MIRA INFORM REPORT

 

 

Report Date :           

31.03.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. SAGATRADE MURNI

 

 

Registered Office :

Multika Building, 5th Floor, Jl. Mampang Prapatan Raya No. 71-73, Jakarta Selatan

 

 

Country :

Indonesia

 

 

Date of Incorporation :

20.06.1984

 

 

Com. Reg. No.:

No. AHU-AH.01.10-9540

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Oil and Gas Equipment Manufacturing and Distribution

 

 

RATING & COMMENTS

 

MIRA’s 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$ 1,830,000.

Status :

Satisfactory

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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. SAGATRADE MURNI

 

 

company Address

 

Head Office

Multika Building, 5th Floor

Jl. Mampang Prapatan Raya No. 71-73

Jakarta Selatan

Indonesia

Phone               - (62-21) 7942880, 7975095

Fax.                  - (62-21) 7942879

Building Area     - 16 storey

Office Space      - 360 sq. meters

Region              - Commercial

Status               - Rent

 

Branch

Jl. Adityawarman No. 51

Melawai, Kebayoran Baru

Jakarta Selatan 12160

Indonesia

Phone               - (62-21) 72797009 (hunting)

Fax.                  - (62-21) 7211435

Building Area     - 3 storey

Office Space      - 360 sq. meters

Region              - Commercial

Status               - Rent

 

Factory

Jalan Lumba-Lumba

Komplek Logpond Selili

Samarinda, East Kalimantan

Phones             - (62-541) 240801-3

Fax.                  - (62-541) 240604

Land Area         - 12,800 sq. meters

Building Area     -   8,500 sq. meters

Region              - Industrial Zone

Status               - Own

 

Date of Incorporation

20 June 1984

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

                                                       

 

Company Reg.No.

 

a. No. C-02661.HT.01.04.TH.2005

    Dated 01 February 2005

 

b. No. AHU-AH.01.10-9540

    Dated 23 April 2008

 

 

Company Status

 

Foreign Investment (PMA) Company

 

           

Permit by the Government Department

 

The Capital Investment Coordinating Board 

a. No. 228/I/PMDN/1987

    Dated 29 June 1987

b. No. 243/II/PMDN/1995

    Dated 21 September 2005

c. No. 124/V/PMA/2005

    Dated 12 January 2005

 

The Department of Finance

NPWP No. 01.062.157.1-041.000

 

 

Related Companies

 

a. P.T. SENTRA BANGUN HARMONI (Investment Holding)

b. FARRETON COMPANY LTD., of BVI (Investment Holding)

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                             - Rp. 20,000,000,000.-

Issued Capital                                   - Rp. 12,500,000,000.-

Paid up Capital                                  - Rp. 12,500,000,000.-

 

Shareholders/Owners :

a. P.T. SENTRA BANGUN HARMONI                - Rp.   3,000,000,000.-  (24%)

   Address : Menara Hijau, 6th Floor

                   Jl. MT Haryono Kav. 33

                   Jakarta Selatan - Indonesia

b. FARRETON COMPANY LTD.,                       - Rp.   9,500,000,000.-  (76%)

   Address : Beaufort House

                   P.O. Box 438, Road Town

                   Tortola, British Virgin Islands

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Oil and Gas Equipment Manufacturing and Distribution

 

Production Capacity :

a. Centralizer and other oil and

    gas equipments                                 - 440 tons p.a.

b. Float Equipments                               - 250 tons p.a.

c. Pins                                                  - 600 tons p.a.

d. Bushing                                             - 600 tons p.a.

e. Cement Retainer Bridge Plugs             - 200 tons p.a.

 

Total Investment :

a. Equity Capital               - Rp. 12.5 billion

b. Loan Capital                 - Rp. 60.0 billion

c. Total Investment            - Rp. 72.5 billion

 

Started Operation :

1988

 

Brand Name :

SAGATRADE MURNI

 

Technical Assistance :

FARRETON COMPANY LTD., of BVI

 

Number of Employee :

290 persons                                     


Marketing Area :

Local    - 100%

 

Main Customers :

a. P.T. PERTAMINA

b. TOTAL INDONESIE

c. UNOCAL, etc

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. SABIN TRADING COMPANY

b. P.T. BORNEO RAYA CITRASAKTI

c. P.T. NUGRA SANTANA

d. P.T. TRIFIKA METHA PATRA

e. Etc.

 

Business Trend :

Growing but only slowly

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank MANDIRI Tbk

    BBD Plaza

    Jl. Imam Bonjol No. 61

    Jakarta Pusat

b. P.T. Bank Negara Indonesia Tbk

    Jl. Jend. Sudirman Kav. 1

    Jakarta Pusat

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2006 – Rp.   95.0 billion

2007 – Rp. 110.0 billion

2008 – Rp. 116.0 billion

2009 – Rp. 128.0 billion

2010 – Rp. 132.0 billion

 

Net Profit (estimated) :

2006 – Rp. 4.8 billion

2007 – Rp. 5.5 billion

2008 – Rp. 5.7 billion

2009 – Rp. 6.3 billion

2010 – Rp. 6.6 billion

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director          - Mr. Anthony Barrington Beale

Directors                       - a. Mr. Kimberley Sadler

                                      b. Mr. Akbar Rivai

                       

Board of Commissioners :

