MIRA
INFORM REPORT
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Report Date : |
1st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
SORINI CORPORATION TBK. |
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Registered Office : |
Desa Ngerong, Kecamatan Gempol, Kabupaten Pasuruan, East Java, Indonesia |
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Country : |
Indonesia |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.02.1983 |
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Com. Reg. No.: |
C2-2698.HT.01.04.TH.1997 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
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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$ 9,660,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. SORINI CORPORATION TBK.
Address
Head Office & Factory
Desa Ngerong
Kecamatan Gempol
Kabupaten Pasuruan, East Java
Indonesia
Phones - (62-0343) 631776, 631777-8
Fax. - (62-0343) 631779
Land Area - 68,664 sq. meters
Building Space - 12,850 sq. meters
Region - Industrial Zone
Status - Owned
Branch
AKR Building, 8th Floor
Jl. Panjang No. 5
Kebon Jeruk
Jakarta 11530
Indonesia
Phones - (62-021) 5311555, 5311110
Fax. - (62-021) 5311388
Building Area - 12 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rented
Date of Incorporation
- 7 February 1983 as P.T. SORBITOL INTI MURNI CORPORATION
- 20 March 1997 as P.T. SORBITOL INTI MURNI CORPORATION TBK.,
Abbreviated P.T. SORINI CORPORATION TBK.
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-2698.HT.01.04.TH.1997
Dated 15 April 1997
Company Status
National Private and Domestic Investment (PMDN) Company
Permit by the Government
Department
a. The Capital Investment Coordinating Board
- No. 263/I/PMDN/1983
Dated 16 December 1983
- No. 152/III/PMDN/1986
Dated 16 April 1986
- No. 227/III/PMDN/1987
Dated
06 May 1987
- No. 89/II/PMDN/1988
Dated 05 May 1988
- No. 525/II.A/PMDN/1992
Dated 04 June 1990
- No. 38/II/PMDN/1992
Dated 21 March 1992
- No. 544/III/PMDN/1992
Dated 22 June 1992
- No. 167/T/Industri/1992
Dated 04 June 1992
- No. 943/III/PMDN/1992
Dated 18 December 1992
- No. 327/II/PMDN/1994
Dated 07 November 1994
b. The
Department of Trade and Industry
No.
213/Dj.IKD/IZ/V/1992
Dated 07 May 1992
Related Companies
a. The ANEKA KIMIA RAYA Group Companies Member
b. The GARAMA Group Companies Member
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 360,000,000,000.-
Issued Capital : Rp. 90,000,000,000.-
Paid up Capital : Rp. 90,000,000,000.-
Shareholders/Owners :
a. P.T. ARTHAKENCANA RAYATAMA -
Rp. 52,416,694,000.-
Address : Aneka Kimia Raya Building
Jl. Panjang No. 5
Jakarta Barat, Indonesia
b. P.T. GARAMA PANCAMURNI -
Rp. 6,199,875,000.-
Address : Inti Centre 1st
Floor
Jl. Taman
Kemang no. 32 A
Jakarta 12730
c. The Publics of Indonesia -
Rp. 31,383,431,000.-
BUSINESS ACTIVITIES
Lines
of Business:
- Industrial Chemical Processing Industry
- Investment Holding
Production
Capacity :
A. Initial
Units
a.
Sorbitol Liquide - 29,940 tons p.a.
b. Dextrose Monohydrates -
3,300 tons p.a.
c. Oxygen Gases -
2,367,000 cu.mtrs.p.a.
d. Maltodextrines - 600 tons p.a.
e. High Maltose Syrups - 20,000 tons p.a.
f. Dextrose Syrups - 30,000 tons p.a.
g. Hydrogen Gases -
3,340,000 cu.mtrs. p.a.
B. Expansion
Units
a. Sorbitol Liquide -
20,000 tons p.a.
b. High Maltoses -
20,000 tons p.a.
c. Dextrose Monohydrate -
3,200 tons p.a.
d. Malto Dextrines - 1,700 tons p.a.
e. Hydrogen -
5,040,000 cu.mtrs.p.a.
Total
Investment :
A. Initial Units
a. Equity Capital -
Rp 19.5 billion
b. Loan Capital - Rp 33.9 billion
c. Total Investment - Rp 53.4 billion
B.
Expansion Units
a. Equity Capital - Rp 25.0 billion
b. Loan Capital -
Rp. -- billion
c. Total Investment -
Rp 25.0 billion
Started Operation :
1 9 8 7
Brand Name :
SORINI
Technical Assistance :
None
Number of Employee :
520 persons
Marketing Area :
a. Export Market - 60%
b. Domestic Market - 40%
Main Customer :
Buyers in Japan, Hong Kong, Singapore, Malaysia, Taiwan, RRC, New Zealand, Australia, the USA, Denmark, Nigeria and European Union.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. SAMA SATRIA PASIFIK
b. P.T. BUDI KIMIA RAYA
c. Etc.
