|
Report No. : |
305436 |
|
Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SMART TBK |
|
|
|
|
Registered Office : |
Sinar
Mas Land Plaza, Tower II, 28th – 30th Floor, Jl. M.H.
Thamrin No. 51, Gondangdia, Menteng, Jakarta 10350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
2013 |
|
|
|
|
Date of Incorporation : |
14.05.1999 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-18251 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Integrated Crude Palm Oil Refinery · Investment Holding |
|
|
|
|
No of Employees : |
19,363 |
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 : |
Slow but correct |
|
|
|
|
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.
E ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
B1 |
A2 |
|
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, 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. SMART TBK
Address:
Head Office
Sinar Mas
Jl. M.H. Thamrin No. 51
Gondangdia, Menteng
Indonesia
Phones -
(62-21) 318 1388 (Hunting)
Fax - (62-21) 318 1389
E-mail - investor@smart-corp.com
Website - http://www.smart-corp.com
Building Area - 28 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Rent
Factories
a. Jl. Rawa Teratai II/8
Kawasan
Industri Pulogadung
Jakarta Timur
Indonesia
Phones -
(62-21) 4601672, 4609010
Fax
- (62-21) 4602134
b. Jl.
Rungkut Industri Raya No. 19
Rungkut Industrial Estate
Surabaya, East Java
Indonesia
Phones -
(62-31) 8439861 (hunting)
Fax
- (62-31) 8438671
c. Jl.
Rungkut Industri I No. 34
Rungkut Industrial Estate
Surabaya, East Java
Indonesia
Phones -
(62-31) 8420020 (hunting)
Fax
- (62-31) 8420017
d. Jl.
Belmera Baru
Belawan III, Belawan
North Sumatra
Indonesia
Phones -
(62-61) 6941162 (hunting)
Fax
- (62-61) 6941898
Date of Incorporation:
a.
18 June 1962 as PT. Maskapai Perkebunan SUMCAMA PADANG HALABAN
b.
10 September 1991 as PT. SMART CORPORATION
c.
13 August 1997 as PT. SMART CORPORATION Tbk
d.
14 May 1999 as PT. SMART Tbk
Legal
Form:
P.T.
Tbk (Perseroan Terbatas Terbuka) or Public Listed Company
Company
Reg. No.:
The
Ministry of Law and Human Rights
a. No.
J.A.5/115/3
Dated 29 August 1963
b. No. AHU-53268.AH.01.02.Tahun 2008
Dated 21 August 2008
c. No.
AHU-AH.01.10-18251
Dated 20 July 2010
Company
Status:
Domestic
Investment Company (PMDN)
Permit
by the Government Department:
a. The
Department of Finance
- NPWP No. 01.000.183.2-092.000
- No. Kep/41/Mekuin/7/1970
Dated 15 July 1970
b. The
Capital Investment Coordinating Board
- No. 6/V/1985
Dated
28 March 1985
- No. 1174/II/PMDN/1991
Dated
27 December 1991
- No. 167/II/PMDN/1992
Dated
17 December 1992
- No. 34/II/PMDN/1993
Dated
26 February 1993
- No. 107/II/PMDN/1993
Dated
15 June 1993
- No. 60/II/PMDN/1994
Dated
21 February 1994
- No. 40/II/PMDN/1998
Dated
20 May 1998
- No. 56/II/PMDN/1998
Dated
18 August 1998
-
No. 108/III/PMA/2003
Dated
27 June 2003
- No. 77/II/PMDN/2006
Dated 24 August 2006
Related
/Affiliated Company :
A
Member Company of the SINAR MAS Group
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000,000.-
Issued
Capital -
Rp. 574,439,000,000.-
Paid
up Capital -
Rp. 574,439,000,000.-
Shareholders
(per 31 Dec. 2013) :
a.
P.T. PURIMAS SASMITA - Rp.
558,380,000,000.- (97.20%)
b.
Publics -
Rp. 16,059,000,000.- ( 2.80%)
BUSINESS
ACTIVITIES
|
Lines
of Business :
a.
Integrated Crude Palm Oil Refinery
b.
Investment Holding
Production
Capacity :
A.
Initial Units
a. Crude Palm Oils - 132,680 tons
p.a.
b. Palm Kernel Oils - 80,880 tons p.a.
c. Pellets - 28,620 tons p.a.
d. Cooking Oils - 480,000 tons p.a.
e. Oleins - 270,200 tons p.a.
f. Stearines
- 117,000 tons p.a.
g. Margarines - 57,300 tons p.a.
h. Plastic Sheet Films -
480 tons p.a.
i.
Plastic Bottles -
7,700 tons p.a.
