|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SARI KRESNA KIMIA |
|
|
|
|
Registered Office : |
Jalan
Biak 1 / B1, Kelurahan Cideng, Kecamatan Gambir, Jakarta Pusat, 10150 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
01.12.2006 |
|
|
|
|
Com. Reg. No.: |
No. AHU-45893.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Agrochemical
and Fertilizer Formulation |
|
|
|
|
No. of Employees : |
31 |
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 : |
Usually correct |
|
|
|
|
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 (31.03.2012) |
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 |
Name
of Company :
P.T.
SARI KRESNA KIMIA
A
d d r e s s :
Head Office
Jalan
Biak 1 / B1
Kelurahan
Cideng, Kecamatan Gambir
Jakarta
Pusat, 10150
Indonesia
Phones -
(62-21) 633 6338 (Hunting)
Fax - (62-21) 632 6586
E-mail - ptkresna@bit.net.id
Building Area - 1 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan
Kosambi Curug No. 87
Teluk
Jambe, Klari
Karawang,
41371
West
Java
Indonesia
Phones -
(62-267) 432661, 432662
Fax - (62-267) 432663
Land Area - 2,500 sq.
meters
Office Space - 1,800 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation :
1
December 2006
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. W7-09615.HT.01.01.TH.2007
Dated 31 August 2007
- No. AHU-45893.AH.01.02.TH.2008
Dated 29 July 2008
Company
Status :
National
Private Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.357.536.0-028.000
Related
Company :
P.T.
KRESNA BUMITAMA SEJATI (Fertilizer Formulation)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued
Capital :
Rp. 600,000,000.-
Paid
up Capital :
Rp. 600,000,000.-
Shareholders/Owners
:
a. Mr. Ir. Andreas Budianto -
Rp. 480,000,000.-
Address : Jl. Biak No. 1/B-1
Kelurahan Cideng, Kecamatan
Gambir
Jakarta Pusat
Indonesia
b. Mrs. Wawa Lukman -
Rp. 60,000,000.-
Address :
Jl. Biak No. 1/B-1
Kelurahan Cideng, Kecamatan
Gambir
Jakarta Pusat
Indonesia
c. Mr. Kevin Samuel Andwa -
Rp. 60,000,000.-
Address :
Jl. Biak No. 1/B-1
Kelurahan Cideng, Kecamatan
Gambir
Jakarta Pusat
Indonesia
Lines
of Business :
Agrochemical
and Fertilizer Formulation
Production
Capacity :
a. Insecticides -
15,000 liters p.a.
b. Fungicides -
15,000 liters p.a.
c. Herbicides -
10,000 liters p.a.
d. Fertilizer (Nitrogen Phosphate) -
5,000 tons p.a.
Total
Investment :
Owned
Capital -
Rp. 1.0 billion
Started
Operation :
2007
Brand
Name :
Sari
Kresna Kimia
Technical
Assistance :
None
Number
of Employee :
31
persons
Marketing
Area :
Local - 95%
Export - 5% (Asian countries and Australia)
Main
Customer :
Distributors
of Agrochemical and Fertilizers
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. AGROTANI UNGGUL LESTARI
b.
P.T. FADJARPURNAMA PRATAMA INTI
c.
P.T. MEROKE TETAP JAYA
d.
P.T. PETROKIMI KAYAKU
e.
P.T. TRITAMA WIRAKARSA
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan Biak No. 44 AB
Jakarta Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 17.8 billion
2011
– Rp. 18.5 billion
2012
– Rp. 19.7 billion
Net
Profit (estimated) :
2010
– Rp. 1.1 billion
2011
– Rp. 1.3 billion
2012
– Rp. 1.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Leni Lukman
Director -
Mrs. Vonny Lely Rumeen
Board of Commissioners :
Commissioner - Mrs. Siwi Yuliastuti, SE
Signatories :
President
Director (Mrs. Leni Lukman) or the Director (Mrs. Vonny Lely Rumeen) which must
be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
P.T.
SARI KRESNA KIMIA (P.T. SKK) was established in Jakarta on 1 December 2006 with
the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 600,000,000
fully and paid up. The founding and shareholders of the company are Mr. Ir.
Andreas Budianto (80%) his wife Mrs. Wawa Lukman (10%) and their son Mr. Kevin
Samuel Andwa (10%). The company notary deed has been changed and according to
the latest revision of notary documents of Mr. Haji Zaini Zein, SH., No. 1
dated 2 July 2008 the board of director and the board of commissioner
reappointed to lead and 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-45893.AH.01.02.TH.2008 dated July 29, 2008.
P.T.
