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Surecut Shears Essay

1075 words - 5 pages

TUGAS MATA KULIAH MANAJEMEN TRESURI

STUDI KASUS “SURECUT SHEARS, Inc”

Disusun Oleh:
FEBRIANTI K. - 1106112624
JUANITO GUNAWAN – 1106113141
MUHAMMAD HARTADI - 1106113570
PATRON M. HARA – 1106113892

MAGISTER MANAJEMEN UNIVERSITAS INDONESIA
JAKARTA
2012
LATAR BELAKANG
SureCut Shears adalah perusahaan manufaktur di Amerika Serikat yang memproduksi gunting dan alat potong untuk keperluan rumah tangga maupun keperluan industri. Saluran distribusi SureCut Shears dilakukan melalui pedagang khusus dan toko swalayan. Sejak tahun 1958, dalam perjalanan bisnisnya SureCut Shears selalu menghasilkan profit meskipun dalam kondisi persaingan yang ketat.
Bisnis SureCut Shears adalah ...view middle of the document...

Pada awal April 1996, SureCut Shears menginformasikan kepada Hudson National Bank bahwa perusahaannya tidak mampu melunasi hutang jangka pendeknya dengan tepat waktu. Hudson National Bank kemudian memiliki alternatif keputusan terhadap kelanjutan pinjaman yang dilakukan SureCut Shears; apakah akan memberikan tambahan pinjaman kepada SureCut Shears sebagai modal kerja agar perusahaan mampu membayar kembali hutangnya atau tidak memberikan pinjaman lagi.

IDENTIFIKASI MASALAH
Hal apa yang menyebabkan SureCut Shears tidak mampu (gagal) membayar tagihan pinjamannya kepada Hudson National Bank? Apakah sebaiknya Hudson National Bank tetap memberikan pinjaman kepada SureCut Shears atau tidak?

PEMBAHASAN
Siklus bisnis SureCut Shears memiliki tren yang cyclical. Dimana sales meningkat pada semester kedua (Juli – Desember) dan cenderung menurun pada semester pertama (Januari – Juni). Kegagalan SureCut Shears melunasi hutang salah satunya disebabkan karena penjualan yang menurun pada saat peak season. Penurunan penjualan ini disebabkan oleh resesi ekonomi yang terjadi di Amerika Serikat dimana seharusnya pada periode ini terjadi peningkatan penjualan SureCut Shears. Keadaan ini selanjutnya mempersulit SureCut Shears karena dalam perjanjiannya kepada Hudson National Bank, SureCut Shears akan melunasi hutangnya pada bulan desember dengan harapan pada peak season (Juli-Desember) SureCut Shears akan mendapat banyak uang dan bisa langsung melunasi hutangnya. Tetapi pada kenyataannya penjualan tidak seperti yang diharapkan.
Selanjutnya dalam analisa kami berdasarkan commonsize income statement SureCut Shears dapat dilihat bahwa terjadi beberapa kenaikan di faktor biaya seperti pada tabel di bawah ini.

Tabel.1 Commonsize Income Statement SureCut Shears Inc. Juli 1995 – Maret 1996
  | Forecast | Actual |
Commonsize I/S | |   |
sales | 100% | 100% |
material | 60% | 63% |
overhead | 10% | 12% |
gross margin | 30% | 25% |
selling | 9% | 11% |
ebt | 20% | 14% |
eat | 20% | 9% |
retained earning | 9% | 5% |

Dari tabel di atas dapat diketahui bahwa terjadi kenaikan biaya material dan tenaga kerja sebesar 3 basis point (3%) dari forecast terhadap keadaan aktual SureCut Shears. Selain itu biaya overhead dan biaya penjualan dan administrasi juga mengalami peningkatan masing-masing sebesar 2 basis point (2%). Dari Biaya overhead yang hanya sebesar 10% pada forecast awal meningkat menjadi 12% pada keadaan nyata. Begitupun dengan biaya penjualan dan administrasi yang semula diproyeksikan hanya sebesar 9% kini naik menjadi 11%.
Program modernisasi pabrik yang dilakukan SureCut juga ternyata tidak memberikan cost saving sebesar $900.000 per tahunnya sebagaimana dijanjikan oleh SureCut. Hal ini dapat terlihat dari proforma income statement dimana material and labor cost tetap saja di level 60% dari sales, padahal program modernisasi pabrik telah selesai pada Agustus 1995, dan untuk itu seharusnya sejak Agustus 1995 material and labor cost...

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