CARI MONTIR Ltd. “Vehicle Service Application”

Restu Aprilianto*, Unggul Kustiawan

Faculty of Economics and Business, Universitas Esa Unggul, Jakarta, Indonesia

Email: [email protected]*

[email protected]

 

ARTICLE INFO	ABSTRACT
Date received: January 2, 2023 Date revised: February 10, 2023 Date accepted: 24 March 2023	The high number of motorized vehicle population in Indonesia makes the potential need for motor vehicle services high. The high number of motorized vehicle users reflects the very dense activity of the community, increase to the need for facilities that can simplify and cut time for servicing motorized vehicles that are supported by existing information systems. The potential need for motorcycle service and the development of information systems is the background for Carimontir to create technology based on motor vehicle service applications. With this application, it can make it easier for motorized vehicle owners to carry out vehicle service more quickly and practically anytime and anywhere, while for partners, it will be easier to reach potential consumers. Carimontir has an IFE value of 3.04 and EFE value of 3.03, where its competitive strength is at the medium level based on the results of Porters 5 Forces analysis. The Carimontir Strategic Plan based on the IE Matrix is ​​in the growth and build cell. Based on the SWOT and QSPM analysis, Carimontir chose social media marketing optimization strategy and feature innovation. Meanwhile, based on the porter's generic strategy, Carimontir chose a differentiation strategy in order to be competitive and sustainable in the service provider application business. This research aims to analyze financial plan at Carimontir. The method used in the study is qualitative analysis. Carimontir's financial plan is prepared by considering the capital requirements and all costs to run the company's business. Risk management is also prepared based on the ISO 31000:2018 standard so that the company can control all risks and ensure that the company's business is competitive and sustainable.
Keywords: Application; Vehicle Service; Quickly Service; Easy Service

INTRODUCTION

At this time we have entered the industrial revolution 4.0, where the industrial revolution 4.0 is a transformation by integrating the online world and production in the industry, all production processes run with the internet as the main support (Puspita, Fitriani, Astuti, & Novianti, 2020). Entrepreneurs/business people welcome the industrial revolution 4.0, where with the help of information technology the involvement of human/ labor and production costs can be reduced so that the company's effectiveness and efficiency are even better (Cahya, Angellia, Purwandari, & Fauzi, 2021; Idrus, 2018). Almost all industrial sectors want effectiveness and efficiency in their production processes, including the automotive world, one of which is motor vehicle service (Sundari, 2019; Tritularsih & Sutopo, 2017).

The development of the industrial revolution 4.0 is in line with business developments in the digital era, namely applications on smartphones which are currently booming and have various functions, including many current business activities that are carried out through application systems. In addition, an increasing number of businesses in the field of mobile smart phone application development services are offering their services through various platforms such as Android and iOS (Baso, Rindengan, & Sengkey, 2020). Application developers have also started to collaborate with cellular operators with the aim of increasing the speed and quality of the cellular operator's internet service, so as to be able to facilitate online businesses which are now continuously increasing (Shabrina & Asmarani, 2019). Then, this is also supported by the existence of smartphone users in Indonesia, which reaches 98.2% of Indonesian people have smartphones. With the high number of Internet and smartphone usage in Indonesia, it shows that there are potential opportunities on the technology side to support business processes. The following is a picture of the proportion of Internet access device ownership among Indonesian Internet users.

Data from the Central Statistics Agency (BPS) which shows that the population of motorized vehicles in Indonesia in 2020 is 133,617,012 units, this number represents an increase of 70% compared to the previous year (Dewi, Alsakinah, Sara, & Amrina, 2022). Where about 13% of the total population, namely 20,221,821 units of motorized vehicles, are in the province of DKI Jakarta (Avianto & Hasbi, 2020).

From 2018-2020 the number of motorized vehicles in DKI Jakarta is quite high (Siahaan, 2022). With the high population of motorcycles and cars, the potential need for motorized vehicle service is also higher because each vehicle has a different machine age and different treatment by the user resulting in a high need for service and maintenance of motorized vehicles (Kusuma, 2013; Yusuf, Jariah, & Sadar, 2020). The high number of motorized vehicle owners, both cars and motorbikes, reflects the high market potential for motor vehicle service providers where the demand for services is not only for heavy service, but also for periodic maintenance every 1 month, such as oil changes.

With a fairly high number of smartphone and motorized vehicle users, a large number of Automotive Engineering Vocational Schools, coupled with the activities of today's people who are very busy working, it makes people want convenience in carrying out their daily activities, one of which is online service of their motorized vehicles (Mashudi, Khumaedi, & Widjanarko, 2022). In general, people experience difficulties and take time when they want to service their motorized vehicles, if in an emergency the community finds it difficult to find the nearest repair shop or mechanic, motor vehicle servicing cannot be done at home and service fees at official repair shops and other repair shops are relatively expensive.

