MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. DELTA SARANA NUSANTARA |
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Registered Office : |
Mall Mangga Dua, 4th Floor Block A No. 66, Jalan Mangga Dua Dalam, Jakarta Pusat, 10730 |
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Country : |
Indonesia |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
C-UM.02.01.10707 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporter of Ceramic Tile, Ceramic Wall and Automotive
Battery |
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$ 157,800 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. DELTA
SARANA NUSANTARA
A d d r e s s
Head Office
Mall Mangga Dua,
4th Floor Block A No. 66
Jalan Mangga Dua
Dalam
Jakarta Pusat,
10730
Indonesia
Phones - (62-21) 62301540 (Hunting)
Fax - (62-21)
62301539
Building Area - 4 storey
Office Space - 120 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
2004
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-UM.02.01.10707
Dated 26 June
2006
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
02.344.242.9-026.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
500,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp.
250,000,000.-
Shareholders/Owners
:
a. Mrs. Kie Nathalina -
Rp. 225,000,000.-
Address :
Jl. Kampung Krendang No. 19
Jakarta Barat
Indonesia
b. Mrs. Kie Sherly - Rp. 25,000,000.-
Address : Jl. Kampung Krendang
RT. 004/
RW. 001,
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and Exporter
of Ceramic Tile, Ceramic Wall and Automotive Battery
Production Capacity
None
Total Investment
None
Started Operation
2004
Brand Name
DSN
Technical Assistance
None
Number of Employee
11 persons
Marketing Area
Export - 100%
Main Customer
Buyers in India
Market Situation
Very Competitive
Main Competitors
a. P.T. ANDALAN
DAYA UTAMA
b. P.T. ANDALAN
KARYA TEKNIK MANDIRI
c. P.T. SUMBER
DAYA CEMERLANG
d. C.V. SINAR
AGUNG KENCANA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Mangga Dua
Raya
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 10.5
billion
2006 – Rp. 11.2
billion
2007 – Rp. 12.0
billion
Net Profit
(estimated) :
2005 – Rp. 420
million
2006 – Rp. 448
million
2007 – Rp. 480
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mrs. Kie
Nathalina
Board of Commissioners :
Commissioner -
Mrs. Kie Sherly
Signatories :
Director (Mrs. Kie Nathalina)
which must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 157,800 on 90
days D/A
OVERALL PERFOMANCE
P.T. DELTA SARANA NUSANTARA (P.T. DSN) was founded in Jakarta 2004 with the
authorized capital of Rp. 200,000,000 issued capital of Rp. 50,000,000 entirely
paid up. The founding shareholders of the company are Mrs. Kie Nathalina and
her sister Mrs. Kie Sherly, both are Indonesian business family of Chinese
extraction. The company notary deed has been changed and in May 2006 the
authorized capital was raised to Rp. 500,000,000 issued capital to Rp.
250,000,000 fully and paid up. The deed of amendment was made by Mrs. Agnes
Angelika, SH., a public notary in Jakarta was approved by the Ministry of Law
and Human Right in its Decision Letter No. C-UM.02.01.10707, dated June 26,
2006.
P.T. DSN has been operating since 2004 engaged in trading and exporter
of ceramic tile, ceramic wall, and automotive battery. The
merchandise products like ceramic products are bought from reputable ceramic
industries and automotive battery which operating in Jakarta, Tangerang,
Karawang and surrounding. Then the whole products like ceramic and automotive
battery are exported to India. Meanwhile the company is also imported ceramic
and wood from Malaysia, China and then directly exported to India. Mrs. Kie
Nathalina, director of the company explained, P.T. DSN is also sell of coal
from Banjarmasin, South Kalimantan. The whole coal products supplied to textile
and garment industries in West Java. But now, the company only focused activity
in exported of ceramic products and battery products. The economic crisis and
sharp Rupiah depreciation against US$ and other hard foreign currencies has bad
impact to the company because some of the merchandise products is imported
while the purchasing power of the users drastically declined. P.T. DSN’s
operation is still classified as small company of its kind in Indonesia.
Generally outlook, the national economic growth was just 4% to 6% on the
average in the last five years. However, the public purchasing power is still
strong especially medium and high class society. Besides, the Indonesians being
fanatics towards imported products and brands are still very large. This
condition has made retail sector of international brands to be still large. It
is estimated for various international products and brands will be rising by at
least 5% next year.
This condition has made the retails business opportunity to be still
open. However, the competition is very tight on account of lots of similar
companies and products in the country. The business position P.T. DSN is still
favorable. Pursuant to Statistical Center Bureau (BPS), growing rate of
Indonesian economy in 2003 was 4.72%, rose to be 5.05% in 2004 and rose again
to be 5.60% in 2005. It is estimated that such growing rose again to be 5.61%
in 2006. For details, please see Gross Domestic Production (GDP) table of
Indonesia in 2003 until 2006 hereunder:
|
Description (Business Sector) |
2003 |
2004 |
2005 |
2006 |
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Agriculture, husbandry, forestry and Plantation |
240,387.3 |
248,222.8 |
254,391.3 |
268,128.4 |
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Mining and quarrying |
167,603.8 |
160,100.4 |
162,642.0 |
165,569.5 |
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Preparation Industries |
441,754.9 |
469,952.4 |
491,699.5 |
517,267.9 |
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Electricity, Gas and Clean Water |
10,349.2 |
10,889.8 |
11,596.6 |
12,559.1 |
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Construction |
89,621.8 |
96,333.6 |
103,403.8 |
110,403.8 |
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Trading, Hotel and Restaurant |
256,516.6 |
271,104.9 |
294,396.3 |
317,359.2 |
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Transportation and Communication |
85,458.4 |
96,896.7 |
109,467.1 |
124,245.1 |
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Financing, Leasing and Coy.
Services |
140,374.4 |
151,187.8 |
161,959.6 |
162,364.5 |
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Other Services |
145,104.9 |
152,137.3 |
159,990.7 |
169,750.1 |
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Gross Domestic Production (GDP) |
1,577,171.3 |
1,656,825.7 |
1,749,546.9 |
1,847,647.6 |
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Economic Growth (%) |
4.72 |
5.05 |
5.60 |
5.61 |
Source : Central
Bureau of Statistic
Until this time P.T. DSN has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2005 amounted to Rp.
10.5 billion rose to Rp. 11.2 billion in 2006 increased to Rp. 12.0 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 480 million and the
company has an estimated total networth of at least Rp. 1.0 billion. We observe
that P.T. DSN is supported by businessmen with has financially less strong
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia).
The management of P.T. DSN is led by Mrs. Kie Nathalina (48) a
businesswoman and professional manager with experience in trading, and export
of ceramic and automotive battery. The management is handled by experienced
staff in this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors. So far, we
did not hear that the company’s management involved in a dirty business
practice or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. DELTA SARANA NUSANTARA 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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.42.23 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.66.41 |
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%)