MIRA INFORM REPORT
|
Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SAPTAWARNA CEMERLANG |
|
|
|
|
Registered Office : |
Komplek Graha Mas Block B-15, Jalan Raya Perjuangan 1, Kebon Jeruk, Jakarta Barat, 11530 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
01.08.1989 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-66519.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Plastic Flexible 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$ 460,000 |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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. SAPTAWARNA CEMERLANG
company Address
Head Office
Komplek Graha Mas Block B-15
Jalan Raya
Perjuangan 1
Kebon Jeruk
Jakarta Barat,
11530
Indonesia
Phones -
(62-21) 5332454, 5303943
Fax - (62-21) 5332459
Building Area - 2 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Industri
Raya 1 B-10
Kawasan Industri Jatake
Pasir Jaya, Jatiuwung
Tangerang, 15135
Banten Province,
Indonesia
Phones -
(62-21) 5900177 (Hunting)
Fax - (62-21) 5900178
E-mail - wiwid@swc.co.id
Land Area - 10,000 sq.
meters
Building Space - 8,000 sq. meters
Region - Industrial
Estate
Status - Owned
Date of Incorporation
1 August 1989
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
CompanyReg.No.
The Ministry of
Law and Human Rights
- No. C2-7915 HT.01.01.TH.91
Dated 19 December 1991
- No. AHU-66519.AH.01.02.TH.2008
Dated 22 September 2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.484.025.0-415.000
The Department
of Industry and Trade
- No. 258/Kanwil.10/AI-536/1989
Dated 3 March 1989
- No.
17/Kanwil.10.19.74/AI/b/IZ/00/04/II/93
Dated 5 March 1993
- TDP No. 30.06.1.51.00409
Dated 6 October 2005
Related Company
A Member Company
of the MAYORA Group
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
20,000,000,000.-
Issued Capital : Rp. 6,000,000,000.-
Paid up Capital : Rp. 6,000,000,000.-
Shareholders/Owners
:
a. Mr.
Hermawan Lesmana -
Rp. 3,600,000,000.-
Address :
Jl. Kebon Raya No. 47, RT. 007 RW. 006
Kel. Duri Kepa, Kec. Kebon Jeruk
Jakarta Barat
Indonesia
b. Mrs.
Wahyuni Natalia Atmadja -
Rp. 2,400,000,000.-
Address : Taman Kebon Jeruk
Block P.1/8, RT. 004
RW. 012, Kel.
Srengseng, Kec. Kem
bangan, Jakarta
Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Plastic Flexible
Manufacturing
Production
Capacity :
Plastic Flexible
Packaging - 15,000 tons
p.a.
Total
Investment :
a. Equity Capital - Rp.
6.0 billion
b. Loan Capital -
Rp. 7.0 billion
c. Total Investment - Rp. 13.0 billion
Started
Operation :
1990
Brand Name :
Saptawarna
Cemerlang
Technical
Assistance :
None
Number of
Employee :
117 persons
Marketing Area
:
Local - 100%
Main Customer
:
P.T. MAYORA INDAH
Tbk
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ALCAN
PACKAGING FLEXIPACK
b. P.T. CIPTA
SUKSES MANDIRI ABADI
c. P.T.
