MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SARIMAKMUR TUNGGALMANDIRI |
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Formerly Known As : |
C.V. SARI MAKMUR |
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Registered Office : |
Jalan Raya Kompos No. 110-A Medan-Binjei Km. 12), Kecamatan Sunggal Medan 20351 |
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Country : |
Indonesia |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
C2-7517.HT.01.01.TH.99 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Export of Agricultural 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$ 10,000,000 |
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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. SARIMAKMUR TUNGGALMANDIRI
A d d r e s s
Head Office & Warehouse
Jalan Raya Kompos
No. 110-A
(Medan-Binjei Km.
12), Kecamatan Sunggal
Medan 20351
Indonesia
Phones - (62-61) 8454291,
8454292, 8454293
Fax - (62-61) 8454294
E-mail - spranoto@indosat.ent.id
Website - http :
//www.opal-coffee.com
Land Area - 7,500 sq.
meters
Office Space - 6,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 1992 as C.V.
SARI MAKMUR
b. 19 November
1997 as P.T. SARIMAKMUR TUNGGALMANDIRI
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-7517.HT.01.01.TH.99
Dated 21 April
1999
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
1.487.291.5-111
Dated 19 November
1997
The Department of Trade and Industry
SIUP No. 10260/02.13.TN/IV/95
Dated 12 April
1995
Related Companies
a. P.T. PALAWI
TAMA (Trading)
b. P.T. SARI OPAL
NUTRITION (Coffee Powder Manufacturing)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 800,000,000.-
Paid up Capital : Rp. 800,000,000.-
Shareholders/Owners
:
a. Mrs. Maria Gorethy -
Rp. 400,000,000.-
Address : Jl. Kenari No. 7A
Medan, North Sumatera
Indonesia
b. Mr. Suryo Pranoto -
Rp. 400,000,000.-
Address : Jl. Komodor Laut Yos Sudarso
Komplek Taman Putri Hijau Block B No. 27
Medan, North Sumatera
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Export of Agricultural Products
Production Capacity
None
Total Investment
a. Owned Capital - Rp. 8.0 billion
b. Loan
Capital -
Rp. 5.0 billion
c. Total
Investment - Rp.
13.0 billion
Started Operation
1992 when it was
C.V. SARI MAKMUR
Brand Name
None
Technical Assistance
None
Number of Employee
152 persons
Marketing Area
Export - 100%
Main Customer
Buyers in
Singapore, Japan, Australia, Europe Union, the USA, Middle East, India,
Pakistan, Nepal etc.
Market Situation
Very Competitive
Main Competitors
a. C.V. BIOLA
JAYA
b. P.T. ISPAK
c. P.T. ASIA
AGROMAS ABADI
d. P.T. GLOBAL
VISION IMPEX
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Bukit Barisan
Medan, North Sumatera
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pemuda No. 28
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 520.0
billion
2006 – Rp. 560.0
billion
2007 – Rp. 740.0
billion
Net Profit
(estimated) :
2005 – Rp. 22.5
billion
2006 – Rp. 26.0
billion
2007 – Rp. 32.0
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management
:
President Director -
Mr. Suryo Pranoto
Director -
Mrs. Maria Gorethy
Board of
Commissioner :
Commissioner -
Mr. Tjia Bie Hoei
Signatories :
President Director (Mr. Suryo Pranoto)
or the Director (Mrs. Maria Gorethy) which must be approved by Board of
Commissioners.
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit should be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 10,000,000 on 90 days D/A
OVERALL PERFOMANCE
The company originally named C.V. SARI MAKMUR it was established in
Medan, North Sumatra in early 1992 with a legal status of C.V. (Commanditaire
Vennootschaap) or partnership with sleeping partners. Founders and original
owners are Mr. Harahap and Mr. Siregar indigenous businessmen. In March 1995, entire shares went over into
Mrs. Maria Gorethy as active partner and her younger sister Miss Christina
Goretti as silent partner. In November 1997, the company was renamed to P.T.
SARIMAKMUR TUNGGALMANDIRI (P.T. ST) with a legal status of P.T. (Perseroan
Terbatas) or Limited Liability Company with authorized capital of Rp.
1,000,000,000 issued capital Rp. 800,000,000 wholly paid-up. It’s latest
shareholding composition are Mrs. Maria Gorethy and her husband Mr. Suryo
Pranoto, both are Indonesian business family of Chinese extraction. The deed of
amended was made by Mr. Sartono Simbolon, SH, a public notary in Medan, under
Company Registration Number C2-7517.HT.01.01.TH.1999, dated April 21, 1999.
