|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SMART TBK |
|
|
|
|
Formerly Known As : |
PT. SMART CORPORATION Tbk |
|
|
|
|
Registered Office : |
Plaza BII, Menara 2, 30th Floor Jl. M.H. Thamrin No. 51 Jakarta 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
18.06.1962 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-18251 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Integrated Crude Palm Oil Refinery |
|
|
|
|
No. of Employees : |
19,363 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T.
SMART Tbk
Head
Office
Plaza
BII, Menara 2, 30th Floor
Jl.
M.H. Thamrin No. 51
Jakarta
10350
Indonesia
Phones -
(62-21) 318 1388 (Hunting)
Fax - (62-21) 318 1389
E-mail - investor@smart-corp.com
Website - http://www.smart-corp.com
Building Area - 28 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Rent
Factories
a. Jl. Rawa Teratai II/8
Kawasan
Industri Pulogadung
Jakarta Timur
Indonesia
Phones -
(62-21) 4601672, 4609010
Fax
- (62-21) 4602134
b. Jl.
Rungkut Industri Raya No. 19
Rungkut Industrial Estate
Surabaya, East Java
Indonesia
Phones -
(62-31) 8439861 (hunting)
Fax
- (62-31) 8438671
c. Jl. Rungkut
Industri I No. 34
Rungkut Industrial Estate
Surabaya, East Java
Indonesia
Phones -
(62-31) 8420020 (hunting)
Fax
- (62-31) 8420017
d. Jl.
Belmera Baru
Belawan III, Belawan
North Sumatra
Indonesia
Phones -
(62-61) 6941162 (hunting)
Fax
- (62-61) 6941898
Date of Incorporation :
a.
18 June 1962 as PT. Maskapai Perkbunan SUMCAMA PADANG HALABAN
b.
10 September 1991 as PT. SMART CORPORATION
c.
13 August 1997 as PT. SMART CORPORATION Tbk
d.
14 May 1999 as PT. SMART Tbk
Legal
Form :
P.T.
Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
J.A.5/115/3
Dated 29 August 1963
b. No. AHU-53268.AH.01.02.Tahun 2008
Dated 21 August 2008
c. No.
AHU-AH.01.10-18251
Dated 20 July 2010
Company
Status :
Domestic
Investment Company (PMDN)
Permit
by the Government Department :
a. The Department of Finance
- NPWP No. 01.000.183.2-092.000
- No. Kep/41/Mekuin/7/1970
Dated 15 July 1970
b. The Capital Investment Coordinating Board
- No. 6/V/1985
Dated
28 March 1985
- No. 1174/II/PMDN/1991
Dated
27 December 1991
- No. 167/II/PMDN/1992
Dated
17 December 1992
- No. 34/II/PMDN/1993
Dated
26 February 1993
- No. 107/II/PMDN/1993
Dated
15 June 1993
- No. 60/II/PMDN/1994
Dated
21 February 1994
- No. 40/II/PMDN/1998
Dated
20 May 1998
- No. 56/II/PMDN/1998
Dated
18 August 1998
-
No. 108/III/PMA/2003
Dated
27 June 2003
- No. 77/II/PMDN/2006
Dated 24 August 2006
Related
Company :
A
Member Company of the SINAR MAS Group (see attachment)
Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000,000.-
Issued
Capital -
Rp. 574,439,000,000.-
Paid
up Capital -
Rp. 574,439,000,000.-
Shareholders
(per 31 Dec. 2012) :
a. P.T. PURIMAS SASMITA - Rp. 558,380,000,000.-
(97.20%)
b. Publics - Rp. 16,059,000,000.- ( 2.80%)
Lines
of Business :
a.
Integrated Crude Palm Oil Refinery
b.
Investment Holding
Production
Capacity :
A. Initial Units
a. Crude Palm Oils - 132,680 tons
p.a.
b. Palm Kernel Oils - 80,880 tons p.a.
c. Pellets - 28,620 tons p.a.
d. Cooking Oils - 480,000 tons p.a.
e. Oleins - 270,200 tons p.a.
f. Stearines - 117,000 tons p.a.
g. Margarines - 57,300 tons p.a.
h. Plastic Sheet Films -
480 tons p.a.
i.
Plastic Bottles -
7,700 tons p.a.
B. Expansion Units
a. Crude Palm Oils - 34,800 tons p.a.
b. Palm Kernel Meals -
40,020 tons p.a.
c. Margarine - 33,000 tons p.a.
Total
Investment :
A. Initial Units
a. Equity Capital -
Rp. 228.6 billion
b. Reinvested Profit -
Rp. 19.8 billion
c. Loan Capital - Rp. 210.0
billion
d. Total Investment - Rp.
458.4 billion
B. Expansion Units
a. Equity Capital - None
b. Reinvested Profit - Rp.
86.0 billion
c. Loan Capital -
Rp. 129.0 billion
d. Total Investment - Rp. 215.0 billion
Started
Operation :
1962
Brand
Name :
SMART
Tbk
Technical
Assistance :
None
Number
of Employee :
19,363
persons
Marketing
Area :
Local - 35.7%
Export - 64.3%
Main
Customer :
Wholesaler and Importer of Palm Oil, Soaps,
Margarines, Supermarkets, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Wilmar
Corporation
b. PT.
Bituang Manado Oil (Bimoli)
c. PT. Musim Semi Mas
d. PT. Sayap Mas Utama
Business
Trend :
Fluctuating
B a n k e r s :
a. P.T. Bank SINAR MAS Tbk
b.
