MIRA INFORM REPORT

 

 

Report Date :           

05.01.2012

 

IDENTIFICATION DETAILS

 

Name :

P.T. SERBA PRIMA PERKASA

 

 

Registered Office :

Jalan Pejagalan 1 No. 63 BX, Jakarta Barat, 11240

 

 

Country :

Indonesia

 

 

Date of Incorporation :

30.01.1990

 

 

Com. Reg. No.:

No. AHU-34454.AH.01.02.TH.2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import and Distribution of Chemical for Leather Tanning

 

 

No. of Employees :

13

 

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$ 151,300

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. SERBA PRIMA PERKASA

 

 

company Address

 

Head Office

Jalan Pejagalan 1 No. 63 BX

Jakarta Barat, 11240

Indonesia

Phone               - (62-21) 6913720

Fax                   - (62-21) 6913904

Building Area     - 2 storey

Office Space      - 100 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

30 January 1990

 

 

Legal Form

 

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

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

- No. C2-538 HT.01.01.TH.94

  Dated 15 January 1994

- No. C-10190 HT.01.04.TH.2003

  Dated 8 May 2003

- No. AHU-34454.AH.01.02.TH.2008

  Dated 19 June 2008

 

Company Status

 

National Private Company

 

 

Permit by the Government Department

 

The Department of Finance

NPWP No. 01.352.080.4-033.000

 

The Department of Industry and Trade

TDP No. 090215125555

Dated 26 May 2003

 

 

Related Company

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 500,000,000.-

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

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

 

Shareholders/Owners :

 

a. Mr. Keng Mario Handoko                                   - Rp. 300,000,000.-

    Address : Jl. Mesjid Pekojan 89 RT. 013 RW. 005

                    Kelurahan Pekojan, Kecamatan Tambora

                    Jakarta Barat

                    Indonesia            

b. Mrs. Amelia Salim                                             - Rp. 100,000,000.-

    Address : Jl. Mesjid Pekojan 89 RT. 013 RW. 005

                    Kelurahan Pekojan, Kecamatan Tambora

                    Jakarta Barat

                    Indonesia           

c. Mr. Randy Gunawan                                          - Rp. 100,000,000.-

    Address : Jl. Mesjid Pekojan 89 RT. 013 RW. 005

                    Kelurahan Pekojan, Kecamatan Tambora

                    Jakarta Barat

                    Indonesia

 

BUSINESS ACTIVITIES

 

Lines of Business :                        

Trading, Import and Distribution of Chemical for Leather Tanning

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1990

 

Brand Name :

Serba Prima Perkasa

 

Technical Assistance :

None

 

Number of Employee :

13 persons

 

Marketing Area :

Local    - 100%

 

Main Customer :

Leather Tanning Industries

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. BROTHER MACHINERY

b. C.V. HARMONIS SURABAYA

c. P.T. JAYA MITRA SEJATI

d. P.T. KAYAYAMA PERKASA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Banker :

P.T. Bank PAN INDONESIA Tbk

Jalan Raya Pekojan

Jakarta Barat

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2009 – Rp.   9.2 billion

2010 – Rp. 10.7 billion

2011 – Rp. 11.5 billion

 

Net Profit (estimated) :

2009 – Rp. 506 million

2010 – Rp. 642 million

2011 – Rp. 690 million

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                                           - Mr. Keng Mario Handoko

 

Board of Commissioners :

Commissioner                                 - Mrs. Amelia Salim

 

Signatories :

Director (Mr. Keng Mario Handoko) which must be approved by Board of Commissioner

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

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$ 151,300 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. SERBA PRIMA PERKASA (P.T. SPP) was established in Jakarta based on notary deed of Mr. Anis Husin Abdat, SH., No. 36 dated 30 January 1990 with the authorized capital of Rp. 150,000,000 wholly issued and paid up. The founding and shareholders of the company are Mr. Keng Mario Handoko with his wife Mrs. Amelia Salim, both are Indonesian business family of Chinese descent. The company notary deed has been changed and based on notary deed of Mrs. Flavia Muliawati Onggo, SH., No. 5 dated 26 March 2003 the authorized capital was raised to Rp. 500,000,000 entirely issued and paid up. With this development the composition of its shareholders are Mr. Keng Mario Handoko (70%) and his wife Mrs. Amelia Salim (30%). The deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No. C-10190 HT.01.04.TH.2003, dated May 08, 2003. The latest based on notary deed of Mrs. Flavia Muliawati Onggo SH., No. 12 dated 15 May 2008 their son namely Mr. Randy Gunawan entered into the company as new shareholder. With this time the composition of its shareholders has been changed to become Mr. Keng Mario Handoko (60%) his wife Mrs. Amelia Salim (20%) and son Mr. Randy Gunawan (20%). The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-34454.AH.01.02.TH.2008 dated June 19, 2008.

 

P.T. SPP has been in operation since 1990 engaged in the field import of chemical raw materials for leather tanning industry. Mrs. Wawah, import staff explained that they were importing chemical raw materials from ALPA Chemical Italy and ALPA Chemical India. The types of chemical raw materials are sodium sulfide (Na2S), sulfide acid, hydrochloric acid, formic acid, ammonium hydroxide, formalin, arsenic, phenol etc. She further explained that all merchandise in the form of chemical raw materials are marketed to tanning industry among others C.V. LENGTAT, P.T. ECCO TANNERY, P.T. DAEHWA LEATHER LESTARI, P.T. SURYA PUSPITA, PD. CIMASUK LEATHER, C.V. CISARUA, PK JAKARTA, P.T. KARYA HIDUP, P.T. KORYS, P.T. KULITMURNI ASIATENGGARA, P.T. MAKMUR SEJAHTERA, P.T. SURYA PUSPITA and others. We note that the operation of P.T. SPP has been running and developing well in the last three years.

In overall we find the demand for raw chemical and machinery for leather industry has kept on fluctuating in the last five years in line with the growth of local and international market demand for leather. It is estimated that it will remains fluctuated within the coming two-three years. Leather production is a complex task, encompassing 23 distinct steps, starting with the flaying of raw hides or skins and finishing with embossing, which presses a chosen grain into the surface of the finished hide. During the past five years, domestic production of finished leather has significantly varied. For example, from 2004 to 2006, leather production for footwear increased 49% from 45 million square feet in 2002 to 67 million in 2004. However, in the past two years, production levels have decreased by 15%, from 67 million in 2004 to 57 million square feet in 2006. The level of domestic leather produced has not been enough to satisfy consumption. In 2006, domestic finished leather for footwear consumption was estimated to be 69 million square feet, while domestic leather production was only 57 million square feet. Of the 57 million square feet produced, 12 million was exported to foreign-owned footwear manufacturers, creating a deficit of 24 million square feet. This deficit was addressed through the import of finished leather, primarily from firms in India, Italy, Bangladesh and China.

 

Until this time P.T. SPP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SPP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 9.2 billion rose to Rp. 10.7 billion in 2010 increased to Rp. 11.5 billion in 2011 and projected to go on rising by at least 5% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 690 million and the company has an estimated total net worth of at least Rp. 2.5 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. SPP is led by Mr. Keng Mario Handoko (56) a businessman and professional manager with experience in trading, import and distribution of chemical raw material for leather tanning industry. 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. SERBA PRIMA PERKASA is sufficiently fairly good for business transaction.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.14

UK Pound

1

Rs.83.08

Euro

1

Rs.69.25

 

 

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%)

 

 

 

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.