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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
C.V. CAHAYA CIPTA UTAMA |
|
|
|
|
Registered Office : |
Jalan Simo Katrungan
Kidul VI No. 1, Kelurahan Banyu Urip, Kecamatan
Sawahan, Surabaya, 60254, East Java |
|
|
|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
2005’s |
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|
|
|
Legal Form : |
Partnership with Sleeping Partner |
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|
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Line of Business : |
Trading,
Import and Distribution of Agriculture Commodities Products |
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|
|
|
No. of Employees : |
8 persons |
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 |
|
Status : |
Satisfactory |
|
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. CAHAYA CIPTA UTAMA
Head Office
Jalan Simo Katrungan Kidul VI No. 1
Kelurahan Banyu Urip, Kecamatan Sawahan
Surabaya, 60254
East
Java
Indonesia
Phone -
(62-31) 3540240
Fax - (62-31) 4538090
E-mail - lhpj76@gmail.com
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
2005’s
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner
Not
Required
National
Private Company
The Department of Finance
Not
Available
None
Capital
Structure :
Owned
Capital :
Rp. 200 million
Shareholders/Owners
:
a. Mr. Leonardo (Active Partner)
b. His wife Mrs. Leonardo (Silent
Partner)
Lines
of Business :
Trading,
Import and Distribution of Agriculture Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2005’s
Brand
Name :
Cahaya
Cipta Utama
Technical
Assistance :
None
Number
of Employee :
8
persons
Marketing
Area :
Local - 100%
Main
Customer :
Traditional
markets
Market
Situation :
Very
Competitive
Main
Competitors :
a.
C.V. CAHAYA CITRA GEMILANG
b.
C.V. HARAPAN PUTRA
c.
C.V. MARINE RESOURCES PERKASA
d. C.V. PUTRA NUSA
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan
Dr. Sutomo 118
Surabaya,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 2.5 billion
2011
– Rp. 2.8 billion
2012
– Rp. 3.0 billion
Net
Profit (estimated) :
2010
– Rp. 0.1 billion
2011
– Rp. 0.2 billion
2012
– Rp. 0.3 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Leonardo
Board of Commissioners :
None
Signatories :
Director
(Mr. Leonardo) 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
Based
on investigation results the correct of the Subject is C.V. CAHAYA CIPTA UTAMA
not C.V. CHAYA CIPTA UTAMA as stated in your order ref. no. 234786 dated 3
September 2013.
C.V.
CAHAYA CIPTA UTAMA (C.V. CCU) was established in Surabaya, East Java in 2005’s
with the legal status of C.V.(Commanditaire Vennootschap) or Partnership with
Sleeping Partner. The founding owners of the company are Mr. Leonardo as active
partner and his wife Mrs. Leonardo as silent partner. Both are indigenous
business family. As in common in cases of companies with C.V. status, there is
no mention in the company’s notarial act of its capital structure. But going by
the company’s conditions, we estimate its capital at some Rp. 200 million.
C.V.
CCU is a small size company started since 2005 engaged in the field of trading,
import and distribution of agriculture commodities products. The company import
of agriculture commodities products among others are ground nuts, garlic, red
onion, mung bean and others. Mr. Leonardo, Director and owner of the company
went on to say the company import of ground nuts and garlic of India; red onion
from Thailand, Vietname, mung bean from China and others. Then, the whole
product like garlic, red onion and ground nut marketed locally through
traditional market in Gresik, Sidoarjo, Surabaya and East Java. We find that
C.V. CCU's operations have been growing slowly in the last three years. The
global economic crisis and very sharp depreciation of the Rupiah to foreign
currencies since August 2013 have adversely affected the company's operations
for having caused the sales prices of the fruit and agro commodities product
the company is selling, which have mostly been imported, to be very highly
priced.
We have
noticed that the demand for agricultural products had increased some 10% to 11%
per annum in the last five years in line with the growth of industrial
manufacturing in the country and international market. In the coming years, the
growth rate of demand is estimated at about 6% to 7% per annum. The present
market situation for agricultural products is very competitive for a large
number of similar companies operating in the country. Meanwhile, competition is
quite heavy in the export import of agricultural products with many companies
now doing business in this field in Indonesia. We consider C.V. CCU to be in a
quite favorable position for having already got holds of a steady customer in
the country.
Until
this time C.V. CCU 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. 2.5 billion
rose to Rp. 2.8 billion in 2011 increased to Rp. 3.0 billion in 2012 and
projected to go on rising by at least 4% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 300 million. 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. CCI is led by Mr. Leonardo (50) a businessman with
experience in trading, import and distribution of agriculture commodities
products. The company's management is handled by a number of 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. In view C.V. CAHAYA CIPTA UTAMA operation has been slowdown and
classified a small size company we recommend to treat prudently in extending a
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.