P.T. Bank INTERNASIONAL INDONESIA Tbk
c.
P.T. Bank PAN INDONESIA Tbk
d.
P.T. Bank MANDIRI Tbk
e.
P.T. Bank NEGARA INDONESIA Tbk
f. P.T. Bank CENTRAL ASIA Tbk
Auditor
:
Mulyamin
Sensi Suryanto & Lianny (a member of Moore Stephens)
Litigation
:
No
litigation record in our database
Annual
Sales :
2009
– Rp. 14,201 billion
2010
– Rp. 20,265 billion
2011
– Rp. 31,676 billion
2012
– Rp. 27,526 billion
2013
– Rp. 11,183 billion (as of 30 June 2013)
Net
Profit :
2009
– Rp. 748 billion
2010
– Rp. 1,261 billion
2011
– Rp. 1,786 billion
2012
– Rp. 2,152 billion
2013
– Rp. 575 billion (as of 30 June 2013)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jo Daud Dharsono
Vice President Directors - a. Mr. Budi Wijana
b. Mr. Edy Saputra Suradja
Directors -
a. Mr. Ir. Lukmono Sutarto
b. DR. Ing. Gianto Widjaja
c. Mr. Jimmy Pramono
Board of Commissioners :
President Commissioner - Mr. Franky Oesman Widjaja
Vice President Commissioners - a. Mr. Muktar Widjaja
b. Mr. Simon Lim
Commissioners - a. Mr. Rachmad Gobel
b. Mr. Rafael Buhay Conception, Jr.
c. Prof. DR. Teddy Pawira
d. Prof. DR. Susiyati B. Hirawan
e. Drs. Endro Agung Partoyo
f.
Prof. Hikmahanto Juwana, SH.
Signatories :
President
Director (Mr. Jo Daud Dharsono) or one of the Vice PresidentDirectors (Mr. Budi
Wijana or Mr. Edy Saputra Suradja) and or one of the directors (Mr. Ir. Lukmono
Sutarto, DR. Ing. Gianto Wijaja or Mr. Jimmy Pramono) which must be approved by
Board of Commissioners (Mr. Franky Oesman Widjaja, Mr. Muktar Widjaja and
Mr.Simon Lim)
Management Capability :
Good
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
The
company originally named P.T. Maskapai Perkebunan SUMCAMA PADANG HALABAN set-up
in June 1962 with an authorized capital of Rp. 17,647,000.- wholly issued and
paid-up. Founders and original shareholders are N.V. SUMATRA CAOUTCHOUC
MAATSCHAPPY of Belgium, Mr. Raden Soewarso Tirtowiogjo and Mr. Raden Hidajat
Soerijanatamihardja, they are indigenous businessmen. In 1985, its whole
shareholders pulled out and replaced by P.T. SADANG MAS (a private company). In
September 1991, it renamed to P.T. SINAR MAS AGRO RESOURCES AND TECHNOLOGY
CORPORATION abbreviated P.T. SMART CORPORATION. In October 1992, parts of its
shares were released to the public through the Jakarta Stock Exchange (BEJ). In
August 1997 quoted the authorized capital was raised to Rp 1,000,000,000,000.-,
issued and paid up capital to Rp 252,000,000,000.- and by the same time the
word Tbk. (Terbuka) was added behind the name to comply with new law on public
listed company so that the company named P.T. SMART CORPORATION Tbk. In May
2000 the issued capital was raised to Rp 297,360,000,000.- entirely paid up.
In May 1999 the company was renamed P.T.
SMART Tbk., and in May 2008 the issued capital was raised to Rp.
574,439,000,000.- and fully paid up. As
of 31 December 2012, the shareholders of the company are P.T. PURIMAS SASMITA is a private
company (97.20%) and Publics (2.80%).
P.T. PURIMAS SASMITA is a member of the SINAR MAS Group, a major
business group in the country of which is headed by the Widjaja family.
P.T.
SMART Tbk started with operation in 1962 in integrated palm-based plantation.
P.T. SCT started with operation in 1962 in integrated oil palm plantation. The
plantation and its CPO processing factory were taken over from its ex foreign
partner N.V. SUMATRA CAOUTCHOUC MAATSCHAPPIJ of Belgium. Later in 1991, P.T.
SMART Tbk took over all of its sister company P.T. MULYOREDJO INDUSTRIAL
COMPANY's assets and activity in
refining and manufacturing of cooking oil, margarine and edible oils located in
Surabaya, East Java.
In
1992, P.T. SMART Tbk has also taken over all of P.T. KUNCI MAS WIJAYA's assets
and business activity which is dealing with cooking oil refinery in Jakarta.
The company manages a crude palm oil (CPO) and palm kernel oil (PKO) processing
plant located in Labuhan Batu North Sumatra, 1 unit processing plant in Belawan
(North Sumatra), 1 processing plants in Jakarta and 2 others in Surabaya, East
Java. The above all plants produce cooking oil and edible fat like margarine,
stearine and olein. The company owns and manages plantations, mills and
refineries which manufacture branded and unbranded cooking oil, banded
margarine and shortening. P.T. SMART Tbk products are divided into three
categories retail, Industrial and Bulk. Retail products are designed for
household consumption. Industrial products are aimed at supplying noodle
factories, confection factories, bakeries, fast food chains, hotels, hospitals,
restaurants and so forth. The later category fetches the premium gross margin as
customer requirements are tailor-made to specifications. The branded products
cater not only for local but also for international consumption. Finally, Bulk
products are unbranded and unpacked goods targeted for mass consumption. P.T.
