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Report Date : |
29.04.2014
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IDENTIFICATION DETAILS
|
Name : |
PT. SMS SIEMAG METALLURGICAL SERVICES |
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|
|
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Registered Office : |
Kawasan Industri Krakatau Steel
Jalan Raya Anyer – Cigading Kav.A-0/1 Cilegon, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
09.12.2013 |
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|
Legal Form : |
Limited Liability Company |
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Line of Business : |
Industrial Services for
a variety of specialized metal processing
and metal products, and machinery repair
services for special
purposes. |
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|
|
No. of Employees |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
PT. SMS SIEMAG
METALLURGICAL SERVICES
Head Office & Workshop
Kawasan Industri Krakatau Steel
Jalan Raya Anyer – Cigading
Kav.A-0/1
Cilegon, Banten Province
Indonesia
Phones -
(62-254) 315 699
F a x -
(62-254) 315 888
Land Area - 4,400 sq. meters
Building Area - 2,200 sq. meters
Region - Industrial Zone
Status - Rent
Date of
Incorporation :
09 December 2013
Legal Form :
PT. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The Ministry of
Law and Human Right
No. AHU-65669.AH.01.01. Tahun 2013
Dated 13 December 2013
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
The Capital Investment
Coordinating Board
No. 2297/1/IP/PMA/2013
Dated 09 December 2013
a. SMS SIEMAG AG (Investment Holding)
b. SMS SACK VERWALTUNGS GMBH (Investment
Holding)
Capital Structure
:
Authorized Capital - US$ 6,300,000.- (Rp. 75,348,000,000.-)
Issued Capital - US$ 5,300,000.- (Rp. 63,388,000,000.-)
Paid up Capital - US$ 5,300,000.- (Rp. 63,388,000,000.-)
Shareholders/Owners
:
a. SMS
SIEMAG AG -
US$ 5,247,000.- (99%)
Address : Eduard-Schloemann-
Strasse 4
D-40237 Duesseldorf
Germany
b. SMS
SACK VERWALTUNGS GMBH - US$ 53,000.- ( 1%)
Address : Eduard-Schloemann-
Strasse 4
D-40237 Duesseldorf
Germany
Lines of Business
:
Industrial Services for a
variety of specialized metal processing
and metal products, and machinery repair
services for special
purposes.
Production
Capacity :
None.
Total Investment :
Owned Capital - US$ 5.3 million
Started Operation
:
August 2014 (planned)
Brand Name :
SMS SIEMAG AG of Germany
Technical
Assistance :
None
Number of Employee
:
80 Persons (planned)
Marketing Area :
Local - 100% (planned)
Main Customer :
No Comment
Market Situation :
Competitive
Main Competitors :
a. PT. CITRA GALVALINDO SUKSES MANDIRI
b. PT. PRIUK PERKASA ABADI
c. PT. REKASAYA PLATING
d. Etc.
Business Trend :
No Comment
B a n k e r s :
a. PT. BANK CIMB NIAGA Tbk
Jalan S.A Tirtayasa No. 10
Cilegon, Banten Province
Indonesia
b PT. BANK BNP PARIBAS INDONESIA
Menara BCA Grand Indonesia
Jalan
MH. Thamrin No. 1
Jakarta
12920
Indonesia
c. PT. BANK MANDIRI Tbk
Jalan
Raya Anyer No. 2
Cilegon,
Banten Province
Indonesia
Auditor :
Internal Auditor.
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
None
Net Profit
(estimated) :
None
Payment Manner :
No Comment
Financial Comments
:
No Comment
Board of
Management :
Director - Mr. Karel Eliza
Hallatu
Board of Commissioner :
President
Commissioner - Mr. Pino Tese
Commissioner - a. Mr. Doug Allen Dunworth
b. Mr. Christoph Roth
Signatories
:
The
Director (Mr. Karel Eliza Hallatu.) which must be approved by the President
Commissioner (Mr. Doug Allen Dunworth) or one of the Commissioner (Mr. Dough
Allen Dunworth) or (Mr. Christoph Roth)
Management
Capability :
Fairly good
Business Morality
:
Fairly good
Credit Risk :
Above average
Credit
Recommendation :
Credit should be
extended under guarantee
P.T. SMS SIEMAG METALLURGICAL SERVICES (P.T.
