|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUMI RUBBER INDONESIA |
|
|
|
|
Registered Office : |
Wisma Indomobil, 12th Floor Jalan Letjend. M.T. Haryono Kav. 8 Kelurahan Bidara Cina, Kecamatan Jatinegara Jakarta Timur, 13330 |
|
|
|
|
Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
17.07.1995 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Tire and Golf Ball Manufacturing ·
Investment Holding |
|
|
|
|
No. of Employees : |
3,081 |
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 : |
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, 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. SUMI RUBBER
INDONESIA
Head Office
Wisma Indomobil, 12th Floor
Jalan Letjend.
M.T. Haryono Kav. 8
Kelurahan Bidara
Cina, Kecamatan Jatinegara
Jakarta Timur,
13330
Indonesia
Phones - (62-21) 851-2561 (Hunting)
Fax -
(62-21) 851-5893
E-mail - marketing@dunlop.co.id
Website - www.dunlop.co.id
Building Area - 12 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Factory
Kawasan Industri Indotaisei Block H Sektor 1 A
Kota Bukit Indah Cikampek
Karawang, Cikampek, 41373
West Java
Indonesia
Phones - (62-264) 351 346, 351 346
Fax - (62-264) 351 345
Land Area - 237,245 sq. meters
Building Space - 180,000 sq. meters
Region - Industrial Estate
Status - Owned
Date of Incorporation
:
17 July 1995
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law
and Human Rights
- No. C2-2260 HT.01.01.TH.96
Dated 16 February 1996
- No. AHU-60178.AH.01.02.TH.2008
Dated 8 September 2008
- No. AHU-AH.01.10-20581
Dated 28 May 2013
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.071.152.1-052.000
The President of
the Republic of Indonesia
No. B-303/Pres/6/1996
Dated 7 June 1996
The Capital
Investment Coordinating Board
- No. 318/I/PMA/1995
Dated 20 June 1995
- No. 470/III/PMA/1998
Dated 6 April 1998
- No. 499/III/PMA/1999
Dated May 1999
- No. 782/III/PMA/1999
Dated 23 June 1999
- No. 145/II/PMA/2000
Dated 7 July 2000
- No. 629/III/PMA/2003
Dated 11 June 2003
- No. 1244/III/PMA/2003
Dated 24 October 2003
Related Companies :
a. A Member Company of the INDOMOBIL Group
b. SUMITOMO CORPORATION Group, Japan (Sogo Sosha)
Capital Structure :
Authorized Capital : US$ 100,000,000.-
Issued Capital : US$ 100,000,000.-
Paid up Capital : US$ 100,000,000.-
Shareholders/Owners :
a. SUMITOMO RUBBER
INDUSTRIES LTD. -
US$ 72,500,000.-
Address : 3-6-9 Wakinohama-cho, Chuo-ku
Kobe, Hyogo 651-0072
Japan
b. SUMITOMO
ELECTRIC INDUSTRIES LTD. -
US$ 10,000,000.-
Address : 5-33, Kitahama 4-chome, Chuo-ku
Osaka 541-0041, Japan
c. P.T. IMG
SEJAHTERA LANGGENG -
US$ 10,000,000.-
Address : Wisma Indomobil 4th Floor
Jl. M.T. Haryono Kav. 12
Kelurahan
Bidara Cina, Kecamatan Jatinegara
Jakarta Timur
Indonesia
d. P.T. INDOMOBIL SUKSES INTERNASIONAL Tbk - US$ 5,000,000.-
Address : Wisma Indomobil 4th
Floor
Jl. M.T.
