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Report No. : |
304674 |
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Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. CENTRAL NIAGA MANDIRI |
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Registered Office : |
Ruko Mutiara Dupak Block C No. 11 Jl. Dupak No. 63, Gundih Bubutan Surabaya
60172, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16.10.2006 |
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Com. Reg. No.: |
AHU-AH.01.10-48586 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Trading, Importing and Distribution of
Steel Plate and Steel Products. |
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No. of Employee : |
20 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
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 |
P.T. CENTRAL NIAGA
MANDIRI
Head
Office
Ruko Mutiara Dupak Block C No. 11
Jl. Dupak No. 63, Gundih Bubutan
Surabaya 60172, East Java
Indonesia
Phones - (62-31) 534 7788 (hunting)
Fax - (62-31) 532 9555
Building Area - 3 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Owned
16 October 2006
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. W10-00025.AH.01.01.Tahun 2007
Dated 04 January 2007
b. No. AHU-45470.AH.01.02.Tahun 2010
Dated 24 September 2010
c. No. AHU-AH.01.10-48586
Dated 14 November 2013
National Private Company
The Department of
Finance
NPWP No. 02.114.342.5-631.000
Not available
Capital Structure
:
Authorized Capital - Rp.
6,000,000,000.-
Issued Capital - Rp.
1,500,000,000.-
Paid up Capital - Rp.
1,500,000,000.-
Shareholders/Owners
:
a.
Mr. Purnomo Oesman AKA Ong Tjau Tjin -
Rp. 1,350,000,000.- (90%)
Address : Komp. Graha
Famili Selatan 5-B/43
Surabaya, East Java
Indonesia
b.
Mrs. Dewi Odawato Raskod Gamdja - Rp. 150,000,000.- (10%)
Address : Komp. Graha
Famili Selatan 5-B/43
Surabaya, East Java
Indonesia
Lines of Business
:
Trading, Importing and Distribution of Steel
Plate and Steel Products
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2007
Technical
Assistance :
None
Number of Employee
:
20 persons
Marketing Area :
Local – 100%
Market Situation :
Very Competitive
Business Trend :
Growing
Bankers:
a. P.T. Bank
DANAMON Tbk
Surabaya Branch
Jl. Gubernur
Suryo No. 12
Surabaya, East
Java
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Pertokoan
Dupak Megah Blok B/1
Jl. Dupak No.
3-9
Surabaya, East
Java
Indonesia
c. P.T. Bank
MANDIRI Tbk
Surabaya
Branch
Jl. Veteran No. 42-44
Surabaya, East Java
Indonesia
Auditor :
No Comment
Litigation :
No litigation record in our database
Net Sales/Revenues
(estimated) :
2011 – Rp. 38.0 billion
2012 – Rp. 43.0 billion
2013 – Rp. 49.0 billion
2014 – Rp. 56.0 billion
Net Profit (Loss)
:
2011 – Rp. 2.5 billion
2012 – Rp. 2.8 billion
2013 – Rp. 3.2 billion
2014 – Rp. 3.6 billion
Payment Manner :
Average
Financial Comments
:
Fairly
Board of Management :
Director - Mr. Purnomo Oesman
AKA Ong Tjau Tjin
Board of Commissioner :
Commissioner - Mrs. Vonny Dewi Idawati Rasjid Ganda
Signatories :
Director (Mr. Purnomo Oesman AKA Ong
Tjau Tjin) which must be approved by Board of Commissioner (Mrs. Vonny Dewi
Idawati Rasjid Gandha)
Management Capability :
Fairly
Business Morality :
Fairly
P.T. CENTRAL NIAGA MANDIRI (P.T. CNM) was
established in Surabaya (East Java) based on Notarial Deed of Evy Retno
Budiarty, SH., No. 37 dated 16 October 2006 with an authorized capital of Rp.
1,000,000,000.- of which Rp. 250,000,000.-
was issued and fully paid up. The founding shareholders of the company
are Mr. Purnomo Oesman AKA Ong Tjau Tjin (90%) and his wife Mrs. Vonny Dewi
Indawati Rasjid Gandha (10%), both are Indonesian business persons of Chinese
extraction. The Deed of establishment
was approved by the Minister of Law and Human Rights through Decision Letter
No. W10-00025.HT.01.01.TH.2007 dated 4 January 2007. The Articles of association of the company
have been revised, most recently by notarial Deed No. 12 dated 12 October 2013
was made by Evy Retno Budiary, SH., the authorized capital was raised to Rp. 6,000,000,000.- of
which Rp. 1,500,000,000.- was issued and fully paid up. Since then, no changes have been effected in
term of its shareholding composition and capital structures to date.
Pursuant to the company’s notary deed, P.T.
CNM engaged to operate in general trading, general contracting and
services. The Company’s registered
office located on Jalan Dupak No. 63, Blok C No. 11, Surabaya, East Java and
the company can open branch offices or representative offices at home and
abroad.
P.T. CNM has been in operation since early
of 2007 dealing with trading, importing and distribution of steel plate and
steel products. Miss Yuni, an
administrative staff of the company explained that P.T. CNMis selling steel
plate with various type and other steel products. She added that the steel plate and steel
products are imported from India and China.
Whole of the products are marketed locally to dealer and retailer of
steel building materials and steel plate shops which located in Surabaya,
Semarang, Jakarta and Kalimantan. We
observe that P.T. CNM is classified as a medium sized company in the country
dealing with trading, import and distribution of car audio of which the
operation has been running smoothly and growing in the last five years.
Generally, the demand for steel plate, steel products and other steel building materials has been growing in the last five years in line with the growth of property business such as real estate, housing development, hotels, apartment, office building, road, bridge and other infrastructure sectors. The solid and steady domestic economy, increased government activity in infrastructure development and improving investment climate in Indonesia with the rising of Country Rating to Investment Grade, and also supported by Indonesia’s economic indicators such as inflation, exchange rates and interest rates are expected to encourage the business sectors.
The global economy
is expected to grow faster in 2015 than it did in 2013 and 2014, although it
still face risks stemming from the slowing economic growth in developed
countries and the on going crisis in Europe.
Despite the slowing global economy, Indonesia’s economy still grew quite
briskly in 2013. Indonesia’s economic
growth reached 5.8% in 2013, or slightly below the projection contained in the
2013 Revised State Budget and 2012’s economic growth of 6.2%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Until this time P.T. CNM has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. The management of
P.T. CNM is very reclusive towards outsiders and rejected to disclose its
financial condition. We estimate P.T. CNM's sales turnover in 2011
reached Rp. 38.0 billion increased to Rp. 43.0 billion in 2012 to Rp. 49.0
billion in 2013 and rose again to Rp. 56.0 billion in 2014. The operation in 2014 yielded an estimated
net profit of at least Rp. 3.6 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. CNM's management is headed by Mr.
Purnomo Oesman AKA Ong Tjau Tjin (55) as director with more than 20 years of experience
in trading, importing and distribution of steel plate and steel building
materials. In daily activities, he is
assisted by his wife Mrs. Vonny Dewi Idawati Rasjid Gandha (51) as
commissioner. The company's management
is also handled by professional staffs in the above business. They have wide
relations with private businessmen within and outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
fraudulent dealings. The company’s litigation record is clean and it has
not registered with the black list of Bank of Indonesia.
P.T. CENTRAL NIAGA MANDIRI is
appraised to be good for business transaction.
However,
in view of the economic condition in the country is still unstable and
slowdown, so we recommend to treat prudently in extending a loan to the
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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Report Prepared
by : |
ANK |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.