Business
Trend :
Fluctuating
BANKER, AUDITOR & LITIGATION
Bankers :
a. CITIBANK N.A.
Surabaya Branch
Jl. Dr. Sutomo No. 38
Surabaya, East Java
Indonesia
b. ABN
AMRO BANK NV.
Surabaya Branch
Jl. Pemuda No. 54
Surabaya, East Java
Indonesia
c. P.T.
Bank SUMITOMO MITSUI
Wisma BII, 8th Floor
Jl. Pemuda No. 60-70
Surabaya, East Java
Indonesia
Auditor
:
Osman Ramli Satrio & Rekan (a member of Deloitte Touche Tohmatsu)
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2002 – Rp. 533.4 billion
2003 – Rp. 491.1 billion
2004 – Rp. 575.7 billion
2005 – Rp. 711.1 billion
2006 – Rp. 602.0 billion (estimated)
Net Profit (estimated) :
2002 – Rp. 26.2 billion
2003 – Rp. 33.1 billion
2004 – Rp. 35.4 billion
2005 – Rp. 35.6 billion
2006 – Rp. 26.0 billion (estimated)
Total Assets
(as per 31 Dec. 2005) :
a. Current Assets - Rp. 351.5 billion
b. Non Current Assets - Rp. 245.1 billion
c. Total Assets - Rp. 596.6 billion
Total Liabilities (as per 31 Dec. 2005) :
a. Current Liabilities - Rp. 212.4 billion
b. Non Current Liabilities - Rp. 14.6 billion
c. Minority Interest - Rp.
29.0 billion
d. Stockholders’ Equity - Rp. 340.6 billion
e. Total Liabilities - Rp. 596.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Haryanto Adikoesoemo aka Ang Wee Kwang
Directors - a. Mr. Daud Kustedja
b. Mr. Wandi Wanto
Board of Commissioners :
President Commissioner - Mr. Soegiarto
Adikoesoemo
Commissioners -
a. Mr. Ir. Airlangga Hartarto
b. Mrs. Fify Dewi Adikoesoemo aka Ang Tjien
Hue
Signatories :
President Director (Mr. Haryanto Adikoesoemo aka
Ang Wee Kwang) or one directors (Mr. Daud Kustedja or Mr. Wandi Wanto) which
must be approved by president commissioners (Mr. Soegiarto Adikoesoemo) or one
of commissioners (Mr. Ir. Airlangga Hartarto or Mrs. Fify Dewi Adikoesoemo aka
Ang Tjien Hue)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded
normally
Proposed Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 9,660,000.- on the 90 days of payments
OVERALL PERFOMANCE
Completely named P.T. SORBITOL INTIMURNI CORPORATION, abbreviated P.T. SORINI
CORPORATION, the company was established in Surabaya, East Java, on February 7,
1983 with an authorized capital of Rp 1,500,000,000, issued and paid up capital
of Rp 300,000,000.- The original founding shareholders were Mr. Soegiarto
Adikoesoemo AKA Ang Giok Eng and Mr. Soeharno, both are Chinese origins
Indonesian businessmen. The notarial act has frequently been revised. In August
1992 the company sold 23.33% of its shares to public through the Jakarta Stock
Exchange (BEJ) and Surabaya Stock Exchange (BES). In 1994 the authorized
capital was raised again to Rp 360,000,000,000.-, issued and paid up capital to
Rp 40,000,000,000.-. By the same time the company has been taking right issue I
through BEJ and BES. The latest in 1996 the company took a stock-split and the
issued capital was raised to Rp 90,000,000,000.-, entirely paid up. The latest
shareholders of the company are P.T. ARTHAKENCANA RAYATAMA (58.24%), P.T.
GARAMA PANCAMURNI (6.89%) and the publics (34.87%). On March 20, 1997 the company renamed to P.T. SORINI CORPORATION
Tbk. (P.T. SCT)
P.T. SC is a member of the ANEKA
KIMIA RAYA or the AKR Group and the GARAMA Group. The AKR Group is a medium and
developing business group which the majority business stakes is controlled by
Mr. Soegiarto Adikoesoemo and family. While the GARAMA Group is also a medium
and developing business group which the majority business stakes is controlled
by Mr.Ir. Airlangga Hartarto, MBA. the son of Dr.Ir. Hartarto, the former of
Coordinating Minister for Production and Distribution.
P.T. SCT is engaged in industrial
chemical processing and investment holding with its plant located at Pandaan,
Pasuruan, East Java, on a land of some 68,664 sqms. and operating since 1987.
