|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUMITOMO INDONESIA |
|
|
|
|
Registered Office : |
Summitmas Tower I, 12th Floor Jl. Jend. Sudirman Kav. 61-62 Jakarta 12190 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
09.02.1999 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-38809 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
General trading, Export and Import Services |
|
|
|
|
No. of Employees : |
160 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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
P.T.
SUMITOMO INDONESIA
Head Office
Summitmas Tower
I, 12th Floor
Jl. Jend. Sudirman Kav. 61-62
Jakarta 12190
Indonesia
Phones -
(62-21) 5251550 (hunting)
Fax. -
(62-21) 5201291, 5255169
Building Area - 34 storey
Office Space - 260 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
09 February 1999
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No. C2-6248
HT.01.01.Th.99
Dated
7 April 1999
b. No.
AHU-53103.AH.01.02.Tahun 2008
Dated 5 June 2008
c. No.
AHU-AH.01.10-38809
Dated
31 October 2012
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
a. The Department
of Finance
NPWP No. 01.868.973.7-059.000
b. The Capital
Investment Coordinating Board
- No. 567/I/PMA/1998
Dated 24 September 1998
- No. 263/II/PMA/1999
Dated 03 December 1999
- No. 115/II/PMA/2001
Dated 24 April 2001
- No. 139/III/PMA/2002
Dated
20 December 2002
Holding
Company:
SUMITOMO
CORPORATION ASIA Pte. Ltd., of Singapore (Investment Holding)
Related/Affiliated
Companies :
A member of
SUMITOMO Group of Japan
Capital
Structure :
Authorized Capital - US$ 50,000,000 (Rp
421,350,000,000)
Issued Capital - US$ 34,000,000 (Rp
286,518,000,000)
Paid up Capital - US$ 34,000,000 (Rp
286,518,000,000)
Shareholders/Owners
:
a. SUMITOMO CORPORATION ASIA Pte. Ltd., - US$ 33,980,000 (99.94%)
Address: 60 Anson Road #05-01
Mapletree Anson,
Singapore 079914
b. SUMITOMO CORPORATION -
US$ 20,000 ( 0.06%)
Address: 8-11 Harumi I Chome,
Chuo-ku, Tokyo
Japan
Lines of
Business :
a. General
trading, Export and Import Services
b. Management
Consulting Services
c. Investment
Holding
Production
Capacity :
None
Total
Investment :
a. Equity Capital - US$
68.9 million
b. Loan Capital - US$ 43.3 million
c. Total Investment - US$ 112.2 million
Started
Operation :
April 1999
Brand Name :
SUMITOMO
INDONESIA
Technical
Assistance :
SUMITOMO CORPORATON ASIA Pte. Ltd., of Japan
Number of
Employee :
160 persons
Marketing Area
:
Local - 50%
Export - 50%
Main Customers
:
a. PT. Sumicon
Utama
b. PT. Sumi
Rubber Indonesia
c. PT. Sumitomo
Chemical Engineering
d. PT. Sumitomo
Forestry Co. Ltd.
e. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Mitsui
Indonesia
b. PT. Marubeni
Indonesia
c. PT. Sojitz
Indonesia
d. PT. Shimizu
Indonesia
e. Etc.
Business Trend
:
Growing
B a n k e r :
PT. Bank Sumitomo Mitsui Indonesia
Summitmas Tower II, 10th Floor
Jl. Jend. Sudirman Kav. 61-62
South Jakarta
Auditor :
Siddharta
Siddharta & Widjaja
Litigation :
No litigation
record in our database
Net
Income/Revenues (estimated) :
2010 – US$ 156.0
million
2011 – US$ 178.4
million
2012 – US$ 211.4
million
Net Profit
(estimated) :
2010 – US$ 6.2
million
2011 – US$ 7.1
million
2012 – US$ 8.4
million
Payment Manner
:
Promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Yutaka Sekine
Vice President Director -
a. Mr. Hidehiko Kashima
b. Mr. Takashi Suhama
Directors -
a. Mr. Martunus Djoemak
b. Mr. Hironori Amano
c. Mr. Hiroshi Hara
d. Mr. Hajime Ishikawa
e. Mr. Yasuki Sato
f. Mr.
Taketo Kokubo
Board of Commissioners :
President Commissioner -
Mr. Kohei Hirao
Commissioner -
Mr. Masatoshi Deguchi
Signatories :
President Director (Mr.
Yutaka Sekine) or Vice President Directors (Mr. Hidehiko Kashima and Mr.