The above is the background for the creation of a motorized vehicle service application called Carimontir which can be downloaded on a smartphone. With this application, it can make it easier for motorized vehicle owners to service their vehicles anytime, anywhere at affordable prices. This research aims to analyze financial plan at Carimontir includes several things, including (1) Average Rate of Return(ARR), (2) Return On Investment (ROI), (3) Net Present Value (NPV), (4) Break Even Point (BEP), (5) Payback Period (PP), (6) Internal Rate of Return (IRR), (7) Gross Merchandise Value (GMV), (8) Liquidity Ratio, (9) Solvability Ratio, and (10) Profitability Ratio.

 

METHOD

The research method applied in this study is qualitative analysis, namely analysis conducted on data, written descriptions, and verbal descriptions and then connected with data, written descriptions, and other verbal descriptions to get clarity about the truth or vice versa so that new perspectives are obtained or strengthen opinions. which has existed (Basias & Pollis, 2018). The work process in quantitative research starts from problem formulation, then hypothesis formulation, preparation of data collection instruments, then data collection activities, then data analysis is carried out, and finally research report writing (Rijali, 2019). In qualitative research, conceptualization, categorization, and descriptions are developed on the basis of "events" obtained during field activities. This research is included in the descriptive research because this research intends to describe an "event" namely the financial plan at Carimontir. To analyze the sustainability of a better company in the future and to be able to survive, a good financial plan is also needed. So this research focuses on discussing related matters financial plan at Carimontir namely; (1) Average Rate of Return(ARR), (2) Return On Investment (ROI), (3) Net Present Value (NPV), (4) Break Even Point (BEP), (5) Payback Period (PP), (6) Internal Rate of Return (IRR), (7) Gross Merchandise Value (GMV), (8) Liquidity Ratio, (9) Solvency Ratio, and (10) Profitability Ratio

 

RESULTS AND DISCUSSION

Financial plan at Carimontir, for the company's sustainability to be better in the future and to be able to survive, a good financial plan is also needed (David, 2011).The following is an overview of the framework related to the financial plan that will be carried out at the Carimontir company. Financial planning carried out includes income planning, cost planning, investment planning, capital planning and others. Including investment feasibility and Liquidity Ratio.

 

Financial Goals and Targets

Financial Goals

Departing from Carimontir's vision where “Becoming the Leader in the Field of Vehicle Service Provider Applications”, it is necessary to take steps to achieve this vision which are in line with the Establish Terms Objective and have been adapted to the Market Penetration Strategy in the QSPM and the Differentiation Focus Strategy in Porter's Generic Strategy. The purpose of Carimontir is shown in table 1.

 

Table 1. Carimontir's Financial Goals

(Source: Author, 2022)

 

Financial Goals

The company's short-term financial goals are to obtain a company capital of IDR 5.8 billion and to collaborate with angel investors through a pre-seed funding program for additional company capital.

Meanwhile, the medium-term financial target is to penetrate the market and increase brand awareness from Carimontir itself so that it can generate maximum revenue in year 1 and year 2.

As a startup-based company, a financial strategy is needed that can generate investor interest in Carimontir. Therefore, the long-term goal is to be able to fulfill short-term and long-term obligations with a liquidity ratio (Current Ratio, Quick Ratio, Cash Ratio) > 150%, a solvency ratio (Debt to Asset Ratio and Debt to Asset Ratio) < 30% and a ratio Profitability (Profit Margin on Sales) of at least 5% in the 3rd year and can meet all investment feasibility ratios (ARR, ROI, NPV, PP, IRR, GMV) in less than 5 years to further convince investors of business growth Carimontir.

Table 2. Carimontir's Financial Goals

Category Financial Goals Short-term (Y.0 to < Y.1) 1. Obtain initial capital for company establishment 2. Get investors Medium-term (Y.1 to < Y.2) 1 The Carimontir brand is known 2 Obtain revenue that can cover operational costs in the medium term     Long-term (> Y.2) 1. Able to meet short-term and long-term obligations with liquidity ratios (Current Ratio, Quick Ratio, Cash Ratio), solvency ratios (Debt to Asset Ratio and Debt to Asset Ratio) and Profitability Ratios (Profit Margin on Sales). 2. Meet all investment feasibility ratios (ARR, ROI, NPV, PP, IRR) in less than 5 years (Source: Author, 2022)

Planning Financial Elements

Carimontir's financial planning elements are divided into Revenue Planning, Related Expense Planning, Investment Planning, Capital Requirements Planning, and Financing Planning. Financial planning elements are as follows:

Income Planning

For planning, Carimontir's income is calculated with an annual target. The income plan from Carimontir is a platform fee per transaction for end users and Carimontir partners and ad placement in the application

Income Planning from Platform Fee End Users and Work Partners

Income planning from the end user fee platform, calculated by estimated annual service transactions with Carimontir application profit margins that increase from year to year with the assumption that in the first and second years there will be massive marketing/promotion so that the margin set by Carimontir is not large. Income planning from Carimontir also comes from Carimontir's work partners which are also calculated with an annual target. Income planning from the Carimontir partner fee platform is the same as the end user fee platform, calculated by estimated annual service transactions with Carimontir application profit margins that increase from year to year. The revenue planning from the Carimontir partner fee end user platform is shown in table 83 below.

