MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. SANKI INDONESIA |
|
|
|
|
Registered Office : |
Bangun Tjipta Building 6th Floor, Jalan Jend. Gatot Subroto No. 54, Jakarta Barat, 10260 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
08.11.2000 |
|
|
|
|
Com. Reg. No.: |
C-UM.02.01.6852 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Industrial Valves |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 148,600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. SANKI
INDONESIA
A d d r e s s
Head Office
Bangun Tjipta
Building 6th Floor
Jalan Jend. Gatot
Subroto No. 54
Jakarta Barat,
10260
Indonesia
Phones - (62-21)
53677680, 5709091
Fax - (62-21) 53677681
Building Area - 8 storey
Office Space - 80 sq. meters
Region - Commercial
Building
Status - Rent
summary
Date of
Incorporation : 8
November 2000
Legal Form : P.T. (Perseroan Terbatas) or Limited
Liability Company
Company Reg. No. : The Ministry of Law and Human Rights
No.
C-UM.02.01.6852
Dated
28 April 2006
Company Status : Private National Company
Permit by the Government Department : The
Department of Finance
NPWP
No. 02.024.349.9-022.000
Related Company : None
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 688,800,000.-
Paid up Capital : Rp. 688,800,000.-
Shareholders/Owners
:
a. Mr. Haji Imam Taufik, SE - Rp. 585,480,000.-
Address :
Perumahan Cengkareng Elok
Jl. Nusa Indah
II B/10
Jakarta Barat
Indonesia
b. Mr. Achmad
Bahar -
Rp. 103,320,000.-
Address : Jl. Kayu Manis RT.
005 RW. 003
Jakarta Timur
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Trading and
Distribution of Industrial Valves
Production Capacity
:
None
Total
Investment :
None
Started
Operation :
2001
Brand Name :
SI
Technical
Assistance :
None
Number of
Employee :
12 persons
Marketing Area
:
Local - 100%
Main Customer
:
a. P.T. PUPUK
KALTIM Tbk
b. P.T. PUPUK
SRIWIJAYA
c. P.T.
PETROKIMIA GRESIK
d. P.T. CHEVRON
PACIFIC INDONESIA
e. Etc.,
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. MULTI
SUPERINDO MANUNGGAL
b. P.T. KEYSTONE
INDONESIA
c. P.T. SINAR MAS
ANDHIKA
d. P.T. SINAR MAS
SAKTI
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan S. Parman
No. 65
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales (estimated)
:
2005 Rp. 10.0
billion
2006 Rp. 10.7
billion
2007 Rp. 11.3
billion
2008 Rp. 6.2 billion (January-June)
Net Profit
(estimated) :
2005 Rp. 0.5
billion
2006 Rp. 0.6
billion
2007 Rp. 0.3
billion (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director
- Mr. Haji
Imam Taufik, SE
Board of Commissioners :
Commissioner -
Mr. Achmad Bahar
Signatories :
Director (Mr. Haji Imam
Taufik, SE) which must be approved by Board of Commissioner.
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$ 148,600 on 90
days D/A
OVERALL PERFOMANCE
P.T. SANKI INDONESIA (P.T. SI) was established on 8 November 2000 with
the authorized capital of Rp. 1,000,000,000 of which Rp. 688,800,000 was issued
and fully paid up. The founding shareholders originally are Mr. Haji Imam
Taufik, SE and Mr. Bambang Adji Purwanto, both are indigenous businessmen. The
articles of association of the company had been revised and in March 2006, Mr.
Bambang Adji Purwanto pulled out and the whole share sold to Mr. Achmad Bahar
as new shareholder. The deed of amendment was made by Mrs. Sakuri, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
C-UM.02.01.6852, dated April 28, 2006.
P.T. SI has been in operation since 2001 dealing with trading, supplying
and distribution of industrial valves. The merchandise products are in the form
of valves (ball valves, butterfly valves, check valves, control valves, duplex
valves, expansion joint, gate valves, globe valves, knife valves, motor valves,
rubber flexible joint, safety valves, stream trap and Y-strainer); pipe (PVC,
HDPE, galvanized pipes, black steel pipes, carbon steels, low temperature
service, high temperature service, stainless steel); pitting and flange. Whole
merchandise products are imported from overseas with trademarks of FLUGE of
India, TKM of South Korea, SMITH Valve of the USA and KF of Singapore.
Besides, the company is also sell the other valve which imported from
the United Kingdom and other countries. The merchandise products are wholly
sold among manufacturing plants, chemical industry, fertilizer industry, pulp
& paper industry, power plants, oil and gas transportation & production
(Offshore & Subsea Platform) including P.T. P.T. PUPUK KALIMANTAN TIMUR
Tbk, P.T. PUPUK SWIWIJAYA, P.T. PETROKIMIA GRESIK, P.T. CHEVRON PACIFIC
INDONESIA, CHEVRON INDONESIA COMPANY and other industries. Mr. Ahyadi, the marketing
staff of the company is also sells the product to various contracting services
and dealers in Jakarta and other cities in Indonesia. The operation of P.T. SI
has been growing in the last three years.
Generally, demand for piping systems, fittings, flanges, actuators,
valves and other technical equipments had kept increasing by 8% to 10% per
annum in the last five years in line with the growth of industrial sectors
including oil and natural gas, building contractor, chemical industry,
pharmaceutical, food & beverage, pulp & paper, cement, and other
sectors requiring these equipments. It is projected that the demand will keep
going up in five years to come. The competition is very tight on account of
many similar companies operating in the country. The business position of P.T.
SI is favorable on account of having already established customers and wide
marketing networks in the country.
Until this time P.T. SI 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.
10.0 billion rose to Rp. 10.7 billion in 2006 increased to Rp. 11.3 billion in
2007. The sales turnover of the company amounted to Rp. 6.2 billion with a net
profit of at least Rp. 0.3 billion. It is projected the total sales turnover
will be higher by at least 5% in 2009. The company has an estimated total
networth of at least Rp. 3.5 billion. We observe that P.T. SI is supported by
businessmen with has financially not strong 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. SI is headed by Mr. Haji Imam Taufik (49) with 14
years of experience in trading, supplying and distribution of industrial
valves. The company is handled by experienced professional staffs having wide
relation with private businessmen of home and overseas as well as with the
government sectors. So far, we have never heard of
the management of the company being filed to the district court for detrimental
cases. As far as business is concerned the management has never involved
in any fraudulent dealings. P.T. SANKI INDONESIA is appraised to be good in
business transaction. However, we recommend to treat prudently in extending a
new loan to the company in view of the unstable economic condition in the
country.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.74 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SCs 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%)