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Report No. : |
347646 |
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Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAHAYA
TERANG |
|
|
|
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Registered Office : |
Ruko
Textile Mangga Dua Block E 1/9 Jalan Arteri Mangga Dua Jakarta Utara, 14430 |
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|
|
|
Country : |
Indonesia |
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Date of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading and Distribution
of Textile Products. |
|
|
|
|
No. of Employee : |
6 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 : |
Slow but correct |
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|
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly due
to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially increased
electric power capacity, since taking office. Fuel subsidies were almost
completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
CAHAYA TERANG
Head Office
Ruko
Textile Mangga Dua Block E 1/9
Jalan
Arteri Mangga Dua
Jakarta
Utara, 14430
Indonesia
Phones -
(62-21) 6011462 (Hunting)
Fax - (62-21) 6014830
E-mail - cttex@pacific.net.id
Building Area - 4 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
1998
Sole
Proprietary Company
Not
Required
National
Private Company
The Department of Finance
Not
Available
None
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Owned
Capital :
Rp. 500 million
Owners
:
Mr.
Prawin Mahaganesh
BUSINESS
ACTIVITIES
|
Lines of Business :
Trading and
Distribution of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1998
Brand Name :
Cahaya Terang
Technical Assistance
:
None
Number of Employee :
6 persons
Marketing Area :
Local - 100%
Main Customer :
Individual and Tailor
Market Situation :
Very Competitive
Main Competitors :
a. DUNIA LARIS
b. GANESHA JAYA
c. RANI TEX
d. PD. SURYA AGUNG
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Pusat Grosir Tekstil Mangga Dua
Jalan Arteri Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 7.0 billion
2013
– Rp. 7.5 billion
2014
– Rp. 8.0 billion
Net
Profit (estimated) :
2012
– Rp. 441 million
2013
– Rp. 450 million
2014
– Rp. 480 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
Director
- Mr. Prawin Mahaganesh
Manager -
Mr. Ganesh Mathani
Board of Commissioners :
None
Signatories :
Director
(Mr. Prawin Mahaganesh) is only the authorized person to sign the loan on
behalf of the company.
CAPABILITIES
|
Management Capability :
Satisfactory
Business Morality :
Satisfactory
OVERALL
PERFORMANCE
|
Based on investigation the correct name of the Subject is
CAHAYA TERANG not CHHAYA TERANG as stated in your order ref. no. 347646 dated
28 October 2015.
CAHAYA TERANG is a sole proprietary company which
established in Jaakrta in 1998’s by Mr. Prawin Mahaganesh (50) an Indonesian
businessman of Indian descent. The company’s authorized capital is not
announced in it’s of establishment. In general, the company with status of sole
proprietary company shall increase its capital continuously together with its
business development. We estimated that CAHAYA TERANG has capital about Rp. 500
million.
CAHAYA TERANG has been operating since 1998’s dealing
with trading, distribution and retails of textile products. The retails shops
located at Ruko Textile Mangga Dua Block E 1/9, Jalan Arteri Mangga Dua, North
Jakarta, a big and the largest textile trading centre in Jakarta. According
information the retails sells of various textile products for woman, lady’s and
man’s with various types among others are tile fabrics, satin, brocade, apparel
fabric, chiffon fabrics, cotton fabrics, jute fabrics and silk fabrics by using
CERRUTY DOBBY, CERRUTY GEORGETTTE and others. Mr. Prawin Mahaganesh director
and owner of the company went on to say some of the textile products mostly
import from China, South Korea and the rest for locals especially from Bandung,
West Java. The whole products sold through tailor made, trader and shops and
others in Jakarta and surroundings. We observe that CAHAYA TERANG is a small
size company of its kinds which its operation has been growing slowly in the
last three years.
In overall views we find the demand for textile products
especially lady’s menswear has kept on rising 6% to 8% per annum in the last
five years. The sharp growth of the demand was in line with the progress
achieved in textile products locals markets. The demand growth is estimated to
continually rising by 6% over the next five years. Market competition is very
sharp considering many other similar companies operating in the country. CAHAYA
TERANG in this case is in a sufficiently fairly good business position in view
of the company has controlled a wide marketing network in Jakarta and
surroundings.
Until this time CAHAYA TERANG 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 2012 amounted to Rp. 7.0 billion
increased to Rp. 7.5 billion in 2013 rose to Rp. 8.0 billion in 2014 and
projected to go on rising by at least 5% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 480 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 CAHAYA TERANG is led by Mr. Prawin
Mahaganesh (52) a businessman with experience in trading, import and
distribution of textile products. 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. We
are convinced CAHAYA TERANG is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
|
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
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.