 

Table 3. Platform Fee End User Revenue and Carimontir Partners

(Source: Author, 2022)

 

Revenue Planning from Advertisement Placement

Revenue planning from Carimontir also comes from ad placement on the Carimontir application. Revenue planning from ad placement in the company's Carimontir application targets to continue to increase from year to year, this indicates that the brand reputation of the Carimontir application is getting better from year to year. The income planning from Carimontir's ad placement is shown in table 4 below.

Table 4. Income Planning Placement Ads Carimontir

(Source: Author, 2022)

Related Cost Planning

Planning related costs are the costs needed to run the company. As for planning costs - company costs PT. Look for Indonesian mechanics, including the following: Manpower Cost, Marketing Cost, Operational Cost, Risk Management Cost and Depreciation Cost.

 

Manpower Cost

manpower cost planning company PT. Search for Indonesian mechanics for a period of five (5) years in table 5 below.

Table 5 .Manpower Cost PT. Find Indonesian Mechanic

No.	Fee Type	1st year	2nd year	3rd year	4th year	5th year
	PERIODIC SALARY EXPENSE (BASE)
1	CEO	-	-	96,000,000	102,000,000	114,000,000
2	COO	-	-	96,000,000	102,000,000	108,000,000
3	CTO	-	-	96,000,000	102,000,000	108,000,000
4	CMOs	-	-	96,000,000	102,000,000	108,000,000
5	CFO	-	-	96,000,000	102,000,000	108,000,000
6	CIO	-	-	96,000,000	102,000,000	108,000,000
7	CHRO	-	-	96,000,000	102,000,000	108,000,000
8	IT Field Manager	72,000,000	78,000,000	84,000,000	90,000,000	96,000,000
9	FO and Marketing Manager	72,000,000	78,000,000	84,000,000	90,000,000	96,000,000
10	Finance Manager	72,000,000	78,000,000	84,000,000	90,000,000	96,000,000
11	Workshop Mechanic Manager	72,000,000	78,000,000	84,000,000	90,000,000	96,000,000
12	Human Capital Manager	72,000,000	78,000,000	84,000,000	90,000,000	96,000,000
13	Programmer	60,000,000	120,000,000	132,000,000	144,000,000	156,000,000
14	IT Engineers	-	54,000,000	120,000,000	132,000,000	144,000,000
15	Software Engineer	-	60,000,000	120,000,000	144,000,000	156,000,000
16	operational staff	-	60,000,000	120,000,000	144,000,000	156,000,000
17	CSOs	-	42,000,000	90,000,000	96,000,000	108,000,000
18	Administration	-	36,000,000	78,000,000	84,000,000	96,000,000
19	marketing	-	54,000,000	120,000,000	132,000,000	138,000,000
20	Digital Marketing	-	60,000,000	132,000,000	144,000,000	156,000,000
21	Data Analyst	-	60,000,000	132,000,000	144,000,000	156,000,000
22	Accounting employee	-	48,000,000	108,000,000	120,000,000	132,000,000
23	Training & Development	-	48,000,000	108,000,000	120,000,000	132,000,000
24	Employment & Legality	-	-	96,000,000	108,000,000	120,000,000
	Total	420,000,000	1,032,000,000	2,448,000,000	2,676,000,000	2,892,000,000
	BENEFITS
16	THR	-	86,000,000	204,000,000	223,000,000	241,000,000
17	Bonus	-	-	306,000,000	334,500,000	361,500,000
18	BPJS of Health	21,000,000	51,600,000	122,400,000	133,800,000	144,600,000
19	BPJS of Employment	25,200,000	61,920,000	146,880,000	160,560,000	173,520,000
20	Family Gathering	-	-	-	50,000,000	100,000,000
21	Recruitment	5,000,000	6,000,000	15,000,000	-	-
22	Other (Employee Turn Over)	-	-	-	15,000,000	15,000,000
	Benefits/Month	51,200,000	205,520,000	794,280,000	916,860,000	1,035,620,000
23	Corporate Culture (Artefacts, etc.)	14,450,000	19,000,000	30,000,000	45,000,000	50,000,000
24	Training and development	-	10,000,000	15,000,000	17,500,000	20,000,000
	HR Cost/Month	485,650,000	1,266,520,000	3,287,280,000	3,655,360,000	3,997,620,000

(Source: Author, 2022)

 

Marketing Cost

Marketing cost planning company PT. Search for Indonesian mechanics for a period of five (5) years in table 6 below.

