|
Report Date : |
18.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR INDOCHEM |
|
|
|
|
Registered Office : |
Jl. Raya By Pass Krian – Mojokerto Km. 32, Kec. Balongbendo, Kab.
Sidoarjo, East Java, Indonesia |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.02.2006 |
|
|
|
|
Com. Reg. No.: |
No. AHU-64846.AH.01.02.Tahun 2012 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in
the animal (poultry) feed industry |
|
|
|
|
No. of Employees : |
562 |
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. SINAR INDOCHEM
A d d r e s s :
Head
Office & Factory
Jl. Raya By Pass Krian – Mojokerto Km. 32
Kec. Balongbendo, Kab. Sidoarjo
East Java, Indonesia
Phones -
(62-31) 898 2168 (hunting)
Fax - (62-31) 898 2169
Email - feedmill@sinar-indochem.com
Land Area - 4,600 sq.
meters
Building Area - 2,800 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
20 February 2006
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-09403 HT.01.01.TH.2006
Dated 03
April 2006
b. No.
AHU-64846.AH.01.02.Tahun 2012
Dated 18 December
2012
Company Status :
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 02.370.651.8-603.000
Affiliated/Associated Companies :
a. P.T. SINAR INDO PACIFIC (Investment Holding)
b. P.T. SINAR UNIGRAIN INDONESIA (Corn Product Processing Industry)
Capital Structure :
Authorized Capital - Rp.
96,000,000,000.-
Issued Capital - Rp. 24,000,000,000.-
Paid up Capital - Rp. 24,000,000,000.-
Shareholders/Owners :
a.
P.T. SINAR INDO PACIFIC - Rp.
23,999,000,000.- (99.996%)
Address : Jl. Raya Mulyosari PPD-17
Mulyorajo, Surabaya
East Java, Indonesia
b.
Mr. Hariadi -
Rp. 1,000,000.- ( 0.004%)
Address : Jl. Untung Suropati No. 2
Surabaya, East Java
Indonesia
Lines of Business :
Animal Feed Milling Industry
Production Capacity :
Animal Feed - 360,000 tons
p.a.
Total Investment :
a. Equity Capital - Rp. 24.0 billion
b. Loan Capital - Rp. 30.0 billion
c. Total Investment - Rp. 54.0 billion
Started Operation :
2011
Brand Name :
STARFEED
Technical Assistance :
None
Number of Employee :
562 persons
Marketing Area :
Local - 100%
Main Customers :
Animal Feed Distributors and Poultry Farming
Market Situation :
Very Competitive
Main Competitors :
a. PT. Bintang Jaya Proteina Feedmill
b. PT. Central Pangan Mandiri
c. PT. Citra Ina Feed Mills
d. PT. Gold Coin Indonesia
e. PT. Grobest Indo Makmur
f. PT. Mabar Feed Indonesia
g. Etc.
Business Trend :
Growing
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk.
Krian Branch
Jl. Kauman No. 25,
Krian, Sidoarjo
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated):
2011 – Rp. 190.0 billion
2012 – Rp. 560.0 billion
2013 – Rp. 650.0 billion
Net Profit (estimated):
2011 – Rp. 12.0 billion
2012 – Rp. 36.4 billion
2013 – Rp. 42.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Hariyono Tan
Directors - a. Mr. Hairyanto
b. Mr. Hariyono
Marketing Manager - Mr. Rudy Dermawan
Board of Commissioners :
President Commissioner - Mr. Hariadi
Commissioner - Mr. Hartono
Signatories :
President Director (Mr. Hariyono Tan)
or one of the Directors (Mr. Hairyanto or Mr. Hariyono) which must be approved
by Board of Commissioners (Mr. Hariadi and Mr. Hartono)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. SINAR INDOCHEM (P.T. SIC) was established in Sidoarjo based on
Notarial Deed No. 4 dated 20 February 2006 of Ninik Sutjiati, SH., a notary in
Surabaya with the authorized capital of Rp.10,000,000,000.- of which Rp
2,500,000,000.- was issued and fully paid up.
The
founding shareholders of the company are Mr. Hariyono Tan (16%), Mr. Hariyanto
(17%), Mr. Hariyono (25%), Mr. Hariadi (25%) and Mr. Hartono (17%). They are Indonesian businessmen of Chinese
extraction. The Articles of Association
has been approved by the Minster of Law and Human Rights through Decision
Letter No. C-09403 HT.01.01.TH.2006 dated 3 April 2006. The
articles of association of the company have been revised, most recently by
notarial Deed No. 4 dated 14 October 2012 of Siti Nurul Yuliami, SH., notary in
Surabaya, the authorized capital was raised to Rp. 96,000,000,000.- of which
Rp. 24,000,000,000.- was issued and fully paid up. Concurrently, the shareholders of the company
are PT. SINAR INDO PACIFIC (99.996%) and Mr. Hariadi (0.004%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-64846.AH.01.02.Tahun 2012 dated 18 December 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. SIC has been
operation since mid-2011 dealing with the animal (poultry) feed industry. The company manages a plant located at Jl.
Raya By Pass Kian – Mojokerto Km. 32, Balongbendo, Sidoarjo, East Java. According to Mr. Rudy Dermawan (marketing
manager of PT. SIC) said that the company has a production capacity of 30,000
tons of animal (poultry) feeds per month. Mr. Dermawan added that P.T. SIC's realized production has now already
reached 35% to 40% of its installed capacity and the company's production is
entirely marketed in the country under the Starfeed brand through animal feed
distributors appointed in Surabaya, Sidoarjo, Malang and several big cities of
the East Java. We observed that P.T. SIC
is classified as a new company of its kind in the country of which the
operation has been growing in the last two years.
In overall views we find the demand for animal feed such as poultry
meal, fish meal, fork meal and feather meals had been rising by 7% to 8% per
year in the last five years, in line with the growth of animal feed industry
and breeding farm in the country. But,
as from October 2008, the demand growth for animal feed products has kept on
dwindling as an impact of global economic crisis as told above. The demand was increasing in the early 2009
due to economic condition was gradually recovery in the country. Besides that
the competition is very tight due to a large number of similar companies
operating in the country. It’s projected the demand for animal feed, fish meal,
fish oil and feather meals will be rising in the future at least 5% per
annum.
The financial condition of the company is appraised to be less strong
and its financial condition at present is as the paid up capital of Rp. 24.0
billion as stated in the articles of association of the company. The financial
condition of the company still depends on the financial condition of its
shareholders. The management of P.T. SIC
is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company as of June to
December 2011 amounted to Rp. 190.0 billion increased to Rp. 560.0 billion in
2012 and rose again to Rp. 650.0 billion in 2013. The Company’s operation in 2013 yielded an
estimated net profit of at least Rp. 42.0 billion and the company has an
estimated total net worth of Rp. 60.0 billion. So far, we did not heard that
the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. SIC is led by Mr. Hariyono Tan (41) a young
businessman with 4 years experience in animal (poultry) feed industry. In daily activities he is assisted by his
younger brothers namely Mr. Hairyanto (36) and Mr. Hariyono (33). Beside, they are also assisted by a number of
expert staffs in the above business. The Company’s management has 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. SINAR INDOCHEM 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.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
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.