MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SINKONA INDONESIA LESTARI |
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Registered Office : |
Jalan Raya Ciater Km. 171, Subang, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
25 October 1986 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Quinidine Manufacturing |
RATING &
COMMENTS
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MIRAs 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$ 1,126,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
P.T. SINKONA INDONESIA LESTARI
Address
Head Office & Factory
Jalan Raya Ciater
Km.171
Subang
West Java
Phones - (0260) 470918
Fax - (0260)
470917
Land Area - 24,600 sq.
meters
Building Space - 9,200 sq. meters
Region - Industrial
Zone
Status - Owned
Branch
Jalan Ir. H. Juanda No.107
Bandung 40132
Phones - (022) 2503793
Fax - (022)
2502183
Building Area - 2 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
25 October 1986
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-UM.02.01.8456.TH.2006
Dated 22 May 2006
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.280.013.2-423
Related Companies
a. P.T. KIMIA
FARMA (Pharmaceutical Industry and
Investment Holding)
b. P.T. TRI USAHA
BHAKTI (Investment Holding)
c. P.T. PERKEBUNAN
NUSANTARA VII (Plantation)
d. Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp. 8,576,000,000.-
Issued Capital : Rp. 8,576,000,000.-
Paid up Capital : Rp. 8,576,000,000.-
Shareholders/Owners :
a. P.T. KIMIA FARMA Tbk. - Rp. 1,286,000,000.-
Address : Jl. Veteran No. 9
Jakarta Pusat
b. P.T. PERKEBUNAN NUSANTARA VIII - Rp. 5,574,000,000.-
Address ; Jl. Metro Duta
Niaga 17
Jakarta Selatan
c. P.T. TRI USAHA BHAKTI - Rp. 1,716,000,000.-
Address : Jl. Medan Meredeka
Timur 7
Jakarta Pusat
BUSINESS ACTIVITIES
Lines of Business:
Quinidine Manufacturing
Production Capacity
Quinidines - 50
tons p.a.
Total Investment
a. Equity Capital - Rp.
8.6 billion
b. Loan Capital - Rp.
5.0 billion
c. Total
Investment -
Rp. 13.6 billion
Started Operation
1992
Brand Name
None
Technical Assistance
P.T. KIMIA FARMA Tbk.
Number of Employee
140 persons
Marketing Area
Domestic -
5%
Export - 95%
Main Customer
Overseas Buyers in
USA, South Korea, Taiwan, Philippines, Malaysia, Thailand, etc.
Market Situation
Competitive
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Bandung Branch
West Java, Indonesia
b. P.T. Bank
Negara Indonesia Tbk.
Bandung Branch
West Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 Rp. 63.0
billion
2005 Rp. 70.0
billion
2006 Rp. 82.0
billion
2007 Rp. 48.5
billion (January June)
Net Profit (Loss)
:
2004 Rp. 5.4 billion
2005 Rp. 6.2 billion
2006 Rp. 7.5 billion
2007 Rp. 4.5 billion (January June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Ir. H. Imam Wahyudi
Director -
Mr. Ir. Achmad Sis Widodo, MM
Board of Commissioners :
President Commissioner -
Mr. Drs. Warsito Triatmodjo
Commissioner - a. Mr. RHS Slamet Bangsadikusumah,
SH, MBA
b. Mr. PLT. Sinaga, SH, LLM
Signatories :
President
Director (Mr. Drs. Warsito Triatmodjo) or
one of Directors (Mr. RHS Slamet Bangsadikusumah, SH, MBA or Mr. PLT.
Sinaga, SH, LLM) which must be approved by Board of Commissioners.
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$ 1,126,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. SINKONA INDONESIA LESTARI (P.T. SIL) was established in October
1986 with an authorized capital of Rp 23,410,000,000.-, issued capital of Rp
6,206,000,000.- and paid up capital of Rp 2,358,280,000.- The original founding
shareholders are P.T. KIMIA FARMA, P.T. PERKEBUNAN NUSANTARA XII, P.T.
PERKEBUNAN NUSANTARA XIII and P.T. TRI USAHA BHAKTI. In August 1998 the
authorized capital was declined to Rp 8,576,000,000.-, entirely issued and paid
up. By the same time P.T. PERKEBUNAN NUSANTARA XII and P.T. PERKEBUNAN
NUSANTARA XIII pulled out and replaced by P.T. PERKEBUNAN NUSANTARA VIII. The
deed of amendment was made by Ms. Martinah Sumarnoo, SH., a public notary in
Jakarta under Company Registration Number C-UM.02.01.8456.TH.2006, dated May
22, 2006.
The majority business stakes of P.T. SIL is controlled by P.T. PERKEBUNAN NUSANTARA VIII, a national private company engaged in quinine, tea and rubber plantation which the majority shares is controlled by the government.
P.T. SIL had been operating since 1992 in quinidine industry (pharmaceutical basic material being processed from quinine tree bark). Its plant is located at Ciater, Subang, West Java, producing quinine of 50 tons per year. The basic material (quinine tree bark) is supplied by P.T. PERKEBUNAN NUSANTARA VIII. Some 95% of the products is exported to the USA, South Korea, Taiwan, the Philippines, Malaysia, Thailand and the rest for local purpose. P.T. SIL is classified as a large sized company in the country dealing with quinidine industry of which the operation has been running smoothly and growing in the last five years up.
In overall we find the demand for quinidine had been rising by 6% to 7% within the last five years both local and international market in line with the growth of pharmaceutical industries and estimated it will be higher by 5% within the coming five years. While the competition is quite tight due a large number of similar companies operating in the country. Business position of P.T. SIL is not so critical for it has controlled a wide marketing network at home.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statements publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. We estimated that total sales turnover of P.T. SIL in 2004 amounted to Rp. 63.0 billion soared to Rp. 70.0 billion in 2005 to Rp. 82.0 billion in 2006 and projected to be rising by at least 12% in 2007. The operation of the company in 2006 is estimated to have gained a net profit of Rp. 7.5 billion with a total networth of Rp. 40.0 billion. So far we have never heard that P.T. SIL has been black listed by Bank Indonesia (central bank) or detrimental cases being settled in local district court. Payment condition for domestic and overseas suppliers is good with the credit payment system of 1 month to 3 months.
The management is headed by Mr.Ir. Imam Wahyudi (50), a businessman with 20 years experience in many business activities. He is a professional manager of P.T. PERKEBUNAN NUSANTARA VIII. The operation is also supported by Mr. Ir. Achmad Sis Widodo, MM (52) as director and a number of professional managers in this business. It is supported by a financially quite strong shareholders. The management has maintained a wide business relation with private businessmen at home and abroad.
P.T. SIL is appraised to be good for normal 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. |
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 SCs 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%)