MIRA INFORM REPORT

 

 

Report Date :           

07.01.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. SMART TELECOM 

 

 

Formerly Known As :

P.T. INDOPRIMA MIKROSELINDO

 

 

Registered Office :

Gedung Indoprima, Jalan H. Agus Salim No. 45, Sabang, Menteng, Jakarta Pusat, 10340

 

 

Country :

Indonesia

 

 

Date of Incorporation :

16.08.1996

 

 

Com. Reg. No.:

No. AHU-AH.01.10-27540

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Code Division Multiple Access (CDMA) Cellular Telephone System Services

 

 

No. of Employees :

101

 

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

 

Maximum Credit Limit :

US$ 2,500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Exists

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 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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. SMART TELECOM

 

 

company Address

 

Head Office

Gedung Indoprima

Jalan H. Agus Salim No. 45

Sabang, Menteng

Jakarta Pusat, 10340

Indonesia

Phones             - (62-21) 3192 2244, 3192 2255

Fax                   - (62-21) 3192 7880

E-mail               - info@smartel.com

Building Area     - 3 storey

Office Space      - 230 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

a.   16 August 1996 as P.T. INDOPRIMA MIKROSELINDO

b.   11 April 2007 as P.T. SMART TELECOM

 

 

Legal Form

 

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

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. W7-HT.01.10-2914

  Dated 2 November 2006

- No. W7-04025 HT.01.04.TH.2007

  Dated 12 April 2007

- No. AHU-57049.AH.01.02.TH.2008

  Dated 29 August 2008

- No. AHU-10592.AH.01.02.TH.2009

  Dated 2 April 2009

- No. AHU-48415.AH.01.02.TH.2010

  Dated 13 October 2010

- No. AHU-AH.01.10-22073

  Dated 25 August 2010

- No. AHU-AH.01.10-03019

  Dated 28 January 2011

- No. AHU-AH.01.10-27540

  Dated 24 August 2011

 

 

Company Status

 

Private National and Domestic Investment (PMDN) Company

 

 

Permit by the Government Department

 

The Department of Finance

- NPWP No. 01.792.185.9-073.000

 

The Capital Investment Coordinating Board

No. 568/I/PMDN/1997

Dated 13 October 1997

 

The Ministry of Communication and Information

No. KM. 63/PT.303/MPPT-97

Dated 4 June 1997

 

 

Related Company

 

A Member Company of the SINAR MAS Group (see attachment)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 1,200,000,000,000.-

Issued Capital                                  : Rp.    552,506,573,970.-

Paid up Capital                                : Rp.    552,506,573,970.-

 

Shareholders/Owners :

a. P.T. SMARTFREN TELECOM Tbk                        - Rp. 552,197,170,288.-

    Address : Jl. Haji Agus Salim No. 45

                    Sabang, Menteng, Jakarta Pusat

                    Indonesia

b. P.T. INDONESIA MOBILINDO                              - Rp.        309,403,682.-

    Address : Jl. Jend. Gatot Subrroto Kav. 33

                    Jakarta Selatan

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Code Division Multiple Access (CDMA) Cellular Telephone System Services

 

Production Capacity :

CDMA Cellular Telephones (Smart)    - 3.0 million subscribers

 

Total Investment :

Owned Capital                                 - Rp. 410.6 billion

 

Started Operation :

September 2007

 

Brand Name :

Smart Telecom (Smartel)

 

Technical Assistance :

None

 

Number of Employee :

101 persons                                   

 

Marketing Area :

Local    - 100%

 

Main Customer :

Individual, Corporate

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. BAKRIE TELECOM Tbk

b. P.T. HUTCHISON CP TELECOMMUNICATION

c. P.T. SAMPOERNA TELECOMMUNICATION

d. P.T. SMARTFREN TELECOM Tbk

e. Etc.

 

Business Trend :

Growing

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a.   P.T. Bank SINARMAS Tbk

      Wisma Bank Sinarmas, 1st & 2nd Floor

      Jalan M.H. Thamrin No. 51

      Jakarta Pusat, 10350

      Indonesia

b.   P.T. Bank DANAMON INDONESIA Tbk

Menara Bank Danamon 5th Floor

Jalan Prof. Dr. Satrio Kav. E4 No. 6

Mega Kuningan

Jakarta Selatan, 12950

Indonesia

c.   P.T. Bank PERMATA Tbk

      Permata Bank Tower 1

      Jalan Jend. Sudirman Kav. 27

      Jakarta Selatan, 12920

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

The Subject (plaintiff) was involved in controversial dispute with CBOSS Middle East FZ (defendant) recorded on Central Jakarta District Court No. 560/Pdt.G/2010/PN/Jkt.Pst dated 10 November 2011.