The plant has frequently been expanded and now it has a production capacity of
50,000 tons sorbitol, 5,700 tons dextrose monohydrates, 2,367,000 cub.meters
oxygen gas, 2,000 tons multo dextrines, 20,000 tons high maltoge syrup, 30,000
tons dextrose syrup and 2,340,000 cub.meters hydrogen gas, etc., per year
respectively. Details on the subject are as depicted in point 8 of this
report. The development has absorbed an
estimated investment of Rp 75.4 billion, came from owned capital of Rp 42.0
billion and the remainder from loans.
Initially most of the products are
marketed locally, except sorbitol that some 50%-60% are exported to Japan, Hong
Kong, Singapore, Malaysia, Taiwan, RRC, New Zealand, Australia, the USA,
Denmark, Nigeria and European Union. For local market it has appointed its
sister company P.T. AKR
Corp., Tbk. as a sole distributor, while for export is mostly handled by
Japanese Trading House, mainly TOMEN CORPORATION, MITSUBISHI CORPORATION and
MITSUI& Co.Ltd., and just a small is handled by P.T. SC it self. But, on
local market is weakened due to prolonged monetary crisis, some 80% of the
products had been exported since the end 1997. Most of raw material (tapioca) is gained from a number of
suppliers in East Java and some others supplied by its subsidiary company P.T.
SARITANAM PRATAMA.
In the investment holding, P.T. SCT
is the owner of 70.0% shares of P.T. SARITANAM PRATAMA, engaged in tapioca
processing industry, 50.1% shares of
P.T. SORINI TOWA BERLIAN CORPORINDO, engaged in liquid sorbitol industry and
60.0% shares of P.T. SORINI JALAJAYA,
also engaged in liquid sorbitol industry.
It seems that P.T. SC has been running well and growing, and it is the
largest sorbitol producer in Indonesia or the third largest in the world after
KOCKET (France) and CERESTAR (Germany).
Generally outlook we find the demand
for sorbitol at home has been rising within the last five years, in line with
the growth of food, pharmaceutical and cosmetic industries. Competition is very
tight as there are 4 companies in Indonesia producing sorbitol, namely the
above 2 companies and P.T. SAMA SATRIA PASIFIK, P.T. BUDI KIMIA RAYA. Business position of P.T. SC in this case
is not in critical for it has already controlled a wide marketing chains in
overseas market and has not been affected by monetary crisis.
The company sales turnover in 2002
reached Rp 533.4 billion with a net profit of Rp 26.2 billion increased to Rp
491.1 billion with a net profit of Rp 33.1 billion ini 2003, to Rp. 575.7
billion with a nt profit of Rp. 35.4 billion in 2004, to Rp. 711.1 billion with
a net profit of Rp. 35.6 billion in 2005 and projected to dropped by 10% to 12% in 2006. The company total assets as of December
2005 was Rp 596.6 billion. The financial statement of P.T. SCT in the last four
years as pictured on the following table :
FINANCIAL STATEMENTS
Per 31 December 2002, 2003, 2004
and 2005
(in millions Rupiah)
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DESCRIPTION |
31 DECEMBER |
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2005 |
2004 |
2003 |
2002 |
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1. ASSETS |
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a. Current Assets |
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- Cash and Cash Equivalent |
29,999.0 |
51,682.2 |
54,524.6 |
66,867.6 |
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- Used limited fund |
425.4 |
285.0 |
1,217.2 |
5,364.0 |
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- Account Receivable * Third Parties * Related Parties |
39,811.7 48,564.8 |
28,933.9 33,779.8 |
16,433.2 17,259.1 |
19,322.9 24,584.8 |
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- Other Receivable |
2,5311.0 |
2,530.9 |
8,095.3 |
3,061.6 |
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- Inventories |
175,497.0 |
122,280.9 |
148,946.4 |
121,814.6 |
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- Advance Payments |
11,462.4 |
6,055.2 |
7,513.7 |
8,177.3 |
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- Prepaid Tax |
6,892.5 |
6,603.3 |
2,672.3 |
5,244.7 |
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- Prepaid Expense |
7,291.5 |
6,976.2 |
4,649.4 |
3,320.1 |
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- Other Current Assets |
29,018.1 |
0 |
0 |
0 |
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Total Current Assets |
351,493.3 |
258,483.6 |
261,311.1 |
257,757.6 |
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b. Non Current Assets |
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- Deferred Tax Assets |
|
14,646.4 |
19,704.4 |
33,492.0 |
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- Net Fixed Assets |
|
256,539.6 |
249,050.1 |
271,612.6 |
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- Deferred Expanses |
|
69.3 |
82.9 |
153.0 |
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- Land which didn’t use |
3,428.5 |
3,287.7 |
0 |
0 |
