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Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
METALINDO |
|
|
|
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Registered Office : |
Komplek Ruko Marinatama Mangga Dua Block D No. 21, Jalan Gunung Sahari Raya No. 2, Pademanga, Tanjung Priok, Jakarta Utara,
11440 |
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Country : |
|
|
|
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Year of Establishment : |
1990 |
|
|
|
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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 and
Distribution of Technical Equipment |
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|
|
No. of Employees : |
06 employees |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
METALINDO
Head Office &
Showroom
Komplek Ruko
Marinatama Mangga Dua Block D No. 21
Jalan Gunung Sahari Raya No. 2
Pademanga, Tanjung Priok
Jakarta Utara, 11440
Indonesia
Phones -
(62-21) 6414695, 6409277
Fax - (62-21) 6403733, 6409285
E-mail - euro2000@centrin.net.id
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
1990’s
Sole Proprietary
Concern
Not Required
Private National
Concern
The Department of Finance
Not Available
None
Capital
Structure :
Capital : Rp.
300 million
Owner :
Mr. Setian Rubiyanto AKA Adut
Lines of
Business :
Trading and
Distribution of Technical Equipment
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1990’s
Brand Name :
Metalindo
Technical
Assistance :
None
Number of
Employee :
6 persons
Marketing Area
:
Local - 100%
Main Customer
:
Building
contracting, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ARHAPRO
b. P.T. BIRU
& SONS LTD.
c. C.V.
INTERNATIONAL HARDWARE SERVICES
d. C.V. MULTI
TEHNIK
e. Etc.
Business Trend
:
Growing
Banker :
P.T. Bank MEGA
Tbk
Gedung Konica
Jalan Gunung
Sahari No. 78
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 4.7
billion
2010 – Rp. 5.5
billion
2011 – Rp. 6.0
billion
2012 – Rp. 3.6
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 0.6
billion
2010 – Rp. 0.7
billion
2011 – Rp. 0.8
billion
2012 – Rp. 0.4
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Setian Rubiyanto
AKA Adut
Board of Commissioners :
None
Signatories :
Director (Mr. Setian
Rubiyanto AKA Adut) is only the authorized person to sign the loan on behalf of
the concern .
Management Capability :
Satisfactory
Business Morality :
Satisfactory
METALINDO was established in Jakarta in 1990’s with a status of Sole Proprietary Concern . Founder and owner of the concern is Mr. Setian Rubiyanto AKA Adut, an Indonesian businessman of Chinese extraction. Being as Sole Proprietary Concern , the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the concern has own capital of about Rp. 300 million and it will be rising in line with the progress of its business operation.
METALINDO has been in operation since 1990’s in trading and distribution of technical equipment. According information from Mr. Setian Rubiyanto, director and owner of the concern explained the concern is engaged in trading and import of technical equipment such as hardware products, hand tools, building materials, steel, automobile spare parts, chain saw, and others. The hardware products including and hand tools such as hammers, lock, lever handle, hotel lock, door closer, emergency exit hardware, bathroom, master key system, door handle, lock case, anti panic lockset, hardware steel door, hardware for fire door, hardware for glass door, stainless steel hinges, floor hinge. Besides, the concern also sells agricultural parts such as landscape, agricultural irrigation products etc., are imported from China, and India with AMERICAN TOOLS; AQUTEC LTD & GANCHO GANGCHEW LTD., of China and FILEX brands. Mr. Setian Rubiyanto also added the concern import of products from China, India, Japan, South Korea, and others. He went on to say that the above merchandising goods are marketed through various end user (individuals) building material shops & store in Jakarta and surroundings. We see the operation of METALINDO is a small size concern of its kinds in the country which its operation has been growing slowly in the last three years.
The demand for technical equipment including lock, tools and other has kept on rising by 6% to 8% per annum in the last five years. Starting in the second semester 2008, many markets in various parts of the world experienced adverse economic condition. This condition was triggered by, amongst others, the housing and mortgage loans crisis in the United States of America (US) that spread to securities, structures products and commodity markets. The volatility in the US markets coupled with the sharp appreciation in the US Dollars and a series of corporate bankruptcies and takeovers enabled the crisis to spread to other parts of the world. The impact of the global economic crisis has also been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease, commodity prices decreased, securities market declines, interest rate increased, followed by decreases, tightened liquidity conditions, and increased credit risks. It is projected that the demand growth will be rising within the next five years. Market competition is very tough on account of many other similar companies operating in Indonesia. METALINDO’s business position in this case is not too badly because it has established regular customers and extensive marketing network especially in Jakarta and surroundings.
Until this time METALINDO has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of METALINDO 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. 4.7 billion rose to Rp. 5.5 billion in 2010 increased to Rp. 6.0 billion in 2011. As from January to June 2012 the sales turnover has reached at least Rp. 3.6 billion with a net profit of Rp. 0.4 billion and projected to go on rising by at least 5% 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 METALINDO is headed by Mr. Setian
Rubiyanto AKA Adut (46) a businessman with experience in trading, import and
distribution of technical goods. 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. We are sure METALINDO is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.87.91 |
|
Euro |
1 |
Rs.70.57 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.