We observe the majority business stakes owners P.T. ST is controlled by
Mr. Suryo Pranoto and his wife. Mr. Suryo Pranoto is also founder and majority
shares of P.T. PALAWI TAMA dealing with trading and P.T. SARI OPAL NUTRITION
dealing with coffee powder manufacturing.
P.T. ST is the biggest exporter of agricultural commodities products in
Indonesia and has been in commercial operation since 1992 dealing with export
of agricultural products such as coffee seeds, chocolates, cinnamon, areca
nuts, pepper flowers, cardamoms, cloves, resin/dammar, white pepper, canary
seed, carrots, tamarinds and other spices. The company manages a warehouse
doubling as its head office being located at Jalan Raya Kompos No. 110-A, Medan
– Binjai Km. 12, Sunggal Medan District, North Sumatra on a land of 7,500
square meters. The operation of the company had been running smoothly up to end
1993. Since that time the operation of the company had kept on declining and even
not in operation in early 1994. By the changing of P.T. ST’s ownership in March
1995, the operation of the company has been reactivated. Mr. Surya Pranoto, the
president director of the company, said that the agricultural products are
directly gained from farmers, collectors in North Sumatra, Aceh, Lampung and
others. He went on to say that the agricultural products are exported to Japan,
Singapore, the USA, European countries, Malaysia, Middle East, Pakistan, India
and others. Some 20-25 % per month of coffee bean products had been supplied to
STARBUCKS Corporation of the USA. Mr. Suryo Pranoto explained that coffee bean
product exported to USA (25%), Japan (60%) and the rest 15% Europe Union and
Middle East. The company has made business relation with STARBUCKS Corporation,
Seattle, USA. He added that to support its activities, the company opened
branch offices in Lampung (Lampung Province), Surabaya (East Java) and Makassar
(South Sulawesi). Only branch office of Lampung has the authority to export directly
the agricultural products. Mr. Suryo Pranoto, explained that total export value
of the company in 2001 amounted to US$ 38,6 million and jumped to US$ 86.0
million in 2006 and projected to increasing in the next year to come. We
observe that P.T. ST operation has been growing and developing well in the last
five years.
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 Indonesia. We consider P.T. ST to be in a quite
favorable position for having already got hold of a steady clientele in the
country and abroad.
Export Volume of Agricultural Products, 2002-2007*
(Thousand Tons)
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Products |
2002 |
2003 |
2004 |
2005 |
2006 |
2007* |
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Tea Rubber Coffee Spices Cocoa Bean Tobacco |
95.5 9,0 322,5 128,8 367,5 30,8 |
84,7 13,4 320,7 120,6 266,3 27,6 |
55,9 12,6 338,8 114,9 277,1 27,8 |
45,7 4,8 442,8 107,3 368,7 31,5 |
42,6 9,2 411,5 114,1 494,1 29,4 |
31,9 6,1 168,8 62,5 259,3 16,4 |
Export Value of Agricultural Products, 2002-2007*
(Million US$)
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Products |
2002 |
2003 |
2004 |
2005 |
2006 |
2007* |
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Tea Rubber Coffee Spices Cocoa Bean Tobacco |
98,1 6,6 218,8 186,1 521,3 66,5 |
91,8 12,3 251,0 186,3 410,4 44,5 |
64,8 14,7 281,5 153,7 370,2 45,6 |
48,0 46,4 497,7 138,0 468,2 62,9 |
51,1 14,3 583,2 188,6 620,3 57,3 |
42,7 8,7 347,2 139,2 402,3 36,9 |
Source : Central Bureau of Statistic,
processed by ICB
*) January-August
Until this time P.T. ST 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 2005 amounted to Rp.
520.0 billion rose to Rp. 560.0 billion in 2006 increased to Rp. 740.0 billion
in 2007 and projected to go on rising by at least 8% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 32.0 billion and the
company has an estimated total networth of at least Rp. 127.5 billion. We
observe that P.T. ST is supported by financially strong and sound behind it. So
far, we did not heard that the company having been black listed by the Central
Bank (Bank Indonesia).
The company is led by Mr. Suryo Pranoto (54), a businessman and
professional manager with has experienced for more than 16 years in the field
of exporter of agricultural commodities products. Daily operation, he assisted
by his wife Mrs. Maria Gorethy (53) as director. We observed that management’s
reputation in said business is sufficiently fairly good. The company has had
wide relation in the realm of the private businessmen within and outside the
country. So far, we did not hear 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.
P.T. SARIMAKMUR TUNGGALMANDIRI is sufficiently 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. |
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%)