MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. HALTRACO
SARANA MULIA |
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Registered Office : |
Graha Indramas,
5th Floor, Jl. AIP II KS Tubun Raya No. 77, Jakarta 11410 |
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Country : |
Indonesia |
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Date of Incorporation : |
09 January 2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Import of Metal Stones |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 102,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. HALTRACO SARANA MULIA
Address
Head Office
Graha Indramas, 5th
Floor
Jl. AIP II KS
Tubun Raya No. 77
Jakarta 11410
Indonesia
Phone - (62-21) 68805775
(hunting)
Fax - (62-21) 53673243
Building Area - 22 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
09 January 2006
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-04319.HT.01.01.TH.2006
Dated 16 February
2006
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.520.393.6-031.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp. 750,000,000.-
Paid up Capital : Rp. 750,000,000.-
Shareholders/Owners :
a. Mr. Ir. Iben Rifa, MM - Rp. 375,000,000.-
Address : Jl. Anggrek Garuda I/65
Kel. Kemanggisan Barat
Kec. Palmerah, Jakarta
Barat
b. Mr. Rulyani Basyir - Rp. 375,000,000.-
Address : Jl. D No. 23, Kav. Polri
Kel. Ragunan, Kec. Ps.
Minggu
Jakarta Selatan
BUSINESS ACTIVITIES
Lines of Business:
Trading and Import of Metal Stones
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 700 million
b. Loan Capital - Rp. 0 million
c. Total
Investment - Rp. 700 million
Started Operation
March 2006
Brand Name
None
Technical Assistance
None
Number of Employee
12 persons
Marketing Area
Domestic - 100%
Main Customers
Metal Melting Industries
in Cilegon, Karawang, Tangerang, Bekasi and others
Market Situation
Very Competitive
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank CENTRAL ASIA Tbk.
Wisma BCA
Jl. Jend. Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2006 – Rp. 7.5 billion
2007 – Rp. .8.0
billion (January-June)
Net Profit
(estimated) :
2006 – Rp. 310.0 million
2007 – Rp. 380.0 million (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr.
Ir. Iben Rifa, MM
Board of Commissioner :
Commissioner - Mr. Rulyani
Basyir
Signatories :
Director (Mr. Ir. Iben Rifa, MM) which
must be approved by the Board of Commissioner (Mr. Rulyani Basyir)
CAPABILITIES
Management Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 102,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. HALTRACO SARANA MULIA (P.T. HSM) was established on January 9, 2006 with the authorized capital of Rp. 1,000,000,000.- of which Rp. 750,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Iben Rifa, MM and Mr. Rulyani Basyir, both are indigenous businessmen. No changes have occurred in the notary deed of the company to date. The notary deed of the company was made by Mr. Robert Purba, SH., a public notary in Jakarta under Company Registration Number C-04319. HT.01.01.TH.2006, dated February 16, 2006. We estimated that the majority business stakes of P.T. HSM are controlled by Mr. Ir. Iben Rifa, MM.
P.T. HSM has been in operation since March 2006 dealing with trading and importing services. Mr. Dedi Sutadi, a staff of the company, said that the company imported metal stones from numerous countries including Taiwan, India, China, Hong Kong, Sweden and Italy. It was further explained that the metal stones are supplied to various metal melting industries in major cities in the country like Cilegon, Karawang, Tangerang, Bekasi and those in Sumatra, Kalimantan and Sulawesi. P.T. HSM is classified as a newly operating company of its kind in th country of which the operation has been growing.
In general, demand for metal stones had kept on increasing up to mid-1977 in line with the growth of metal melting industry in the country. However, since that time the demand had kept on descending up to end 1999 as the impact of the economic crisis in the country. The demand is estimated to be going up in the coming two-three years. Meanwhile, the competition is very tight on account of lots of similar imported products being offered in the markets. The business position of P.T. HSM is appraised to be favorable for having established regular customers and wide marketing networks among metal melting industries in major cities in the country.
The management of P.T. HSM is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that the salas turnover of the company in its initial operation in 2006 amounted to Rp. 7.5 billion and estimated to have reached Rp. 8.0 billion up to June 2007 with net profit of Rp. 380 million. We estimated that the sales turnover of the company will increase to Rp. 16.0 billion up to December 2007. It is estimated that P.T. HSM at present own a networth of Rp. 1.5 billion. So far, we did not hear 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 P.T. HSM is headed by Mr. Ir. Iben Rifa, MM. (32) a young businessman with 5 years experience in trading and importing of metal stones. In his daily activities, he is assisted by professional mangers in the above business having 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’s management having been involved in the business malpractices.
P.T. HALTRACO SARANA MULIA is sufficiently fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)