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Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
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Name : |
STAR LABORATORIES |
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Registered Office : |
Jl. Kapas Krampung 135 |
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Country : |
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Date of Incorporation : |
January 2002 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading, Export and Distribution of Agriculture Products |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 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 |
STAR
LABORATORIES
Head Office
Jl. Kapas Krampung 135
Surabaya, East Java
Indonesia
Phones - (62-31) 7326592, 70979907
Cell Phone - (62-816) 525328
Fax - (62-31) 7329988
Building Area - 1 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
:
January 2002
Legal Form :
Sole Proprietary Company
Company Reg. No. :
The Ministry of Law
and Human Rights
Not Available
Company Status :
Private Company
Permit by the Government Department :
The Department of
Finance
Not Available
Related Company :
Not available
Capital Structure :
Owned Capital - Rp. 200 million
Owner :
Mr. Budi Harto - 100%
Lines of Business :
Trading, Export and Distribution of Agriculture Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2002
Brand Name :
STAR LABORATORIES
Technical Assistance :
None
Number of Employee :
4 persons
Marketing Area :
Domestic (Local) - 100%
Main Customers :
Individuals and Corporate in Surabaya and its surrounding
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ALAM INDORAMA
b. C.V. BUMI DJAJA
c. P.T. ADI SAMPOERNO
d. C.V. PUTRA NUSA
e. C.V. SUMBER BUMI JAYA
f. C.V. ARSAM PRATAMA
g. C.V. MUKTI
JABAR
h. C.V.
PRIMATAMA
i. Etc.
Business Trend :
Growing but only
slowly
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk
Surabaya
Branch
Jl.
Indrapura No. 35
Surabaya, Branch
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 Rp. 4,840 million
2012 Rp. 5,500 million
2013 Rp. 6,250 million
Net Profit (estimated) :
2011 Rp. 360 million
2012 Rp. 412 million
2013 Rp. 470 million
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Budi Harto
Board
of Commissioners :
None
Signatories
:
Director
(Mr. Budi Harto) is the only person who is authorized to sign the loan on
behalf of the company
Management
Capability :
Fairly
good
Business
Morality :
Fairly
good
Credit
Risk :
Above
average
Credit
Recommendation :
Credit
should be extended under guarantee
STAR LABORATORIES (SL) was established in Surabaya (East Java) in January 2002 with the legal status of sole proprietary company. The founder and owner of the company is Mr. Budi Harto, an Indonesian businessman of Chinese extraction. As other companies with the legal status of sole proprietary, the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, at present the company has own capital of about Rp. 200 million and it will be rising in line with the progress of its business operation. So far, we did not hear that the founders and owners of SL have other businesses within and outside the country.
SL has been in operation since 2002 in trading, export import and distribution of agricultural products. Mr. Siswanto, an export-import staff of the company explained that the whole agricultural products likes slice dried turmeric, dried patchouli leave, clove stem, clove flower, cassia, ginger, slice dried ginger, nutmeg, mace, cardamom, pepper, sesame seed, gum dammar, gum rosin, gum Benjamin, gum copal and many others. The whole products obtained and bought from farmer in East Java, Sulawesi, Sumatra and others island of Indonesia. Then, the whole products are exported to the United States of America and Europe Union. Besides, the company also exported of raw cashew nut to India. We observed that SL is classified as a small sized company of its kind in the country of which the operation has been growing slowly 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 SL to be in a quite favorable position for having already got hold of a steady clientele in the East Java and surroundings.
Until this time SL has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of SL is very reclusive towards outsiders and rejected to disclose its financial condition. We estimate the Company's sales turnover in 2011 reached Rp. 4,840 million increased to Rp. 5,500 million in 2012 rose again to Rp. 6,250 million in 2013 and projected to go on rising by at least 6% in 2014. The operation in 2013 yielded an estimated net profit of at least Rp. 470 million and the company has an estimated total net worth of at least Rp. 600 million. 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 STAR LABORATORIES is led by Mr. Budi Harto (45) as director, a businessman with more than 10 years of experience in trading and distribution of agricultural products and spice. The company is handled by businessman having wide relation with private businessmen of home and overseas. So far, we have never heard that the company has been filed to the court for controversial cases.
STAR LABORATORIES is appraised to be 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.62.45 |
|
|
1 |
Rs.102.01 |
|
Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
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 |
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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 |
|
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 SCs 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.