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- Differed Tax Assets |
0 |
0 |
0 |
0 |
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- Advance Payments |
577.8 |
771.2 |
744.4 |
746.6 |
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- Other |
83.7 |
77.6 |
105.8 |
77.6 |
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Total Non Current Assets |
245.1 |
275,391.8 |
269,687.7 |
306,081.9 |
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TOTAL ASSETS |
596,641.9 |
533,875.4 |
530,998.8 |
563,839.5 |
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2. LIABILITIES & STOCKHOLDERS’ EQUITY |
2005 |
2004 |
2003 |
2002 |
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a. Current Liabilities |
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- Trade Payable * Third Parties * Related Parties |
1,763.9 25,444.7 |
2,485.1 29,109.9 |
1,649.1 16,006.8 |
1,336.8 11,911.2 |
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- Others Payable |
6,071.0 |
5,853.5 |
3,073.9 |
1,634.7 |
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- Tax Liabilities |
5,136.9 |
14,493.1 |
2,256.0 |
14,767.2 |
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- Accrued Expenses |
19,230.7 |
12,694.2 |
7,576.5 |
11,563.6 |
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- Bank Loans |
154,772.6 |
109,622.0 |
71,378.4 |
50,064.0 |
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- Current Maturities of Long Term
Loans |
0 |
0 |
26,144.7 |
70,919.7 |
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Total Current Liabilities |
212,419.8 |
174,257.9 |
128,085.5 |
162,197.2 |
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b. Non Current Liabilities |
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- Differed Tax Liabilities |
2,238.0 |
7,183.3 |
13,560.4 |
19,942.8 |
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- Long Term Liabilities |
0 |
0 |
52,289.5 |
82,835.4 |
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- Services of Employee Service |
12,357.4 |
9,261.2 |
5,905.9 |
3,155.8 |
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Total Non Current Liabilities |
14,595.5 |
16,444.6 |
71,755.8 |
105,934.0 |
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c. Interest Minority |
29,028.8 |
30,957.5 |
48,630.0 |
46,244.6 |
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d. Stockholders’ Equity |
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- Paid-up Capital |
90,000.0 |
90,000.0 |
90,000.0 |
90,000.0 |
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- Profit Earning (Deficit) |
250,597.8 |
222,215.4 |
192,527.5 |
159,463.6 |
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Total Stockholders’ Equity |
340,597.8 |
312,215.4 |
282,527.5 |
249,463.6 |
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TOTAL LIABILITIES & STOCKHOLDERS
EQUITY |
596,641.9 |
533,875.4 |
530,998.8 |
563,849.5 |
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3. INCOME STATEMENT |
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a. Total Sales |
711,113.9 |
575,683.6 |
491,077.5 |
533,431.9 |
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b. Cost of Goods Sold |
(543,975.6) |
(415,254.5) |
(404,210.0) |
(424,775.6) |
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c. Gross Profit |
167,138.3 |
160,429.1 |
86,867.5 |
108,656.3 |
|
d. Operating Expenses |
102,179.4 |
88,051.0 |
67,842.2 |
67,552.5 |
|
e. Operating Profit |
64,958.9 |
72,378.1 |
19,025.2 |
41,103.8 |
|
f.
Other Income (Expenses) |
(5,368.6) |
(9,412.7) |
31,509.3 |
25,900.7 |
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g. Operating Profit Before Income Tax |
59,590.3 |
62,965.4 |
50,534.5 |
67,004.5 |
|
h. Income Tax |
(18,469.2) |
(20,304.3) |
(15,085.2) |
(27,745.9) |
|
i.
Profit Before Interest Minority |
41,121.0 |
42,661.1 |
35,449.3 |
39,258.7 |
|
l.
Interest Minority of subsidiary companies |
(5,538.6) |
(7,282.4) |
(2,385.4) |
(13,088.5) |
|
m. Net Profit (Loss) |
35,582.4 |
35,378.7 |
33,063.9 |
26,170.1 |
Note : In 2002 and 2003, audited by Hans Tuanakotta Mustofa & Halim
(a member of Deloitte Touche Tohmatsu)
In 2004 and 2005, audited by Osman Ramli Strio & Rekan
(a member of Deloitte Touche Tohmatsu)
The management is headed by Mr. Haryanto Adikoesoemo AKA Ang Wee Kwang
(44), a well-experienced businessman in industrial chemicals industry and
trade. He is a graduate of BRADFORD University of the UK in Business studies.
But the prime mover is his father Mr. Soegiarto Adikoesoemo AKA Ang Giok Eng
(69), also a well-experience businessman in various business activities. Daily,
the management is handled by a number of professionals with experience and
expertise in the business. They have already controlled a wide business
relation among private companies at home and abroad as well as among government
agencies. We appraise P.T. SC to be
quite good for normal business transactions.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|