Takashi Suhama) or one of the Directors (Mr. Martunus Djoemak, Mr. Hironori
Amano, Mr. Hiroshi Hara, Mr. Hajime Ishikawa, Mr. Yasuki Sato or Mr. Taketo
Kokubo) which must be approved by Board of Commissioner (Mr. Koehi Hirao and
Mr. Masatoshi Deguchi)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T.
SUMITOMO INDONESIA was established on February 9, 1999 under the framework of
Foreign Investment Law No. 1 year 1967 (amended by Law No. 11 Year 1970 and No.
25 Year 2007) based on notarial Deed No. 56 of Sutjipto, SH., a notary in
Jakarta. The authorized capital of the
Company is US$ 50,000,000 of which US$ 20,000,000 was issued and US$
10,000,000.- was paid up. The founding shareholders of the company are SUMITOMO
Corp. of Japan (99.9%) and P.T. SUMMIT NIAGA Corp, a private company (0.1%).
The Article of Association has been approved by the Minister of Justice of the
Republic of Indonesia through Decision Letter No. C2-6248 HT.01.01.Th.99 dated
April 7, 1999. The articles of
association of the company have frequently been revised. In 2002, P.T. SUMMIT
NIAGA Corp. withdrew and replaced by SUMMIT GLOBAL MANAGEMENT B.V., a company
of the Netherlands and concurrently the paid capital was raised to US$
20,000,000. The founding shareholders of the company are SUMITOMO Corp (0.1%)
and SUMMIT GLOBAL MANAGEMENT B.V. of the Netherlands (99.9%).
Most
recently by notarial deed of Siti Safarijah, SH., No. 29 dated September 28,
2012 the issued capital was raised from US$ 20,000,000 to US$ 34,000,000.- and
fully paid up. Since the time, the
shareholders of the company are SUMITOMO CORPORATION ASIA Pte Ltd., of
Singapore (99.94%) and SUMITOMO CORPORATION of Japan (0.06%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-38809
dated October 31, 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T.
SUMITOMO INDONSIA (“the Company”) or P.T. SI has been in operation since April
1999 dealing with export and import, trading and distribution of pesticides,
chemicals, metal equipment, vehicles, tools and machinery, transportation
tools, telecommunication tools, electricity and electronic tools, textile and
textile products, agriculture and sea crop products, paper and wood
products. The main customers of P.T. SI
from its own members include PT. Sumicon Utama, PT. Sumi Rubber Indonesia, PT.
Sumitomo Chemical engineering, PT. Sumitoro Forestry Co. ltd., and outside the
group members include PT. DuPont Agriculture Product, PT. McDermott Indonesia,
PT. Indotama Putera Jaya and others.
Besides,
P.T. SI is also dealing with investment holding and consulting management
services including in marketing strategy, management and development of human
resources development and the financial management. The composition of the
Company’s investments in shares of unlisted companies (related parties) is as
follows:
|
Company’s Investment in Shares |
2012 |
2011 |
||
|
Percentage of ownership |
Amount (US$) |
Percentage of Ownership |
Amount (US$) |
|
|
PT. Summit Otto Finance |
10.00 |
15,619,265 |
10.00 |
15,619,265 |
|
PT. Super Steel Karawang |
7.98 |
1,789,576 |
7.98 |
1,789,576 |
|
PT. Summit Niaga |
2.53 |
1,642,659 |
2.53 |
1,642,659 |
|
PT. Traktor Nusantara |
10.00 |
1,400,000 |
10.00 |
1,400,000 |
|
PT. Sumisho Global Logistics Indonesia |
15.00 |
761,366 |
15.00 |
761,366 |
|
PT. SMFL Leasing Indonesia |
6.00 |
646,900 |
6.00 |
646,900 |
|
PT. Super Steel Indah |
4.99 |
616,862 |
4.99 |
616,862 |
|
PT. Sumitraonics Indonesia |
-- |
-- |
10.00 |
462,563 |
|
PT. Nippon electric Glass Indonesia (in liquidation) |
-- |
-- |
1.60 |
158,400 |
Source: PT.
Sumitomo Indonesia
In
May 2011, the Company and PT. summit Auto Group (“SAG”) established PT. Summit
Investment Indonesia (“SII”). The
Company’s initial investment in SII is IDR 10 million (USD 1,166) for the
subscription of 1 share, representing 0.02% of ownership. The establishment of SII was approved by the
Minister of Law and Human Rights on May 20, 2011. Based on Share Sale and Purchase Agreement on
24 February 2012, the Company agreed to pay IDR 11,142 million (US$ 1,226,468)
for the purchase of 1,009 shares of SII from SAG, representing 19.98% of
ownership with an investment book value of IDR 10,990 (US$ 1,209,687). On the
same occasion, The Company’s investment in SII is US$ 11,152 million (US$
1,227,634) for the Subscription of 1,100 shares, representing 20% of ownership.
