|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUTINDO RAYA MULIA |
|
|
|
|
Registered Office : |
Jalan Raya Tanjungsari No. 44-I Komplek Pergudangan Permata Tanjungsari Surabaya, 60188 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31.03.1997 |
|
|
|
|
Com. Reg. No.: |
No. AHU-49524.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading, Import and Distribution of Stainless Steel Sheet and Pipes |
|
|
|
|
No. of Employees : |
257 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 – 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.
SUTINDO RAYA MULIA
Head Office
Jalan Raya
Tanjungsari No. 44-I
Komplek
Pergudangan Permata Tanjungsari
Surabaya, 60188
East Java
Indonesia
Phones -
(62-31) 7499500 (Hunting), 7498111
Fax - (62-31) 7490505, 7496060
E-mail - srmsby@sutindo.com
Website - http://www.sutindo.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch Office
Mega Glodok Kemayoran Block A No. 1-2 Superblock
Jalan Angkasa Kav. B-6
Kota Baru Bandar
Kemayoran
Jakarta Pusat,
10610
Indonesia
Phones -
(62-21) 26646900 (Hunting), 6570 1600
Fax - (62-21) 26646100, 6570 1480
E-mail - srmjkt@sutindo.com
Building Area - 6 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
Representative Offices
a. Ruko Agus
Salim No. 26
Semarang, 50137
Central Java
Indonesia
Phone -
(62-24) 358 9052 (Hunting)
Fax -
(62-24) 26646100
b. Pertokoan
Balikpapan Baru
Jalan
Bogenville Block D2 No. 10
Balikpapan,
76114
East
Kalimantan
Indonesia
Phone - (62-542) 872 235
Fax -
(62-542) 876 251
c. PM Noor No.
25
Samarinda
East Kalimantan
Indonesia
Phone -
(62-541) 7070625, 7077495
Fax
- (62-541) 220650
Date of Incorporation :
31 March 1997
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-1111 HT.01.01.TH.98
Dated 23 February 1998
- No. AHU-49524.AH.01.02.TH.2008
Dated 11 August 2008
Company Status
:
National Private
Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.739.501.3-631.000
b. The Department of Trade and Industry
No. SIUP 264/13-1/PB/VII/1997
Dated 9 September 1997
Related
Company :
A Member Company
of the SUTINDO Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
2,000,000,000.-
Issued Capital : Rp.
2,000,000,000.-
Paid up Capital : Rp.
2,000,000,000.-
Shareholders/Owners
:
a. P.T. SUTINDO ANUGERAH SEJAHTERA - Rp. 1,750,000,000.-
Address : Jl. Tanjungsaari No. 44-I
Komp. Pergudangan Permata Tanjungsari
Surabaya, East Java
Indonesia
b. Mr. Nanang Sutiono -
Rp. 62,500,000.-
Address : Jl. Rangkah 6/8
Surabaya, East
Java
Indonesia
c. Mr. Bo Robby Sutiono - Rp. 50,000,000.-
Address : Jl. Sutorejo Prima Indah RQ-5
Surabaya,
East Java
Indonesia
d. Mr. Hendry Sutiono -
Rp. 50,000,000.-
Address : Jl. Babatan Pantai Utara 9/51
Surabaya,
East Java
Indonesia
e. Mr. Steven Ponny Sutiono - Rp. 50,000,000.-
Address : Jl. Rangkah 6/8
Surabaya, East
Java
Indonesia
f. Mrs. Elly Sutiono -
Rp. 12,500,000.-
Address : Jl. Rangkah 6/8
Surabaya, East
Java
Indonesia
g. Mrs. Lily Sutiono -
Rp. 12,500,000.-
Address : Jl. Lebak Arum 7/28
Surabaya, East Java
Indonesia
h. Mrs. Selviana Anny Sutiono - Rp. 12,500,000.-
Address : Jl. Lebak Arum III/76
Surabaya, East
Java
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Stainless Steel Sheet and Pipes
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 2.0
billion
Started
Operation :
1997
Brand Name :
SRM
Technical
Assistance :
None
Number of
Employee :
257 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Automotive
Assembling and Car Body Repairing
b. Building
Contracting
c. Household
Appliances
d. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DIHEN
BERSAMA
b. P.T. GITAMULIA
CEMERLANG
c. P.T. GLOBAL
INOVASI STEEL
d. P.T. SUSTEC INDONESIA
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Komplek Pertokoan Dupak Block
C-2
Jalan Dupak, Surabaya
East Java
Indonesia
b. P.T. Bank CIMB NIAGA Tbk
Jalan Baliwerti No. 113
Surabaya, East Java
Indonesia
c. ABN AMRO Bank N.V.
Jalan Pemuda No. 54
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
Annual Sales
(estimated) :
2010 – Rp. 83.0
billion
2011 – Rp. 86.0
billion
2012 – Rp. 90.0
billion
Net Profit
(estimated) :
2010 – Rp. 5.0
billion
2011 – Rp. 5.2
billion
2012 – Rp. 5.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Steven Ponny Sutiono, MSc
Directors -
a. Mr. Bo Robby Sutiono
b. Mr. Hendry Sutiono
Board of Commissioners :
Commissioner -
Mr. Nanang Sutiono
Signatories :
President Director (Mr.
Steven Ponny Sutiono) or one of the Directors (Mr. Bo Robby Sutiono or Mr.
Hendry Sutiono) 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. SUTINDO RAYA
MULIA (P.T. SRM) was established in Surabaya, East Java based on notary deed of
Mrs. Tjitra Sasanti Djatmiko, SH., No. 16 dated 31 March 1997 with an
authorized capital of Rp. 2,000,000,000 issued and paid up capital of Rp.
