MIRA INFORM REPORT
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Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SAKATA INK INDONESIA |
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Registered Office : |
Graha Indochem, 7th Floor, Jl. Pantai Indah Kapuk Boulevard Kav. SSB/E, Jakarta Utara 14770 |
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Country : |
Indonesia |
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Date of Incorporation : |
18.05.1989 |
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Com. Reg. No.: |
No.
AHU-56047.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Printing Ink Manufacturing |
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No. of Employees
: |
280 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 5.3 million
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Status : |
Satisfactory |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. SAKATA INK INDONESIA
company Address
Head Office
Graha Indochem, 7th
Floor
Jl. Pantai Indah Kapuk Boulevard Kav. SSB/E
Jakarta Utara 14770
Indonesia
Phones - (62-21) 5694 8580 (Hunting)
Fax - (62-21) 5694 8581
Email - sakata_inx@cbn.net.id
Building Area - 15 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Raya Serang
Km. 12
Desa Bunder Cikupa
Tangerang, Banten
Indonesia
Phones -
(62-21) 5961856 (Hunting)
Fax - (62-21) 5961877
Land Area - 15,000 sq.
meters
Building Area - 10.260 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
18 May 1989
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
AHU-56047.AH.01.02.TH.2008
Dated 27 August
2008
Company Status
Foreign
Investment Company (PMA)
Permit by the Government
Department
a. The Department of Finance
NPWP No. 01.061.836.1-052.000
b. The President of the Republic of Indonesia
No. B-53/Press/3/1989
Dated 27 March 1989
c. The Investment Coordinating Board
- No. 53/I/PMA/1989
Dated 6 April 1989
- No. 129/II/PMA/1994
Dated 12 August 1994
- No. 189/II/PMA/1996
Dated 23 September
1996
Holding Companies
a. SAKATA INX
CORPORATION of Japan (Investment Holding)
b. TOYOTA TSUSHO
CORPORAITON of Japan (Investment Holding)
c. PT. ADIGUNA
EKA SENTRA of Indonesia (Investment Holding)
CAPITAL AND OWNERSHIP
Capital Structure
:
Authorized Capital - US$. 4,000,000.-
Issued Capital - US$. 4,000,000.-
Paid up Capital - US$. 4,000,000.-
Shareholders/Owners
:
a. SAKATA INX
CORPORATION - US$.
2,040,000.- (51%)
Address : 1-23-37, Edobori, Nishi-Ku
Osaka 550-0002
Japan
b. TOYOTA
TSUSHO CORPORATON - US$. 200,000.- (
5%)
Address : Century Toyota
Building
99, Meieki
4-Chome
Nagoya 450-8575
Japan
c. PT. ADIGUNA
EKA SENTRA - US$.
1,520,000.- (38%)
Address : MildPlaza I, 6th
Floor
Jl. Jend. Sudirman Kav. 10-11
Jakarta 10220
Indonesia
d. Mr. Drs.
Markus Hartanto -
US$. 240,000.- ( 6%)
Address : Jl. Kemanggisan Utama
Raya F.I/4
Kel.
Kemanggisan, Kec. Palmerah
Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Printing Ink
Manufacturing
Production
Capacity :
Printing Inks - 6,500 tons p.a.
Total
Investment :
a. Equity Capital - US$. 4,000,000.-
b. Loan Capital - US$. 4,000,000.-
c. Total Investment - US$. 8,000,000.-
Started
Operation :
June 1990
Brand Name :
Sakata Ink
Technical
Assistance :
SAKATA INX CORPORATION of Japan
Number of
Employee :
280 persons
Marketing Area
:
Local - 100%
Main Customer
:
a. Offset
Printing Industries
b. Advertising
and Design Graphic Industries
c. Others
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Cemani
Toka
b. PT. Colorpak
Indonesia
c. PT. Durachem
Indonesia
d. PT. Hi-Tech
Ink Indonesia
e. PT. IDS
Manufacturing Indonesia
f. PT. Inkote Indonesia
g. PT. Inktech
Indahmulya
h. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. The Bank of
Tokyo-Mitsubishi UFJ Ltd.
MidPlaza Building
Jl. Jend. Sudirman Kav. 10-11
Jakarta Selatan
Indonesia
b. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jl. Jend. Gatot Subroto
Kav. 36-38
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 255.0
billion
2008 – Rp. 294.0
billion
2009 – Rp. 340.0
billion
2010 – Rp. 392.0
billion
2011 – Rp. 225.0
billion (January – June)
Net Profit (estimated)
:
2007 – Rp. 18.5
billion
2008 – Rp. 21.0
billion
2009 – Rp. 24.2
billion
2010 – Rp. 27.9
billion
2011 – Rp. 16.0
million (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Urip Kurnia
Vice President Director -
Mr. Takao Nakano
Directors -
a. Mr. Fujio Mori
b. Mr. Drs. Hijanto Fanardy
Board of Commissioners :
President Commissioner -
Mr. Hiroshi Ota
Vice President Commissioner -
Mr. Drs. Markus Hartanto
Commissioners -
a. Mr. Eiji Takatori
b. Mr. rusli Gunawan
c. Mr. rudy Gunawan
Signatories :
President Director (Mr.
