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Report No. : |
322941 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. SRI AMAN CORPORINDO |
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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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Com. Reg. No.: |
AHU-AH.01.10-24507 |
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Legal Form : |
Limited Liability Company |
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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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No of Employees : |
35 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. President Joko WIDODO - elected in July 2014 - has emphasized domestic economic growth in his first few months in office and in November 2014 reduced fuel subsidies, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
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 :
35 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) :
2012 – Rp. 34.0 billion
2013 – Rp. 36.0 billion
2014 – Rp. 38.0 billion
Net Profit (estimated) :
2012 – Rp. 2.2 billion
2013 – Rp. 2.5 billion
2014 – Rp. 2.6 billion
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, etc.). 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. Indonesian pharmaceutical market is
still attractive for investment, both for local and foreign investors. This is
driven by the growth of national pharmaceutical market that has been rising far
above the average growth of the national economy for more than five years. In
addition to the aforementioned growth factor, appealing factor of Indonesian
pharmaceutical market lays in the lucrative prospect of constantly developing
healthcare industry along with stronger purchasing power of the public and
stronger awareness of health care, which has contributed to the increasing
spending allocated for health sector. The growth of health care infrastructure
such as hospitals, pharmacies, community health centers, clinics, private
medical practices and drug stores that spread mostly across the region becomes
a clear indication that health care facilities become a very important part for
the community. This condition is a prospective opportunity for the
pharmaceutical industry to develop its business in a larger scale to meet the
need of drugs for health care services in all types of available facilities.
In
general, the growth of the market and the pharmaceutical industry is driven by
two main factors, namely the increasing number of drug consumption by the
public and the increasing supply of new products launched by manufacturers or
principal. The increasing amount of consumption and the addition of new product
launched give direct effect on the increasing number of production and supply
of the products as a whole. In the lower middle-class society, the increasing
consumption occurs due to the opening of public access to health care products
and services through health insurance program. This program directly links
between unfortunate communities with health care and medical expenses. As for
the upper middle class, rising incomes have a significant impact on the change
of drug consumption patterns. Self-medication becomes an integral part of
people's daily activities as a result of demanding lifestyle for a healthier
life as demanded. This awareness exists in certain groups of population. 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, 2001-2014* (Billion Rupiah)
|
Year |
Total Market |
Ethical Drugs |
Generic Drugs |
|
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014* |
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 51.305 |
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 28.854 |
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 4.653 |
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 2012 amounted to Rp. 34.0 billion
increased to Rp. 36.0 billion in 2013 rose to Rp. 38.0 billion in 2013 and
projected to go on rising by at least 6% in 2015. The operation in 2014 yielded
a net profit of at least Rp. 2.6 billion and 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 (37) 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 (61) 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. 63.70 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 70.66 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.