|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SICAMINDO |
|
|
|
|
Registered Office : |
Graha Satria II, 2nd-B Floor Jl. RS Fatmawati No. 5 Jakarta 12430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.06.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and trading of electrical accessories and fittings for transmission line |
|
|
|
|
No. of Employees : |
260 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. SICAMINDO
Head Office
Graha Satria II, 2nd-B
Floor
Jl. RS
Fatmawati No. 5
Jakarta 12430
Indonesia
Phones - (62-21) 75906222, 75908401, 75908402
Fax -
(62-21) 75906222
Email - e.saulnier@sicamex.com
Building Area - 8 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Rent
Factories
Komplek Citra Cakra Murdaya Blok
F-I/7
Jl. Raya Serang Km. 28,5
Balaraja, Tangerang 15610
Banten Province
Indonesia
Phones - (62-21) 5954861, 5954862
Fax -
(62-21) 5954863
Land Area - 2.8 hectares
Building Area - 1.4 hectares
Region - Industrial
Zone
Status - Rent
Date of
Incorporation :
20 June 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Laws and Human Rights
a. No. C2-4.985 HT.01.01.Th.95
Dated 26 April 1995
b. No. AHU-05126.AH.01.02.Tahun 2011
Dated 31 January
2011
Company Status :
Foreign Investment Company (PMA)
Permit by the Government Department :
a. The Department
of Finance (Tax License)
NPWP No. 01.069.179.8-055.000
b. The President
of the Republic of Indonesia
No. B-128/Pres/4/1990
Dated 30 April 1990
c. The Capital
Investment Coordinating Board
No. 141/I/PMA/1990
Dated 18 May 1990
Related/Affiliated Companies :
a. A Member of the SICAME Group of France
b. A member of the BERCA Group of Indonesia
Capital Structure :
Authorized Capital
- US$. 750,000.- (Rp. 2,743,500,000)
Issued Capital - US$. 750,000.- (Rp. 2,743,500,000)
Paid up Capital - US$. 750,000.- (Rp. 2,743,500,000)
Shareholders/Owners :
a. SICAME S.A. of France -
US$ 382,500.- (51%)
Address: 19230 Arnac Pompadour
France
b. PT. KENCANA SAKTI INDONESIA -
US$ 367,500.- (49%)
Address: Jl. Gajah
Mada No. 156
Tamansari, West Jakarta
Indonesia
Lines of Business
:
Manufacturing and
Trading of Electrical Accessories and Fittings for Transmission Line
Production
Capacity :
a. Low Voltage Cable Accessories and
String Hardware - 1,500 units p.a.
b. High Voltage Cable Accessories
and String Hardware - 500,000 units p.a.
c. Medium Voltage Cable Accessories
and String Hardware - 1,000,000 units
p.a.
d. Telecommunication Cable
Accessories - 250,000 units p.a.
e. Safety Equipment and Tools - 50,000 units p.a.
Total Investment :
a. Equity Capital - US$ 750,000.-
c. Loan Capital - US$ 1,200,000.-
d. Total Investment - US$ 1,950,000.-
Started Operation :
1 9 9 3
Brand Name :
SICAME
Technical Assistance :
SICAME S.A. of France
Number of Employee :
260 persons
Marketing Area :
Domestic -
80%
Export - 20%
Main Customers :
a. PT. Perusahaan Listrik
Negara (PLN), a state electric enterprises
b. PT. Telkom Tbk.
c. Electrical
Installation and Contracting Companies
d. Electrical
Dealers and Shops
e. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASATA UTAMA ELECTRIC
b. P.T. INTIMUARA ELECTRINDO
c. P.T. PANELINDO MAKMUR
SENTOSA
d. P.T. SIEMENS INDONESIA
e. P.T. GIKOKO KOGYA INDONESIA
f. P.T. METRO
ABDIBINA SENTOSA
g. P.T. SINAR ELEKTRONIKA
h. P.T. UNILEC INDONESIA
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MANDIRI Tbk
Plaza
Mandiri
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. JP
MORGAN CHASE Bank
Chase Plaza
Jalan Jend. Sudirman Kav. 21
Jakarta Pusat
Indonesia
c. DEUTSCHE
Bank AG
Wisma Deutsche Bank
Jalan Imam Bonjol 80
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – US$. 41.8
million
2011 – US$. 47.5
million
2012 – US$. 54.0
million
2013 – US$. 32.0
million (January – June)
Net Profit
(estimated) :
2010 – US$. 2.8
million
2011 – US$. 3.2
million
2012 – US$. 3.6
million
2013 – US$. 2.1
million (January – June)
Payment Manner :
Almost Promptly
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Eric Saulnier
Vice President Director - Mr. Ir. Sukanta Sutardi
Director - Mr. Nicolas Escalle
Board of Commissioners :
President Commissioner - Mr. Murdaya Widyawimarta
Vice President Commissioner - Mr. Pierre Francois
Commissioners - a. Mr. Johny Gunawan
b. Mr. Raymond Levy
c. Mr. Patrick Libert
Signatories :
President Director (Mr. Eric Saulnier)
or Vice President Director (Mr. Ir. Sukanta Sutardi) or Director (Mr. Nicolas
Escalle) which must be approved by the Board of Commissioners (Mr. Murdaya
Widyawimarta and Mr. Pierre Francois)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. SICAMINDO was established in Jakarta
based on Notarial Deed No. 268 dated June 20, 1990 made by Mohamad Said Tadjoedin,
SH., notary in Jakarta with an
authorized capital of US$ 400,000.- entirely was issued and paid up. The
original founding shareholders were SICAME of France (51%), P.T. KENTJANA SAKTI
INDONESIA (20%), Mr. Yugiantoro (16%), Mr. Johny Gunawan (10%) and Mr. Boey
Suryadi (3%), third are Indonesian businessmen of Chinese extraction. The Deed of establishment has been approved
by the Ministry of Justice of the Republic of Indonesia through its Decision
Letter No. C2-4985 HT.01.01.Th.95 dated April 26, 1995. The company's notarial Deed has frequently
been revised. Most recently by notarial
Deed of Notary Yasmine Achmad Djawas, SH, No. 50 dated December 16, 2010 the
authorized capital was raised to US$ 750,000.- entirely was issued and fully
paid up. Since at the time, the
shareholders of the company are SICAME of France (51%) and P.T. KENTJANA SAKTI
INDONESIA of Indonesia (49%). The amendment to Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decision Letter No.