Urip Kurnia) or Vice President Director (Mr. Takao Nakano) or one of the
Directors (Mr. Fujio Mori and Mr. Drs. Hijanto Fanardy) which must be approved
by Board of Commissioners.
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 5.3 million
on 90 days D/A
OVERALL PERFORMANCE
P.T. SAKATA INX INDONESIA (P.T. SII) was established in May 1989 with an authorized capital of US$ 2,000,000.- of which US$ 1,000,000.- was issued and paid up. The company was founded by Mr. Markus Hartanto (an Indonesian businessman of Chinese extraction), P.T. SUMMA SURYA PERKASA (a national private company), SAKATA INX CORPORATION of Japan and ORIENTAL CHEMICALS LTD. of Hong Kong as the original shareholders. The Article of Association was made by Arianny Lamoen Redjo, SH., notary public in Jakarta based on notarial deed No.105 and it was approved by the Minister of Law and Human Rights through Decision Letter No. C2-8506.HT.01.01.TH.89 dated September 9, 1989. The company’s Articles of Association have frequently been changed.
In November 1991 the authorized capital of US$ 2,000,000.- was fully issued and paid up. On this occasion P.T. SUMMA SURYA PERKASA withdrew and its shares were taken over by Mr. Drs. Urip Kurnia (an Indonesian businessman of Chinese extraction). By the latest revision of the company's notarial act in March 2003 the authorized capital was increased to US$ 4,000,000.- of which US$ 3,500,000.- was issued and paid up. In July 2008, the issued capital of the company was raised to US$ 4,000,000 fully paid up and concurrently the shareholders of the company were SAKATA INX CORPORATION (51%), TOYOTA TSUSHO CORPORATION (5%), both of Japan, P.T. ADIGUNA EKA SENTRA (38%), a private company and Mr. Drs. Markus Hartanto (6%), an Indonesian businessman of Chinese extraction. The latest amendment to Articles of Association was made by Mr. Sutjipto, SH., a notary public in Jakarta based on natarial deed No. 41, was approved by the Minister of Law and Human Rights through Decision Letter No. AHU-56047.AH.01.02.Tahun 2008 dated August 27, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. SII operates under Foreign Investment (PMA) facilities in the printing ink industry managing a plant located on a 15,000 sq. meters land area in Cikupa, Tangerang (Banten Province). The company produces offset inks, gravure inks, newspaper inks and water based over print varnish. The plant has been in operation since June 1990 and already underwent expansion to step up its production capacity in April 1995. The investment put into the plant has come to US$ 8.0 million with US$ 4.0 million having come from company capital and the balance from loans. Ms. Narti, an administrative staff of the company explained that around 95% of P.T. SII's production is marketed locally while the rest is exported to Malaysia, the Philippines, Thailand and India. The company has distribution networks in almost all major cities in Indonesia. For Bandung, Semarang, Surabaya and Eastern Indonesian region is handled by local partner P.T. ADIGUNA EKA SENTRA and Sumatra and Kalimantan region is directly handled by P.T. SII. Meanwhile, its export market drive is assisted by its foreign partner SAKATA INX CORPORATION which has secured extensive marketing network on the international market. We observe that P.T. SSI is classified as a large sized company in the country dealing with printing ink industry of which the operation has been running smoothly and growing in the last five years.
Generally outlook, the demand for printing ink has kept on declining as from the middle of 2007 until the early of 2009 in line with the weakening of printing house industry in Indonesia due to the global economic crisis. Later from the middle of 2009, printing ink industry started to increase again gradually in line with the amelioration of economic condition in the country. Market competition is very tough on account of many other similar companies operating in the country among them are PT. Cemani Toka, PT. Colorpak Indonesia, PT. Durachem Indonesia, PT. Hi-Tech Ink Indonesia, PT. IDS Manufacturing Indonesia, PT. Inkote Indonesia, PT. Inktech Indahmulya and others.
The business position of P.T. SII is favorable for having established regular customers and wide marketing networks within and outside the country. We believed that P.T. SII is in position to thrive its business in the future.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management of P.T. SII is very reclusive to outsider and rejected to disclose its financial condition. But we estimate the total sales turnover in 2007 amounted to Rp 225.0 billion increased to Rp 294.0 billion in 2008 to Rp 340.0 billion in 2009 to Rp 392.0 billion in 2010 and estimated it will be higher by 12% to 14% in 2011. The operation of P.T. SII in 2010 is estimated to have gained a profit of Rp. 27.9 billion with an estimated networth of Rp. 180.0 billion. So far, we did not hear that the P.T. SII having been black listed by Bank Indonesia (Central Bank) and registered in district court for detrimental cases. The company has a punctual payment habit within 1 to 3 months.
The management of P.T. SII is headed by Mr. Urip Kurnia (51), a professional manager with broad experience in industry and trading of printing ink. In his daily activities, he is assisted by Mr. Takao Nakano (63) as a vice president director and Mr. Fujio Mori (47) and Mr. Drs. Hijanto Fanardy (54), both as are directors. The management is handled by professional managers having wide relation with private businessmen of home and overseas as well as with the government sectors. So far, we did not hear that the company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
Of a thorough observation we may conclude that P.T. SAKATA INX INDONESIA is appraised quite feasible for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
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UK Pound |
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.43 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.