MODERNPACK JAYALESTARI
d. P.T. UNIFLEX KEMASINDAH
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank MAYORA Tbk
Bank Mayora Building
Jalan Mangga
Dua Raya Blok F 4/2
Jakarta Barat,
Indonesia
b. P.T. Bank MANDIRI Tbk
Mandiri Building
Jalan
Kalibesar Barat No. 1-2
Jakarta
Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 31.0
billion
2009 – Rp. 33.0
billion
2010 – Rp. 35.0
billion
2011 – Rp. 18.5
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 2.8
billion
2009 – Rp. 3.0
billion
2010 – Rp. 3.3
billion
2011 – Rp. 1.9
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Hermawan Lesmana
AKA Na Hong Kim
General Manager -
Mr. Johan Atmadja
Board of Commissioners :
Commissioner -
Mrs. Wahyuni Natalia Atmadja
Signatories :
Director (Mr. Hermawan
Lesmana) 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$ 460,000 on 90
days D/A
OVERALL PERFORMANCE
P.T. SAPTAWARNA CEMERLANG (P.T. SWC) was incorporated in Jakarta based on notary deed of Mrs. Umi Suskani, SH., No. 2, dated August 1, 1989 with the authorized capital of Rp. 400,000,000 issued capital of Rp. 200,000,000 entirely paid up. The founding shareholders of the company are Mr. Hermawan Lesmana AKA Na Hong Kim and Mrs. Wahyuni Natalia Atmadja, both are Indonesian businessmen of Chinese extraction. The company notary deed had been changed a couple of times and based on notary deed of Mrs. Harjanti Tono, SH., No. 18 in July 1997 the authorized capital was increased to Rp. 4,000,000,000 issued capital to Rp. 1,000,000,000 entirely paid up. After several successive revisions up to August 2007 notary deed of Mr. Alang, SH., No. 2, the authorized capital raised to Rp. 10,000,000,000 issued capital to Rp. 3,000,000,000 fully and paid up. The latest in July 2008 notary deed of Mrs. Harjanto Tono, SH., No. 52 the authorized capital raised again to Rp. 20,000,000,000 issued capital to Rp. 6,000,000,000 entirely paid up. With this time the composition of its shareholders has been changed to become Mr. Hermawan Lesmana AKA Na Hong Kim (60%) and Mrs. Wahyuni Natalia Atmadja (40%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-66519.AH.01.02.TH.2008 dated September 22, 2008.
We observe the above shareholders Mr. Hermawan Lesmana and Mrs. Wahyuni Natalia Atmadja, both are Indonesian businessman of Chinese origins and also business stakes owners of MAYORA or INBISCO Group, a large sized company group in Indonesia dealing with trading and industry of confectionery, wafer, biscuit and snack products. Majority share of MAYORA Group is owned by Mr. Gunawan Atmadja and his family members.
P.T. SWC is a small-size producer of rotogravure printing and flexible packaging. Its plant located at Jalan Industri Raya 1, Kawasan Industri Jatake Blcok B No. 10, Pasir Jaya, jatiuwung, Banten Province, on a land of some 10,000 sq. meters. The plant has been operating since 1990 by respectively producing 15,000 tons of flexible packaging per annum. The plant produces flexible packaging for biscuits & snack, food packaging, candies, food & beverages and other packaging applications. It is estimated that construction of the plant absorbed an investment of Rp. 13.0 billion come from own capital of Rp. 6.0 billion, while the rest is loan. P.T. SWC core business is rotogravure, plastic film, injection molding pet stretch molding & flexible packaging, with Rotogravure Printing (a photomechanical process by which pictures are transferred onto a cylinder so that the image can be transferred to a continuously moving sheet of paper or plastic) and Laminating (the application of plastic film, printed or non-printed, to the surface of material to enhance packaging appearance and durability) process.
The whole of the products are marketed domestically to a number of industries including food and snack industries, among others, P.T. MAYORA INDAH Tbk (biscuits, confectionery and wafer industry), P.T. SINARPANGAN TIMUR (foods and particularly wafer processing), P.T. SINARPANGAN BARAT (foods and particularly biscuit and wafer processing), P.T. TORABIKA EKA SEMESTA (coffee powder and instant processing industry), and P.T. KAKAP MAS GEMILANG (cocoa bean processing industry). The operation of P.T. SWC has been growing in the last three years.
We note that the domestic demand for flexible packaging has fluctuated in the last five years in line with the development of consuming industries like industries processing food items like instant noodles, peppermint, candy, chocolate, snacks, powdered coffee, as well as pharmaceuticals & cosmetics and other consumer products. Competition is very tight on account of the many companies operating in a similar business line in the country. Besides, the Indonesian economy has weathered the storm and is currently accelerating. As for the global economy, it is also in a recovery phase and this recovery is expected to continue in 2010.
Overall, the prospects for the Indonesian economy in 2010 are brighter than in 2009. The global economic recession has exerted significant downward pressures on the Indonesia economy. In the first quarter of 2009 the economy grew by 4.4 percent, or significantly lower than in the fourth quarter of 2008 when the economy grew by 5.2 percent and lower than in the third quarter of 2008 when the economy grew by 6.4 percent.
