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Report Date : |
13.09.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. SYNERGA TATA |
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Registered Office : |
Ariobimo Sentral,
10th Floor, Jalan H.R.
Rasuna Said Block X-2, Kav. 5 Jakarta Selatan |
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Country : |
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Date of Incorporation : |
07.08.2006 |
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Com. Reg. No.: |
No. AHU-AH.01.10-30284 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Industrial Chemicals |
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No. of Employees : |
15 employees |
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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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. SYNERGA TATA
INDONESIA
Head Office
Ariobimo Sentral,
10th Floor
Jalan H.R. Rasuna Said Block X-2, Kav. 5
Jakarta Selatan
Indonesia
Phones
- (62-21) 5226205, 5226207, 5226209
Fax - (62-21) 5226271
Email - office@synergaindo.com
Website - http://www.synergaindo.com
Building Area - 12 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
07 August 2006
P.T. (Perseroan Terbatas)
or Limited Liability Company
The Ministry of
Law and Human Rights
- No. W8-00223 HT.01.01.TH.2006
Dated 25 September 2006
- No. AHU-69261.AH.01.02.Tahun 2008
Dated 25 September 2008
- No. AHU-AH.01.10-30284
Dated 14 August 2012
National Private Company
The Department of Finance
NPWP No. 02.520.602.0-031.000
a. P.T. MURA ENGINEERING SERVICES
(Engineering and Investment Holding)
b. P.T. TARUNA AJI KHARISMA (General Contracting Services), Etc
Capital
Structure :
Authorized
Capital - Rp. 2,000,000,000.-
Issued
Capital - Rp. 1,100,000,000.-
Paid up
Capital - Rp. 1,100,000,000.-
Shareholders/Owners
:
a. P.T. MURA
ENGINEERING SERVICES - Rp. 440,000,000.- (40%)
Address : Graha
Mustika, 7th Floor suite 707
Jl. MT Haryono Kav. 74
Jakarta Selatan, Indonesia
b. Mr. Firmantoko -
Rp. 594,000,000.- (54%)
Address : Jl.
BHP No. 1, Blok CC 3-4
Jakarta Timur
Indonesia
c. Mr. Dzulfikar Maulana -
Rp. 66,000,000.- ( 6%)
Address : Jl.
BHP No. 1, Blok CC 3-4
Jakarta Timur
Indonesia
Lines of
Business :
a. Trading and Distribution of Industrial Chemicals
b. Agent and
Distributor of:
- STEPAN
COMPANY for Surfactants and Polymer Products of the USA
- DKSH Management Ltd., for Specialty
chemicals of Switzerland
- EVONIK Industries AG., for Specialty
chemicals of Germany
- ALLGEMEINE Chemicals GmbH of Germany
- UMICORE AG & Co. KG for Metal Chemicals
and Catalysts of Germany
- POROCEL Industries LLC, for Specialty
Chemicals of the USA
Production
Capacity :
None
Total
Investment :
Owned
Capital - Rp. 2.0 billion
Started
Operation :
September 2006
Brand Name :
None
Technical Assistance
:
None
Number of
Employee :
15 persons
Marketing Area :
Local -
100%
Main Customers
:
a. PT. Indo Acidatama Tbk.
(Chemical Industry)
b. PT. Sulfindo Adiusaha
(Petrochemical Industry)
c. PT. Styrindo Mono
Indonsia (Petrochemical Industry)
d. PT. Medco Energi Lestari
(Biofuel Industry)
e. PT. Sari Enesis Indah
(Food & Beverage Industry)
f. PT. Erna
Djuliawati (Wood Product Industry)
g. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
INDOKEMIKA JAYATAMA
b. P.T. MULYA ADHI PARAMITA
c. P.T. ANEKA KIMIA RAYA Tbk
d. P.T. DOVER
CHEMICAL
e. P.T. LAUTAN LUAS Tbk
Business Trend
:
Growing
Banker :
P.T. Bank MANDIRI Tbk.
