|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SADHANA ARIFNUSA |
|
|
|
|
Registered Office : |
Gedung Esa
Sampoerna Centre, 6th Floor, Jalan Dr. Ir. H. Soekarno 198, Sukolilo, Surabaya
Timur, Surabaya, 60117, East Java |
|
|
|
|
Country : |
Indonesia |
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Date of Incorporation : |
15.06.1991 |
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|
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Com. Reg. No.: |
No.
AHU-AH.01.10-19647 |
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|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Trading, Supply and
Distribution of Tobacco |
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|
|
|
No. of Employees : |
26 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 |
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Payment Behaviour : |
No Complaint |
|
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 |
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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. SADHANA ARIFNUSA
Head Office
Gedung Esa Sampoerna
Centre, 6th Floor
Jalan Dr. Ir. H. Soekarno 198
Sukolilo, Surabaya
Timur
Surabaya, 60117
East Java
Indonesia
Phones -
(62-31) 297 9297 (Hunting)
Fax
- (62-31) 297 9298
Building Area - 10 storey
Office Space -
100 sq. meters
Region -
Commercial
Status -
Rent
15 June 1991
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
- No. C2-430.HT.01.04.TH.1999
Dated 6 January 1999
- No. AHU-24423.AH.01.02.TH.2012
Dated 7 May 2012
- No. AHU-AH.01.10-19647
Dated 1 June 2012
National Private
Company
The Department of Finance
NPWP No.
01.527.002.8-631.000
a. P.T. ADI SAMPOERNA (Trading of Tobacco)
b. P.T. DELPHIA PRIMA JAYA (Trading and
Distribution of Industrial Chemical and Agricultural
Commodities)
c. P.T. ESA KERTAS NUSANTARA
(Culture Paper Manufacturing)
d. P.T. ESA SAMPOERNA (Office Building
Management and Investment Holding)
e. P.T. INDRA SAMPOERNA (Trading and
Distribution of Tobacco)
f. P.T. LANCAR SAMPOERNA BESTARI (Office Building
Development and Management)
g. P.T. MEDIA NUSA PERDANA (Daily News Paper)
h. P.T. PAPERPRO INDONESIA (Trading and
Distribution of Paper Products)
i. P.T. SADHANA (Trading and Distribution of
Tobacco)
Capital
Structure :
Authorized
Capital : Rp.
900,000,000.-
Issued
Capital :
Rp. 900,000,000.-
Paid
up Capital :
Rp. 900,000,000.-
Shareholders/Owners
:
a. P.T. ESA SAMPOERNA -
Rp. 810,000,000.-
Address : Jl. Dr. Ir. H. Soekarno 198
Kelurahan Sukolilo, Kecamatan Surabaya
Timur, Surabaya, East Java
Indonesia
b. Mr. Sunarjo Sampoerna -
Rp. 90,000,000.-
Address :
Jl. Raya Kertajaya Indah 91
RT. 005/ RW. 010, Kel. Manyar
Manyar Sabrangan, Kec. Mulyorejo
Surabaya, East Java
Indonesia
Lines of Business :
Trading, Supply and
Distribution of Tobacco
Production Capacity :
None
Total Investment :
None
Started Operation :
July 1991
Brand Name :
Sadhana Arifnusa
Technical Assistance
:
None
Number of Employee :
26 persons
Marketing Area :
Local - 100%
Main Customer :
Clove Cigarette
Industries
Market Situation :
Very Competitive
Main Competitors :
a. C.V. BANGKIT JAYA
b. P.T. BANYU MUKTI
c. P.T. GADING MAS
INDONESIA TOBACCO
d. P.T. HARUM SARI KENCANA
e. P.T. SURYA KERTA BAKTI
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank PERMATA Tbk
Jalan Tunjungan No.
52
Surabaya, East Java
Indonesia
b.
P.T. Bank CENTRAL ASIA Tbk
Jalan Dr.
Soetomo No. 118-122
Surabaya,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 285.0 billion
2011
– Rp. 298.0 billion
2012
– Rp. 307.0 billion
Net
Profit (estimated) :
2010
– Rp. 14.0 billion
2011
– Rp. 14.9 billion
2012
– Rp. 16.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Sunarjo Sampoerna
Board of Commissioners :
Commissioner - Mr. Agus Setiono
Signatories :
Director
(Mr. Sunarjo Sampoerna) 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
Based
on investigation the correct name of the Subject is P.T. SADHANA ARIFNUSA not
P.T. SADHANA ESA SAMPOERNA as stated in your order ref. no. 235004 dated 5
September 2013.
P.T.
SADHANA ARIFNUSA (P.T. SA) was established in Surabaya, East Java on 15 June
1991 with the authorized capital of Rp. 500,000,000 of which Rp. 100,000,000
was issued and fully paid up. The founding shareholders of the company are the
late Mr. Budi Sampoerna, Mr. Putera Sampoerna and Mr. Sunarjo Sampoerna, the
three are Indonesian businessmen of Chinese extraction. The company notary deed
had changed frequently and then in August 2007, the issued capital of the
company was raised to Rp. 500,000,000 fully paid up and concurrently Mr. Putera
Sampoerna withdrew and into the company entered Mr. Michael Joseph Sampoerna,
an Indonesian businessman of Chinese extraction, as a new shareholder of the
company. Later in January 2012 Mr. Michael Joseph Sampoerna withdrew and the
whole share sold to P.T. ESA SAMPOERNA as new shareholder. Later according to
the latest revision of notary documents of Mr. Swartana Tedja, SH., No. 109
dated 27 March 2012 the company authorized capital was increased to Rp.