Haryono Kav. 12
Kelurahan
Bidara Cina, Kecamatan Jatinegara
Jakarta Timur
Indonesia
e. SUMITOMO CORPORATION - US$ 2,500,000.-
Address : Harumi
Island Triton Square Office Tower Y, 8-11
Harumi 1-chome,
Chuo-ku
Tokyo 104-8610,
Japan
Lines of Business :
a. Tire and Golf Ball Manufacturing
b. Investment Holding
Production Capacity :
a. Motorcar Tires - 12,184,000 pieces p.a.
b. Motorcycle Tires- 2,000,000 pieces p.a.
c. Inner Tubes - 150,000 pieces p.a.
d. Flaps - 150,000 pieces p.a.
e. Golf Balls - 7,000,000 dozens p.a.
Total Investment :
a. Equity Capital - US$ 100.0 million
b. Loan Capital - US$ 220.8 million
c. Total Investment - US$ 320.8 million
Started Operation :
a. April 1997 Tires
b. April 1998 Golf Ball
Brand Name :
DONLOP Tires and Srixon Golf Balls
Technical Assistance :
Sumitomo Rubber Industries Ltd., Japan
Number of Employee :
3,081 persons
Marketing Area :
Local - 65%
Export - 35%
Main Customer :
Automotive Assembling, Tires Distributors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BRIDGENSTONE TIRE INDONESIA
b. P.T. ELANG
PERDANA TYRE INDUSTRY
c. P.T. GAJAH
TUNGGAL Tbk
d. P.T. GOODYEAR INDONESIA Tbk
e. P.T. HANKOOK TIRE INDONESIA
f. P.T. INDUSTRI KARET DELI
g. P.T.
MULTISTRADA ARAH SARANA Tbk
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Menara BCA Grand Indonesia
Jalan M.H. Thamrin No. 1
Jakarta Pusat
Indonesia
b. The Bank of TOKYO-MITSUBISHI-UFJ LTD
Midplaza Building
Jalan Jend. Sudirman Kav. 10-11
Jakarta 10220
Indonesia
c. P.T. Bank SUMITOMO MITSUI INDONESIA
SUMMITMAS II Building
Jalan Jend. Sudirman Kav. 61-62
Jakarta 12190
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – US$ 275.5 million
2011 – US$ 286.9 million
2012 – US$ 312.0 million
2013 – US$ 167.5 million (January – June)
Net Profit (estimated) :
2010 – US$ 16.5 million
2011 – US$ 17.2 million
2012 – US$ 18.7 million
2013 – US$ 10.4 million (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Matsuru Nagai
Vice
President Director - Mr. Jusak Kertowidjojo
Directors - a. Mr. Michihito Kobayashi
b. Mr. Akihito Makino
c. Mr. Minoru Kimura
d. Mr. Erwin Chandra
e. Mr. Minoru Nishi
f. Mr. Kenji Onga
g. Mr. Masashi Fukui
h. Mr. Josef Utamin
Board
of Commissioners :
President
Commissioner - Mr. Anthony Salim AKA Liem Hong Sien
Vice
President Commissioner - Mr. Tetsuji
Mino
Commissioners - a. Mr. Ikuji Ikeda
b. Mr. Yasutaka Ii
c. Mr. Soebronto Laras
d. Mr. Uray Sjaiful Hamid
Signatories
:
President
Director (Mr. Matsuru Nagai) or Vice President Director (Mr. Jusak
Kertowidjojo) or one of the Directors (Mr. Michihito Kobayashi, Mr. Akihito
Makino, Mr. Minoru Kimura, Mr. Erwin Chandra, Mr. Minoru Nishi, Mr. Kenji Onga,
Mr. Masashi Fukui or Mr. Josef Utamin) 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. SUMI RUBBER INDONESIA (P.T. SRI) was established in July 1995 with an authorized capital of US$ 50,000,000 wholly issued and paid up. Founders and shareholders are SUMTOMO RUBBER INDUSTRIES LTD., SUMITOMO ELECTRIC INDUSTRIES LTD., SUMITOMO Corporation (entirely of Japan) and P.T. INDOMOBIL INVESTMENT CORPORATION of Indonesia. Its articles of association had frequently been changed for a couple of times. In August 1998, P.T. INDOMOBIL INVESTMENT CORPORATION withdrew and replaced by P.T. INDOMOBIL SUKSES INTERNATIONAL Tbk., and P.T. IMG SEJAHTERA LANGGENG, the later two of Indonesia. Later in October 1998, the authorized capital was increased to US$ 100,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become SUMITOMO RUBBER INDUSTRIES LTD., Japan (72.5%), SUMITOMO ELECTRIC INDUSTRIES LTD., Japan (10%), P.T. IMG SEJAHTERA LANGGENG (10%), P.T. INDOMOBIL SUKSES INTERNATIONAL Tbk (5%) and SUMITOMO CORPORATION, Japan (2.5%). Later according to the latest revision of notary deed of Mr. Buntario Tigris, SH., No. 49 dated 8 May 2013 the company board of director and the board of commissioner had been restructured, while the capitalization structure remained the same. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-20581 dated May 28, 2013.