President Commissioner - Mr. Gerald William White

Commissioners              - a. Mr. Leonard Tanubrata

                                       b. Mr. Togar Suratman Tambunan

                                                           

Signatories :

President Director (Mr. Anthony Barrington Beale) or one of the Directors (Mr. Kiberley Sadler or Mr. Akbar Rivai) which must be approved by Board of Commissioners

 

 

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$ 1,830,000.- on the 90 days of payments

 

 

OVERALL PERFOMANCE

 

P.T. SAGATRADE MURNI (P.T. SM) was established in June 1984 with an authorized capital of Rp 1,000,000,000.-, issued and paid up capital of Rp 400,000,000. The original founding shareholders are P.T. NUSANTARA AMPERA BHAKTI (P.T. NUSAMBA) and P.T. RAWAYAN INDAH. The company's notarial act has frequently been revised. On February 1998 the authorized capital was raised to Rp 5,000,000,000.-, issued and paid up capital to Rp 3,500,000,000.- and concurrently the whole  shares  of the company is controlled by P.T.  METRO TUJUHDUA  and  P.T. RAWAYAN  INDAH  which  the majority shares of both  companies  are under  the control  of Mr. Muhamad Hasan AKA Bob Hasan AKA The Kian Seng.

 

On February 2005 the shareholders had changed, P.T. METRA TUJUHDUA and P.T. RAWAYAN INDAH pulled out and the whole shares sold to P.T. SENTRA BANGUN HARMONI of Indonesia (24%) and FARRETON COMPANY LTD., of British Virgin Island (76%) of Indonesia. Lastly in March 2008 the authorized capital was raised to Rp. 20,000,000,000.- issued and paid up capital of Rp. 12,500,000,000.-  The deed of amendment was made by Mrs. Djumini Setyoadi, SH., a public notary in Jakarta under Company Registration Number AHU-AH.01.10-9540, dated April 23, 2008.

 

Initially P.T. SM  is  a Domestic Capital Investment (PMDN)  company  licensed  by Capital Investment  Coordinating Board (BKPM) for dealing with  oil  and  gas equipment  manufacturing. But since February 2005 its status changed to Foreign Investment Company (PMA).  Its plant is located at Jalan  Lumba-Lumba,  Komplek Logpond Selili, Samarinda, East Kalimantan. The plant had been operating since 1988 and frequently been expanded.  Mrs. Sri Lastini, a senior staff of the company when contacted to say that a large extent of the company products is produced based on order from various oil and gas mining companies such as P.T. PERTAMINA, TOTAL E&P INDONESIA, P.T. VETCO GRAY INDONESIA, SINOPEC, P.T. BP INDONESIA, AMOCO INDONESIA, etc.  We observe that P.T. SM is classified as a medium sized company of its kinds in the country of which its operation has been growing in the last five years.

 

Generally we find the demand of oil and gas field equipment has kept on rising by at least 6% ton 7% per years in the least five years in line with the growth and developing of oil and gas sectors, coal mining, heavy duty rental and others.  Besides that the growing crude oil price started as from the middle of 1999 and constantly rising within 2007 has blown fresh air to Indonesian government and oil companies. In the effort of stabilizing the world's crude oil price above US$ 90 per barrel in 2008 and sharply dropped to US$ 44 per barrel in early 2009 and rose again to US$ 80 per barrel at present.  Despite crude oil price problem, Indonesia has kept on attempting to increase its crude oil and natural gas production including natural gas. Details on crude petroleum (including condensate) and gas production in 2000 to 2009 are pictured bellows:

 

Year

Petroleum

(000 barrels)

Gas

Gas (000 MSCF)

LNG (000 MMBTU)

LPG (MT)

2000

516,503

2,907,327

1,411,608

2,062,616

2001

490,145

2,803,034

1,257,446

2,190,120

2002

474,884

3,031,028

1,352,878

1,792,575

2003

420,995

3,142,605

1,347,349

1,921,757

2004

438,455

3,113,338

1,390,466

1,677,619

2005

387,698

3,036,195

1,338,782

1,581,727

2006

366,993

3,178,278

1,159,770

1,238,572

2007

357,143

2,949,506

1,258,951

1,671,715

2008

387,438

3,136,657

1,175,146

1,800,383

2009

346,312

3,023,944

   970,770

1,560,929

Source: Statistic of Central Board   

 

Until this time P.T. SM 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. 83.0 billion, increased to Rp. 95.0 billion in 2006 to Rp. 110.0 billion in 2007 and projected to go on rising by at least 8% in 2008.  We estimated the company operation has yielded a net profit of Rp. 5.5 billion in 2007 and estimated total net worth of Rp. 60.0 billion. We observe that P.T. SM is supported by financially fairly strong businessmen behind it. 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  is  headed  by  Mr. Anthony Barrington Beale  (63),  a England businessman  with experience for some 30 years in oil and gasfield equipment  industry and trade. In daily operation, he is assisted by two directors namely Mr. Kimberley Sadler (46) and Mr. Akbar Rivai (44).  The  management is also handled by a number of professional  managers with experience  and  expertise in the business,  having  maintained  a  wide business  relation  among private businessmen at home and abroad  as  well  as among government agencies.  P.T. SM 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.77

UK Pound

1

Rs.71.69

Euro

1

Rs.63.02

 

 

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.