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Report No. : |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. SINGABERA INDONESIA |
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Registered Office : |
Jalan Ir. Juanda No. 235, Surakarta, 57125 Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
29.06.2013 |
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Com. Reg. No.: |
AHU-40844.AH.01.01.TH.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Exporter of Premium
Ginger Beverages |
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No. of Employees : |
17 Persons |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Indonesia |
A2 |
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 has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Name of Company :
P.T. SINGABERA INDONESIA
A d d r e s s :
Head
Office
Jalan Ir. Juanda No. 235
Surakarta, 57125
Central Java
Indonesia
Phones - (62-271) 641 277 (Hunting)
Fax - (62-271) 652 919
E-mail - info@singabera.co.id
Website - http://www.singabera.co.id
Land Area - 4,000 sq. meters
Building Space - 1,200 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
29 June 2013
Legal Form :
P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. :
The
Ministry of Law and Human Rights
No. AHU-40844.AH.01.01.TH.2013
Dated 26 July 2013
Company Status :
National Private Company
Permit by the Government Department :
The
Department of Finance
Not Available
Related Company :
P.T. INTRAFOOD (Soft Drink Processing)
Capital Structure :
Authorized Capital : Rp. 2,500,000,000.-
Issued Capital : Rp. 750,000,000.-
Paid up Capital : Rp. 750,000,000.-
Shareholders/Owners :
a.
Mr. Michael Na -
Rp. 250,000,000.-
Address : Gandekan, RT. 005 RW. 001
Kelurahan Gendekan,
Kecamatan Jebres
Surakarta, Central Java
Indonesia
b.
Mrs. Go Siok In -
Rp. 200,000,000.-
Address : Gandekan, RT. 005 RW. 001
Kelurahan Gendekan,
Kecamatan Jebres
Surakarta, Central Java
Indonesia
c.
Ms. Jessica Na -
Rp. 150,000,000.-
Address : Gandekan, RT. 005 RW. 001
Kelurahan Gendekan,
Kecamatan Jebres
Surakarta, Central Java
Indonesia
d.
Mr. Steven Na -
Rp. 150,000,000.-
Address : Gandekan, RT. 005 RW. 001
Kelurahan Gendekan,
Kecamatan Jebres
Surakarta, Central Java
Indonesia
Lines of Business :
Trading and Exporter of Premium Ginger Beverages
Production Capacity :
None
Total Investment :
None
Started Operation :
July 2013
Brand Name :
SINGABERA
Technical Assistance :
None
Number of Employee :
17 persons
Marketing Area :
Export - 90%
Local - 10%
Main Customer :
Buyers in China, Japan, Hong Kong, Australia, North America
Market Situation :
Very Competitive
Main Competitors :
a. C.V. ANUGRAH SUKSES MANDIRI
b. C.V. INTI BOGA UTAMA
c. C.V. JASMITRA INKARU GROUP
d. C.V. LAKSANA BINTANG SEMBILAN
Business Trend :
Growing
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk
Jalan Veteran 307
Solo, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2013 – Rp. 7.8 billion (July – December)
2014 – Rp. 22.0 billion
Net Profit (estimated) :
2013 – Rp. 0.4 billion (July –
December)
2014 – Rp. 1.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Michael Na
Director - Mrs.
Go Siok In
Board
of Commissioners :
President
Commissioner - Ms.
Jessica Na
Commissioner - Mr. Steven Na
Signatories
:
President Director (Mr. Michael Na) or
the Director (Mrs. Go Siok In) which must be approved by Board of Commissioner
Management
Capability :
Good
Business
Morality :
Good
P.T. SINGABERA INDONESIA (P.T. SI) was established in Surakarta, Central Java based on notary deed Mrs. Augustine Esther, SH., no. 43 dated 29 June 2013 with an authorized capital of Rp. 2,500,000,000 issued capital of Rp. 750,000,000 entirely paid up. The founding and shareholders of the company are Mrs. Go Siok In, her sons and daughter Mr. Michael Na, Mr. Steven Na and Ms. Jessica Na, they are Indonesian business family of Chinese extraction. The notary deed of incorporation was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-40844.AH.01.01.TH.2013 dated July 26, 2013.
