|
Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SARI MAS PERMAI |
|
|
Registered Office : |
Jalan Waru Gunung No. 23 Waru Gunung Karang Pilang |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Date of Incorporation : |
01.04.1986 |
|
|
|
|
|
|
Com. Reg. No.: |
No. AHU-53617.AH.01.02.TH.2008 |
|
|
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
|
|
Line of Business : |
Coconut and Crude Cooking Oil Refinery |
|
|
|
|
|
|
No. of Employees : |
127 persons |
|
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 |
|
Status : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The
government made economic advances under the first administration of President
YUDHOYONO (2004-09), introducing significant reforms in the financial sector,
including tax and customs reforms, the use of Treasury bills, and capital
market development and supervision. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth in 2009. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a
small current account surplus, a fiscal deficit below 2%, and historically low
rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to
investment grade in December 2011. Indonesia still struggles with poverty and
unemployment, inadequate infrastructure, corruption, a complex regulatory
environment, and unequal resource distribution among regions. The government in
2012 faces the ongoing challenge of improving Indonesia's insufficient
infrastructure to remove impediments to economic growth, labor unrest over
wages, and reducing its fuel subsidy program in the face of rising oil prices.
Source : CIA
P.T. SARI
MAS PERMAI
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
Website - http://www.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
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
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
B a n k e r :
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
Annual Sales (estimated)
:
2009 – Rp. 131.6
billion
2010 – Rp. 140.2
billion
2011 – Rp. 150.0
billion
2012 – Rp. 78.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 11.8
billion
2010 – Rp. 13.3
billion
2011 – Rp. 14.0
billion
2012 – Rp. 7.5 billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
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
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
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. SMP is
one of a producer of bulk cooking oil refinery in Surabaya, East Java. 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 East Java. 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 – 2011*
|
Year |
Production (Ton) |
|
2004 |
4,527,700 |
|
2005 |
4,980,470 |
|
2006 |
5,428,670 |
|
2007 |
5,808,670 |
|
2008 |
6,186,233 |
|
2009 |
6,619,269 |
|
2010 |
6,826,000 |
|
2011 |
7,250,000 |
Source: Department of Industry, Processed by ICB *) Estimated
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 2009
amounted to Rp. 131.6 billion rose to Rp. 140.2 billion in 2010 increased to
Rp. 150.0 billion in 2011. As from January to June 2012 the sales turnover has
reached at least Rp. 78.0 billion with a net profit of Rp. 7.5 billion and
projected to go on rising by at least 5% in 2013. The company has an estimated
total networth of at least Rp. 37.0 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 (59) 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 (55) and
Mr. Yohannes Gunadi (36) as Directors. Mr. Yohannes Gunadi is a professional
manager graduated Bachelor of Business Administration (BBA) from Seattle
University, USA., in Marketing. 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.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.