MIRA
INFORM REPORT
|
Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
P.T. WINGS
SURYA |
|
|
|
|
Formerly Known as L |
WINGS
CORPORATION |
|
|
|
|
Registered Office : |
EKONOMI Building, 7th Floor, Jalan Embong Malang No. 61-65, Surabaya 60261, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1948 |
|
|
|
|
Com. Reg. No.: |
C-UM.02.01.7026 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Detergent, Soap, Glyserine, Waterglass and Plastic
& Carton Box Packaging Industry |
RATING &
COMMENTS
|
MIRA’s 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$ 50.0 million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Name of Company
P.T. WINGS
SURYA
A d d r e s s
Head Office
EKONOMI Building, 7th
Floor
Jalan Embong Malang No. 61-65
Surabaya 60261
East Java
Indonesia
Phones - (031) 5320120, 5320220, 5320250, 5320680
Fax - (031)
5325925, 5325878
E-mail - wsurya@rad.net.id
Website - http://www.wingscorp.com
Building Area - 18 storey
Office Space - 1,250 sq.
meters
Region - Commercial
Status - Own
Factories
a.
Jalan Desa Manunggal VI/52-C
Wonocolo, Surabaya
East Java
Phones -
(031) 8292188 (Hunting)
Fax -
(031) 8281651, 8288352
b. Jalan Raya Driyorejo Km. 22.9
Gresik, East Java
Phones - (031)
708080 (Hunting)
Fax - (031)
707331
Date of Incorporation
a. 1948 as WINGS CORPORATION
b. 6 March 1950 as Firma WINGS
c. 3 January 1991 as P.T. WINGS SURYA
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-UM.02.01.7026
Dated 18 June
2004
Company Status
Domestic
Investment Company (PMDN)
Permit by the
Government Department :
a.
The Capital Investment Coordinating Board
-
No. 269/I/PMDN/1992
Dated 24 August 1992
-
No. 155/II/PMDN/1995
Dated 13 June 1995
-
No. 200/II/PMDN/1997
Dated 7 October 1997
b.
Department of Finance
NPWP : 1.526.862.6-605
Related Company
A member of the
WINGS SURYA Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
255,500,000,000.-
Issued Capital : Rp.
200,750000,000.-
Paid up Capital : Rp.
200,750000,000.-
Shareholders/Owners
:
a. P.T. WAHANA WINGS SURYA - 50.66%
Address :
Ekonomi Building, 7th Floor
Jl. Embong
Malang No. 61-65
Surabaya, East
Java - Indonesia
b. P.T. SAYAP MAS UTAMA - 49.34%
Address :
Jl. Cakung Tipar Kav. 5-7
(Jl. Raya
Bekasi Km.22)
Jakarta 13076
- Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Detergent, Soap,
Glyserine, Waterglass and Plastic &
Carton Box Packaging Industry
Production Capacity
a. Detergent Cream - 105,000 tons
b. Detergent Powder - 120,000 tons
c. Detergent Bars -
35,000 tons
d. Bath & Laundry Soap - 64,000 tons
e. Plastic Packages -
9,000 tons
f. Paper Flexible Packages - 10,000 tons
g. Glyserine - 4,000 tons
h. Waterglasses -
55,000 tons
i. Printing - 10,000 tons
j. Alkyl Benzene Sulfonic - 37,000 tons
k. Sodium Lauryl Sulfates - 2,000 tons
l. Ethers Sulfates -
7,000 tons
m. Floor Cleaner -
10,000 tons
n. Bleach - 10,000 tons
o. Porcelain Cleaner -
5,000 tons
Total Investment
Surabaya
Factory
a. Owned Capital -
Rp 5.0 billion
b. Reinvested Profit - Rp
8.5 billion
c. Loan Capital -
Rp 4.1 billion
d. Total Investment -
Rp 17.6 billion
Gresik
Factory
a. Owned Capital - Rp. 29.4 billion
b. Loan Capital - Rp.