Table 6. Marketing Cost PT. Find Indonesian Mechanic

No.	Fee Type	1st year	2nd year	3rd year	4th year	5th year
1	- Website Development Fee	50,000,000	-	-	-	-
2	- Branding Videos	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000
3	- Youtube advertising	88,200,000	88,200,000	88,200,000	88,200,000	88,200,000
4	- Google Ads	35,000,000	45,000,000	55,000,000	65,000,000	75,000,000
5	- Facebook Ads	50,000,000	50,000,000	50,000,000	50,000,000	50,000,000
6	- Instagram Ads	36,000,000	46,000,000	56,000,000	66,000,000	76,000,000
7	- Twitter Ads	20,000,000	20,000,000	20,000,000	20,000,000	20,000,000
	Total Advertising Costs	314,200,000	284,200,000	304,200,000	324,200,000	344,200,000
8	- Influencers	50,000,000	200,000,000	400,000,000	400,000,000	400,000,000
9	- Instagram Endorsements	50,000,000	100,000,000	100,000,000	100,000,000	100,000,000
10	- Youtube Endorsement	50,000,000	100,000,000	100,000,000	100,000,000	100,000,000
11	- Twitter Endorsements	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000
12	- Tiktok Endorsement	25,000,000	25,000,000	25,000,000	25,000,000	25,000,000
	Total Cost of Influencers & Endorsements	200,000,000	450,000,000	650,000,000	650,000,000	650,000,000
13	- Campaign Fees	50,000,000	100,000,000	100,000,000	100,000,000	100,000,000
14	- Exhibition fee	50,000,000	100,000,000	100,000,000	100,000,000	100,000,000
	Total Event Cost	100,000,000	200,000,000	200,000,000	200,000,000	200,000,000
15	- New User Fee	250,000,000	400,000,000	500,000,000	600,000,000	700,000,000
16	- Voucher Fee	250,000,000	400,000,000	500,000,000	600,000,000	700,000,000
17	- Cashback fee	250,000,000	250,000,000	500,000,000	600,000,000	700,000,000
18	- Referral fee	250,000,000	250,000,000	500,000,000	600,000,000	700,000,000
	Total Promotion Cost	1,000,000,000	1,300,000,000	2,000,000,000	2,400,000,000	2,800,000,000
19	- Operating costs	100,000,000	200,000,000	300,000,000	400,000,000	500,000,000
20	- Entertainment fee	100,000,000	200,000,000	300,000,000	400,000,000	500,000,000
	Total Cost of Marketing Administration	200,000,000	400,000,000	600,000,000	800,000,000	1,000,000,000
	Total	1,814,200,000	2,634,200,000	3,754,200,000	4,374,200,000	4,994,200,000

(Source: Author, 2022)

 

Operational Cost

operational cost planning company PT. Search for Indonesian mechanics for a period of five (5) years in table 7 below.

Table 7. Operational Cost PT. Find Indonesian Mechanic

(Source: Author, 2022)

 

Risk Management Cost

Risk management cost planning company PT. Search for Indonesian mechanics for a period of five (5) years in table 8 below.

Table 8. Risk Management Cost PT. Carimontir Indonesia

(Source: Author, 2022)

 

Depreciation Cost

Planning depreciation cost company PT. Search for Indonesian mechanics for a period of five (5) years in table 9 below.

Table 9. Depreciation Cost PT. Find Indonesian Mechanic

No.	Asset	1st year	2nd year	3rd year	4th year	5th year
	Operational Vehicle	-	60,000,000	60,000,000	60,000,000	60,000,000
1	Daihatsu Sigra LCGC	-	30,000,000	30,000,000	30,000,000	30,000,000
2	Daihatsu Granmax Pick Up	-	30,000,000	30,000,000	30,000,000	30,000,000
	Office equipment	19,900,000	23,400,000	23,400,000	23,400,000	23,400,000
3	Table of Directors and Managers	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000
4	Board of Directors and Manager chairs	1,200,000	1,200,000	1,200,000	1,200,000	1,200,000
5	Employee Desk	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
6	Employee Chair	800,000	800,000	800,000	800,000	800,000
7	Meeting Chair	400,000	400,000	400,000	400,000	400,000
8	Telephone	200,000	200,000	200,000	200,000	200,000
9	Drinking Dispensers	200,000	200,000	200,000	200,000	200,000
10	Filing cabinet	2,800,000	2,800,000	2,800,000	2,800,000	2,800,000
11	Filling Cabinet	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
12	Finger Print	200,000	200,000	200,000	200,000	200,000
13	Split AC 1 PK	5,600,000	5,600,000	5,600,000	5,600,000	5,600,000
14	Generator	-	2,000,000	2,000,000	2,000,000	2,000,000
15	fire extinguisher	1,500,000	1,500,000	1,500,000	1,500,000	1,500,000
16	CCTV	-	1,500,000	1,500,000	1,500,000	1,500,000
	IT equipment	27,600,000	27,600,000	27,600,000	27,600,000	27,600,000
17	Laptops	13,000,000	13,000,000	13,000,000	13,000,000	13,000,000
18	Printers	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
19	Scanners	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
20	Projector/Infocus	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000
21	Projector Screens	600,000	600,000	600,000	600,000	600,000
22	Sound System	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
23	Server Computer	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
24	Oops	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000