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp. 2,500.0 billion

2010 – Rp. 2,650.0 billion

2011 – Rp. 2,800.0 billion

 

Net Profit (estimated) :

2009 – Rp. 175.0 billion

2010 – Rp. 182.5 billion

2011 – Rp. 190.0 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Ir. Sutikno Widjaja

Directors                                         - a. Mr. Marco Paul Iwan Sumampouw

                                                        b. Mr. Ir. Ubaidillah Fatah

 

Board of Commissioners :

President Commissioner                   - Mr. Gandi Sulistiyanto Soeherman

Commissioner                                 - Mr. Handra Karnadi

 

Signatories :

President Director (Mr. Ir. Sutikno Widjaja) or one of the Directors (Mr. Marco Paul Iwan Sumampouw) 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$ 2,500,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

Originally named P.T. INDOPRIMA MIKROSELINDO (Primasel) was established in Jakarta based on notary deed of Mr. Sutjipto, SH., No. 60 dated 16 August 1996 with authorized capital of Rp. 20,000,000,000 issued capital of Rp. 5,000,000,000 entirely paid-up. Founders and shareholders originally are P.T. INDONESIA SATELLITE CORPORATION Tbk (P.T. INDOSAT Tbk), P.T. INDUSTRI TELEKOMUNIKASI INDONESIA (P.T. INTI), Primer Koperasi Pegawai Kantor DEPARPOSTEL and P.T. YAMABRI KOMUNIKASINDO. The articles of association has been changed a couple of times. In February 2004, P.T. INDOSAT Tbk and Primer Koperasi Pegawai Kantor DEPARPOSTEL pulled-out and the whole share takeover by P.T. INDUSTRI TELEKOMUNIKASI INDONESIA. Then in September 2006, the authorized capital was increased to Rp. 1,200,000,000,000 issued capital of Rp. 410,625,831,210 entirely paid up. On the same occasion, P.T. INDOSAT Tbk, Primer Koperasi Pegawai Kantor DEPARPOSTEL and P.T. YAMABRI KOMUNIKASINDO pulled out and replaced by P.T. BALI MEDIA TELEKOMUNIKASI, P.T. GLOBAL NUSA DATA, P.T. INDONESIA MOBILINDO and P.T. WAHANA INTI NUSANTARA, all of national private company as new shareholders. Then based on notary deed of Mrs. Yulia, SH., No. 10 dated 11 April 2007 the company was changed to P.T. SMART TELECOM (Smartel). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. W7-04025 HT.01.04.TH.2007 dated April 12, 2007. Later based on notary deed of Mrs. Sri Hidianingsih Adi Sugijanto, SH., No. 25 dated 17 July 2008 the issued capital was increased to Rp. 552,506,573,970 was paid up. With this development the composition of its shareholders are P.T. BALI MEDIA TELEKOMUNIKASI (45.93%), P.T. WAHANA INTI NUSANTARA (18.80%), P.T. GLOBAL NUSA DATA (16.94%), P.T. INDONESIA MOBILINDO (13.94%) and P.T. INDUSTRI TELEKOMUNIKASI INDONESIA (4.39%).

 

However based on notary deed of Mrs. Linda Herawati, SH., No. 31 dated 18 January 2011 P.T. SMARTFREN TELECOM Tbk acquired 99.944% ownership interest in P.T. SMART TELECOM (Smartel). With this time the composition of its shareholders has been changed to become P.T. SMARTFREN TELECOM Tbk (99.944%) and P.T. INDONESIA MOBILINDO (0.056%). The deed of amendment was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-03019 dated January 28, 2011. The latest based on notary deed of Mrs. Sri Hidianingsih, SH., No. 23 dated 22 July 2011 the board of directors and the board of commissioners had been changed (see profile of this report). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-27540 dated August 22, 2011.  

 

The majority business stakes of P.T. SMARTFREN TELECOM Tbk is a public listed company a members of the SINAR MAS Group. Besides P.T. GLOBAL NUSA DATA, P.T. BALI MEDIA TELEKOMUNIKASI and P.T. WAHANA INTI NUSANTARA three are national private company under the wing of SINAR MAS Group, a big-sized business group headed by DR. Eka Tjipta Widjaja and family members.

 

P.T. SMART TELECOM (Smartel) initially planned to deal with the development and management services of telecommunication networks. The company planed to develop the first Personal Handphone System (PHS), handphone with local tariff pulse, in the country. Firstly, the telecommunication networks would be developed in Surabaya, Gresik and Sidoarjo, East Java in which its development having been started at the end of 1996 by its parent company P.T. INDUSTRI TELEKOMUNIKASI INDONESIA (P.T. INTI) having completed 200 BTS. The company’s first try-out was held in February 1997 using technology of JHP-902H 68 of INTACTS. However, the operation of the project was not realized on account of Personal Handphone System (PHS) being not only appropriate for the technology development but also no longer produced. Besides, the economic crisis battering the country since mid 1997 has caused the project to be ceased in operation up to this time.

 

Later at the end of 2003, P.T. SMART TELECOM migrated its technology system from Personal Handphone System (PHS) to Code Division Multiple Access (CDMA) following the technology migration license issued by the government. The main reason for Smartel migrating to CDMA 2000 1X technology whole cellular telephone operators in Jakarta and East Java had done the same thing such as P.T. MOBILSEL migrating to CDMA-450, P.T. KOMSELINDO merging into P.T. MOBILE-8 TELECOM having also used CDMA technology. Smartel plans to build 300,000 units in East Java using CDMA based technology having obtained a license issued by the government to migrate from PHS to CDMA2000 1X. The company also plans to hold foreign business partners to build the CDMA project but the company has yet to decide which foreign companies will be its business partners. For the first step, the company will develop 300,000 units with an investment of US$ 200/unit.

