|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SENTANA ADIDAYA PRATAMA |
|
|
|
|
Registered Office : |
B&G Tower, 9th Floor Jalan Putri Hijau No. 10 Medan, 20111 North Sumatra |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
09.08.1999 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Trading, Importing and Supplying of KCL and NPK Fertilizer ·
Mixed, Compound and Artificial Fertilizer
Industry |
|
|
|
|
No. of Employees : |
156 |
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 Limits : |
US$ 2,000,000 |
|
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. SENTANA
ADIDAYA PRATAMA
Head Office
B&G Tower, 9th Floor
Jalan Putri Hijau No. 10
Medan, 20111
North Sumatra
Indonesia
Phones - (62-61) 4102 7777, 4102 5777, 8001 0055
Fax - (62-61) 414 3150, 414 5346, 415 4891
E-mail - hendri@kpn.co.id
Building Area - 15 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Dumai –
Sungai Pakning Km. 32
Kawasan Industri
Dumai
Medang
Kampai, Pelinting
Dumai,
28814
Riau
Province
Indonesia
Phones - (62-765) 700 8881
Fax - (62-765) 700 8881
Land Area - 300,000 sq. meters
Building Space - 20,000 sq. meters
Region - Industrial Zone
Status - Owned
9 August 1999
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
- No. C-18721.HT.01.01.TH.99
Dated 12 December 1999
- No. AHU-34874.AH.01.02.TH.2009
Dated 23 July 2009
- No. AHU-AH.01.10-25496
Dated 24 June 2013
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.907.041.6-092.000
The Capital
Investment Coordinating Board
- No. 37/V/PMA/2001
Dated 9 April 2001
- No. 1463/III/PMA/2001
Dated 2 November 2001
- No. 200/II/PMA/2004
Dated 9 November 2004
- No. 260/II/PMA/2006
Dated 8 August 2006
The Department of
Industry and Trade
No.
15/Kanwil-04/KAH/PP/X/2000
Dated 11 October 2000
A Member Company of the WILMAR Group (see attachment)
Capital Structure :
Authorized Capital : Rp. 10,600,000,000.-
Issued Capital : Rp. 10,600,000,000.-
Paid up Capital : Rp. 10,600,000,000.-
Shareholders/Owners :
a. WILMAR
FERTILIZER INDONESIA PTE., LTD. -
Rp. 10,494,000,000.-
Address : Bukit Pasoh Shop House
56 Neil Road
Singapore, 088830
b. WILMAR
INTERNATIONAL LIMITED -
Rp. 106,000,000.-
Address : Bukit Pasoh Shop House
56 Neil Road
Singapore, 088830
Lines of Business :
a. Trading, Importing and Supplying of KCL and NPK Fertilizer
b. Mixed, Compound and Artificial Fertilizer Industry
Production Capacity :
a. Nitrogen Phospate Kalium (NPK) - 490,000 tons p.a.
b. Trading, Import and Distribution
of Glyphosate, Paraquat, Dichloride metsulfuron methyl
Total Investment :
a. Equity Capital - Rp. 10.6 billion
b. Loan
Capital - Rp. 371.0 billion
c. Total Investment - Rp. 381.6 billion
Started Operation :
a. 2000 as trading
b. April 2004 trial production
Brand Name :
Sentana Adidaya Pratama
Technical Assistance :
Wilmar Fertilizer Pte, Ltd., Singapore
Number of Employee :
156 persons
Marketing Area :
Local - 100%
Main Customer :
Plantations
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGROTANI UNGGUL LESTARI
b.
P.T.ANUGERAH DOLOMIT LESTARI
c. P.T. POLOWIJO
GOSARI
d. P.T. PUPUK
KALIMANTAN TIMUR Tbk
e. P.T. SARASWANTI ANUGERAH MAKMUR
Business Trend :
Growing
B a n k
e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Jalan Cuk Nyak Dien 16
Medan, North Sumatra
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Imam Bonjol No. 7
Medan, North Sumatra
Indonesia
c. Hongkong & Shanghai Banking Corp. Ltd.
