|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINKONA |
|
|
|
|
Registered Office : |
Jalan Raya
Ciater Km.171, Subang, 41281, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
25.10.1986 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-30998.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Quinine Manufacturing |
|
|
|
|
No. of Employees : |
140 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 |
Name of
Company :
P.T.
SINKONA INDONESIA LESTARI
A d d r e s s
:
Head Office & Factory
Jalan Raya Ciater
Km.171
Subang, 41281
West Java
Phones -
(62-260) 470918
Fax -
(62-260) 470917
E-mail - marketing@sinkonaindonesia.com
Website - http://www.sinkona-indonesia.com
Land Area - 24,600 sq.
meters
Building Space - 9,200 sq. meters
Region - Industrial
Zone
Status - Owned
Branch
a. Jalan Gegerkalong Hilir 143
Sukarasa, Sukasari
Bandung 40152, West Java
Phones -
(62-22) 2003103
Fax
- (62-22)
2003104
E-mail -
sinkona@bdg.centrin.net.id
Building Area - 2 storey
Office Space -
110 sq. meters
Region -
Commercial
Status -
Rent
b. Jalan Dederuk No. 21
Bandung 40133, West Java
Phones -
(62-22) 250 2852
Fax
- (62-22) 253
1608
Building Area - 2 storey
Office Space -
140 sq. meters
Region -
Commercial
Status -
Rent
Date of Incorporation
:
25 October 1986
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
No.
AHU-30998.AH.01.02.TH.2009
Dated 7
July 2009
Company Status :
National
Private Company
Permit by the Government Department
:
The Department of Finance
NPWP No.
01.280.013.2-051.000
Related Companies :
a. P.T.
KIMIA FARMA (Pharmaceutical Industry and
Investment Holding)
b. P.T.
TRI USAHA BHAKTI (Investment Holding)
c. P.T.
PERKEBUNAN NUSANTARA VIII (Plantation)
Capital
Structure :
Authorized Capital :
Rp. 8,576,000,000.-
Issued Capital :
Rp. 8,576,000,000.-
Paid up Capital :
Rp. 8,576,000,000.-
Shareholders/Owners
:
a. P.T. KIMIA FARMA Tbk. - Rp. 1,286,000,000.-
Address : Jl. Veteran No. 9
Jakarta Pusat
b. P.T. PERKEBUNAN NUSANTARA VIII - Rp. 5,574,000,000.-
Address ; Jl. Metro Duta Niaga 17
Jakarta Selatan
c. P.T. TRI USAHA BHAKTI - Rp. 1,716,000,000.-
Address : Jl. Medan Meredeka Timur
7
Jakarta Pusat
Lines of
Business :
Quinine Manufacturing
Production
Capacity :
Quinines -
50 tons p.a.
Total
Investment :
a. Equity Capital -
Rp. 8.6 billion
b. Loan Capital -
Rp. 5.0 billion
c. Total Investment - Rp. 13.6 billion
Started
Operation :
1992
Brand Name :
None
Technical
Assistance :
P.T. KIMIA FARMA Tbk
Number of
Employee :
140 persons
Marketing Area
:
Export -
95%
Local - 5%
Main Customer
:
USA, South Korea, Taiwan, Philippines, Malaysia, Thailand, etc
Market
Situation :
Competitive
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk
Bandung Branch
West Java,
Indonesia
b. P.T. Bank Negara Indonesia Tbk
Bandung Branch
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – Rp. 121.0 billion
2012 – Rp. 134.0 billion
2013 – Rp. 146.0 billion
Net Profit
(Loss) :
2011 – Rp. 9.7 billion
2012 – Rp. 10.7 billion
2013 – Rp. 11.9 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mrs. Ida Rahmi Kurniasih
Director -
Mr. Tri Bagus Santoso
Board of Commissioners :
President Commissioner -
Mr. Irwan Abdulrahman Lubis
Commissioner - a. Mr. Jisman Pantas Pandapotan
Siagian
b. Mr. Hamdan Z. Nasution
Signatories :
President Director (Mrs. Ida Rahmi Kurniasih) or the Director (Mr. Tri
Bagus Santoso) which must be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate Amount
P.T. SINKONA
INDONESIA LESTARI (P.T. SIL) was established in October 1986 with an authorized
capital of Rp. 23,410,000,000 issued capital of Rp. 6,206,000,000 and paid up
capital of Rp. 2,358,280,000. The original founding shareholders are P.T. KIMIA
FARMA, P.T. PERKEBUNAN NUSANTARA XII, P.T. PERKEBUNAN NUSANTARA XIII and P.T.
TRI USAHA BHAKTI. The company notary deed has frequently been amendment. In
August 1998 the authorized capital was reduced to Rp. 8,576,000,000 entirely
issued and paid up. By the same time P.T. PERKEBUNAN NUSANTARA XII and P.T.