SMART Tbk's cooking products are wholly distributed under FILMA and KUNCI MAS
brands, while its margarine products are marketed under PALMBOOM, PUSAKA,
PALMVITA, MAESTRO, MENARA EIFEL, RED ROSE, SUNFRY, DELICIO, DELICOA and MITRA
brands. Most of the company’s products is distributed locally and distributed
by its sister company P.T. INTERMAS TATA TRADING.
Beside
the above activities P.T. SMART Tbk is also as an investment holding of some
companies in the SINAR MAS Group as listed in the table below:
|
Subsidiary Company (Direct Ownership) |
Line of Business and Status of Operations |
PT. SMART’s Shares (%) |
Domicile |
T. Asset as of 31 Dec. 2012 (Rp) |
|
PT. Krena Duta Agroindo |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
1,221,377 |
|
PT. Maskapai Perkebunan Leidong West Indonesia |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
182,626 |
|
PT. Berau Sarana Jaya |
Cultivation of Oil Plantation |
100 |
Samarinda |
663 |
|
PT. Perusahaan Perkebunan Panigoran |
Cultivation of Oil Plantation |
100 |
Jakarta |
7,666 |
|
PT. Sangatta Andalan Utama |
Cultivation of Oil Plantation |
100 |
Samarinda |
-- |
|
PT. Satya Kisma Usaha |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
419,554 |
|
PT Rama Flora Sejahtera |
Cultivation of Oil Plantation |
100 |
Pekanbaru |
27 |
|
PT. Tapian Nadengan |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
3,645,432 |
|
PT. Alam Sumber Rahmat |
Cultivation of Oil Plantation |
90 |
Batam |
298 |
|
PT. Pelangi Sungai Siak |
Cultivation of Oil Plantation |
85 |
Jakarta |
460 |
|
PT. Pratama Ronaperintis |
Investment Holding |
70 |
Jakarta |
686 |
|
PT. Langgeng Subur |
Cultivation of Ornamental Plants |
100 |
Jakarta |
1,341 |
|
PT. Nabati Energi Mas |
Organic Chemical Industry |
100 |
Jakarta |
186 |
|
PT. Propetindo Prima |
Transportation Company |
100 |
Kota Baru |
196,127 |
|
PT. Soci Mas |
Oleo Chemical Industries |
99 |
Mdan |
744,981 |
Source: PT. SMART
Tbk
As
of 30 June 2013, the Company’s palm plantation hectarage stood at 138,612
hectares, comprising of 134,102 hectares mature and 4,510 hectares immature
estates. Nucleus and plasma estate
amounted to 107,973 and 30,639 hectares, respectively. For the first six months of 2013, the
Company produced 1,402,314 tons of FFB, slightly higher than that of the same
period last year. However, CPO and PK
production were down by approximately 1% to 345,887 tons and 80,190 tons, respectively
mostly due to lower FFB purchased from third parties. Oil extraction rate experienced a slight
decline to 22.88%, while kernel extraction rate maintained at 5.30%.
|
Description |
YTD June 2012 |
YTD June 2013 |
Growth |
|
FFB produced – tons |
1,399,340 |
1,402,314 |
0.2% |
|
CPO produced – tons |
349,901 |
345,887 |
-1.1% |
|
PK produced – tons |
80,951 |
80,190 |
-0.9% |
|
Oil extraction rate - % |
22.91 |
22.88 |
-0.03% |
|
Kernel extraction rate - % |
5.30 |
5.30 |
-- |
Source: PT. SMART
Tbk.
Generally,
local demand for palm oil (CPO), palm kernel oil (PKO) and other estate crops
products had kept on increasing by 5% to 6% per annum in the last five
years. Meanwhile, the competition is
very tight on account of many similar companies operating in the country. Pursuant to Central Bureau of Statistics
(BPS), the production of large estate crops such as; dry rubber, palm oil, palm
kernel, cocoa, coffee, tea cane sugar and tobacco have been fluctuating in the
last five years. The estate crops
activities in Indonesia is seen from the growth production of estate crops as
below.
(in 000 tons)
|
Year |
Dry Rubber |
Palm Oil |
Palm Kernel |
Cocoa |
Coffee |
Tea |
Cane Sugar |
Tobacco |
|
2005 |
432.2 |
10,119.0 |
2,155.9 |
55.1 |
24.8 |
128.2 |
2,241.7 |
4.0 |
|
2006 |
554.6 |
10,961.8 |
2,363.1 |
67.2 |
28.9 |
115.4 |
2,307.0 |
4.2 |
|
2007 |
578.5 |
11,438.0 |
2,593.2 |
68.6 |
24.1 |
116.5 |
2,623.8 |
3.1 |
|
2008 |
594.6 |
12,477.8 |
2,829.2 |
62.9 |
28.1 |
112.8 |
2,668.4 |
2.6 |
|
2009 |
522.3 |
13,872.3 |
3,145.5 |
67.6 |
28.7 |
107.3 |
2,333.9 |
4.1 |
|
2010 |
585.4 |
14,290.1 |
3,240.1 |
70.9 |
28.7 |
108.9 |
2,278.1 |
4.0 |
|
2011 |
531.9 |
16,908.7 |
3,994.6 |
44.8 |
23.7 |
137.2 |
1,348.3 |
2.9 |
|
2012* |
160.8 |
4,390.1 |
1,148.5 |
12.2 |
0.4 |
20.0 |
8.5 |
0.9 |
Source: Central
Bureau of Statistics (BPS) *) January
to March 2012
According
to financial statement that sales turnover of P.T. SMART Tbk in 2010 amounted
at Rp. 20,265 billion with a net profit of Rp. 1,261 billion increased to Rp.
