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Report Date : |
31.10.2013 |
IDENTIFICATION DETAILS
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Name : |
C.V. KARYA MULIA |
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Registered Office : |
Jalan Raya Lenteng Agung 30 A, Depan Tanjung Mas Raya, Kelurahan
Lenteng Agung, Kecamatan Jagakarsa, |
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Country : |
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Date of Incorporation : |
20.05.1996 |
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Com. Reg. No.: |
NPWP No. 01.750.393.9-017.000 |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Trading, Import and Distribution of Granite and Marble |
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No. of Employees : |
18 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 : |
Slow but Correct |
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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 |
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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 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 |
Name of Company :
C.V. KARYA MULIA
Address :
Head Office &
Showroom
Jalan Raya Lenteng Agung 30 A
Depan Tanjung Mas Raya
Kelurahan Lenteng Agung, Kecamatan Jagakarsa
Jakarta Selatan, 12610
Indonesia
Phone -
(62-21) 788 36519
Fax - (62-21) 788 36521
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
20 May 1996
Legal Form :
C.V. (Commanditaire Vennootschap) or Partnership with Sleeping Partner
Company Reg. No. :
Not Required
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.750.393.9-017.000
Related Company :
None
Capital Structure :
Owned Capital : Rp. 800 million
Owners :
a. Mr. Mulazim
(Active Partner)
b. Mr. Mukslisin (Silent Partner)
Lines of Business :
Trading, Import and Distribution of Granite and Marble
Production Capacity :
None
Total Investment :
None
Started Operation :
1996
Brand Name :
Kaya Mulia
Technical Assistance :
None
Number of Employee :
18 persons
Marketing Area :
Local - 100%
Main Customer :
Building Contracting, Property and Real Estate
Market Situation :
Very Competitive
Main Competitors :
a. ADP MARMER & GRANITE
b. P.T. ADHINATA KARYA MARMER
c. CAHAYA MARMER
d. P.T. GRAMER
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
Jalan Raya Lenteng Agung
Jagakarta
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 12.9 billion
2011 – Rp. 13.9 billion
2012 – Rp. 15.0 billion
2013 – Rp. 8.0 billion (January
– June)
Net Profit (estimated) :
2010 – Rp. 0.9 billion
2011 – Rp. 1.0 billion
2012 – Rp. 1.1 billion
2013 – Rp. 0.6 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Mulazim
Board of Commissioners :
Commissioner - Mr. Mukhlisin
Signatories :
Director (Mr. Mulazim) is only the authorized
person to sign the loan on behalf of the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
C.V. KARYA MULIA (C.V. KM) was established in South Jakarta based on
notary deed of Mrs. Endang Antariksa, SH., No. 11 dated 20 May 1996 with the
legal status of Commanditaire Vennootschap or partnership with sleeping
partner. Founders and owners of the company are Mr. Mulazim as active partner
and Mr. Mukhlisin as silent partner, both are indigenous businessmen. Being as
Commanditaire Vennootschap (C.V), the amount of its authorized capital was not
mentioned at the time of its establishment. In our estimate, the company has
own capital of about Rp. 800 million and it will be rising in line with the
progress of its business operation.
C.V. KM has been operating since 1996 engaged in the field of trading,
import and distribution of marble and granite. The company manages warehouse
located at Jalan Raya Cibarusah, Cikarang, Jonggol, West Java standing on 2,500
sq. meters. According information the marble stone and granite stone in the
form of slabs imported from China, India, Italy, Spain and others countries,
while the rest is also obtained from Makassar, South Sulawesi. Then, the whole
marble slabs and granite slabs is cutting and processing in their warehouse,
Jonggol, West Java. The company has a complete set of advanced processing
equipment, such as block cutter machines, automatic polishing processing lines
and slabs, Gangsaw machines with 200 blades & special craft machines
tumble, borders and irregular shaped processing equipment from China. The whole
products marketed locally to various distributors and trader of marble and
granite stones in Jakarta, and surroundings. Mr. Mulazim, Director of the
company said most of the products marketed and supplied to various real estate,
building contracting among others P.T. ADHI KARYA Tbk, P.T. PEMBANGUNAN
PERUMAHAN Tbk and other high-class housing in Jakarta and surroundings. We
observe the operation of C.V. KM has been growing in the last three years.
Thus, utilization of industrial ceramic production
in the country could be maximized. Indonesian Ceramic Industry Association
(Asaki) estimated production of ceramics by the end of 2012 reached 330 million
square meters, up 10% over last year's realization of 300 million square meters
thanks to the improving macro-economic conditions nationwide.
For this year, the national ceramics production can
penetrate 330 million square meters, an increase of 10% due to improved
macroeconomic nationwide. This is impacting on the growing purchasing power.
Improved macro-economic conditions nationwide, according to Elisa (Asaki) makes
the construction of both residential property and office continues to grow,
contribute to a ceramics manufacturer in the country to increase production
capacity. The increase in production capacity of ceramic is also supported by
the additional supply of gas because the gas supply increasingly filled the
ceramic industry can produce optimal.
Production Capacity and Export Value of National Ceramic Industry, 2008 –
2012
|
Year |
Production (Million Sq.
Meters) |
Export (Thousand
US$) |
|
2008 |
264.0 |
33,614.4 |
|
2009 |
281.9 |
29,087.0 |
|
2010 |
327.0 |
22,824.3 |
|
2011 |
300.0 |
17,204.2 |
|
2012 |
330.0 |
18,924.6 |
Source: Department of Industry and Trade (Processed by ICB)
Until this time C.V. KM 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 2010 amounted to Rp. 12.9 billion rose to Rp. 13.9 billion in 2011
increased to Rp. 15.0 billion in 2012. As from January to June 2013 the sales
turnover has amounted at Rp. 8.0 billion with a net profit of Rp. 0.6 billion.
It is projected the sales will be higher by at least 6% in 2014. 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 C.V. KM is led by Mr. Mulazim (50) a businessman with
experience in trading, import and distribution of marble and granite. Daily
activity he is assisted by Mr. Mukhlisin (43) 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. C.V. KARYA MULIA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.49 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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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.