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Report No. : |
341514 |
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Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SARI HUSADA |
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Registered Office : |
Jalan Kusumanegara No. 173 Yogyakarta,
55002 |
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Country : |
Indonesia |
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Date of Incorporation : |
08.05.1972 |
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|
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Com. Reg. No.: |
AHU-AH.01.10-28234 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Milks and Food Industry |
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No. of Employees : |
1,000 Persons |
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
Name
of Company :
P.T.
SARI HUSADA
Address
:
Head Office & Factory
Jalan
Kusumanegara No. 173
Yogyakarta,
55002
Indonesia
Phones -
(62-274) 512 990 (Hunting)
Fax - (62-274) 563 328
E-mail - info@sarihusada.co.id
Website - http://www.sarihusada.co.id
Land Area - 19,000 sq.
meters
Building Space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
Branch Office
Cyber
Building 2, 15th Floor
Jalan
H.R. Rasuna Said Block X-5 No. 13
Kuningan,
Setiabaudi
Jakarta
Selatan, 12950
Indonesia
Phones -
(62-21) 2996 1555 (Hunting)
Fax - (62-21) 2996 6150
E-mail - customerservice@sarihusada.co.id
Building Area - 30 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
a. 8 May 1972 as P.T. SARI HUSADA
b. 19 June 1997 as P.T. SARI HUSADA Tbk
c. 19 July 2007 as P.T. SARI HUSADA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C2-6200.HT.01.04.TH.1997
Dated 4 July 1997
- No. AHU-42639.AH.01.02.TH.2009
Dated 31 August 2009
- No. AHU-AH.01.10-28234
Dated 6 September 2011
Company Status :
Foreign Investment
(PMA) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.140.508.1-092.000
The Directorate General of Food and Drug
Control/Department of Health
No. 5773/D/72
Dated 30 June 1972
The Department of Trade and Industry
- No.
411/DJAI/IUT/1986
Dated 28 October 1988
- No.
178/Industri/1988
Dated 15 November 1988
Related Company :
a. P.T. DANONE DAIRY INDONESIA (Dairy Milk
Processing)
b. P.T. NUTRICIA INDONESIA SEJAHTERA (Infant
Food Processing Industry)
Capital
Structure :
Authorized
Capital : Rp.
369,914,104,500.-
Issued
Capital :
Rp. 93,681,104,500.-
Paid
up Capital :
Rp. 93,681,104,500.-
Shareholders/Owners
:
a. PTSH HOLDING SINGAPORE PTE., LTD. - Rp. 93,653,123,500.-
b. Mr. Sung Chun Piu -
Rp. 6,157,500.-
c. Public (below 5%) -
Rp. 21,823,500.-
Lines
of Business :
Milks
and Food Industry
Production
Capacity :
a. S.G.M. - 8,700,000 cans p.a.
b. S.N.M. Instant -
1,400,000 cans p.a.
c. L.L.M. - 1,400,000 cans p.a.
d. Vitalac - 1,700,000 cans p.a.
e. Quaker Oats - 600,000 cans p.a.
f. Full Creams - 2,500,000 cans p.a.
g. Milco UHT -
22,700,000 cans p.a.
Total Investment :
Owned Capital - Rp. 369.9 billion
Started Operation :
1974
Brand Name :
LACTAMIL, SGM
Technical Assistance
:
None
Number of Employee :
1,000 persons
Marketing Area :
Local - 100%
Main Customers :
Distributors, Supermarket,
Hypermarket, Dispensary
Market Situation :
Very Competitive
Main Competitors :
a. P.T. FONTERA
INDONESIA
b. P.T. FRISIAN FLAG
INDONESIA
c. P.T. NESTLE
INDONESIA
d. P.T. ULTRAJAYA
MILK INDUSTRY Tbk
Business Trend :
Growing
B
a n k e r s :
a. ABN AMRO Bank N.V.