31,676 billion with a net profit of Rp. 1,786 billion in 2011 and declined to
Rp. 27,562 billion with a net profit of Rp. 2,152 billion in 2012. Up to present, we have yet to gain the
statement of income of P.T. SMART Tbk., in fiscal 2012. However, we estimated that as per 30 June
2013, its sales turnover was Rp. 11,183 billion with a net profit of Rp. 575
billion. We observe that P.T. SMART Tbk
is supported by the SINAR MAS Group, a largest sized business group in the
country. 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 company usually
pays its debts punctually to suppliers. The financial highlight of the company
as of 31 December 2009, 2010, 2011 and 2012 (expressed in billion IDR) are
below:
|
DESCRIPTION |
2012 |
2011 |
2010 |
2009 |
|
STATEMENTS OF INCOME (Rp billion) |
|
|
|
|
|
Net Sales |
27,562 |
31,676 |
20,265 |
14,201 |
|
Gross Profit |
6,525 |
7,522 |
3,137 |
1,717 |
|
Earnings before interest, taxes, and depreciation |
3,651 |
2,963 |
2,151 |
1,468 |
|
Net Profit |
2,152 |
1,786 |
1,261 |
748 |
|
BALANCE SHEETS (Rp billion) |
|
|
|
|
|
Total assets |
16,247 |
14,722 |
12,476 |
10,211 |
|
Total liabilities |
7,308 |
7,386 |
6,500 |
5,260 |
|
Equity attributable to owners of the
Company |
8,934 |
7,331 |
5,830 |
4,796 |
Source: PT. SMART Tbk
The
management is led by Mr. Jo Daud Dharsono (57), he was appointed as the
president director of the Company on 15 May 2008. He graduated rom the Economic Faculty of
Trisakti University Jakarta, majoring in Accounting, in 1984. In daily activities he is assisted by two
vice president directors namely Mr. Budi Wijana (55) and Mr. Edy Saputra
Suradja (53), and three directors namely Mr. Ir. Lukmono Sutarto (60), DR. Ing.
Gianto Widjaja (62) and Mr. Jimmy Pramono (60).
But, we believe that the prime mover of the company is Dr. Eka Tjipta
Widjaja AKA Oei Ek Tjhong (88) who is also prime mover of the SINAR MAS Group
and his sons namely Mr. Franky Oesman
Widjaja (55), and Mr. Muktar Widjaja (59). The management is well-experienced
and run by professional manager in oil palm plantation and processing and
cooking oil trading and other edible oil distribution. They have wide relations
with home and overseas private businessmen as well as with high-ranking
government officials. So far, we did not
hear that the management of the company having been filed to the court for
detrimental cases or involved in business malpractices.
We
appraise P.T. SMART Tbk to be quite good for business transactions. But in view
of the country's unstable economic condition, we recommend to treat prudently
in extending a new loan to the company.
Attachment :
List
of the SINAR MAS Group Members
1. ABHIPRAYA INSAN PERKASA, P.T. (Sugar Refinery)
2. ABSINARMAS
MULTIFINANCE, P.T. (Financing Services)
3. AGROCARB
INDONESIA, P.T. (Pesticide Formulation)
4. ALAM
INDAH INDO MAKMUR, P.T. (Trading and Mixed Fertilizer Processing)
5. ALPHA
TANJUNG TANGKI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
6. ANEKA
SARAKINDO, P.T. (Investment Holding)
7. ARARA
ABADI, P.T. (Forestry and Peat Mining)
8. ARGO
INTIM RESPATI, P.T. (Oil Palm Plantation and Palm Oil Processing)
9. ARGO
PANCA MODERN, P.T. (Oil Palm Plantation and Palm Oil Processing
10. ARGOPURO,
P.T. (Land Transportation)
11. ARTA
CUPU KENCANA MONEY CHANGER, P.T. (Money Changer)
12. ASIA
PULP & PAPER CO., LTD. (Investment Holding)
13. ASIA
TRADE LOGISTICS (International Freight Forwarder)
14. ASIAN
DEVELOPMENT SECURITIES, P.T. (Brokerage and Underwriter Activities)
15. ASIANINDO
UNITRADA, P.T. (Softdrink Industry)
16. ASPIRASI
LUHUR, P.T. (Investment Holding)
17. BERSAMA
SEJAHTERA SAKTI, P.T. (Oil Palm Plantation and Palm Oil Processing)
18. BHAKTI
BERSAMA MAKMUR, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil
Management)
19. BHAKTI
BERSAMA SEJAHTERA, P.T. (Soybean Flour Milling and Soybean Based Cooking Oil
