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Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SRI AMAN CORPORINDO |
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|
|
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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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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Trading, Importer, Wholesales and Distribution of Raw Materials from
Pharmaceutical, Food, Feed, Cosmetics and Chemical Industries |
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|
|
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No of Employees : |
28 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
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. 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 – 85
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
Puri Indah Block I/12A
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
2014
– Rp. 19.0 billion (January – June)
Net
Profit (estimated) :
2011
– Rp. 2.0 billion
2012
– Rp. 2.2 billion
2013
– Rp. 2.5 billion
2014
– Rp. 1.3 billion (January – June)
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
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). 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, 2001-2013* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* |
12.850 15.483 17.458 20.872 23.629 23.173 25.600 29.981 33.965 37.531 43.081 45.235 47.949 |
7.891 9.618 10.829 12.706 14.675 13.834 13.959 16.969 19.225 21.142 23.506 25.281 26.798 |
1.547 1.694 1.819 2.136 2.529 2.390 2.295 3,213 3.420 3.610 3.900 4.095 4.349 |
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. As from January to June
2014 the sales turnover has reached at least Rp. 19.0 billion with a net profit
of at least Rp. 1.3 billion. Its projected the sales turnover will be rising by
at least 6% in 2015. 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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
SMN |
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.