The local partner P.T. INDOMOBIL SUKSES INTERNATIONAL Tbk and P.T. IMG SEJAHTERA LANGGENG are national private companies and member companies of the INDOMOBIL Group, a major business group led by Mr. Anthony Salim AKA Liem Hong Sien.
P.T. SRI obtained a foreign investment (PMA) license for dealing with tires, motorcycle tires and golf ball manufacturing whose plant located at Kawasan Industry INDOTAISEI Block H Sector 1 A, Kota Bukit Indah Cikampek (West Java) standing on 237,245 square meters land. The plant produces tires, motorcycle tires, inner tubes, flaps and golf ball which are wholly manufactured under DUNLOP and SRIXON brands with international standard quality. The plant started with operation as from April 1997, motorcycle tires in 1998, golf ball in April 1998.
The manufacturing of its motorcycle tires is the measure in making horizontal harmonization in tires manufacturing industry.
P.T. SRI entered into a technical assistance and trademark license agreements with SUMITOMO RUBBER INDUSTRIES Ltd., a shareholder on 13 February 1996, amended on 17 December 2002. SUMITOMO RUBBER INDUTRIES Ltd., provides certain technology in respect of tires and golf ball and grants an exclusive license for certain trademarks in connection with the manufacturing of tires and golf ball. Some 65% of products is distributed domestically through 22 distributors as well as car assembling companies. DUNLOP brand car tire produced by P.T. SRI is the standard tire for Volvo 960, Nissan Infinity, Mazda Family, Suzuki Sidekick, and motorcycle tire for SUZUKI, YAMAHA, KAWASAKI and HONDA., etc. Besides that, P.T. SRI also exports its products to the USA, Germany, the United Kingdom, France, Australia, the Middle East, Japan and other Asian countries or more than 26 countries. Besides that, the whole products like golf ball is exported.
P.T. SRI increased tire installed production capacity from 4,380,000 units (12,000 units per day) to 6,935,000 units (19,000 units per day) in 2001 and to 8,030,000 units (22,000 units per day) in 2005. In July 2000, P.T. SRI launched its new DUNLOP brand product called SP Sport 2000 namely a new radial tire as the combination of DUNLOP technology of Japan, America and Europe. In July 2000 P.T. SRI got permit to increasing production capacity by producing tires. The expansion plant produces motorcar tires of 8,584,000 pieces and golf ball of 877,500 dozen respectively per years.
Later in June 2011 the company has been increasing production capacity by produces of 4,900,000 dozens golf ball per annum on the land of 37,245 sq. meters. The expansion plant has been commenced production since April 2012. Currently the company has production capacity of golf balls 20,000 dozens per day. The golf balls had been exported to Cleveland, USA by using SRIXON brand.
Of these productions were judged to have stable quality and
uniformity of the production process, P.T. SMI managed to get ISO 9002-1998
certification body Lloyd's Register and the Certificate of Indonesian National
Standard ( SNI ) by PUSTAN in October 1999. Increased production capacity and stability of quality produce tangible
results by successfully producing 10 million tires to pieces in May 2001. In
August of the same year, P.T. Sumi Rubber Indonesia back to get ISO 9001 - 2000
certification body Lloyd's Register. Not only care about the quality of the
tire, the tire production process also must pay attention to the environment.
