved by Board of Commissioners
(Mr. Elisa Lumbantoruan and Mr. Alexander Maria Tae Meneklaran)
Management Capability :
Good
Business Morality :
Good
Originally named CITILINK, it was established in 2001 as a
subsidiary of PT. GARUDA INDONESIA Tbk., a scheduled airline services. The company's shares are entirely controlled
by the Indonesian government. CITILINK provides
daily low-cost airline services to exciting destination within Indonesia. On January 6, 2009 the company’s name was
changed to P.T. CITILINK INDONEISA, with an authorized capital of Rp
100,000,000,000 of which Rp. 75,000,000,000 was issued and fully paid up. The
founding shareholders of the company are PT. GARUDA INDONESIA
Tbk. (67%) and P.T. AEROWISATA (33%).
The Articles of Association was made by Arikanti Natakusumah, SH., a
notary in Jakarta and it was approved by the Ministry of Law and Human Right in
its Decision Letter No. AHU-14555.AH.01.01.Tahun 2009 dated April 22,
2009.
The articles of association of the company have frequently been revised, most recently by notarial deed of Jose Dima Satria, SH., No. 27 dated August 29, 2012 the authorized capital was raised again to Rp. 1,700,000,000,000.- of which Rp. 431,710,000,000.- was issued and fully paid up. Since the time, the shareholders of the company are PT. GARUDA INDONESIA Tbk (94.27%) and P.T. AEROWISATA (5.73%). The amendment to Article of Association has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-34590 dated September 24, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. CITILINK
INDONESIA (CITILINK) is engaged in low-cost airline services which have been
operating since 2001. CITILINK
originally commenced operation using 5 Fokker F28 being the remnants of the F28
fleet operated by Garuda Indonesia.
Then, CITILINK ceased operations on 15 January 2008 with plans to
consolidate and recommence operations with a new format and new services in the
first quarter of 2008, CITILINK was subsequently re-inaugurated on August 8,
2008 by Emirsyah Satar, CEO of Garuda Indonesia. In August 2008 it was announced that CITILINK
would resume services with flights starting in September 2008. Issued investment reached US$ 10 million with
detail of 60% for fuel, 17% for aircraft maintenance and the rest for other expenses. Under new management CITILINK operates from a
base Surabaya with also services as a hub for their operations.
At present,
CITILINK operates 6 units new Boeing B737-300 airplanes, each with a 148 seats
capacity, 14 units modern Airbus A320-200 jets which seat up to 180 passengers
and one Boeing 737-400 with 130 passengers.
CITILINK’s daily network serves Surabaya, Batam, Banjarmasin, Denpasar,
Balikpapan, Medan and Makassar from their two hubs in Jakarta and
Surabaya. As of the last 2013, CITILINK
plan to quadruple the number (15 units) of Airbus A320-200s in their fleet,
from 5 to 20. CITILINK’s national
network will offer far more destination by the end of the year. Other new destinations already on the lists
for this year are Yogyakarta, Padang, Semarang, Pekanbaru and Lombok.
To participate in
the fast growing low fares segment of the market and provide the tradition of
quality, safety and security of the Garuda Indonesia group for this segment,
The company plans to spin off CITILINK as a new business entity from their
corporate parent. CITILINK will commence operations as a separate company
within the first semester of this year.
We noticed that the operation CITILINK continues to develop quite rapidly
in the last five years.
In general we
noticed that the demand for air transportation services (aircraft) increased
during the past five years. It can be seen from the development of domestic
flight air traffic. According to Central Bureau of Statistics, the number of
domestic air passenger departure, in the year 2008 as many as 31,911,400
passengers rose to 35,659,207 people in 2009 and increased to 43,779,723 people
in 2010. While the number of domestic air passengers arrivals, in the year 2008
as many as 28,312,958 peoples, increased to 34,320,813 peoples in 2009 rose to
39,383,172 people in 2010 to 44,109,153 peoples in 2011 and it estimated to
rose again to 47,220,740 peoples in 2012.
We observed that this increase also accompanied by the increasing number
of passenger for overseas flight traffic. Business position of CITILINK is
pretty good because it represents one of low-cost airline service that has a
good performance and very satisfying.
Until this time P.T. CITILINK INDONESIA or CITILINK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of CITILINK is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total income/revenue of the company in 2010 amounted to Rp. 920.0 billion increased to Rp. 1,160.0 billion in 2011 rose again to Rp. 1,820.0 billion in 2012 and projected to go on rising by at least 12% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 85.0 billion and the company has an estimated total asset of at least Rp. 1,560 billion. We observe that CITILINK is supported by PT. GARUDA INDONESIA Tbk., with has financially strong and sound behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of CITILINK is led by Mr. Muhammad Arif Wibowo (47) a professional manager with experience in schedule airline services. In his daily activity he is assisted by Mr. Ir. Albert Burhan, MM (46) and Mr. Hadinoto Soedigno (61), respectively as director. 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. CITILINK INDONEISA or CITILINK is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.