Eventually, the impact of the fiscal and monetary stimuli on the economy could be seen. This was reflected in the brisker pace of growth in Indonesia despite the global economic recession. In the second quarter of 2009 the Indonesian economy grew by 4.0 percent, and in the third quarter of the year it grew by 4.2 percent. The economic is expected to accelerate further in the fourth quarter of 2009. Ant for the whole of 2009 the Indonesian economy is expected tot grow by 4.7 percent and 6.0 percent in 2010. Several factors support brisker economic growth in 2010. First, the global economic conditions are expected to be better in 2010 than in 2009. This is evident in the global economic recover that is expected to continue well into 2010. The US economy, for example, is expected to grow by 2.5 percent in 2010 compared to a contraction of 2.4 percent in 2009. Meanwhile, the Japanese economy is predicted to grow by around 1.2 percent in 2010 in contrast to an expected contraction of around 5.7 percent in 2009. As for Europe, it is expected to grow by 1.1 percent in 2010 compared to an expected contraction of around 3.8 percent in 2009. Against this backdrop, Indonesian exports are expected to grow by 12.9 percent 2010.
Indonesia’s economic growth in 2008, 2009 and forecast for 2010
|
No. |
Sector |
2008 |
2009 |
2010 |
|
1. |
Agriculture |
4.8 |
3.6 |
3.3 |
|
2. |
Mining and Quarrying |
0.5 |
3.7 |
3.7 |
|
3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
|
4. |
Electricity, Gas, and Clean Water |
10.9 |
13.4 |
13.4 |
|
5. |
Construction |
7.3 |
7.1 |
7.0 |
|
6. |
Trade, Hotel, and Restaurant |
7.2 |
1.2 |
5.8 |
|
7. |
Transportation and Communication |
16.7 |
17.4 |
16.7 |
|
8. |
Finance, Leasing and Business Services |
8.2 |
5.5 |
6.3 |
|
9. |
Services |
6.4 |
6.7 |
6.9 |
|
Gross Domestic Product (GDP) |
6.1 |
4.7 |
6.0 |
|
Source: Indonesia Economic Almanac
2010 by Bisnis Indonesia
Until this time P.T. SWC has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SWC 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. 31.0 billion
rose to Rp. 33.0 billion in 2009 increased to Rp. 35.0 billion in 2010.
As from January to June 2011 the sales turnover has reached at Rp. 18.5
billion with a net profit of Rp. 1.9 billion and projected to go on rising by
at least 5% in 2012. The company has an estimated total networth of at least Rp.
12.0 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. SWC is led by Mr. Hermawan Lesmana AKA Na Hong Kim
(64) a businessman and professional manager with experience in plastic flexible
manufacturing. Mr. Hermawan Lesmana serves as Company Secretary, Investor
Relation and Commissioner of P.T. Mayora Indah Tbk. He has been Commissioner
since 2010, served as Finance Director and as Company Secretary and Investor
Relation since 1990. He was Director of Sales of P.T. Inbisco Jaya from 1971 to
1976 and Director of Marketing and Administration of the Company from 1977 to
1985. He pursued his studies in the Faculty of Economics, Atmajaya University
Jakarta. 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. SAPTAWARNA CEMERLANG is sufficiently fairly good for business
transaction.
Attachment:
List of the MAYORA Group Members
1. ALAM
SEMESTA PERMATA, P.T. (Trading)
2.
INBISCO
JAYA, P.T. (Biscuit, Dry Cookies Manufacturing)
3.
INBISCO
NIAGATAMA SEMESTA, P.T. (Distribution of Biscuit, Dry Cookies and
4.
Confectionery)
5.
KAKAO
MAS GEMILANG, P.T. (Chocolate Grinding and Processing)
6.
MAYORA
Tbk., P.T. Bank (Banking)
7.
MAYORA
DHANA UTAMA, P.T. (Investment Holding)
8.
MAYORA
INDAH Tbk., P.T. (Confectionery, Wafer and Biscuit Manufacturing)
9.
MAYORA
INTIDANA, P.T. (Investment Holding)
10.
MAYORA
INVESTAMA, P.T. (Investment Holding)
11.
MAYORA
NEDERLAND B.V., Netherlands (Financing)
12.
SAPTAWARNA
CEMERLANG, P.T. (Flexible Packaging and Printing Industry)
13.
SINARPANGAN
BARAT, P.T. (Biscuit and Wafer Manufacturing)
14.
SINARPANGAN
TIMUR, P.T. (Biscuit and Wafer Manufacturing)
15.
TORABIKA EKA SEMESTA, P.T. (Instant
Coffee Processing)
16.
UNITA
BRANINDO, P.T. (Investment Holding)
17.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.28 |
|
UK Pound |
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.45 |
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.