 

P.T. SMART TELECOM started operation since September 2007. Smartel secured the license as an operator of CDMA2000 1X EV-DO cellular in 2004. Smartel built the network of CDMA with a capacity of 100,000 line units in East Java - Surabaya and Malang in 2005. P.T. Wireless Indonesia, which a subsidiary of the Sinar Mas Group, secured data communication license in 2001. The two companies secured allocation of frequency in 1.900 MHz later appropriated for UMTS (3G). As the two companies were both outside 3G frequency. Their frequencies had to be returned to the government and they were suggested to be combined. Wireless Indonesia finally acquired Smartel (ex Primasel) after failed to acquire Mobile-8 (Fren).

 

SMART Telecom, which was the result of merger between Primasel and Wireless Indonesia started commercial operation of cellular service with the technology of Code Division Multiple Access (CDMA) in September 2007. In the first phase, the service launched by P.T. SMART TELECOM would cover Surabaya and Bandung. SMARTEL launched its service in the frequency of   1900 MHz, but if it affects the 3G service, SMARTEL has to move away from the frequency band of   1900 MHz with put compensation. SMART Telecom, therefore is the only operator of CDMA in Indonesia operating at frequency of 1900 MHz.

 

P.T. SMART TELECOM (Smartel) is a new cellular telecommunication provider in Indonesia leveraging CDMA2000 1X and EVDO-Rev A technology using the 1900 MHz frequency. Smart Telecom provides great and economical services for retail and corporate customers in more than 50 cities in Java Island and will soon cover all regions in Indonesia. Recently, Smart Telecom signs a two year supply agreement valued at $68.0 million with Axesstel Inc, a San Diego, California based leader in the design and development of fixed wireless voice and broadband data products.

 

P.T. SMART TELECOM (Smartel) uses Axesstel's phone and USB modem to launch its new CDMA2000 1xEV-DO 1900 MHz band network within P.T. Smart Telecom's licensed area nationwide across Indonesia. The Axesstel phone provides consumers and small businesses with voice calling services from the home or office. The USB modem will offer mobile professionals, small businesses owners and small office / home office (SOHO) users with broadband access to email and the Internet in order to stay productive while working away from the office.

 

On March 3, 2010, P.T. SMARTFREN TELECOM Tbk (ex Mobile-8 Telecom) and P.T. SMART TELECOM (Smartel) together with synergy to create a new trademark named SmartFren. Synergy business includes operating synergies over the activities of sales and marketing, customer service activities, the utilization of network bandwidth with, the use of BTS (Base Transceiver Station) together (co-location) as well as human resource synergies. Synergy was followed by the acquisition of 99 944% shares of P.T. Smart Telecom (Smartel) by P.T. Smartfren Telecom Tbk on January 18, 2011. Smartel shall receive prior consent from CDB to pledge any security over its assets, make corporate restructuring, merger, de-merger, acquisition, change its business and make investments in any assets which are not necessary for the project. Smartel has certain limitation to sell, transfer, dispose its assets, carry out related party transactions, make dividend distribution, redeem its share capital or issue new shares to other parties.

 

P.T. SMARFREN TELECOM Tbk acquired 99.944% Smartel’s shares for purpose of improving the performances. P.T. SMART TELECOM (Smartel) is a telecommunication services operator with CDMA basis which is similar with parent company P.T. SMARTFREN TELECOM Tbk. Combined operating activities of P.T. SMARTFREN TELECOM Tbk and P.T. SMART TELECOM are expected to significantly reduce capital and operating expenditures and also will enable to encounter fierce and tough competition in telecommunication industry in Indonesia. Total customer of P.T. SMART TELECOM (Smartel) amounted to 1.53 million in 2008 increased to 1.87 million in 2009 to 2.50 million in 2010 and to 3.0 million in 2011 (consisting post paid and pre paid lines). It’s expected that up to the end 2012, the customers of SMART TELECOM will have reached 4.5 million customers. We observe the operation of P.T. SMART TELECOM or Smartel has been developing well in the last three years.

 

Generally observed the demand for telecommunication services, internet services provider, portal services, mobile & online content provider, and other telecommunication services, telecommunication equipment has kept on rising within the last five years. The telecommunication industry in 2010 showed quite rapid growth. The most quickly growth has been showing by cellular telephone and internet. Meanwhile, based on communication products grabbled by P.T. TELKOM Tbk in 2010 has also increased. Details on the growth of cable telephone production facility are as shown on the table below:

Growth, Development of Fixed Telephone and Cellular Telephone

Subscriber 2005-2010

Year

Fixed Telephone

Cellular Telephone

2005

2006

2007

2008

2009

2010

13.0 million

14.0 million

16.2 million

20.0 million

26.0 million

30.0 million

46.9 million

63.8 million

96.4 million

170.9 million

172.4 million

222.2 million

                      Source: Directorate of Post & Telecommunication

 

Until this time P.T. SMARTEL has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SMARTEL is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 2,500.0 billion rose to Rp. 2,650.0 billion in 2010 increased to Rp. 2,800.0 billion in 2011 and projected to go on rising by at least 6% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 190.0 billion and the company has an estimated total net worth of at least Rp. 1,200.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.  

