PT Sinarmas Hana Finance is a joint venture between PT Sinar-Mas Multiartha Tbk with Hana Financial Group based in South Korea. The company officially established on June 9, 2015, with the establishment number 14 by a notary Edwar. Companies obtain a business license from the Financial Services Authority (FSA) on 18 November 2015 and has been running its business in the field of financing of 4-wheel vehicles (Cars).
AGMS Sinarmas Hana Fnance 2018
PT Sinarmas Hana Finance Annual General Meeting of Shareholders held on Wednesday, May 9, 2018. Located at Pullman Jakarta Central Park, this AGMS contains the following agenda: The Financial Statement in Fiscal Year 2017 (Based on PSAK) The Appropriation of Profit 2017 The Remuneration to The Members of BOC & BOD Business Plan in 2018 The Issuance of Promissory Note/Medium Term Note (MTN) The Appointment of External Auditor
Fitch Assigns Sinarmas Hana Finance First-Time A+
Fitch Ratings-Jakarta-14 January 2018: Fitch Ratings Indonesia has assigned auto-financing company PT Sinarmas Hana Finance (SHF) a National Long-Term Rating of 'A+(idn)'. The Outlook is Stable. 'A' National Long-Term Ratings denote expectations of low default risk relative to other issuers or obligations in the same country. However, changes in circumstances or economic conditions may affect the capacity for timely repayment to a greater degree than is the case for financial commitments denoted by a higher rated category. KEY RATING DRIVERS SHF's rating is driven by Fitch's expectation of a moderate probability that SHF would receive extraordinary support from its Korea-based parent, Hana Capital Co., Ltd, if needed. Hana Capital is a subsidiary of Hana Financial Group, which engages in automotive and durable goods financing. However, the support is moderate, as Fitch sees SHF as a subsidiary of limited importance to its parent. This is based on Hana Capital's 55%-ownership and the significant influence of minority shareholders, PT Bank KEB Hana Indonesia (30%; BBB/AAA(idn)/Stable) and PT Sinarmas Multiartha Tbk (15%), on SHF's operations. The limited support is reflected in SHF's shared brand name and our opinion that management functions with a significant degree of independence in its operations and business strategy, notwithstanding Hana Capital's close oversight of its subsidiary. Our view is also predicated on SHF's short operating history and network, its loss-making performance since 2016 and small contribution to Hana Capital's overall franchise. Established in 2015, SHF is Hana Capital's first overseas financing subsidiary. It engages in consumer financing, focusing on used cars, and its total assets and equity accounted for less than 2% of Hana Capital's consolidated results at end-1H17. The company recorded annualised ROA of -2.8% during 9M17 as it continues to develop its domestic network and expand its business. SHF had nine branches located on the island of Java at end-9M17 and plans to open additional branches during 2018. RATING SENSITIVITIES Downward rating pressure, including the possibility of a multi-notch downgrade, may arise from a perceived weakening of support from Hana Capital, such as a significant reduction in ownership or SHF's operating performance turning out to be materially weaker than Hana Capital expects, thereby deviating from the objectives envisaged by its parent. SHF's rating is sensitive to Fitch's assessment of Hana Capital's intrinsic credit strength, which Fitch sees as better than that of its subsidiary; any significant change at Hana Capital would lead to a review of SHF's rating. A change in SHF's creditworthiness relative to the universe of issuers within Indonesia, including the Indonesian sovereign, could also lead to a change in its rating. A significant increase in ownership by Hana Capital or considerably improved financial performance by SHF, enhancing its contribution to its parent's franchise and credit profile, could lead us to view SHF as a strategically important subsidiary of Hana Capital and result in an upgrade of its rating. Contact: Primary Analyst Gary Hanniffy, CFA Director +6221 2988 6808 PT Fitch Ratings Indonesia DBS Bank Tower Level 24 Jl. Prof. Dr. Satrio Kav.3-5 Jakarta, Indonesia 12910 Committee Chairperson Jonathan Lee Senior Director +886 2 8175 7601 Date of Relevant Rating Committee: 20 December 2017 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: firstname.lastname@example.org. Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(idn)' for National ratings in Indonesia. Specific letter grades are not therefore internationally comparable. Source : https://www.fitchratings.com/site/pr/1035053
Annual Report 2017
Financial Statement 2017
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