Jalan Diponegoro No. 11
Medan, North Sumatra
Indonesia
Auditor
:
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 720.0 billion
2011 – Rp. 735.0 billion
2012 – Rp. 750.0 billion
2013 – Rp. 382.5 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 43.5 billion
2011 – Rp. 47.8 billion
2012 – Rp. 48.7 billion
2013 – Rp. 24.9 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Hendri Saksti
Directors - a. Mr. Benny Djuarsa
b. Mr. Teo Kim Yong
Board
of Commissioners :
President
Commissioner - Mr. Ricky Hermanto
Commissioner - Mr. Erik
Signatories
:
President Director
(Mr. Hendri Saksti) or one of the Directors (Mr. Benny Djuarsa or Mr. Teo Kim
Yong) 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
Maximum
Credit Limit :
US$ 2,000,000 on 90 days D/A
P.T. SENTANA ADIDAYA PRATAMA (P.T. SAP) was established in August 1999 in Medan, North Sumatra with an authorized capital of Rp. 10,000,000,000 issued capital of Rp. 5,000,000,000 wholly paid-up. Founders and original shareholders are P.T. KARYA PRAJONA NELAYAN and P.T. KARTIKA PRIMANABATI both are national private companies and member companies of the KARYA PRAJONA NELAYAN Group. It’s articles of association has been frequently changed for a couple of times. In April 2001, both shareholders pulled-out and replaced by new shareholder namely WILMAR FERTILIZER INDONESIA Pte., Ltd., and WILMAR HOLDINGS Pte., Ltd., both of Singapore. On the same occasion, its status has been changed from domestic investment company to a foreign investment (PMA) company. Later, in November 2001, the authorized capital was increased to Rp. 10,600,000,000 wholly issued and paid-up. With this time the composition of its shareholders has been changed to become WILMAR FERTILIZER INDONESIA PTE, LTD., Singapore (99%) and WILMAR INTERNATIONAL LIMITED Singapore (1%). Then according to the latest revision of notary documents of Mr. Eddy Simin, SH., No. 32 dated 2 May 2013 the company board of director and the board of commissioner had been changed. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-25496 dated June 24, 2013.
The majority business stakes holders of WILMAR FERTILIZER INDONESIA Pte., Ltd., and WILMAR HOLDINGS Pte., Ltd., are foreign companies based in Singapore whose majority business stakes are controlled by Mr. Martua Sitorus SE., AKA Thio Seng Hap and Mr. Robert Kuok, chairman of the KUOK Group, a big-size business group in Singapore, while Mr. Martua Sitorus SE., is founder and majority business stakes owner of the KARYA PRAJONA NELAYAN Group or KPN Group, a medium-size business group engaged in many types of business among other are oil palm plantation and processing, exporter of edible oil, trading of cooking oil, coconut oil refinery, tapioca powder industry, etc.
P.T. SAP has been in operation since 2000 dealing with trading, importing and supplying of KCL and NPK (Nitrogen, Phospat Kalium). Mr. Lai Lai, an operational manager of the company, said that the merchandise products of KCL fertilizer are directly imported from Canada on account of the lack of KCL fertilizers in the country. Besides, the company also imports NPK fertilizer through PENGEDAR BAHAN PERTANIAN SDN BHD of Malaysia. The company formerly imported ammonium sulphate through MITSUBISHI Corporation of Japan but it less grew. A large extent of KCL and NPK fertilizers is used by the companies being the members of the KARYA PRAJONA NELAYAN Group dealing with oil palm plantation and some of which is also sold to other oil palm plantation operating in Medan, North Sumatra and Dumai, Riau Province.
In April 2001, the company started to deal with artificial, compound and mixture fertilizers industry under the Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM). It plant is located at Jalan Dumai-Sungai Pakning Km 32, Pelintung, Dumai, Riau Province on a land of 300,000 square meters. It is estimated that total investment being absorbed by project reached Rp. 74.3 billion coming from own capital of Rp. 10.6 billion and the rest of loans. The plant produces Nitrogen Phospat Kalium (NPK) of 120,000 tons per annum. A large extent of the supporting materials such as KCL is still being imported from Canada and some other materials for urea use local products. He went on to say that the plant has been in production since April 2004. He also explained that since its initial operation in 2004, a large extent of the products is locally marketed using trademark of SENTANA and MAHKOTA being mostly absorbed by oil palm plantation companies of the KARYA PRAJONA NELAYAN Group and the rest is sold to other oil palm plantation companies.
