|
Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUNINDO BANGUN KERSANA |
|
|
|
|
Registered Office : |
Menara Satu Sentra Kelapa Gading suite 0702, Jl.
Boulevard Kelapa Gading LA3 No.1, Kelapa Gading, Jakarta Utara 14240 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
02.02.1990 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-03555 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Bar Soap
Manufacturing and Contract
Manufacturing Services |
|
|
|
|
No. of Employees : |
60 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC
OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated
6.1% and 6.4% in 2010 and 2011, respectively. The government made economic
advances under the first administration of President YUDHOYONO (2004-09),
introducing significant reforms in the financial sector, including tax and
customs reforms, the use of Treasury bills, and capital market development and
supervision. During the global financial crisis, Indonesia outperformed its
regional neighbors and joined China and India as the only G20 members posting
growth in 2009. The government has promoted fiscally conservative policies,
resulting in a debt-to-GDP ratio of less than 25%, a small current account
surplus, a fiscal deficit below 2%, and historically low rates of inflation.
Fitch and Moody's upgraded Indonesia's credit rating to investment grade in
December 2011. Indonesia still struggles with poverty and unemployment,
inadequate infrastructure, corruption, a complex regulatory environment, and
unequal resource distribution among regions. The government in 2012 faces the
ongoing challenge of improving Indonesia's insufficient infrastructure to
remove impediments to economic growth, labor unrest over wages, and reducing
its fuel subsidy program in the face of rising oil prices
|
Source
: CIA |
Name of
Company :
P.T. SUNINDO
BANGUN KERSANA
A d d r e s s
:
Head Office
Menara Satu Sentra Kelapa Gading suite 0702
Jl. Boulevard Kelapa Gading LA3 No.1
Kelapa Gading, Jakarta Utara 14240
Indonesia
Phones -
(62-21) 2937 5689
Fax - (62-21) 2937 5685
Email - marketing@vascali.com
Website - http://www.vascali.com
Building Area - 8 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Industri Raya
II AH/09
Cikupa, Tangerang
Banten Province
Indonesia
Land Area - 20,000 sq.
meters
Building Area - 10,000 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
02 February 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C2-1821.HT.01.04.TH.91
Dated 31 May 1991
b. No.
AHU-00460.AH.01.02.Tahun 2012
Dated 04 January 2012
c. No.
AHU-AH.01.10-03555
Dated 02 February 2012
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.983.180.7-451.000
Related
Company :
P.T. MAKRO
CHEMINDO (Chemical Trading and Investment Holding)
Capital Structure
:
Authorized
Capital - Rp.
16,800,000,000.-
Issued Capital - Rp. 8,000,000,000.-
Paid up Capital - Rp. 8,000,000,000.-
Shareholders/Owners
:
a. P.T. MAKRO CHEMINDO - Rp. 7,760,000,000.- (97%)
Address :
Jl. Raya Boulevard Barat Blok A4 No. 88
Kelapa Gading,
North Jakarta
Indonesia
b. Mr. Tjendera Limin -
Rp. 240,000,000.- (03%)
Address :
Jl. Raya Boulevard Barat Blok A4 No. 88
Kelapa Gading,
North Jakarta
Indonesia
Lines of
Business :
a. Bar Soap
Manufacturing
b. Contract
Manufacturing Services
Production
Capacity :
Bar Soaps - 60,000 metric tons per month
Total
Investment :
Owned Capital - Rp. 40.0
billion
Started
Operation :
2002
Brand Name :
VASCALI
Technical
Assistance :
None
Number of
Employee :
60 persons
Marketing Area
:
a. Local - 40%
b. Export - 60%
Main
Customers:
a. Supermarkets
and Traditional Markets
b. Overseas buyer
in China, Hong Kong, Taiwan, South Africa and USA
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Unilever
Indonesia
b. PT. Kao Indonesia
c. PT. Tancho Indonesia
d. PT. Bukit Perak
e. PT. Sayap Mas Utama
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Kelapa
Gading Branch
Jl. Kelapa Gading Boulevard Raya Blok L
No. 1
Jakarta Utara
Indonesia
b. P.T.
PANIN Bank
Kelapa
Gading Branch
Jl. Kelapa Gading Boulevard Blok
CN-2J/1
Jakarta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 52.0
billion
2010 – Rp. 60.0
billion
2011 – Rp. 68.0
billion
2012 – Rp. 39.0
billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 2.7
billion
2010 – Rp. 3.2
billion
2011 – Rp. 3.6
billion
2012 – Rp. 2.4
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Tjendera Limin
Director -
Mr. Suwanto Linoh
Board of Commissioners :
Commissioner -
Mrs. Rina
Signatories :
President Director (Mr.