(Source: Author, 2022)

 

Investment Planning

Investment planning is very important before investing, a proper investment plan is needed so that the company's finances get better in the future. Before making an investment, it should be analyzed firstwhether the investment to be carried out provides greater benefits compared to the costs incurred and considers the return on costs that have been invested. As for the investment planning company PT. Search for Indonesian mechanics for a period of five (5) years in table 10 below.

Table 10. Cost Capital Expenditure (Capex) PT. Find Indonesian Mechanic

No.	Asset	1st year	2nd year	3rd year	4th year	5th year
	Operational Vehicle
1	Daihatsu Sigra LCGC	-	150,000,000	-	-	-
2	Daihatsu Granmax Pick Up	-	150,000,000	-	-	-
	Total	-	300,000,000	-	-	-
	Office equipment	-	-	-	-	-
3	Table of Directors and Managers	15,000,000	-	-	-	15,000,000
4	Board of Directors and Manager chairs	6,000,000	-	-	-	7,000,000
5	Employee Desk	10,000,000	-	-	-	12,000,000
6	Employee Chair	4,000,000	-	-	-	5,000,000
7	Meeting Chair	2,000,000	-	-	-	5,000,000
8	Telephone	1,000,000	-	-	-	2,000,000
9	Drinking Dispensers	1,000,000	-	-	-	2,000,000
10	Filing cabinet	14,000,000	-	-	-	20,000,000
11	Filling Cabinet	10,000,000	-	-	-	10,000,000
12	Finger Print	1,000,000	-	-	-	2,000,000
13	Split AC 1 PK	28,000,000	-	-	-	30,000,000
	Total	92,000,000	-	-	-	110,000,000
	IT equipment	-	-	-	-	-
14	Laptops	65,000,000	-	-	-	80,000,000
15	Printers	20,000,000	-	-	-	20,000,000
16	Scanners	10,000,000	-	-	-	10,000,000
17	Projector/Infocus	15,000,000	-	-	-	20,000,000
18	Projector Screens	3,000,000	-	-	-	5,000,000
19	Sound System	10,000,000	-	-	-	15,000,000
20	Server Computer	10,000,000	-	-	-	20,000,000
	Total	133,000,000	-	-	-	170,000,000
	Total number	225,000,000	300,000,000	-	-	280,000,000

(Source: Author, 2022)

 

Capital Requirements Planning

Capital plays an important role in companies that are just about to start a business. In accordance with QSPM PT. Look for Mechanic Indonesia, namely Market Penetration, then the biggest cost is marketing costs. Therefore it is necessary to prepare for initial funding/capital in the first year (1) and the second year (2). As for planning the company's capital requirements PT. Search for Indonesian mechanics in table 11 below.

Table 11. Capital Requirement Planning PT. Find Indonesian Mechanic

(Source: Author, 2022)

 

Financing Planning

Corporate financing planning PT. Search for Indonesian mechanics in table 12 below.

 

Table 12. Shareholders of PT. Find Indonesian Mechanic

(Source: Author, 2022)

Financial Projection

A financial projection is basically a financial plan or budget for a company to estimate the amount of costs that may be incurred and the projected income to be generated for a certain period. Financial projections consist ofProjection Profit and Loss Report, Balance Sheet Report and Cash Flow Statement.

Profit and Loss Report Projection

The income statement is a report that describes the amount of income and expenses of a company in a certain period.

Based on the results of the company's profit and loss report PT. Search Mechanic Indonesia shows that the profit improvement from the first year (1) to the fifth year (5). The company can distribute profits to shareholders in the amount of 50% of the profit after tax. The company's profit and loss report PT. Find an Indonesian mechanic for five (5) years in table 13 below.

 

Table 13. Profit and Loss Report PT. Find Indonesian Mechanic

(Source: Author, 2022)

 

Balance Sheet Projection

The balance sheet describes the position of assets, liabilities and capitalat a certain period. Projected company balance sheet PT. Search for Montir Indonesia in five (5) years shows an increase in the number of assets from the first year (1) to the fifth year (5). This requires attention in managing company assets so that they can provide maximum contribution to the company. As for the company's balance sheet report PT. Find an Indonesian mechanic for five (5) years in table 14 below.

