|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SARI SARANA KIMIA |
|
|
|
|
Registered Office : |
Wisma SSK, Jl. Daan Mogot
Km. 11, Jakarta 11710 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
13.10.1976 |
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|
|
|
Com. Reg. No.: |
AHU-AH.01.10-16852 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Industrial Chemicals |
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|
|
|
No. of Employees : |
120 |
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 |
Name of Company :
P.T. SARI SARANA KIMIA
Address :
Head
Office
Wisma SSK
Jl. Daan Mogot Km. 11
Jakarta 11710
Indonesia
Phones - (62-21) 540 2211, 540 2233
Fax - (62-21) 540 2244, 540 2255, 540 2256
Email - info@sarisaranakimia.com
P.O. Box - 4871 Jakarta
11710
Branches
a. Jl.
Telaga Bodas No. 54
Bandung 40262
West Java
Indonesia
Phones -
(62-22) 730 3238, 731 2370
Fax - (62-22) 731 2368
b. Jl. Raya
Taman No. 26
Sidoarjo 61257, Surabaya
East Java
Indonesia
Phones -
(62-31) 535 3081, 531 1266, 534 6533
Fax - (62-31) 535 3082
Warehouse
Jl. Jurumudi Kebon Besar
No. 40
Tangerang, Banten Province
Indonesia
Phones - (62-21) 552 3738, 552 3739
Fax - (62-21) 552 4400
Date of
Incorporation :
13 October 1976
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-2923.HT.01.04.TH.97
Dated 22 April
1997
b. No. AHU-09673.AH.01.02.Tahun 2009
Dated 27
March 2009
c. No. AHU-AH.01.10-16852
Dated 10
May 2012
Company Status :
National Private Company
Permit by the Government Department :
a. The
Department of Finance
NPWP No.
01.300.755.4-038.000
b. The
Department of Trade
- SIUP No.
1228/0933/P/09-3/PB/VII/87
Dated 18 July 1987
- SIUP No.
1228/0933/P/09-3/PB/VII/87
Dated 18 July 1987
Holding Company :
P.T. SARANA KURNIAWAN MULTI INVESTA (Investment Holding)
Related/Associated Companies :
a. P.T. BUMI MERAK TERMINALINDO (Liquid Bulk Chemical Terminal)
b. P.T. SARI DAYA PLASINDO (Plasticizer Manufacturing)
c. P.T. VEMA SARANA POLYMERINDO (Casted Polyurethane Manufacturing)
d. P.T. TUNAS SUMBER IDEAKREASI KIMIA (Synthetic Resin Manufacturing)
e. P.T. SARANA SEJAHTERA KURNIA (Thinner Manufacturing)
Capital Structure :
Authorized Capital - Rp.
300,000,000,000.-
Issued Capital - Rp.
125,000,000,000.-
Paid up Capital - Rp.
125,000,000,000.-
Shareholders/Owners :
a. PT. Sarana Kurniawan Multi
Investa - Rp. 124,650,000,000.- (99.72%)
Address : Jl. Daan Mogot Km. 11
Cengkareng, West Jakarta
Indonesia
b. Mrs. Farida Nirmala - Rp 350,000,000.- ( 0.28%)
Address : Jl.
Taman S. Parman, RT.007, RW.008
Tomang, West Jakarta
Indonesia
Lines of Business :
Trading, Import and Distribution of Industrial Chemicals
Production Capacity :
None
Total Investment :
Owned Capital - Rp. 125.0 billion
Started Operation :
1 9 7 6
Brand Name :
Sari Sarana Kimia
Technical Assistance :
None
Number of Employee :
120 persons
Marketing Area :
Local - 100%
Main Customers:
a. Paint Industries
b. Tire and Rubber Good Industries
c.Printing Ink Industries
d. Textile and Food-wear Industries
e. Ceramic and Glassware Industries
f. Pesticide Industries
g. Cosmetic and Pharmaceutical Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Justus Kimiaraya
b. PT. Adimitra Prima Lestari
c. PT. Halim Sakti Pratama
d. PT. Kharindo Prakarsa
e. PT. Elang Kurniasakti
f. PT. Indokemika Jayatama
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk.
