|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR BENTALA ABADI |
|
|
|
|
Registered Office : |
Graha Surya Internusa 7th Floor Suite 705 Jalan H.R. Rasuna Said Block X-O Kav. 04
Kuningan Timur, Setiabudi
Jakarta Selatan, 12950 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
12.10.1999 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-22314 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trader and Supply of Coal |
|
|
|
|
No. of Employees : |
28 persons |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation,
grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government
made economic advances under the first administration of President YUDHOYONO
(2004-09), introducing significant reforms in the financial sector, including
tax and customs reforms, the use of Treasury bills, and capital market
development and supervision. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment
grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source : CIA
P.T.
SINAR BENTALA ABADI
Head Office
Graha
Surya Internusa 7th Floor Suite 705
Jalan H.R. Rasuna Said Block X-O Kav. 04
Kuningan Timur, Setiabudi
Jakarta Selatan, 12950
Indonesia
Phones - (62-21) 579 30520-22
Fax - (62-21) 579 30524
E-mail - sbajkt@yahoo.com
Building Area - 21 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Branch Office
Jalan
Jemursari No. 10
Surabaya,
60264
East
Java
Indonesia
Phone -
(62-31) 849 3756
Fax - (62-31) 849 3756
E-mail - sbasby@yahoo.com
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
12
October 1999
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-09629 HT.01.04.TH.2001
Dated 1 October 2001
- No. AHU-25677.AH.01.02.TH.2009
Dated 11 June 2009
- No. AHU-AH.01.10-22314
Dated 27 August 2010
Company
Status :
Private
National Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.568.783.3-063.000
Related
Company :
P.T.
PAUS INDONESIA (Shipping Services)
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued
Capital :
Rp. 2,000,000,000.-
Paid
up Capital :
Rp. 2,000,000,000.-
Shareholders/Owners
:
a. Mr. Hans Wiryo Tedjoisworo - Rp.
1,900,000,000.-
Address : Jl. Jemursari V No. 10
Surabaya, East Java
Indonesia
b. Mrs. Ang Hely Angweita -
Rp. 100,000,000.-
Address :
Jl. Jend. Sutoyo No. 61
Gorontalo, Gorontalo Province
Indonesia
Lines
of Business :
Trader
and Supply of Coal
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1999
Brand
Name :
Sinar
Bentala Abadi
Technical
Assistance :
None
Number
of Employee :
28
persons
Marketing
Area :
Local - 100%
Main
Customer :
a. P.T. PAITON ENERGY
b. P.T. PLN Tbk
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. ARTHA DAYA COALINDO
b. P.T. LAMINAR INTERNATIONAL
c. P.T. PUTRA UTAMA MANDIRI
d. P.T. SIGMA CEMERLANG SINERGI
e.
Etc.
Business
Trend :
Growing
B a n k e r s :
a. P.T. Bank
MEGA Tbk
Granadi Building
Jalan H.R. Rasuna Said Kav. X-1
Jakarta Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Graha Irama
Jalan H.R.
Rasuna Said Block X-5
Jakarta
Selatan
Indonesia
c. P.T. Bank DANAMON INDONESIA Tbk
Jalan Raya
Darmo No. 59
Surabaya,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 37.0 billion
2010
– Rp. 40.0 billion
2011
– Rp. 44.0 billion
2012
– Rp. 25.0 billion (January – June)
Net
Profit (estimated) :
2009
– Rp. 2.9 billion
2010
– Rp. 3.2 billion
2011
– Rp. 3.5 billion
2012
– Rp. 2.0 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Hans Wiryo Tedjoisworo
Director -
Mr. Sudin
Board of Commissioners :
Commissioner - Mrs. Ang Hely Angweita
Signatories :
President
Director (Mr. Hans Wiryo Tedjoisworo) or the Director (Mr. Sudin) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
P.T.
SINAR BENTALA ABADI (P.T. SBA) was established in Surabaya, East Java in
October 1999 with an authorized capital of Rp. 200,000,000 issued capital of
Rp. 50,000,000 entirely paid up. The founding shareholders of the company are
Mr. Hans Wiryo Tedjoisworo and his wife Mrs. Ang Hely Angweita, both are
Indonesian business family of Chinese extraction. The article of association
has been changed. In June 2001, the authorized capital was increased to Rp.
2,000,000,000 issued capital to Rp. 500,000,000 entirely paid up. Then in May
2009 the company legal domicile was moved from Surabaya to Jakarta. Then
according to the latest revision of notary documents of Mrs. Eliwaty Tjitra,
SH., No. 49 dated 17 August 2010 the company authorized capital was increased
to Rp. 2,000,000,000 wholly issued and paid up. With this development the
composition of its shareholders has been changed to become Mr. Hans Wiryo
Tedjoisworo (95%) and Mrs. Ang Hely Angweita (5%). The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.10-22314 dated August 27, 2010.
