MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. SINAR SYNO
KIMIA |
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Registered Office : |
Bekasi International Industrial Estate, Block C-8 No. 4-6 Desa Sukaresmi,
Lemahabang Cikarang, Bekasi 17550, West Java |
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Country : |
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Date of Incorporation : |
19 September 1990 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Specialty 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$ 5,210,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of the company
P.T. SINAR SYNO KIMIA
Address
Head Office & Factory
Bekasi International Industrial Estate,
Block C-8 No. 4-6
Desa Sukaresmi, Lemahabang
Cikarang, Bekasi 17550
Phones - (62-21) 8972390
(hunting)
Fax. - (62-21) 8972388
Email - support@sinarsyno.com
Website - http://www.sinarsyno.com
Land Area - 200,000 sq. meters
Building Area - 23,500 sq. meters
Region - Industrial Estate
Status - owned
Date of Establishment
19 September 1990
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Registration
The Ministry of
Law and Human Rights
No.
C-08306.HT.01.04.TH. 2001
Dated 13 September
2001
Company Status
Foreign Investment Company (PMA)
Permit by the
Government Department
a. The President of the
No. B-246/Pres/7/1990
Dated 31 July 1990
b. The Capital
Investment Coordinating Board
- No. 254/I/PMA/1990
Dated 13 August 1990
- No. 110/II/PMA/1993
Dated 25 October 1993
- No.
1103/III/PMA/2000
Dated 10 August 2000
-
No.228/II/PMA/2000
Dated 08 September 2000
Affiliated Companies
a. SPECTRA CHEMICALS Pte., Ltd., of
b. The SINAR MAS Group Member
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: US$.
8,000,000.-
Issued
Capital :
US$. 8,000,000.-
Paid up
Capital :
US$. 8,000,000,-
Shareholders/Owners :
a. SPECTRA CHEMICALS PTE. LTD., -
50%
Address :
b. P.T. SINAR MAS - 50%
Address : Wisma BII
Jl. M.H. Thamrin Kav. 22
BUSINESS ACTIVITIES
Lines of Business:
Specialty Chemical Manufacturing
Production Capacity
a. C.P.C. Green Intermediates -
2,600 tons p.a.
b. C.P.C. Blue Pigments - 400 tons p.a.
c. Cyanine Green Pigments - 170 tons p.a.
d. Direct, Reactive and Disperse Dyes -
1,200 tons p.a.
e. Optical Brightening Agent -
3,600 tons p.a.
Total Investment
a. Equity Capital - Rp. 8.0
million
b. Loan
Capital - Rp. 12.0 million
c. Total
Investment - Rp. 20.0
million
Started Operation
1992
Brand Name
a. SINARCION e. SINARCRYL
b. SINARFANE f. SINARJEANS
c.
SINARDIRECT g. SINAR LEATHER
d. SINARCID h. SINARWHITE
Technical Assistance
SPECTRA CHEMICALS Pte. Ltd., of
Number of Employee
242 persons
Marketing Area
a. Domestic
(Local) - 40 %
b. Overseas
(Export) - 60 %
Main Customer
a. Textile
Industries
b. Leather
Industry (Tanning)
c. Pulp and Paper
Industries
d. Paint
Manufacturing, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. POLKRIK
CHEMICALS
b. P.T. DYSTAR
c. P.T. CLARIANT
d. P.T. BIPORIN
AGUNG
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank
INTERNASIONAL
Wisma BII
Jl. M.H. Thamrin Kav. 22
b. The HONGKONG
& SHANGHAI BANKING Corp.
World Trade Centre
Jl. Jend. Sudirman Kav. 54
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 230.0 billion
2004 – Rp. 298.0 billion
2005 – Rp. 345.0 billion
2006 – Rp. 380.0 billion
Net Profit (Loss)
:
2003 – Rp. 18.4 billion
2004 – Rp. 25.0 billion
2005 – Rp. 28.5 billion
2006 – Rp. 32.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Suphat Sivasriamphai
Vice President Director - Mr. Muktar Widjaja aka Oei Siong Lian
Directors - a. Mr. Venkatachalam
b. Mr.
