MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SINAR LAUT MANDIRI |
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Formerly Known As : |
PD. SINAR LAUT |
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Registered Office : |
Jalan Mangga Besar 1 No. 78, Mangga Besar – Taman Sari, Jakarta Pusat |
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Country : |
Indonesia |
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Date of Incorporation : |
1968 |
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Com. Reg. No.: |
C-24566 HT.01.04.TH.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Bolt and Nut |
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$ 750,000 |
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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. SINAR
LAUT MANDIRI
A d d r e s s
Head Office
Jalan Mangga
Besar 1 No. 78
Mangga Besar –
Taman Sari
Jakarta Pusat
Indonesia
Phones - (62-21)
625-3030, 626-5533, 65330135
Fax - (62-21) 626-7077, 624-8531, 65324113
E-mail - sinarlaut@cbn.net.id
Website - http://www.sinarlautmandiri.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
a. 1968 as PD.
SINAR LAUT
b. 24 February
1995 as P.T. SINARLAUT MANDIRI
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-24566
HT.01.04.TH.2005
Dated 6 September
2005
Company Status
Private National
Company
Permit by the Government Department
The Department of Finance
NPWP No.
01.721.175.6-032.000
Related Companies
a. P.T. CENTRAL
FASTINDO SENTOSA (Bolt and Nuts Manufacturing)
b. P.T.
MULTITOOLINDO SEJAHTERA (Bolt and Nuts Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized
Capital : Rp.
9,000,000,000.-
Issued Capital : Rp.
9,000,000,000.-
Paid up Capital : Rp.
9,000,000,000.-
Shareholders/Owners
:
a. Mr. Wartono Fachrudin Kunardi - Rp. 4,500,000,000.-
Address :
Jl. Buni No. 17, Taman Sari
Jakarta Barat
Indonesia
b. Mr. Yuswadi Kunardi - Rp. 4,500,000,000.-
Address : Jl. Manggis Block
A-1/G, Taman Sari
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Bolt and Nut
Manufacturing
Production
Capacity :
Bolts and Nuts - 2,500 tons
p.a.
Total
Investment :
Owned Capital - Rp. 9.0
billion
Started
Operation :
1968
Brand Name :
Sunray, Viser,
Filtec, Heller, Bosc
Technical
Assistance :
None
Number of
Employee :
121 persons
Marketing Area
:
Local - 100%
Main Customer
:
Industrial
Manufacturing and Contracting
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GARUDA
METALUTAMA
b. P.T. GARUDA METALINDO
c. P.T. SINAR
LAUT ABADI
d. P.T. FASTINDO
WIRATAMA
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Mangga
Besar
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
The company has ever been dispersed by the West Jakarta
court of first instance in line with the claim of one of its shareholder Mr.
Karta Wiryadi Kunardi toward his relatives, other founders of P.T. SLM
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 53.0
billion
2006 – Rp. 57.0
billion
2007 – Rp. 60.0
billion
Net Profit
(estimated) :
2005 – Rp. 4.5
billion
2006 – Rp. 5.0
billion
2007 – Rp. 6.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr.
Yuswadi Kunardi
Marketing Manager -
Ms. Nilda Rusdi
Board of Commissioners :
Commissioner -
Mr. Wartono Fachrudin Kunardi
Signatories :
Director (Mr. Yuswadi
Kunardi) which must be approved by Board of Commissioner.
