MIRA INFORM REPORT

 

 

Report Date :

14.03.2014

 

IDENTIFICATION DETAILS

 

Name :

P.T. STARLENE INDONESIA

 

 

Registered Office :

Karawaci Office Park, Blok L-58, Lippo Karawaci – Tangerang 15811, Banten

 

 

Country :

Indonesia         

 

 

Date of Incorporation :

18.07.2009

 

 

Com. Reg. No.:

No. AHU-AH.01.10-12067

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Adhesive/Glue for Printing Industries and Consumer Goods

 

 

No. of Employees :

20

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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, 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

 

BASIC SEARCH

 

Name of Company :

P.T. STARLENE INDONESIA

 

A d d r e s s :

Head Office 

Karawaci Office Park, Blok L-58

Lippo Karawaci – Tangerang 15811

Banten - Indonesia

Phones             - (62-21) 5573 1515, 5577 2805

Fax                   - (62-21) 5528 099

H.P.                  - (62-0816) 1806 179 (Mr. Arpin Agnios)

Email                - starleneindonesia@yahoo.com and arpin3a@yahoo.com

Building Area     - 2 storey

Office Space      - 160 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

18 July 2009

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. AHU-36891.AH.01.01.Tahun 2009

    Dated 03 August 2009

b. No. AHU-AH.01.10-12067

    Dated 25 April 2011

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 02.988.067.1-402.000

 

Affiliated/Associated Company :

Not available

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital          - Rp. 400,000,000.-

Issued Capital                - Rp. 400,000,000.-

Paid up Capital              - Rp. 400,000,000.-

 

Shareholders/Owners :

a.  Mr. Arpin Agnios Kie           - Rp. 200,000,000.- (50%)

    Address: Jl. Rambutan Barat IX No. 6-A

                   Jakarta Barat

                   Indonesia

b. Mrs. Tjetria Susanti Tiono    - Rp. 200,000,000.- (50%)

    Address: Jl. Kalimantan 802 Taman Imam Bonjol

                   Tangerang, Banten

                   Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import and Distribution of Adhesive/Glue for Printing Industries and Consumer Goods

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

August 2009

 

Brand Name :

STARLENE INDONESIA

 

Technical Assistance :

None

 

Number of Employee :

20 persons

 

Marketing Area :

Local                - 100%

 

Main Customers :

a. PT. Solindo Grafika

b. PT. Karya Indah Bersama

c. PT. Torabika Eka Semesta

d. PT. Indofood Sukses Makmur

e. Etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. PT. Dynea Indria

b. PT. Mulya Adhi Paramita

c. PT. Lemindo Abadi Jaya

d. PT. Marga Bharata

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r :

P.T. Bank MANDIRI Tbk

KCP Tangerang _ Pinangsia

Karawaci Offie Park, Blok A-36

Lippo Karawaci – Tangerang 15811

Banten - Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Total Sales/income (estimated) :

2010 – Rp. 21.0 billion

2011 – Rp. 28.5 billion

2012 – Rp. 32.0 billion

2013 – Rp. 36.0 billion

 

Net Profit (estimated) :

2010 – Rp. 1.1 billion

2011 – Rp. 1.5 billion

2012 – Rp. 1.7 billion

2013 – Rp. 1.9 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                     - Mr. Arpin Agnios Kie

 

Board of Commissioner :

Commissioner                           - Mrs. Tjetria Susanti Tiono

 

Signatories :

Director (Mr. Arpin Agnios Kie) which must be approved by Board of Commissioner (Mrs. Tjetria susanti Tiono)

 

 

CAPABILITIES

 

Management Capability :

G o o d

 

Business Morality :

G o o d

 

 

OVERALL PERFORMANCE

           

P.T. STARLENE INDONESIA (P.T. SI) was established in Jakarta on July 18, 2009 with the authorized capital of Rp. 400,000,000.- entirely was issued and fully paid up.  The founding shareholders of the company are Mr. Arpin Agnios Kie (50%) and his wife Mrs. Tjetria Susanti Tiono (50%), they are Indonesian business persons of Chinese extraction.  The Company’s Articles of Association was made by Elly Puspita Sunarya, SH., a public notary in Jakarta based on notary deed No. 63 and it was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-36891.AH.01.01.Tahun 2009 dated August 3, 2009 and No. AHU-AH.01.10-12067 dated April 25, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.

 

P.T. SI started operation since August 2009 in trading, import and distribution of specialty chemical such as adhesive/glue for offset printing and packaging Industries.  The company is appointed as distributor of GP Chemical (adhesive/glue) of the India and ACE Adhesive/Glue of South Korea for Indonesia market.  Mr. Markus Sentosa, an administrative staff of P.T. SI explained that main customers of his company are offset printing industries, packaging industries and others such as PT. Solindo Grafika, PT. Karya Indah Bersama, PT. Torabika Eka Sentosa, PT. Indofood Sukses  Makmur, etc.   We observed that P.T. SI is classified as a medium-sized company of its kind in the country of which the operation has been running smoothly and growing steadily in the last three years.

 

Generally, the demand for adhesive and glue for printing and packaging in the country had significantly rising by 8% to 10% per year in the last five years, in line with the growth of offset printing and flexible packaging industries, snack food industries including instant noodle, biscuit, confectioneries, pharmaceutical, cosmetic industries, etc.  But, as from October 2008, the demand growth for specialty chemicals such as adhesive and glue 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.  P.T. SI is considered to be in a favorable business position in view of the company's experience in the above business.

 

Until this time P.T. SI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 21.0 billion increased to Rp. 28.5 billion in 2011 to  Rp. 32.0 billion in 2012 rose again to Rp 36.0 billion in 2013 and projected it will be increase by at least 8% in 2014.   The operation in 2013 yielded an estimated net profit of Rp. 1.9 billion and the company has an estimated total networth of at least Rp. 3.8 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 company's management is headed by Mr. Arpin Agnios Kie AKA Arpin Agnio (50) as director, a businessman with more than 12 years experience in trading, supplier and distribution of adhesive/glue for offset printing and packaging industries.  In daily activities, he is assisted by his wife Mrs. Tjetria Susanti Tiono AKA Shanti Tiono (45) as commissioner.   The management is evaluated quite creative and dynamic.  They have close relations with private businessmen within and outside the country.   So far, we did not hear that the company’s management involved in a dirty business practice or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. 

 

P.T. STARLENE INDONESIA is sufficiently fairly good for business transaction. However, in view of the 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.61.02

UK Pound

1

Rs.101.65

Euro

1

Rs.85.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.