Table 14. PT. Find Indonesian Mechanic

No.	balance sheet	1st year	2nd year	3rd year	4th year	5th year
	Assets
	Tangible Assets
	Current asset
1	Cash	4,159,316,667	2,036,763,333	1,917,100,000	10,673,706,667	16,666,416,667
2	accounts receivable	870,000,000	660,000,000	1,354,500,000	4,410,000,000	7,980,000,000
3	Bank	-	-	-	-	-
	Total Current Assets	5,029,316,667	2,696,763,333	3,271,600,000	15,083,706,667	24,646,416,667
	Fixed assets
1	Operational Vehicle	-	300,000,000	300,000,000	300,000,000	300,000,000
2	Office equipment	92,000,000	92,000,000	92,000,000	92,000,000	92,000,000
3	IT equipment	133,000,000	133,000,000	133,000,000	133,000,000	133,000,000
4	Accumulated depreciation	- 47,500,000	- 158,500,000	- 269,500,000	- 380,500,000	- 491,500,000
	Total Fixed Assets	177,500,000	366,500,000	255,500,000	144,500,000	33,500,000
	Total Tangible Assets	5,206,816,667	3,063,263,333	3,527,100,000	15,228,206,667	24,679,916,667
	Intangible Assets
1	Licensing and Consulting Fees	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
2	Application Development	100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
3	Accumulated Amortization	- 40,000,000	- 80,000,000	- 120,000,000	- 160,000,000	- 200,000,000
	Total Intangible Assets	160,000,000	120,000,000	80,000,000	40,000,000	-
	Total assets	5,366,816,667	3,183,263,333	3,607,100,000	15,268,206,667	24,679,916,667
	Liabilities
	Obligation
	Short Term Liabilities
1	Account payable	826,500,000	627,000,000	1,286,775,000	4,189,500,000	7,581,000,000
	Total Short Term Liabilities	826,500,000	627,000,000	1,286,775,000	4,189,500,000	7,581,000,000
	Long-term obligation
1	Long-term debt	-	-	-	-	-
	Total Long Term Liabilities	-	-	-	-	-
	Total Liabilities	826,500,000	627,000,000	1,286,775,000	4,189,500,000	7,581,000,000
	Capital
1	Capital SearchBengkel	4,540,316,667	2,556,263,333	2,320,325,000	11,078,706,667	17,098,916,667
	Total Capital	4,540,316,667	2,556,263,333	2,320,325,000	11,078,706,667	17,098,916,667
	Total Passiva	5,366,816,667	3,183,263,333	3,607,100,000	15,268,206,667	24,679,916,667

(Source: Author, 2022)

 

Projection Statement of Cash Flows

The cash flow statement describes the circulation of money during a certain period. PT. Search Mechanic Indonesia in five (5) years shows an increase from the first year (1) to the fifth year (5). As for the company's cash flow report PT. Find an Indonesian mechanic for five (5) years in table 15 below.

 

 

 

 

Table 15. PT. Find Indonesian Mechanic

Cash flow	1st year	2nd year	3rd year	4th year	5th year
Operating Activities Cash Flow
Current Period Profit/Loss	- 2,333,183,333	- 1,313,553,333	1,083,836,667	13,015,606,667	14,101,710,000
accounts receivable	- 870,000,000	- 660,000,000	- 1,354,500,000	- 4,410,000,000	- 7,980,000,000
Accumulated depreciation	47,500,000	111,000,000	111,000,000	111,000,000	111,000,000
Accumulated Amortization	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000
Cash Inflows/Outflows from Operating Activities	- 3,115,683,333	- 1,822,553,333	- 119,663,333	8,756,606,667	6,272,710,000
Cash Flow Investing Activities
Pre-Operational Costs (Office Renovation)	- 100,000,000	-	-	-	-
Operational Vehicle	-	- 300,000,000	-	-	-
Office equipment	- 92,000,000	-	-	-	- 110,000,000
IT equipment	- 133,000,000	-	-	-	- 170,000,000
Licensing and Consulting Fees	- 100,000,000	-	-	-	-
Application Development	- 100,000,000	-	-	-	-
Cash Inflows/Outflows from Investing Activities	- 525,000,000	- 300,000,000	-	-	- 280,000,000
Funding Activity Cash Flow
Account payable	-	-	-	-	-
Long-term debt	-	-	-	-	-
Capital	7,800,000,000	-	-	-	-
Cash Flow In/Out of Funding Activities	7,800,000,000	-	-	-	-
Increase/Decrease in Net Cash	4,159,316,667	- 2,122,553,333	- 119,663,333	8,756,606,667	5,992,710,000
Residual Cash Value at Beginning of the Year	-	4,159,316,667	2,036,763,333	1,917,100,000	10,673,706,667
End of Year Cash Residual Value	4,159,316,667	2,036,763,333	1,917,100,000	10,673,706,667	16,666,416,667

(Source: Author, 2022)

 

Investment Feasibility Analysis

Investment feasibility is carried out to determine whether the investment to be carried out provides greater benefits compared to the costs incurred. Before investing the company PT. Cari Montir Indonesia needs to consider whether the investment can provide benefits or profits for the company and consider returning the costs that have been invested.

