MIRA
INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SHANKARA IMPEX INTERNATIONAL |
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Registered Office : |
Menara Duta Building, 7th Floor, B Wing, Jl. H.R. Rasuna Said Kav. B-9,
Jakarta 12910, |
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Country : |
Indonesia |
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Date of Incorporation : |
09.06.2004 |
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Com. Reg. No.: |
No. C-23953 HT.01.01.TH.2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Export and Import of Minerals |
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No. of Employees : |
10 persons |
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$ 1,560,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. SHANKARA IMPEX INTERNATIONAL
Address
Head
Office
Menara Duta Building, 7th Floor, B Wing, Jl. H.R. Rasuna Said Kav. B-9, Jakarta 12910, Indonesia
Phones -
(62-21) 5290 1940 (hunting)
Fax. - (62-21) 5390 1944, 5290 1965
Email - sundersr@gmail.com
Building Area - 14
storey
Office Space - 220
sq. meters
Region -
Commercial
Status -
Rent
Date
of Incorporation :
09 June 2004
Legal
Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
No. C-23953 HT.01.01.TH.2004
Dated 24 September 2001
Company
Status :
Foreign Investment Company (PMA)
Permit
by the Government Department :
The Department of Finance
NPWP No. 02.116.499.1-056.000
Affiliated/Associated
Company :
A member of TRISAKTI Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital -
Rp. 868,200,000.- (US$. 100,000)
Issued Capital -
Rp. 868,200,000.- (US$. 100,000)
Paid up Capital -
Rp. 868,200,000.- (US$. 100,000)
Shareholders/Owners
:
a. PT. JAYA SAKTI INDOTAMA -
Rp. 520,920,000.- (US$. 60,000)
Address : Menara
Duta Building, 7th Floor, Jl. H.R.
Rasuna Said Kav. B-9, Jakarta Selatan
b. Mrs. Sundararaman Nalini -
Rp. 347,280,000.- (US$. 40,000)
Address : Apartment
Simprug Garden II, IIAPCO Complek No. 11, Jakarta Selatan
BUSINESS ACTIVITIES
Lines
of Business :
Export and Import of Minerals
Production
Capacity :
None
Total
Investment :
a. Owned Capital -
US$. 100,000
b. Loan Capital -
US$ 0
c. Total Investment - US$. 100,000
Started
Operation :
2004
Brand
Name :
SHANKARA IMPEX INTERNATIONAL
Technical
Assistance :
None
Number
of Employee :
10 persons
Marketing
Area :
Export - 100%
Main
Customers :
Overseas buyers in India, Malaysia, Thailand, China, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Indo
Tambangraya Megah
b. PT.
Kalimantan Ardi Baratama
c. PT. Bumi
Satria Persada
d. PT. Rinjani
Kartenegara
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
c. P.T. Bank MANDIRI Tbk
Gedung Enterprise
Jl. HR Rasuna Said Kav. C-5
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Gedung Menara Gracia
Jl. HR Rasuna Said Kav. C-17
Jakarta Selatan
Indonesia
Auditor :
Internal
Auditor
Litigation
:
No litigation record in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2008 – US$. 9.8
million
2009 – US$. 11.0 million
2010 – US$. 12.5 million
2011 – US$. 7.0
million (January – June)
Net
Profit (estimated) :
2008 – US$. 480 thousand
2009 – US$. 540 thousand
2010 – US$. 620 thousand
2011 – US$. 340 thousand (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Sankaran Sundararaman
Director - Mr.
Swaminathan Jambunathan
Board of Commissioners :
President Commissioner -
Mrs. Sundararaman Nalini
Signatories :
President Director (Mr.
Sankaran Sundararaman ) or Director (Mr. Sundararaman Madhumita) which must be
approved by Board of Commissioner (Mrs. Sundararaman Nalini)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded
normally
Proposed
Credit Limit :
Small amount – periodical review
Maximum Credit Limit :
US$ 1,560,000 on the 90 days of payments
OVERALL PERFORMANCE
P.T. SHANKARA IMPEX INTERNATIONAL (P.T. JII) was established
in June 2004 with an authorized capital of Rp. 868,200,000.- (US$ 100,000)
entirely was issued and fully paid up.
The founding shareholders of the company are PT. JAYA SAKTI INDOTAMA, a
foreign investment company (60%) and Mrs. Sundararaman Nalini (40%), an Indian
businesswoman. The Articles of Association was approved by the Minister of Law and Human Rights of the
Republic of Indonesia by virtue of Decision Letter No.
C-23953.HT.01.01.TH.2004 dated September 24, 2004. No changes have been
effected in term of its shareholding composition and capital structures to
date.
We observed that the shareholders of P.T. JAYA SAKTI
INDOTAMA are Mr. Sankaran Sundararaman (50%) and Mrs. Sundararaman Nalini
(50%), both are Indian businessman and businesswoman.
