|
Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SURYA SUKMANA LEATHER |
|
|
|
|
Registered Office : |
Jalan Raya Purwosari Km. 1.4 Desa Martopuro, Puntir Purwosari, Pasuruan 67162 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.07.2000 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-00228 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Leather Tanning Industry |
|
|
|
|
No. of Employees : |
260 persons |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T. SURYA SUKMANA
LEATHER
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
Law 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
d. No.
AHU-34718.AH.01.02.Tahun 2010
Dated 09 July 2010
e. No.
AHU-AH.01.10-00228
Dated 03 January 2013
Company Status :
Domestic Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.456.488.4-651.000
Related Company :
Not Available
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. 9,910,000,000.- (99.1%)
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
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
:
260 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
B a n k e r s :
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
Annual Sales
(estimated) :
2009 – Rp. 155.0 billion
2010 – Rp. 174.0 billion
2011 – Rp. 195.0 billion
2012 – Rp. 220.0 billion
Net Profit (Loss)
:
2009 – Rp. 7.6 billion
2010 – Rp. 8.5 billion
2011 – Ro. 9.2 billion
2012 – Rp.10.3 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
Director - Mr. Tjandra Surya
Board of Commissioners :
President Commissioner - Mr. Haji Sahawi Syafi’i
Signatories :
Director (Mr. Tjandra Surya) which must
be approved by president commissioner (Mr. Haji Sahawi Syafi’i)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T.
SURYA SUKMANA LEATHER (P.T. SSL) was established in Pasuruan based on notarial
Deed No. 110 dated 20 July 2000 of public notary Darma Sanjata Sudagung, SH.,
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 Deed of
established was approved by the Minister of Law and Human Rights through its
Decision Letter No.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
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.
Most recently by notarial deed of Edhi Susanto, SH., No. 43 dated November 23, 2012 Mr. Arief Rachman pulled out and his shares are sold to Mr. Tjandra Surya. Since at the time, the shareholders of the company are Mr. Tjandra Surya (99.1%) and Mr. Haji Sahawi Syafi’i (0.9%). The amendment to notarial Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-00228 dated January 03, 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
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 and leather goods had been increasing by 8% to 10%
per year in the last five years in the line with the growth of leather goods
such as garment or jackets, shoes, 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 increased US$ 177.6 million in 2006 to US$ 226.9
million in 2007 to US$ 226.8 million in 2008 and declined to US$ 174.7 million
in 2009. In 2010 the Indonesian leather
good export rose again to US$ 207.0 rose to US$ 230.1 million in 2011 and
decline again to US$ 214.8 million in 2012.
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.
Until
this time P.T. SSL has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. 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 2010 amounted
to Rp. 174.0 billion increased to Rp. 195.0 billion in 2011 to Rp. 220.0
billion in 2012 and estimated it will be higher by at least 10% in 2013. The
operation in 2012 yielded a net profit at least Rp. 10.3 billion and the
company has a total net worth of Rp. 110.0 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 (57) as director, a
businessman with more than 23 years of experience in trading and industry of
leather sheet and leather goods. In his
daily activities, he is assisted by his business partner Mr. Haji Sahawi
Syafi’i (54) as commissioner. 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.