MIRA INFORM REPORT
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Report Date : |
13.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SADHANA |
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Registered Office : |
ESA Sampoerna Centre, 6th Floor, Jalan Kertajaya Indah Timur No. 18, Surabaya,
60117, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
18.01.2007 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-35695 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Distribution and Exporter of Tobacco |
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No. of Employees
: |
178 |
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$ 1,000,000 |
|
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) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. SADHANA
company Address
Head Office
ESA Sampoerna
Centre, 6th Floor
Jalan Kertajaya Indah Timur No. 18
Surabaya, 60117
East Java
Indonesia
Phones -
(62-31) 2979 234 (Hunting)
Fax - (62-31) 2979 235
Building Area - 17 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Warehouse
Jalan Kembang
Jepun No. 172
Nyalimpungan,
Pabean Cantian
Surabaya, 60162,
East Java
Indonesia
Phones -
(62-31) 3522 064, 3522 065, 3520 118
Fax - (62-31) 3533 072, 3535 934
Land Area - 10,000 sq.
meters
Building Space - 8,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
18 January 2007
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
- No. W10-00826.HT.01.01.TH.2007
Dated 9 July 2007
- No. AHU-48775.AH.01.02.TH.2008
Dated 7 August 2008
- No. AHU-AH.01.10-35695
Dated 7 November 2011
Company Status
Private National
Company
Permit by the Government
Department
The Department of
Finance
NPWP No.
02.207.126.0-631.000
The Department of
Industry and Trade
TDP No.
13.01.1.51.18659
Dated 25 July
2007
Related Companies
a. P.T. ADI SAMPOERNA (Trading of Tobacco)
b. P.T. DELPHIA PRIMA JAYA (Trading and
Distribution of Industrial Chemical and Agricultural
Commodities)
c. P.T. ESA
KERTAS NUSANTARA (Culture Paper Manufacturing)
d. P.T. INDRA SAMPOERNA (Trading and
Distribution of Tobacco)
e. P.T. LANCAR SAMPOERNA BESTARI (Office
Building Development and Management)
f. P.T. PAPERPRO INDONESIA (Trading and
Distribution of Paper Products)
g. P.T. SADHANA
ARIFNUSA (Tobacco Plantation)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
5,000,000,000.-
Issued Capital : Rp.
5,000,000,000.-
Paid up Capital : Rp.
5,000,000,000.-
Shareholders/Owners
:
a. Mr. Sunarjo
Sampoerna -
Rp. 3,000,000,000.-
Address : Jl. Kertajaya Indah 91
Surabaya, East
Java
Indonesia
b. Mrs. Indrawati Sampoerna - Rp. 2,000,000,000.-
Address : Jl. Permata Hijau Block G-42
Kel. Grogol Selatan, Kec.
Kebayoran
Lama, Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading,
Distribution and Exporter of Tobacco
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 5.0 billion
Started
Operation :
2007
Brand Name :
Sadhana
Technical
Assistance :
None
Number of
Employee :
178 persons
Marketing Area
:
Local - 50%
Export -
50%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. C.V. BANGKIT
JAYA
b. P.T. BANYU
MUKTI
c. P.T. GADING
MAS INDONESIA TOBACCO
d. P.T. HARUM SARI KENCANA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank PERMATA Tbk
Jalan
Tunjungan No. 52
Surabaya,
East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Jalan
Dr. Soetomo No. 118-122
Surabaya, East Java
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. A. Yani 286
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 65.0
billion
2010 – Rp. 70.0
billion
2011 – Rp. 76.0
billion
Net Profit
(estimated) :
2009 – Rp. 5.2
billion
2010 – Rp. 5.6
billion
2011 – Rp. 6.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Sunarjo Sampoerna
Business Development Manager -
Mr. Kuswato
Board of Commissioners :
Commissioner -
Mrs. Dra. Wenawati Limantoro
Signatories :
Director (Mr. Sunarjo
Sampoerna) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 1,000,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. SADHANA was incorporated in Surabaya, East Java based on notary deed of Mr. Swartana Tedja, SH., No. 19 dated 18 January 2007 with the authorized capital of Rp. 5,000,000,000 wholly issued and paid up. The founding and shareholders of the company are Mr. Sunarjo Sampoerna and his young sister Mrs. Indrawati Sampoerna, both are Indonesian business family of Chinese descent. The deed of notary act was approved by the Ministry of Law and Human Rights in its decision letter No. W10-00826.HT.01.01.TH.2007 dated July 9, 2007. The company notary deed has frequently been amendments and based on notary deed of Mr. Swartana Tedja, SH., No. 32 dated 18 June 2008 the board of director and the board of commissioner reappointed to runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-48775.AH.01.02.TH.2008 dated August 7, 2008. Then according to the latest revision of notary documents which made by Mr. Swartana Tedja, SH., No. 76 dated 24 August 2011 the commissioner namely the late Mr. Boedi Sampoerna was died and then his position was posted by Mrs. Dra. Wenawati Limantoro. The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-35695 dated November 7, 2011.