 

Litigation Matter

 

The Subject (plaintiff) was involved in controversial dispute with CBOSS Middle East FZ (defendant) recorded on Central Jakarta District Court No. 560/Pdt.G/2010/PN/Jkt.Pst dated 10 November 2011.

 

PT Smart Telecom has filed a default lawsuit to the Central Jakarta District Court against CBOSS Middle East FZ, UAE-based software company and demands US$ 16 million of compensation. PT Smart Telecom, on the lawsuit, accuses CBOSS had committed default on the Business Support System (BSS) software and Value Added Services (VAS) purchase agreement. PT Smart demands US$ 16 million of total compensation from the UAE company. The case, registered No.560/Pdt.G/2010/PN/Jkt.Pst, started with the purchase agreement between the disputing parties on July 5th, 2006. The business paper reported that the agreement dictates that CBOSS is obliged to deliver BSS and VAS to PT Smart. P.T. Smart Telecom, however, claimed CBOSS has failed to fulfill its obligation in delivering the promised items. P.T. Smart Telecom than filed a lawsuit and demands US$ 5.85 million for payment made by the plaintiff, US$ 11.9 million for loss compensation, and US$ 160.800 as insurance premium. Yusfa Perdana, lawyer CBOSS, denies that his client had defaulted the agreement. He even accused that P.T. Smart Telecom yet to make payment to his client pursuant to the purchase agreement. The trial has entered the petitum after the court rejected exception submitted by CBOSS.

 

The management of P.T. SMART TELECOM is headed by Mr. Ir. Sutikno Widjaja (62) a professional manager of the SINAR MAS Group. He graduated from Bandung Institute of Technology and Science (ITSB) majoring in telecommunication engineering. Daily, operation he has assisted by Mr. Marco Paul Iwan Sumampouw (47) and Mr. Ir. Ubaidillah Fatah (57) as Directors. The management of the company is handled by professional managers in Mobile Telephone Communication based on CDMA2000 1X (Code Division Multiple Access) having wide relation with overseas and national private businessmen as well as with the government sectors. So far, we have never heard of the management of the company being filed to the district court for detrimental cases. So far we have never yet heard of the company’s management having been involved in business malpractices. P.T. SMART TELECOM is appraised to be good for business transaction.

Attachment:

 

