MIRA INFORM REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SARIMAKMUR TUNGGALMANDIRI |
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Formerly Known As : |
C.V. SARI MAKMUR |
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Registered Office : |
Jalan Raya Kompos No. 110-A, (Medan-Binjei Km. 12), Kecamatan Sunggal, Medan 20351 |
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Country : |
Indonesia |
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Date of Incorporation : |
10.03.1990 |
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Com. Reg. No.: |
No. AHU-23798.AH.01.02.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and
Export of Agricultural Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 5,000,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. SARIMAKMUR TUNGGALMANDIRI
Company Address
Head Office & Factory
Jalan Raya Kompos
No. 110-A
(Medan-Binjei Km.
12), Kecamatan Sunggal
Medan 20351
Indonesia
Phones -
(62-61) 8454291, 8454292, 8454293
Fax - (62-61) 8454294
E-mail - spranoto@indosat.ent.id
Website - http://www.opal-coffee.com
Land Area - 7,500 sq.
meters
Office Space - 6,500 sq.
meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 10 March 1990
as C.V. SARI MAKMUR
b. 19 November
1997 as P.T. SARIMAKMUR TUNGGALMANDIRI
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg.No.
The Ministry of Law and Human Rights
- No. C-7517.HT.01.01.TH.99
Dated 21 April 1999
- No. AHU-AH.01.10-24569
Dated 1 December 2008
- No. AHU-23798.AH.01.02.TH.2010
Dated 10 May 2010
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department
of Finance
NPWP No.
01.487.291.5-123.000
Dated 19 November
1997
The Department
of Trade and Industry
SIUP No.
10260/02.13.TN/IV/95
Dated 12 April
1995
The Capital
Investment Coordinating Board
- No. 56/V/PMA/2009
Dated 7 April 2009
- No. 1830/III/PMA/2009
Dated 31 December 2009
Related Companies
a. BEEVILLE HOLDINGS PTE, LTD., Singapore
(Investment Holding)
b. P.T. PALAWI TAMA (Trading)
c. P.T. SARI OPAL NUTRITION (Trading and
Distribution of Coffee Powder)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
100,000,000,000.-
Issued Capital : Rp. 70,000,000,000.-
Paid up Capital : Rp. 70,000,000,000.-
Shareholders/Owners
:
a. BEEVILLE
HOLDINGS PTE, LTD, -
Rp. 50,000,000,000.-
Address : 35 Selegie Road 09-01 Park Lane
Shopping Mall
Singapore
b. Mrs. Maria
Gorethy -
Rp. 9,800,000,000.-
Address : Jl. Kenari No. 7A
Medan, North Sumatra
Indonesia
c. Mr. Suryo
Pranoto - Rp. 9,800,000,000.-
Address : Jl. Komodor Laut Yos Sudarso
Komplek Taman Putri Hijau
Block B No. 27
Medan, North Sumatra,
Indonesia
d. Mr.
Andryanus Simarmata -
Rp. 200,000,000.-
Address : Jl. Kenari No. 7-A
Medan, North Sumatra
Indonesia.
e. Mr.
Budianto Ciawi -
Rp. 200,000,000.-
Address : Jl. Amir Hamzah Block C No. 56
Medan, North Sumatra
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
a. Trading and Export of Agricultural Products
b. Coffee Powder Manufacturing
Production
Capacity :
Coffee Powder - 19,000 tons
per year
Total
Investment :
a. Equity Capital - Rp.100.0 billion
b. Loan Capital - Rp. 388.2
billion
c. Total
Investment - Rp.