900,000,000 wholly issued and paid up. With this development the composition of
its shareholders has been changed to become P.T. ESA SAMPOERNA (90%) and Mr.
Sunarjo Sampoerna (10%). The deed of amendments was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-19647 dated June
1, 2012.
We observe that Mr. Sunarjo Sampoerna is one of Mr. Putera Samperna, the Sampoerna family's members a majority business stakes owners and prime mover of the SAMPOERNA STRATEGIC Group, a big-size and growing business group in Indonesia. We have seen that majority business stakes of the company is controlled by Mr. Sunarjo Sampoerna. He is also the founding and majority business stakes owners of P.T. DELPHIA PRIMA JAYA dealing with trading of chemical and P.T. ADI SAMPOERNA dealing with trading and distribution of agricultural products and other companies.
P.T.
SA has been in commercial operation since July 1991 dealing with trading,
supplying and distribution of Virginia tobacco. The company obtained tobacco
from farmers in East Java and Central Java by cooperation partnership with
farmers. A staff of the company said that P.T. SA is in cooperation with a
number of Virginia tobacco farmers in Lombok, Nusa Tenggara Barat (NTB) and in
Sleman, Daerah Istimewa Yogyakarta (DIY). P.T. SA is in cooperation with 4,000
tobacco farmers cultivating a land of 5,616 hectares in Lombok and 2,000
tobacco farmers cultivating a land of 2,100 hectares in Sleman. In this
cooperation, P.T. SA provides information on how to plant tobaccos and gives
tobacco seeds to the farmers. P.T. SA has operated on Lmbok Island fore more
than 17 years SA operates on a system by using partnership farmers to grow
Virginia Tobacco. Also providing a number of additional programmes for
empowering and uplifting it’s partner farmers. P.T. SA has always operated the
largest, and most successful number of farmer – company partnerships o the
Island. P.T. SA also continues to expand and develop its community development
programs for the communities in and around the forest areas, these micro-credit
programs include; Goats, Chickens, Rice, Tobacco, Silage, Cattle, farmer owned
tree plantation. Having harvesting tobacco products, the farmers dry and sold
them to P.T. SA. Then, the tobacco products are supplied to various cigarette
industries like P.T. HM SAMPOERNA and others in East Java and Central Java. We
observe that P.T. SA is classified as a large sized company in the country
dealing with trading and distribution of tobaccos of which the operation had
been running smoothly and growing in the last five years.
In general, the demand for tobacco increased with
increasing cigarette production in the country. However, the increased
production of cigarettes is not followed by increased production of tobacco.
National tobacco production within five years has been declining dramatically.
The Government recently issued rules regarding Material Safety Addictive
Substances Containing Form of Tobacco Products for Health as stipulated in
Government Regulation (PP) No. 109 of 2012. The rules , indirectly , have been
regarded as controlled by foreign tobacco companies , because of some existing
chapters , described how the tobacco industry requires some rules that are
difficult to implement implemented by local companies. No doubt, some NGOs and
associations that fight for the rights of small cigarette industry catapult
notes of protest to the government related to the rule. In addition the
millions of people who depend on the tobacco industry in danger of losing the
source of income. As a result, there will be increased unemployment. In fact,
the President requires to all levels of government to make the rules that
pro-job, pro-poor, pro-growth and pro-environment.
For large -scale cigarette industries that have large capital and advanced
technology may be prepared for this rule. But for a small cigarette industry
will be difficult to adjust. Moreover, most of the rules contained in this PP
is precisely focused to dominate the clove cigarettes cigarette production in
Indonesia. 93 % of cigarettes in Indonesia is dominated by clove cigarettes
remaining 7 % by cigarettes. So you can imagine how the future Indonesian clove
cigarette industry will be hit by this PP (government regulation).
Farmers play an important role in the cigarette industry.
If there are no tobacco raw materials then there is no production. So with this
rule, it is estimated that about 6 million farmers who will lose their source
of income as farmers. It might, Indonesian tobacco prices will be bought
cheaply because of the existence of this rule. Not only that before this begins
rule, employers in the Kudus cigarettes already shut down the factory. Of the
110 existing cigarette factories in Kudus, currently lived 80 factories that
still survive. This fact could be decreased again after this rule is applied.
The small cigarettes industry greatest hope is that PP is canceled. Because of
the early manufacturing alone is controlled by Philip Morris that it is ready
with products such rules, so he asked the government to implement its business
in Indonesia to be free. There must be no foreign interference in making the
rules. If the government is pro- people, then create a rule that people can
prosper.
Tobacco Production, Export Volume and Export Value, 2008
- 2012
|
Year |
Tobacco Production (Thousand Ton) |
Export Volume (Thousand Ton) |
Export Value (Million US$) |
|
2008 |
2,6 |
30,0 |
73,7 |
|
2009 |
4,1 |
32,8 |
93,7 |
|
2010 |
3,4 |
28,0 |
73,7 |
|
2011 |
2,9 |
18,8 |
61,6 |
|
2012 |
3,2 |
16,5 |
61,5 |
Source: Central Bureau of Statistic
(BPS)
Until
this time P.T. SA 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. 285.0 billion
rose to Rp. 298.0 billion in 2011 increased to Rp. 307.0 billion in 2012 and
projected to go on rising by at least 6% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 16.0 billion and the company has an
estimated total networth of at least Rp. 15.0 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. SA is led by Mr. Sunarjo Sampoerna (55) a businessman and
professional manager with experience in trading, and supplying of tobacco. He
graduated School of Indonesian Institute of The Art Yogyakarta. 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. SADHANA
ARIFNUSA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.