PERKEBUNAN NUSANTARA XIII pulled out and replaced by P.T. PERKEBUNAN NUSANTARA
VIII. The latest in December 2008 the
board of director and board of commissioner has been changes (see profile of
this report). The deed of amendment was made by Ms. Martinah Sumarnoo,
SH., a public notary in Jakarta was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-30998.AH.01.02.TH.2009, dated July 07,
2009.
We observe the
majority business stakes of P.T. SIL is controlled by P.T. PERKEBUNAN NUSANTARA
VIII, a national private company engaged in quinine, tea and rubber plantation
which the majority shares is controlled by the government.
P.T. SIL had
been operating since 1992 in quinidine industry (pharmaceutical basic material
being processed from quinine tree bark). P.T. SIL is a company that produces quinine
salt and its derivatives for many industries, especially pharmaceuticals,
beverages, and chemical industries. The cinchona alkaloids are a family of natural
products which can be isolated from cinchona trees. There are about 40
different species of cinchona tree all of which are indigenous to the slopes of
the Andes, however because of their commercial importance, several of these
species are now widely cultivated in many tropical
countries, including Indonesia. The most abundant of these alkaloids is quinine and this,
along with quinidine,
cinchonine
and cinchonidine,
can comprise up to 16% by mass of the tree bark. The types of products are Cinchona Alkaloids; Quinine Hydrochloride; Quinine Dihydrochloride; Quinine Sulphate; Quinine Base Anhydrous; Quinine Bisulphate; Quinidine Base; Quinidine Sulphate; Cinchonine and Cinchonidine.
The
quinine plantation managed by P.T. PN VIII ranges 3.004,29 ha which consists of
13 plantations. The dried quinine bark is processed into SQ-7 or known as
quinine salt which contains quinine sulphate, quinine bisulphate, and other
materials. The production is managed by PT Sinkona Indonesia Lestari (P.T. SIL)
as the subsidiary company of P.T. PN VIII. The product is exported to Europe, Canada, and
America. The bark is usually harvested by beating the tree trunks and then
removing the material that peels away. The tree can partially regenerate its
bark over a few years, and several cycles of removing the bark and letting it
grow back can be achieved before the trees have to be uprooted and replaced by
new ones. P.T. SIL made a contribution on a national tree planting event at
Banceuy customary forest in Sanca village, Ciater, Subang. The event was held
on November 28th, 2013. P.T. SIL along with many companies in the south Subang
area were planting 2000 fruit trees and 20000 perennial plants. The program was
first initiated by P.T. Tirta Investama Plant and followed by other companies,
including P.T. SIL, P.T. PN VIII, and P.T. Sari Ater Spa.
The products
such as cinchonine, cinchonidine, quinine sulfate, quinine hydrochloride,
quinine dihydrochloride and cinchona barks. Its plant is located at Ciater,
Subang, West Java, producing quinine of 50 tons per year. The basic material
(quinine tree bark) is supplied by P.T. PERKEBUNAN NUSANTARA VIII. Some 95% of
the products is exported to the USA, South Korea, Taiwan, the Philippines,
Malaysia, Thailand and the rest for local purpose. The marketing agents are;
International Business Networks Pte. Ltd. (IBN); Arnold Suhr, Netherlands and
Centerchem. P.T. SIL is classified as a
large sized company in the country dealing with quinidine industry of which the
operation has been running smoothly and growing in the last five years up.
In overall we
find the demand for quinidine had been rising by 6% to 7% within the last five
years both local and international market in line with the growth of
pharmaceutical industries and estimated it will be higher by 5% within the
coming five years. While the competition is quite tight due a large number of
similar companies operating in the country. Business position of P.T. SIL is
not so critical for it has controlled a wide marketing network at home.
Until this time
P.T. SIL has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The
management of P.T. SIL is very reclusive towards outsiders and rejected to
disclose its financial condition. We estimated that total sales turnover
of the company in 2011 amounted to Rp. 121.0 billion rose to Rp. 134.0 billion
in 2012 increased to Rp. 146.0 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. 11.9 billion and the company has an estimated total networth of at
least Rp. 31.0 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. SIL is led by Mrs. Ida Rahmi Kurniasih (49) a professional manager with
experience in quinidine manufacturing and trading. She was graduated from
Institute Teknologi Bandung, majoring in Pharmacy. She joined with P.T. Kimia
Farma (Persero) Tbk since 2002, where by experience she developing many field
of expertise like quality management system, production planning and control,
warehousing, good manufacturing practice, food safety, and production of many
pharmaceutical products including quinine. Before appointed as president
director of P.T. Sinkona Indonesia Lestari in July 2013, her last position in
P.T. Kimia Farma was Production Manager. She is member of Indonesian Pharmacist
Association and ISPE.
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. SINKONA
INDONESIA LESTARI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
|
1 |
Rs.98.72 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.