MIRA INFORM REPORT
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Report Date : |
01.11.2011 |
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.: |
No. AHU-94333.AH.01.02.Tahun 2008 |
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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$ 2.4 million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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. SURYA SUKMANA
LEATHER
colmpany Address
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 - sslmlg@telkom.net
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
a. No.
C-1035.HT.01.01.TH.2001
Dated 02 February 2001
b. No.
C-21881.HT.01.04.TH.2005
Dated 08 August 2005
c. No.
AHU-94333.AH.01.02.Tahun 2008
Dated 09 December 2008
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. 9,880,000,000.- (98.8%)
Address : Jl. Wilis Indah B No. 20
Gading Kasri, Malang
East Java. Indonesia
b. Mr. Haji Sahawi Syafi’i - Rp.
90,000,000.- ( 0.9%)
Address : Jl. Asmoro RT.04/03
Malang, East Java
Indonesia
c. Mr. Arief Rachman - Rp.
30,000,000.- ( 0.3%)
Address : Jl. Dorowati Barat No. 26
Malang, East Java
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 :
230 persons
Marketing Area :
Domestic -
20%
Export -
80%
Main Customers :
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. P.T. RACHBINI
LEATHER, etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank NEGARA
INDONESIA Tbk
Pasuruan
Branch
East Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jl.
Merdeka Selatan No.1
Malang, East Java,
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 138.5
billion
2009 – Rp. 155.0
billion
2010 – Rp. 174.0
billion
2011 – Rp. 98.0 billion (January – June)
Net Profit (Loss)
:
2008 – Rp. 7.0 billion
2009 – Rp. 7.6 billion
2010 – Rp. 8.5 billion
2011 – Rp. 4.7 billion (January –
June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Tjandra Surya
Director - Mr. Haji Sahawi Syafii
Board of Commissioners :
President Commissioner - Mr. Arief Rachman
Signatories :
President Director (Mr. Tjandra Surya)
or the Director (Mr. Sahawi Syafii) which must be approved by president
commissioner (Mr. Arief Rachman)
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$ 2.4 million on the 90 days of payments
OVERALL PERFORMANCE
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 (40%), Mr. Arief Rachman (10%), both are Indonesian businessmen
of Chinese extraction, Mr. Haji Sahawi Syafi’i (30%) and Mr. Machfud (20%),
both are indigenous businessmen.The Article of Association was made by Mr.
Darma Sanjata Sudagung, SH., a public notary in Malang (East Java) under
Company Registration Number C-1035.HT.01.01.TH.2001, dated February 2,
2001. 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 amendment to the
Articles of Association was approved by the Ministry of Law and Human Rights in
its decision letter No. C-21881.HT.01.04.TH.2005 dated August 8, 2005. In November 2008, Mr. Machfud pulled out and
the whole shares are sold to Mr. Tjandra Surya.
Since the time, the shareholders of the company are Mr. Tjandra Surya
(98.8%), Mr. Haji Sahawi Syafi’I (0.9%) and Mr. Arief Rachman (0.3%). The
latest amendment to the Articles of Association was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-94333.AH.01.02.Tahun 2008
dated December 9, 2008.
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. She went on to say that some 80% of the products are 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.
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. According to the Central Bureau of Statistics (BPS) the Indonesian leather and leather goods export in 2005 amounted to US$ 130.4 million to US$ 177.6 million in 2006 to US$ 226.9 million in 2007 to US$ 226.8 million in 2008 declined to US$ 174.7 million in 2009 and rose again to US$ 252.0 million in 2010. 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.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. SSL’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover in 2008 amounted to Rp. 138.5 billion increased to Rp. 155.0 billion in 2009 to Rp. 174.0 billion in 2010 and estimated it will be higher by at least 10% in 2011. The operation in 2010 yielded a net profit at least Rp. 8.5 billion and the company has a total net worth of Rp. 60.0 billion.
So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.
The management of P.T. SSL is headed by Mr. Tjandra Surya (55) with 21 years of experience in trading and industry of leather and leather goods. In his daily activities, he is assisted by his business partner Mr. Haji Sahawi Syafi’i (52) as director. The management is also handled by a number of professional staff, having maintained a wide business relation with private businessmen at home and abroad as well as with government sector. So far, we did not hear that the company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.87 |
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UK Pound |
1 |
Rs.78.11 |
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Euro |
1 |
Rs.68.36 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.