SKK is a private company started to be operating since 2007 engaged in the
field of agrochemical and fertilizer formulation. The company manages a plant
located at Jalan Kosambi Curug No. 87, Klari, Karawang, West Java standing on
2,500 sq. meters. The plant produces herbicides, fungicides, rodenticides,
fertilizers and ZPT. In 2006, P.T. SKK focuses of efforts
to develop the field of agrochemicals (pesticides) by producing their own
products with high quality standards. P.T. SKK included in the five major
national companies dealing in pesticides (HMPN), which currently has more than
50 brands of products of herbicides, insecticides, fungicides, rodenticides,
fertilizers and ZPT. P.T. SKK products had been marketed throughout Indonesia
and used private estates and national. The head office in Jakarta and has 15
branches throughout Indonesia representative. While the manufacturer product
formulation located in Karawang, West Java. Currently P.T. SKK is increasing
plant capacity by building factory covering an area of approximately 8 hectares, in order to improve services farmers throughout
Indonesia. Even today P.T. SKK has begun to explore export to ASEAN countries
and Australia. P.T. SKK types of products are Herbicides (Bravoxone, Bioup,
Konup, Kresna, Tamaris); Insecticides (Anwavin, Kresban, Sergap, Karate, Bento,
Hokky, ect.); Fungicides (Agronil, Alterna, Antila, Balvo, Biotri, Conasol,
Scorpio, etc); Rodenticide (Kovinplus) ad Fertilizer (Mitra Flora, EST, PMLT). All the company's
production is marketed in the country to farmers in East Java, Central Java,
West Java, private plantation companies, the government and other parties. The
PMLT fertilizers product is marketed in the ranks of oil palm plantation
companies, coffee, cacao, rubber and clove plantations operating in West Java,
East Java, Central Java, Sumatra, Kalimantan and Sulawesi. We observe the
operation of P.T. SKK has been growing and developing well in the last three
years.
Generally,
demand for pesticides, fungicides, herbicides, insecticides has kept on
increasing in the last five years being inline with the growth and development of
agro industries and plantation industries in the country. There are lots
expansion plantation areas having been realized from expansion of agricultural
companies or new investment. There is indication that the increased plantation
areas are shown in the growth and development investment interest on plantation
sectors and more realized of the development projects by plantation companies
obtaining license. The increasing investment on plantation sector is also good
impact to the agricultural commodities in international markets. Besides, the
prices of agricultural commodities in international markets have started
increasing.
Generally
outlook, the local demand for Urea, ZA, TSP, KCL fertilizer, nitrogen phosphate
kalium (NPK) fertilizer has kept on rising by 6% to 7% per annum within the
last five years having close connection with the rise in agricultural industry
using lots of fertilizer for increasing its production. It is estimated that
the demand growth will continue on rising within the next five years.
In
the meantime, we realized that market competition in the above business is very
tough on account of large number of other similar companies operating in the
country. In the meantime, there are three existing companies dealing with NPK
fertilizer manufacturing in Indonesia respectively P.T. PETROKIMIA GRESIK with
PONSKA brand, P.T. KERTOPATEN KENCANA with TAWON brand, P.T. SARIBUMI DEWATA
LESTARI with SUBURIN brand and P.T. PUPUK SUBUR MAKMUR with PUSMA NPK Plus TE
brand. Beside the above three brand NPK fertilizer circulated in Indonesia are
imported ones.
Several Producers of Compound Fertilizer NPK and their
capacity
|
Name of Company |
Production (Ton/Year) |
Started Operation |
Type |
Brand |
|
P.T. AGRO SUBUR BUMI LESTARI P.T. INDOAGRO MAKMUR JAYA P.T. KERTOPATEN KENCANA P.T. PASIRMAUNG FERTILIZER P.T. PETROKIMIA GRESIK P.T. PUPUK KALTIM P.T. POLOWIJO GOSARI P.T. SARASWANTI ANUGERAH MAKMUR P.T. SARIBUMI DEWATA LESTARI P.T. SENTANA
ADIDAYA PRATAMA |
5,000 5,000 51,000 5,000 300,000 100,000 12,000 10,000 12,000 120,000 |
1999 1999 1997 1998 2000 2003 1999 1998 1995 April 2004 |
Tablet Tablet Granule Tablet Granule Granule Tablet Tablet Tablet Granule |
PML-Agro PML-Diamond Tawon PMLT-PMF Phonska Pelangi PLLT-Pullet PMLT-Planta PMLT-Suburin SENTANA |
Until
this time P.T. SKK has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The management of the company is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2010 amounted to Rp. 17.8 billion
rose to Rp. 18.5 billion in 2011 increased to Rp. 19.7 billion in 2012 and
projected to go on rising by at least 5% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 1.5 billion and the company has an
estimated total networth of at least Rp. 3.0 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. SKK is led by Mrs. Leni Lukman (43) a professional manager
with experience in agro chemical and fertilizer formulation. Daily activity she
is assisted by Mrs. Vonny Lely Rumeen (45) as Director. 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. SARI KRESNA
KIMIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.