MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUMBER SEJAHTERASENTOSA |
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Registered Office : |
Jalan Songoyudan No. 85, |
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Country : |
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Date of Incorporation : |
1980 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of agriculture products |
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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Maximum Credit Limit : |
US$ 505,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of
company
P.T. SUMBER
SEJAHTERASENTOSA
Address
Head Office
Jalan Songoyudan No. 85
Phones - (62-31) 3537708, 3531252
Fax - (62-31) 3550376
Land Area - 2,000 sq. meters
Office Space - 1,200 sq.
meters
Region - Commercial
Status - Owned
Date of Incorporation
a. 1980’s UD.
SUMBER SEJAHTERA
b. 16 March 1987
as P.T. SUMBER SEJAHTERASENTOSA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C2-7778.HT.01.01.TH.1988
Dated 30 August
1988
Company Status
National Private Company
Permit by the
Government Department
The Department of Finance
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital -
Rp. 200,000,000.-
Issued Capital - Rp. 60,000,000.-
Paid up Capital - Rp. 60,000,000.-
Shareholders/Owners
a. Mr. Gatot Tjahjadikarta - Rp. 22,500,000.-
Address : Jl. Cipinang Prumpung RT.013/RW.014
b. Mr. Hadiyanto Tjahjadikarta - Rp.
22,500,000.-
Address : Jl. Raya Bekasi Tiomur No. 48
b. Mr. Singgih Sutjahjo - Rp. 15,000,000
Address : Jl. Kapasan No. 55-A
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of agriculture products
Production Capacity
None
Total Investment
a. Owned Capital - Rp. 8.0
billion
b. Loan Capital
- Rp. -- billion
c. Total Investment - Rp. 8.0
billion
Started Operation
1980 when it was
named UD. SUMBER SEJAHTERA
Brand Name
None
Technical Assistance
None
Number of Employee
32 persons
Marketing Area
Domestic
(Local) - 100%
Main Customers
- Traditional
markets
- Food and
Beverages Industries
- Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. DAKAI
IMPEX
b. P.T. ALAM
INDORAMA
c. C.V. BUMI DJAJA
d. P.T. ADI
SAMPOERNO
e. C.V. PUTRA NUSA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T.
Bank
b. P.T.
Bank Negara
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 28.0
billion
2005 – Rp. 32.0
billion
2006 – Rp. 36.0
billion
Net Profit (Loss)
:
2004 – Rp. 1.6 billion
2005 – Rp. 1.9 billion
2006 – Rp. 2.2 billion
Payment Manner :
Average
Financial Comments :
Fairly Strong
KEY EXECUTIVES
Board of
Management :
President Director - Mr.
Gatot Tjahjadikarta
Director
- Mr. Budi Susanto
Board of
Commissioner :
President Commissioner -
Mr. Hadiyanto Tjahjadikarta
Commissioner - Mr. Singgih Sutjahjo
Signatories
:
President Director (Mr. Gatot Tjahjadikarta) or Director (Mr. Budi
Susanto) which must be approved by the shareholder meeting
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 505,000 on the 90 days of the
payment
OVERALL PERFOMANCE
Formerly the company named by UD. SUMBER SEJAHTERA, which was established in 1980’s by Mr. Gatot Tjahjadikarta and his young brother, Mr. Hadiyanto Tjahjadikarta, both are Indonesian businessmen of Chinese descent. In 1987 name of the company was changed to PT. SUMBER SEJAHTERA SENTOSA (PT. SS) with an authorized capital of Rp. 200,000,000.- and an issued capital of Rp. 60,000,000.- which was fully paid up. Founders and shareholders of the company are Mr. Gatot Tjahjadikarta and Mr. Singgih Sutjahjo, We observed that majority shares of the company are owned by Mr. Gatot Tjahjadikarta. The company’s notarial deed has obtained approval of the Department of Law and Human Rights under No. C2-7778.HT.01.01.TH 1988, dated August 30, 1988. There is no change to the company’s capital or shareholders composition until now.
PT. SS have been operating its business since 1988’s in line of
trading and importer of agricultural products, such as ground-nut, peanut,
soybean, garlic, white pepper, coriander and others. Mr. Budi Susanto, Director
of PT. SS explained that large part of the company’s products are imported from
We have noticed that the demand for agricultural products had
increased some 10% to 11% per annum in the last five years in line with the
growth of industrial manufacturing in the country and international market. In
the coming years, the growth rate of demand is estimated at about 6% to 7% per
annum. The present market situation for agricultural products is very
competitive for a large number of similar companies operating in the country.
Meanwhile, competition is quite heavy in the export import of agricultural
products with many companies now doing business in this field in
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported.
The management of P.T. SS is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover of the company in 2004 amounted to Rp. 28.0 billion went up to Rp. 32.0 billion in 2005 and rose again to Rp. 36.0 billion in 2006 and projected to rising by 10% in 2007. The operation of the company in 2006 is estimated to have gained a profit of Rp. 2.2 billion with an estimated networth of Rp. 12.0 billion.
So far, we have never heard of P.T. SS having been black listed by Bank
The management is led by Mr. Budi Susanto (43), but, the
primemover is Mr. Gatot Tjahjadikarta (58) with 25 years experiences in
agricultural trading and importation. The management well-experienced and run
by professional managers who maintain wide relation with agricultural products
collectors and farmers in various Indonesian agricultural centers. The company
also maintains wide relation with overseas business persons. So far, we have
never heard of the management of the company having been involved in business
malpractices.
P.T. SS appraised quite feasible for normal business transaction. Considering economic condition in the country remains unstable, we recommend to have an adequate collateral from the shareholders in dealing with any new loans.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)