|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINTAS KURUMA PERDANA |
|
|
|
|
Registered Office : |
Kawasan Industri Kujang Cikampek, Jalan Jend. Ahmad Yani
no. 39, Dawuan, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
28.01.1986 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-23163 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Trading and Distribution of Urea Fertilizers, Ammonia and NPK Fertilizers · Chemical Industry (Formic Acid Industry) |
|
|
|
|
No of Employees : |
115 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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices
|
Source
: CIA |
BASIC SEARCH
|
Name of Company :
P.T. SINTAS KURUMA PERDANA
Address :
Head Office & Factory
Kawasan Industri Kujang Cikampek
Jalan Jend. Ahmad Yani no. 39
Dawuan, Karawang
Cikampek, 41373
West Java
Indonesia
Phones -
(62-264) 313392, 312844, 313044
Fax - (62-264) 313043, 313044
E-mail - sales@sintas90.co.id
Website - http://www.sintas.co.id
Land Area - 19,850 sq.
meters
Building Space - 11,500 sq. meters
Region - Industrial
Estate
Status - Rent
Date of Incorporation :
a. 28 January 1986 as
P.T. FORMALIC ACID INDONESIA PERTAMA
b. 7 October 1986 as
P.T. SINTAS KURAMA PERDANA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. C2-7509 HT.01.01.TH.86
Dated 28 October 1986
- No. AHU-62558.AH.01.02.TH.2008
Dated 15 September
2008
- No. AHU-AH.01.10-23163
Dated 11 June 2013
Company Status :
National Private and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.437.854.1-408.000
The Capital Investment Coordinating
Board
- No. 49/I/PMDN/1986
Dated 5 April 1986
- No. 521/III/PMDN/1986
Dated 25 November
1986
- No. 377/III/PMDN/1987
Dated 19 August 1987
The Department of Industry
- No. 189/T/INDUSTRI/1988
Dated 14 December
1988
Related Companies :
a. P.T. FADJARPURNAMA
PRATAMA INTI (Agricultural Chemical Formulation)
b. P.T. HARNER
(Investment Holding)
c. P.T. INTERCHEM
PLASAGRO JAYA (Trading and Distribution of Industrial Chemicals)
d. P.T. PUPUK KUJANG
(Fertilizer Industry)
e. P.T. SATURAMA
WICAKSANA (Investment Holding)
CAPITAL AND OWNERSHIP
|
Capital Structure :
Authorized Capital :
Rp. 25,000,000,000.-
Issued Capital :
Rp. 21,500,000,000.-
Paid up Capital :
Rp. 21,500,000,000.-
Shareholders/Owners :
a. P.T. PUPUK KUJANG -
Rp. 9,722,000,000.-
Address : Jl. Ahmad Yani No. 39
Kelurahan Dauwan, Kecamatan
Karawang
Cikampek, West Java
Indonesia
b. P.T. INTERCHEM PLASAGRO JAYA - Rp.
4,000,000,000.-
Address : Jl. Tanah Abang 1 No. 12-C
Kelurahan Petojo Selatan,
Kecamatan
Gambir, Jakarta Pusat
Indonesia
c. P.T. FADJARPURNAMA PRATAMA INTI - Rp. 3,890,000,000.-
Address : Jl. Ciputat Raya No. 4-6
Kelurahan Grogol Selatan,
Kecamatan Kebayoran
Lama, Jakarta Selatan
Indonesia
d. P.T. HARNER -
Rp. 1,944,000,000.-
Address : Jl. MT. Haryono Kav. 29-30
Kelurahan Tebet Timur,
Kecamatan Tebet
Jakarta Selatan
Indonesia
e. P.T. SATURAMA WICAKSANA - Rp.
1,944,000,000.-
Address : Jl. Ciputat Raya Block C-10
Kelurahan Grogol Selatan,
Kecamatan
Kebayoran Lama, Jakarta
Selatan, Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
a. Chemical Industry
(Formic Acid Industry)
b. Trading and Distribution
of Urea Fertilizers, Ammonia and NPK Fertilizers
Production Capacity :
Formic Acids -
11,100 tons p.a.
Total Investment :
a. Equity Capital - Rp. 21.5 billion
b. Loan Capital - Rp. 17.5 billion
c. Total Investment - Rp. 39.0 billion
Started Operation :
August 1988
Brand Name :
Sintas Kurama Perdana
Technical Assistance :
KTI-Cosorb Ltd., USA
Number of Employee :
115 persons
Marketing Area :
Local - 55%
Export - 45%
Main Customer :
Textile industries, rubber industries, leather industries,
pharmaceutical industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDO ACHIDATAMA CHEMICAL INDUSTRY Tbk
b. P.T. NATURAL NUSANTARA
c. P.T. PINTU MAS MULIA KIMIA
d. P.T. SAMCHEM PRASANDHA
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T. Bank RAKYAT INDONESIA Tbk
Wisma BRI
Jalan Jend. Sudirman Kav. 44-46
Jakarta Selatan
Indonesia
b. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Wisma BNI
Kota 46
Jalan
Jend. Sudirman
Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales (estimated) :
2011 – Rp. 55.0 billion
2012 – Rp. 61.0 billion
2013 – Rp. 66.0 billion
Net Profit (estimated) :
2011 – Rp. 4.4 billion
2012 – Rp. 4.9 billion
2013 – Rp. 5.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Drs. Adhi Susetyo
Director - Mr.