P.T. SI is a national private company started with operating
since July 2013 dealing with trading, marketing and exporter of premium ginger
beverages, produced by parent company P.T. INTRAFOOD which engaged in soft
drinks processing. The company sells and exported of soft drinks by using
SINGABERA Original Ginger Drink, SINGABERA Lemongrass Ginger Drink and
SINGABERA Cinnamon Ginger Drink. Premium Ginger Beverages, Singabera
has a line of premium beverages in Original Ginger, Lemongrass Ginger, and
Cinnamon Ginger. These beverages exclusively use hand-harvested ginger grown in
the cool hills surrounding Solo, Indonesia. The only other ingredients are an
aromatic blend of fresh spices, sea salt, and natural golden coconut sugar
blended according to our secret recipe to produce a blissful moment of pure
pleasure. No artificial additives, flavoring or preservatives of any sort are
used in any of products.
Singabera now able to break into the India market, Australia,
Japan, USA, Canada, Belgium and the
Netherlands. From its factory in Solo, P.T. Intrafood capable of producing 10
tons per month consisting of Wangi
Ginger, Rice Powder, Sherbet Wangi, Coffee Ginger, and Singabera. Especially for ginger fragrant, which
became the backbone of P.T. Intrafood business in the domestic market, production is about 1,000
cartons per day. One carton contents of 24 boxes and one box of 5-10 sachet contents. There will be more
that they processed, such as cinnamon, turmeric, tamarind, much more. Indonesian spice wealth is
still a lot that has not worked, said Mr. Steven Na, Brother Mr. Michael Na, who served as
Director of Marketing P.T. Intrafood.
P.T. SI product has ISO 9001:2008 and halal certified
factory incorporates eco-friendly practices such as a naturally cooling “green”
roof, solar lighting, and water recycling. Mrs. Asrining, administration staff
of the company explained some 90% of the premium ginger beverages products is
exported to China, Japan, Hong Kong, Australia and North America. Meanwhile the
rest 10% marketed locally through Kriss Gallery and Lotte Duty Free. We observe
the operation of P.T. SI has been growing in the last two years.
The demand for soft drink, isotonic drink and premium ginger drinks has kept on rising in the last five years. Based on the forecast from some economists, Indonesia’s economic growth in 2015 is still challenging. Bank Indonesia has decided to maintain the BI Rate at 7.75% based on the evaluation of the 2015 economic outlook. This is also in line with the efforts to steer inflation around 4% by 2015, while supporting the control of the current account deficit to a more healthy level. The Rupiah currency is predicted to be in the average range of Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above conditions indicate that in general, Indonesia’s economic condition is not growing optimally and mainly focuses on maintaining economic stability. Indonesia National Budget Plans 2015, the government has predicted the following 2015 global economic challenges which cover; uncertain global economy triggered by either economic downturn or economic crisis in many countries; the risk caused by the fluctuating global commodity prices, especially the raw oil price; commitment to support the ASEAN Economic Community (AEC); and implementation of the global development agenda post 2015. Meanwhile, the forecasted 2015 domestic economic challenges will cover: An increase in the slowing down of economic growth; risk in the domestic financial market; imbalanced payment balance sheet; and reduced social gap. This condition potentially impacts both the industry and the market in which P.T. SI is engaged. It is estimated that industrial growth equal to or less compared to the previous year.
Until this time
P.T. SI has not been registered with Indonesian Stock Exchange, so that they
had 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 estimated that
total sales turnover of the company in the first year operation July – December
2013 amounted to Rp. 7.8 billion increased to Rp. 22.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 1.4 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.
The management of
P.T. SI is led by Mr. Michael Na (31) a businessman manager with experience in
trading and exporter of premium ginger beverages. He graduated from Virginia
tech University, USA in mechanical engineering. Daily activity he is assisted
by his mother Mrs. Go Siok In (60) as Director. The company's management is
handled by professional staff 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
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. SINGABERA
INDONESIA is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.82 |
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UK Pound |
1 |
Rs.101.26 |
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Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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 |
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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.