In November 2004, P.T. SAP gained an expanding license for compound synthetic fertilizer industry and import trading. The expanded plant is located in Dumai, Riau Province with an investment of Rp. 270.8 billion entirely from own capital with annual production capacity of 330,000 tons of Nitrogen Phosphate Kalium (NPK). The expanded plant has been operating by the end of 2006. The plant is still in the machinery installing stage. In August 2006, P.T. SAP gained an expanding license for trading importing and distribution of chemical such as glyphosate, paraquat dichloride, metsulfuron methyl with an investment of Rp. 25.5 billion originating come from loan capital. The operation of P.T. SAP has been growing steadily in the last four years.
Generally outlook, the local demand for 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 is 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. SAP has not been registered with Indonesian Stock Exchange, so that they had 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. 720.0 billion rose to Rp. 735.0 billion in 2011 increased to Rp. 750.0 billion in 2012. As from January to June 2013 the sales turnover has amounted at Rp. 382.5 billion with a net profit of Rp. 24.9 billion. It is projected the sales turnover will be higher by at least 6% in 2014. The the company has an estimated total networth of at least Rp. 1670 billion. We observe that P.T. SAP is supported by the WILMAR Group with has financially strong and sound behind it. 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. SAP is led by Mr. Hendri Saksti (47) a professional manager with experience in trading, import and distribution of industrial pumps. Hendri Saksti graduated Management Information System Academy, Jakarta, Indonesia. Mr. Saksti joined the Group’s Indonesian operations in 1994 as a Branch Manager, responsible for the palm oil business. In 1996, he was appointed Finance and Accounts Director. He is currently in charge of the Group’s fertilizer business, several manufacturing plants and the marketing of our consumer pack cooking oil in Indonesia.
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. SENTANA ADIDAYA PRATAMA is sufficiently fairly good for business transaction.
List of the WILMAR Group Members
AGRINDO INDAH PERSADA, P.T. (Oil Palm Plantation)
AGRIPRIMA CIPTA PERSADA, P.T. (Oil Palm Plantation)
AGRO PALINDO SAKTI, P.T. (Oil Palm Plantation and Refinery)
AGRONUSA
INVESTAMA, P.T. (Oil Palm Plantation)
ALAM SAWIT PERMAI, P.T. (Oil Palm Plantation)
AMP PLANTATION, P.T. (Oil Palm Plantation and Refinery)
ANUGRAH REJEKI NUSANTARA, P.T. (Sugar Cane Plantation)
ASIATIC PERSADA, P.T. (Oil Palm Plantation and Refinery)
BAWAK SAWIT TUNAS BELUM, P.T. (Oil Palm Plantation)
BUANA ALAM SUBUR, P.T. (Oil Palm Plantation)
BULUH CAWANG PLANTATION, P.T. (Oil Palm Plantation and Refinery)
BUMIPRATAMA KHATULISTIWA, P.T. (Oil Palm Plantation)
BUMI SAWIT BAJENTA, P.T. (Oil Palm Plantation)
BUMI SAWIT KENCANA, P.T. (Oil Palm Plantation)
CITI PRIMA PLAZA, P.T. (Building Rental)
CITRA RIAU
SARANA, P.T. (Oil Plam Plantation)
DAYA LABUHAN INDAH, P.T. (Oil Palm Plantation)