Refinery)
20. BII
COMMONDEALTH Bank, P.T. (Banking)
21. BII
FINANCE CENTER, P.T. (Multi Financing Services)
22. BII
LEND LEASE INVESTMENT SERVICES, P.T. (Financing and Securities Services)
23. BII
FINANCE (Hong Kong) Co., Ltd. (Merchant Banking, Centre Management)
24. BINA
SINAR AMITY, P.T. (Warehouse Container Management and Freight Forwarder)
25. BINA
SINAR UTAMA, P.T. (Container Transportation and Document Handling Services)
26. BONO
CORPORATION INTERNATIONAL LTD. Hong Kong (Property Management)
27. BORNEO
PULP & PAPER SDN. BHD., Malaysia (Pulp and Paper Manufacturing and
Industrial Forestation)
28. BUANA
EKA GANDA, P.T. (Industrial Estate Management)
29. BUANA
WIRALESTARI, P.T. (Oil Palm Plantation and Palm Oil Refinery)
30. BUMIMAS
MEGAHPRIMA, P.T. (Shopping Centre and Apartments Development and Management)
31. BUMI
PERMAI LESTARI, P.T. (Oil Palm Plantation and Palm Oil Processing)
32. BUMI
SAWIT PERMAI, P.T. (Oilpalm Plantation and Palm Oil Refinery)
33. BUMI
SERPONG DAMAI, P.T. (Real Estate Development)
34. BUMI
SHANGRIL LA JAYA, P.T. (Real Estate Development)
35. CAHAYA ANEKA KIMIA PERKASA, P.T. (Trading)
36. CAHAYA
INTI PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Palletizing)
37. CAHAYA
LESTARI SANTOSA, P.T. (Housing Development)
38. CAHAYA
MAS JAYA, P.T. (Real Estate Development)
39. CAHAYA
MAS, P.T. (Trading)
40. CENDRAGO
UTAMA, P.T. (Oil Palm Plantation and Palm Oil Processing)
41. CHINA
STRATEBIC INVESTMENT CORPORATION (Investment Holding)
42. CHIP
LIAN (Pte) Ltd. Singapore (Trading and Investment Holding)
43. CHIP
LIAN INVESTMENT (the USA) Inc., Property Management and Investment)
44. CISCO
MAS SECURITAMA, P.T. (Commodities Transportation Security)
45. CITRA
PERMATA SAKTI PERSADA, P.T. (Real Estate Development and Driving License Services)
46. CITRA
SIMAS ARTHA, P.T. (Management Information System Services)
47. COLVEX
JAYA, P.T. (Palm Oil Plantation and Processing Plant)
48. CREDIT
LYONNAIS INDONESIA, P.T. Bank (Banking)
49. CULINDO,
P.T. (Pig Farming)
50. DADI
CORPORATION N.V. (Trading)
51. DAIRYVILLE,
P.T. (Ice Cream Manufacturing)
52. DAYANETWORK
LESTARI, P.T. (Financing Services)
53. DAYA
SINAR MAS, P.T. (Woodworking)
54. DHAI
SIN, (Pte) Co., Ltd. Singapore (Trading)
55. DIAN
TARUNAGUNA, P.T. (Trading and Distribution of Cosmetic Products)
56. DJAKARTA
1945, P.T. Maskapai Asuransi (Sea and Fire Insurance)
57. DJUANDASAWIT
LESTARI, P.T. (Integrated Palm oil Refinery)
58. DUTA
DHARMA BHAKTI, P.T. (Low Cost Housing Development)
59. DUTA
PERTIWI Tbk., P.T. (Properties Development and Management; Investment Holding)
60. DWIMAS
INTIWISESA, P.T. (Financing Services)
61. EKA
LIFE, P.T. Asuransi Jiwa (Life Insurance Service)
62. EKAMAS
FORTUNA, P.T. (Corrugated Medium Paper Making Manufacturing)
63. EKO
RAYON, P.T. (Viscose Rayon, Staple Fibre and Pulp Rayon Manufacturing)
64. ELANG
PERMATA, P.T. (General Contracting and Telecommunication Development)
65. ERIHATU,
P.T. (Logging)
66. ESA SINAR PERKASA, P.T. (Trading)
67. EXCOMM
REMAJA, P.T. (Trading and Investment Holding)
68. FERRO
MAS DINAMIKA, P.T. (Ceramic and Enamel Frits Industry)
69. FINDECO
JAYA, P.T. (Alkyl Benzene Sulfonate Processing)
70. FILMA,
P.T. (Coconut Oil Based Cooking Oil Refinery)
71. FORESTALESTARI
DWIKARYA, P.T. (Integrated Palm Oil Refinery)
72. FUJI
INTERNATIONAL INDONESIA, P.T. Bank (Banking)
73. GAJAH
PERDANA INDAH, P.T. (Housing Development)
74. GELORA
MUDA PERKASA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal Processing)
75. GEMA
KREASI, P.T. (Real Estate Management)
76. GLOBAL AGRONUSA INDONESIA, P.T. (Banana Plantation)
77. GOLDEN
AMCOL Pte. Ltd. (Manufacturing of Electronics, Electrical Household Appliances,
Electrical Equipment, Lighting Equipment, Property Development and Investment
Holding)
78. GRAHAMAS
INDOJAYA, P.T. (Transportation)
