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Report Date : |
29.11.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. STARLENE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18.07.2009 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-12067 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in Trading, Import
and Distribution of Specialty Chemical such as Adhesive/Glue for Offset
Printing and Packaging Industries |
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No of Employees : |
26 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Indonesia |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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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, 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 |
Name of
Company:
P.T.
STARLENE INDONESIA
Address :
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 :
Engaged in Trading, Import and
Distribution of Specialty Chemical such as Adhesive/Glue for Offset Printing
and Packaging Industries
Production Capacity :
None
Total Investment :
None
Started Operation :
August 2009
Brand Name :
STARLENE INDONESIA
Technical Assistance :
None
Number of Employee :
26 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
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Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.97 |
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|
1 |
Rs.97.37 |
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Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<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.