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Report No. : |
326996 |
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Report Date : |
20.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUMBER MAKMUR
ANUGRAH |
|
|
|
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Registered Office : |
Jl. Raya Magelang – Semarang Km. 16, 1 Kec. Pringsurat, Kab. Temanggung, Central Java 5272 |
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Country : |
Indonesia
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Date of Incorporation : |
21.07.2012 |
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|
|
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Com. Reg. No.: |
AHU-00563.AH.01.02.Tahun 2013 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Textile Industry |
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No. of Employees : |
480 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
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BASIC SEARCH
|
|
Name
of Company :
P.T.
SUMBER MAKMUR ANUGRAH
A
d d r e s s :
Head Office & Factory
Jl.
Raya Magelang – Semarang Km. 16,1
Kec.
Pringsurat, Kab. Temanggung
Central
Java 5272
Indonesia
Phones - (62-293) 321 9601, 321
9602
Fax - (62-293) 321 9860
Land Area - 100,000 sq.
meters
Building Area - 20,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
21
July 2012
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a.
No. AHU-44840.AH.01.01.Tahun 2012
Dated 16 August 2012
b.
No. AHU-00563.AH.01.02.Tahun 2013
Dated 04 January 2013
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 03.268.378.1-533.000
Related/Affiliated
Company :
P.T.
SANDANG MAKMUR ANUGRAH (Textile Industry)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
20,000,000,000.-
Issued
Capital - Rp.
10,000,000,000.-
Paid
up Capital -
Rp. 10,000,000,000.-
Shareholders/Owners
:
a.
Mr. Setio Wibowo AKA Matius Wibowo -
Rp. 5,000,000,000.- (50%)
Address : Jl. Sunan Ampel No. 56
Magelang, Central Java
Indonesia
b.
Mr. Welly Luxza Pradana -
Rp. 2,500,000,000.- (25%)
Address : Jl. Sunan Ampel No. 56
Magelang, Central Java
Indonesia
c.
Mrs. Berlianti Ekana -
Rp. 2,500,000,000.- (25%)
Address : Jl. Sunan Ampel No. 56
Magelang, Central Java
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Textile Industry
Production Capacity :
On the order basis
Total Investment :
Owned Capital - Rp. 40 billion
Started Operation :
February 2015
Brand Name :
SMA
Technical Assistance
:
None
Number of Employee :
480 persons
Marketing Area :
a. Local - 90%
b. Export - 10%
Main Customers:
a. Textile
Wholesalers and Distributors in the country
b. Overseas buyer in
Middle East and Asia
Market Situation :
Very Competitive
Main
Competitors :
a.
PT. Fuji Palapa Textile
b.
PT. Sri Rejeki Isman
c.
PT. Gunawantex
d.
PT. Trisulatex
e.
PT. Sinar Padasuka Textile
f. PT.
Badjatex, etc.
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Temanggung
Branch
Jl.
R. Suprapto No. 21
Temanggung, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
None
Net
Profit (estimated) :
None
Payment
Manner :
No
Comment
Financial
Comments :
No Comment
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Welly Luxza Pradana
Director -
Mrs. Berlianti Ekana
Board of Commissioners :
Commissioner - Mr. Setio Wibowo AKA Matius Wibowo
Signatories :
President
Director (Mr. Welly Luxza Pradana) or Director (Mrs. Berlianti Ekana) which
must be approved by Board of Commissioner (Mr. Setio Wibowo AKA Matius Wibowo)
CAPABILITIES
|
Management Capability :
Fairly
Business Morality :
Fairly
OVERALL PERFORMANCE
|
P.T. SUMBER MAKMUR ANUGRAH (P.T. SMA) was
incorporated in Magelang (Central Java) based on Notary Deed No. 28 dated July 21,
2012 drawn up by Hiasinta Yanti Susanti Tan, SH, notary in Magelang with an
authorized capital of Rp. 20,000,000,000.- of which Rp. 10,000,000,000.- was
issued and fully paid up. The founding
shareholders of the company are Mr. Setio Wibowo AKA Matius Wibowo (50%), Mr.
Welly Luxza Pradana (25%) and Mrs. Berlianti Ekana (25%). They are all Indonesian business persons of
Chinese extraction. The Deed of
establishment has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through its Decree No. AHU-44840.AH.01.01.Tahun 2012
dated August 16, 2012.