AHU-05126.AH.01.02.Tahun 2011 dated January 31, 2011. No changes have been effected in term
of its shareholding composition and capital structures to date.
P.T. SICAMINDO is
a member of the SICAME Group of France and BERCA Group or CCM Group of
Indonesia, a large-sized company group focusing its business on trading and
distribution of electrical equipments, contracting, infrastructure and
engineering services, shoe manufacturing, garment and apparel manufacturing,
properties, agribusiness and others. The BERCA Group is headed by Mr. Murdaya
Widyawimarta AKA Poo Djie Thiong, an Indonesian businessman of Chinese
extraction.
P.T. SICAMINDO obtained a Foreign Capital
Investment (PMA) license in the manufacturing and distribution of electrical
accessories and fittings for transmission line.
The has been operating since 1993 in electrical accessories and fitting
manufacturing industry, such as Low voltage cable accessories and string
hardware, high voltage cable accessories and string hardware, medium voltage
cable accessories and string hardware, telecommunication cable accessories and
safety equipment and tools. Its plant is
located at Komplek Citra Cakra Muldaya Blok F-1/7, Jl. Raya Serang Km. 28,5,
Balaraja, Tangerang, Banten Province.
The electrical accessories and fitting produced by the company are known
with brand; Sicame and P.T. SICAMINDO gets technological assistance from SICAME
S.A. of France. The above products are
marketed locally to PT. Perusahaan Listrik Negara (PLN), PT. Telkom Tbk.,
Electrical installation and contracting companies, electrical dealers and shops
in the country. Some 20% of the products
are exported to Philippines, Vietnam, Brunei, Thailand, Korea, Myanmar and
others. We observed that P.T. SICAMINDO
is classified as a medium-sized company of its kind in the country of which the
operation has been growing in the last three years.
Generally we find the demand for electrical
accessories and components has been increasing in the last five years. Planning electricity in Indonesia could
barely be carried out by simply having national consideration. Observing merely
the figures at the national level could even ‘deceive’ us. There is a prominent difference of those
figures in Java-Bali, and western and eastern parts of Indonesia. So, if we only see about the average national
figures, it will really deceive us, because its misleads the planning, goes out
of needs fulfillment, and misinforms the investors who make long term investment
planning. Java and Bali alone have absorbed
60 percent of electricity in Indonesia.
The power covering Java-Bali in early January 2010 hit the highest point
at 17,000 MW. The power capacity across
the nation is only 28,000 MW. Such
figures will be very misleading if we make the average of national
figures. The current establishment of
directorates for the western and eastern parts of Indonesia in the boards of
directors of PT. PLN is to adjust with the actual needs in the fields. Planning nationwide electricity will bring
about such imbalance bigger that eventually will jeopardize the national
security. It might even be considered
that the ideal national average figures in fact leave serious problems in major
parts of the other regions of Indonesia.
Business position of P.T. SICAMINDO is quite well for it has controlled
customers and wide marketing network in major cities in the country.
The company is neither public listed nor
bond issued company. Therefore, the company has no obligation to publish
financial statement publicly. The management
is very reclusive and unlikely to expose its financial condition to outsider. We
estimate that sales turnover of the company in 2010 amounted to US$. 41.8
million increased to US$. 47.5 million in 2011 rose again to US$.54.0 million
in 2012 and projected to be increasing by at least 8% in 2013. The operation of
the company in 2012 is estimated to have gained a net profit of US$.3.6 million
with a total net-worth of US$.20 million.
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. SICAMINDO is headed
by Mr. Eric Saulnier (66) as President Director, a France professional manager
with experience for more than 30 years in manufacturing and distribution of
electrical accessories and fitting for transmission line. In his daily activities, he is assisted by
Mr. Ir. Sukanta Sutardi (56) of Indonesia as Vice President Director and Mr.
Nicolas Escalle (50) of France as Director. The management has maintained a
wide relation with private businessmen at home and abroad as well as with
government authorities. So far, we did
not hear that the company's management having been involved in the business
malpractices. The company litigation
record is clean and it has not registered with the black list of Bank of
Indonesia.
P.T. SICAMINDO is appraised to be good for
business transaction. However, in view of
the economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
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.