MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SINAR MATAHARI |
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Registered Office : |
Jalan Sutomo No. 27 N-49 X, Medan, North Sumatera |
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Country : |
Indonesia |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Import and Trading of Agricultural Products |
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$ 85,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct Name of Company
SINAR MATAHARI
A d d r e s s
Head Office
Jalan Sutomo No.
27 N-49 X
Medan
North Sumatera
Indonesia
Phone - (62-61) 4144575
Fax - (62-61) 572084
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
2004
Legal Form
Sole Proprietary
Company
Company Reg. No.
Not Required
Company Status
Private National
Company
Permit by the Government
Department :
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Owned Capital : Rp. 350.0
million
Owners :
Mr. Hendri Tan -
100%
Address : Jalan
Dr. Sutomo No. 27 N. 49
Medan 20251
North Sumatera
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Import and
Trading of Agricultural Products
Production Capacity
None
Total Investment
None
Started Operation
2004
Brand Name
None
Technical Assistance
None
Number of Employee
4 persons
Marketing Area
Local - 100%
Main Customer
Traditional
Market
Market Situation
Very Competitive
Main Competitors
a. C.V. JAYA BERSAMA
b. P.T. DAKAI
IMPEX
c. P.T. ADI
SAMPOERNO
d. Toko LUBUK JAYA
e. HOKIN AGRO
TRADING
f. C.V. SAHARA
g. C.V. ARSAM
PRATAMA
h. C.V. PRIMATAMA
i. C.V. MUKTI
JABAR
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Jend. Sudirman No. 33
Medan, North Sumatera
Indonesia
b. P.T. Bank
LIPPO Tbk
Jalan Pemuda
Medan, North Sumatera
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2004 – Rp. 3.4
billion
2005 – Rp. 3.7
billion
2006 – Rp. 6.0
billion
2007 – Rp. 6.5
billion
Net Profit
(estimated) :
2004 – Rp. 200 million
2005 – Rp. 300 million
2006 – Rp. 360 million
2007 – Rp. 390
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Hendri Tan
Board of Commissioners :
None
Signatories :
Director (Mr. Hendri Tan) is only the authorized person to sign
the loan on behalf of the company
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 85,000 on 90
days D/A
OVERALL PERFOMANCE
SINAR MATAHARI (SM) was established in Medan, North Sumatera in 2004’s
with a status of Sole Proprietary Company. Founder and owner of the company is
Mr. Hendri Tan, an Indonesian businessman of Chinese origin. Being as Sole
Proprietary Company, the amount of its authorized capital was not mentioned at
the time of its establishment. In our estimate, the company has own capital of
about Rp. 180 million and it will be rising in line with the progress of its
business operation.
SM has been in operation since 2004’s dealing with trading and import of
agricultural products such as mung bean, ground nuts and dry chili. Mr. Hendri
Tan, the director and owner of the company went to say that the whole product
such as mung bean is imported from Vietnam. Meanwhile ground nuts and chili
bought from Java Island. The whole products supplied through traditional market
in Medan, Pematang Siantar, Binjei, Tebing Tinggi, Sibolga, Padang Sidempuan
and surroundings. The company manages a warehousing in Medan, Noth Sumatera on
a land of 1,200 sq. meters. We observe that operation of SM has been growing in
the last two 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 SM to
be in a quite favorable position for having already got hold of a steady
clientele in Medan and surroundings.
Productivity of Peanut in Indonesia
(quintal per ha), 2002-2006*
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Year |
Peanuts (quintal per ha) |
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2002 |
11,10 |
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2003 |
11,49 |
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2004 |
11,59 |
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2005 |
11,61 |
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2006* |
11,86 |
Source : Central
Bureau of Statistic
*)
Preliminary Figures
Until this time SM 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 2006 amounted to Rp.
6.0 billion increased to Rp. 6.5 billion in 2007. It is projected that total
sales turnover of the company will be higher by at least 6% in 2008. We
estimated the company has an estimated has yielded a net profit of at least Rp.
390 million and estimated total networth at Rp. 700 million. The financial condition of the company is backed up by
financially strong and sound businessmen 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 SM is headed by Mr. Hendri Tan (42), a professional
manager and businessman who has experienced for more than 10 years in the field
of trading and import of agricultural products. The management of the company
is handled by experienced professional manager having wide relation with
private businessmen of home and overseas as well as with the government
sectors. 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. SINAR MATAHARI 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. |
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%)