181.4 billion
c. Total Investment - Rp. 210.8 billion
Started Operation
1948
Brand Name
WINGS, SO KLIN, GIV
Technical Assistance
None
Number of Employee
9,942 persons
Marketing Area
a. Domestic
- 85%
b. Export - 15%
Main Customers
a. Traditional
Market, Supermarket and Hypermarket in Indonesia
b. Export to
Singapore, Malaysia, the Philippines, Vietnam, Middle East and Africa
Market Situation
Very Competitive
Main Competitors
a. P.T. UNILEVER
INDONESIA Tbk.
b. P.T. KAO
INDONESIA
c. P.T. TANCHO
INDONESIA
d. P.T. ABC
CENTRAL FOOD INDUSTRIES
e. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r :
a. P.T. Bank NEGARA
INDONESIA Tbk.
Jalan
Rajawali No. 10
Surabaya,
East Java
b. P.T.
Bank MANDIRI Tbk.
Jalan
Slompretan No. 43
Surabaya,
East Java
c.
P.T.
Bank PERMATA Tbk.
Jalan
Tunjungan
Surabaya,
East Java
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp.
3,240.0 million
2006 – Rp.
3,610.0 million
2007 – Rp.
4,040,0 million
Net Profit
(estimated) :
2005 – Rp. 480.0
billion
2006 – Rp. 540.0
billion
2007 – Rp. 602.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Ir. Eddy William Katuari
Director -
a. Mr. Drs. Fredy Ignatius Katuari
b. Mr. Alex Ivan Tanoyo
Board of Commissioners :
President Commissioner -
Mr. Harjo Sutanto
Commissioner -
Mr. Finney Hendry Katuari
Signatories :
President Director (Mr.
Ir. Eddy William Katuari) or one of the Directors (Mr. Drs. Fredy Ignatius Katuari
or Mr. Alex Ivan Tanoyo) which must be approved by Board of Commissioners (Mr.
Harjo Sutanto and Mr. Finney Hendry Katuari)
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit Limit
Moderate amount
Maximum Credit Limit
US$ 50.0 million
on 90 days D/A
OVERALL PERFOMANCE
Originally named Firma WINGS, the company
was established in March 1950 in Surabaya,
East Java, with the legal status of Firma or partnership with unlimited
liability. The company was founded by Mr. Johannes Ferdinand Katuari AKA (also
known as) Oen Jong Khing and Mr. Harjo Sutanto AKA Tan Siek Miauw, both
Indonesian businessmen of Chinese extraction. In January 1991 the company’s legal status was converted to
P.T. (Perseroan Terbatas) or Limited Liability Company, and its name was
changed to P.T. WINGS SURYA (P.T. WS). The company’s notarial act
was since revised a couple of
times, lastly in December 2000 when
the authorized capital
was increased to Rp 255,500,000,000.- and
the issued capital to Rp 200,750,000,000.-
entirely paid up. The company’s latest
shareholders continue to be P.T. WAHANA WINGS SURYA (50.66%) and P.T. SAYAP MAS
UTAMA (49.34%), both are member of the WINGS Group, a large business group
specializing in detergent products industry and distribution in Indonesia which
the entire shares are controlled by Mr. Johannes Ferdinand Katuari (Oen JOng
Khing) and his family members.
P.T. WS has been continuing
business of Firma WINGS in detergent industry operating since 1950 with its
plant located at Jalan Desa Manunggal
VI, Wonocolo, Surabaya, East Java, on a land of some 1,9 hectares and in 1990
it expanded to new location at Jalan Raya Driyorejo Km. 22.9, Gresik, East
Java, on a land of some 8.3 hectares. In August 1992 P.T. WS got a Domestic
Capital Investment (PMDN) license to expand its two plants, and for that
purpose P.T. WS expanded land area of its Gresik plant into 38 hectares. In October 1997, again it obtained an
expansion permit to increase production capacity of detergent, bathing-soap,
waterglass, liquid soap and detergent, floor-cleaner, bleach and porcelain
cleaner.