List of the SINAR MAS Group Members

1.    ABHIPRAYA INSAN PERKASA, P.T. (Sugar Refinery)

2.    ABSINARMAS MULTIFINANCE, P.T. (Financing Services)

3.    AGROCARB INDONESIA, P.T. (Pesticide Formulation)

4.    ALAM INDAH INDO MAKMUR, P.T. (Trading and Mixed Fertilizer Processing)

5.    ALPHA TANJUNG TANGKI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)

6.    ANEKA SARAKINDO, P.T. (Investment Holding)

7.    ARARA ABADI, P.T. (Forestry and Peat Mining)

8.    ARGO INTIM RESPATI, P.T. (Oil Palm Plantation and Palm Oil Processing)

9.    ARGO PANCA MODERN, P.T. (Oil Palm Plantation and Palm Oil Processing

10.   ARGOPURO, P.T. (Land Transportation)

11.   ARTA CUPU KENCANA MONEY CHANGER, P.T. (Money Changer)

12.   ASIA PULP & PAPER CO., LTD. (Investment Holding)

13.   ASIA TRADE LOGISTICS (International Freight Forwarder)

14.   ASIAN DEVELOPMENT SECURITIES, P.T. (Brokerage and Underwriter Activities)

15.   ASIANINDO UNITRADA, P.T. (Softdrink Industry)

16.   ASPIRASI LUHUR, P.T. (Investment Holding)

17.   Bank SINARMAS, P.T. (Banking)

18.   BERSAMA SEJAHTERA SAKTI, P.T. (Oil Palm Plantation and Palm Oil Processing)

19.   BHAKTI BERSAMA MAKMUR, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil Management)

20.   BHAKTI BERSAMA SEJAHTERA, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil Refinery)

21.   BINA SINAR AMITY, P.T. (Warehouse Container Management and Freight Forwarder)

22.   BINA SINAR UTAMA, P.T. (Container Transportation and Document Handling Services)

23.   BONO CORPORATION INTERNATIONAL LTD. Hong Kong (Property Management)

24.   BORNEO PULP & PAPER SDN. BHD., Malaysia (Pulp and Paper Manufacturing and Industrial Forestation)

25.   BUANA EKA GANDA, P.T. (Industrial Estate Management)

26.   BUANA WIRALESTARI, P.T. (Oil Palm Plantation and Palm Oil Refinery)

27.   BUMIMAS MEGAHPRIMA, P.T. (Shopping Centre and Apartments Development and Management)

28.   BUMI PERMAI LESTARI, P.T. (Oil Palm Plantation and Palm Oil Processing)

29.   BUMI SAWIT PERMAI, P.T. (Oilpalm Plantation and Palm Oil Refinery)

30.   BUMI SERPONG DAMAI, P.T. (Real Estate Development)

31.   BUMI SHANGRIL LA JAYA, P.T. (Real Estate Development)

32.   CAHAYA ANEKA KIMIA PERKASA, P.T. (Trading)

33.   CAHAYA INTI PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Palletizing)

34.   CAHAYA LESTARI SANTOSA, P.T. (Housing Development)

35.   CAHAYA MAS JAYA, P.T. (Real Estate Development)

36.   CAHAYA MAS, P.T. (Trading)

37.   CENDRAGO UTAMA, P.T. (Oil Palm Plantation and Palm Oil Processing)

38.   CHINA STRATEBIC INVESTMENT CORPORATION (Investment Holding)

39.   CHIP LIAN (Pte) Ltd. Singapore (Trading and Investment Holding)

40.   CHIP LIAN INVESTMENT (the USA) Inc., Property Management and Investment)

41.   CISCO MAS SECURITAMA, P.T. (Commodities Transportation Security)

42.   CITRA PERMATA SAKTI PERSADA, P.T. (Real Estate Development and Driving License Services)

43.   CITRA SIMAS ARTHA, P.T. (Management Information System Services)

44.   COLVEX JAYA, P.T. (Palm Oil Plantation and Processing Plant)

45.   CREDIT LYONNAIS INDONESIA, P.T. Bank (Banking)

46.   CULINDO, P.T. (Pig Farming)

47.   DADI CORPORATION N.V. (Trading)

48.   DAIRYVILLE, P.T. (Ice Cream Manufacturing)

49.   DAYANETWORK LESTARI, P.T. (Financing Services)

50.   DAYA SINAR MAS, P.T. (Woodworking)

51.   DHAI SIN, (Pte) Co., Ltd. Singapore (Trading)

52.   DIAN TARUNAGUNA, P.T. (Trading and Distribution of Cosmetic Products)

53.   DJAKARTA 1945, P.T. Maskapai Asuransi (Sea and Fire Insurance)

54.   DJUANDASAWIT LESTARI, P.T. (Integrated Palm oil Refinery)

55.   DUTA DHARMA BHAKTI, P.T. (Low Cost Housing Development)

56.   DUTA PERTIWI Tbk., P.T. (Properties Development and Management; Investment Holding)

57.   DWIMAS INTIWISESA, P.T. (Financing Services)

58.   EKA LIFE, P.T. Asuransi Jiwa (Life Insurance Service)

59.   EKAMAS FORTUNA, P.T. (Corrugated Medium Paper Making Manufacturing)

60.   EKO RAYON, P.T. (Viscose Rayon, Staple Fibre and Pulp Rayon Manufacturing)

61.   ELANG PERMATA, P.T. (General Contracting and Telecommunication Development)

62.   ERIHATU, P.T. (Logging)

63.   ESA SINAR PERKASA, P.T. (Trading)

64.   EXCOMM REMAJA, P.T. (Trading and Investment Holding)

65.   FERRO MAS DINAMIKA, P.T. (Ceramic and Enamel Frits Industry)

66.   FINDECO JAYA, P.T. (Alkyl Benzene Sulfonate Processing)

67.   FILMA, P.T. (Coconut Oil Based Cooking Oil Refinery)

68.   FORESTALESTARI DWIKARYA, P.T. (Integrated Palm Oil Refinery)

69.   FUJI INTERNATIONAL INDONESIA, P.T. Bank (Banking)

70.   GAJAH PERDANA INDAH, P.T. (Housing Development)

71.   GELORA MUDA PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal Processing)

72.   GEMA KREASI, P.T. (Real Estate Management)

73.   GLOBAL AGRONUSA INDONESIA, P.T. (Banana Plantation)

74.   GOLDEN AMCOL Pte. Ltd. (Manufacturing of Electronics, Electrical Household Appliances, Electrical Equipment, Lighting Equipment, Property Development and Investment Holding)

