MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. GOLDEN SARI |
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Registered Office : |
Komplek Mitra Bahari Block D1-D2, Jalan Pakin No. 1, Jakarta Utara,
14440 |
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Country : |
Indonesia |
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Date of Incorporation : |
19 December 1983 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Industrial Chemical Manufacturing |
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$ 210,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name
of Company
P.T. GOLDEN SARI
Address
Head Office
Komplek Mitra
Bahari Block D1-D2
Jalan Pakin No. 1
Jakarta Utara, 14440
Indonesia
Phone - (62-21) 6669
2030 (8 lines)
Fax. - (62-21) 6669 2580, 6669 2659
E-mail - goldengs@cn.net.id
Website - http :
//www.goldensari.com
Building Area - 2 storey
Office Space - 300 sq. meters
Region - Commercial
Building
Status - Rent
Factory
Jalan Ikan Hiu No.
97
Bandar Lampung
Lampung Province
Indonesia
Phone - (62-721) 250867
(Hunting)
Fax. - (62-721) 250775
Land Area - 80,000 sq.
meters
Factory Space - 7,600 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
19 December 1983
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-21710
HT.01.04.TH.1998
Dated 8 April 1998
Company Status
Private Company
Permit by the
Government Department
Not Available
Related Company
a. P.T. GOLDEN AGIN NUSA (Agricultural Equipment Manufacturing)
b. P.T. GOLDEN INDO GUCCI (Industrial Chemical Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
500,000,000.-
Issued Capital : Rp.
407,000,000.-
Paid up Capital : Rp.
407,000,000.-
Shareholders/Owners :
a. Mr. Soeyitno - Rp.
143,000,000.-
b. Mr. Atmo Utomo - Rp. 97,000,000.-
c. Mr. Joko Sutopo
Utomo - Rp.
21,000,000.-
d. Mr. Djohar
Tobing -
Rp. 33,000,000.-
e. Mrs. Yudiasti - Rp. 21,000,000.-
f. Mr. Henry
Tobing -
Rp. 29,000,000.-
g. Mr. Imam
Prayogo -
Rp. 21,000,000.-
h. Mr. Edi Susanto - Rp. 21,000,000.-
i. Mr. Willy
Santoso Lutan - Rp.
21,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Industrial Chemical Manufacturing
Production Capacity
- Sodium Cyclamates - 12,000
tons p.a.
Total Investment
a. Owned Capital - Rp. 2.0 billion
b. Loan Capital - Rp. 3.0
billion
c. Total
Investment - Rp. 5.0 billion
Started Operation
August 1984
Brand Name
Golden Sari
Technical Assistance
None
Number of Employee
165 persons
Marketing Area
Domestic - 40%
Export - 60%
Main Customer
Confectioneries
industry, beverages industry, food industry, dried fruit industry, cigarette
industry
and pharmaceutical
industry
Market Situation
Very Competitive
Main Competitors
a. P.T. ROHA LAUTAN
PEWARNA
b. P.T. GRAHA JAYA
PRATAMA KINERJA
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank BUANA INDONESIA Tbk
Jalan Asemka No. 32-36
Jakarta Barat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan Asemka No. 27-30
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 13.0
billion
2005 – Rp. 14.5
billion
2006 – Rp. 16.0
billion
Net Profit (Loss)
:
2004 – Rp. 0.9 billion
2005 – Rp. 1.0 billion
2006 – Rp. 1.1
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Djohar Tobing
Directors - a. Mr. Henry Tobing
b. Mr. Edi Susanto
Board of Commissioners :
President Commissioner - Mr. Soeyitno
Commissioners - a.
Mr. Atmo Utomo
b. Mrs. Yudiasti
Signatories :
President Director (Mr. Djohar Tobing)
or one of the Directors (Mr. Henry Tobing or Mr. Edi Susanto) which must be
approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 210,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. GOLDEN SARI (P.T. GS) was established in Bandar Lampung in December 1983 with an authorized capital of Rp. 85,000,000.- entirely was issued and paid-up. The original founding shareholders are Mr. Soeyitno, Mr. Atmo Utomo, Mr. Joko Sutopo Utomo, Mrs. Yudiasti, Mr. Henry Tobing, Mr. Eddy Susanto, Mr. Willy Santoso Lutan, all Chinese origins Indonesian entrepreneurs, Mr. Djohar Tobing and Mr. Imam Prayogo, both are native businessmen. The deed of amendment was made by Mrs. Vestina Ria Kartika, SH a public notary in Bandar Lampung under Company Registration C2-21610 HT.01.04.TH.1998 dated April 8, 1998. The above shareholder is also founder of P.T. GOLDEN AGIN NUSA dealing with agriculture equipment manufacturing and P.T. GOLDEN INDO GUCCI dealing with industrial chemical manufacturing.
P.T. GS had been operating since 1984 in industrial chemicals manufacturing with its plant located at Jalan Ikan Hiu No. 97, Kedamaian, Bandar Lampung. It used to produce sodium cyclamates of 150 tons and sodium benzoat of 100 tons, per year. The plant expanded to increase production capacity. In 1997, P.T. GS stopped producing sodium benzoat but the production of sodium cyclamates is increased to 12,000 tons per annum. Mrs. Rosmery Liaw, the marketing staff of P.T. GS disclosed that some 60% of its products is exported to Singapore, Taiwan, Vietnam, China, Pakistan, Australia, Israel, Saudi Arabia, Hong Kong, Japan, Africa and other European countries, the USA, Argentina, Brazil, Canada by using Golden Sari (GS) brand names and the rest is distributed domestically through supermarkets, wholesalers and partly sold directly to various food and beverage processing industry, dried fruit industry, pharmaceutical industry, cigarette industry and others industries. P.T. GS' operation has been growing within the last three years.
Generally outlook, the demand for sodium cyclamates has kept on rising by 8% to 10% per annum in the last five years in line with the growing confectionery and beverages industry, pharmaceutical industry, cigarette industry and other industries. The demand is estimated to be rising by 7% in the coming years. The competition is very tight on account of lots of similar company operating in the country. The business position of P.T. GS is appraised to be favorable for having established regular customers and wide marketing networks in several big cities in the country. We believed that the company is in position to thrive its business in the future.
Until this time P.T. GS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted to Rp. 13.0 billion increased to Rp. 14.5 billion in 2005 and to Rp. 16.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 1.1 billion and the company has an estimated total net worth at least Rp. 9.0 billion. It is projected that total sales turnover of the company will increase at least 8% in 2007. We observe that P.T. GS is supported by financially fairly strong behind it. So far, we have never heard of 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. GS is led by Mr. Djohar Tobing (63) with 22 years of experience industrial chemical industry. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice 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.
PT. GOLDEN SARI is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
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%)