Some 85% of P.T. WS' products is
marketed locally while the rest 15% is exported to Singapore, Malaysia, the
Philippines, Vietnam, the Middle East and Africa. Besides producing detergents
and soaps, P.T. WS is also producing glycerin, alkyl benzene sulfonic (ABS),
sodium lauryl sulfates, ether sulfates and other cleaning chemical meterials.
P.T. WS is at present one of large sized producers of detergents and cleaning
chemicals controlling 28% of the market shares in the country. The company
products use brands of WINGS and SO KLIN for washing soaps and GIVE for bathing
soaps. The operation of the company has rapidly been growing in the last five
years.
In general, the demand for consumer goods and cosmetic products has kept
on rising despite dropped in the end 1997 until the middle of 1999 due the
economic crisis battering Indonesia.
The economic crisis in 1997 has slowed down the Indonesian economic
growth from minus (-13.01) in 1998 to 0.71% in 1999 rose to 4.77% in 2000. In 2001 it declined to 3.83%, rose to 4.37% in 2002, to 4.87% in 2003 and
its estimated to 5.13% in 2004 to 5.60% in 2005 and to 5.55% in 2006. While the inflation rate in 1998 was 77.63%
declined to 2.01% in 1999 and rose to 9.35% in 2000. In 2001 it rose again to
12.55%, declined to 10.03% in 2002, to
5.06% in 2003, to 6.40% in 2004 to 17.11% in 2005 and 6.60% in 2006. See the
following table for details :
The Growth of Indonesian Several Economic Indicators
2002-2006
|
No. |
Indicator |
2002 |
2003 |
2004 |
2005 |
2006 |
|
1. |
Economic Growth (%) |
4.37 |
4.87 |
5.13 |
5.60 |
5.55 |
|
2. |
Inflation (%) |
10.03 |
5.06 |
6.40 |
17.11 |
6.60 |
|
3. |
Gross growth based on constant
price 1993 (billion Rp) |
1,506,124.4 |
1,579,558.9 |
1,660,578.8 |
1,753,903.0 |
1,846,654 |
|
4. |
Foreign Trade Balance (million
US$) |
23,104.6 |
24,142.3 |
25,614.6 |
27.202.7 |
39,733.0 |
|
5. |
Export (million US$) |
57,159 |
61,058 |
71,585 |
83,314 |
100,798 |
|
6. |
Import (million US$) |
31,289 |
32,551 |
46,525 |
58,329 |
61,065 |
Source : Central Bureau of Statistic
The occurring of the incessant economic crisis in Indonesia as from the
middle of 1997 had bad impact to P.T. WS due the decline of the public purchasing power. In the long run, P.T. WS has very good prospect because its
detergent and soaps has been widely popular on the domestic market. Market competition is very tough on account
of many other similar companies operation in the country to date.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statements publicly.
We estimated that P.T. WS's operation in 2005 gained a total sales
turnover of Rp 3,240.0 billion with a
net profit of Rp 480.0 billion, increased to Rp 3,610.0 billion with a net
profit of Rp 540.0 billion in 2006 and rose again to Rp 4,040.0 billion with a
net profit of Rp 602.0 billion in 2007.
It is projected that the total sales turnover will be higher by at least
12% in 2008.
So far, we did not hear that P.T. WS has been black listed by Bank
Indonesia (Central Bank) or involved in detrimental cases being settled in the
court. The company has good reputation among banking sectors in the country.
The management of P.T. WS is
headed by Mr. Ir. Eddy William Katuari (55),
with 30 years of experience in
various business activities. He is second generation of the WINGS Group is
founded by Johanned Ferdinand Katuari or Oen Jong Khing. In daily operation is handled by two
directors namely Mr. Freddy Ignatius Katuari and Mr. Alex Ivan Tanoyo. The company has an experienced management
made up of managers who are
professional in the detergent and laundry soap industry and trade. They are
widely connected with government authorities as well as with private
businessmen within and outside the country.
So far, we have never yet heard of the company's management having been
involved in business malpractices.
We are convinced that P.T. WS is good for normal business transaction.
However in view of unstable economic condition in the country, we recommend to
treat prudently in extending loan to the company.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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 SC’s 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%)