488.2 billion
Started
Operation :
1990 when it was
C.V. SARI MAKMUR
Brand Name :
Sarimakmur
Tunggalmandiri
Technical
Assistance :
None
Number of
Employee :
2,375 persons
Marketing Area
:
Export - 100%
Main Customer
:
Buyers in
Singapore, Japan, Australia, Europe Union, the USA, Middle East, India,
Pakistan, Nepal Etc
Market
Situation :
Very Competitive
Main
Competitors :
a. C.V. BIOLA
JAYA
b. P.T. ISPAK
c. P.T. ASIA
AGROMAS ABADI
d. P.T. GLOBAL
VISION IMPEX
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan
Bukit Barisan
Medan, North
Sumatra
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pemuda No. 28
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 760.0
billion
2009 – Rp. 782.0
billion
2010 – Rp. 800.0
billion
2011 – Rp. 425.0 billion
(January – June)
Net Profit
(estimated) :
2008 – Rp. 33.0
billion
2009 – Rp. 34.5
billion
2010 – Rp. 36.0
billion
2011 – Rp. 20.0
billion (January – June)
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management
:
President Director - Mr. Suryo Pranoto
Directors -
a. Mrs. Maria Gorethy
b. Mr. Tan Ghee Hock
Manager -
Mr. Michael Wongso
Board of
Commissioner :
Commissioner -
Mr. Tjia Bie Hoei
Signatories :
President Director (Mr. Suryo Pranoto)
or one of the Directors (Mrs. Maria Gorethy or Mr. Tan Ghee Hock) which must be
approved by Board of Commissioners
CAPABILITIES
Management
Capability :
Good
Business Morality
:
Good
Credit Risk :
Below Average
Credit
Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum Credit
Limit :
US$ 5,000,000 on 90 days D/A
OVERALL PERFORMANCE
The company originally named C.V. SARI MAKMUR it was established in Medan, North Sumatra on March 10, 1990 with a legal status of C.V. (Commanditaire Vennootschaap) or partnership with sleeping partners. Founders and original owners are Mr. Harahap and Mr. Siregar indigenous businessmen. In March 1995, entire shares went over into Mrs. Maria Gorethy as active partner and her younger sister Miss Christina Goretti as silent partner. In November 1997, the company was renamed to P.T. SARIMAKMUR TUNGGALMANDIRI (P.T. STMT) with a legal status of P.T. (Perseroan Terbatas) or Limited Liability Company with authorized capital of Rp. 1,000,000,000 issued capital Rp. 800,000,000 wholly paid-up. Its latest shareholding composition are Mrs. Maria Gorethy and her husband Mr. Suryo Pranoto, both are Indonesian business family of Chinese extraction.
The company notary deed has been changed and in November 2008 the authorized capital was raised to Rp. 20,000,000,000 wholly issued and paid up. On the same occasion, Mr. Andryanus Simarmata and Mr. Budianto Ciawi joined the company as new shareholders. With this development the composition of its shareholders has been changed to become Mr. Suryo Pranoto (49%) his wife Mrs. Maria Gorethy (49%), Mr. Andryanus Simarmata (1%) and Mr. Budianto Ciawi (1%). The revision of notary deed was made by Mrs. Minarny Theh , SH, a public notary in Medan, was approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-AH.01.10-24569, dated November 01, 2008.
The latest in January 2010 BEEVILLE HOLDINGS PTE, LTD., of Singapore entered into the company as new shareholder. On the same occasion the company status was converted into Foreign Investment (PMA) status and concurrently the authorized capital was raised to Rp. 100,000,000,000 issued capital to Rp. 70,000,000,000 entirely paid up. With this development the composition of its shareholders has been changed to become BEEVILLE HOLDINGS PTE, LYD., Singapore (71.44%), Mr. Suryo Pranoto (14%) his wife Mrs. Maria Gorethy (14%), Mr. Andryanus Simarmata (0.28%) and Mr. Budianto Ciawi (0.28%). The latest revision of notary documents was made by Mrs. Minarny Theh, SH., a public notary in Medan and was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-23798.AH.01.02.TH.2010 dated May 10, 2010.
We observe the majority business stakes owners P.T. STMT is controlled by Mr. Suryo Pranoto and his wife. Mr. Suryo Pranoto is also founder and majority shares of P.T. PALAWI TAMA dealing with trading and P.T. SARI OPAL NUTRITION dealing with trading and distribution of coffee powder.