SMS SIEMAG) was established in Cilegon Banten Province on Notarial Deed No. 47
dated December 09, 2013 made by Notary Jimmy Tanamal, SH. Mkn. with an authorized
capital of US$ 6,300,000 (Rp. 75,348,000,000.-) of which us$ 5,300,000 (Rp
63,388,000,000.-) was issued and fully paid up. The company was founded by SMS
SIEMAG AG (99%) and SMS SACK VERWALTUNGS GMBH (1%), both of Germany. The Deed
of establishment has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through its Decision Letter No.
AHU-65669.AH.01.01.TH.2013 dated December 13, 2013. No changes have been effected in term of its
shareholding composition and capital structures to date.
In
accordance with article 3 (three) of the articles of association contained in
the deed of establishment, the scope of activities of the Company is primarily
in industrial services for a variety of specialized
metal processing and metal products, and machinery
repair services for
special purposes. The Company’s registered office and factory
located at Krakatau Steel Industrial Estate, Jalan Raya Anyer – Cigading Kav.
A-0/1, Cilegon, Banten Province and the Company can open branch offices or
representative offices at home and abroad.
P.T. SMS SIEMAG was established within the
framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) with Number 2297/1/IP/PMA/2013 dated December 9, 2013,
to be engaged in industrial services for a variety of specialized
metal processing and metal products, and machinery
repair services for
special purposes.
The
Company’s registered office and factory located at Krakatau Steel Industrial Estate,
Jalan raya Anyer – Cigading Kav. A-0/1, Cilegon, Banten Province occupies a land area of 4,400 square
meters. In addition the company will also provide
metal coating, electroplating, dyeing,
carving, hardening, polishing, welding, cutting and
various special works against the goods of
metal. P.T. SMS SIEMAG gets technological assistance from
SMS SIEMAG AG of Germany. Mr. Rinaldi, plant manager of the Company
explained that presently, P.T. SMS SIEMAG is still under construction and its
estimated will be operation in August 2014.
According to the plan the company's services will be used by steel making industries such as PT. Krakatau steel, PT. Gunung Garuda, PT.
KHI Pipe Industry and others.
Generally,
the demand for industrial services for a variety of specialized metal
processing and metal products in the country had significantly rising by 8% to
10% per year in the last five years, in line with the growth of steel making
industries, automotive industries, ship repairing and building, infrastructure
sectors and others. But, as from October 2008, the demand growth for industrial
services has kept on dwindling as an impact of global economic crisis as told
above. The demand was increasing in the
early 2009 due to economic condition was gradually recovery in the country. The
growth rate is now estimated at 5% to 7% per year. Market competition is very
tight due to a large number of similar companies operating in the country. We observed that since P.T. SMS SIEMAG
establishment up to now the company it has never conducted any business
activities.
P.T.
SMS SIEMAG has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. We are difficult to assess the company's
finances, because since the company establishment up to now the company it has
never conducted any business activities.
But, the financial strength of this company was only US$.5,300,000.-
which was a paid-up capital according to its notary deed. The financial condition of the company
strongly depends on the financial condition of its shareholders. PT. SMS is
backed up by the SMS SIEMAG AG and SMS SACK VERWALTUNGS GMBH of Germany which
has financially strong behind it.
So
far we have never heard that the company registered with the black list of Bank
of Indonesia (Central Bank) or involved in the civil case that settled through
the country court.
The management of PT. SMS is led by Mr. Karel Eliza Hallatu (55) as director,
a professional manager of Indonesia, which has a long
experience in the field of industrial services for
a
variety of specialized metal processing and metal products. In
his daily activities, he is assisted by Mr. Pino
Tese
(58) of Germany as President Commissioner, and Mr. Doug Allen Dunworth (46) of
USA and Mr. Christoph Roth (43) of Germany, both as commissioner respectively.
The management has maintained a wide relation with private businessmen at home
and abroad as well as with government authorities. So far, we did not hear that the company's
management having been involved in the business malpractices. Based on our whole observation, we may
conclude that P.T. SMS is a new company having yet to be in operation
commercially.
Considering
PT. SMS SIEMAG METALLURGICAL SERVICES having yet to be in operation, we
recommend to treat prudently in business transaction and in extending a loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
|
|
-- |
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.