MIRA INFORM REPORT
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Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SARI MAS PERMAI |
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Registered Office : |
Jalan Waru Gunung No. 23, Waru Gunung Karang Pilang, Surabaya, 60221, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
01.04.1986 |
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Com. Reg. No.: |
No.
AHU-53617.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Coconut and Crude Cooking Oil Refinery |
RATING & COMMENTS
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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$ 1,844,000 |
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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
|
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 |
|
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. SARI MAS PERMAI
company Address
Head Office &
Factory
Jalan Waru Gunung
No. 23
Waru Gunung
Karang Pilang
Surabaya, 60221
East Java
Indonesia
Phones -
(62-31) 766 2434, 766 6661, 766 2411
Fax - (62-31) 766 6662
E-mail - marketing@sarimas.com
Land Area - 6,700 sq.
meters
Building Space - 4,000 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation
1 April 1986
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. C2-7177.HT.01.01.TH.86
Dated 14 October 1986
- No. AHU-53617.AH.01.02.TH.2008
Dated 21 August 2008
Company Status
Private National
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
01.451.828.6-631.000
The Department of
Industry
- No. 024/Kanwil.13/A/IUT/XI/89
Dated 9 November 1989
- TDP No. 13.01.1.15.01865
Dated 8 November 2007
- SIUP No. 503/7054/436.5.9/2007
Dated 5 December 2007
Related Company
P.T. AGRI MULTI
MAS SENTOSA (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
45,000,000,000.-
Issued Capital : Rp.
11,250,000,000.-
Paid up Capital : Rp. 11,250,000,000.-
Shareholders/Owners
:
a. P.T. AGRI
MULTI MAS SENTOSA -
Rp. 5,050,000,000.-
Address : Jl. Waru Gungung No. 23
Waru Gunung Karang Pilang
Surabaya, East Java
Indonesia
b. Mr. Gunadi
Osman -
Rp. 3,100,000,000.-
Address : Jl. Pajajaran No. 4,
Kec. Tegalsari
Surabaya, East
Java
Indonesia
c. Mr. Oesman Tjandra Bintara - Rp. 1,860,000,000.-
Address : Jl. Manyar Kertoarjo 6/26
Surabaya, East
Java
Indonesia
d. Mr. Eddy
Sunarto -
Rp. 1,240,000,000.-
Address : Jl. Kupang Indah
16/W-6
Kec. Dukuh
Kupang, Surabaya
East Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Coconut and Crude
Cooking Oil Refinery
Production
Capacity :
Coconut and Crude
Cooking Oils - 25,500 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 11.2 billion
b. Loan Capital -
Rp. 35.0 billion
c. Total Investment - Rp. 46.2 billion
Started
Operation :
1987
Brand Name :
Sari Mas Permai
Technical
Assistance :
None
Number of
Employee :
127 persons
Marketing Area
:
Local - 55%
Export - 45%
Main Customer
:
Distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASIANAGRO
AGUNGJAYA
b. P.T. PANCANABATI PRAKARSA
c. P.T. SALIM IVOMAS PRATAMA
d. P.T. SMART Tbk
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Jend. A. Yani No. 208
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 123.0
billion
2009 – Rp. 131.6
billion
2010 – Rp. 140.2 billion
Net Profit
(estimated) :
2008 – Rp. 9.8 billion
2009 – Rp. 11.8
billion
2010 – Rp. 13.3
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr. Oesman Tjandra Bintara
Directors -
a. Mr. Eddy Sunarto
b. Mr. Yohannes Gunadi
Board of Commissioners :
President Commissioner -
Mr. Gunadi Osman
Commissioners -
Mrs. Lilik Gunawan
Signatories :
President Director (Mr. Oesman
Tjandra Bintara) or one of the Directors (Mr. Eddy Sunarto or Mr. Yohannes
Gunadi) 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$ 1,844,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. SARI MAS PERMAI (P.T. SMP) was incorporated in Surabaya, East Java on April 1, 1986 with the authorized capital of Rp. 300,000,000 issued capital of Rp. 60,000,000 entirely paid up. The company was founded by Mr. Gunandi Osman, Mr. Oesman Tjandra Bintara, Mr. Jusuf Wangsahardja and Mrs. Tanti Kumaladewa. They are Indonesian businessmen of Chinese descent. The company notary deed had been changed a couple of times. In April 1994 the authorized capital was increased to Rp. 1,000,000,000 wholly issued and paid up. The latest in July 2008 the authorized capital was raised to Rp. 45,000,000,000 issued capital to Rp. 11,250,000,000 entirely paid up.