Its articles of association have
subsequently been changed and the most recently by Notarial Deed No. 02 dated December
3, 2012 drawn up by Hiasinta Yanti Susanti Tan, SH., concerning the change in
composition of the Company’s board of Commissioner and Director. This amendment to Deed has
been approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-00563.ah.01.02.Tahun 2013 dated 4 January 2013. Since
then, no changes have been effected in term of its shareholding composition and
capital structure to date.
In accordance with article 3 (three) of the
articles of association contained in the deed of establishment, the scope of
activities of the Company is primarily in textile industry. The company’s registered office located on
Jl. Raya Magelang – Semarang Km. 16,1, Krajan sub-district, Pringsurat
district, Temanggung regency, Central Java and the company can open branch
offices or representative offices at home and abroad.
We observe that P.T. SMA has been operating
since October 2014 to deal with textile industry, with its plant located on Jl.
Raya Magelang – Semarang Km. 16,1, Pringsurat district, Temanggung regency,
Central Java, where it stands on a 10 hectares landsite. The factory inaugurated
its opening by Temanggung Regent, HM Bambang Sukarno, on February 10, 2015. Mr.
HM Bambang Sukarno said that P.T. SMA is a national private company that
produces textiles for the domestic and foreign markets, especially the Middle
East and Asia. Type production P.T. SMA is a wide range of fabric according
buyer request. The production capacity of this plant is expected to meet the
increasing market demand. We observed that P.T. SMA is still
relatively new company in trading, import and distribution of agricultural
products.
Generally, the demand for specialty chemicals such as; textile chemicals, auxiliary, dyestuff and textile raw materials tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. During 2014, the Government’s policy to suppress domestic demand and curb the inflation rate has moderated economic growth to 5.02% (source: Central Bureau of Statistics). This decrease was partly due to the slowing exports, especially in commodities and a slowdown in fixed investment and government spending (Source: ADB), inflation was approximately 8.4% and the Rupiah exchange rate remained depressed against the USD and stood at Rp. 12,440 at the end of the year, a depreciation of 13% during 2014.
The global economy condition is expected to
remain unpredictable in 2015.
Macroeconomic indicators from China showed downward trend. In contrary, macroeconomic indicators of the
US and India showed improvement. Both of
these indicated continued uncertainties.
In Europe, concerns on the development of Greece’s economy are also
expected to add uncertainties in the global economy environment. Despite these uncertainties, many analysts
expected positive outlook for the Asian region.
OECD and IMF have predicted that the China’s economy will grow 7.1%
while India is expected to grow between 6.4 – 6.6%.
On the economic front, according to the
Central Statistics Agency, Indonesia’s economic growth in 2014 experienced a
downturn to 5.1%, lower from 5.8% in 2013.
The economic slowdown this year heavily impacted the country in many
aspects. First impact was the falling
vital commodity prices such as mining and plantation products, which in turn
declined export volume. Second, deficit
trade balance, Depreciation of Rupiah exchange rate against the US Dollar that
exceeded 2.1%, lower-than-expected government spending, increased BI rate to
7.75% and slow credit expansion, as well as lower inflation compared with 6.4%
inflation rate in 2013. All of these
impacts later caused purchasing power to decline. We observed that P.T. SMA is
classified as a new company of its kind in the country of which the operation
has been growing slowly.
The financial condition of the company is appraised to be less strong and its financial condition at present is as the paid up capital of Rp. 10,000,000,000 as stated in the articles of association of the company. The financial condition of the company still depends on the financial condition of its shareholders. The management of P.T. SMA is very reclusive towards outsiders and rejected to disclose its financial condition. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. SMA is led by Mr.
Welly Luxza Pradana (34) as President Director and Mrs. Berlianti Ekana (53) as
Director. But we believe that
prime-mover of the company is Mr. Setio Wibowo AKA Matius Wibowo (55). an
Indonesian businessman of Chinese origins who experienced for more than 10
years in the field of trading and distribution of textile products.
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.
Since this company
(P.T. SUMBER MAKMUR ANUGRAH) just about six months in operation commercially,
so we recommend caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all
shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.