|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SURABAYA MEKA BOX |
|
|
|
|
Registered Office : |
Jalan Bongkaran
No. 66 Atas, Surabaya 60161, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1976 |
|
|
|
|
Com. Reg. No.: |
No. 78293.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Cardboard,
Kraft Paper, Nail and Can Making Industry |
|
|
|
|
No. of Employees : |
1,150 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
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.
SURABAYA MEKA BOX
A d d r e s s
:
Head Office
Jalan Bongkaran
No. 66 Atas
Surabaya 60161
East Java
Indonesia
Phones -
(62-31) 3523274 (Hunting), 3524041, 3528953, 3532637
Fax - (62-31) 3532582
Building Area - 4 storey
Office Space - 620 sq. meters
Region - Commercial
Status - Owned
Branch
Jalan Jembatan
Tiga No. 2-3
Jakarta Barat
East Java
Indonesia
Phones -
(62-21) 6693608 (Hunting)
Fax - (62-21) 6690191
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Factory Unit 1
(Can Unit)
Jalan Kemayoran
Baru No. 67
Surabaya 60176
East Java
Indonesia
Phones -
(62-31) 3523746 (Hunting)
Fax - (62-31) 3523248
Land Area - 55,000 sq.
meters
Building Area - 35,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory Unit II,
III, IV and V (Paper, Carton and Nail Unit)
Jalan Raya Bambe
Km. 18
Kecamatan
Driyorejo Gresik
East Java
Indonesia
Phones -
(62-31) 7508059, 7507959, 7507941, 7507956
Fax - (62-31) 7507266
Land Area - 220,000 sq.
meters
Building Area - 176,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
01 March 1973
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. W10-HT.01.10-451
Dated 13 December 2006
- No. 78293.AH.01.02.TH.2008
Dated 24 October 2008
Company Status
:
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Industry and Trade
No.
2529/DJ.ANIN/IX/73
Dated 19 March
1973
The Capital Investment Coordinating Board
- No.
757/Sekr.SP.PMDN/73
Dated 1 May 1973
- No.
157/II/PMDN/1987
Dated 25 November 1987
- No.
153/II/PMDN/1994
Dated 2 June 1994
Related
Companies :
a. C.V. BOSNIK
(Import and Trading)
b. P.T. SAMUDRA MAHKOTA BEACH (Hotelry)
c. UD. SINAR BUMI
(Building Material Wholesales and Distribution)
d. P.T. SOPANUSA
TISSUE & PACKAGING SARANA SUKSES (Tissue Paper Manufacturing)
e. P.T. SURABAYA
ACETYLINE (Industrial Chemical Manufacturing)
Capital
Structure :
Authorized
Capital : Rp.
80,000,000,000.-
Issued Capital : Rp.
40,000,000,000.-
Paid up Capital : Rp.
40,000,000,000.-
Shareholders/Owners
:
a. Mr. Suparsono -
Rp. 16,000,000,000.-
b. Mr. Suparlan -
Rp. 10,800,000,000.-
c. Mr. Rudy Sutarso -
Rp. 7,200,000,000.-
d. Mr. Jimmy Soetarso -
Rp. 3,000,000,000.-
e. Mr. Yohanes Hartadi - Rp.
3,000,000,000.-
Lines of
Business :
Cardboard, Kraft
Paper, Nail and Can Making Industry
Production
Capacity :
a. Corrugated
Papers - 57,000 tons
p.a.
b. Medium Board
and Kraft Papers - 21,000 tons p.a.
c. Cans - 3,000 tons p.a.
d. Nails - 4,000 tons p.a.
e. P.P. Strapping
Bands - 1,800 tons p.a.
Total
Investment :
a. Owned Capital - Rp. 40.0 billion
b. Loan
Capital -
Rp. 48.7 billion
c. Total
Investment - Rp.
