MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUTINDO RAYA MULIA |
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Registered Office : |
Jalan Raya Tanjungsari No. 44-I, Komplek Pergudangan Permata Tanjungsari Surabaya, 60188, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
31.03.1997 |
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Com. Reg. No.: |
No.
AHU-49524.AH.01.02.TH.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading,
Import and Distribution of Stainless Steel Sheet and Pipes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
952,300 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name
of Company
P.T. SUTINDO RAYA MULIA
Company
Address
Head Office
Jalan
Raya Tanjungsari No. 44-I
Komplek
Pergudangan Permata Tanjungsari
Surabaya,
60188
East
Java
Indonesia
Phones - (62-31) 7499500 (Hunting)
Fax - (62-31) 7490505, 7496060
E-mail - srmsby@sutindo.com
Website - http://www.sutindo.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch Office
Mega
Glodok Kemayoran Block A No. 1-2 Superblock
Jalan
Angkasa Kav. B-6
Kota
Baru Bandar Kemayoran
Jakarta
Pusat, 10610
Indonesia
Phones -
(62-21) 26646900 (Hunting)
Fax - (62-21) 26646100
E-mail - srmjkt@sutindo.com
Building Area - 6 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Date
of Incorporation
31
March 1997
Legal
Form
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No.
The
Ministry of Law and Human Rights
No.
AHU-49524.AH.01.02.TH.2008
Dated
11 August 2008
Company
Status
National
Private Company
Permit
by the Government Department
a.
The Department of Finance
NPWP No. 01.739.501.3-631.000
b.
The Department of Trade and Industry
No. SIUP 264/13-1/PB/VII/1997
Dated 9 September 1997
Related
Company
A
Member Company of the SUTINDO Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued
Capital :
Rp. 2,000,000,000.-
Paid
up Capital :
Rp. 2,000,000,000.-
Shareholders/Owners
:
a.
P.T. SUTINDO ANUGERAH SEJAHTERA -
Rp. 1,750,000,000.-
Address : Jl.
Tanjungsaari No. 44-I
Komp. Pergudangan Permata Tanjungsari
Surabaya, East Java
Indonesia
b.
Mr. Nanang Sutiono -
Rp. 62,500,000.-
Address :
Jl. Rangkah 6/8
Surabaya, East Java
Indonesia
c.
Mr. Bo Robby Sutiono -
Rp. 50,000,000.-
Address :
Jl. Sutorejo Prima Indah RQ-5
Surabaya, East Java
Indonesia
d.
Mr. Hendry Sutiono -
Rp. 50,000,000.-
Address :
Jl. Babatan Pantai Utara 9/51
Surabaya, East Java
Indonesia
e.
Mr. Steven Ponny Sutiono -
Rp. 50,000,000.-
Address :
Jl. Rangkah 6/8
Surabaya, East Java
Indonesia
f.
Mrs. Elly Sutiono -
Rp. 12,500,000.-
Address :
Jl. Rangkah 6/8
Surabaya, East Java
Indonesia
g.
Mrs. Lily Sutiono -
Rp. 12,500,000.-
Address :
Jl. Lebak Arum 7/28
Surabaya, East Java
Indonesia
h.
Mrs. Selviana Anny Sutiono -
Rp. 12,500,000.-
Address :
Jl. Lebak Arum III/76
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
Lines
of Business :
Trading,
Import and Distribution of Stainless Steel Sheet and Pipes
Production
Capacity :
None
Total
Investment :
Owned
Capital -
Rp. 2.0 billion
Started
Operation :
1997
Brand
Name :
SRM
Technical
Assistance :
None
Number
of Employee :
250
persons
Marketing
Area :
Local - 100%
Main
Customer :
a.
Automotive Assembling and Car Body Repairing
b.
Building Contracting
c.
Household Appliances
d.
Etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. DIHEN BERSAMA
b.
P.T. GITAMULIA CEMERLANG
c.
P.T. GLOBAL INOVASI STEEL
d.
P.T. SUSTEC INDONESIA, Etc.
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers
:
a. P.T. Bank CENTRAL ASIA Tbk
Komplek Pertokoan Dupak Block C-2
Jalan Dupak, Surabaya
East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Baliwerti No. 113
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
Annual
Sales (estimated) :
2008
– Rp. 75.0 billion
2009
– Rp. 80.0 billion
2010
– Rp. 83.0 billion
Net
Profit (estimated) :
2008
– Rp. 4.5 billion
2009
– Rp. 4.8 billion
2010
– Rp. 5.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Steven Ponny Sutiono, MSc
Directors -
a. Mr. Bo Robby Sutiono
b. Mr. Hendry Sutiono
Board of Commissioners :
Commissioner - Mr. Nanang Sutiono
Signatories :
President
Director (Mr. Steven Ponny Sutiono) or one of the Directors (Mr. Bo Robby
Sutiono or Mr. Hendry Sutiono) which must be approved by Board of Commissioner
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$
952,300 on 90 days D/A
OVERALL PERFORMANCE
Previously the company head office registered on Jalan Dupak No. 135, Surabaya, East Java, but since the end 2008 the office has been moved to a new address Jalan Tanjungsari No. 44-I, Surabaya, East Java. According to our investigation on Jalan Dupak No. 135, we found P.T. GLOBAL CONTROMATION INDONESIA, a sister company of P.T. SUTINDO RAYA MULIA.
