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Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. CINDERELLA |
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Registered Office : |
Jalan
Tanjungsari No. 20, Tandes, |
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Country : |
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Date of Incorporation : |
29.01.1990 |
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Com. Reg. No.: |
No. AHU-384.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Shoes Industry |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
|
Source : CIA |
Name of
Company :
P.T.
CINDERELLA VILA INDONESIA
A d d r e s s
:
Head Office & Factory
Jalan Tanjungsari
No. 20
Tandes
Surabaya, 60187
East Java
Indonesia
Phones -
(62-31) 7492520, 7492522-24
Fax -
(62-31) 7492528
E-mail - chiangcc@indo.net.id
Land Area - 23,000 sq.
meters
Building Space - 17,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
29 January 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-19668.HT.01.04.TH.98
Dated 13 October 1998
- No. AHU-384.AH.01.02.TH.2008
Dated 7 July 2008
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.061.973.2-057.000
The President of the Republic of Indonesia
No.
B-342/Pres/12/1989
Dated 26 December
1989
The Capital Investment Coordinating Board
- No. 3/I/PMA/1989
Dated 6 January 1989
- No. 534/III/PMA/1990
Dated 19 November 1990
- No. 530/III/PMA/1991
Dated 19 August 1991
The Department of Industry
No.
284/T/Industri/1995
Dated 2 June 1995
Related
Company :
P.T. VICTORY LONG
AGE INDONESIA (Sport Shoes Manufacturing)
Capital
Structure :
Authorized
Capital : US$
2,750,000.-
Issued Capital : US$
2,750,000.-
Paid up Capital : US$
2,750,000.-
Shareholders/Owners
:
a. CINDERELLA ENETERPISE CO. LTD. - US$ 1,375,000.-
Address :
10 Lane 805
Erhsi Road Sec
2, Fangyuan Hsiang
China
b. Mr. Sumadji Widjaja - US$ 688,000.-
Address : Jl. Raya Arjuno 51,
53
Surabaya, East
Java
Indonesia
c. Mr. Kong Hsien Mou -
US$ 687,000.-
Address : Jl. Tanjungsari No. 24
Tandes, Surabaya
East Java,
Indonesia
Lines of
Business :
Shoes Industry
Production
Capacity :
Lady’s Shoes - 4,000,000
pairs p.a.
Total
Investment :
a. Equity Capital - US$ 2.7 million
b. Loan Capital - US$ 6.7 million
c. Total Investment - US$ 9.4 million
Started Operation :
1993
Brand Name :
WORTMANN, DEICHMANN
Technical Assistance :
Cinderella Enterprise Co., Ltd.,
China
Number of Employee :
1,500 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Europe Union
Market Situation :
Very Competitive
Main Competitors :
a. P.T. GRAND KUPA
b. P.T. HARDAYA ANEKA SHOES INDUSTRI
c. P.T. KMK GLOBAL SPORT
d. P.T. PANARUB INDUSTRY
e. Etc.
Business Trend :
Growing
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk
Jalan Jend.
Basuki Rachmat No. 129-137
Surabaya, East Java
Indonesia
b. The Hongkong and Shanghai Banking Corp. Ltd
Hyatt Graha Bumi Modern 1F
Jalan Jend. Basuki Rachmat 106-128
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 147.0
billion
2011 – Rp. 152.0
billion
2012 – Rp. 161.0
billion
2013 – Rp. 84.0 billion (January – June)
Net Profit
(estimated) :
2010 – Rp. 5.9
billion
2011 – Rp. 6.8
billion
2012 – Rp. 7.2
billion
2013 – Rp. 3.8
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Lukman Widjaja
Directors -
a. Mr. Chiang Chi Chien AKA Charles Chiang
b. Mr. Suwiro Widjojo
c. Mr. Kong Hsien Mou
Board of Commissioners :
President Commissioner -
Mr. Suwadji Widjaja
Commissioners -
a. Mr. Chiang Chi Hsiung
b. Mrs. Monica
c. Mrs. Tresye Pangkiey
d. Mr. Kong Ching Chu
Signatories :
President Director (Mr.
Lukman Widjaja) or one of the Directors (Mr. Chiang Chi Chien AKA Charles
Chiang, Mr. Suwro Widjojo or Mr. Kong Hsien Mou) which must be approved by
Board of Commissioner.
Management Capability :
Satisfactory
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. CINDERELLA VILA INDONESIA not P.T. CINDERELLA VILA as
stated in your order ref. no. 240835 dated 22 October 2013.
P.T. CINDERELLA VILA
INDONESIA (P.T. CVI) was established in January 1990 with the authorized
capital of US$ 2,000,000 of which US$ 1,500,000 was issued and fully paid up.
The founding shareholders are Mr. Suwadji Widjaja, an indigenous businessman,
P.T. VICTORY LONG AGE INDONESIA and CINDERELLA ENTERPRISE Co, Ltd., of Taiwan.
