|
Report Date : |
08.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WINGS SURYA |
|
|
|
|
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.: |
No. AHU-AH.01.10-31393 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Detergent,
Soap, Glyserine, Waterglass and Plastic & Carton Box Packaging Industry |
|
|
|
|
No. of Employees : |
10,260 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
a. No. C-UM.02.01.7026
Dated
18 June 2004
b. No. AHU-61652.AH.01.02.Tahun 2008
Dated 12 September 2008
c. No.
AHU-AH.01.10-31393
Dated 08 December 2010
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. The Department of Finance
NPWP No.
01.526.862.76-092.000
Related
Company :
A
member of the WINGS SURYA Group (see attachment)
Capital
Structure :
Authorized
Capital - Rp.
500,000,000,000.-
Issued
Capital -
Rp. 208,000,000,000.-
Paid
up Capital -
Rp. 208,000,000,000.-
Shareholders/Owners
:
a. P.T. WAHANA WINGS SURYA - Rp. 105,367,850,000.- (50.66%)
Address : Jl. Kalisosok Kidul No. 2
Surabaya, East Java
Indonesia
b.
P.T. SAYAP MAS UTAMA -
Rp. 102,632,150,000.- (49.34%)
Address : Jl. Kampung Seng 3/2, Simokerto
Surabaya, East Java
Indonesia
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 :
10,260
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. UNILELEVER INDONESIA
b. P.T. KAO INDONESIA
c.
P.T. TANCHO INDONESIA
d.
P.T. ABC CENTRAL FOOD INDUSTRIES
Business
Trend :
Growing
B a n k e r s :
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 No. 12
Surabaya, East Java
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 7,690.0 billion
2010
– Rp. 8,840.0 billion
2011
– Rp.10,160.0 billion
Net
Profit (estimated) :
2009
– Rp. 1,130.0 billion
2010
– Rp. 1,290.0 billion
2011
– Rp. 1,480.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Eddy William Katuari
Directors -
a. Mr. Alex Ivan Tanoyo
b. Mr. Hanny Sutanto
c. Mr. Finney Henry Katuari
Board of Commissioners :
President Commissioner -
Mr. Harjo Sutanto
Commissioners -
a. Mr. Edwin Katuari
b. Mr. Hendrik Tanoyo
c. Mrs. Juliana Christina Katuari
Signatories :
President
Director (Mr. Ir. Eddy William Katuari) or one of the Directors (Mr. Alex Ivan
Tanoyo, Mr. Hanny Sutanto, Mr. Finney Henry Katuari) which must be approved by
Board of Commissioners.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
Originally
named WINGS CORPORATION (sole proprietorship), the company was established in
1948 by the late Mr. Johannes Ferdinand Katuari AKA Oen Jong Khing, an
Indonesian businessman of Chinese extraction.
In March 1950 the company’s status was changed to Firma or partnership
with unlimited liability, with name FIRMA WINGS. The founding owners of the company the late
Mr. Johannes Ferdinand Katuari and his business partner 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, 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
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.
Lastly
in November 2010, the authorized capital was raised to Rp. 500,000,000,000.- of
which Rp. 208,000,000,000.- was issued and fully paid up. No changes have been
effected in term of its shareholding composition and capital structures to
date. The deed of amendment was made by
Mrs. Lindasari Bachroem, SH., a public notary in Jakarta and it was approved by
the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-31393
Dated December 8, 2010.
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, liquid soap, floor-cleaner, bleach, porcelain cleaner and
water-glass.
Some 85% of P.T. WS' products are 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
overall we find the demand for detergent, bathing soaps, liquid soap, floor
cleaner, bleach, porcelain cleaner and others had been rising by the average 6%
to 8% per year within the last five years in line with the growth of
supermarkets, mini-markets and a stable economic growth in the period. But, as from October 2008, the demand growth
for food products has kept on dwindling as an impact of global economic crisis
as told above. The demand was
increasing in the early 2009 due to economic condition was gradually recovery
in the country. The growth rate is now estimated at 5% to 7% per year. Market
competition is very tight due to a large number of similar companies operating
in the country. We consider P.T. WS to
be in a quite favorable position for having already got hold of a steady
clientele in the country. Several factors support brisker economic growth in
2010. First, the global economic
conditions are better in 2010 than in 2009.
This is evident in the global economic recover that is expected to
continue well into 2011 and 2012.
