MIRA INFORM REPORT

 

 

Report Date :

07.08.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. STOMIL INDONESIA

 

 

Registered Office :

Jl. Boulevard Taman Surya, Kompleks Ruko Permata Taman Palem Blok D9 No. 35, Kel. Pedagungan, Kalideres, Jakarta Barat 11830

 

 

Country :

Indonesia

 

 

Date of Incorporation :

17.10.2009

 

 

Com. Reg. No.:

No. AHU-57757.AH.01.01.Tahun 2009

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engineering, Technical Services, Instrument and Industrial Supplies

 

 

No. of Employees :

15

 

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 :

No Complaints

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Indonesia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Name of Company  

 

P.T. STOMIL INDONESIA

 

 

company Address

 

Head Office

Jl. Boulevard Taman Surya

Kompleks Ruko Permata Taman Palem Blok D9 No. 35

Kel. Pedagungan, Kalideres

Jakarta Barat 11830

Indonesia

Phones             - (62-21) 5439 4436 (hunting)

Fax                   - (62-21) 5439 4439

Building Area     - 3 storey

Office Space      - 210 sq. meters

Region              - Commercial

Status               - Owned

 

 

Date of Incorporation

 

17 October 2009

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

No. AHU-57757.AH.01.01.Tahun 2009

Dated 25 November 2009

 

 

Company Status

 

National Private Company

 

Permit by the Government Department

 

The Department of Finance

Not available

 

 

Affiliated/Associated Company

 

P.T. BINTANG MAKMUR CIPTARAYA (Trading of Conveyor System and Repairing Services)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital          - Rp. 2,000,000,000.-

Issued Capital                - Rp.    525,000,000.-

Paid up Capital              - Rp.    525,000,000.-

 

Shareholders/Owners :

a. Mr. Lie Khie Fong                      - Rp. 472,500,000.- (90%)

    Address: Citra Garden 5 Blok C6/15

                   Kel. Kamal, Kalideres

                   West Jakarta

b. Mr. Dartam                                 - Rp.  52,500,000.- (10%)

    Address: Kampung Kotamas, RT.003, RW.001

                   Kel. Tigaraksa, Tangerang

                   Banten Province

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Engineering, Technical Services, Instrument and Industrial Supplies

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

November 2009

 

Brand Name :

STOMIL INDONESIA

Technical Assistance :

None

 

Number of Employee :

15 persons

 

Marketing Area :

Local    - 100%

 

Main Customers :

a. PT. Arutmin Indonesia

b. PT. Batubara Bukit Asam Tbk.

c. Etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. PT. Alpha Utama Mandiri

b. PT. Global Tracsindo Nusantara

c. PT. Jebsen & Jessen technology

d. PT. Niagamas Lestari Gemilang

e. PT. Riyadi Putera Makmur

f.  Etc

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.  P.T. Bank OCBC NISP Tbk

    Kompleks Taman Palem Lestari Blok C-1/2

    Jakarta Barat

     Indonesia

b. P.T. Bank MANDIRI Tbk

    Kompleks Taman Palem Lestari Blok D-1/19

    Jakarta Barat

     Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 1.0 billion

2010 – Rp. 6.2 billion

2011 – Rp. 8.5 billion

 

Net Profit (estimated) :

2009 – Rp.   60 million

2010 – Rp. 310 million

2011 – Rp. 420 million

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Lie Khie Foeng

                                                                                                           

Board of Commissioners :

Commissioner                                 - Mr. Dartam

 

Signatories :

Director (Mr. Lie Khie Foeng) which must be approved by Board of Commissioner (Mr. Dartam)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

 

OVERALL PERFORMANCE

 

P.T. STOMIL INDONESIA (PT. SI) was established in Jakarta based on notary deed of Tjoa Karina Juwita, SH., No. 49 dated October 17, 2009 with the authorized capital of Rp. 2,000,000,000 of which Rp. 535,000,000 was issued and paid up.  The founding shareholders of the company are Mr. Lie Khie Fong (90%) and Mr. Dartam (10%), both are Indonesian businessmen of Chinese extraction. The establishment deed has been approved by Minister of Law and Human Rights through Decision Letter No. AHU-57757.AH.01.01.TH.2009 dated November 25, 2009. No changes have been effected in term of its shareholding composition and capital structures to date.  We observed that Mr. Dartam is also founders and majority business stakes owners of P.T. BINTANG MAKMUR CIPTARAYA dealing with general trading business.

 

Pursuant to the company’s notary deed, P.T. SI engaged to operate in development, trading, industry, mining, road transportation and workshop repair.  The Company’s registered office located at Jl. Boulevard Taman Surya, Kompleks Ruko Permata Taman Palem D-9 BNo. 35, Kalideres, West Jakarta and the company can open branch offices or representative offices at home and abroad.

 

P.T. SI has been in commercial operation since 1996 dealing with engineering, technical services, instruments and industrial supplies.  Mr. Rian Muryanto, an administrative staff of the company when reached by phone explained that P.T. SI engaged in trading and distribution of engineering equipment for coal mining industries.  Besides, P.T. SI also sells conveyor systems, analytical instrument, etc.  Mr. Muryanto also added that they sold  above goods  to a number of  industry sectors especially coal mining industries, such as P.T. ARUTMIN INDONESIA, a large-size coal mining industry in the country and P.T. BATUBARA BUKIT ASAM, a state owned coal mining companies.  We note that P.T. SI is classified as a small-sized company of its kind in the country of which the operation has been growing in the last three years.

 

We note that the demand for engineering, technical goods, instrument and industrial products has kept on rising by at least 10% to 12% per year in the last five years in line with the growth and development of mineral mining industries such as coal, tin, copper ore, nickel, bauxite and others. The mineral mining activities in Indonesia is seen from the total production of minerals 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

 

Until this time P.T. SI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We estimated that P.T. SI operation in 2009 gained a total sales turnover of Rp. 1.0 billion increased to Rp. 6.2 billion in 2010 rose again to Rp. 8.5 billion in 2011 and estimated to continue on rising by 10% 2012.  P.T. SI operation is estimated to have booked a net profit of about Rp. 420 million in 2011 with a total networth of about Rp. 2.0 billion. We have never heard of the company having been black listed by Bank Indonesia (Central Bank) and registered in the court for detrimental cases.  Mr. Rian Muryanto disclosed that the company usually pays its debts punctually to suppliers.  

 

The management of P.T. SI is headed by Mr. Lie Khie Foeng (42), a young businessman with 8 years of experience in engineering and technical services, instrument and industrial supplies.  In daily activities, he is assisted by a number of professional staff, having maintained a wide business relation with private businessmen at home and abroad as well as with government sector. 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.

 

Since this company (PT. SI) just about three years in operation commercially, so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.47

UK Pound

1

Rs.86.60

Euro

1

Rs.68.66

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.