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MIRA INFORM REPORT
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Report No. : |
513655 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. SAN IKA INTERNATIONAL |
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Registered Office : |
Wesling Kedoya Tower 3rd Floor #603
Jalan Raya Kedoya Garden Kav. 1 Kedoya Selatan, Kebon Jeruk Jakarta Barat,
11520 |
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Country : |
Indonesia |
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Financials (as on) : |
2017 (Summarized) |
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Date of Incorporation : |
1997’s |
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Com. Reg. No.: |
AHU-AH.01.03-0975198 |
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Trading and
Exporter of Wood Flooring and Furniture Products. |
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No. of Employees : |
36 persons |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
Company
summary
Name
of Company :
P.T.
SAN IKA INTERNATIONAL
A
d d r e s s :
Head Office
Wesling
Kedoya Tower 3rd Floor #603
Jalan
Raya Kedoya Garden Kav. 1
Kedoya
Selatan, Kebon Jeruk
Jakarta
Barat, 11520
Indonesia
Phones -
(62-21) 581 1482, 581 4252, 5835 5048
Fax - (62-21) 581 6886
E-mail - sanika_97@yahoo.co.sg
Building Area - 21 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
1997’s
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
-
No. AHU-89927.AH.01.02.TH.2008
Dated 26 November 2008
- No.
AHU-AH.01.03-0975198
Dated 27 October 2016
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.058.862.0-056.000
Related
Company :
None
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,210,000,000.-
Issued
Capital :
Rp. 605,000,000.-
Paid
up Capital :
Rp. 605,000,000.-
Shareholders/Owners
:
a. Mr. Teh Seng Hock -
Rp. 363,000,000.-
Address : Green Garden Block O 1 No. 40
Kelurahan Kedoya Selatan,
Kecamatan Kebon
Jeruk, Jakarta Barat, 11520, Indonesia
b. Mrs. Hajjah Peni Rosanti -
Rp. 133,100,000.-
Address :
Jl. Manggis I No. 9, RT. 007 RW. 007
Kelurahan Manggarai Selatan, Kecamatan
Tebet, Jakarta Selatan, 12860, Indonesia
c. Mrs. Sofia Teh Eulynn -
Rp. 108,900,000.-
Address :
Jl. Merbuk 5, Bandar Puchong Jaya
47100, Malaysia
BUSINESS
ACTIVITIES
Lines of Business :
Trading and Exporter
of Wood Flooring and Furniture Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1998
Brand Name :
San Ika International
Technical Assistance
:
None
Number of Employee :
36 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Asian
countries, Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INTRACAWOOD
MANUFACTURING
b. P.T. JABAR UTAMA
WOOD MANUFACTURING
c. P.T. KALHOLD UTAMA
d. P.T. TAMANROS
MASTERINDO
e. P.T. YASANDA
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r :
P.T.
Bank CIMB NIAGA Tbk
Komplek
Ruko Green Garden Block I-9 No. 11
Kedoya
Utara, Kebon Jeruk
Jakarta
Barat, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2015
– Rp. 21.9 billion
2016
– Rp. 23.0 billion
2017
– Rp. 25.0 billion
Net
Profit (estimated) :
2015
– Rp. 1.5 billion
2016
– Rp. 1.7 billion
2017
– Rp. 1.9 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Teh Seng Hock
Director -
Mrs. Hajjah Peni Rosanti
Board of Commissioners :
Commissioner - Mrs. Sofia Teh Eulynn
Signatories :
President
Director (Mr. Teh Seng Hock) or the Director (Mrs. Hajjah Peni Rosanti) which
must be approved by Board of Commissioner.
CAPABILITIES
Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
P.T. SAN IKA INTERNATIONAL (P.T. SII) was incorporated in
Jakarta in 1997’s with the authorized capital of Rp. 1,210,000,000 issued
capital of Rp. 605,000,000 entirely paid up. The founding shareholders of the
company are Mr. Teh Seng Hock of Malaysia (60%), Mrs. Hajjah Peni Rosanti of
Indonesia (22%) and Mrs. Sofia Teh Eulynn of Malaysia (18%). Its articles of
association had subsequently been revised. The latest according to revision
notary deed Mr. Rachmad Umar, SH., no. 04 dated 26 October 2015 the
shareholders approved re-elected the board of director and commissioner of the
Company. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.03-0975198 dated October 27, 2015.
P.T. SII is a Foreign Investment (PMA) company facility
dealing with trading and exporter of wood flooring and furniture products. The
merchandise goods products are decking, housing component and furniture
components. The species supplied are teak, acacia walnut, sonokeling, senna,
rubber wood timber from well managed and sustainable certified plantation
timber.
According information the whole products obtained from
various wooden and woodworking industries in East Java, Central Java and
Jakarta. Rubber wood is sustainable and eco friendly timber used for furniture,
finger joint boards, solid wood flooring ,etc. According information the whole
products exported to Southeast Asia, Europe union, Eastern Europe, and the USA.
We observe the operation of P.T. SII has been growing and developing well in
the last three years.
The woodworking industry had been turning down within the
last five years due to lack of raw materials, as far from transportation
facility and fluctuation of export demand. It is estimated will keep going down
within the coming two or three years as the impact of global economic crisis
and tight banking liquidity since October 2010 hitherto. But we are sure that
P.T. SII will be able to maintain its business in the next years. The growth of
said business is evident from the production and utility growth of the
processed wood export volume and export value of plywood and sawn timber below:
Forest Wood
Production, 2011 – 2016* (M3)
|
Type
of Commodities |
2011 |
2012 |
2013 |
2014 |
2015 |
2016* |
|
Logs |
47,429,335 |
49,258,255 |
45,770,454 |
44,963,519 |
35,290,288 |
37,054,802 |
|
Sawn timber |
967,318 |
1,100,096 |
992,867 |
1,458,624 |
1,765,080 |
1,774,985 |
|
Plywood |
3,302,843 |
3,310,863 |
3,261,970 |
3,579,113 |
3,640,631 |
3,859,069 |
Source: Central
Bureau of Statistics (BPS)
*) Projected
Until this time P.T. SII has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. SII is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2015 amounted to Rp. 21.9 billion increased to Rp.
23.0 billion in 2016 rose to Rp. 25.0 billion in 2017 and projected to go on
rising by at least 5% in 2018. The operation in 2017 yielded an estimated net
profit of at least Rp. 1.9 billion and the company has an estimated total
networth of at least Rp. 5.0 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. SII is led by Mr. Teh Seng Hock
(63) a businessman of Malaysia with experience in trading, and exporter of wood
flooring and woodworking products. Daily activity he is assisted by Mrs. Hajjah
Peni Rosanti (54) 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. SAN IKA INTERNATIONAL is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
INR 68.20 |
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UK Pound |
1 |
INR 89.58 |
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Euro |
1 |
INR 78.79 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
POJ |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.