Concurrently Mr. Jusuf Wangsahardja and Mrs. Tanti Kumaladewi pulled out and the whole shares sold to P.T. AGRI MULTI MAS SENTOSA and Mr. Eddy Sunarto as new shareholders. With this development the composition of its shareholders has been changed to become P.T. AGRI MULTI MAS SENTOSA (44.90%), Mr. Gunadi Osman (27.55%), Mr. Eddy Sunarto (16.53%) and Mr. Eddy Sunarto (11.02%). The latest revision of notary deed was made by Mrs. Dyah Ambarwaty Setyoso, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-53617.AH.01.02.TH.2008, dated August 21, 2008.
P.T. SMP has been operating since 1987 engaged in the field of coconut and crude cooking oil refinery. Its plant is located at Jalan Waru Gunung No. 23, Waru Gunung Karang Pilang, Surabaya, East Java, on a land of some 6,700 sq. meters. P.T. BEST is one of a producer of bulk cooking oil refinery in Semarang, Central Java. Most of raw material like crude palm oil obtained from parent company P.T. BEST AGRO INTERNATIONAL, P.T. HARAPAN SAWIT BANGUN PERSADA and P.T. TUNAS AGRO SUBUR KENCANA which has oil palm plantation in Central Kalimantan. Mr. Widiyatmanto, HRD Manager of P.T. BEST went on to say the company is able to produce of bulk cooking oil of 1,000 tons per day.
P.T. SMP producing cooking oil and its derivative products such as Copra Expeller,Copra Solvents Extraction Pellet, Crude Coconut Oil, CFAD, Stearin, PFAD, RBDCNO. Over the years, P.T. SMP have committed to the customer's need of quality control on every step of the manufacturing process and constantly kept abreast and employed the latest manufacturing technology. The Company produces of crude and coconut cooking oil of 25,500 tons per year. The Company has shipping their products to more than 80 countries with customer base in Asia Pasific, Middle East and Africa. P.T. SMP also provides their selves as a reliable and trusted business partner, capable of delivering innovative and value-added solutions to suit your needs in the global marketplace. With long-term approach to their business goal, P.T. SMP is ever receptive to market demands and is constantly searching for innovative solutions to their business partners.
The construction of refinery has absorbed an investment of Rp. 46.2 billion come from owned capital of Rp. 11.2 billion and the remaining is loans. Previously 90% of its production marketed locally. However since 2005 some 45% of crude and coconut cooking oil exported to Asia Pacific, Middle East, and Africa. While the rest 55% marketed locally to various dealer and shops of food and cooking oils. We observed that P.T. SMP’s operation has been running smoothly and growing well in the last three years.
Generally, demand for palm cooking oil has kept on increasing in the
last five years in line with the growing demand for palm cooking oil within and
outside the country. According to research, total palm cooking oil industries
operating in Indonesia are 53 units with production capacity 7.2 million tons
but in 2005 reached 62 units with total production capacity of 9.7 million
tons. The main business players in cooking oil business are SMART (SINAR MAS
Group) under cooking oil brands of FILMA, KUNCI MAS; the SALIM Group through
P.T. SALIM IVOMAS PRATAMA under cooking oil brand of BIMOLI; the KPN Group and
others. The national cooking oil production has kept on increasing in the last
five years in line with the changing of the publics’ consumption patterns from
using coconut cooking oil to palm cooking oil. The
business position of P.T. SMP is favorable for having established wide
marketing coverage in Surabaya. Besides, some 45% of its product for export
market. The growth of cooking oil production in the last five years is
pictured on the following table:
The Production of Palm Cooking Oil, 2004 – 2009*
|
Year |
Production (Ton) |
|
2004 |
4,527,700 |
|
2005 |
4,980,470 |
|
2006 |
5,428,670 |
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2007 |
5,808,670 |
|
2008 |
6,186,233 |
|
2009* |
6,619,269 |
*) Estimated
Source:
Department of Industry, Processed by ICB
Until this time P.T. SMP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SMP 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. 123.0 billion rose to Rp. 131.6 billion in 2009 increased to Rp. 140.2 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 13.3 billion and the company has an estimated total networth of at least Rp. 35.0 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. SMP is led by Mr. Oesman Tjandra
Bintara (58) a businessman and professional manager with experience in crude
and coconut cooking oil refinery and trading. In daily operations he is
assisted by Mr. Eddy Sunarto (54) and Mr. Yohannes Gunadi (35) as directors.
The company's management is handled by professional staff in cooking oil
refinery. 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. SARI MAS PERMAI is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
RATING EXPLANATIONS
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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.