500,000,000. The founding shareholders of the company are Mr. Nanang Sutiono
and his sons Mr. Bo Roby Sutiono, Mr. Hendry Sutiono and Mr. Steven Ponny
Sutiono, they are Chinese-Indonesian business family. The company's notary deed
has been changed and in July 2008 the issued capital was raised to Rp.
2,000,000,000 fully and paid up. On the same occasion, P.T. SUTINDO ANUGERAH
SEJAHTERA, Mrs. Elly Sutiono, Mrs. Lily Sutiono and Mrs. Selviana Sutiono
entered into the company as new shareholders. With this development the
composition of its shareholders has been changed to become P.T. SUTINDO
ANUGERAH SEJAHTERA (87.5%), Mr. Nanang Sutiono (3.13%), Mr. Bo Robby Sutiono
(2.5%), Mr. Hendry Sutiono (2.5%), Mr. Steven Ponny Sutiono (2.5%), Mrs. Elly
Sutiono (0.63%), Mrs. Lily Sutiono (0.62%) and Mrs. Selviana Aanny Sutiono
(0.62%). The deed of amendment was made by Mr. Irianto Tanawidjaja, SH., was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-49524.AH.01.02.TH.2008, dated August 11, 2008.
We observe that
the Sutiono family is also the owner of the whole business stakes of the
SUTINDO Group, a small sized company group in the country.
P.T. SRM is
dealing with trading and imports of stainless steel sheets and pipes, operating
since mid 1997. It trades various types and sizes of stainless steel sheets and
pipes mostly imported from ACEERINOX of Spain; ICP Corp., and NIPPON STEEL
Corporation both of Japan, and small part is bought from P.T. NAR STAINLESS
STEEL CENTRE In Surabaya, East Java. Products being sold by the company among
other are welded industrial pipes, plate, sheet, coils, heat exchanger, round
bars, square bars, hollow bars, butt weld fittings, flanges, valve, angle bars,
flat bars, etc. The purchase is made
by cash as well as the sales. P.T. SRM had a massive variety stock of stainless
steel, carbon steel and special alloys products used in many industrial sectors
such as oil & gas, petrochemical, pulp & paper, agro industries,
chemical commercial etc. The company represents two biggest mills in special
products like SANDVIK and OUTOKUMPU with technical support capability and Stock
availability for Special products. P.T. SRM import and stock their stainless
steel and carbon steel from the best mills around the world. All products are
conforming to international standard ASME, ASTM, JIS, and DIN/SO. The whole
products are all marketed locally mainly to end users and retailers thorough
building contracting companies, individual buyers and autobody manufacturing in
Surabaya, Semarang, Jakarta, Balikpapan and surroundings. Besides, the products
also marketed in Java Island, Kalimantan, Sumatra, etc. For supporting its
business, the company manages a warehouse located in Warehouse Complex in Jalan
Raya in Surabaya, East Java; and Jalan Raya Perancis, Tangerang, Banten
province. The operation of P.T. SRM is running smoothly in the last three
years.
Generally
outlook we find the demand for stainless steel sheet, stainless steel pipe,
aluminum sheet, brass sheet, etc., had been rising by 6% to 8% per year in the
last five years. It links closely with the growth of auto body industries,
factory development, housing development and household appliance industries.
Besides, lustrous development of property projects like shopping centers,
hotels, apartments, office buildings and others in the country in the last
three years is estimated to increase demand for steel products in the country.
However, the retail high price of steel products in the country is an obstacle
faced by consumers. Besides, the increasing electric base tariff and oil and
gas price has become a serious barrier faced by steel producers in the country.
Competition is very tight due to a lot of similar products are for sales in the
country. Business position of P.T. SRM is favorable being strongly backed up by
its group’s business networks.
P.T. SRM has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. The management of the company 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 Rp.
83.0 billion rose to Rp. 86.0 billion in 2011 increased to Rp. 90.0 billion in
2012 and projected to go on rising by at least 5% in 2013. The operation in
2012 yielded an estimated net profit of at least Rp. 5.4 billion and the
company has an estimated total networth of at least Rp. 16.0 billion. 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. SRM is led by Mr. Steven Ponny Sutiono, MSc (44) a young businessman
with experience for some 18 years in this business. He graduates from
University of Wisconsin, Madison, USA in 1993. Daily, he is assisted by his
older brothers Mr. Bo Roby Sutiono (48) and Mr. Hendry Sutiono (46) as
directors respectively. But his father Mr. Nanang Sutiono (75) has a strong
influence especially in decision-making of important business. 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. SUTINDO RAYA MULIA is sufficiently fairly good for
business transaction.
Attachment:
List of the
SUTINDO Group Members
1. GLOBAL CONTROMATION INDONESIA, P.T. (Trading
and Distribution of Steel Pipes
Products)
2. RAJAWALI LINTAS BUANA, P.T. (International
Freight Forwarding Services)
3. SUTINDO ANUGERAH SEJAHTERA, P.T. (Trading and
Distribution of Hardware and Non
Ferrous
Metal and Investment Holding)
4. SUTINDO CHEMICAL INDONESIA, P.T. (Trading and
Distribution of Chemicals)
5. SUTINDO RAYA MULIA, P.T. (Trading, Import and
Distribution of Steel Sheet and Steel Pipes)
6. SUTINDO SEJAHTERA, UD (Trading and
Distribution of Non Ferrous Materials)
7. Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
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.