|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. CITRA KUSUMA PERDANA |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
18.01.2010 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-53821 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Consulting Services Engineering and Power Plant Development and Construction |
|
|
|
|
No. of Employees : |
70 Persons |
RATING & COMMENTS
|
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 : |
Regular |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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. CITRA KUSUMA PERDANA
Address :
Head Office
Menara Duta Building, 2nd
Floor, Wing A
Jalan
HR. Rasuna Said Kav. B-9
Setiabudi,
Setia Budi
South
Jakarta 12910
Indonesia
Phone - (62-21) 252 2940
F a x -
(62-21) 2522 9474
Building Area - 8 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
18 January 2010
Legal Form :
PT. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of
Law and Human Right
a. No.
AHU-04755.AH.01.01.Tahun 2010
Dated
28 January 2010
b. No. AHU-51687.AH.01.02.Tahun 2010
Dated
03 November 2010
c. No. AHU-AH.01.10-53821
Dated
12 December 2013
Company Status :
Domestic Investment Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.993.425.4-018.000
P.T. GURUH AGUNG (Investrment Holding)
P.T. CITRA PRIMA BUANA (Investrment Holding)
Capital Structure
:
Authorized Capital - Rp. 40,040,000,000.-
Issued Capital - Rp. 10,010,000,000.-
Paid up Capital - Rp. 10,010,000,000.-
Shareholders/Owners
:
a. P.T. GURUH AGUNG - Rp. 9,909,900,000.- (99%)
Address : Graha
Kapital Building, 2nd Floor
Jalan Kemang Raya No. 04
Jakarta Selatan
b. P.T. CITRA PRIMA BUANA - Rp.
100,100,000.- ( 1%)
Address : Komp.
Ketapang Indah Blok A2, No. 10
Petojo Utara
Jakarta Pusat
Lines of Business
:
a. Consulting Services
b. Engineering and Power Plant Development and Construction
Production
Capacity :
None
Total Investment :
Equity Capital - Rp. 10.0 billion
Started Operation
:
2010
Brand Name :
CITRA KUSUMA PERDANA (CKP)
Technical
Assistance :
None
Number of Employee
:
70 Persons
Marketing Area :
Local -
100%
Main Customers :
P.T. KALTIM PRIMA COAL (KPC)
Market Situation :
Competitive
Main Competitors :
a. P.T. CIKARANG LISTRIKINDO
b. P.T. ENERGI
SENGKANG
c. P.T. TANJUNG
JABUNG POWER
d. P.T. TENAGA
LISTRIK AMURANG
e. P.T. PAITON
ENERGY
f. P.T. JAWA POWER
g. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T.
BANK MANDIRI Tbk
Mandiri
Plaza
Jalan Imam
Bonjol No. 61
Central
Jakarta
b. P.T. BANK NEGARA INDONESIA Tbk
Wisma
46 Kota BNI
Jalan Jend. Sudirman
Kav. 1
Central Jakarta
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – Rp. 280.0
billion
2012 – Rp. 292.5
billion
2013 – Rp. 302.0
billion
Net Profit
(estimated) :
2011 – Rp. 25.0
billion
2012 – Rp. 27.5
billion
2013 – Rp. 29.5
billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of
Management :
President
Director - Mr. Eka
Budisetiawan Oetji
Director - Mr. Albert Surendh
Dawson
Director - Mr. Ashish Khanna
Director - Mr. Irfan Andriadi
Board of Commissioner :
President
Commissioner - Mr. Ali Herman Ibrahim
Commissioner - Mr. Vincent Nangoi
Commissioner - Mr. Achmad Amri Aswono Putro
Signatories
:
The
President Director (Mr. Eka Budisetiawan Oetji) which must be approved by the
Board of
President
Commissioner (Mr. Ali Herman Ibrahim)
Management
Capability :
Good
Business Morality
:
Good
P.T. CITRA KUSUMA PERDANA (P.T. CKP) was
established in South Jakarta based on Notarial Deed No. 09 dated January 18,
2010 made by Notary Rahyu Minarti, SH., with an authorized capital of Rp. 500,000,000.-
of which Rp 125,000,000.- was issued and fully paid up. The founding
shareholders of the company are Mrs. Siti Wuryani (50%) and Ms. Husnawati
(50%). The Deed of establishment has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through its Decision Letter No. AHU-04755.AH.01.01.Tahun 2010 dated
January 28, 2010.