B.
Expansion Units
a. Crude Palm Oils - 34,800 tons p.a.
b.
Palm Kernel Meals - 40,020 tons p.a.
c. Margarine - 33,000 tons p.a.
Total
Investment :
A.
Initial Units
a. Equity Capital -
Rp. 228.6 billion
b. Reinvested Profit -
Rp. 19.8 billion
c. Loan Capital - Rp. 210.0
billion
d. Total Investment - Rp.
458.4 billion
B. Expansion Units
a. Equity Capital - None
b. Reinvested Profit - Rp.
86.0 billion
c. Loan Capital -
Rp. 129.0 billion
d. Total Investment - Rp. 215.0 billion
Started
Operation :
1962
Brand
Name :
SMART
Tbk
Technical
Assistance :
None
Number
of Employee :
19,363
persons
Marketing
Area :
Local/Domestic - 42.6%
Export - 57.4%
Main
Customer :
Wholesaler and Importer of Palm Oil, Soaps,
Margarines, Supermarkets, etc
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Wilmar
Corporation
b. PT.
Bituang Manado Oil (Bimoli)
c. PT. Musim Semi Mas
d. PT. Sayap Mas Utama
Business
Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
|
Bankers :
a. P.T. Bank SINAR MAS Tbk
b.
P.T. Bank INTERNASIONAL INDONESIA Tbk
c.
P.T. Bank PAN INDONESIA Tbk
d.
P.T. Bank MANDIRI Tbk
e.
P.T. Bank NEGARA INDONESIA Tbk
f. P.T. Bank CENTRAL ASIA Tbk
Auditor
:
Mulyamin
Sensi Suryanto & Lianny (a member of Moore Stephens)
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales :
2009
– Rp. 14,201 billion
2010
– Rp. 20,265 billion
2011
– Rp. 31,676 billion
2012
– Rp. 27,526 billion
2013
– Rp. 23,935 billion
Net
Profit :
2009
– Rp. 748 billion
2010
– Rp. 1,261 billion
2011
– Rp. 1,786 billion
2012
– Rp. 2,152 billion
2013
– Rp. 893 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Jo Daud Dharsono
Vice President Directors - a. Mr. Budi Wijana
b. Mr. Edy Saputra Suradja
Directors -
a. Mr. Ir. Lukmono Sutarto
b. DR. Ing. Gianto Widjaja
c. Mr. Jimmy Pramono
Board of Commissioners :
President Commissioner - Mr. Franky Oesman Widjaja
Vice President Commissioners - a. Mr. Muktar Widjaja
b. Mr. Simon Lim
Commissioners - a. Mr. Rachmad Gobel
b. Mr. Rafael Buhay Conception, Jr.
c. Prof. DR. Teddy Pawira
d. Prof. DR. Susiyati B. Hirawan
e. Drs. Endro Agung Partoyo
f.
Prof. Hikmahanto Juwana, SH.
Signatories :
President
Director (Mr. Jo Daud Dharsono) or one of the Vice PresidentDirectors (Mr. Budi
Wijana or Mr. Edy Saputra Suradja) and or one of the directors (Mr. Ir. Lukmono
Sutarto, DR. Ing. Gianto Wijaja or Mr. Jimmy Pramono) which must be approved by
Board of Commissioners (Mr. Franky Oesman Widjaja, Mr. Muktar Widjaja and
Mr.Simon Lim)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Satisfactory
OVERALL
PERFORMANCE
|
The
company originally named P.T. Maskapai Perkebunan SUMCAMA PADANG HALABAN set-up
in June 1962 with an authorized capital of Rp. 17,647,000.- wholly issued and
paid-up. Founders and original shareholders are N.V. SUMATRA CAOUTCHOUC
MAATSCHAPPY of Belgium, Mr. Raden Soewarso Tirtowiogjo and Mr. Raden Hidajat
Soerijanatamihardja, they are indigenous businessmen. In 1985, its whole
shareholders pulled out and replaced by P.T. SADANG MAS (a private company). In
September 1991, it renamed to P.T. SINAR MAS AGRO RESOURCES AND TECHNOLOGY
CORPORATION abbreviated P.T. SMART CORPORATION. In October 1992, parts of its
shares were released to the public through the Jakarta Stock Exchange (BEJ). In
August 1997 quoted the authorized capital was raised to Rp 1,000,000,000,000.-,
issued and paid up capital to Rp 252,000,000,000.- and by the same time the
word Tbk. (Terbuka) was added behind the name to comply with new law on public
listed company so that the company named P.T. SMART CORPORATION Tbk. In May
2000 the issued capital was raised to Rp 297,360,000,000.- entirely paid up.