Tjendera Limin) or Director (Mr. Suwanto Linoh)
which must be approved by Board of Commissioner (Mrs. Rina)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit
Limit :
Moderate amount
P.T. SUNINDO BANGUN KERSANA
(P.T. SBK) was established in Jakarta on February 2, 1990 with an authorized
capital of Rp. 500,000,000.- of which Rp. 100,000,000.- was issued and fully
paid up. The founding shareholders of
the company are Mr. Budijono (50%), Mr. Tjahjono Budijono (40%) and Mrs. Pudji
Setiawati (10%). They are Indonesian
entrepreneurs of Chinese extraction. The
notary Articles of association was made by Anthony Djoenardi, SH., a notary in
Jakarta and it has been approved by the Minister of Jusrice and Human Right in
its Decision Letter No. C2-1821.HT.01.01.Th.91 dated May 31, 1991. The articles of association has frequently
been revised and the latest in November 2011, the authorized capital was raised
to Rp. 16,000,000,000.- of which Rp. 8,000,000,000.- was issued and fully paid
up. Concurrently, the founding
shareholders pulled out and the whole shares are sold to P.T. MAKRO CHEMINDO
(97%) and Mr. Tjendera Limin (3%). The
amendment to Articles of association has been approved by the Ministry of Law
and Human Right in its Decision Letter No. AHU-00460.AH.01.02.Tahun 2012 dated
January 4, 2012 and No. AHU-AH.01.10-03555 dated February 2, 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
We observed that Mr. Tjendera Limin is also founder and majority business stakes owners of P.T. MAKRO CHEMINDO
dealing with industrial chemical trading and investment holding by controlling
97% shares of P.T. SBK.
Originally P.T.
SBK engaged in general trading and importing, which has been operating
commercially since 1991. But, since
2004’s, P.T. SBK divert its activities in the field of bar soap manufacturing, with its plant located at Jl. Industri Raya
III AH/09, Cikupa, Tangerang, Banten Province on a land of some 20,000 sq.
meters. The plant produces various soaps such as medicated bath soap, beauty bath
soap, multipurpose soap for bath & laundry and hotel soap with brand
“VASCALI”. Ms. Novi Susanti, an administrative staff of the company when
contacted explained that P.T. SBK is also engaged in contract manufacturing
services (on the basis order from its clients) including OEM Service, Design
Service and Buyer Label. She added that
the Company produces variety of Bars Soaps made from 100% Natural Vegetable Oil
and high quality products. The
company's production is sold in the country through stores selling soaps and
cosmetic products in Jakarta and surrounding.
We observed that P.T. SBK is classified as a small sized company of its
kind in the country of which the operation has been growing in the last three
years.
In overall we
find the demand for bath soaps, personal care and cosmetic products has been rising
by the average 8% to 10% 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 since the global economic
crisis and tight money policy being imposed by Bank Indonesia in October 2008
the demand was decreased within due to a poor economic condition, decreasing
income per capita and a weak in public purchasing power. 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 4% to 6% per year. Market
competition is very tight due to a large number of similar companies operating
in the country.
Until this time P.T. SBK has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management is very
reclusive to outsider and rejected to disclose its financial condition. But we estimate the total sales turnover of
P.T. SBK in 2009 amounted to Rp 52.0 billion increased to Rp 60.0 billion in
2010 to Rp 68.0 billion in 2011 and projected it will be higher by 12% in
2012. The operation in 2011 yielded an
estimated profit at about Rp 3.6 billion and the company has an estimated total
asset at around to Rp 40.0 billion. We
observe that P.T. SBK is supported by financially strong behind it. So far, we
did not hear that the company having been black listed by the Central Bank
(Bank Indonesia). The company usually pays its debts punctually to suppliers.
P.T. SBK's
management is led by Mr. Tjendera Limin (43), a businessman with more than 10
years experience in trading and distribution of industrial chemicals. In his day-to-day business operation he is
respectively assisted by Mr. Suwanto Linoh (34) as Director and a number of
professional staff team having wide relation with home and overseas private
businessmen as well as with the government sectors. 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. SBK is
sufficiently fairly good for business transaction. However, in view of the unstable economic
condition in the country we recommend to treat prudently in extending a loan to
the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
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.