MIRA
INFORM REPORT
|
Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. SUKABUMI
TRADING COY |
|
|
|
|
Formerly Known as : |
SUKABUMI TRADING COY N.V. |
|
|
|
|
Registered Office : |
Wisma
Bumiputera, 8th Floor, Jl. Jenderal Sudirman Kav. 75, Jakarta
12910 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
06.10.1949 |
|
|
|
|
Com. Reg. No.: |
W7-HT.01.10-9015 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Industrial
Chemicals |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 1,600,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
Correct name of Company
P.T. SUKABUMI TRADING COY
A d d r e s s
Head Office
Wisma Bumiputera,
8th Floor
Jl. Jenderal
Sudirman Kav. 75
Jakarta 12910
Indonesia
Phone - (62-21) 5703807 (Hunting),
5224502
Fax - (62-21) 5713006
Building Area - 28 storey
Office Space - 650 sq. meters
Region - Commercial
Status - Rent
Branches
a. Jalan Jenderal Basuki Rachmat
No. 16-18
Surabaya, East Java
Phones
- (031) 5340303, 5484457
Fax. -
(031) 5340303
Telex -
34172 STC SB IA
b. Jalan Moh. Toha Km. 7.3
Bandung, West Java
Phones
- (022) 5211616, 521133
Fax. -
(022) 5211717
c. Jalan Raya Semarang - Demak
Km. 5 No. 36
Semarang, Central Java
Phones
- (024) 580407, 584726
Fax. -
(024) 582294
d. BBD Building, 6th Floor
Jalan Imam Bonjol No. 16-D
Medan, North Sumatra
Phones
- (061) 519555, 538375
Fax. -
(061) 514027
Telex -
51725 STC MDN IA
e. Kompleks Ilir barat Permai
Block D-I/49
Jalan Letnan Kolonel Iskandar
Palembang, South Sumatra
Phones
- (0711) 361605
Fax -
(0711) 352947
Date of Incorporation
a. 06 October 1949 as SUKABUMI
TRADING COY N.V.
b. 31 December 1970 as N.V.
SUKABUMI TRADING COY
c. 13 October 1981 as P.T.
SUKABUMI TRADING COY
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Law and Human Rights
a. No.
C2-2039.HT.01.04.TH.97
Dated 25 March 1997
b. No.
W7-HT.01.10-9015
Dated 21 June 2007
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.304.385.6-022.000
Related Companies
A Member of the SUKABUMI Group
(see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
600,000,000.-
Issued Capital : Rp.
600,000,000.-
Paid up Capital : Rp.
600,000,000.-
Shareholders/Owners :
a. P.T. SUKABUMI INTERNUSA - Rp.
594,000,000.-
Address : Jl. Jend. Sudirman Kav. 75
Jakarta Selatan
Indonesia
b. Mr. Imam Sudirman - Rp.
6,000,000.-
Address : Jl. Permata Hijau Blok J I No. 16
Jakarta Selatan
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Industrial
Chemicals
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 0 billion
c. Total
Investment - Rp.
20.0 billion
Started Operation
1 9 4 9
Brand Name
None
Technical Assistance
None
Number of Employee
80 persons
Marketing Area
Domestic - 100%
Main Customers
a. Food Chemical Industries
b. Textile
Industries
c. Pharmaceutical
Industries
d. Cosmetic
Industries, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. BRATACHEM
b. P.T. DWI EKA
MURNI
c. P.T. CHEMINDO
EKATAMA
d. P.T. KIMIA SARI
JAYA SENTOSA
e. P.T. CBA
CHEMICAL INDUSTRY
f. P.T. INDO KEMIKA JAYATAMA
g. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank INTERNASIONAL INDONESIA Tbk
Jl. Ir. H. Juanda NO. 37-38
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk.
Wisma BCA
Jalan Jend. Sudirman Kav.
22-23
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 Rp. 80.0 billion
2005 Rp. 95.0 billion
2006 Rp. 108.0
billion
2007 Rp. 115.0
billion (January-June)
Net Profit (Loss)
:
2004 Rp. 3.8 billion
2005 Rp. 4.5 billion
2006 Rp. 5.3 billion
2007 Rp. 5.7 billion (January-June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Imam Sudirman
Board of Commissioner :
Commissioner -
Mr. Surya Sudirman
Signatories :
The Directors (Mr. Imam Sudirman) which
must be approved by board of commissioner (Mr. Surya Sudirman).
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$ 1,600,000.- on the 90 days of payments
OVERALL PERFOMANCE
Initially named SUKABUMI
TRADING COMPANY with a legal status of limited liability company, which was
established in October 1949 with an authorized capital of Rp 175,000.-,
entirely was issued and paid up. The original founding shareholders were Mr.