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$ 750,000 on 90
days D/A
OVERALL PERFOMANCE
Initially named PD. SINAR LAUT it was established in 1968 with the
status of Sole Proprietary Company. The founding of the company are Mr. Kunardi
Family. As other companies with the legal status of PD., the capital of the
company is not stated in the deed of establishment. In February 1995, the
company status was changed to P.T. (Perseroan Terbatas) or Limited Liability
Company and renamed to P.T. SINAR LAUT MANDIRI (P.T. SLM) and concurrently the
authorized capital of Rp. 1,000,000,000 of which Rp. 500,000,000 was issued and
fully paid up. The company shareholders are Mr. Yuswadi Kunardi and his old
brother Mr. Wartono Fachrudin Kunardi, both are Indonesian businessmen of
Chinese origins. The company notary deed has been changed and in April 2001,
the authorized capital was raised to Rp. 9,000,000,000 entirely issued and paid
up. By the same time, Mr. Karta Wiryadi Kunardi, entered the company as new
shareholder. Then, in July 2005 Mr. Karta Wiryadi Kunardi withrew. The
company’s latest shareholders are Mr. Wartono Fachrudin Kunardi (50%) and Mr.
Yuswadi Kunardi (50%). The deed of amendment was made by Mr. Tse Min Suhardi,
SH., was approved by the Ministry of Law and Human Right in its Decision Letter
No. C-24566 HT.01.04.TH.2005, dated September 06, 2005.
We observe that the founding shareholders of P.T. SLM are also the
shareholders of P.T. CENTRAL FASTINDO SENTOSA and P.T. MULTITOOLINDO SEJHATERA
both are private national company dealing with bolt and nuts manufacturing.
Basically, the operation of P.T. SLM is to continue the operation of PD.
SINAR LAUT dealing with bolt and nuts and technical equipment manufacturing
having been in operation since 1968. Today, P.T. SLM is managing and developing
a branch office focusing on marketing its products. The products produced by
P.T. SLM include self tapping screws, hexagon bolts, roofing screws, heavy duty
clamps, cotter pins, roll pins, eye nuts, bolt nuts, dry well screws, flange
bolts, snap rings, heavy duty anchors, furniture screws, knock down bolts,
plastic cone scaffolding, wing bolt and nut, spring nuts, grease nipples,
muffler clams, etc. The products are usually used by industrial sectors,
construction industries, automotive components industries, furniture
industries, technical equipment industries, shipping industries and others. The
products are marketed under brands of SUNRAY, VISER, FILTEC, HELLER, BOSC and
others. Some 30% to 40% of the products is used by electronic producers and
technical equipment industries of Japan, Korea and others. In March 2005, P.T.
SLM had ever been dispersed by the West Jakarta court of first instance in line
with the claim of one of its shareholders Mr. Karta Wiryadi Kunardi towards his
relatives, other founders of P.T. SLM. However, it was cancelled and they
settled the dispute amicably. Then, Mr. Karta Wiryadi Kunardi withdrew as a
shareholder of P.T. SLM. We observe the operation of P.T. SLM has been growing
in the last three years.
The demand for technical equipment including bolt and nuts and other
technical goods has kept on rising by 8% to 10% per annum in the last five
years. Such condition was in line with the growth of general mining industry
sectors like oil and gas, industrial refineries, fertilizer industry,
electricity, office building, chemical industry, pharmaceutical industry, food
and beverage companies, pulp and paper, cement and other sectors requiring the
above products. It is projected that the demand growth will be rising within
the next five years. Market competition is very tough on account of many other
similar companies operating in Indonesia. P.T. SLM’s business position in this
case is not too badly because it has established regular customers and
extensive marketing network.
Until this time P.T. SLM 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.
53.0 billion rose to Rp. 57.0 billion in 2006 increased again to Rp. 60.0
billion in 2007 and projected to go on rising by at least 6% in 2008. The
operation in 2007 yielded an estimated net profit of at least Rp. 6.0 billion and
the company has an estimated total networth of at least Rp. 15.0 billion. We
observe that P.T. SLM is supported by businessmen with has financially fairly
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 management of P.T. SLM is led by Mr. Yuswadi Kunardi (43) a
businessman and professional manager with experience in bolts and nuts
manufacturing and trading. The management is handled by experienced staff in
this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with 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. P.T. SINAR LAUT MANDIRI 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.26 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.63.53 |
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%)