75.   GRAHAMAS INDOJAYA, P.T. (Transportation)

76.   GREEN WINDHU LINES, P.T. (Special Shipping)

77.   GRIYAMAS ADIPRATAMA, P.T. (Real Estate and Developer)

78.   GUNUNG MAS RAYA, P.T. (Rubber and Oil Palm Plantation)

79.   HADEKA FEEDMILL, P.T. (Animal Feed Milling)

80.   HARAPAN ANANG BAKRI & SON'S, P.T. (Industrial Estate Development and Management)

81.   HARMONI MAS, P.T. (Housing Development)

82.   HARMONI SEJAHTERA, P.T. (Housing Development)

83.   HASTA BUANA MANDIRI, P.T. (Trading)

84.   HASTA DHARMA KARYA, P.T. (General Contracting and Trading)

85.   HENKEL INDONESIA, P.T. (Industrial Chemical Processing)

86.   HERCULES MAS INDONESIA, P.T. (Industrial Chemical Processing)

87.   HIAP CHUN TIMBER (Pte) Ltd. (Trading)

88.   HONGKONG UNION BANK CO., LTD. (Banking)

89.   HONGZHOU ZHONGCE RUBBER CO., LTD. (Manufacturing of Motorcar Tubes and Tyres and Rubber Components)

90.   HORIGUCHI ENGINEERING INDONESIA, P.T. (Machinery and Heavy Equipment Maintaining Services)

91.   IBI FAR EAST (Hong Kong) Co., Ltd. (Property and Securities)

92.   INDAH KIAT PULP & PAPER Tbk., P.T. (Integrated Paper Making and Pulp Processing)

93.   INDOJAYA MARKONRAD, P.T. (Trading)

94.   INDRI PLANT, P.T. (Oil Palm Plantation)

95.   INDOMILK, P.T. (Milk Processing)

96.   INTERCIPTA KIMIA PRATAMA, P.T. (Paper Chemicals Processing)

97.   INTERMAS TATA TRADING, P.T. (Distribution of Cooking Oils)

98.   INTERNATIONAL INDONESIA, P.T. Bank (Banking)

99.   INTERNATIONAL MONEY CHANGER, C.V. (Money Changer)

100.   INTERNATIONAL NINGBO Bank (China), (Banking)

101.   INTI GERAKMAJU, P.T. (Oil Palm and Coconut Plantation)

102.   INTITAMA MAS, P.T. (Cold Rolled Stainless Steel Coils/Sheets Manufacturing)

103.   ISTANA MUTIARA MAS, P.T. (Liquid Tanker Shipping)

104.   IVOMAS TRADING, P.T. (Trading and Suppliers)

105.   IVO MAS TUNGGAL, P.T. (Palm Oil Based Cooking Oil Refinery and Oil Palm Plantation)

106.   JAGOTAMA INDAH RATTAN INDUSTRIES, P.T. (Rattan Furniture Manufacturing)

107.   JATI CAHAYA CEMERLANG PLYWOOD, P.T. (Integrated Woodbased Industry)

108.   JATI DHARMA INDAH PLYWOOD INDUSTRIES, P.T. (Integrated Woodbased Industry)

109.   JATI MALUKU TIMBER, P.T. (Logging, Sawmilling and Shipping)

110.   JATI MULIA SEMESTA, P.T. (Plywood Industry)

111.   JU LIE (Pte) Co. Ltd. Singapore (Trading)

112.   KALI BESAR RAYA UTAMA, P.T. (Insurance Brokerage Services)

113.   KARTIKA INTI PERKASA, P.T. (Palm Plantation)

114.   KARYA DUNIA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)

115.   KARAWANG TATABINA INDUSTRIAL ESTATE, P.T. (Industrial Estate Management and Development)

116.   KELAPA MURNI, P.T. (Coconut Oil Refinery)

117.   KEMAKMURAN TANITERNA INDONESIA, P.T. (Integrated Poultry Farming)

118.   KERTAS INDAH, P.T. (Trading)

119.   KOPO PERMAI, P.T. (Housing Development)

120.   KRAWANG BUKIT GOLF, P.T. (Golf Course and Real Estate Management)

121.   KRESNA DUTA AGROINDO, P.T. (Oil Palm Plantation and Refinery)

122.   LEIDONG KREASITAMA, P.T. Maskapai Perkebunan (Oilpalm Plantation and Palm Oil Refinery)

123.   LAHAN TANI SAKTI, P.T. (Oil Palm Plantation)

124.   LANGGENG KREASITAMA, P.T. (Adhesive Glue Manufacturing)

125.   LLOYD INDONESIA, P.T. (Sea and Fire Insurance)

126.   LONTAR PAPYRUS PULP & PAPER INDUSTRY, P.T. (Pulp and Paper Industry, Industrial Chemical Processing)

127.   MAKINDO PERKASA, P.T. (Industrial Power Engine Agent and Distribution)

128.   MALIGI PERMATA INDUSTRIAL ESTATE, P.T. (Industrial Park Development and Management)

129.   MAKTO JAYA, P.T.  (Trading)

130.   MARGA TULUS ENTERPRISE LTD., P.T. (Leasing)

131.   MARISON NUSANTARA AGENCY, P.T. (Investment Holding)

132.   MASKAPAI PERKEBUNAN LEIDONG WEST INDONESIA, P.T. (Oil Palm Plantation)

133.   MEDISON SECURITIES LTD. Hong Kong  (Property and Security)

134.   MEGAH UTAMA MOTOR, P.T. (Car Distribution)

135.   MENARA MAJU, P.T. (Trading and Distributor)

136.   MITRA ADIGUNA SENTOSA, P.T. (Printing & Corrugated Packaging Manufacturing)

