MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T.
SURYA SUKMANA LEATHER |
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Registered Office : |
Jalan Raya Purwosari Km. 1.4, Desa Martopuro, Puntir,
Purwosari,
Pasuruan 67162, East
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
20.07.2000 |
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Com. Reg. No.: |
C-21881.HT.01.04.TH.2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Leather Tanning Industry |
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$ 1,600,000. |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. SURYA SUKMANA
LEATHER
A d d r e s s
Head Office &
Factory
Jalan Raya Purwosari Km. 1.4
Desa Martopuro, Puntir
Purwosari, Pasuruan 67162
East Java
Phones - (0343) 611170, 611753, 612706, 612707
Fax - (0343)
611197, 614900
Email - suryasukmana@email.com
Land Area - 10,200 sq.
meters
Office Space - 6,500 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
20 July 2000
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No.
C-21881.HT.01.04.TH.2005
Dated 08 August
2005
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of
Finance
NPWP No. 01.456.488.4-628.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
25,000,000,000.-
Issued Capital : Rp.
10,000,000,000.-
Paid up Capital : Rp.
10,000,000,000.-
Shareholders/Owners :
a. Mr. Tjandra
Surya - Rp.
9,820,000,000.-
Address : Jl. Wilis Indah B No. 20
Gading Kasri, Malang
East Java. Indonesia
b. Mr. Haji Sahawi
Syafi’i - Rp. 90,000,000.-
Address : Jl. Asmoro RT.04/03
Malang, East Java
Indonesia
c. Mr. Arief
Rachmand -
Rp. 30,000,000.-
Address : Jl. Dorowati Barat No. 26
Malang, East Java
East Java. Indonesia
d. Mr. Machfud - Rp. 60,000,000.-
Address : Jl. Ikan Paus VII No. 23
Malang, East Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Leather Tanning Industry
Production Capacity
Finished Leathers - 18.0
million sq. feet p.a.
Total Investment
a. Equity Capital - Rp. 10.0 billion
b. Loan Capital - Rp. 8.0 billion
c. Total
Investment - Rp.
18.0 billion
Started Operation
2000
Brand Name
SSL (Surya Sukmana
Leather)
Technical Assistance
None
Number of Employee
215 persons
Marketing Area
Domestic - 80%
Export - 20%
Main Customer
a. Garment
Industries (Leather Jacket Industries)
b. Leather Shoe
Manufacturing
c. Other leather
Product Industry
d. Etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. LEATHER
PALACE INDONESIA
b. P.T. MASTROTO
LEATHER INDUSTRY
c. P.T. RASINDO
INDAH
d. P.T. MASINDO
NITYAJAYA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank NEGARA INDONESIA Tbk
Pasuruan Branch
East Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jl. Merdeka Selatan No.1
Melang, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 95.0 billion
2006 – Rp. 110.0
billion
2007 – Rp. 120.0
billion
Net Profit (Loss)
:
2005 – Rp. 5.5 billion
2006 – Rp. 6.4 billion
2007 – Rp. 6.9 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Tjandra Surya
Director - Mr. Sahawi Syafii
Board of Commissioners :
President Commissioner - Mr. Arief Rachman
Commissioner -
Mr. Machfud
Signatories :
President Director (Mr. Tjandra Surya)
or the Director (Mr. Sahawi Syafii) which must be approved by president
commissioner (Mr. Arief Rachman) or commissioner (Mr. Machfud)
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
P..T. SURYA SUKMANA LEATHER (P.T. SSL) was established in July 2000 with
the authorized capital of Rp. 1,000,000,000 of which Rp. 300,000,000 was issued
and fully paid up. The founding shareholders are Mr. Tjandra Surya, Mr. Arief
Rachman, both are Indonesian businessmen of Chinese extraction, Mr. Haji Sahawi
Syafi’i and Mr. Machfud, both are indigenous businessmen. The articles of
association of the company have frequently been revised. In 2005, the
authorized capital was raised to Rp. 25,000,000,000 of which Rp. 10,000,000,000
was issued and fully paid up. The deed
of amendment was made by Mr. Darma Sanjata Sudagung, SH., a public notary in
Malang (East Java) under Company Registration Number C-21881.HT.01.04.TH.2005,
dated August 8, 2005. The majority business
stakes of P.T. SSL are controlled by Mr. Tjandra Surya (8.2%).
P.T. SSL has been in operation since 2000 dealing with leather tanning
industry. Basically, the operation of the company is to continue the activities
of Perusahaan Dagang (P.D) SURYA SUKMANA LEATHER having been in operation since
1991. Its plant is located at Jalan Purwosari Km. 1.4, Desa Martopuro, Puntir,
Purwosari, Pasuruan, East Java on a land of 1.0 hectare. Mrs. Lulu, a staff of
the company, said that the plant being managed by the company has annual
production capacity of 18.0 million sq feet of finished leather with an
investment of Rp. 18.0 billion. The basic materials in the form of raw cows’
leather come from collectors in big cities in Java. He went on to say that some
80% of the products is exported to various countries including Europe, Hong
Kong and Taiwan and the rest of 20% is locally marketed. P.T. SSL is classified as a medium sized
company of its kind in the country of which the operation has been growing in
the last three years. However, the company’s products have to compete tightly
with original and synthetic leather being sold in international and domestic
markets.
Generally, demand for leather sheets had been increasing by 10% to 12%
per annum up to mid 1997 and then fluctuating in the international and domestic
markets. The demand has close relation with the growth of garments, bags,
belts, wallets and other accessories industry using leather as basic material.
The demand is estimated to be fluctuating in the coming three years. The
competition is very tight on account of lots of original and synthetic leather
products being sold in international and domestic markets. The long business prospect of the company
is favorable once the unstable economic condition starts recovery.
According APRISINDO (Indonesia Footwear Producers Association) that
national finished leather consumption, production, export and import of
finished leather as shown are as the
following table.
(in million square feed)
|
Year |
Consumption |
Production |
Export |
Import |
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2002 |
60 |
45 |
18 |
33 |
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2003 |
64 |
56 |
19 |
27 |
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2004 |
68 |
67 |
24 |
25 |
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2005 |
66 |
62 |
22 |
23 |
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2006 |
69 |
57 |
12 |
24 |
Source : Indonesia Footwear Producers Association (APRISINDO)
Notes : Export in 2004 and 2005
including wet blue
The management of P.T. SSL is very reclusive to outsider mainly
concerning its financial condition. It is estimated the total sales turnover in
2005 amounted to Rp 95.0 billion increased to Rp 110.0 billion in 2006 rose further to Rp 120.0 billion in 2007 and
estimated it will still be higher by about 8% in 2008. The operation has yielded profit of some
Rp. 6.9 billion in 2007 and the company has a total networth of some Rp 60.0
billion. We did not hear that the
company having been black listed by Bank Indonesia (Central Bank) and
registered in the court for detrimental cases.
The management of P.T. SSL is headed by Mr. Tjandra Surya (52) with 18
years of experience in trading and industry of leather tanning. In his daily
activities, he is assisted by Mr. Sahawi Syafii (49) as director and a team of
professional managers having wide relation with overseas and national private
businessmen as well as with the government sectors. P.T. SSL is considered to
be good for normal business transaction.
As far as we know the management
has never involved in the business malpractices.
P.T. SSL is appraised quite feasible for business transaction. But owing
to economic condition in the country to remain unstable, we recommend to treat
prudently in extending any new loans 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. |
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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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%)