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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINAR MATAHARI |
|
|
|
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Registered Office : |
Jalan Sutomo No. 27 N-49 X, Medan,
North Sumatera |
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|
|
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Country : |
Indonesia |
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Year of Establishments: |
2004 |
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Legal Form : |
Sole Proprietary Concern |
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|
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Line of Business : |
trader and importer of agricultural products
such as mung bean, ground nuts and dry chili |
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|
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No. of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 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 more than 6% annually in
2010-12. 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 |
SINAR MATAHARI
Head Office
Jalan Sutomo No. 27 N-49 X
Medan
North Sumatera
Indonesia
Phone - (62-61) 4144575
Fax - (62-61) 572084
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
2004
Sole Proprietary Concern
Not Required
Private National Company
Not Available
None
Capital Structure :
Owned Capital : Rp. 350.0 million
Owners :
Mr. Hendri Tan - 100%
Address : Jalan Dr. Sutomo No. 27 N. 49
Medan 20251
North Sumatera
Indonesia
Lines of Business :
Import and Trading of Agricultural Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2004
Brand Name :
None
Technical Assistance :
None
Number of Employee :
4 persons
Marketing Area :
Local - 100%
Main Customer :
Traditional Market
Market Situation :
Very Competitive
Main Competitors :
a. C.V. JAYA BERSAMA
b. P.T. DAKAI IMPEX
c. P.T. ADI SAMPOERNO
d. Toko LUBUK JAYA
e. HOKIN AGRO TRADING
f. C.V. SAHARA
g. C.V. ARSAM PRATAMA
h. C.V. PRIMATAMA
i. C.V. MUKTI JABAR
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Jend. Sudirman No. 33
Medan, North Sumatera
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Pemuda
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 7.5 billion
2011 – Rp. 8.0 billion
2012 – Rp. 8.5 billion
Net Profit (estimated) :
2010 – Rp. 450 million
2011 – Rp. 480 million
2012 – Rp. 492 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director -
Mr. Hendri Tan
Board
of Commissioners :
None
Signatories
:
Director
(Mr. Hendri Tan) is only the authorized person to sign the loan on behalf of
the concern
Management
Capability :
Satisfactory
Business
Morality :
Satisfactory
SINAR MATAHARI (SM) was established in Medan, North Sumatera in 2004’s with a status of Sole Proprietary Concern . Founder and owner of the concern is Mr. Hendri Tan, an Indonesian businessman of Chinese origin. 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. 180 million and it will be rising in line with the progress of its business operation.
SM has been in operation since 2004’s dealing with trading and import of agricultural products such as mung bean, ground nuts and dry chili. Mr. Hendri Tan, the director and owner of the concern went to say that the whole product such as mung bean is imported from Vietnam. Meanwhile ground nuts and chili bought from Java Island. The whole products supplied through traditional market in Medan, Pematang Siantar, Binjei, Tebing Tinggi, Sibolga, Padang Sidempuan and surroundings. The concern manages a warehousing in Medan, Noth Sumatera on a land of 1,200 sq. meters. We observe that operation of SM has been growing in the last three years.
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. We consider SM to be in a quite favorable position for having already got hold of a steady clientele in North Sumatra.
Until this time SM has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of the concern is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the concern in 2010 amounted to Rp. 7.5 billion rose to Rp. 8.0 billion in 2011 increased to Rp. 8.5 billion in 2012 and projected to go on rising by at least 4% in 2013. The operation in 2012 yielded an estimated net profit of at least Rp. 492 million. 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 SM is headed by Mr. Hendri Tan (47), a
professional manager and businessman who has experienced for more than 10 years
in the field of trading and import of agricultural products. The management of
the concern is handled by experienced
professional manager having wide relation with private businessmen of home and
overseas as well as with the government sectors. So far, we did not hear that
the concern ’s management involved in a dirty business practice or detrimental
cases that settled in the country. The concern ’s litigation record is clean
and it has not registered with the black list of Bank of Indonesia. SINAR
MATAHARI is fairly good for business transaction. However, in view of the
unstable economic condition and Rupiah depreciation in the country since August
2013 we recommend to treat prudently in extending a loan to the concern .
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
UK Pound |
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
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.