137.   MITRABANGUN ADIGRAHA, P.T. (Contracting Services)

138.   MITRA NUGRAHA, P.T. (Plastic Container Manufacturing)

139.   MULTIMAS DINAMIKA, P.T. (Ceramic Goods Manufacturing)

140.   MURINI TIMBER, P.T. (Woodbased Industry)

141.   MUSTIKA ARTA MAS, P.T. (Investment Holding)

142.   MUTIGUNA PERKASA INDONUSA, P.T. (Trading)

143.   NALA VINI EKA BEVERAGES, P.T. (Carbonated Softdrink Industry)

144.   NILAM TERANG OFFSET PRINTING, P.T. (Graphic Printing and Fire Packaging)

145.   NINGBO INTERNATIONAL BANK LTD. (Banking)

146.   NINGBO PULP AND PAPER CO., LTD. (Pulp and Paper Manufacturing, Corrugated Carton Box Making and Packaging)

147.   NUMBING JAYA, P.T. (Oil Palm Plantation)

148.   NUSA PIRANTI RIANA, P.T. (Industrial Chemical Manufacturing and Trading)

149.   ONWARD PAPER CORPORATION, P.T. (Sanitary Napkin and Tissue Paper Manufacturing)

150.   ORIENTAL INDAH BALI HOTEL, P.T. (Hotelry)

151.   OTO MULTIARTHA, P.T. (Consumer Finance Services)

152.   PAKUAN REAL ESTATE, P.T. (Real Estate Development)

153.   PALMINDO RAYA, P.T. (Oil Palm Plantation and Palm Oil Processing)

154.   PANGERAN PLAZA UTAMA, P.T. (Real Estate Development)

155.   PARAGA ARTAMIDA, P.T. (Investment Holding)

156.   PERBAWA DUTA PERSADA, P.T. (Trading)

157.   PERWITA MARGASAKTI, P.T. (Real Estate Development)

158.   PETRO CENTRAL, P.T. (Industrial Chemical Processing)

159.   PILINTI PERKASA ALAM, P.T. (Oil Palm Plantation and Palm Oil Refinery)

160.   PINDO DELI, P.T. (Paper Making)

161.   PONDOK CANDRA INDAH, P.T. (Housing Development)

162.   PONDOK NIRWANA, P.T. (Housing Development)

163.   PRIMA VIJAYA INDAH TOUR, P.T. (Tour and Travel Agency)

164.   PRODUKSI INDONESIA, P.T. (Marketing Promotion Services)

165.   PULO GEBANG INDAH, P.T. (Housing Development)

166.   PURINUSA EKAPERSADA, P.T. (Carton Packaging Manufacturing and Investment
  Holding)

167.   PURIMAS SASMITA, P.T (Banana Porridge Processing)

168.   PURNAMALA INTERNATIONAL INDONESIA, P.T. Asuransi Jiwa (Life Insurance)

169.   PUSAKA MAKMUR ABADI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)

170.   PUTRAMAS PRIMA PERKASA, P.T. (Investment Holding)

171.   RAMAJA PRAMUKTI, P.T. (Oil Palm Plantation and Processing)

172.   REKSA ARTHA MUSTIKA, P.T. (Integrated Poultry Farming and Food Crop Plantation)

173.   RIMBA TUNGGAL PERKASA, P.T. (Cocoa Plantation)

174.   RIVERA HOLDINGS (Hong Kong) Ltd., (Property Management and Investment Holding)

175.   ROLIMEX CORPORATION, P.T. (General Trading)

176.   ROYAL ORIENTAL LTD., P.T. (Office Block Owner and Rental Management)

177.   SADANG MAS, P.T. (Investment Holding)

178.   SARANAPAPAN EKASEJATI, P.T. (Real Estate Development)

179.   SARPINDO SOYABEAN, P.T. (Soybean Flour Milling and Plantation)

180.   SATRIA PERKASA AGUNG, P.T. (Investment Holding)

181.   SATYA KISMA UTAMA, P.T. (Oil Palm Plantation)

182.   SAWIT MALINDA, P.T. (Palm Oil Refinery and Oil Palm Plantation)

183.   SAWIT MAS SEJAHTERA, P.T. (Oil Palm Plantation and Processing, Investment Holding)

184.   SAYANG HEULANG, P.T. (Palm Oil Based Cooking Oil Refinery)

185.   SEJAHTERA PURAMAS, P.T. (Investment Holding)

186.   SEMBADA KRIYA PRIMA, P.T. (Trading)

187.   SERIKAT PUTRA, P.T. (Oil Palm Plantation)

188.   SIANTAN SHIPPING, P.T. (Interinsulair Shopping)

189.   SIANTAN WINDHU, P.T., (Freight Forwarding)

190.   SINAR CULINDO PERKASA, P.T. (Pig Farming)

191.   SINAR DAYA MARINA, P.T. (Investment Holding & Fishing)

192.   SINAR DUNIA MAKMUR, P.T. (Industrial Paper Manufacturing)

193.   SINAR DUNIA THIRTA KIMIA, P.T. (Industrial Chemical Processing)

194.   SINAR KENCANA INTI PERKASA, P.T. (Oil Palm Plantation and Processing)

195.   SINAR KILAT BUANA, P.T. (Investment Holding)

196.   SINAR LUCKY PLASTICS INDUSTRY, P.T. (Pipes and Plastic Hoses Industry)

197.   SINAR MAS, P.T. (Investment Holding)

198.   SINAR MAS AGRO RESOURCES AND TECHNOLOGY CORPORATION (SMART CORPORATION), P.T. (Oil Palm Plantation and Palm Oil Refinery)