88.7 billion
Started
Operation :
1976
Brand Name :
SMB
Technical
Assistance :
None
Number of
Employee :
1,150 persons
Marketing Area
:
Export - 80%
Local - 20%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. KEDAUNG
SETIA CORRUGATED CARTON BOX INDUSTRIAL LTD.
b. P.T. MITRA BOXINDO
c. P.T. PRIMABOX ADIPERKASA
d. P.T. PAKERIN
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank CIMB NIAGA Tbk
Jalan
Tunjungan No. 47-51
Surabaya,
East Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan
Kembang Jepun No. 168-170
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 221.0
billion
2010 – Rp. 231.0
billion
2011 – Rp. 240.0
billion
2012 – Rp. 125.0 billion
(January – June)
Net Profit
(estimated) :
2009 – Rp. 20.5
billion
2010 – Rp. 21.6
billion
2011 – Rp. 23.0
billion
2012 – Rp. 12.6
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Suparsono
Directors - a. Mr. Rudy Soetarso
b.
Mr. Djoko Andono
Board of Commissioners :
President Commissioner -
Mr. Suparlan
Commissioners -
a. Mr. Jimmy Soetarso
b. Mr. Sie Yohanes Hartadi
Signatories :
President Director (Mr.
Suparsono) or one of the Directors (Mr. Rudy Soetarso or Mr. Djoko Andono)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T. SURABAYA MEKA
BOX (P.T. SMB) was established in Surabaya, East Java, in March 1973, with an
authorized capital of Rp. 500,000,000 issued and paid capital of Rp.
300,000.000. The founding shareholders
of the company are Mr. Suparsono and his younger brother Mr. Suparlan, Chinese
origins Indonesia business family. The company notary deed has frequently been
revised. In 1985, the authorized capital was raised to Rp. 3,000,000,000 issued
and paid up capital to Rp. 2,500,000,000. By the same time his other younger
brother Mr. Rudy Sutarso joined as a new shareholder. In January 1991 the
issued capital was raised to Rp. 3,000,000,000 entirely paid up. By the same
time Mr. Jimmy Soetarso (younger brother of Mr. Suparsono) and Mr. Yohannes
Hartadi joined in as new shareholders. In October 1999 the authorized capital
was raised to Rp. 80,000,000,000 issued capital to Rp. 40,000,000,000 fully
paid up. The deed of amendment was made by Mrs. Tutik Danakusuma, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
W10-HT.01.10-451, dated December 13, 2006. Then according to the latest
revision of notary documents of Mr. Johanes Limardi Soenarjo, SH., No. 05 dated
11 March 2008 the board of director and the board of commissioner had been
changed. The deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-78293.AH.01.02.TH.2008 dated October 24,
2008.
P.T. SMB is in
affiliation with a number of companies, such as, P.T. SURABAYA ACETYLENE
dealing with industrial chemical manufacturing, P.T. SAMUDRA MAHKOTA BEACH
dealing with hotelry, C.V. BOSNIK dealing with importing and trading, P.T.
SOPANUSA TISSUE & PACKAGING SARANA SUKSES dealing with tissue paper
manufacturing.
P.T. SMB used to
engage in container tin manufacturing industry with its plant located at Jalan
Kemayoran Baru No. 67, Surabaya operating since 1973. It was owned by sister
company P.T. JAKARTA SURABAYA INDUSTRY COMPANY (P.T. JASINCO), operating since
1958. The plant has a production capacity of 3,000 tons container tin of
various sizes and types. The whole products are marketed locally, especially to
cooking oil producers like FILMA, BIMOLI, PALMBOOM, PALMVITA, etc. In 1976 P.T.
SMB expanded its business into corrugated paper industry with its plant located
at Jalan Raya Bambe Km.18 Driyorejo, Gresik, East Java, on a land of some 22.0
hectares, and in 1979 in nail making industry with a production capacity of
57,000 tons corrugate papers, 21,000 tons medium board and kraft papers, 4,000
tons nail and 1,800 tons P.P. strapping band per year respectively. The
development has depleted an estimated investment of Rp. 88.7 billion coming
from owned capital of Rp. 40.0 billion and the remainder from loans.