According
to statement of financial position, the revenue of P.T. SUMITOMO INDONESIA (PT.
SI) in fiscal 2011 amounted to US$ 178.4 million with a net profit of US$ 7.1
million increased to US$ 211.4 million with a net profit of US$ 8.4 million in
2012. The company’s balance sheets and
statement of income in fiscal 2011 and 2012 are attached. So far we did not hear that the P.T. SI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
Since
September 2012, the management of the company led by Mr. Yutaka Sekine (58),
replacing Mr. Masayuki Hyodo (62) as President Director. In his daily activities he is assisted by two
Vice President Director namely Mr. Hidehiko Kashima (56) and Mr. Takashi Suhama
(54), and six Directors namely Mr. Martunus Djoemak (60) of Indonesia, Mr.
Hironori Amano (50), Mr. Hiroshi Hara (59), Mr. Hajime Ishikawa (51), Mr.
Yasuki Sato (42) and Mr. Taketo Kokubo (42), all of Japan. The management of
the company has 20 years of experience in export-import, trading and
distribution of various products. The management of the company also has wide
relation with overseas and national private businessmen as well as with the
government sectors.
We
believed that P.T. SUMITOMO INDONESIA is good for normal 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.
Attachment:
PT. SUMITOMO
INDONESIA
STATEMENTS OF
FINANCIAL POSITION
For the Year Ended
31 March 2012 And 2011
(in US Dollar)
|
D E S C R I P T I
O N |
31 March |
|
|
2012 |
2011 |
|
|
ASSETS |
|
|
|
a. Current Assets |
|
|
|
- Cash |
3,212,771 |
3,535,807 |
|
- Trade and other
receivables, net |
37,599,599 |
37,680,619 |
|
- Inventories |
28,883,808 |
23,012,144 |
|
- Prepaid taxes |
4,375,454 |
2,718,375 |
|
- Other current assets |
1,061,480 |
948,579 |
|
Total Current Assets |
75,133,112 |
67,895,524 |
|
b. Non Current Assets |
|
|
|
- Fixed assets, net |
1,308,459 |
1,362,736 |
|
- Investments in shares |
22,476,628 |
22,992,791 |
|
- Investment in equity –
accounted invest |
12,763,241 |
-- |
|
- Refundable taxes |
764,665 |
-- |
|
- Deferred tax assets, net |
549,553 |
557,156 |
|
- Intangible assets, net |
449,275 |
121,452 |
|
- Other non-current assets |
646,528 |
668,095 |
|
Total Non Current Assets |
38,958,349 |
25,702,230 |
|
TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY |
114,091,461 |
93,597,754 |
|
LIABILITIES AND
EQUITY |
|
|
|
a. Current Liabilities |
|
|
|
- Trade and other payables |
29,502,860 |
27,510,463 |
|
- Income tax payable |
7,287 |
91,954 |
|
- Advances received |
325,563 |
134,248 |
|
- Loan from a related party |
13,507,576 |
5,744,414 |
|
Total Current Liabilities |
43,343,286 |
33,481,079 |
|
b. Non Current Liabilities |
|
|
|
- Post-employment benefits
obligation |
1,853,325 |
1,900,854 |
|
c. Equity |
|
|
|
- Share capital |
34,000,000 |
34,000,000 |
|
- Other equity components |
(5,010,341) |
(7,272,013) |
|
- Retained Earnings |
39,905,191 |
31,487,834 |
|
Total Equity |
68,894,850 |
58,215,821 |
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
Revenues |
211,369,677 |
178,424,295 |
|
Cost of Revenues |
(186,673,656) |
(156,277,308) |
|
Gross Profit |
24,696,021 |
22,146,987 |
|
Operating Expenses |
(15,077,702) |
(12,648,574) |
|
Operating Income |
9,618,319 |
9,648,413 |
|
Other Income (Expenses) |
1,703,427 |
230,639 |
|
Profit Before Income Tax |
11,321,746 |
9,879,052 |
|
Income Tax Expense |
(2,904,389) |
(2,730,646) |
|
Net Profit |
8,417,357 |
7,148,406 |
Notes: Audited by Siddharta Siddharta & Widjaja
(Registered Public Accountants)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.83 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.38 |
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.