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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. SINAR INDOCHEM |
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Registered Office : |
Jl. Raya By Pass Krian – Mojokerto Km. 32, Kec. Balongbendo, Kab. Sidoarjo, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20.02.2006 |
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Com. Reg. No.: |
No. AHU-64846.AH.01.02.Tahun 2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Animal
Feed Milling Industry |
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No. of Employees : |
560 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.2% and 6.5% 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 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. SINAR INDOCHEM
Head Office &
Factory
Jl.
Raya By Pass Krian – Mojokerto Km. 32
Kec.
Balongbendo, Kab. Sidoarjo
East
Java, Indonesia
Phones -
(62-31) 898 2168 (hunting)
Fax - (62-31) 898 2169
Email - feedmill@sinar-indochem.com
Land Area - 4,600 sq.
meters
Building Area - 2,800 sq. meters
Region - Industrial
Zone
Status - Owned
20 February 2006
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C-09403 HT.01.01.TH.2006
Dated 03 April 2006
b. No. AHU-64846.AH.01.02.Tahun 2012
Dated 18 December
2012
National
Private Company
The Department of
Finance
NPWP
No. 02.370.651.8-603.000
a.
P.T. SINAR INDO PACIFIC (Investment Holding)
b.
P.T. SINAR UNIGRAIN INDONESIA (Corn Product Processing Industry)
Capital Structure :
Authorized Capital - Rp. 96,000,000,000.-
Issued Capital - Rp.
24,000,000,000.-
Paid up Capital - Rp.
24,000,000,000.-
Shareholders/Owners :
a.
P.T. SINAR INDO PACIFIC - Rp.
23,999,000,000.- (99.996%)
Address : Jl. Raya Mulyosari PPD-17
Mulyorajo,
Surabaya
East Java,
Indonesia
b.
Mr. Hariadi -
Rp. 1,000,000.- ( 0.004%)
Address : Jl. Untung Suropati No. 2
Surabaya, East
Java
Indonesia
Lines
of Business :
Animal
Feed Milling Industry
Production
Capacity :
Animal Feed - 360,000 tons p.a.
Total
Investment :
a. Equity Capital - Rp. 24.0 billion
b. Loan Capital -
Rp. 30.0 billion
c. Total Investment - Rp. 54.0 billion
Started
Operation :
2011
Brand
Name :
STARFEED
Technical
Assistance :
None
Number
of Employee :
560
persons
Marketing
Area :
Local -
100%
Main Customers :
Animal
Feed Distributors and Poultry Farming
Market
Situation :
Very
Competitive
Main
Competitors :
a. PT. Bintang Jaya Proteina Feedmill
b. PT. Central Pangan Mandiri
c. PT. Citra Ina Feed Mills
d. PT. Gold Coin Indonesia
e. PT. Grobest Indo Makmur
f. PT. Mabar Feed Indonesia
g. Etc.
Business
Trend :
Growing
Banker :
P.T. Bank CENTRAL ASIA Tbk.
Krian Branch
Jl. Kauman No. 25,
Krian,
Sidoarjo
East
Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated):
2011
– Rp. 190.0 billion
2012
– Rp. 560.0 billion
Net
Profit (estimated):
2011
– Rp. 12.0 billion
2012
– Rp. 36.4 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Hariyono Tan
Directors -
a. Mr. Hairyanto
b. Mr. Hariyono
Marketing Manager - Mr. Rudy Dermawan
Board of Commissioners :
President Commissioner - Mr. Hariadi
Commissioner - Mr. Hartono
Signatories :
President
Director (Mr. Hariyono Tan) or one of the Directors (Mr. Hairyanto or Mr.
Hariyono) which must be approved by Board of Commissioners (Mr. Hariadi and Mr.
Hartono)
Management Capability :
Good
Business Morality :
Good
P.T. SINAR INDOCHEM (P.T. SIC) was
established in Sidoarjo based on Notarial Deed No. 4 dated 20 February 2006 of
Ninik Sutjiati, SH., a notary in Surabaya with the authorized capital of Rp.10,000,000,000.-
of which Rp 2,500,000,000.- was issued and fully paid up. The founding shareholders of the company are Mr. Hariyono Tan (16%),
Mr. Hariyanto (17%), Mr. Hariyono (25%), Mr. Hariadi (25%) and Mr. Hartono
(17%). They are Indonesian businessmen
of Chinese extraction. The Articles of
Association has been approved by the Minster of Law and Human Rights through
Decision Letter No. C-09403 HT.01.01.TH.2006 dated 3 April 2006. The
articles of association of the company have been revised, most recently by
notarial Deed No. 4 dated 14 October 2012 of Siti Nurul Yuliami, SH., notary in
Surabaya, the authorized capital was raised to Rp. 96,000,000,000.- of which
Rp. 24,000,000,000.- was issued and fully paid up. Concurrently, the shareholders of the company
are PT. SINAR INDO PACIFIC (99.996%) and Mr. Hariadi (0.004%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-64846.AH.01.02.Tahun 2012 dated 18 December 2012.
P.T. SIC has been operation since mid-2011 dealing with the animal (poultry) feed industry. The company manages a plant located at Jl. Raya By Pass Kian – Mojokerto Km. 32, Balongbendo, Sidoarjo, East Java. According to Mr. Rudy Dermawan (marketing manager of PT. SIC) said that the company has a production capacity of 30,000 tons of animal (poultry) feeds per month. Mr. Dermawan added that P.T. SIC's realized production has now already reached 35% to 40% of its installed capacity and the company's production is entirely marketed in the country under the Starfeed brand through animal feed distributors appointed in Surabaya, Sidoarjo, Malang and several big cities of the East Java. We observed that P.T. SIC is still relatively new company in trading, import and distribution of agricultural products.
In overall views we find the demand for
animal feed such as poultry meal, fish meal, fork meal and feather meals had
been rising by 7% to 8% per year in the last five years, in line with the
growth of animal feed industry and breeding farm in the country. But, as from October 2008, the demand growth
for animal feed products has kept on dwindling as an impact of global economic
crisis as told above. The demand was
increasing in the early 2009 due to economic condition was gradually recovery
in the country. Besides that the competition is very tight due to a large
number of similar companies operating in the country. It’s projected the demand
for animal feed, fish meal, fish oil and feather meals will be rising in the
future at least 5% per annum. P.T. SIC
is classified as a new company of its kind in the country of which the
operation has been growing slowly.
The financial condition of the company is
appraised to be less strong and its financial condition at present is as the
paid up capital of Rp. 24.0 billion as stated in the articles of association of
the company. The financial condition of the company
still depends on the financial condition of its shareholders. The management of P.T. SIC is very reclusive
towards outsiders and rejected to disclose its financial condition. We
observed that total sales turnover of the company as of June to December 2011
amounted to Rp. 190.0 billion increased to Rp. 560.0 billion as of January to
December 2012. The Company’s operation in 2012 yielded an estimated net profit
of at least Rp. 36.4 billion and the company has an estimated total net worth
of Rp. 60.0 billion. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia).
The management of P.T. SIC is led by Mr. Hariyono Tan (40) a young businessman with 3 years experience in animal (poultry) feed industry. In daily activities he is assisted by his younger brothers namely Mr. Hairyanto (35) and Mr. Hariyono (32). Beside, they are also assisted by a number of expert staffs in the above business. The Company’s management has 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.
Since this company (PT. SINAR INDOCHEM) just about
two years in operation commercially, so we recommend caution when going to
provide fresh loans to them. Or it should obtain
sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
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UK Pound |
1 |
Rs.89.71 |
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Euro |
1 |
Rs.76.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.