P.T. STMT is a Foreign Investment (PMA) company facility to deal with trading and exporter of agricultural commodities products and coffee powder manufacturing. P.T. STMT is the biggest exporter of agricultural commodities products in Indonesia and has been in commercial operation since 1990 dealing with export of agricultural products such as coffee seeds, chocolates, cinnamon, areca nuts, pepper flowers, cardamoms, cloves, resin/dammar, white pepper, canary seed, carrots, tamarinds, crude palm oil, palm kernel oil, and other spices. The company manages a warehouse, factory doubling as its head office being located at Jalan Raya Kompos No. 110-A, Medan – Binjai Km. 12, Sunggal Medan District, North Sumatra on a land of 7,500 square meters. Besides, P.T. STMT also engaged in coffee processing industry by produces of coffee powders of 19,000 tons per annum. P.T. STMT has manages a factory (coffee powder processing) located in Deli Serdang, Bandar Lampung, Surabaya (East Java) and Makassar (South Sulawesi). The whole products used OPAL COFFEE, a famous brand. Grabbing the opportunity, P.T. STMT started the new century 2000, with the grand opening of roasted coffee business. Full supported by high technology machine, professional coffee testers and expert in the field marketing team, they break through the market with OPAL COFFEE brand. The Opal Coffee is also supplied to Starbuck Corporation of the USA, while the rest is also marketed locally by sister company P.T. SARI OPAL NUTRITION engaged in trading, marketing and distribution of coffee powder.
Mr. Surya Pranoto, the president director of the company, said that the agricultural products are directly gained from farmers, collectors in North Sumatra, Aceh, Lampung and others. He went on to say that the agricultural products are exported to Japan, Singapore, the USA, European countries, Malaysia, Middle East, Pakistan, India and others. Some 20-25 % per month of coffee bean products had been supplied to STARBUCKS Corporation of the USA. Mr. Suryo Pranoto explained that coffee bean product exported to USA (25%), Japan (60%) and the rest 15% Europe Union and Middle East.
The company has made business relation with STARBUCKS Corporation, Seattle, USA. He added that to support its activities, the company opened branch offices in Lampung (Lampung Province), Surabaya (East Java) and Makassar (South Sulawesi). Only branch office of Lampung has the authority to export directly the agricultural products. Mr. Suryo Pranoto, explained that total export value of the company in 2001 amounted to US$ 38,6 million and jumped to US$ 86.0 million in 2006 and projected to increasing in the next year to come. We observe that P.T. STMT operation has been growing and developing well in the last five 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 P.T.
STMT to be in a quite favorable position for having already got hold of a
steady clientele in the country and abroad.
Export Volume of Agricultural Products, 2005-2009
(Thousand
Tons)
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
45,7 4,8 442,8 107,3 368,7 31,5 |
42,6 9,2 411,5 114,1 494,1 29,4 |
55,6 8,7 315,5 114,1 381,9 25,6 |
83,8 9,6 467,9 114,8 382,5 30.0 |
82,9 10,0 510,1 110,4 440,3 32,8 |
Export Value of Agricultural Products, 2005-2009
(Million US$)
|
Products |
2005 |
2006 |
2007 |
2008 |
2009 |
|
Tea Rubber Coffee Spices Cocoa Bean Tobacco |
48,0 46,4 497,7 138,0 468,2 62,9 |
51,1 14,3 583,2 188,6 620,3 57,3 |
73,2 12,3 633,7 258,5 623,1 56,6 |
125,1 16,3 989,0 283,7 856,2 73,7 |
144,3 12,8 822,1 239,6 1,088,2 93,7 |
Source: Central Bureau of
Statistic, processed by ICB
Until this time P.T. STMT has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. STMT is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 760.0 billion rose to Rp. 782.0 billion in 2009 increased to Rp. 800.0 billion in 2010. We estimated the sales revenue as from January to June 2011 amounted to Rp. 425.0 billion with a net profit of Rp. 20.0 billion. It’s projected the sale will be higher by at least 4% in 2011. The company has an estimated total networth of at least Rp. 128.0 billion. We observe that P.T. STMT is supported by foreign partner BEEVILLE HOLDINGS PTE, LTD., Singapore with has financially strong and sound behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
P.T. STMT’s management is headed by Mr. Suryo Pranoto (53), a businessman and professional manager with has experienced for more than 17 years in the field of exporter of agricultural commodities products. Daily operation, he assisted by his wife Mrs. Maria Gorethy (56) and Mr. Tan Ghee Hock (53) a professional manager of Singapore as directors. We observed that management’s reputation in said business is sufficiently fairly good. The company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. SARIMAKMUR TUNGGALMANDIRI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
UK Pound |
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
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 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.