Indonesia’s economic growth in 2008, 2009 and forecast for
2010
|
No. |
Sector |
2008 |
2009 |
2010 |
|
1. |
Agriculture |
4.8 |
3.6 |
3.3 |
|
2. |
Mining and Quarrying |
0.5 |
3.7 |
3.7 |
|
3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
|
4. |
Electricity, Gas, and Clean Water |
10.9 |
13.4 |
13.4 |
|
5. |
Construction |
7.3 |
7.1 |
7.0 |
|
6. |
Trade, Hotel, and Restaurant |
7.2 |
1.2 |
5.8 |
|
7. |
Transportation and Communication |
16.7 |
17.4 |
16.7 |
|
8. |
Finance, Leasing and Business Services |
8.2 |
5.5 |
6.3 |
|
9. |
Services |
6.4 |
6.7 |
6.9 |
|
Gross Domestic Product
(GDP) |
6.1 |
4.7 |
6.0 |
|
Source: Indonesia
Economic Almanac 2010 by Bisnis Indonesia
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 2009 gained a total sales
turnover of Rp 7,690.0 billion increased to Rp. 8,840.0 billion in 2010 and
rose again to Rp. 10,160.0 billion in 2011. The operation in 2011 yielded an
estimated net profit of at least Rp. 1,480 billion and the company has an
estimated total assets at least Rp.8,520.0 billion. It is projected that the total sales
turnover will be higher by at least 12% in 2012. 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 (61) as
president director with 36 years of experience in various business activities. He
is second generation of the WINGS Group is founded by the late Mr. Johannes
Ferdinand Katuari or Oen Jong Khing. In
daily operation is handled by three directors namely Mr. Alex Ivan Tanoyo (60),
Mr. Hanny Sutanto (56) and Mr. Finney Henry Katuari (59). 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. WINGS SURYA 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.
List of
the WINGS SURYA Group Members
1.
ADYABUANA PERSADA, P.T. (Ceramic Floor Tile
Manufacturing)
2.
AKTIF INDONESIA INDAH, P.T. (Industrial
Chemicals Processing)
3.
ASPIRASI LUHUR, P.T. (Investment Holding)
4.
BIMA MAS SEJATI JAYA, P.T. (General Trading)
5. BIMA NUSA RAJAWALI, P.T. (General Trading)
6.
CIPTA SEGAR HARUM, P.T. (Cosmetic Manufacturing)
7.
DIAN LESTARI PERDANA, P.T. (Office Block Rental
Management)
8.
EKA TATA MAKMUR, P.T. (Real Estate and Housing
Development)
9.
EKATAMA RAYAINDAH, P.T. (Housing Development)
10. EKONOMI RAHARJA, P.T. Bank (Banking)
11.
FOSFINDO, P.T. (Investment Holding)
12.
FINDECO JAYA, P.T. (Alkyl Benzene Sulfonate
Processing)
13.
KARUNIA ALAM SEGAR, P.T. (Soft Drink and Instant
Noodle Manufacturing)
14.
LIONINDOJAYA, P.T. (Cosmetic, Detergent,
Toothpaste and Sanitary Napkin Manufacturing)
15.
MULTI INDOMANDIRI, P.T. (Glass Tablewares
Manufacturing)
16.
MITRAJAYA EKAPRANA, P.T. (Investment Holding)
17.
MULTINUSA LESTARI, P.T. (Housing Development)
18.
MULTIPACK UNGGUL, P.T. (Corrugated Box, Printing
and Soft Packaging Manufacturing)
19.
PETRO CENTRAL, P.T. (Industrial Chemical
Processing)
20.
PONDOK PALEMINDAH, P.T. (Housing Development)
21.
PONDOK PALEM INDAH PERMAI, P.T. (Housing
Development)
22.
PONDOK PALEM INDAH RAYA, P.T. (Housing
Development)
23.
SAYAP MAS UTAMA, P.T. (Soap and Cosmetic
Industry)
24.
SADHANAGRAHA ADHIKA, P.T. (Investment Holding)
25.
SARANAGRIYA LESTARI KERAMIK, P.T. (Ceramic
Industry)
26.
SATYAWADA MITRAUSAHA (Investment Holding)
27.
SIAM-INDO GYPSUM INDUSTRY, P.T. (Gypsum Plasters
and Compound Manufacturing)
28.
UNGGUL INDAH CORPORATION, (Industrial Chemical
Processing)
29.
VARIA INDOWIN PERKASA, P.T. (Integrated Shrimp
Culture)
30.
WINGS SURYA, P.T. (Soap, Detergent, Waterglass
and Plastic Packaging Industry)
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.14 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
NB |
New Business |
-- |
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.