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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. SINERGI EKSPRES LOGISTINDO PRATAMA |
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Registered Office : |
SinEX Building, Jl. Alfalah No. 23 – STM, suka Maju,
Medan 20146, North Sumatra |
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Country : |
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Date of Incorporation : |
12.08.2000 |
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Com. Reg. No.: |
No. AHU-14815.AH.01.01.Tahun 2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
International & Domestic Courier and
Cargo Services |
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No. of Employees : |
30 |
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 |
|
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.
SINERGI EKSPRES LOGISTINDO PRATAMA
A d d r e s s
:
Head Office
SinEX Building
Jl. Alfalah No. 23 – STM, suka Maju
Medan 20146, North Sumatra
Indonesia
Phone -
(62-61) 787 6595, 787 6261, 787 6694, 787 6670
Fax - (62-61) 787 6543
Email - info@sinexcargo.com
Website - http://www.sinexcargo.com
Building Area - 3 storey
Office Space - 320 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
a. 12 August 2000
as SINERGI EXPRESS
b. 29 February
2012 as P.T. SINERGI EKSPRESS LOGISTINDO PRATAM
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
No. AHU-14815.AH.01.01.Tahun 2012
Dated 21 March 2012
Company Status
:
Private National Company
Permit by the
Government Department :
The Department of Finance
NPWP Not available
Related/Affiliated
Company :
Not available
Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000.-
Issued
Capital - Rp. 250,000,000.-
Paid up
Capital - Rp. 250,000,000.-
Shareholders/Owners
:
a. Mr. Iskandar Zulkarnain -
Rp. 125,000,000.- (50%)
Address : Komplek Johar Indah Permai II BloK C No.22
Kel. Gedung Johor, Kec.
Medan Johor
North
Sumatra
Indonesia
b. Mrs. Lisdianti Z. Nasution - Rp. 75,000,000.-
(30%)
Address : Komplek Johar Indah Permai II BloK C No.22
Kel. Gedung Johor, Kec.
Medan Johor
North
Sumatra
Indonesia
c. Mr. Muhammad Zuhaldi - Rp.
50,000,000.- (20%)
Address : Komplek Johar Indah Permai II BloK C No.22
Kel. Gedung Johor, Kec.
Medan Johor
North
Sumatra
Indonesia
Lines of
Business :
International & Domestic Courier and Cargo Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
August 2000 when it was name SINERGI EXPRESS
Brand Name :
SINEX CARGO
Technical
Assistance :
None
Number of
Employee :
30 persons
Marketing Area
:
Local - 100%
Main Customers :
Corporate
and Individuals
Market Situation :
Very
Competitive
Main Competitors :
a. PT. Pos Indonesia (Posindo)
b. PT. Titipan Kilat (TIKI)
c. PT. Delta Fortuna
Forwarders
d. PT. Dakota Buana Semesta
e. PT. Global Putra
International
f. PT. Oke Courier Express
g. PT. Panca Laksindo Express
h. PT. Birotika
Semesta
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Jl. Imam Bonjol No. 7
Medan, North Sumatra
Indonesia
b. P.T. Bank QNB KESAWAN Tbk
Jl. Pemuda No. 5
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total
Income/Revenues (estimated) :
2011 – Rp. 27.0 billion
2012 – Rp. 31.8 billion
2013 – Rp. 36.0 billion
Net Profit
(loss) :
2011 – Rp. 2.4 billion
2012 – Rp. 2.8 billion
2013 – Rp. 3.2 billion
Payment Manner
:
Almost Promptly
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Iskandar Zulkarnain
General Manager - Mrs. Lisdianti Z. Nasution
Board of Commissioners :
Commissioner -
Mr. Muhammad Zuhaldi
Signatories :
President Director (Mr. Iskandar Zulkarnain)
or Director (Mrs. Lisdianti Z. Nasution) which must be approved by Board
of Commissioner (Mr. Muhammad Zuhaldi)
Management Capability :
Good
Business Morality :
Good
Originally
named SINERGI EXPRESS, the company was established in Medan (Nortah Sumatra) in
August 2000 with legal status a sole proprietorship company. The founding owner of the company is Mr.