199.   SINAR MAS CIPTA, P.T. Asuransi Kerugian (Sea and Fire Insurance)

200.   SINAR MAS EKA GRAHA, P.T. (Security)

201.   SINAR MAS GRIYA, P.T. (Housing Development and Investment Holding)

202.   SINAR MAS MULTIARTHA, P.T. (Financing, Treasury Management & Investment
 Holding)

203.   SINARMAS MULTIFINANCE, P.T. (Financing)

204.   SINAR MAS TELADAN, P.T. (Palm Oil Based Cooking Oil Refinery and Real Estate Development)

205.   SINAR MAS TUNGGAL, P.T. (Investment Holding and Trading)

206.   SINAR MAS WISESA, P.T. (Real Estate Development and Management)

207.   SINAR MEADOW INTERNATIONAL INDONESIA, P.T. (Fat and Food Products
  Processing)

208.   SINAR OBOR MAS, P.T. (Coconut Oil Based Cooking Oil Refinery)

209.   SINAR OLEOCHEMICAL INTERNATIONAL, P.T. (Fatty Acid and Glycerin
 Manufacturing)

210.   SINAR PUREFOODS INTERNATIONAL, P.T. (Marine Product Processing and Canning)

211.   SINAR SYNO KIMIA, P.T. (Industrial Chemical Manufacturing)

212.   SINARSURYA LAND, P.T. (Luxury Apartment Development and Management)

213.   SINARTAMA GUNITA, P.T. (Commodity Future Trading Services)

214.   SINARWIJAYA EKAPRATISTA, P.T. (Real Estate and Property Management)

215.   SINAR WISATA LESTARI, P.T. (Hotelry)

216.   SINDOPEX FEROTAMA, P.T. (Hydrogen Peroxides Manufacturing)

217.   SINGGA RIMBA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)

218.   SMART CORPORATION Tbk. P.T. (Integrated Palm Oil Refinery and Investment Holding)

219.   SMARTFREN TELECOM Tbk, P.T. (Multimedia and Basic Telephone Service Provider and 

        Investment Holding)

220.   SMART TELECOM, P.T. (CDMA Cellular Telephone System Service Provider)

221.   SMARTINDO BLUEBIRD SNACKS, P.T. (Snack Foods Industry)

222.   SPININDO MITRADAYA, P.T. (Industrial Estate Development and Management, Investment Holding)

223.   SUKMA SUCI KENCANA MONEY CHANGER, P.T. (Money Changer)

224.   SUMBER INDAHPERKASA, P.T. (Integrated Oil Palm Plantation)

225.   SUMMIT SINARMAS FINANCE, P.T. (Financial Institution)

226.   SUPER WAHANA TEHNO, P.T. (Soft Drink and Bottled Drinking Processing)

227.   SUPRA VERITAS, P.T. (Investment Holding and Trading)

228.   SURYA MITRA SEJATI, P.T. (White Carbon & Water Glass Industry and Investment
 Holding)

229.   SURYA SUKMA MAS MONEY CHANGER, P.T. (Money Changer)

230.   SUPER KAOLINDO PERDANA, P.T. (Kaolin Mining and Processing)

231.   SWADAYA BHAKTI NEGARA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal Processing)

232.   TAI SANG LAND DEVELOPMENT CO., LTD., Hong Kong (Property and Real Estate Development)

233.   TAN ENG (Pte) Ltd., (Trading)

234.   TAPIAN NADENGGAN, P.T. (Palm Oil Refinery and Oil Palm Plantation)

235.   THE UNIVENUS COMPANY, P.T. (Manufacturing of Tissue Paper, Toilet Paper and Sanitary   Napkins and Napkin Paper)

236.   TIMUR AGRO KARYA, P.T. (Oil Palm Plantation and Palm Oil Processing)

237.   TJIWI KIMIA Tbk., P.T. Pabrik Kertas (Cultural and Industrial Paper Manufacturing)

238.   TOMSON PACIFIC (Hong Kong) Ltd., (Property Management)

239.   TUNGGAL MITRA PLANTATION, P.T. (Oil Palm Plantation)

240.   TUNGGAL PERKA CORPORATION, P.T. (Industrial Chemical Processing)

241.   UNGGUL INDAH CORPORATION, P.T. (Industrial Chemical Processing)

242.   UNI-CHARM INDONESIA, P.T. (Sanitary Napkin Industry)

243.   UNITED WARU BISCUIT MANUFACTORY, P.T. (Biscuit and Dry Cookies Processing)

244.   USAHA MANGGAR, P.T. (Coconut Oil Based Cooking Oil Refinery)

245.   VIVA KARYAWISATA, P.T. (Hotelry Restaurant and Recreation Centre Management)

246.   WANA KRIDA UTAMA, P.T. (Logging)

247.   WASTUNIDYA UTAMA, P.T. (Soybean Flour Milling and Soybean Based Cooking
  Refinery)

248.   WENANG PERMAI, P.T. (General Contracting and Housing Development)

249.   WENANG SAKTI, P.T. (Wood Working)

250.   WESTERN OCEANIC BANK (Banking)

251.   WIDJAJA PERMAI, P.T. (Real Estate Development and Management)

252.   WIDJAJA PRATAMA RAYA, P.T. (Real Estate Development and Management)

253.   WIRAKARYA SAKTI, P.T. (Wood Working)

254.   ZETA ANEKA KIMIA, P.T. (Sole Agent and Distributor)

255.   Etc.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.78

UK Pound

1

Rs.81.79

Euro

1

Rs.67.46

 

 

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.