MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. SANDEN |
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Registered Office : |
Jalan Surya
Madya Block SFB A-5, Kutamekar, Ciampel, Karawang, |
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Country : |
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Date of Incorporation : |
11 March 1988 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Automotive Air Conditioning
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$ 1,900,000 |
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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. SANDEN
Address
Head Office &
Factory
Jalan Surya Madya
Block SFB A-5
Kutamekar,
Ciampel, Karawang
Phone -
(62-267) 440166, 440660
Fax. - (62-267) 440670
Land Area - 6,500 sq.
meters
Factory Space - 5,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
a. 11 March 1988 as P.T. SANDEN JAYA
b. 22 March 2005 as P.T. SANDEN
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-25735
HT.01.04.TH.2005
Dated 16 September
2005
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The President of
the
- No. B-92/Pres/12/1987
Dated 22 December 1987
The Capital Investment Coordinating Board
- No. 01/I/PMA/1988
Dated 5 January 1988
- No. 192/III/PMA/1989
Dated 7 June 1989
- No. 07/II/PMA/1995
Dated 1 February 1995
- No. 81/II/PMA/2000
Dated 12 April 2000
- No. 91/II/PMA/2002
Dated 16 May 2002
The
Department of Industry
No. 165/T/Industri/2001
Dated 16 April 2001
The
Department of Finance
NPWP No. 01.869.586.6-055
Related Company
P.T. SAS GLOBAL (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$
3,500,000.-
Issued Capital : US$
3,500,000.-
Paid up Capital : US$
3,500,000.-
Shareholders/Owners :
a. SANDEN INTERNATINAL (
Address : Sanden House 25
Street 65,
b. P.T. SAS GLOBAL -
US$ 1,715,000.-
Address : Jl. Bandengan 41 A, Penjaringan
BUSINESS ACTIVITIES
Lines of Business:
Automotive Air Conditioning
Manufacturing
Production Capacity
a. Car Air Conditioners (AC) -
25,000 sets p.a.
b. Compressors -
100,000 units p.a.
c. Evaporators -
60,000 sets p.a.
d. Condensors -
50,000 pcs p.a.
e. Liquid Pipes -
60,000 pcs p.a.
f. Liquid Hoses -
60,000 sets p.a.
g. Refrigerating Showcase
Equipments - 10,000 units p.a.
h. Fin and Evaporator Coil -
400,000 pcs p.a.
i. Fin and Tube Condensers -
100,000 pcs p.a.
j. Bicycle Generator Lamp and
Components - 2,000,000 pcs p.a.
k. Import Services (AC) -
US$ 750,000
Total Investment
a. Equity Capital - US$ 3.5
million
b. Loan Capital - US$ 0.8
million
c. Total
Investment - US$ 4.3 million
Started Operation
1989
Brand Name
SANDEN
Technical Assistance
SANDEN INT’L (
Number of Employee
146 persons
Marketing Area
Domestic - 95%
Export - 5%
Main Customer
Distributors,
ASTRA Group, HYUNDAI motorcar, P.T. HONDA PROSPEK MOTOR, P.T. KIA
MOTOR INDONESIA
etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. DENSO
b. P.T. SAMPOERNA ERKON
PRATAMA
c. P.T. TOP JAYA
SARANA UTAMA
d. P.T. SHARP
ELECTRONIC
e. P.T. ZEXEL AC
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. The Hongkong and Shanghai Banking Corp. Ltd.
Jalan Jend. Sudirman Kav. 29-31
b. P.T. Bank DBS
Plaza Permata Ground Floor
Jalan M.H. Thamrin Kav. 57
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 124.0
billion
2005 – Rp. 132.0
billion
2006 – Rp. 145.0
billion
Net Profit (Loss)
:
2004 – Rp. 8.6 billion
2005 – Rp. 9.2 billion
2006 – Rp. 10.1
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yasushi Nagano
Directors - a. Mr. Stevanus
b. Mr. Robert Kheng
Board of Commissioners :
President Commissioner - Mr. Albert Suhendra Tjahja
Commissioners -
a. Mr. Koji Shima
b. Mr. Lee Tong Yong
Signatories :
President Director (Mr. Yasushi Nagano)
or one of the Directors (Mr. Stevanus or Mr. Robert Kheng) 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$ 1,900,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. SANDEN JAYA
P.T. SI obtained a Foreign Capital Investment (PMA) license for
dealing with automotive air conditioning manufacturing. Previously the plant
located at Jalan Jurumudi 100, Batuceper, Tangerang,
In general, the demand for automotive component is in line with
the progress achieved by Indonesian automotive manufacturing industry. We
observe that motorcar and motorcycles assembling industries have kept on
increasing in the last five years. However, the competition is very tight
because motorcar and motorcycles assembled in the People Republic of Chinese
and
Sales of Motorcars & Motorcycles in
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Y e a r |
Motorcar (units) |
Motorcycle (units) |
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1997 |
386,691 |
1,852,906 |
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1998 |
58,303 |
492,626 |
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1999 |
93,842 |
517,912 |
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2000 |
300,964 |
587,402 |
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2001 |
299,634 |
979,422 |
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2002 |
317,780 |
1,650,770 |
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2003 |
354,208 |
2,814,054 |
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2004 |
472,190 |
3,887,675 |
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2005 |
456,822 |
3,830,847 |
Source :
AISI
Until this time P.T. SI 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.
124.0 billion increased to Rp. 132.0 billion in 2005 and to Rp. 145.0 billion
in 2006. The operation in 2006 yielded an estimated net profit at least Rp.
10.1 billion and the company has an estimated total net worth at Rp. 102.0
billion. It is projected that total sales turnover of the company will increase
at least 8% in 2007. We observe that P.T. SI is supported by financially strong
foreign partner behind it. So far, we have never heard of the company having
been black listed by the Central Bank (Bank
The management of P.T. SI is led by Mr. Yasushi Nagano (48) with 12 years of experience in automotive air conditioning manufacturing and trade. 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. SANDEN INDONESIA 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%)