Graha Irama
Building, Ground Floor
Jalan HR Rasuna
Said Kav. X-1
No. 1-2
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Revenue
(estimated) :
2009 – Rp. 20.0 billion
2010 – Rp. 22.8 billion
2011 – Rp. 26.0 billion
Net Profit
(estimated) :
2009 – Rp. 0.9 billion
2010 – Rp. 1.1 billion
2011 – Rp. 1.3 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Firmantoko
Director -
Mr. Buyung Johansyah
Board of Commissioners :
President Commissioner -
Mr. Afif Rizani
Commissioner - Mr. Dzulfikar
Maulana
Signatories :
President Director (Mr. Firmantoko) or Director (Mr. Buyung
Johansyah) which must be approved by Board of
Commissioners (Mr. Afif Rizani
and Mr. Dzulfikar Maulana)
Management Capability :
Good
Business Morality :
Good
P.T. SYNERGA TATA INDONESIA (P.T. STI) was established in Jakarta on September 25, 2006 with an authorized capital of Rp. 300,000,000.- entirely was issued and fully paid up. The founding shareholders of the company are Mr. Mochamad Sidik Darmawan (70%) and Mr. Ir. Hartian Surya Widhanto, MSc. (30%), both are indigenous businessman. The Articles of Association was made by Eva Syahrial Litoto, SH., a notary in Jakarta and it has been approved by the Minister of Law and Human Rights through Decision Letter No. W8-00223 HT.01.01.TH.2006 dated September 25, 2006.
The articles of association of the company have frequently been revised. In June 2012, the authorized capital was raised to Rp. 2,000,000,000.- of which Rp. 1,100,000,000.- was issued and fully paid up. Since then, the shareholders of the company are P.T. MURA ENGINEERING SERVICES, a private company (40%), Mr. Firmantoko (54%) and Mr. Dzulfikar Maulana (6%), both are indigenous businessman. The Articles of Association was made by Erning Tri Irjayanti, SH., a notary in Jakarta and it has been approved by the Minister of Law and Human Rights through Decision Letter No. AHU-AH.01.10-30284 dated August 14, 2012. No changes have been effected in term of its shareholding composition and capital structures to date.
We observed that Mr. Firmantoko is also the founding shareholders of P.T. MURA ENGINEERING SERVICES is engaged in engineering services and investment holding, and P.T. TARUNA AJI KHARISMA is engaged in general contracting services.
P.T. STI has been in operation as from 2006 in trading, import and distribution of specialty chemicals for oil & gas drilling, production, exploration, process and maintenance such as surfactant, antifoaming agent, foaming agent, scale inhibitor, corrosion inhibitor, biocide, emulsifier, viscosities agent, catalyst and filter aid. Beside, P.T. STI also sells industrial chemicals for pharmaceuticals, food and feed, pulp and paper, and also catalyst services and process equipment services and supply. Miss Yuni, an administrative staff of P.T. STI explained that the company is an agent and distributor for several companies in chemical and industrial supply, among others STEPAN Company Inc., of the USA, DKSH Management Ltd., of Switzerland, EVONIK Industries AG of Germany and others. The above products are sold to various chemical industries, petrochemical industries, bio-fuel industries, food & beverage industries, wood product industries and engineering companies. We notice that P.T. STI is one of medium sized companies of its kind in Indonesia of which its activities have been growing in the last five years.
Generally, demand for specialty chemical, industrial chemicals and others has kept on rising by about 7% to 8% per year in the last five years in the country in line with the activities of petrochemical industry, food & beverage industry, pharmaceutical industry, pulp & paper industry and other industries in the country. But since the global economic crisis and tight money policy being imposed by Bank Indonesia in October 2008 the demand was decreased within due to a poor economic condition, decreasing income per capita and a weak in public purchasing power. The demand was increasing in the early 2009 due to economic condition was gradually recovery in the country. The demand is estimated to be increasing by 5% to 6% per annum in the next three years. The competition is very tight on account of many similar companies operating in the country. We consider P.T. STI to be in a quite favorable position for having already got hold of a steady clientele in the country.
Until this time P.T. STI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. STI is very reclusive towards outsiders and rejected to disclose its financial condition. We estimate P.T. STI's sales turnover in 2009 reached Rp. 20.0 billion increased to Rp. 22.8 billion in 2010 rose again to Rp. 26.0 billion in 2011 and projected to go on rising by at least 8% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 1.3 billion and the company has an estimated total net worth of at least Rp. 2.0 billion. 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. Firmantoko (51) as president director and he is assisted by Mr. Buyung Johansyah (52) as director. The company's management is handled by professionals 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 fraudulent dealings. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. SYNERGA TATA INDONESIA is sufficiently fairly good for business
transaction. However, in view of the unstable economic condition in the country
we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.26 |
|
UK Pound |
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.71.13 |
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 |
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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 |
|
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 |
|
<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.