The articles of association of the company
have frequently been changed, most recently by notarial Deed No. 19 dated
October 31, 2013 made by Notary Firdhonal, SH., the authorized capital was
raised to Rp 40,040,000,000.- of which Rp 10,010,000,000.- was issued and fully
paid up. The latest shareholders of the company are P.T. GURUH AGUNG (99%) and
P.T. CITRA PRIMA BUANA (1%). The amendment to Deed has been approved by the
Minister of Law and Human Rights through its Decision Letter No. AHU-AH.01.10-53821 dated December 12, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. CKP engaged in the consulting services,
engineering & power
plant development and construction. Its head office is located on
Menara Duta Building, 2nd Floor, Wing A, Jalan HR. Rasuna Said Kav. B-9, Setiabudi, Setia Budi, South Jakarta on
an office space of 220 sq. meters. The company had been operating since March
2010. Ms. Nuning, a secretary of the company, said to our inquiry that P.T. CKP
operates in Sangatta (East Kalimantan) with
the project of making steam power plant
with a capacity of 3 x 18 MW Electricity from this power plant is used for coal
mining company owned by BAKRIE Group, PT. KALTIM PRIMA COAL (KPC). We observed that
P.T. CKP 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, Indonesia’s economic growth in 2013 showed a slower progress.
The decrease of mining and plantation related primary products have resulted in
a higher current account deficit and suppressed the foreign exchanges.
Therefore, the Government and Bank Indonesia must took actions by forming new
regulations, namely investment improvement. These regulation supported by s
strong domestic demand were able to boosted Indonesia’s economic growth to
5.8%, although this number was lower compared to 2012 growth, which reached
6.2%. Rupiah exchange rate fluctuated in the last quarter of 2013 and was
closed at a lower rate compared to 2012 rate.
The solid and steady domestic economy,
increased government activity in infrastructure development and improving investment
climate in Indonesia with the rising of Country Rating to Investment Grade, and
also supported by Indonesia’s economic indicators such as inflation, exchange
rates and interest rates are expected to encourage the business sectors. The global economy is
expected to grow faster in 2014 than it did in 2013, although it still face
risks stemming from the slowing economic growth in developed countries and the
on going crisis in Europe. Despite the
slowing global economy, Indonesia’s economy still grew quite briskly in
2013. Indonesia’s economic growth
reached 5.8% in 2013, or slightly below the projection contained in the 2013
Revised State Budget and 2012’s economic growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
The company is neither public listed nor
bond issued company. Therefore, the company has no obligation to publish
financial statement publicly. The
management is very reclusive and unlikely to expose its financial condition to
outsider. We estimate that sales turnover of the company in 2011
amounted to Rp. 280.0 billion increased to Rp. 292.5 billion in 2012 and rose again to Rp. 302.0 billion in 2013.
The operation of the company in 2013 yielded a net profit at least Rp. 29.5
billion billion and the company has a total net worth of Rp. 120.0 billion. It
is projected that total sales turnover of the company will increase at least 7%
in 2014. So far we did not hear that P.T. CKP has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court. The company usually pays its debts punctually to suppliers.
The management of P.T. CKP is led by Mr. Eka Budisetiawan Oetji (48) as president
director.. In his daily activities, he is assisted by Mr. Albert Surendh Dawson from India (55), Mr. Ashish Khanna from India (47) and Mr. Irfan
Andriadi (47) as director. The management has maintained a wide relation with
private businessmen at home and abroad as well as with government
authorities. So far, we did not hear that
the company's management having been involved in the business malpractices.
P.T. CKP is appraised to be good for
business transaction. However, in view of the economic condition in the country
is still unstable, we recommend to treat prudently in extending any new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.