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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SRI AMAN CORPORINDO |
|
|
|
|
Registered Office : |
Mutiara Taman Palem Block D-8 No. 63 A – 65, Jalan Outer Ring
Road, Kelurahan Cengkareng Timur, Kecamatan Cengkareng Jakarta Barat, 11730 |
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|
|
|
Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
18.03.2008 |
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|
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Com. Reg. No.: |
AHU-AH.01.10-24507 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Trader, Importer, Wholesales and Distributor of Raw
Materials from Pharmaceutical, Food, Feed, Cosmetics and Chemical Industries |
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|
|
|
No of Employees : |
28 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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
BASIC SEARCH
|
Name of
Company :
P.T. SRI
AMAN CORPORINDO
Address :
Head Office
Mutiara Taman
Palem Block D-8 No. 63 A - 65
Jalan Outer Ring
Road
Kelurahan Cengkareng
Timur, Kecamatan Cengkareng
Jakarta Barat,
11730
Indonesia
Phones -
(62-21) 54350781 – 83
Fax - (62-21) 54350784
E-mail - info@simanco.co.id
Website - http://www.simanco.co.id
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
a. 6 February 1968 as P.T. SRI AMAN CORPORATION
b. 18 March 2008 as P.T. SRI AMAN CORPORINDO
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. Y.A.5/114/2
Dated 24 March 1973
- No. AHU-19446.AH.01.02.TH.2008
Dated 18 April 2008
- No. AHU-AH.01.10-24507
Dated 18 June 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.302.612.5-034.000
Related
Company :
None
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mrs. Merie Yanti -
Rp. 350,000,000.-
Address :
Jl. Kembang Indah III G1/23, RT. 007 RW. 006
Kelurahan Kembangan
Selatan, Kecamatan
Kembangan,
Jakarta Barat
Indonesia
b. Mr. Irsan Ridjab -
Rp. 300,000,000.-
Address : Jl. Pantai Kuta
IV/20, RT. 04 RW. 010
Kelurahan
Ancol, Kecamatan Pademangan
Jakarta Utara
Indonesia
c. Mr. Christovorus Suharyanto Nicolaus - Rp. 200,000,000.-
Address :
Jl. Kembang Indah III G1/23, RT. 007 RW. 006
Kelurahan
Kembangan Selatan, Kecamatan
Kembangan, Jakarta Barat
Indonesia
d. Mr. Petrus Tanswari - Rp.
150,000,000.-
Address : Villa Tomang Mas C/3,
RT. 004 RW. 011
Kelurahan Duri
Kepa, Kecamatan Kebon
Jeruk, Jakarta
Barat
Indonesia
BUSINESS ACTIVITIES
|
Lines of
Business :
Trading,
Importer, Wholesales and Distribution of Raw Materials from Pharmaceutical,
Food, Feed, Cosmetics and Chemical Industries
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1968
Brand Name :
Srimanco
Technical Assistance :
None
Number of Employee :
28 persons
Marketing Area :
Local - 100%
Main Customer :
Pharmaceutical Industries, Cosmetic Industries,
Food Processing, and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ADIMITRA PRIMA LESTARI
b. P.T. ELANG KURNIA SAKTI
c. P.T. MEGA KEMIRAYA
d. P.T. MENDJANGAN SAKTI
e. P.T. TIRTA WANA SEMESTA KENCANA
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Outer Ring Road
Jakarta Barat
Indonesia
b. P.T. Bank PANIN Tbk
Jalan
Kopi No. 52
Jakarta
Barat
Indonesia
c. P.T. Bank PERMATA Tbk
Jalan
Prapatan No. 50
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 32.0
billion
2012 – Rp. 34.0
billion
2013 – Rp. 36.0
billion
Net Profit
(estimated) :
2011 – Rp. 2.0
billion
2012 – Rp. 2.2
billion
2013 – Rp. 2.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Christovorus Suharyanto Nicolaus
Director - Mr.
Petrus Tanswari
Board of Commissioners :
President Commissioner - Mr. Irsan Ridjab
Commissioner - Mrs. Merie
Yanti
Signatories :
President Director (Mr. Christovorus
Suharyanto Nicolaus) or the Director (Mr. Petrus Tanswari) which must be
approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
OVERALL PERFORMANCE
|
Originally named P.T. SRI AMAN CORPORATION was established in Jakarta on
February 6, 1968 with an authorized capital of Rp. 5,000,000 issued capital of Rp.
1,200,000 fully paid up. The founders and original shareholders of the company
were Mr. Jusuf Effendy, Mr. Widjajarto Jachja and Mr. Tirta Jusman, all
Indonesian businessmen of Chinese origin. The company notary deed had been
changed a couple of times. In April 1980, the whole of its original
shareholders pulled out and then replaced by Mr. Drs. Tjahjo Hartono, also an
Indonesian businessman of Chinese origin.
