MIRA INFORM
REPORT
|
Report Date : |
18.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SENTOSA ABADI PURWOSARI |
|
|
|
|
Registered Office : |
Jalan Raya Polorejo, RT. 1 RW. 07, Desa Polosari,
Kecamatan Purwosari, Pasuruan, 67162, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
05.01.1998 |
|
|
|
|
Com. Reg. No.: |
No. AHU-04110.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Clove Cigarette Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 800,500 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
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) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. SENTOSA ABADI PURWOSARI
company Address
Head Office
& Factory
Jalan Raya Polorejo, RT. 1 RW. 07
Desa Polosari, Kecamatan Purwosari
Pasuruan, 67162
East Java
Indonesia
Phones - (62-343) 611093, 612085, 612805, 612772
Fax - (62-343) 612774, 612819
Land Area - 15,000 sq. meters
Building Space - 10,000 sq. meters
Region - Industrial Zone
Status - Owned
Date of
Incorporation
5 January 1998
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. AHU-04110.AH.01.02.TH.2008
Dated 28 January 2008
Company Status
National Private Company
Permit by the
Government Department
The Department of Finance
NPWP No. 01.718.591.9-624.000
The Department of Industry and Trade
TDP No. 132611600361
Dated 14 February 2008
Related Companies
a. P.T. NUSANTARA INDAH MAKMUR (Trading, Distribution and
Marketing of Clove Cigarettes)
b. P.T. TRISAKTI PURWOSARI MAKMUR (Clove Cigarette
Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 1,000,000,000.-
Issued Capital :
Rp. 500,000,000.-
Paid up Capital :
Rp. 500,000,000.-
Shareholders/Owners :
a. Mr. Imam Wibowo -
Rp. 375,000,000.-
Address : Jl. Bondowoso No. 21
Malang, East Java
Indonesia
b. Mr. Rusman Juarsa - Rp.
100,000,000.-
Address : Jl. Raya Surabaya RT. 001 RW. 004
Kecamatan Purwosari, Pasuruan
East Java
Indonesia
c. Mr. Adi Juarsa -
Rp. 25,000,000.-
Address : Jl. Dharma Husada 3/36 Block C. 203
Surabaya, East
Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Clove Cigarette Manufacturing
Production Capacity :
Clove Cigarette -
200,000,000 stick p.a.
Total Investment :
a. Owned Capital -
Rp. 1.0 billion
b. Loan Capital -
Rp. 3.0 billion
c. Total Investment -
Rp. 4.0 billion
Started Operation :
1999
Brand Name :
PENZIL, PENSIL MAS, BHETA
Technical Assistance :
None
Number of Employee :
1,400 persons
Marketing Area :
Local - 100%
Main Customer :
Trading and Distributors of Cigarettes
Market Situation :
Very Competitive
Main Competitors :
a. P.T. KERBAU
b. P.T. NIKKI
SUPER TOBACCO INDONESIA
c. P.T.
NIKORAMA CITRA TOBACCO
d. P.T.
NOJORONO TOBACCO INTERNATIONAL
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MANDIRI
Tbk
Pasuruan Main
Branch
East Java
Indonesia
b. P.T. Bank NEGARA
INDONESIA Tbk
Pasuruan Main
Branch
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 63.7 billion
2009 – Rp. 65.0 billion
2010 – Rp. 66.2 billion
Net Profit (estimated) :
2008 – Rp. 4.4 billion
2009 – Rp. 4.9 billion
2010 – Rp. 5.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Adi Juarsa
Director - Mr.
Drs. Wijono Tanzil
Board of Commissioners :
Commissioner - Mr. Rusman
Juarsa
Signatories :
President Director (Mr. Adi Juarsa) or the Director (Mr.
