MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SURYA
BARU |
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Registered Office : |
Jalan Hayam Wuruk No. 127, Pertokoan Glodok Jaya Ground Floor, Block D No. 30, Jakarta Barat, 11180, Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
1980 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading and Distribution of Cutting Tools
for Industrial |
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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Name of Company
SURYA BARU
Address
Head Office &
Showroom
Jalan Hayam Wuruk No. 127
Pertokoan Glodok Jaya Ground Floor Block D No. 30
Jakarta Barat, 11180
Indonesia
Phone - (62-21) 6250932, 6297333, 6010557
Fax. - (62-21) 6392848
E-mail - suryabaru@yahoo.com
Building Area - 2 storey
Office Space - 200 sq. meters
Region - Commercial Building
Status - Owned
Date of Incorporation
1980
Legal Form
Sole Proprietary Company
Company Reg. No.
Not Required
Company Status
Private Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure
Owned Capital : Rp. 400.0 million
Owner
Mr. M. Yamin -
100%
BUSINESS ACTIVITIES
Lines
of Business
Trading and Distribution of Cutting Tools for Industrial
Production
Capacity
None
Total
Investment
None
Started Operation
1980
Brand Name :
None
Technical Assistance
None
Number of Employee
9 persons
Marketing Area
Domestic - 100 %
Main Customer
Metal cutting services and repairing, metal / steel cutting industry, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. DEPOTEKNIK DUTA PERKAKAS
b. TULUS BAHAGIA NUSANTARA
c. P.T. BREINDO JAYA TEKNIK
d. P.T. KAWAN LAMA SEJAHTERA
Business
Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers
a. P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan Pinangsia Raya Glodok Plaza
Jakarta Barat
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Pinangsia Raya Glodok Plaza
Jakarta Barat
Indonesia
Auditor
Internal Auditor
Litigation
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated)
2003 – Rp. 3.6 billion
2004 – Rp. 3.9 billion
2005 – Rp. 4.3 billion
Net Profit (Loss)
2003 – Rp. 0.2 billion
2004 – Rp. 0.3 billion
2005 – Rp. 0.4 billion
Payment Manner
Average
Financial Comments
Satisfactory
KEY EXECUTIVES
Board of Management
Director - Mr. M. Yamin
Board of Commissioners
None
Signatories
Director (Mr. M. Yamin) is only the authorized person to sign
the loan on behalf of the company.
CAPABILITIES
Management Capability
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with
monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 50,000.- on the 90 days of payments
OVERALL PERFOMANCE
SURYA BARU (SB) was established in Jakarta in 1980
with a status of Sole Proprietary Company. Founders and owner of the company is
Mr. M. Yamin, a Indonesian businessman of Chinese extraction. Being as Sole
Proprietary Company, the amount of its authorized capital was not mentioned at
the time of its establishment. In our estimate, the company has own capital of
about Rp. 400 million and it will be rising in line with the progress of its
business operation.
SURYA BARU
(SB) has been in operation since 1980 in trading and distribution of cutting
tools for industrials. All the products are holtest, hight gages, caliper, bore
gages, dialtest maica and measuring tools with MITUTOYO brand of Japan; coller
milling chuck of Taiwan; KRUPP-WIDIA of Germany; reamer end mill counter sink
with DORMER brand of the United Kingdom; PFERD, fan grinders, mounted point,
cylindrical ZYA, tree jaw chuck, module gear cutter of China. All of the
merchandising goods and services are sold and used by its customers in steel
and metal cutting services, steel milling, individual (end user), machinery repairing
and recondition services. Besides the company also supplied thorough dealers in
Jakarta, Semarang (Central Java), Bandung (West Java) and surroundings. We see
that the company’s operation has been growing slowly in the last three years.
The demand for technical
equipment including cutting tools and machine tools and other has kept on
rising by 8% to 10% per annum in the last five years. Such condition was in
line with the growth of general mining industry like steel and metal cutting
industry, steel milling, machinery repairing and recondition and other
industrial sectors requiring the above products. It is projected that the
demand growth will be rising within the next five years. Market competition is
very tough on account of many other similar companies operating in Indonesia.
SB’s business position in this case is not too badly because it has established
regular customers and extensive marketing network.
Until this time SB has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2003 amounted Rp. 3.6
billion increased to Rp. 3.9 billion in 2004 and to Rp. 4.3 billion in 2005.
The operation in 2005 yielded an estimated net profit at least Rp. 400 million
and the company has an estimated total networth at Rp. 550 million. It is
forecasted that total sales turnover of the company will increase at least 8%
in 2006. We observe that SB is supported by financially fairly strong behind
it. So far, we have never heard of the company having been black listed by the
Central Bank (Bank Indonesia). The company disclosed that the company usually
pays its debts punctually to suppliers.
The company is led out by Mr. M. Yamin, a businessman who experienced
for more than 25 years in the field of trading and distribution of cutting
tools for industrial. We observed that management’s reputation in said business
is sufficiently fairly good. The management is handled by professional staff having
wide relation with home and overseas private businessmen as well as with the
government sectors. So far, we have never heard that the company’s management
involved in a dirty business practice or detrimental cases that settled in the
country. The company’s litigation record is clean and it has not registered
with the black list of Bank of Indonesia.
SURYA BARU is sufficiently fairly good for business transaction.
However, in view of the unstable economic condition in the country we recommend
to treat prudently in extending a loan to the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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