P.T. SUTINDO RAYA MULIA (P.T. SRM) was established in Surabaya, East Java, in March 1997 with an authorized capital of Rp. 2,000,000,000 issued and paid up capital of Rp. 500,000,000. The founding shareholders of the company are Mr. Nanang Sutiono and his sons Mr. Bo Roby Sutiono, Mr. Hendry Sutiono and Mr. Steven Ponny Sutiono, they are Chinese-Indonesian business family. The company's notary deed has been changed and in July 2008 the issued capital was raised to Rp. 2,000,000,000 fully and paid up. On the same occasion, P.T. SUTINDO ANUGERAH SEJAHTERA, Mrs. Elly Sutiono, Mrs. Lily Sutiono and Mrs. Selviana Sutiono entered into the company as new shareholders. With this development the composition of its shareholders has been changed to become P.T. SUTINDO ANUGERAH SEJAHTERA (87.5%), Mr. Nanang Sutiono (3.13%), Mr. Bo Robby Sutiono (2.5%), Mr. Hendry Sutiono (2.5%), Mr. Steven Ponny Sutiono (2.5%), Mrs. Elly Sutiono (0.63%), Mrs. Lily Sutiono (0.62%) and Mrs. Selviana Aanny Sutiono (0.62%). The deed of amendment was made by Mr. Irianto Tanawidjaja, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-49524.AH.01.02.TH.2008, dated August 11, 2008.
We observe that the Sutiono family is also the owner of the whole business stakes of the SUTINDO Group, a small sized company group in the country. P.T. SRM is dealing with trading and imports of stainless steel sheets and pipes, operating since mid 1997. It trades various types and sizes of stainless steel sheets and pipes mostly imported from ACEERINOX of Spain; ICP Corp., and NIPPON STEEL Corporation both of Japan, and small part is bought from P.T. NAR STAINLESS STEEL CENTRE In Surabaya, East Java. Products being sold by the company among other are welded industrial pipes, plate, sheet, coils, heat exchanger, round bars, square bars, hollow bars, butt weld fittings, flanges, valve, angle bars, flat bars, etc. The purchase is made by cash as well as the sales. P.T. SRM had a massive variety stock of stainless steel, carbon steel and special alloys products used in many industrial sectors such as oil & gas, petrochemical, pulp & paper, agro industries, chemical commercial etc.
The company represents two biggest mills in special products like SANDVIK and OUTOKUMPU with technical support capability and Stock availability for Special products. P.T. SRM import and stock their stainless steel and carbon steel from the best mills around the world. All products are conforming to international standard ASME, ASTM, JIS, and DIN/SO. The whole products are all marketed locally mainly to end users and retailers thorough building contracting companies, individual buyers and autobody manufacturing in Surabaya, Semarang, Jakarta, Balikpapan and surroundings. Besides, the products also marketed in Java Island, Kalimantan, Sumatra, etc. For supporting its business, the company manages a warehouse located in Warehouse Complex in Jalan Raya in Surabaya, East Java; and Jalan Raya Perancis, Tangerang, Banten province. The operation of P.T. SRM is running smoothly in the last three years.
Generally outlook we find the demand for stainless steel sheet, stainless steel pipe, aluminum sheet, brass sheet, etc., had been rising by 6% to 8% per year in the last five years. It links closely with the growth of autobody industries, factory development, housing development and household appliance industries. Besides, lustrous development of property projects like shopping centers, hotels, apartments, office buildings and others in the country in the last three years is estimated to increase demand for steel products in the country. However, the retail high price of steel products in the country is an obstacle faced by consumers. Besides, the increasing electric base tariff and oil and gas price has become a serious barrier faced by steel producers in the country. Competition is very tight due to a lot of similar products are for sales in the country. Business position of P.T. SRM is favorable being strongly backed up by its group’s business networks.
P.T. SRM 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 2008 amounted to Rp. 75.0 billion rose to Rp. 80.0 billion in 2009 increased to Rp. 83.0 billion in 2010 and projected to go on rising by at least 5% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 5.0 billion and the company has an estimated total networth of at least Rp. 15.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. SRM is led by Mr. Steven Ponny Sutiono, MSc (42) a young businessman with experience for some 16 years in this business. He graduates from University of Wisconsin, Madison, USA in 1993. Daily, he is assisted by his older brothers Mr. Bo Roby Sutiono (46) and Mr. Hendry Sutiono (44) as directors respectively. But his father Mr. Nanang Sutiono (73) has a strong influence especially in decision-making of important business. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country.
So far, we did not hear that the
management of the company being filed to the district court for detrimental
cases or involved in any business malpractices. The company’s litigation
record is clean and it has not registered with the black list of Bank of
Indonesia. P.T. SUTINDO RAYA MULIA is sufficiently fairly good for business
transaction. However, in view of the global economic slowdown we recommend to
treat prudently in extending a loan to the company.
Attachment:
List
of the SUTINDO Group Members
1.
GLOBAL CONTROMATION INDONESIA, P.T.
(Trading and Distribution of Steel Pipes
Products)
2.
RAJAWALI LINTAS BUANA, P.T.
(International Freight Forwarding Services)
3.
SUTINDO ANUGERAH SEJAHTERA, P.T.
(Trading and Distribution of Hardware and Non
Ferrous
Metal and Investment Holding)
4.
SUTINDO CHEMICAL INDONESIA, P.T.
(Trading and Distribution of Chemicals)
5.
SUTINDO RAYA MULIA, P.T. (Trading,
Import and Distribution of Steel Sheet and Steel Pipes)
6.
SUTINDO SEJAHTERA, UD (Trading and
Distribution of Non Ferrous Materials)
7.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
UK Pound |
1 |
Rs.7208 |
|
Euro |
1 |
Rs.63.66 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.