Wahid
Hasyim Branch
Jl. K.H.
Wahid Hasyim No. 183-A
Jakarta
Pusat
Indonesia
b. JP Morgan Chase Bank
Chase Plaza
Jl. Jend. Sudirman Kav.
21
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sales/Revenues (estimated) :
2010 – Rp. 1,790.0 billion
2011 – Rp. 2,042.0 billion
2012 – Rp. 2,320.0 billion
2013 – Rp. 2,640.0 billion
Net Profit (estimated) :
2010 – Rp. 86.0 billion
2011 – Rp. 98.0 billion
2012 – Rp. 110.0 billion
2013 – Rp. 126.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Arif Rachmat Kurniawan
Directors - a. Mr. Indera Rachmat Kurniawan
b. Mr. Setia Rachmat Kurniawan
c. Mrs. Donna Kurniawan
d. Mr. Darmadi Rachmat Kurniawan
Board of Commissioners :
Commissioner - Mrs. Farida Nirmala
Signatories :
President Director (Mr. Arif Rachmat
Kurniawan) or one of the Directors (Mr. Indera Rachmat Kurniawan, Mr. Setia
Rachmat Kurniawan, Mrs. Donna Kurniawan or Mr. Darmadi Rachmat Kurniawan) which
must be approved by Board of Commissioner (Mrs. Farida Nirmala)
Management Capability :
Good
Business Morality :
Good
P.T. SARI SARANA KIMIA (P.T. SSK) was established in 1976 with an
authorized capital of Rp 50,000,000.-
issued capital of Rp 10.000.000.- entirely was paid up. The founding shareholders of the company are Mrs.
Farida Nirmala, her older brother Mr. Dharma Budiman, the late Mr. Sutardi
Rachmat Kurniawan all of them are Indonesian businessmen of Chinese
extraction. The articles of association
of the company have frequently been changed.
Mr. Sutardi Rachmat Kurniawan passed away in 1983, and was replaced by
his son Mr. Arif Rachmat Kurniawan AKA Kew Tjoen (Mrs. Farida Nirmala's
husband). In November 1988 Mr. Dharma
Budiman pulled out and his shares are sold to Mrs. Farida Nirmala. In September
1996 the authorized capital
of P.T. SSK
was raised to Rp 60,000,000,000.-, issued and paid up
capital to Rp 25,000,000,000.-. By the
same time Mr. Arief Rachmat Kurniawan pulled out and replaced by P.T. SARANA
KURNIAWAN MULTIINVESTAMA. In October
2007, the authorized capital was raised to Rp. 300,000,000,000 of which Rp.
107,000,000,000 was issued and fully paid up.
The shareholders of the company were P.T. SARANA KURNIAWAN
MULTIINVESTAMA (99.67%) and Mrs. Farida Nirmala (0.33%).
Most recently by notarial Deed No. 18 dated March 29, 2012 made by
Notary Victor Gunawan, SH., the issued capital was raised to Rp
125,000,000,000.- and fully paid up. The
capital structures and shareholder composition of P.T. SSK in details are as
shown on page-3 of this report. The amendment to Deed
has been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-16852 dated May 10, 2012.
P.T. SARANA KURNIAWAN MULTIINVESTAMA is a private company which the
whole shares is controlled by Mr. Arief Rachmat Kurniawan, his wife Mrs. Farida
Nirmala and their family. Mr. Kurniawan and his family are also the majority
shareholders of P.T. BUMI MERAK TERMINALINDO (Liquid Bulk Chemical Terminal),
P.T. SARI DAYA PLASINDO (Plasticizer Manufacturing), P.T. VEMA SARANA
POLYMERINDO (Casted Polyurethane Manufacturing), P.T. TUNAS SUMBER IDEAKREASI
KIMIA (Synthetic Resin Manufacturing) and P.T. SARANA SEJAHTERA KURNIA (Thinner
Manufacturing). This business group is known as the SARI SARANA KIMIA Group or
the SSK Group.
