|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PD. SINAR |
|
|
|
|
Registered Office : |
Jalan Arteri
Mangga Dua Raya, Ruko Textile Block C2
No. 24-25, Jakarta Utara, 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading and
Importer of Textile Products |
|
|
|
|
No. of Employees : |
26 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 6.2% and
6.5% 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 fiscal deficit below 3%, 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 2013 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 high
oil prices.
|
Source : CIA |
PD. SINAR
Head Office
Jalan Arteri
Mangga Dua Raya
Ruko Textile Block
C2 No. 24-25
Jakarta Utara,
14430
Indonesia
Phones -
(62-21) 6128331 (Hunting)
Fax - (62-21) 6120391, 6129112, 6129116
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status -
Rent
Store (Electronic)
Jalan Arteri Mangga Dua
Mangga Dua Mall Ground Floor
Jakarta Utara
West Java
Indonesia
Phone -
(62-21) 6127993
Building Area - 3 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
1999
Sole Proprietary
Company
Company Reg. No.
Not Required
Private National
Company
Permit by the Government Department
Not Available
None
Capital
Structure :
Owned Capital - Rp. 800.0
million
Owners :
a. Mr. Manohardas Pitoomali
b. Mr. Prem Mulani AKA Prem Kumar
Lines of
Business :
Trading and
Importer of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1999
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
26 persons
Marketing Area
:
Domestic
(Local) - 100%
Main Customers
:
a. Agents and Dealers
of Electronic Household Products in Jakarta, Cirebon, Tegal, etc.
b. Agents and
Dealers of Textile Products (Moslem Wears) in Jakarta and its surrounding
c. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. YOSHI
INDONESIA (Textile)
b. Toko LAKSANA TEXTILE (Textile)
c. C.V. BARU TEKNIK (Electronic)
d. P.T. SARANA
KENCANA MULYA (Elelctronic)
Business Trend
:
Growing
B a n k e r :
P.T. Bank KESAWAN
Tbk
Jalan Arteri
Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 16.3
billion
2011 – Rp. 18.5
billion
2012 – Rp. 22.6
billion
Net Profit
(estimated) :
2010 – Rp. 815 million
2011 – Rp. 925 million
2012 – Rp. 1,130
million
Payment Manner
:
Average
Financial Comments :
Satisfactory
Board of
Management :
President Director - Mr. Prem Mulani
Director -
Mr. Manohardas Pitoomal
Board of Commissioner
:
None
Signatories :
President Director (Mr. Prem Mulani) or
the Director (Mr. Manohardas Pitoomal) is the authorized person to sign the
loan on behalf of the company
Management
Capability :
G o o d
Business Morality
:
G o o d
Credit Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
PD.
SINAR was established in Jakarta in 1999’s with a status of Sole Proprietary
Company. Founder and owner of the company are Mr. Manohardas Pitoomal and Mr.
Prem Mulani AKA Prem Kumar, both are Indonesian businessmen of Indian descent.
Being as Sole Proprietary Company, the amount of its authorized capital was not
mentioned at the time of its establishment. In our estimate, the company has
own capital of about Rp. 800 million and it will be rising in line with the
progress of its business operation.
PD.
SINAR has been in operating since 1999 in the field of trading and distribution
of electronic household products and textile products. The merchandising goods
are TV, LCD, Plasma, DVD, Mini-HiFi, Refrigerators, Washing Machine, Microwaves
with various brands such as POLITRON, SAMSUNG, SONY, SHARP, LG, JVC, PHILIPS,
SANYO, TOSHIBA and PANASONIC. Besides, PD. SINAR is also sells electronic household
products which imported with NAKAI brand of Japan and G-Hans brand of Germany.
The whole electronic household products sold to end users and also to various
electronic trader and shops in Jakarta. Besides, PD. SINAR is also known as a
sole agent/distributor of Panasonic projector and Sony Professional
Broadcasting Cameras in Indonesia.
PD.
SINAR has a number of electronic retails and stores in Jakarta, Cirebon and
Tegal. Besides that, PD. SINAR is also engaged in trading and distribution of
textile products such as woman’s Moslem wears. Mr. Manohardas Pitoomal went to
say the whole textile products is bought from various textile industries in
Bandung, West Java. The textile products is distributed and supplied to agents
and retail shops which operating in Pasar Pagi Mangga Dua, Tanah Abang, Pasar
Senen, and others in Jakarta and its surrounding.
The
demand for textile products especially lady’s menswear has kept on rising 6% to
8% per annum in the last five years. The sharp growth of the demand was in line
with the progress achieved in textile products locals markets. The demand
growth is estimated to continually rising by 6% over the next five years.
Market competition is very sharp considering many other similar companies
operating in the country. According to the Indonesian Electronic Goods
Producers Association (GABEI), the demand for Indonesian electronic
goods/products from both the domestic and export market has been rising
sharply, The demand for electronic goods/products is still strongly dominated
by demand for household appliances, including color TV sets, video CD, electric
irons, water pumps, vacuum cleaners, electric fans, gas stoves, rice cookers,
etc. PD. SINAR in this case is in a sufficiently fairly good business position
in view of the company has controlled a wide marketing network in Jakarta and
surroundings.
PD.
SINAR 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 2010 amounted to Rp. 16.3 billion increased to
Rp. 18.5 billion 2011 to Rp. 22.6 billion in 2012 and projected to go on rising
by at least 8% in 2013. The operation in 2012 has yielded an estimated net
profit at least Rp. 1,130 million and the company has an estimated total net
worth at Rp. 8.5 billion. We observe that PD. SINAR is supported by financially
fairly strong behind it. 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 PD. SINAR is led by Mr. Prem Mulani (56), a professional manager
with experienced in the field of trading and distribution of electronic
household products. He studied Hotel Management in Australia. Besides, in the
textile division is led by Mr. Manohardas Pitoomal (49) and experienced in
textile and garment products. 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.
PD.
SINAR is sufficiently fairly good for business transaction. However, in view of
the global economic slowdown and political situation in the country is warming
we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.