MIRA
INFORM REPORT
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Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SIGMA MITRA
SEJATI |
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Registered Office : |
Komplek Ruko
Bonakarta Block C No. 1, Cilegon 42414, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
28 August 1996 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Refractory Engineering Services and
Refractory Manufacturing |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. SIGMA MITRA SEJATI
Address
Head Office
Komplek Ruko
Bonakarta Block C No. 1
Cilegon 42414
Banten Province
Indonesia
Phone - (62-254) 383
653, 383 872
Fax - (62-254) 383 652
Building Area - 3 storey
Office Space - 600 sq. meters
Region - Industrial
Zone
Status - Rent
Factory
Cilegon Industrial
Estate
Cilegon 42414
Banten Province
Indonesia
Land Area - 8,000 sq.
meters
Building Space - 6,000 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation
28 August 1996
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C2-10166
HT.01.01.TH.96
Dated 7 November
1996
Company Status
Private National Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.739.252.6-101
The Department of Trade and Industry
TDP No. 10011600778
Dated 13 December 1996
Related Companies
a. P.T. PURNA SENTANA BAJA (Trading and Distribution of Scrap and
Crackers and Investment Holding)
b. P.T. PURNA BAJA HECKET (Steel Rolling Mills)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,000,000,000.-
Issued Capital : Rp. 300,000,000.-
Paid up Capital : Rp. 300,000,000.-
Shareholders/Owners :
a. P.T. PURNA SENTANA BAJA - Rp. 153,000,000.-
Address : Jl. Industri No. 5
Cilegon, Banten Province
Indonesia
b. Mr. Haji Hamid Baidlowi - Rp. 147,000,000.-
Address : Jl. Taman Amir Hamzah Sadewa
Raya No. 8, Menteng, Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Refractory Engineering Services and
Refractory Manufacturing
Production Capacity
Refractory/Fire Clay (Block & Cement) - 40 tons per month
Total Investment
a. Owned Capital - Rp. 1.0 billion
b. Loan Capital - Rp. 1.5
billion
c. Total
Investment - Rp. 2.5 billion
Started Operation
1997
Brand Name
Sigma Cast
Technical Assistance
None
Number of Employee
35 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. KRAKATAU
STEEL
b. P.T. KRAKATAU
WAJATAMA
c. P.T. KHI PIPE
INDUSTRY
d. P.T. PURNA BAJA
HECKETS
e. P.T. BLUE SCOPE
INDONESIA
Market Situation
Very Competitive
Main Competitors
a. P.T. REFRATECH
MANDALA PERKASA
b. P.T. INDOPORLEN
c. P.T. TEGUH API
BINATAMA
d. P.T. SOMIT
MURNI MANDIRI
e. P.T. INDOCAST
SARANA JAYA
f. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Wisma Baja
Jalan Jend. Gatot Subroto Kav. 54
Jakarta Selatan
Indonesia
b. P.T. Bank RAKYAT INDONESIA Tbk
BRI Building
Jalan Jend. Sudirman Kav.
45-46
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 14.5
billion
2006 – Rp. 15.0
billion
2007 – Rp. 15.5
billion
Net Profit (Loss)
:
2005 – Rp. 840 million
2006 – Rp. 900 million
2007 – Rp. 960 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Ir. Heru Mursitoyo
Director - Mrs. Mistahul Farikah
Board of Commissioners :
President Commissioner - Mr. Drs. Sarjono
Commissioner - Mr.
Haji Hamid Baidlowi
Signatories :
President Director (Mr. Ir. Heru
Mursitoyo) or the Director (Mrs. Mistahul Farikah) which must be approved by
the Board of Commissioners.
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$ 200,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. SIGMA MITRA SEJATI (P.T. SMS) was established in Cilegon, Banten Province on 28 August 1996 with an authorized capital of Rp. 1,000,000,000 issued capital of Rp. 300,000,000 entirely paid up. The founding shareholders of the company are P.T. PURNA SENTANA BAJA, and Mr. Haji Hamid Baidlowi, an indigenous businessman. We observe that the majority shareholder P.T. PURNA SENTANA BAJA is a private national company dealing with trading and distribution of scrap and crackers. The deed of amendment was made by Mr. Refizal, SH., a public notary in Jakarta under Company Registration Number C2-10166. HT.01.01.TH.1996, dated November 7, 1996.
P.T. SMS started with operation in the field of refractory engineering services and refractory manufacturing. After operating since 1997 the company has provides refractory engineering services, construction of refractory, refractory equipment for P.T. KRAKATAU STEEL (integrated steel milling). The company expanding business into refractory manufacturing by producing fire clay bricks, fire resistant bricks (block and cement) of 40 tons per month. The plant is located at Cilegon Industrial Estate, Cilegon, Banten Province on a land of 8,000 sq. meters. Some of the basic materials to produce the refractory are imported from Malaysia and India. Mr. Arif Budiarto, marketing executive of the company explained the whole products supplied to integrated steel milling such as P.T. KRAKATAU STEEL, P.T. KRAKATAU WAJATAMA, P.T. KHI PIPE INDUSTRY, P.T. PURNA BAJA HECKETS and P.T. BLUE SCOPE INDONESIA with Sigma Cast brand. Besides, some of the products had also produced under job orders from the above customers. Mr. Arif Budiarto added, that some of the refractory products will be marketed to ceramic and tile industries, sugar industry, cement industry and others. P.T. SMS is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
We observe that demand for fire resistance bricks, refractory products have kept increasing by 10% to 12% in the last five years in line with the growth of the user industries such as steel milling, cement & limes industry, energy, chemicals, non ferrous metal, glass, iron & steel, ceramic and tile industry and others. It is projected that demand is still increasing in the future. The competition is very tight on account of many similar companies operating in the country. P.T. SMS’s position is favorable for it controls wide marketing network in Cilegon and surroundings.
Until this time P.T. SMS 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. 14.5 billion, increased to Rp. 15.0 billion in 2006 to Rp. 15.5 billion in 2007 and projected to go on rising by at least 7% in 2008. We estimated the company has yielded a net profit of Rp. 960 million. It is estimated the company has an estimated total networth at least Rp. 3.5 billion. We observe that P.T. SMS is supported by financially strong behind it. So far, we did not hear that 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. SMS is led by Mr. Ir. Heru Mursitoyo (51) a professional with 15 years of experience in refractory engineering services and refractory manufacturing. The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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. SIGMA MITRA SEJATI 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%)