We have seen that majority business stakes of the company is controlled by Mr. Sunarjo Sampoerna. He is also the founding and majority business stakes owners of P.T. ADI SAMPOERNA engaged in trading of tobacco, P.T. DELPHIA PRIMA JAYA dealing with trading of chemical, P.T. ESA KERTAS NUSANTARA engaged in culture paper manufacturing, P.T. INDRA SAMPOERNA in trading and distribution of tobacco, P.T. LANCAR SAMPOERNA BESTARI in office building development and management, P.T. PAPERPRO INDONESIA in trading and distribution of paper products and P.T. SADHANA ARIFNUSA in tobacco plantations.
P.T. SADHANA is a private national company which operating since 2007 to be engaged in the field of trading, distribution and exporter of tobacco. The type of tobacco sells by P.T. SADHANA is semi flavored Virginia tobacco which obtained and collect from various farmers in the country such as from Wonosobo, Madura, Lombok, Sumatera, East Java and other cities. The whole tobacco was processed in their warehouse located at Jalan Kembang Jepun No. 172, Suabaya, East Java standing on 10,000 sq. meters lands. Besides, some of the tobacco is also obtained from sister company P.T. SADHANA ARIFNUSA which operates and manages a tobacco plantation in Lombok, West Nusa Tenggara. Essentially self-sufficient with regards to its own demand, Indonesia has long been a preferred source of quality leaf for cigar manufacture, and for its Virginia and burley tobaccos. Tobacco is grown in several locations The type of tobacco exported by domestic farmer mainly is Virginia type (from Lombok area), Madura is widely known for its Rajangan variety used in clove (kretek) as well as it dark types. Around 80% Lombok's tobacco production is semi-flavored Virginia tobacco which has been exporting at around US$2/kg. Air and sun cured types and cigar tobaccos are grown in several areas in East Java. The opportunity exists for the country to ramp up production of its exportable tobaccos, such as FCV, cementing its position as a preferred supplier of quality leaf.
Some 95% of the Virginia tobacco and others tobacco supplied to P.T. H.M. SAMPOERNA Tbk and P.T. PHILIP MORRIS INDONESIA, both are a member company of the PHILIP MORRIS INDONESIA Group, a large size business group dealing with clove cigarette and white cigarette industries. Besides the rest is exported to various countries among others are Europe Union, the USA, and other countries. We observe the operation of P.T. SADHANA has been growing and developing well in the last three years.
In overall we find the tobacco, clove cigarette industries kept on rising and nothing wrong with the prolonged economic crisis occurred in the country since mid-1997 because they used mostly local contents. While white cigarette industries slowed down since mid-1997, due to a small amount of local product is used and mostly under the license of foreign companies. The cigarette industries will keep going down within the coming four year years. Competition is very tight as there are 73 cigarette producers operating in the country. The most leading producers are P.T. GUDANG GARAM Tbk., of 35.5% market segment, P.T. HM SAMPOERNA Tbk., of 15.2% market segment, P.T. DJARUM of 11.9% market segment, P.T. BENTOEL PRIMA of 1.5% and the rest is controlled by other small producers. The growth cigarette industries in Indonesia is seen from the table as below:
The Growth of
Cigarettes in Indonesia Period 2007 – 2010
|
Description |
2007 |
2008 |
2009 |
2010 |
|
Total Production (billion stick) |
225.5 |
242.2 |
245.2 |
240.0 |
|
Number of Companies (unit) |
4,793 |
4,900 |
3,255 |
3,000 |
|
Number of Employee (person) |
629,517 |
660,000 |
687,224 |
700,000 |
|
Tax Receivable (trillion Rupiah) |
42.03 |
45.80 |
53.3 |
54.3 |
Source: GAPPRI (Indonesia Cigarette
Producers Association)
Until this time P.T. SADHANA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SADHANA 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. 65.0 billion rose to Rp. 70.0 billion in 2010 increased to Rp. 76.0 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. 6.4 billion and the company has an estimated total net worth of at least Rp. 15.0 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. SADHANA is led by Mr. Sunarjo
Sampoerna (54) a businessman and professional manager with experience in
trading, distribution and export of tobacco. In his daily activities he
assisted by Mrs. Dra. Wenawati Limantoro (47) as Commissioner. Formerly, Mrs.
Wenawati Limantoro was a director of P.T. KEDAUNG INDAH CAN Tbk, a public
listed company in the country. 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. SADHANA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.83 |
|
UK Pound |
1 |
Rs.79.42 |
|
Euro |
1 |
Rs.65.90 |
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 |
|
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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.