In 1997 it
planned to increase production capacity of corrugated paper to 50,000 tons per
year, but it was delayed due to economic crisis, lack of demand and higher
price of basic materials and sales price of the products in 1998. The price of
pulp in 1998 was about US$ 373 per ton to US$ 520 per ton in 1999 or 400%
increase compared with 1997. According to Mr. Indrawan Teja, production manager
of carton unit, production realization of carton box in 1996 to 1997 was only
some 2,000 tons per month and marketed at the price of Rp. 1,400 per kg., on
the average. It declined by 20% to 25% in 1998 and in 1999. Since 1998 some 60%
to 70% of corrugated carton box had been exported to Taiwan, the USA,
Singapore, Srilangka and Myanmar and the rest for local market. While some 65%
to 70% of medium and kraft
paper are for
owned needs and
the rest for
other carton box industries in the country.
Some 25% of
basic materials for its paper industry is still imported from the Netherlands,
Germany, Hong Kong, Singapore, Brazil, Finland and some 75% is bought from
local among others from P.T. TJIWI
KIMIA Tbk., P.T. INDAH KIAT & PULP PAPER Tbk., and P.T. TOBA PULP LESTARI
Tbk. The payment is made by cash or by L/C for 2 months at the latest. The
operation of P.T. SMB had been running and growing well until 1997. But since
1998 total production and sales declined by 15% to 20% mainly its paper
industry. The end of February 2000, the carton and paper unit stopped operation
for some 10 days because of labor strike. By a hard meeting involving many
parties including the Regional House of Representative-I East Java, the
operation started again since March 2000. The strike has made the company
suffered from loss of some Rp. 4.5 billion. Later since 2009 the operation of
P.T. SMB has begun to increasing due to the amelioration of economic condition
in the country.
Generally,
demand for board paper has kept increasing in the last five years in line with
the growth of industries using these products including textile industries,
paper sheets, electronics, pharmaceuticals and cosmetics, and others. The
increase in board paper in the county during the economic crisis in the last
several years was attributable to the absorbing power of the users being still
growing sufficiently. The prolonged economic crisis and a sharp Rupiah
depreciation against US$, EUR, Yen and other hard foreign currencies have
brought a bad impact to P.T. SMB because its debts mostly in US$ and other hard
foreign currencies. The thick board papers are used for packaging of various
industrial products. Starting in the second semester 2008, many markets in
various parts of the world experienced adverse economic condition. This
condition was triggered by, amongst others, the housing and mortgage loans
crisis in the United States of America (US) that spread to securities,
structures products and commodity markets. The volatility in the US markets
coupled with the sharp appreciation in the US Dollars and a series of corporate
bankruptcies and takeovers enabled the crisis to spread to other parts of the world.
The impact of the global economic crisis has also been felt in Indonesia as the
Indonesian Rupiah weakened, demand decrease, commodity prices decreased,
securities market declines, interest rate increased, followed by decreases,
tightened liquidity conditions, and increased credit risks. Up to this time,
the Company has not significantly suffered from the economic crisis. In
response to these economic events, during 2010 the Company have plans as
follows: Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, technical support cost, etc. Reduction
finishing cost and transportation cost with transferring product to customers. I
In spite of the adverse economic conditions, management believes that the
Company will be able to continue operating as going concern for the foreseeable
future.
Until this time
P.T. SMB has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. SMB is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2009 amounted to Rp. 221.0 billion
rose to Rp. 231.0 billion in 2010 increased to Rp. 240.0 billion in 2011. As
from January to June 2012 the sales turnover has reached at Rp. 125.0 billion
with a net profit of Rp. 12.6 billion and projected to go on rising by at least
6% in 2012. The company has an estimated total networth of at least Rp. 70.0 billion.
So far, we did not heard that the company having been black listed by the
Central Bank (Bank Indonesia). The payment habit of the company ranging from 1
to 3 months is running smoothly.
The management
of P.T. SMB is led by Mr. Suparsono (70) a businessman and professional manager
with experience for more than 30 years in can container and corrugated carton
box manufacturing and trade. In his daily activities, he is assisted by Mr.
Rudy Soetarso (64) and Mr. Djoko Andono (44) respectively as Director. The
management is handled by experienced staff in this business, having maintained
a wide business relation with private businessmen at home and abroad as well as
with government sectors. So far, we did not hear that the company’s management
involved in a dirty business practice 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. SURABAYA MEKA BOX is quite
feasible for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
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.