DAYA LANDAK PLANTATION, P.T. (Oil Palm Plantation)
DERMAGA SUNGAI MENTAYA, P.T. (Oil Palm Plantation and Investment Holding)
DHARMA WUNGU GUNA, P.T. (Oil Palm Plantation)
DUTA SUGAR INTERNATIONAL, P.T. (Sugar Refinery Plant)
EKA KAHARAP ITAH, P.T. (Oil Palm Plantation)
GERSINDO MINANG PLANTATION, P.T. (Oil Palm Plantation and Refinery)
GUNA KARYA LESTARI, P.T. (Oil Palm Plantation)
GUNA KARYA MANDIRIJAYA, P.T. (Oil Palm Plantation)
HAMPARAN SAWIT EKA, P.T. (Oil Palm Plantation)
INDORESINS PUTRA MANDIRI, P.T. (Oil Palm Plantation)
JAWAMANIS RAFINASI, P.T. (Sugar Refinery Plant)
KARTIKA PRIMA NABATI, P.T. (Investment Holding)
KARUNIA KENCANA PERMAISEJATI, P.T. (Oil Palm Plantation)
KARYA PRAJONA NELAYAN, P.T. (Exporter and Processing of Edible Oil, Palm and
Coconut Oil)
KARYA PUTRAKREASI NUSANTARA, P.T. (Palm Kernel/Cooking Oil Processing and Investment Holding)
KENCANA SAWIT INDONESIA, P.T. (Oil palm Plantation and Refinery)
KERRY AGRO MANAGEMENT, P.T. (Management Service in Agrobusiness)
KERRY SAWIT INDONESIA, P.T. (Oil Palm Plantation and Refinery)
MEKAR BUMI ANDALAS, P.T. (Oil Palm Plantation)
MALINDO LESTARI PLANTATIONS, P.T. (Oil Palm Plantation and Refinery)
MENTAYA SAWIT MAS, P.T. (Oil Palm Plantation)
MULTIMAS NABATI ASAHAN, P.T. (Palm Cooking Oil Industry)
MULTI NABATI SULAWESI, P.T. (Crude Coconut Oil Industry)
MURINI SAMSAM, P.T. (Oil Palm Plantation and Refinery)
MUSI BANYUASIN INDAH, P.T. (Oil Palm Plantation)
MUSTIKA SEMBULUH, P.T. (Oil Plam Plantation)
NATURA WAHANA GEMILANG, P.T. (Investment Holding)
PELAYARAN TIRTACIPTA MULYAPERSADA, P.T. (Shipping Interinsulair
Services and General Shipping Agencies and Investment Holding)
PERKEBUNAN MILANO, P.T. (Oil Palm Plantation and Refinery)
PERMATA HIJAU PASAMAN, P.T. (Oil Palm Plantation and Refinery)
PETAK MALAI SAWIT MAKMUR, P.T. (Oil Palm Plantation)
PUKAN MANDIRI
LESTARI, P.T. (Oil Palm Plantation)
PRATAMA PROSENTINDO,
P.T. (Oil Palm Plantation)
PRIMATAMA MULIAJAYA, P.T. (Oil Palm Plantation)
PUTRA INDOTROPICAL, P.T. (Oil palm Plantation)
SARANA TITIAN PERMATA, P.T. (Oil Palm Plantation)
SARI
AGROPRATAMA PERSADA, P.T. (Oil Palm Plantation)
SEGAR KEMBANG SEJATI, P.T. (Coconut Oil Refinery)
SELATAN RAYA PERMAI, P.T. (Oil Palm Plantation)
SENTANA ADIDAYA PRATAMA, P.T. (NPK Fertilizer Industry and Trading)
SIAK PRIMA SAKTI, P.T. (Oil Palm Plantation)
SINAR ALAM PERMAI, P.T. (Palm Kernel Oil Processing)
SINARPERDANA CARAKA, P.T. (Oil Palm Plantation)
SINARSIAK DIANPERMAI, P.T. (Oil Palm Plantation)
TANIA SELATAN, P.T. (Oil Palm Plantation and Refinery)
TRADESOUND INVESTMENT LTD., British Virgin Island (Investment Holding)
TRITUNGGAL
SENTRA BUANA, P.T. (Oil Palm Plantation)
USDA SEROJA JAYA, P.T. (Shipping Services)
WILMAR BIOENERGI INDONESIA, P.T. (Biodiesel Processing Industry)
CAHAYA CAHAYA INDONESIA Tbk, P.T. (Specialty Vegetable Oil Industry)
WILMAR HOLDINGS LTD., Singapore (Investment Holding)
WILMAR NABATI INDONESIA, P.T. (Crude Palm Oil and Palm Kernel Oil Processing)
WILMAR INTERNATIONAL LTD., Singapore (Trading, Marketing and Investment Holding)
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.86.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.