The articles of association of the company have frequently been revised. In
September 1998, the authorized capital was raised to US$ 2,750,000 entirely
issued and paid up. In May 2008, P.T. VICTORY LAONG AGE INDONESIA pulled out
and the whole share is controlled by CINDERELLA ENTERPRISE Co., Ltd, of Taiwan
(50.00%), Mr. Suwadji Widjaja (25.02%) and Mr. Kong Hsien Mou of Taiwan
(24.98%). The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-38483.AH.01.02.TH.2008 dated July 7,
2008.
P.T. CVI
obtained a Foreign Capital Investment (PMA) facility issued by the Capital
Investment Coordinating Board (BKPM) to deal with shoe industry. Its plant is
located at Jalan Tanjungsari No. 20, Tandes, Surabaya, East Java on a land of
2.3 hectares having been in operation since 1993. According to its license, the
company has annual production capacity of 4,000,000 pairs of woman’s shoes.
Mrs. Dila, a staff of the company, said that the woman’s shoe products being
produced by the company are shoes made of leather, imitation leather and
fabrics. Some 85% of the basic materials in the form of leathers and sole is
local products and the rest of 15% is imported from Taiwan and other countries.
The presence of PT. CVI in the segment of high-end fashion not only enrich the creativity
and imagination of Indonesian fashion world, but also helped preserve and
introduce Indonesia's footwear products to the international community. She
went on to say that whole woman’s products are produced based on foreign
buyers’ orders in European countries by using WORTMANN, DEICHMANN and other
brands. P.T. CVI is classified as a medium sized company of its kind in the
country of which the operation has been fluctuating in the last five years.
In general, we
observed that before the economic crisis striking Indonesia, the existing shoe manufacturing
companies in Indonesia already encountered many problems like an over
investment and low knowledge skill in the industry which caused many shoes
manufacturing companies to stop operation before the economic crisis striking
Indonesia. Besides that, Indonesian shoes producers also got strong competition
from Vietnam, the new comer which may appear as the quite heavy competitor
apart from the People's Republic of China.
If Indonesian
shoes export value in 2005 reached US$ 1,428 million, rose to US$ 1,599 million
in 2006 and rose again to US$ 1,637 million in 2007 to US$ 1,885 million in
2008, dropped to US$ 1,734 million in 2009 and increase to US$ 2,000 million in
2010. Footwear export in 2012 was encouraging about 10%.
According Indonesian Footwear Association (Asprindo), shoes exports in 2011
reached US$ 3.1 billion. This figure is up 25% from last year's U.S. $ 2.5
billion. Eddy Widjanarko, ASI Chairman, explained that the increase in exports
was driven ability of local manufacturers to meet demand, both producer large
and small brands. However, the value of these export do not fit the previous
set target of US$ 3.2 billion. Because, had some time bookings decreased
approximately 10% -20% compared to the months typically. European fears of
uncertain conditions make export demand was restrained. While footwear sales in
the domestic market reached Rp. 24 trillion to Rp. 25 trillion. This figure is
up 10% from 2010's Rp. 22 trillion. Footwear manufacturers still rely on
moments of this year's New School Year and other religious holidays to boost
sales.
It’s projected
the Indonesian shoes export value will be increase in the next two years. P.T.
CVI is doing quite well in the above business, because whole of its production
has been exported. The national shoes production and export value, as shown on
the table below:
National Shoes Production and Exports Value 2005-2012
|
Year |
Production (Million
Pairs) |
Million US$ |
|
2005 |
820,870 |
1,428 |
|
2006 |
822,624 |
1,599 |
|
2007 |
797,945 |
1,637 |
|
2008 |
771,144 |
1,885 |
|
2009 |
759,577 |
1,734 |
|
2010 |
779,500 |
2,500 |
|
2011 |
1,013,350 |
3,300 |
|
2012 |
1,189,000 |
3,500 |
Until this time
P.T. CVI has not been registered with Indonesian Stock Exchange, so that they
had not obliged to announce their financial statement. The
management of P.T. CVI 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. 147.0 billion rose to Rp. 152.0 billion
in 2011 increased to Rp. 161.0 billion in 2012. As from January to June 2013
the sales turnover amounted at Rp. 84.0 billion with a net profit of Rp. 3.8
billion. It is projected the sales will be rising by at least 6% in 2014. We
observe that P.T. CVI is supported by foreign partner 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 company usually
pays its debts punctually to suppliers.
The management
of P.T. CVI is led by Mr. Lukman Widjaja (68) a businessman and professional
manager with experience in shoes industry. In his daily activity he is assisted
by Mr. Kong Hsien Mou (50), Mr. Chiang Chi Chen AKA Charles Chiang (58), Mr.
Suwiro Widjojo (64) 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.
CINDERELLA VILA INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.98.65 |
|
Euro |
1 |
Rs.83.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.