Pravat Suphavadipra
c. Mr.
Aie Saman
d. Mr. Siguan
Tunaldi
Board of
Commissioners :
Chairman
- Mr. Franky Oesman Widjaja aka
Oei Jong Nian
Vice Chairman
- Mr. Shiv Nath Rai Bajaj
Commissioners -
a. Mr. Joseph Jo Liat Tjiang
b. Mr.
Kasem Sivasriampai
Signatories
:
President
Director (Mr. Suphat Sivasriamphai) or Vice President Director (Mr. Muktar
Widjaja) or one of the directors (Mr. Venkatachalam, Mr. Pravat Suphavadipra,
Mr. Aie Saman or Mr. Siguan Tunaldi) which must be approved by the Chairman of
Supervisory Board (Mr. Franky Oemsn Widjaja) or Vice Chairman (Mr. Shiv Nath
Rai Bajaj) or the commissioners (Mr. Joseph Jo Liat Tjiang and Mr. Kasem
Sivasraimpai)
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Limit of Credit
US$ 5,210,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. SINAR SYNO KIMIA (P.T. SSK) was established on September
19, 1990 with authorized capital of US$ 1,800,000.-, all of it has been fully subscribed and paid up.
The founders and the shareholders of the Company are P.T. ANEKA SARAKINDO from
According to the last notary deed dated September 2001, the
authorized capital was increased to be US$ 8,000,000.- (Rp. 14.792.000.000),
all of it has been fully subscribed and paid up. Since those time the
shareholder’s composition of P.T. SSK are P.T. SINAR MAS (50%) from
P.T. SINAR MAS is parent company of the SINAR MAS Group, the
greatest companies group in
P.T. SSK is a foreign investment company that carrying out
business in manufacturing of C.P.C Intermediate for Dyestuff and Cyanine
Pigments. They managed a factory in Bekasi International Industrial Estate,
Bekasi,
Generally, we observe that demand of domestic market against
dyestuff and pigment for textile, painting, paper, leather, pulp and paper
industries is increasing around 6% to 7% on an average per year in the last two
years. The increasing is connected closely to the Indonesian economic growth
since 2000. Based on Central Bureau of Statistics, the Indonesian Economic
Growth in 2002 is 4.37%, increased to 4.87% in 2003 to
5.13% in 2004 and still increased to 5.78% in 2005. The several Indonesian Economic indicators in detail is
pictured on following table:
The Growth of Indonesian Several Economic Indicators
2001-2005
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No. |
Indicator |
2001 |
2002 |
2003 |
2004 |
2005 |
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1. |
Economic Growth (%) |
3.83 |
4.37 |
4.87 |
5.13 |
5.78 |
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2. |
Inflation (%) |
12.55 |
10.03 |
5.06 |
6.40 |
17.17 |
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3. |
Gross growth based on constant price 1993 (billion Rp) |
1,442,984.5 |
1,506,124.4 |
1,579,558.9 |
1,660,578.8 |
1,753,903.0 |
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4. |
Foreign Trade Balance (million |
25,248.5 |
23,104.6 |
24,142.3 |
25,614.6 |
27.202.7 |
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5. |
Export (million |
56,321 |
57,159 |
61,058 |
71,585 |
83,314 |
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6. |
Import (million |
30,289 |
31,289 |
32,551 |
46,525 |
58,329 |
Source : Central Bureau of Statistic
The business competition is very tight because there are many companies
carrying out business in dyestuff and pigment industries, among others P.T.
Polkrik Chemicals, P.T. Dystar
Until this time P.T. SSK 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. 298.0 billion increased to Rp. 345.0 billion in 2005 and
to Rp. 380.0 billion in 2006. The operation in 2006 yielded an estimated net
profit at least Rp. 32.0 billion and the company has an estimated total net
worth at least Rp. 190.0 billion. It is projected that total sales turnover of
the company will increase at least 12% in 2007. We observe that P.T. SSK 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
The management of P.T. SSK is led by Mr. Suphat Sivasriamphai as
president director, a professional manager from
PT. SINAR SYNO KIMIA 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%)