There are various methods for analyzing investment feasibility. Commonly used methods include: Average Rate of Return (ARR), Return On Investment (ROI), Net Present Value (NPV), Break Event Point (BEP), Payback Period (PB), Internal Rate of Return (IRR) and Gross Merchandise Value (GMV).

From the results of calculations using the above method, the results obtained indicate that the business to be carried out by PT. Look for Indonesian Mechanics worth running. The results of the investment feasibility analysis of PT. Search for Indonesian mechanics in table 16.

 

Table 16. Investment Feasibility Analysis PT. Find Indonesian Mechanic

Analysis Method	1st year	2nd year	3rd year	4th year	5th year
Average Rate of Return (ARR)	-30%	-8%	5%	42%	76%
Return on Investment (ROI)	-94%	-58%	16%	183%	412%
Payback Period (PP)	- 3.42	- 6.50	6,51	0.59	0.26
Net Present Value (NPV)	- 2,118,045,455	- 1,082,826,446	816,806,912	8,892,111,195	18,364,480,817
Internal Rate of Return (IRR)	26%
Gross Merchandise Value (GMV)	The graph has increased from year 1 to year 5

(Source: Author, 2022)

 

Average Rate of Return (ARR)

Average Rate of Return(ARR) is a way to assess the level of profit from an investment. The formula for calculating investment feasibility using the Average Rate of Return (ARR) method is as follows:

 

If the expected profit rate is 20%, then if the ARR is > 20%, it means that the investment is feasible. If the ARR < 20%, then the investment is not feasible or carried out.

Company PT. Cari Montir Indonesia requires an ARR of 20%. From the results of the ARR calculation at the end of the 3rd year, a yield of 5% is obtained, so the investment is feasible to run.

 

Return on Investment (ROI)

Return on Investment (ROI) is the company's ability to generate profits that are used to cover the investment that has been issued. ROI is also a measure of management's effectiveness in managing its investments. The formula for calculating investment feasibility using the ROI method is as follows:

 

From the results of ROI calculations at PT. Look for Mechanic Indonesia, then at the end of the 3rd year you can cover the investment cost, which is 16% of the investment cost.

 

Net Present Value (NPV)

Net Present Value (NPV)is the difference between the present value of cash inflows and cash outflows related to a business/a project. The NPV formula is as follows:

 

NPV = (Ctx PVIFA®(t)) – C0

Information :

Ct : Cash flow every year in period 1

C0 : Investment Value in year 0

r : Interest rate in percent

Table 17. NPV value

(Source: Author, 2022)

 

Based on the results of calculations using the Net Present Value (NPV) method, it is obtained that from the first year (1) to year (5) the NPV value > 0 means that the investment is profitable so that the investment can be carried out.

 

Break Event Points (BEP)

Break Even Point (BEP) is used to calculate when a business/a project will be profitable by equating total revenue and total costs. In this case the Break Even Point (BEP) where income and costs are equal (TR = TC)

From the Profit and Loss calculation results in the 3rd year, PT. Cari Mechanic Indonesia has started to make a profit. This means the company PT. Search Mechanic Indonesia has exceeded the Break Even Point (BEP).

 

Payback Period (PP)

Payback Period (PP) is a period needed to be able to recoup investment expenses using net cash flow. This method is very often used by investors in determining investment decisions.

Payback Period (PP) formula is as follows:

 

Based on the calculations performed, it is known that the period required for the return of capital is three (3) years.

 

Internal Rate of Return (IRR)

The Internal Rate of Return (IRR) method is used to calculate the interest rate that equates the present value of all cash inflows with cash outflows from an investment project. If the results of the IRR calculation > the capital issued then the investment is good, and if it is less, the investment should be avoided.

The formula used to calculate the IRR is as follows:

IRR = i1 + NPV1NPV1-NPV2i2-i1

 

Information :

i1 = Discount Rate that generates NPV+ i2 = Discount Rate that generates NPV- NPV 1 = Net Present Value Positive

NPV 2 = Negative Net Present Value

Based on the calculation results show that the IRR at PT. Search Mechanic Indonesia by 26%. From the results obtained, the investment can be executed.