As a form of concern P.T. Sumi Rubber Indonesia to the environment, in August
of 2003 P.T. Sumi Rubber Indonesia successfully obtained the ISO 14001
certificate issued by LLOYD 'S REGISTER Certification Institute. P.T. Sumi
Rubber Indonesia has been a tire factory with an installed production capacity
of 47.750 pcs per day by the number of employees in the factory as much as
3,081 people, working system 4 groups, 3 shifts, 7 days in 1 week and 350
working days within 1 year.
Sharp Rupiah deprectiation against the U.S. Dollar, Japanese Yen, EUR and other hard foreign currencies affected positively on P.T. SRI's business performance because some 35% of its products is exported. On the contrary, the incessant economic crisis battering Indonesia also affected badly on P.T. SRI's operation due to drastical increase of its production cost. In the meantime, the demand for tire from OEM (Oriented Export Manufactures) dropped by 80% to 85% due to the plunge down of automotive industry.
The demand growth from October 1999 improved in line with the improving stable of Rupiah exchange rate against the US Dollar and other hard foreign currencies. Besides, P.T. SRI also engaged in investment holding by controlling 35% shares of P.T. MITRA PERSADA NUSANTARA in trading and distribution of DUNLOP tires at Jabotabek and 49% shares of P.T. DIAMON MITRA SEJATI in trading and distribution of DUNLOP tires in Central Java.
In general, the demand for automotive tires, inner tubes, flaps and including vulcanize tires for motorcar, truck and heavy duty is in line with the progress achieved by Indonesian automotive manufacturing and heavy duty industries. We observe that automotive assembling and heavy duty assembling industries have kept on increasing in the last five years. However, the competition is very tight because automotive tires imported from the People Republic of Chinese are sold for cheaper compared with local made. P.T. GI's business position is still quite good for it has established extensive marketing networks in Jakarta and surroundings. The development of automotive tires industry in the country can be seen under table below.
Production and Export
of National Tires, 2005 – 2013*
|
Year |
Production (units) |
Export ( units) |
|
2005 |
36,000,000 |
28,000,000 |
|
2006 |
38,000,000 |
32,000,000 |
|
2007 |
41,900,000 |
26,500,000 |
|
2008 |
42,840,000 |
29,900,000 |
|
2009 |
39,187,000 |
27,940,000 |
|
2010 |
50,000,000 |
35,100,000 |
|
2011 |
51,200,000 |
35,200,000 |
|
2012 |
52,000,000 |
35,900,000 |
|
2013* |
53,200,000 |
36,300,000 |
Until this time P.T. SRI has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. SRI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to US$ 275.5 million rose to US$ 286.9 million in 2011 increased to US$ 312.0 billion in 2012. As from January to June 2013 the sales turnover has amounted at US$ 167.5 million with a net profit of US$ 10.4 million and the sales is projected to go on rising by at least 6% in 2014. The company has an estimated total networth of at least US$ 121.0 million. We observe that P.T. SRI is supported by foreign partner with has financially strong and sound behind it. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. SRI is led by Mr. Mitsuru Nagai (56) a professional manager of Japan with experience in tire and golf balls manufacturing. In his daily operation he is assisted by Mr. Jusak Kertowidjojo (56) as Vice President Director. Mr. Jusak Kertowidjojo serves as President Director of PT Indomobil Sukses Internasional Tbk since June 2011. He was Company's Vice President Director and Chief Operating Officer from June 30, 2005 to June 2011. He currently serves as either Commissioner or Director in various companies within the Indomobil Group. He started his professional career with Indomobil Group in 1982. He obtained his Bachelor degree in Economics and Accounting from the Universitas Katolik Parahyangan in Bandung in 1982.
The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. P.T. SUMI RUBBER INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.