Ir. Hadi Wiyono, MM
Board of Commissioners :
President Commissioner - Mr. Ir. Haji Agus Gurlaya
Kartasasmita, M.Sc.
Commissioners - a. Mrs.
Roosleiny Haryono
b. Mr. Muhammad Hendri Gunodo, SE
c. Mr. Ir. Supodo Damar Setyadi, MM
d. Mr. Ir. Pranoto Adi, MM
Signatories :
President Director (Mr. Drs.
Adhi Susetyo) or the Director (Mr. Ir. Hadi Wiyono) which must be approved by
Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Originally the company named P.T. FORMIC ACID INDONESIA PRATAMA was
established in Cikampek, West Java on 28 January 1986 with the authorized
capital of Rp. 10,000,000,000 issued capital of Rp. 2,000,000,000 entirely paid
up. The company was founded by P.T. PUPUK KUJANG (Persero) and P.T. SATURAMA
WICAKSANA both are national private company. Its article of association has
frequently been revised. On 7 October 1986 the company name was changed to P.T.
SINTAS KURAMA PERDANA (P.T. SKP). Later in August 2008 the company authorized
capital was increased to Rp. 25,000,000,000 issued capital to Rp.
21,500,000,000 entirely paid up. With this development P.T. INTERCHEM PLASAGRO
JAYA, P.T. FADJARPURNAMA PRATAMA INTI and P.T. HARNER entered into the company
as new shareholders. With this development the composition of its shareholders
has been changed to become P.T. PUPUK KUJANG (45.22%), P.T. INTERCHEM PASAGRO
JAYA (18.60%), P.T. FADJARPURNAMA PRATAMA INTI (18.52%), P.T. SATURANA
WICAKSANA (9.04%) and P.T. HARNER (9.04%). The latest according to the revision
of notary deed Mr. Hindum Muchsin, SH., no. 294 dated 21 May 2011 the company
board of director and the board of commissioner had been restructured 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-AH.01.10-23163
dated June 11, 2013.
P.T. SKP has been operating since August 1988 dealing with formic acid
industry by manages a plant located at Kawasan Industri Kujang Cikampek, Jalan
Jend. A. Yani No. 39, Dawuan, Karawang, West Java standing on 19,850 sq.
meters. The construction of the plant began in 1987 by using
technology KTI-Cosorb ltd., of the USA and KEMIRA of Finland. The company produces formic acids
with production capacity of 11,100 tons per annum. Formic acid plant owned by P.T. Sintas Kurama Perdana which began operations in August 1988, is now marketing their products to meet the domestic market and abroad, with nearly
the same composition. Formic
acid product of P.T. SKP marketed under the trade name Sintas 90 (concentration 90%)
and Sintas 94 (94%
concentration), and is available in several package sizes, such as 600
g, 25 kg and 1 ton. Most of
raw material like Methanol obtained from P.T. MEDCO METHANOL BUNYU, P.T.
PERTAMINA and P.T. KALTIM NITRATE INDONESIA. Most 55% of the products marketed
locally through distributors P.T. FADJARPURNAMA PRATAMA INTI, P.T. INTERCHEM
PLASAGRO JAYA and C.V. PUTERA DARADJAT and while the rest 45% exported to Asian
countries among others are Malaysia, Thailand, Vietnam, Sri Lanka, Bangladesh,
India and Philippine. According information the formic acid uses as coagulant
rubber industries, textile dyeing, leather industries, as intermediate of
pharmaceutical industries. Besides, P.T.
SKP is also sells of urea fertilizer, ammonia, NPK fertilizer produced by P.T.
PUPUK KUJANG (Persero). We observe that P.T. SKP operation has been growing and
developing well in the last three years.
The domestic demand for various types of chemical products had been
rising by 8% to 10% on the average per annum in the last five years in line
with the rapid growth of various industrial sectors including textile chemical
in the above period of times as the consumers. But, later dwindled as the
global economic slowdown since October 2008, followed by tight money policy
imposed by Indonesian Central Bank (Bank Indonesia) and also heated by
political issue in the country. The demand growth started to awake in June 2009
in line with the amelioration of economic condition in the country. Market
competition is very tough on account of large number of other similar companies
operating in the country.
Besides, 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. SKP has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. SKP is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated
that total sales turnover of the company in 2011 amounted to Rp. 55.0 billion
rose to Rp. 61.0 billion in 2012 increased to Rp. 66.0 billion in 2013 and
projected to go on rising by at least 6% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 5.3 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. SKP is led by Mr. Drs. Adhi Susetyo (53) a
businessman and professional manager with experience in formic acid industry.
Daily activity he is assisted by Mr. Ir. Hadi Wiyono, MM (53) 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. SINTAS KURAMA PERDANA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.41 |
|
|
1 |
Rs. 103.42 |
|
Euro |
1 |
Rs. 82.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
DPT |
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.