In June 2007 P.T. ROTAPRIMA JAYA merged to P.T. SRI AMAN CORPORATION
(surviving company). Then on March 2008, Mr. Drs. Tjahjo Hartono pulled out and
replaced by Mr. Christovorus Suharyanto Nicolaus, his wife mother Mrs. Merie
Yanti, Mr. Irsan Ridjab and Mr. Petrus Tanswari, they are Indonesian
businessmen of Chinese origin. Concurrently the company’s name changed to P.T.
SRI AMAN CORPORINDO (P.T. SAC) and the authorized capital was raised to Rp
1,000,000,000 entirely issued and paid up. With this development the
composition of its shareholders has been changed to become Mrs. Merie Yanti
(35%) her husband Mr. Christovorus Suharyanto Nicolaus (20%), Mr. Irsan Ridjab
(30%) and Mr. Peturs Tanswari (15%). Later according to the latest revision of
notary deed Mr. I Nyoman Pageh, SH., No. 51 dated 30 May 2013 the company board
of directors and the board of commissioner re-elected 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.01.10-24507 dated June 18,
2013.
P.T. SAC had been operating since 1968 in trading, import, wholesales
and distribution of raw materials from pharmaceutical, cosmetic, food, feed,
and chemical industries. It was all started with friendship back in 1968. A
group of young entrepreneurs formed a traditional medicine distributor. There
were many ups and downs during these foundation years before they finally
decided to establish a private trading company in 1971. And at the same time,
the company also held an official license from the National Agency of Drug and
Food Control and Health Ministry to distribute finished formulation. Later in
1979, as the company grew and learned the rope, the management caught a glimpse
of an opportunity to expand their business in raw materials. It was not merely
a gut factor, but through a long observation, especially when the marketing
team went to various places outside Jakarta to promote and distribute the
merchandises. There were many local finished formulators in Semarang area and
Surabaya area, which were not quite attended by the raw material traders in
Jakarta. For that reason, the company applied for an official license to keep
stock and distribute raw materials of pharmaceutical and received an approval
in that year as well.
After economic turmoil of financial crisis that hit Indonesia in 1998,
the company still managed to survive. Nevertheless, the management at that time
also realized that they needed new investors to enlarge and strengthen its
business. Finally in 2000, after looking for the right partner, the company was
acquired. New strategy was implemented; however, the value and heritage of the
company are still remained. In the past, the management only focused on the
bulk commodity products (such as Acetaminophen, Analgin, Caffeine, etc.). But
now, the management also pursued high value advanced products as well. The
whole products imported from DIVIS LABORATORIS LTD., of the USA; HETERO,
HILDOSE and PIRAMAL HEALTHCARE all of India; ILDONG and YUNGJIN both are of
South Korea; JW PHARM of China; LINARIA CHEMICAL of Thailand; and TRANSCO PHARMA
of Germany.
Mr. Petrus Tanswari, director of the company said that the products sold
to pharmaceutical industries in the country like P.T. KIMIA FARMA Tbk., P.T.
INDOFARMA Tbk., P.T. SANBE FARMA, P.T. KALBE FARMA Tbk., P.T. DEXA MEDICA, etc.
We observed that P.T. SAC is classified as a small sized company of its kind in
the country of which the operation has been growing and running smoothly within
the last three years.
Generally, demand for laboratory and medical equipment and various
pharmaceutical products had been growing in the last five years up to the end
2012 as pictured in sales value of national pharmaceutical products, import
value and export value issued by the Food and Drug Controlling Board (BPOM).
The national pharmaceutical sales, export and import value of products are
estimated to be rising by 6% to 8% in the next year. The competition is very
tight on account many similar companies operating in the country. The business
position of P.T. SAC is a sufficiently fairly good because the company has
captive market namely the state-owned hospital and private hospital in the
country. According the BPOM that national pharmaceutical sales as shown are as
the following table.
National Market Trend
of Drugs, 2001-2012* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 |
7.891
9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 |
Until this time P.T. SAC has not been registered with Indonesian Stock Exchange,
so that they had not obliged to announce their financial statement. The management of P.T. SAC is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2011 amounted to Rp. 32.0 billion
rose to Rp. 34.0 billion in 2012 increased to Rp. 36.0 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. 2.5 billion and the company has an estimated
total networth of at least Rp. 7.0 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. SAC is headed by Mr. Christovorus Suharyanto
Nicolaus (36) a businessman and professional manager with experience in
trading, import, wholesales and distribution of raw materials for
pharmaceutical, food, feed, cosmetic and chemical industries. Daily activity he
is assisted by Mr. Petrus Tanswari (60) 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. SRI AMAN CORPORINDO is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.27 |
|
|
1 |
Rs. 103.46 |
|
Euro |
1 |
Rs. 84.87 |
INFORMATION DETAILS
|
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.