The
majority business stakes of the company is Mr. Hans Wiryo Tedjoisworo. He is
also business stakes owner of P.T. PAUS INDONESIA, a private national company
dealing with domestic shipping services.
P.T. SBA had been operating since 1999 in general
trading, supplies and export of fertilizer, seafood frozen and canned seafood.
P.T. SBA bought fertilizer from P.T. PETROKIMIA GRESIK and banding fish and
canned seafood from fisherman and fish processing in East Java. The fertilizer
product is exported to China, Hong Kong. Besides, the company have main business
in seafood and canned seafood that it export to Asian country, now they are
trying to find any market to expand their company business canned food is
sardine canned and tuna canned in all media like tomato sauce, chili sauce,
vegetable oil with capacity 500 tons per month canned sardine available in 24 x
425 gr/MC and 50 x 155 gr/MC, canned tuna available in 24 x 185 gr per MC. The
type of seafood products are canned sardine in tomato, canned in fried chili
sauce and sardine in oil. The whole seafood products are exported to Asian
countries such as Japan, Hong Kong, Taiwan and others. However, currently P.T.
SBA focused its activity to be engaged in trader and supplier of coal. The coal
product ranging from low calorie 4,100 to 4,300 and 5,100 to 5,300 Kcl/kg
obtained from various coal mining in South Kalimantan. Then the whole coal
supplied to P.T. SEMEN PADANG, P.T. SEMEN GRESIK Tbk, P.T. PAITON ENERGY in
Surabaya and state electricity P.T. PERUSAHAAN LISTRIK NEGARA Tbk, P.T.
KRAKATAU STEEL Tbk and power plant in Cilegon, Banten Province. To support of
its coal transportation the company is supported by sister company P.T. PAUS
INDONESIA, is the shipping arm P.T. SINAR BENTALA ABADI, a bulk commodities
trading company. P.T. PAUS INDONESIA operates 3 (three) nos. 800 DWT and barges
and a 10,000 DWT pneumatic cement carrier. The operation of P.T. SBA had been
growing and developing well in the last three years.
We
find that the demand for coal, heavy/mining equipment rental, repair and
maintenance services and mining contracting services was rising by about 7% to
8% on the average per year in the five years, in close correlation with the
fast development of mining companies in the country. The international market
demand for coal has kept on rising within the last five years as evident from
the data put-out by the Central Bureau of Statistic (BPS) regarding Indonesian
coal product export as bellows. The national coal industries in Indonesia have
swiftly been growing. The growth of coal production and export in Indonesia in
2001 to 2011 is pictured on the following table:
|
Year |
Production (thousand tons) |
Export (thousand tons) |
Value (US$ million) |
|
2001 |
90,351.8 |
66,505.4 |
1,617.5 |
|
2002 |
103,060.4 |
73,124.9 |
1,762.4 |
|
2003 |
114,610.1 |
89,021.8 |
1,980.1 |
|
2004 |
126,850.8 |
105,629.9 |
2,748.8 |
|
2005 |
152,722.4 |
129,044.1 |
4,354.0 |
|
2006 |
181,060.9 |
184,008.9 |
6,085.7 |
|
2007 |
174,832.7 |
195,785.8 |
6,681.5 |
|
2008 |
181,570.0 |
201,021.7 |
10,485.1 |
|
2009 |
209,344.7 |
234,793.1 |
13,817.3 |
|
2010 |
224,677.0 |
298,844.5 |
18,499.3 |
|
2011 |
274,982.9 |
353,397.9 |
27,221.8 |
Source: Bureau of
Central Statistic (BPS)
Until
this time P.T. SBA has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. The management of
P.T. SBA 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. 37.0 billion rose to Rp. 40.0 billion in 2010 increased to
Rp. 44.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at least Rp. 25.0 billion with a net profit of Rp. 2.0 billion and
projected to go on rising by at least 5% in 2013. The company has an estimated
total networth of at least Rp. 9.0 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.
The
management of P.T. SBA is led by Mr. Hans Wiryo Tedjoisworo (47) a businessman
and professional manager with experience in trading, and supply of coal. Daily
activity he is assisted by Mr. Sudin (38) as Director. The company's management
is handled by professional staff in the above business. They have wide
relations with private businessmen within and outside the country. So far, we
did not hear that the management of the company being filed to the district
court for detrimental cases or involved in any business malpractices. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia. P.T. SINAR BENTALA ABADI is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
|
|
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.