Jakarta Stock Exchange Building 11th
Floor
Jalan Jend. Sudirman Kav. 52-53
Jakarta Selatan
b. P.T. Bank CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jalan M.H. Thamrin No. 1
Jakarta Pusat
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 2,120.0 billion
2013
– Rp. 2,260.0 billion
2014
– Rp. 2,375.0 billion
Net
Profit (estimated) :
2012
– Rp. 148.4 billion
2013
– Rp. 162.7 billion
2014
– Rp. 178.1 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Olivier Pierredon
Directors -
a. Mr. Joris Bernard
b. Mr. Ahmad Hamdani
c. Mrs. Melly Pandjaitan
d. Mrs. Oi Po Leong
e. Mr. Fen Wei Chin
f. Mr. Helder Abrantes
g. Mr. Rachmat Suhhapy
h. Mr. Rahmanto Jatmiko
i. Mr. Alished Etezadi
j. Mr. Evan Indrawidjaya
Board of Commissioners :
President Commissioner - Mr. Pascal Yves De Petrini
Commissioner - Mr. Martin Heinrich Hoelscher
Signatories :
President
Director (Mr. Olivier Pierredon) or one of the Directors (Mr. Joris Bernard,
Mr. Ahmad Hamdani, Mrs. Melly Pandjaitan, Mrs. Oi Po Leong, Mr. Fen Wei Chin,
Mr. Helder Abrantes, Mr. Rachmat Suhhapy, Mr. Rahmanto Jatmiko, Mr. Alished
Etezadi or Mr. Evan Indrawidjaya) which must be approved by Board of
Commissioner.
Management Capability :
Good
Business Morality :
Good
P.T. SARI HUSADA (P.T. SH) was established in Yogyakarta
on 8 May 1972 with an authorized capital of Rp. 350,000,000 fully issued and
paid up. The company was founded by P.T. TIGA RAKSA (a private company) and
P.T. KIMIA FARMA (a state-owned pharmacy company) as the original shareholders.
Its article of association had been changed a couple of times. In June 1983
P.T. SARI HUSADA went public selling 23.87% of its shares to the Indonesian
public. In 1985 P.T. KIMIA FARMA sold its shares to INDOSUEZ ASIA INVESTMENT
SERVICES Ltd of Hong Kong, and concurrently the authorized capital was
increased to Rp. 35,611,625,000 with the issued capital amounting to Rp.
26,702,575,000. Later in June 1997 the word Tbk (Terbuka) was added behind its
name to comply with regulation of public listed company. In the middle of 1998
INDOSUEZ ASIA INVESTMENT SERVICES Ltd. resold its shares to ROYAL NUMICO B.V.
of the Netherlands. In March 2000 the shareholder line-up changed again when
P.T. TIGA RAKSA sold all its shares to ROYAL NUMICO B.V. (77.68%) with the rest
being owned by the public (22.32%). P.T. SARI HUSADA was registered as having
an authorized capital of Rp. 115,000,000,000 with an issued and paid up capital
of Rp. 91,761,587,000.
In November 2005, ROYAL NUMICO B.V. bought again the
public shares so the shareholder position of P.T. SH is ROYAL NUMICO B.V.
(93.52%) and the public (6.48%). In December 2006, the Capital Investment
Coordinating Board (BKPM) and the Capital Investment Supervisory Board
(BAPEPAM-LP) approved P.T. SH to go public. Therefore, P.T. SHT would carry out
a tender offer of shares to the public at Rp. 6,550 per share from the previous
price of Rp. 6,350 per share. Having completely conducted share tender offer, P.T.
SH has not been registered in the Jakarta Stock Exchange and Surabaya Stock
Exchange anymore.
In April 2007, the Indonesia Stock Exchange ceased
temporarily the trading of P.T. SH’s shares and since 19 July 2007 the company
has formally gone private and its name has been changed to P.T. SARI HUSADA.
The latest according to notary documents Mr. Buchari
Hanafi, SH., no. 02 dated 6 July 2011 the company authorized capital was raised
to Rp. 369,914,104,500 issued capital to Rp. 93,681,104,500 entirely paid up.
With this development the composition of its shareholders has been changed to
become PTSH HOLDING SINGAPORE PTE., LTD., (99.97%), Mr. Sung Chun Piu (0.01%)
and Public (0.02%). The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-28234 dated September
6, 2011.
P.T. SARI HUSADA is the pioneer in the powdered milk and
infant food industry in Indonesia. Its plant located on a 1.9 hectare land at
Jalan Kusumanegara, Yogyakarta (Central Java) went into commercial production
in 1972. P.T. SARI HUSADA also owns a warehouse and a packaging plant in Klaten
(Central Java). Beside milk powder, the company also produces instant milk
(formula) using lactose still imported from France entirely. Other than
lactose, the company also uses Dichetrimatrus and Sucrose imported from the
Netherlands. The company's production is marketed in the country under the
already well-known brands of SGM, SNM, LLM, Vitalac, Lactamil, VitaPlus, Milco
and Quaker Oats.
At first the company's production was marketed by P.T.
