MIRA INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SRI AMAN
CORPORINDO (w.e.f 18.03.2008.) |
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Formerly Known As : |
P.T. SRI AMAN CORPORATION |
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Registered Office : |
Mutiara Taman
Palem Blok D-8 No. 63A – 65, Jakarta Barat 11730 |
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Country : |
Indonesia |
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Date of Incorporation : |
06.02.1968 |
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Com. Reg. No.: |
No. AHU-19446.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Active Pharmaceutical
Ingredient |
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$ 110,000 |
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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
P.T. SRI AMAN CORPORINDO
Address
Head Office
Mutiara Taman
Palem Blok D-8 No. 63A - 65
Jakarta Barat
11730
Indonesia
Phone - (62-21)
54350781, 54350782-3
Fax - (62-21) 54350784-5
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
6 February 1968
as P.T. SRI AMAN CORPORATION changed to P.T. SRI AMAN CORPORINDO on March 18,
2008.
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-19446.AH.01.02.Tahun 2008
Dated 18 April
2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.302.612.5-034.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
a. Mr. Christovorus Suharyanto Nicolaus - Rp.
200,000,000.-
Address :
Jl. Kembang Indah III G1/23
Kembangan
Selatan
Jakarta Barat
Indonesia
b. Mrs. Merie Yanti -
Rp. 350,000,000.-
Address :
Jl. Kembang Indah III G1/23
Kembangan
Selatan
Jakarta Barat
Indonesia
c. Mr. Irsan Ridjab -
Rp. 300,000,000.-
Address : Jl Pantai Kuta IV/20
Ancol,
Pademangan
Jakarta Utara
Indonesia
d. Mr. Petrus Tanswari - Rp. 150,000,000.-
Address : Villa Tomang Mas C/3
Duri Kepa, Kebon Jeruk
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Active Pharmaceutical Ingredient
Production Capacity
None
Started Operation
1968
Technical Assistance
None
Number of Employee
11 persons
Marketing Area
Local - 100%
Main Customers
a. P.T. KIMIA
FARMA Tbk.
b. P.T. INDOFARMA
Tbk.
c. P.T. SANBE
FARMA
d. P.T. KALBE
FARMA Tbk
e. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. CLARIANT
INDONESIA
b. P.T. DYSTAR
COLOR INDONESIA
c. P.T. TIMUR MAS
TIRTA
d. P.T. INTI
COLOURINDO
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. PAN
INDONESIA Bank Tbk.
Jalan Kopi No. 52
Jakarta Barat
Indonesia
b. P.T. Bank
PERMATA Tbk.
Jalan Prapatan No. 50
Jakarta Pusat
Indonesia
c. P.T. Bank
MANDIRI Tbk.
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 8.5 billion
2006 – Rp. 9.0 billion
2007 – Rp. 9.8 billion
2008 – Rp. 5.2 billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 320
million
2006 – Rp. 380
million
2007 – Rp. 420
million
2008 – Rp. 220
million (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Christovorus Suharyanto Nicolaus
Director -
Mr. Petrus Tanswari
Board of Commissioners :
President Commissioner -
Mr. Irsan Ridjab
Commissioner -
Mrs. Merie Yanti
Signatories :
President Director (Mr.
Christovorus Suharyanto Nicolaus) or Director (Mr. Petrus Tanswari) which must
be approved by Board of Commissioners.
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$ 110,000 on 90
days D/A
OVERALL PERFOMANCE
Initially named P.T. SRI AMAN CORPORATION was established in Jakarta on
February 6, 1968 with an authorized capital of Rp. 5,000,000 issued capital of
Rp. 1,200,000 fully paid up. The founders and original shareholders originally of the company were
Mr. Jusuf Effendy, Mr. Widjajarto Jachja and Mr. Tirta Jusman, all Indonesian
businessmen of Chinese origin. In 1980,
the whole of its original shareholders pulled out and then replaced by Mr. Drs.
Tjahjo Hartono, also an Indonesian businessman of Chinese origin. The latest, on March 2008, Mr. Drs. Tjahjo
Hartono pulled out and replaced by Mr. Christovorus Suharyanto Nicolaus, his
wife mother Mrs. Merie Yanti, Mr. Irsan Ridjab and Mr. Petrus Tanswari, they
are Indonesian businessmen of Chinese origin.
Concurrently the company’s name changed to P.T. SRI AMAN CORPORINDO (P.T.
SAC) and the authorized capital was raised to Rp 1,000,000,000.- entirely
issued and paid up.
The deed of amendment was made by Mr. I Nyoman Pageh, SH., (a public
notary in Jakarta) was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-1946.AH.01.02.Tahun 2008, dated April 18, 2008.
P.T. SAC had been operating since 1968 in trading, import and
distribution of active pharmaceutical ingredient (pharmaceutical basic
materials). Mr. Petrus Tanswari,
director of the company said that the products are imported from China, India,
Germany, Italy, Spain and other European countries. The products are sold to pharmaceutical industries in the country
like P.T. KIMIA FARMA Tbk., P.T.
INDOFARMA Tbk., P.T. SABNE FARMA, P.T. KALBE FARMA Tbk., P.T. DEXA MEDICA,
etc. Mr. Petrus added that economic
crisis besetting Indonesia in 1998 and the global economic crisis at present
(2008) has bad impact to P.T. SAC because the demand active pharmaceutical
ingredient and pharmaceutical basic products dropped drastically. Sharp rupiah depreciation again US$ and
foreign currencies caused the operation cost to soar highly for all of basic
materials is still imported. We
observed that P.T. SAC is classified as a small sized company of its kind in the
country of which the operation has been growing slowly within the last three
years.
Generally outlook we find the demand for pharmaceutical basic materials
had been rising by 6% to 7% per year until mid-1997. It declined since then due
to economic crisis and a sharp Rupiah depreciation against US$, DM, Yen and
other hard foreign currencies making the price increased by 150% to 200%, while
the public purchasing power was very weak.
But since the end 1999 the demand rose again in line with a better
economic condition in the country. Business prospect in the long run for
pharmaceutical products is quite promising because Indonesia has a total
population of some 220 million
people. At present, global economic
crisis has bad impact to P.T. SAC. Besides that, competition is very tight due
to a large number of similar companies operating in the country.
Until this time P.T. SAC 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. 8.5 billion, increased to Rp. 9.0 billion
in 2006 and rose again to Rp. 9.8 billion in 2007. We estimated the total sales turnover as from January to June
2008 amounted to Rp. 5.2 billion with a net profit of Rp. 220 million. It is estimated the company has an estimated
total networth at least Rp. 2.2 billion.
It is projected that total sales turnover of the company will increase
at least 6% in 2008. 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. SAC is led by Mr. Christovorus Suharyanto Nicolaus (30) as president director, a
young businessman with 4 years of experience in trading and importing of active
pharmaceutical ingredient and basic materials for pharmaceutical
industries. Daily operation, he is
assisted by Petrus Tanswari (54) as director.
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. 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 is quite feasible for normal
business transaction. But owing to economic and political condition in the
country to remain unfavorable, we recommend to treat prudently in extending any
new loans to the company.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)