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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. CAHAYA SURYA KENCANA JAYA |
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Registered Office : |
Jl. Teluk Kumai Timur No. 39, Surabaya, East
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
15.03.2006 |
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Com. Reg. No.: |
No. AHU-57237.AH.01.02.Tahun 2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
International
Freight Forwarding Services |
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No. of Employees |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices
|
Source
: CIA |
Name of Company :
P.T.
CAHAYA SURYA KENCANA JAYA
A d d r e s s :
Head
Office
Jl. Teluk Kumai Timur No. 39
Surabaya, East Java
Indonesia
Phones - (62-31)
3298470, 3293079, 3297841, 3298784
Fax - (62-31)
3298073
Building Area - 2 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Branch
Jl. Margorejo Indah III-B No. 710\
Surabaya, East Java
Indonesia
Phones - (62-31)
8474429, 8493198
Fax - (62-31)
8435082
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
:
15 March 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Laws and Human Rights
a. No. C-12070 HT.01.01.TH.2006
Dated 27 April 2006
b. No. AHU-57237.AH.01.02.Tahun 2010
Dated 08 December 2010
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.514.998.0-609.000
Affiliated/Associated Company :
DOUBLE J CV (Exportation and Advertisement of
Shampoo, Liquid Soap, Hair Conditioner)
Capital Structure :
Authorized Capital
- Rp. 1,000,000,000.-
Issued Capital - Rp. 250,000,000.-
Paid up Capital - Rp. 250,000,000.-
Shareholders/Owners :
a. Mr. Yosef Herodian -
Rp. 240,000,000.-
Address: Jl.
Margoredjo Indah III B-710
Surabaya, East Java
Indonesia
b. Mr. Liauw Andika Wicaksono -
Rp. 10,000,000.-
Address: Jl. Sutorejo Prima Utara 8 No.45
Surabaya, East Java
Indonesia
Lines of Business
:
International
Freight Forwarding Services
Production
Capacity :
None
Total Investment :
None
Started Operation :
2006
Brand Name :
CSKJ
Technical Assistance :
None
Number of Employee :
20
Marketing Area :
Domestic -
50%
Export - 50%
Main Customers :
Corporate and Individuals
Market Situation :
Very Competitive
Main Competitors :
a. PT. Abdi Sarana Transportindo
b. PT. Antar Lintas Samudera
c. PT. Bahari Indogoraya Trans
d. PT. Cakra Sejati Internusa
e.
PT. Citra Indograha Perkasa
f. PT. Cita Express Sentranusa
g.
Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank INTERNASIONAL INDONESIA Tbk
Pemuda Branch
Jl.
Pemuda No. 60-70
Surabaya,
East Java
Indonesia
b. P.T. Bank INTERNASIONAL INDONESIA Tbk
Perak Branch
Jl. Perak
Timur No. 192
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Income/Revenues (estimated) :
2008 – Rp. 38.0 billion
2009 – Rp. 42.5 billion
2010 – Rp. 48.0 billion
Net Profit
(estimated) :
2008 – Rp. 2.2 billion
2009 – Rp. 2.5 billion
2010 – Rp. 2.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Yosef Herodian
Board of Commissioner :
Commissioner -
Mr. Liauw Andika Wicaksono
Signatories :
Director (Mr. Yosef Herodian) which
must be approved by the Board of Commissioner (Mr. Liauw Andika Wicaksono)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T.
CAHAYA SURYA KENCANA JAYA (P.T. CSKJ) was established in Surabaya (East Java)
based on deed number 19 dated March 15, 2006 drawn up by Notary Rusdi Muljono,
SH., notary in Surabaya with the authorized capital of Rp 1,000,000,000,- of
which Rp 250,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Yosef Herodian (96%) and Mr. Liauw Andika Wicaksono (4%), both are
Indonesian businessmen of Chinese extraction. This Deed of Establishment had
obtained the approval of the Minister of Law and Human Rights of Republic of
Indonesia with number; C-12070 HT.01.01.TH.2006 dated April 27, 2006.
The
Company’s article of association has been amended for several times, most
recently by notarial deed of Justiana, SH., No. 19 dated November 18, 2010
concerning changes of the whole article of association of the Company’s to
conform with Law No. 40 Year 2007 concerning Limited Liability Company. The notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-57237.AH.01.02.Tahun
2010 dated December 8, 2010.
P.T.
CSKJ has been in operation since 2006 dealing with international freight
forwarding services. Ms. Tuti Ema, an
administrative of the company explained that freight forwarding services of the
company include freight export and import, NVOCC, customer broker,
consolidation, warehousing and air freight.
She added that the main customers of the company are seaweed processing
industries, coconut shell charcoal, wooden furniture and wood product
industries, shampoo and liquid shop industries and others. The products are exported to China, Japan,
Korea, Taiwan, Hong Kong and others. We
observed that P.T. CSKJ is classified as a small-sized company of its kind in
the country of which the operation has been growing in the last three years.
Generally
outlook, the demand for international freight forwarding services has kept on
rising by about 7% to 8% on the average per annum in the last five years, line
with the growing activity in various industrial sectors requiring cargo
dispatching, documents, export-import and others. In the meantime, we realized that market competition is very tough on account
of many other similar companies operating in the country especially in Surabaya
(East Java) among them are PT. Abdi Sarana Transportindo, PT. Antara Lintas
Samudera, PT. Bahari Indogoraya Trans, PT. Cakra Sejati Internusa, PT. Citra
Indograha Perkasa, PT. Cita Express Sentranusa, etc. P.T. CSKJ' business
position is good because it has built extensive marketing network within and
outside the country. We believed that
P.T. CSKJ is in position to further manage and even to maintain its business in
the future.
Until
this time P.T. CSKJ has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. P.T. CSKJ' management adopts very reclusive
attitude towards outsiders and rejected to unveil its financial condition. We
estimated that P.T. SPU' operation in 2011 posted a total income or revenue of
Rp 38.0 billion increased respectively to Rp 42.5 billion in 2012 to Rp. 48.0
billion in 2013 and estimated it will continue on rising by about 6% to 8% in
2014. We estimated that P.T. SPU'
operation in 2013 yielded a total net profit of about Rp. 2.8 billion with a
total networth of about Rp 12.0 billion. So far, we did not hear that P.T. CSKJ having
been black listed by Bank Indonesia (Central Bank) and registered in district
court for detrimental cases.
The
management of the company is headed by Mr. Yosef Herodian (40), a young
businessman with more than 8 years in freight forwarding services. In his daily
activities, he is assisted by Mr. Liauw Andika Wicaksono (50) as commissioner
and several expert staffs with more than 10 years experience in the above
business. The management has wide
relation with private businessmen of home and overseas as well as with the
government sectors. So far, we did not hear that the company has been involved
in business malpractices or detrimental cases being settled in the court.
P.T. CSKJ is sufficiently fairly
good for business transaction. However, in view of the political situation in
the country is warming we recommend to treat prudently in extending a loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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 |
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<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.