P.T. SSK distributes various kinds of industrial chemicals including
industrial chemical solvents, monomer, synthetic resins, additives,
refrigerant, synthetic rubber, rubber processing oil, rubber chemicals,
engineering plastics, plasticizer, poly urethanes, leather chemical, soyabean
oil (food and industrial grade), etc.
Having arrived in Indonesia, all of the above products are formulated
and packed by P.T. SSK itself. It
operates a plant located at Jl. Daan Mogot Km. 11 Cengkareng, West
Jakarta. Beside, the Company has its
warehouse in Tangerang with the following facilities; an approximately 30,000
sq. meters storage space located at Jl. Jurumudi, Tangerang with storage
capacity of approximately 7,000 KL bulk chemicals, consisting of; 9 units of
300 KL Stainless Steel Tanks, 6 units of 64 KL Carbon Steel Tanks, 32 units of
60 KL Carbon Steel Tanks, 18 units of 50
KL Carbon Steel Tanks and 23 units of 16 to 48 KL Carbon Steel Tanks.
The company is the authorized distributor of several overseas chemical
companies including AFORTE, BAYER AG, CELANESE, CHEMCROWN, CONDEA SERVO,
DARMEX, DOW CHEMICAL, GOLDSCHMIDT, INDOFIL, ITOCHU, MITSUI CHEMICAL, MARUZEN
PETROCHEMICAL, NAGASE & Co., SHELL, TOKYO ZAIRYO, WATTLEBARH SA, and also local
companies such as; PERTAMINA, PT. SENTRA SINTETIKA JAYA and others. P.T. SSK sells the products to companies
dealing with ceramic, cosmetic and pharmaceutical industries, footwear,
furniture, latex emulsion and synthetic resin, leather, oil exploration, paint,
adhesive, building and housing development, plastic packaging and tin can, PVC
compound, pulp and paper, refrigerant, textile, tire and rubber goods, etc.
Besides, P.T. SSK is also acting as a distributor of its affiliated
companies including P.T. SARI DAYA PLASINDO dealing with manufacturing of
plasticizers, P.T. VEMA SARANA POLYMERINDO dealing with manufacturing of casted
polyurethane used in plywood, papers, steels, metal decorating and printing and
P.T. TUNAS SUMBER IDEAKREASI KIMIA dealing with manufacturing of synthetic
resin for coating adhesives, textile and papers. We observed that P.T. SSK is classified as a
large-sized company of its kind in the country of which the operation has been
growing 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 ink & coating
industries, cosmetic industries, food and beverage industries, pharmaceutical
industry, paint, plastic, ink, textile, rubber, printing industries and others
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. P.T. SSK
business position in this case is not too badly because it has built regular
customers and extensive marketing network all across the country.
Until this time P.T. SSK has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SSK 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.
1,790.0 billion increased to Rp. 2,042.0 billion in 2011 rose again to Rp.
2,320.0 billion in 2012 and to Rp 2,640.0 billion in 2013. The operation in 2013 yielded an estimated
net profit of at least Rp. 126.0 billion and the company has an estimated total
net worth of at least Rp. 280.0 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. SSK is led by Mr. Arif Rachmat Kurniawan (71) a
businessman who experienced for more than 40 years in the field of trading,
supplier and distribution of industrial and specialty chemicals. Daily operation he is assisted by his younger
namely Mr. Indera Rachmat Kurniawan (67), and his sons and daughter Mr. Setia
Rachmat Kurniawan (48), Mr. Darmadi Rachmat Kurniawan (45) and Mrs. Donna
Kurniawan (39). The management is
handled by experienced staff in this business, having maintained a wide
business relation with private businessmen at home and abroad as well as with
government sectors. 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. SARI SARANA KIMIA is sufficiently fairly good for business
transaction. However, in view of the
unstable economic condition in the country we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.