|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SONG HUA |
|
|
|
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Registered Office : |
Jalan Diponegoro Gang Pembangunan 88 No. 2/4, Pontianak, 78117, West Kalimantan |
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|
|
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Country : |
Indonesia |
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|
|
|
Year of Establishment : |
2007 |
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|
|
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Com. Reg. No.: |
Not Available |
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|
|
|
Legal Form : |
Sole Proprietary Concern |
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|
|
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Line of Business : |
Trading,
Import and Distribution of Agricultural Commodities Products |
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|
|
|
No. of Employees : |
05 employees |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 |
SONG HUA
Head Office
Jalan
Diponegoro Gang Pembangunan 88 No. 2/4
Pontianak,
78117
West
Kalimantan
Indonesia
Phones -
(62-561) 738397
Mobile Phone - 0813 452203339
Fax - (62-561) 744039
E-mail - deny_heng@hotmail.com
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Housing
Complex
Status - Rent
2007s
Sole
Proprietary Concern
Not
Available
Private National Concern
The Department of Finance
Not
Available
None
Capital
Structure :
Owned
Capital :
Rp. 200 million
Owners
:
a.
Mr. Tony Heng
b.
Mr. Deny Heng
Lines
of Business :
Trading,
Import and Distribution of Agricultural Commodities Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2007s
Brand
Name :
Song
Hua
Technical
Assistance :
None
Number
of Employee :
5
persons
Marketing
Area :
Local - 100%
Main
Customer :
Traditional
Markets
Market
Situation :
Very
Competitive
Main
Competitors :
a.
ANUGRAH PANGAN
b.
C.V. ARDANKA
c. UD. CITRA KARYA MANDIRI
d. UD. RAJA AGUNG CURAH
Business
Trend :
Growing
Banker
:
P.T.
Bank DBS INDONESIA
Jalan
Sisingamangaraja No. 115
Pontianak
West
Kalimantan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
Rp. 1.2 billion
2010
Rp. 1.5 billion
2011
Rp. 1.7 billion
2012
Rp. 0.9 billion (January June)
Net
Profit (estimated) :
2009
Rp. 0.2 billion
2010
Rp. 0.3 billion
2011
Rp. 0.4 billion
2012
Rp. 0.1 billion (January June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Tony Heng
Manager -
Mr. Deny Heng
Board of Commissioners :
None
Signatories :
Director
(Mr. Tony Heng) is only the authorized person to sign the loan on behalf of the
concern to absorb.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Based on investigation the correct number telephone of the Subject is (0561) 738397 not (6142) 2422912 as stated in your order ref. no. 190175 dated 9 August 2012.
SONG HUA (SH) was established in Pontianak, West Kalimantan
on 2007 with the status of Sole Proprietary Concern . Founders and owners of the concern
are Mr. Tony Heng and his young brother Mr. Deng Heng, both are
Indonesian business family of Chinese descents. Being as Sole Proprietary
Concern , the amount of its authorized capital was not mentioned at the time of
its establishment. We estimate, SONG HUA has own capital of about Rp. 200
million and it will be rising in line with the progress of its business
operation.
According to the investigation results, SONG HUA is a private national concern engaged in trading, import and distribution of agricultural commodities products. Firstly according to family members (Heng family) explained that SONG HUA is engaged in trader and importer of dry chili, red onion and garlic which imported from China, India and Vietnam. The whole products marketed locally through traditional market in West Kalimantan. However after we contacted Mr. Tony Heng and Mr. Deny Heng, both of are explained that they has never imported agriculture commodities products from overseas and there was no business ties with overseas. Mr. Tony explained SONG HUA there was no activity up to present. Besides, both of are very terrified when we asked concern s activity. Mr. Tony and Mr. Deny explained that SONG HUA did not have a business relationship with the foreign and domestic as well.
We have noticed that the demand for agricultural products had increased some 10% to 11% per annum in the last five years in line with the growth of industrial manufacturing in the country and international market. In the coming years, the growth rate of demand is estimated at about 6% to 7% per annum. The present market situation for agricultural products is very competitive for a large number of similar companies operating in the country.
Meanwhile, competition is quite heavy in the export import of agricultural products with many companies now doing business in this field in Indonesia.
Until this time SONG HUA has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. The management of SONG HUA is
very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the concern in 2009 amounted to Rp. 1.2 billion rose to Rp.
1.5 billion in 2010 increased to Rp. 1.7 billion in 2011. As from January to
June 2012 the sales turnover has reached at least 0.9 billion with a net profit
of Rp. 0.1 billion and projected to go on rising by at least 3% in 2013. So
far, we did not heard that the concern
having been black listed by the Central Bank (Bank Indonesia). The
concern usually pays its debts
punctually to suppliers.
The management of SONG HUA is led by Mr. Tony Heng (48) a
businessman with experience in trading, import and distribution of agriculture
commodities products. The concern '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 concern
being filed to the district court for detrimental cases or involved in
any business malpractices. The concern s litigation record is clean and
it has not registered with the black list of Bank of Indonesia. Considering
SONG HUA is very reclusive to give the concern s business activity we
recommend to treat prudently in extending a loan to the concern .
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.12 |
|
UK Pound |
1 |
Rs.85.15 |
|
Euro |
1 |
Rs.68.60 |
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
SCs 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.