Drs. Wijono Tanzil) 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$ 800,500 on 90 days D/A
OVERALL PERFORMANCE
P.T. SENTOSA ABADI PURWOSARI (P.T. SAP) was incorporated in Pasuruan, East Java with the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 500,000,000 entirely paid up. The company was founded by Mr. Imam Wibowo, Mr. Rusman Juarsa, Mr. Budi Wibowo, Mr. Adi Juarsa AKA Tjwa, they are Indonesian businessmen of Chinese extraction. The company notary deed has been changed and the latest in December 2007, Mr. Budi Wibowo, pulled out and the whole share sold to Mr. Imam Wibowo. With this time the composition of its shareholders has been changed to become Mr. Imam Wibowo (75%), Mr. Rusman Juarsa (20%) and Mr. Adi Juarsa AKA Tjwa (5%). The deed of amendment was made by Mr. The Hendro Winata, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-04110.AH.01.02.TH.2008 dated Juanuary 28, 2008.
P.T. SAP is one of
the producers of clove cigarettes in Pasuruan, East Java. The company operates
in the clove (kretek) cigarette industry, having started since 1999. The clove
(kretek) cigarette industry kept growing and currently belongs to the big-size
category of its kind in the Pasuruan area, East Java. The company's plant is
located on a 1.5 hectare land plot at Jalan Polorejo RT. 1 RW. 007, Desa
Polosari, Kecamatan Purwosari, Kabupaten Pasuruan, East Java. The plant is
estimated to have used up an investment of Rp. 4.0 billion. The plant produces
200,000,000 sticks of mechanically rolled clove cigarettes per year. The
company's entire production is marketed in Java, Sumatera, Kalimantan, Sulawesi
under the PENZIL, PENSIL MAS and BHETA
brands. The whole products marketed locally through sister company P.T.
NUSANTARA INDAH MAKMUR. Mr. Drs. Wijono Tanzil, the company's director, said
the company's market segment is the middle to lower class groups of the
community. The raw material like tobacco is largely derived from local
production. Meanwhile, another raw material is imported from China, India and
Singapore.
We find that P.T.
SAP's has been declining since October 2008 due to the global economic crisis.
The real production has been turning since 2009 and now amounted to 85% of the production
capacity. The global economic crisis has much affected the company for having
resulted in rising production costs, and drastically increased prices of basic
materials in the form of cigarette paper and cigarette chemicals. We observe
the operation of P.T. SAP has been growing slowly in the last three years.
In overall we find
the clove cigarette industries kept on rising in the last five years and
nothing wrong with the global economic crisis occurred in October 2008 because
they used mostly local contents. The cigarette industries will keep going down
within the coming four year years. Competition is very tight as there are 73
cigarette producers operating in the country. The most leading producers are
P.T. GUDANG GARAM Tbk., of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of
15.2% market segment, P.T. DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA
of 1.5% and the rest is controlled by other small producers. The growth
cigarette industries in Indonesia is seen from the table as below:
The Growth of
Cigarettes in Indonesia Period 2007 – 2010
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Total Production (billion stick) |
225.5 |
242.2 |
245.2 |
240.0 |
|
Number of Companies (unit) |
4,793 |
4,900 |
3,255 |
3,000 |
|
Number of Employee (person) |
629,517 |
660,000 |
687,224 |
700,000 |
|
Tax Receivable (trillion Rupiah) |
42.03 |
45.80 |
53.3 |
54.3 |
Source: GAPPRI (Indonesia Cigarette Producers Association)
Until this time P.T. SAP has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SAP 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. 63.7 billion
rose to Rp. 65.0 billion in 2009 increased to Rp. 66.2 billion in 2010 and
projected to go on rising by at least 4% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 5.3 billion and the company has an
estimated total networth of at least Rp. 8.0 billion. So far, we did not heard
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. SAP is led by Mr. Adi Juarsa (37) a businessman
and professional manager with experience in clove cigarettes manufacturing and
trade. Daily activities he is assisted by Mr. Drs. Wijono Tanzil (49) as
director. 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. SENTOSA ABADI PURWOSARI is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
UK Pound |
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
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 |
|
---- |
NB |
New Business |
---- |
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.