In May 1999 the company was renamed P.T.
SMART Tbk., and in May 2008 the issued capital was raised to Rp. 574,439,000,000.-
and fully paid up. As of 31 December
2012, the
shareholders of the company are P.T. PURIMAS SASMITA is a private company
(97.20%) and Publics (2.80%). P.T.
PURIMAS SASMITA is a member of the SINAR MAS Group, a major business group in the
country of which is headed by the Widjaja family.
P.T.
SMART Tbk started with operation in 1962 in integrated palm-based plantation.
P.T. SCT started with operation in 1962 in integrated oil palm plantation. The
plantation and its CPO processing factory were taken over from its ex foreign
partner N.V. SUMATRA CAOUTCHOUC MAATSCHAPPIJ of Belgium. Later in 1991, P.T.
SMART Tbk took over all of its sister company P.T. MULYOREDJO INDUSTRIAL
COMPANY's assets and activity in
refining and manufacturing of cooking oil, margarine and edible oils located in
Surabaya, East Java.
In
1992, P.T. SMART Tbk has also taken over all of P.T. KUNCI MAS WIJAYA's assets
and business activity which is dealing with cooking oil refinery in Jakarta.
The company manages a crude palm oil (CPO) and palm kernel oil (PKO) processing
plant located in Labuhan Batu North Sumatra, 1 unit processing plant in Belawan
(North Sumatra), 1 processing plants in Jakarta and 2 others in Surabaya, East
Java. The above all plants produce cooking oil and edible fat like margarine,
stearine and olein. The company owns and manages plantations, mills and
refineries which manufacture branded and unbranded cooking oil, banded
margarine and shortening. P.T. SMART Tbk products are divided into three categories
retail, Industrial and Bulk. Retail products are designed for household
consumption. Industrial products are aimed at supplying noodle factories,
confection factories, bakeries, fast food chains, hotels, hospitals,
restaurants and so forth. The later category fetches the premium gross margin
as customer requirements are tailor-made to specifications. The branded
products cater not only for local but also for international consumption.
Finally, Bulk products are unbranded and unpacked goods targeted for mass
consumption. P.T. SMART Tbk's cooking products are wholly distributed under
FILMA and KUNCI MAS brands, while its margarine products are marketed under
PALMBOOM, PUSAKA, PALMVITA, MAESTRO, MENARA EIFEL, RED ROSE, SUNFRY, DELICIO,
DELICOA and MITRA brands. Most of the company’s products is distributed locally
and distributed by its sister company P.T. INTERMAS TATA TRADING.
P.T.
SMART Tbk., also has ownership interest of more than 50% in the following subsidiaries
which are engaged in cultivation of oil plantation and operation of mill,
organic chemical industry, transportation and oleo chemical industry. The table
of P.T. SMART Tbk’s subsidiary companies shall be as follows:
|
Subsidiary Company (Direct Ownership) |
Line of Business and Status of Operations |
PT. SMART’s Shares (%) |
Domicile |
T. Asset as of 31 Dec. 2013 (Rp) |
|
PT. Krena Duta Agroindo |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
1,379,616 |
|
PT. Maskapai Perkebunan Leidong West Indonesia |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
165,253 |
|
PT. Berau Sarana Jaya |
Cultivation of Oil Plantation |
100 |
Samarinda |
659 |
|
PT. Perusahaan Perkebunan Panigoran |
Cultivation of Oil Plantation |
100 |
Jakarta |
8,289 |
|
PT. Sangatta Andalan Utama |
Cultivation of Oil Plantation |
100 |
Samarinda |
-- |
|
PT. Satya Kisma Usaha |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
401,608 |
|
PT Rama Flora Sejahtera |
Cultivation of Oil Plantation |
100 |
Pekanbaru |
26 |
|
PT. Tapian Nadengan |
Cultivation of Oil Plantation and Operation of mill |
100 |
Jakarta |
2,763,109 |
|
PT. Alam Sumber Rahmat |
Cultivation of Oil Plantation |
90 |
Batam |
298 |
|
PT. Pelangi Sungai Siak |
Cultivation of Oil Plantation |
85 |
Jakarta |
460 |
|
PT. Pratama Ronaperintis |
Investment Holding |
70 |
Jakarta |
686 |
|
PT. Langgeng Subur |
Cultivation of Ornamental Plants |
100 |
Jakarta |
1,356 |
|
PT. Nabati Energi Mas |
Organic Chemical Industry |
100 |
Jakarta |
808 |
|
PT. Propetindo Prima |
Transportation Company |
100 |
Kota Baru |
222,869 |
|
PT. Soci Mas |
Oleo Chemical Industries |
99 |
Mdan |
1,492,129 |
Besides,
P.T. SMART Tbk., has ownership interest of less than 50% in the following
associates which are engaged in production and sales of sees, aerial
fertilizing, transportation and trading of bottled drinking water. The table of P.T. SMART Tbk’s associated companies
shall be as follows:
|
Company |
Domicile |
Principal Activities |
Year of Incorporation |
PT. SMART’s Shares (%) |
|
PT. Hortimart Agrogemilang |
Malang |
Production and
sale of seeds |
1990 |
39.10 |
|
PT. Sianr Mas Super Air |
Jakarta |
Aerial fertilizing
|
1997 |
35.00 |
|
PT. Trans Indojya Mas |
Jakarta |
Transportation |
1988 |
34.62 |
|
PT. Universal transindo Mas |
Jakarta |
Transportation |
2003 |
34.62 |
|
PT. Super Wahana Tehno |
Jakarta |
Trading of
bottled drinking water |
2006 |
50.00 |
During
the first semester of 2014, FFB production grew by a healthy 9% to 1.53 million
tons compared to the corresponding period last year, followed by an increase in
CPO and PK production to 376,097 tons and 89,555 tons, respectively. Oil extraction rate and kernel extraction
rate stood at 22.85% and 5.44%, respectively.