Pursuant to the company’s notary deed, P.T. SII engaged to
operate in export and import of garment such as blues, jacket, other textiles
products and chemical products.
Mr. Yahya who was
also the administrative staff P.T. SII, explained that the main
business of P.T. SII was exporter of
mineral materials from the mining products in Indonesia,
such as coal, iron
ore, manganese, nickel,
chromites and others minerals. Furthermore, mineral
products then exported to various countries including India, Malaysia, Thailand,
China and Taiwan.
Additionally P.T. SII also imported
various chemicals for plastic industries, textile
industries and general
chemicals. Then they sold these chemicals into
the domestic markets, especially to factories of plastic industry, textile industry and others. We noticed that P.T.
SII is a relatively small company that
developed slowly in the last three years.
Generally we find the demand of minerals such as coal, iron
ore, copper, gold, silver, iron ore, tin, copper and others has kept on rising by
at least 5% per years in the last five years. The mineral mining activities in
Indonesia is seen from the total production of minerals and export growth of
coal as below.
Production
Growth of Some Minerals
In
Indonesia, 2005 – 2010*
|
Year |
Tin Ore
Concentrate (Ton) |
Copper
Ore Concentrate (Ton) |
Nickel
Ore (Ton) |
Bauxite (Ton) |
Coal (Ton) |
Gold (Kg) |
Silver (Kg) |
|
2005 |
78,404 |
3,553,808 |
3,706,998 |
1,419,666 |
152,722,438 |
142,894 |
326,993 |
|
2006 |
80,933 |
2,938,009 |
4,353,833 |
1,501,937 |
181,060,907 |
93,176 |
270,153 |
|
2007 |
66,137 |
2,814,952 |
7,118,438 |
1,251,147 |
174,832,673 |
117,851 |
268,967 |
|
2008 |
47,626 |
2,340,100 |
6,557,103 |
1,594,196 |
181,569,985 |
62,695 |
302,292 |
|
2009 |
44,113 |
3,484,122 |
5,806,886 |
1,276,797 |
209,344,688 |
126,963 |
321,127 |
|
2010 |
36,574 |
3,199,562 |
5,324,822 |
939,544 |
210,896,926 |
93,076 |
247,314 |
Source: Central Bureau of Statistics (BPS)
*) January - November
The Export
Volume and Value of Coal Products 2005 – 2010
|
Description |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Volume (000 tons) |
129,044.1 |
184,008.9 |
195,785.8 |
201,021.7 |
234,793.1 |
298,844.5 |
|
Value (million US$) |
4,354.0 |
6,085.7 |
6,681.5 |
10,485.1 |
13,817.3 |
18,499.3 |
Source: Central
Bureau of Statistic (BPS)
The company is neither public listed nor bond issued
company. Therefore, the company has no obligation to publish financial
statement publicly. The management of P.T.
SII is very reclusive to outsider and rejected to disclose its financial
condition. But we estimate the total sales turnover in 2008 amounted to US$.
9.8 million, increased to US$. 11.0 million in 2009 rose again to US$ 12.5
million in 2010 and estimated it will be higher by 10% to 12% in 2011. The
operation of P.T. SII in 2010 is estimated to have gained a profit of US$. 620
thousand with an estimated networth of US$. 1.0 million. So far, we did not hear
that the P.T. SII having been black listed by Bank Indonesia (Central Bank) and
registered in district court for detrimental cases. The company has a punctual
payment habit within 1 to 3 months.
The management of P.T. SII is headed by Mr. Sankaran
Sundararaman (54) as president director, and he is assisted by Mr. Swaminathan
jambunathan (58) as director. Mr. Sankaran Sundararaman, a businessman of
India, with more than 17 years experience in trading and exporting of steam
coal and iron ore. He is the founder of the
TRISAKTI Group and has been a Banker and Corporate Lawyer with more than 25
years of experience as a professional.
The management is handled by professional managers 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 involved in the business malpractices 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.
Of a thorough observation we may conclude that P.T. SHANKARA IMPEX INTERNATIONAL is appraised
quite feasible for normal business transaction.
Attachment:
List
of the TRISAKTI Group Members
P.T. JAYA SAKTI INDOTAMA (Trading and Exporter of Coal and Iron
Ore)
P.T. SHANKARA IMPEX INTERNATIONAL (Export & Import of
Minerals)
P.T. TRISAKTI CONSULTINDO (Business and Management
Consulting Services)
P.T. MAHA SAKTI INDOTAMA (Mine Management
Services/Operations)
P.T. TRISAKTI MINERALS & RESOURCES (Mineral Resources
Services)
P.T. FAIRGOLD INTERNATIONAL INDONESIA (Own & Coal Mining
in South Kalimantan)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.69.89 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.