TIGA HUSADA EKATAMA, but in June 1996 the distribution of P.T. SARI HUSADAs
production has entirely been handled by P.T. TIGA RAKSA SATRIA Tbk. Other than
sold in the domestic market, some 10% of the company's production is exported
to Iran and several Middle East and South Asian countries. In early September
2007, P.T. SARI HUSADA launched a new product namely SGM 1,2 and 3 equipped with
prebiotic content such as frukto-oligosakrida (FOS) and Galakto-oligosakrida
(GOS) for supporting the growth and activity of
less harmful bacteria. Mrs. Jenny Go, the marketing director of P.T.
SARI HUSADA, said that prebiotic contents (FOS and GOS) are foods that can-not
be dissolved but if they are consumed, they can increase the growth and
activity of microflora (bacteria) in digestion system selectively and give
positive impact to the healthiness. Up to present, SGM products are the largest
contributor in milk sales produced by P.T. SARI HUSADA with production volume
of 50,000 tons per annum. Some 75% of which is the SGM production.
Currently Sarihusada has over 1,000 employees all over in
Indonesia and operates production facilities in the region of Yogyakarta and
Klaten, Central Java to produce a variety of products such as SGM Bunda, SGM 3,
SGM 4, SGM 5, Vitalac, and Lactamil. In their product marketing practice, P.T.
SH had comply with Danone Baby Nutrition Charter's internal ethical marketing
guidelines. The code refers to the ethics and principles of the World Health
Organization's International Code of Marketing of Breast-Milk Substitutes (WHO
Code), and has a goal common with the World Health Assembly's resolution. P.T.
SH also actively interacts and partners with healthcare practitioners,
nutrition activists, policy makers and other stakeholders to provide education
materials that are required to progress towards a healthy generation of
Indonesian.
The increase in the welfare of the Indonesian people and
the increase in Indonesian population from year to year is a tremendous
opportunity for the Company to further expand its business. The Company has
production facilities in the form of advanced machinery and production
equipment to improve efficiency and maintain the product quality to ensure
maximum profit. The Indonesian population now has more than 230 million people
with a growth rate of 1-1.5% per year, and there is a big hope that income and
purchasing power of Indonesian people will continue to increase. With the
conditions as described above, it is expected that milk consumption among
Indonesian people will increase, so the milk market in the coming years is
expected to continue to grow and the UHT milk market, which is a part of it,
will grow more than 15% for the next 5 years.
Another factor that supports the company beliefs about
the optimistic market prospect for liquid dairy products is the low level of
milk consumption among people in Indonesia, which in 2014 is estimated to be in
the range of 12.5 liters per capita per year whereas milk consumption per
capita in the neighbor countries such as Singapore, Malaysia, and Thailand is
more than 3-4 times as much. With these assumptions and with the hard work of
all parties, the Company is confident to achieve growth of at least 15% in
2015.
Until this time P.T. SH has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. On 19 July 2007 P.T. HS has go private so they did not obliged
to announce its financial statement. The management
of P.T. SH 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. 2,120.0 billion increased to Rp. 2,260.0
billion in 2013 rose to Rp. 2,375.0 billion in 2014 and projected to go on
rising by at least 6% in 2015. The operation in 2014 yielded an estimated net
profit of at least Rp. 178.1 billion and the company has an estimated total
networth of at least Rp. 500.0 billion. We observe that P.T. SH is supported by
foreign partner with has financially strong and sound behind it. 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.
a. Criminal Check
Based information from Jakarta
District Police that, P.T. SARI HUSADA has never involved in criminal report.
Therefore there is no criminal report that registered on the name of P.T. SARI
HUSADA.
b. Bankruptcy Check
We have observed to the Commercial
Court in Indonesia, there is no bankruptcy report that registered on the name
of P.T. SARI HUSADA. No found nationwide for the previous several years.
c. Litigation Checks
We have observed to the Court in
Indonesia, there is no litigation report that registered on the name of the Subject.
P.T. SARI HUSADA and his companies are not engaged in any material litigation,
claims and/or arbitration, either as plaintiff or defendant and have no
knowledge of any proceedings, pending or threatened, or of any facts likely to
give rise to any proceedings which might materially and adversely affect the
financial position business of the companies.
No detrimental were found with the
applicant involved during the investigation. Based on some information from some reliable sources, no detrimental
records were found with the applicant involved during the investigation.
d. Local Media Checks
We have checked several local media
such as, among others: Kompas, Bisnis Indonesia, Koran Tempo, Media Indonesia,
Republika, Koran Neraca, Merdeka, the Jakarta Post, Warta Ekonomi Magazine, SWA
Magazine and others. From the mentioned above media, there is no local media
reported article on P.T. SARI HUSADA.
The management of P.T. SH is led by Mr. Olivier Pierredon
(51) a professional manager of France with experience in milk processing
industry. 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. SARI HUSADA is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared by
: |
VNT |
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.