|
Description |
YTD June 2013 |
YTD June 2014 |
Growth |
|
FFB produced – tons |
1,402,314 |
1,525,182 |
8.8% |
|
CPO produced – tons |
345,887 |
376,097 |
8.7% |
|
PK produced – tons |
80,190 |
89,555 |
11.7% |
|
Oil extraction rate - % |
22.88 |
22.85 |
-0.03% |
|
Kernel extraction rate - % |
5.30 |
5.44 |
0.14% |
According
to financial statement that sales turnover of P.T. SMART Tbk in 2011 amounted at
Rp. 31,676 billion with a net profit of Rp. 1,786 billion declined to Rp.
27,562 billion with a net profit of Rp. 2,152 billion in 2012 and dropped again
to Rp. 23,935 billion with a net profit of Rp. 893 billion in 2013. Up to present, we have yet to gain the
statement of income of P.T. SMART Tbk., in fiscal 2014. However, we estimated that as per 30 June
2014, its sales turnover was Rp. 17,430 billion with a net profit of Rp. 650
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 company usually
pays its debts punctually to suppliers. The financial highlight of the company
as of 31 December 2010, 2011, 2012 and 2013 (expressed in billion IDR) are
below:
|
DESCRIPTION |
2013 |
2012 |
2011 |
2010 |
|
STATEMENTS OF
INCOME (Rp billion) |
|
|
|
|
|
Net Sales |
23,935 |
27,562 |
31,676 |
20,265 |
|
Gross Profit |
4,121 |
6,525 |
7,522 |
3,137 |
|
Earnings before interest, taxes, and depreciation |
2,395 |
3,651 |
2,963 |
2,151 |
|
Net Profit |
893 |
2,152 |
1,786 |
1,261 |
|
BALANCE SHEETS (Rp
billion) |
|
|
|
|
|
Total assets |
18,381 |
16,247 |
14,722 |
12,476 |
|
Total liabilities |
11,896 |
7,308 |
7,386 |
6,500 |
|
Equity attributable to owners of the
Company |
6,479 |
8,934 |
7,331 |
5,830 |
The
management is led by Mr. Jo Daud Dharsono (58), he was appointed as the
president director of the Company on 15 May 2008. He graduated rom the Economic Faculty of
Trisakti University Jakarta, majoring in Accounting, in 1984. In daily activities he is assisted by two
vice president directors namely Mr. Budi Wijana (56) and Mr. Edy Saputra
Suradja (54), and three directors namely Mr. Ir. Lukmono Sutarto (61), DR. Ing.
Gianto Widjaja (63) and Mr. Jimmy Pramono (61).
But, we believe that the prime mover of the company is Dr. Eka Tjipta
Widjaja AKA Oei Ek Tjhong (89) who is also prime mover of the SINAR MAS Group
and his sons namely Mr. Franky Oesman
Widjaja (56), and Mr. Muktar Widjaja (60). The management is well-experienced
and run by professional manager in oil palm plantation and processing and
cooking oil trading and other edible oil distribution. They have wide relations
with home and overseas private businessmen as well as with high-ranking
government officials. So far, we did not
hear that the management of the company having been filed to the court for
detrimental cases or involved in business malpractices.
We
appraise P.T. SMART Tbk to be quite good for business transactions. But in view
of the country's unstable economic condition, we recommend to treat prudently
in extending a new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.