79. GREEN
WINDHU LINES, P.T. (Special Shipping)
80. GRIYAMAS
ADIPRATAMA, P.T. (Real Estate and Developer)
81. GUNUNG
MAS RAYA, P.T. (Rubber and Oil Palm Plantation)
82. HADEKA
FEEDMILL, P.T. (Animal Feed Milling)
83. HARAPAN
ANANG BAKRI & SON'S, P.T. (Industrial Estate Development and Management)
84. HARMONI
MAS, P.T. (Housing Development)
85. HARMONI
SEJAHTERA, P.T. (Housing Development)
86. HASTA
BUANA MANDIRI, P.T. (Trading)
87. HASTA
DHARMA KARYA, P.T. (General Contracting and Trading)
88. HENKEL
INDONESIA, P.T. (Industrial Chemical Processing)
89. HERCULES
MAS INDONESIA, P.T. (Industrial Chemical Processing)
90. HIAP
CHUN TIMBER (Pte) Ltd. (Trading)
91. HONGKONG
UNION BANK CO., LTD. (Banking)
92. HONGZHOU
ZHONGCE RUBBER CO., LTD. (Manufacturing of Motorcar Tubes and Tyres and Rubber
Components)
93. HORIGUCHI
ENGINEERING INDONESIA, P.T. (Machinery and Heavy Equipment Maintaining
Services)
94. IBI
FAR EAST (Hong Kong) Co., Ltd. (Property and Securities)
95. INDAH
KIAT PULP & PAPER Tbk., P.T. (Integrated Paper Making and Pulp Processing)
96. INDOJAYA
MARKONRAD, P.T. (Trading)
97. INDRI
PLANT, P.T. (Oil Palm Plantation)
98. INDOMILK, P.T. (Milk Processing)
99. INTERCIPTA KIMIA PRATAMA, P.T. (Paper Chemicals
Processing)
100. INTERMAS
TATA TRADING, P.T. (Distribution of Cooking Oils)
101. INTERNATIONAL
INDONESIA, P.T. Bank (Banking)
102. INTERNATIONAL
MONEY CHANGER, C.V. (Money Changer)
103. INTERNATIONAL
NINGBO Bank (China), (Banking)
104. INTI
GERAKMAJU, P.T. (Oil Palm and Coconut Plantation)
105. INTITAMA
MAS, P.T. (Cold Rolled Stainless Steel Coils/Sheets Manufacturing)
106. ISTANA
MUTIARA MAS, P.T. (Liquid Tanker Shipping)
107. IVOMAS
TRADING, P.T. (Trading and Suppliers)
108. IVO
MAS TUNGGAL, P.T. (Palm Oil Based Cooking Oil Refinery and Oil Palm Plantation)
109. JAKARTA SINAR INTERTRADE, P.T. (Properties Management
Services)
110. JAGOTAMA
INDAH RATTAN INDUSTRIES, P.T. (Rattan Furniture Manufacturing)
111. JATI
CAHAYA CEMERLANG PLYWOOD, P.T. (Integrated Woodbased Industry)
112. JATI
DHARMA INDAH PLYWOOD INDUSTRIES, P.T. (Integrated Woodbased Industry)
113. JATI
MALUKU TIMBER, P.T. (Logging, Sawmilling and Shipping)
114. JATI
MULIA SEMESTA, P.T. (Plywood Industry)
115. JU
LIE (Pte) Co. Ltd. Singapore (Trading)
116. KALI
BESAR RAYA UTAMA, P.T. (Insurance Brokerage Services)
117. KARTIKA
INTI PERKASA, P.T. (Palm Plantation)
118. KARYA
DUNIA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
119. KARAWANG
TATABINA INDUSTRIAL ESTATE, P.T. (Industrial Estate Management and Development)
120. KELAPA
MURNI, P.T. (Coconut Oil Refinery)
121. KEMAKMURAN
TANITERNA INDONESIA, P.T. (Integrated Poultry Farming)
122. KERTAS
INDAH, P.T. (Trading)
123. KOPO
PERMAI, P.T. (Housing Development)
124. KRAWANG
BUKIT GOLF, P.T. (Golf Course and Real Estate Management)
125. KRESNA
DUTA AGROINDO, P.T. (Oil Palm Plantation and Refinery)
126. LEIDONG
KREASITAMA, P.T. Maskapai Perkebunan (Oilpalm Plantation and Palm Oil Refinery)
127. LAHAN TANI SAKTI, P.T. (Oil Palm Plantation)
128. LANGGENG
KREASITAMA, P.T. (Adhesive Glue Manufacturing)
129. LLOYD
INDONESIA, P.T. (Sea and Fire Insurance)
130. LONTAR
PAPYRUS PULP & PAPER INDUSTRY, P.T. (Pulp and Paper Industry, Industrial
Chemical Processing)
131. MAKINDO
PERKASA, P.T. (Industrial Power Engine Agent and Distribution)
132. MALIGI
PERMATA INDUSTRIAL ESTATE, P.T. (Industrial Park Development and Management)
133. MAKTO
JAYA, P.T. (Trading)
134. MARGA
TULUS ENTERPRISE LTD., P.T. (Leasing)
135. MARISON
NUSANTARA AGENCY, P.T. (Investment Holding)
136. MASKAPAI
PERKEBUNAN LEIDONG WEST INDONESIA, P.T. (Oil Palm Plantation)
137. MEDISON
SECURITIES LTD. Hong Kong (Property and
Security)
138. MEGAH
UTAMA MOTOR, P.T. (Car Distribution)
139. MENARA
MAJU, P.T. (Trading and Distributor)
140. MITRA
ADIGUNA SENTOSA, P.T. (Printing & Corrugated Packaging Manufacturing)