Hadji Sirod, Mr. Edeng Kartadinata, Mr. Masduki, Mr. Udjangwawa, etc. The
notarial act has frequently been revised. In December 1970 the company was
renamed N.V. SUKABUMI TRADING COY and in October 1981 to P.T. SUKABUMI TRADING
COY (P.T. STC). In December 1996, the
authorized capital was raised to Rp 600,000,000.-, entirely issued and paid up.
The whole shares are controlled by P.T. SUKABUMI INTERNUSA and P.T. SURYA
SATRESNA. Accordint the latest revision in June 2007, the shareholders of P.T.
STC are P.T. SUKABUMI INTERNUSA (99%) and Mr. Imam Sudirman (1%). The deed of amendment was made by Mr. Musa
Muamarta, SH., a public notary in Jakarta under Company Registration Number
W7-HT.01.10-9015, dated 21 June 2007.
We observe the shareholders of P.T. SLK namely P.T. SUKABUMI INERNUSA is
domestic private companies which the shares are controlled by Mr. Surya
Sudirman and his wife Mrs. Indrawati Sudirman and his sons Mr. Imam Sudirman
and Mr. Jamin Sudirman. Mr. Surya
Sudirman is founder of the SUKABUMI Group,
a medium size company group being established in 1950.
P.T. STC operates
in general trading, supplies and distributorship business. The company sells
industrial chemicals including food chemicals, dyestuff, textile chemicals,
textile auxiliary materials and other chemicals. The products sold by the
company are imported from various countries, depending on the request of the
customers. The company does not hold the agency of any foreign principal, but
several companies, such as MITSUBISHI Chemical Industry, MESOI Chemical Works,
(all of Japan), ICI Chemical Industry of the UK and SCHENECTADY Chemical
Industry of the USA, have appointed P.T. STC as distributor. The company's
operations are fully supported by its affiliated company P.T. POLY UNION
CHEMICALS, engaged in sole agency and distribution of the industrial chemicals.
In import of the products it is supported by sister company GUAN SHOCK TRADING
CORP. Pte.,Ltd. in Singapore. We
observed that the activities had been growing slowly within the last five
years.
Generally
outlook, the demand for industrial chemicals such as food chemicals, dyestuff,
textile chemicals, textile auxiliary materials and pharmaceutical has kept on
growing by 8% to 10% until early 1997 in line with the growing activities of
food, pharmaceutical, textile and other industries as consumers. It is
projected the demand will rise by about 6% per year within the coming three
yers. Competition is very tight due to a large number of similar local and
imported products are marketed locally.
Business position of P.T. STC is not so critical for it has controlled a wide
marketing network and customers in the country.
The management is
very reclusive and unlikely to disclose its financial condition to outsider.
But we estimate the total sales of P.T. STC in 2004 amounted to Rp 80.0 billion
increased to Rp 95.0 billion in 2005 to Rp 108.0 billion in 2006 to Rp 115.0
billion in 2007 and projected it will be higher by around 6% per year within
the coming three years. The operation
in 2007 yielded an estimated profit at around Rp 5.7 billion with a total
networth of Rp 40.0 billion. So far, we
have never heard that the company has been black listed by Bank Indonesia
(Central Bank) and recorded at the court for detrimental cases.
The management is headed by Mr. Imam Sudirman (53), but the
prime mover is
obviously Mr. Surya Sudirman
(79), a businessman with experience for some 50 years in many business
activities. It is also handled by a number of professionals with experience and
expertise in the trading of industrial chemicals. They have already maintained
a wide business relation among manufacturing industries at home and
abroad. So far, we have never heard that P.T. STC has been involved in business
malpractice.
We believed that P.T. STC is good for normal 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.
Attachment :
List of the SUKABUMI Group
Members
1. ARINDO PACIFIC CHEMICALS,
P.T. (Textile Chemical and Dye Stuff Formulation)
2. EKA WARNA KIMIA, P.T.
(Trading, Supplies and Distributor of Building Material,
Chemical and Plastic
Granular)
3. GRAND MULTI CHEMICALS, P.T.
(Industrial Chemical Trading, Sole
Agent, Supplier
and Distributor)
4. POLY UNION
CHEMICALS, P.T. (General Trading Sole Agent and Distributor)
5. SUKABUMI INTERNUSA, P.T.
(Investment Holding)
6. SUKABUMI TRADING COMPANY,
P.T. (Industrial Chemical Trading, Sole Agent,
Supplier and Distributor)
7. SURYA TEGALSARI, P.T. (Chick Farming)
8. SURYA SATRESNA, P.T.
(Investment Holding)
9. STORK SCREEN INDONESIA, P.T.
(Rotary Screen Industry)
10. GUAN-SHOCK TRADING Corp. Pte.,Ltd. (Import - Export)
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. |
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 |
|
This score serves as a reference to assess SCs 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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)