Iskandar Zulkarnain, an indigenous businessman.
On February 29, 2012, the company renamed to P.T. SINERGI EKSPRES
LOGISTINDO PRATAMA (P.T. SELP) with legal status a limited liability company,
with an authorized capital of Rp. 1,000,000,000.- of which Rp. 250,000,000.-
was issued and fully paid up. The foundering shareholders are Mr. Iskandar
Zulkarnain (50%), his wife Mrs. Lisdianti Z. Nasution (30%) and his son Mr.
Muhammad Zuhaldi (20%). They are
Indigenous businessmen and businesswoman.
The
Deed of establishment was approved by the Minister of Law and Human Rights of
the Republic of Indonesia through its Decision Letter No.
AHU-14815.AH.01.01.Tahun 2012 dated March 21, 2012. No changes have been
effected in term of its shareholding composition and capital structures to
date.
We observed that P.T. SELP or better known as
trading style “SINEX CARGO” has been
in operation since 2000 in international and domestic courier and cargo
services. The company handles all the submissions in the form of large-sized cargo
(heavy cargo weight), general cargo, city courier (delivery in town), a special
delivery of medicines (vaccines) between cities in the province of North
Sumatra and Aceh, and also provide services agency (Handling agent) for cargo
from outside the city of Medan. In
addition SINEX CARGO also provide services of international and domestic door
to door services, air and ocean services, trucking serices, movers services,
customer brokerage and import export services. In operation P.T. SINEX in
collaboration with a number of company transportation services by air, land and
sea such as Garuda, Lion Air, Sriwijaya, Cipaganti, Pahala Express delivery,
Bass Logistics, Gaido Express & Logistics, Lintas Cargo, DPX and ASK. We observed that P.T. SELP is classified as the
medium-sized company of its kind in the country of which the operation has been
growing in the last three years.
Generally
outlook, the demand for international & domestic courier and cargo
services, international freight forwarding and logistic providing services has
kept on rising by about 7% to 8% on the average per annum in line with the
growing activity in various industrial sectors requiring cargo dispatching,
documents and others within the above period of time, but, later fluctuated
under the impact of economic crisis striking Indonesia followed by tight money
policy imposed by Central Bank (Bank Indonesia) in 2007/2008. The demand growth started to rise in 2009 in
line with the amelioration of economic condition in Indonesia. In the meantime,
we realized that market competition is very tough on account of many other
similar companies operating in the country.
The business position of P.T. SELP or SINEX CARGO’s is good because it
has built extensive marketing network in Medan and Aceh (North Sumatra).
Until
this time P.T. SELP has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The management of P.T. SELP is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total income/revenue of the company in 2011 amounted to Rp. 27.0 billion
increased to Rp. 31.8 billion in 2012 rose again to Rp. 36.0 billion in 2013
and projected to go on rising by at least 10% in 2014. The operation in 2013 yielded an estimated
net profit of at least Rp. 3.2 billion and the company has an estimated total
net worth of at least Rp. 12.0 billion.
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.
P.T.
SELP's management is led by Mr. Iskandar Zulkarnain (47) as president director
and CEO of the company. He is an
indigenous businessman who experienced for more than 13 years in the field of
international and domestic courier and cargo services. In his daily activities, he is assisted by
his wife Mrs. Lisdianti Z. Nasution (45) as director and his son Mr. Muhammad
Zuhaldi (20) as commissioner. The management is well-experienced and handled by
professional managers having wide relation with home and overseas private
businessmen. So far, we did not hear
that the company’s management involved in a business malpractice 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.
SELP or SINEX CARGO is appraised to be good for business transaction. But owing to economic condition in the country
is still unstable, we recommend to treat prudently in extending any new loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.98.64 |
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Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
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-- |
NB |
New Business |
-- |
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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.