141. MITRABANGUN
ADIGRAHA, P.T. (Contracting Services)
142. MITRA
NUGRAHA, P.T. (Plastic Container Manufacturing)
143. MULTIMAS
DINAMIKA, P.T. (Ceramic Goods Manufacturing)
144. MURINI
TIMBER, P.T. (Woodbased Industry)
145. MUSTIKA
ARTA MAS, P.T. (Investment Holding)
146. MUTIGUNA
PERKASA INDONUSA, P.T. (Trading)
147. NALA
VINI EKA BEVERAGES, P.T. (Carbonated Softdrink Industry)
148. NILAM
TERANG OFFSET PRINTING, P.T. (Graphic Printing and Fire Packaging)
149. NINGBO
INTERNATIONAL BANK LTD. (Banking)
150. NINGBO
PULP AND PAPER CO., LTD. (Pulp and Paper Manufacturing, Corrugated Carton Box
Making and Packaging)
151. NUMBING
JAYA, P.T. (Oil Palm Plantation)
152. NUSA
PIRANTI RIANA, P.T. (Industrial Chemical Manufacturing and Trading)
153. ONWARD
PAPER CORPORATION, P.T. (Sanitary Napkin and Tissue Paper Manufacturing)
154. ORIENTAL
INDAH BALI HOTEL, P.T. (Hotelry)
155. OTO
MULTIARTHA, P.T. (Consumer Finance Services)
156. PAKUAN
REAL ESTATE, P.T. (Real Estate Development)
157. PALMINDO
RAYA, P.T. (Oil Palm Plantation and Palm Oil Processing)
158. PANGERAN
PLAZA UTAMA, P.T. (Real Estate Development)
159. PARAGA
ARTAMIDA, P.T. (Investment Holding)
160. PERBAWA
DUTA PERSADA, P.T. (Trading)
161. PERWITA
MARGASAKTI, P.T. (Real Estate Development)
162. PETRO
CENTRAL, P.T. (Industrial Chemical Processing)
163. PILINTI
PERKASA ALAM, P.T. (Oil Palm Plantation and Palm Oil Refinery)
164. PINDO
DELI, P.T. (Paper Making)
165. PLAZA
INDONESIA REALTY, P.T. (Hotel, Shopping Centre and Recreation Centre
Management)
166. PONDOK
CANDRA INDAH, P.T. (Housing Development)
167. PONDOK
NIRWANA, P.T. (Housing Development)
168. PRIMA
VIJAYA INDAH TOUR, P.T. (Tour and Travel Agency)
169. PRODUKSI
INDONESIA, P.T. (Marketing Promotion Services)
170. PULO
GEBANG INDAH, P.T. (Housing Development)
171. PURINUSA
EKAPERSADA, P.T. (Carton Packaging Manufacturing and Investment Holding)
172. PURIMAS SASMITA, P.T (Banana Porridge Processing)
173. PURNAMALA
INTERNATIONAL INDONESIA, P.T. Asuransi Jiwa (Life Insurance)
174. PUSAKA
MAKMUR ABADI, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
175. PUTRAMAS
PRIMA PERKASA, P.T. (Investment Holding)
176. RAMAJA
PRAMUKTI, P.T. (Oil Palm Plantation and Processing)
177. REKSA
ARTHA MUSTIKA, P.T. (Integrated Poultry Farming and Food Crop Plantation)
178. RIMBA TUNGGAL PERKASA, P.T. (Cocoa Plantation)
179. RIVERA
HOLDINGS (Hong Kong) Ltd., (Property Management and Investment Holding)
180. ROLIMEX
CORPORATION, P.T. (General Trading)
181. ROYAL
ORIENTAL LTD., P.T. (Office Block Owner and Rental Management)
182. SADANG
MAS, P.T. (Investment Holding)
183. SARANAPAPAN
EKASEJATI, P.T. (Real Estate Development)
184. SARPINDO
SOYABEAN, P.T. (Soybean Flour Milling and Plantation)
185. SATRIA
PERKASA AGUNG, P.T. (Investment Holding)
186. SATYA
KISMA UTAMA, P.T. (Oil Palm Plantation)
187. SAWIT
MALINDA, P.T. (Palm Oil Refinery and Oil Palm Plantation)
188. SAWIT
MAS SEJAHTERA, P.T. (Oil Palm Plantation and Processing, Investment Holding)
189. SAYANG
HEULANG, P.T. (Palm Oil Based Cooking Oil Refinery)
190. SEMBADA
KRIYA PRIMA, P.T. (Trading)
191. SERIKAT
PUTRA, P.T. (Oil Palm Plantation)
192. SIANTAN
SHIPPING, P.T. (Interinsulair Shopping)
193. SIANTAN
WINDHU, P.T., (Freight Forwarding)
194. SINAR
BUMI INDAH LESTARI, P.T. (Investment Holding)
195. SINAR CULINDO PERKASA, P.T. (Pig Farming)
196. SINAR
DAYA MARINA, P.T. (Investment Holding & Fishing)
197. SINAR
DUNIA MAKMUR, P.T. (Industrial Paper Manufacturing)
198. SINAR
DUNIA THIRTA KIMIA, P.T. (Industrial Chemical Processing)
199. SINAR
KENCANA INTI PERKASA, P.T. (Oil Palm Plantation and Processing)
200. SINAR
KILAT BUANA, P.T. (Investment Holding)
201. SINAR
LUCKY PLASTICS INDUSTRY, P.T. (Pipes and Plastic Hoses Industry)
202. SINAR
MAS, P.T. (Investment Holding)
203. SINAR