 

Gross Merchandise Value (GMV)

The Gross Merchandise Value (GMV) method is used to measure the total value of sales over a certain period of time which is often used in the startup-based business industry. GMV can be used to determine the overall health and growth of a startup business. Startup GMV should be measured at least once a year. The GMV formula is the Number of Total Transactions multiplied by the Average Order Value (AOV), while the AOV formula is Total Sales Revenue divided by the Number of Orders Taken. Below you can see a graphfrom the first year to the fifth year, Carimontir's GMV continues to increase, meaning that investing in Carimontir can be said to be feasible.

Figure 2. Chart Gross Merchandise Value Carimontir

(Source: Author, 2022)

Financial Performance Analysis

Financial performance is an analysis carried out to see how far a company has implemented and used the rules of financial implementation properly and correctly. Financial performance describes the company's financial condition in a certain period concerning aspects of receiving funds and using funds which are usually measured by capital adequacy, liquidity and profitability. The results of the analysis of the company's financial performance PT. Search for Indonesian mechanics in table 18 below.

 

Table 18. Financial Performance Analysis of PT. Find Indonesian Mechanic

(Source: Author, 2022)

 

Liquidity Ratio

Liquidity ratio is defined as a ratio which is a company's capability to cover its short-term liabilities. The Liquidity Ratio is also known as the ratio used to measure the extent to which a company is capable of paying off its maturing short-term obligations.

There are 3 types of Liquidity Ratios that are commonly used to measure a company's ability to meet short-term obligations are as follows:

 

Current Ratio

The following is the formula used to calculate the Current Ratio:

 

 

Quick Ratio

The following is the formula used to calculate the Very Current Ratio:

Cash Ratio

The following is the formula used to calculate the Cash Ratio:

 

From the calculation results it can be seen that the analysis using Current Ratio, Very Current Ratio (Quick Ratio), and Cash Ratio (Cash Ratio) from the first year (1) to the fifth year (5) shows that the company PT. Cari Montir Indonesia has the ability to pay off its short term debts. Current Ratio (Current Ratio) and Very Current Ratio (Quick Ratio) are the same because the company PT. Cari Montir Indonesia is a service company so it has no inventory.

Solvability/ Leverage Ratio

The Solvency Ratio is the ratio used to measure how much debt the company must bear in order to fulfill its assets. This ratio measures a company's ability to meet its long-term obligations.

The types of Solvability Ratios are grouped as follows:

 

Debt to Assets Ratio

The following is the formula used to calculate the Debt to Assets Ratio:

 

Debt to Equity Ratio

The following is the formula used to calculate the Debt to Equity Ratio:

 

From the results of calculations using the Debt to Assets Ratio and the Debt to Equity Ratio shows that the company PT. Cari Montir Indonesia is able to pay off long-term debt from year one (1) to year five (5) with a Debt to Assets Ratio ranging from 15% - 31% and a Debt to Equity Ratio ranging from 18% - 44%.

 

Profitability Ratio

Profitability ratio is a ratio to assess a company's ability to make a profit (profit).

The types of Profitability Ratios are grouped as follows:

 

Profit Margin on Sales

The following is the formula used to calculate Profit Margin on Sales:

 

Earnings Per Share

The following is the formula used to calculate Earning Per Share:

 

From the results of calculations using Profit Margin on Sales shows that the company PT. Cari Montir Indonesia was able to earn a profit from year three (3) of 9% with results that continue to show improvement from year to year. While the calculation uses Earning Per Share in the third year (3) the company PT. Search Mechanic Indonesia produces 848.

 

 

 

CONCLUSION

PT. CariMontir Indonesia with its products Carimontir is a startup company engaged in businessan online motorized vehicle service application that can be downloaded on a smartphone. This is in line with the industrial revolution 4.0, namely transformation by integrating the online world and production in the industry. In 2021, smartphone users in Indonesia will almost reach 98.2%, plus private motorized vehicle users, both motorcycles and cars, will increase every year. Data from the Central Statistics Agency for 2020 shows the number of private motorized vehicles, both motorbikes and cars, reached 133,617,012 units

In general, the problem faced by the community in servicing their vehicles is that people's activities are very busy at work, so it is difficult to service their vehicles and in a state of urgency/emergency it is difficult for people to find the nearest repair shop. People want service that is faster, on time when the service schedule is, not queuing for service, service locations can be adjusted at affordable prices and in times of urgency/ emergency, such as: tire bursts and machines that get in water during floods, people want easy service services found anywhere and anytime.

   Carimontir can be a solution for community complaints service motorized vehicles, connecting mechanics and people who need online vehicle service services with an application called Carimontir. With this application, it can make it easier for motorized vehicle owners to service their vehicles anytime and anywhere at affordable prices.

Financial planfrom Carimontir as a company startup a financial strategy is needed that can generate investor interest in the company. To convince investors of Carimontir's business growth in table 19 below, it can be seen the feasibility of investment and Carimontir's financial performance.

Table 19. Investment Feasibility and Financial Performance of Carimontir

(Source: Author: 2022)

 

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