MIRA INFORM REPORT
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Report Date : |
02.03.2012 |
IDENTIFICATION DETAILS
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Name : |
PT STARLENE INDONESIA (NF) |
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Registered Office : |
Karawaci Office Park, Blok L-58, Lippo Karawaci – Tangerang 15811, Banten |
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Country : |
Indonesia |
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Date of Incorporation : |
18.07.2009 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-12067 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading, Import and Distribution of
Adhesive/Glue for Printing Industries and Consumer Goods |
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No. of Employees
: |
10 |
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$ 390,000 |
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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 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
P.T. STARLENE
INDONESIA
Head Office
Karawaci Office Park, Blok L-58
Lippo Karawaci –
Tangerang 15811
Banten -
Indonesia
Phones -
(62-21) 5573 1515
Fax - (62-21) 5528 099
H.P. - (62-0816)
1806 179 (Mr. Arpin Agnios)
Email - starleneindonesia@yahoo.com and arpin3a@yahoo.com
Building Area - 2 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
18 July 2009
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-36891.AH.01.01.Tahun 2009
Dated 03 August 2009
b. No.
AHU-AH.01.10-12067
Dated 25 April 2011
National Private
Company
The Department of
Finance
NPWP No.
02.988.067.1-402.000
Not available
Capital
Structure :
Authorized
Capital - Rp.
400,000,000.-
Issued Capital - Rp.
400,000,000.-
Paid up Capital - Rp.
400,000,000.-
Shareholders/Owners
:
a. Mr. Arpin
Agnios Kie - Rp. 200,000,000.-
(50%)
Address: Jl.
Rambutan Barat IX No. 6-A
Jakarta Barat
Indonesia
b. Mrs. Tjetria Susanti Tiono - Rp. 200,000,000.- (50%)
Address: Jl. Kalimantan 802 Taman Imam Bonjol
Tangerang, Banten
Indonesia
Lines of
Business :
Trading, Import and Distribution of
Adhesive/Glue for Printing Industries and Consumer Goods
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
August 2009
Brand Name :
STARLENE
INDONESIA
Technical
Assistance :
None
Number of
Employee :
10 persons
Marketing Area
:
Local -
100%
Main Customers
:
a. PT. Solindo
Grafika
b. PT. Karya Indah Bersama
c. PT. Torabika Eka Semesta
d. PT. Indofood Sukses Makmur
e. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Dynea
Indria
b. PT. Mulya Adhi Paramita
c. PT. Lemindo Abadi Jaya
d. PT. Marga Bharata
e. Etc.
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
KCP Tangerang _ Pinangsia
Karawaci Offie Park, Blok A-36
Lippo Karawaci – Tangerang 15811
Banten - Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sales/income (estimated) :
2009 – Rp. 10.2 billion
2010 – Rp. 21.0 billion
2011 – Rp. 28.5 billion
Net Profit
(estimated) :
2009 – Rp. 0.4 billion
2010 – Rp. 1.1 billion
2011 – Rp. 1.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Arpin Agnios Kie
Board of Commissioner :
Commissioner - Mrs. Tjetria
Susanti Tiono
Signatories :
Director (Mr. Arpin Agnios Kie) which must
be approved by Board of Commissioner (Mrs. Tjetria susanti Tiono)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 390,000 on 90 days D/A
P.T. STARLENE INDONESIA (P.T. SI) was established in Jakarta on July 2009 with the authorized capital of Rp. 400,000,000.- entirely was issued and fully paid up. The founding shareholders of the company are Mr. Arpin Agnios Kie (50%) and his wife Mrs. Tjetria Susanti Tiono (50%), they are Indonesian business persons of Chinese extraction. The Company’s Articles of Association was made by Elly Puspita Sunarya, SH., a public notary in Jakarta based on notary deed No. 63 and it was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-36891.AH.01.01.Tahun 2009 dated August 3, 2009 and No. AHU-AH.01.10-12067 dated April 25, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. SI started operation since August 2009 in trading, import and distribution of specialty chemical such as adhesive/glue for offset printing and packaging Industries. The company is appointed as distributor of GP Chemical (adhesive/glue) of the India and ACE Adhesive/Glue of South Korea for Indonesia market. Mr. Markus Sentosa, an administrative staff of P.T. SI explained that main customer of his company are offset printing industries, packaging industries and others such as PT. Solindo Grafika, PT. Karya Indah Bersama, PT. Torabika Eka Sentosa, PT. Indofood Sukses Makmur, etc. We observed 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 two years.
Generally, the demand for adhesive and glue for printing and packaging in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of offset printing and flexible packaging industries, snack food industries including instant noodle, biscuit, confectioneries, pharmaceutical, cosmetic industries, etc. But, as from October 2008, the demand growth for specialty chemicals such as adhesive and glue has kept on dwindling as an impact of global economic crisis as told above. Beside, the competition is very tight on account many similar companies operating in the country. P.T. SI is considered to be in a favorable business position in view of the company's experience in the above business.
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 observed that total sales turnover of the company in 2009 amounted to Rp. 10.2 billion increased to Rp. 21.0 billion in 2010 rose again to Rp. 28.5 billion in 2011 and projected it will be increase by at least 12% in 2012. The operation in 2011 yielded an estimated net profit of Rp. 1.5 billion and the company has an estimated total networth of at least Rp. 2.0 million. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The company's management is headed by Mr. Arpin Agnios Kie (48) as director, a businessman with more than 10 years experience in trading, supplier and distribution of adhesive/glue for offset printing and packaging industries. In daily activities, he is assisted by his wife Mrs. Tjetria Susanti Tiono AKA Shanti Tiono (43) as commissioner. The management is evaluated quite creative and dynamic. They have close relations with private businessmen within and outside the country. 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.
We are confident that P.T. STARLENE INDONESIA is quite feasible for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.15 |
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UK Pound |
1 |
Rs.78.25 |
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Euro |
1 |
Rs.65.57 |
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 |
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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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.