MAS AGRO RESOURCES AND TECHNOLOGY CORPORATION (SMART CORPORATION), P.T. (Oil
Palm Plantation and Palm Oil Refinery)
204. SINAR
MAS CIPTA, P.T. Asuransi Kerugian (Sea and Fire Insurance)
205. SINAR MAS EKA GRAHA, P.T. (Security)
206. SINAR
MAS GRIYA, P.T. (Housing Development and Investment Holding)
207. SINAR
MAS MULTIARTHA, P.T. (Financing, Treasury Management & Investment Holding)
208. SINARMAS
MULTIFINANCE, P.T. (Financing)
209. SINAR
MAS TELADAN, P.T. (Palm Oil Based Cooking Oil Refinery and Real Estate
Development)
210. SINAR
MAS TUNGGAL, P.T. (Investment Holding and Trading)
211. SINAR
MAS WISESA, P.T. (Real Estate Development and Management)
212. SINAR
MEADOW INTERNATIONAL INDONESIA, P.T. (Fat and Food Products Processing)
213. SINAR
OBOR MAS, P.T. (Coconut Oil Based Cooking Oil Refinery)
214. SINAR
OLEOCHEMICAL INTERNATIONAL, P.T. (Fatty Acid and Glycerin Manufacturing)
215. SINAR
PUREFOODS INTERNATIONAL, P.T. (Marine Product Processing and Canning)
216. SINAR
SYNO KIMIA, P.T. (Industrial Chemical Manufacturing)
217. SINARSURYA
LAND, P.T. (Luxury Apartment Development and Management)
218. SINARTAMA
GUNITA, P.T. (Commodity Future Trading Services)
219. SINARWIJAYA
EKAPRATISTA, P.T. (Real Estate and Property Management)
220. SINAR WISATA LESTARI, P.T. (Hotelry)
221. SINDOPEX
FEROTAMA, P.T. (Hydrogen Peroxides Manufacturing)
222. SINGGA
RIMBA MAKMUR, P.T. Perusahaan Bongkar Muat (Stevedoring Services)
223. SMART
Tbk. P.T. (Integrated Palm Oil Refinery and Investment Holding)
224. SMARTINDO
BLUEBIRD SNACKS, P.T. (Snack Foods Industry)
225. SPININDO
MITRADAYA, P.T. (Industrial Estate Development and Management, Investment
Holding)
226. SUKMA
SUCI KENCANA MONEY CHANGER, P.T. (Money Changer)
227. SUMBER
INDAHPERKASA, P.T. (Integrated Oil Palm Plantation)
228. SUMMIT
SINARMAS FINANCE, P.T. (Financial Institution)
229. SUPRA
VERITAS, P.T. (Investment Holding and Trading)
230. SURYA
MITRA SEJATI, P.T. (White Carbon & Water Glass Industry and Investment
Holding)
231. SURYA
SUKMA MAS MONEY CHANGER, P.T. (Money Changer)
232. SUPER
KAOLINDO PERDANA, P.T. (Kaolin Mining and Processing)
233. SWADAYA
BHAKTI NEGARA, P.T. (Palm Kernel Oil Extraction and Palm Kernel Meal
Processing)
234. TAI
SANG LAND DEVELOPMENT CO., LTD., Hong Kong (Property and Real Estate
Development)
235. TAN ENG (Pte) Ltd., (Trading)
236. TAPIAN
NADENGGAN, P.T. (Palm Oil Refinery and Oil Palm Plantation)
237. THE
UNIVENUS COMPANY, P.T. (Manufacturing of Tissue Paper, Toilet Paper and
Sanitary Napkins and Napkin Paper)
238. TIMUR
AGRO KARYA, P.T. (Oil Palm Plantation and Palm Oil Processing)
239. TJIWI
KIMIA Tbk., P.T. Pabrik Kertas (Cultural and Industrial Paper Manufacturing)
240. TOMSON
PACIFIC (Hong Kong) Ltd., (Property Management)
241. TUNGGAL
MITRA PLANTATION, P.T. (Oil Palm Plantation)
242. TUNGGAL
PERKA CORPORATION, P.T. (Industrial Chemical Processing)
243. UNGGUL
INDAH CORPORATION, P.T. (Industrial Chemical Processing)
244. UNI-CHARM
INDONESIA, P.T. (Sanitary Napkin Industry)
245. UNITED
WARU BISCUIT MANUFACTORY, P.T. (Biscuit and Dry Cookies Processing)
246. USAHA
MANGGAR, P.T. (Coconut Oil Based Cooking Oil Refinery)
247. VIVA
KARYAWISATA, P.T. (Hotelry Restaurant and Recreation Centre Management)
248. WANA KRIDA UTAMA, P.T. (Logging)
249. WASTUNIDYA
UTAMA, P.T. (Soybean Flour Milling and Soybean Based Cooking Refinery)
250. WENANG
PERMAI, P.T. (General Contracting and Housing Development)
251. WENANG
SAKTI, P.T. (Wood Working)
252. WESTERN
OCEANIC BANK (Banking)
253. WIDJAJA
PERMAI, P.T. (Real Estate Development and Management)
254. WIDJAJA
PRATAMA RAYA, P.T. (Real Estate Development and Management)
255. WIRAKARYA
SAKTI, P.T. (Wood Working)
256. ZETA
ANEKA KIMIA, P.T. (Sole Agent and Distributor)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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.