|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. WINGS SURYA |
|
|
|
|
Formerly Known As : |
FIRMA WINGS |
|
|
|
|
Registered Office : |
EKONOMI Building, 7th Floor Jalan Embong Malang No. 61-65 Surabaya 60261 East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Incorporation : |
1948 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-31393 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Detergent, Soap, Glyserine, Waterglass and Plastic & Carton Box Packaging Industry |
|
|
|
|
No. of Employees : |
10,265 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 : |
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. WINGS
SURYA
Head Office
EKONOMI Building, 7th
Floor
Jalan Embong Malang No. 61-65
Surabaya 60261
East Java
Indonesia
Phones - (031) 5320120, 5320220, 5320250, 5320680
Fax -
(031) 5325925, 5325878
E-mail - wsurya@rad.net.id
Website - http://www.wingscorp.com
Building Area - 18 storey
Office Space - 1,250 sq.
meters
Region - Commercial
Status - Own
Factories
a.
Jalan Desa Manunggal VI/52-C
Wonocolo, Surabaya
East Java
Phones -
(031) 8292188 (Hunting)
Fax -
(031) 8281651, 8288352
b.
Jalan Raya Driyorejo Km. 22.9
Gresik, East Java
Phones - (031) 708080
(Hunting)
Fax - (031) 707331
Date of Incorporation :
a. 1948 as WINGS CORPORATION
b. 6 March 1950 as Firma WINGS
c. 3 January 1991 as P.T. WINGS SURYA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C-UM.02.01.7026
Dated 18
June 2004
b. No. AHU-61652.AH.01.02.Tahun 2008
Dated 12 September 2008
c. No.
AHU-AH.01.10-31393
Dated 08 December 2010
Company Status
:
Domestic
Investment Company (PMDN)
Permit by the
Government Department :
a.
The Capital Investment Coordinating Board
-
No. 269/I/PMDN/1992
Dated 24 August 1992
-
No. 155/II/PMDN/1995
Dated 13 June 1995
-
No. 200/II/PMDN/1997
Dated 7 October 1997
b.
The Department of Finance
NPWP No. 01.526.862.76-092.000
Related
Company :
A member of the
WINGS SURYA Group (see attachment)
Capital
Structure :
Authorized
Capital - Rp.
500,000,000,000.-
Issued Capital - Rp.
208,000,000,000.-
Paid up Capital - Rp.
208,000,000,000.-
Shareholders/Owners
:
a. P.T. WAHANA WINGS SURYA - Rp. 105,367,850,000.- (50.66%)
Address :
Jl. Kalisosok Kidul No. 2
Surabaya, East Java
Indonesia
b. P.T. SAYAP
MAS UTAMA - Rp.
102,632,150,000.- (49.34%)
Address :
Jl. Kampung Seng 3/2, Simokerto
Surabaya,
East Java
Indonesia
Lines of
Business :
Detergent, Soap,
Glyserine, Waterglass and Plastic & Carton Box Packaging Industry
Production
Capacity :
a. Detergent Cream - 105,000 tons
b. Detergent Powder - 120,000 tons
c. Detergent Bars -
35,000 tons
d. Bath & Laundry Soap - 64,000 tons
e. Plastic Packages -
9,000 tons
f. Paper Flexible Packages - 10,000 tons
g. Glyserine - 4,000 tons
h. Waterglasses -
55,000 tons
i.
Printing - 10,000 tons
j.
Alkyl Benzene Sulfonic - 37,000 tons
k. Sodium Lauryl Sulfates - 2,000 tons
l.
Ethers Sulfates - 7,000 tons
m. Floor Cleaner -
10,000 tons
n. Bleach - 10,000 tons
o. Porcelain Cleaner -
5,000 tons
Total
Investment :
Surabaya Factory
a. Owned Capital -
Rp 5.0 billion
b. Reinvested Profit - Rp
8.5 billion
c. Loan Capital -
Rp 4.1 billion
d. Total Investment -
Rp 17.6 billion
Gresik Factory
a. Owned Capital - Rp. 29.4 billion
b. Loan Capital - Rp. 181.4
billion
c. Total Investment - Rp. 210.8 billion
Started
Operation :
1948
Brand Name :
WINGS, SO KLIN,
GIV
Technical
Assistance :
None
Number of
Employee :
10,265 persons
Marketing Area
:
a. Domestic - 85%
b. Export -
15%
Main Customers
:
a. Traditional
Market, Supermarket and Hypermarket in Indonesia
b. Export to Singapore,
Malaysia, the Philippines, Vietnam, Middle East and Africa
Market
Situation :
Very Competitive
Main Competitors :
a. P.T. UNILELEVER
INDONESIA
b. P.T. KAO INDONESIA
c. P.T. TANCHO
INDONESIA
d. P.T. ABC
CENTRAL FOOD INDUSTRIES
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank NEGARA
INDONESIA Tbk.
Jalan
Rajawali No. 10
Surabaya, East Java
b. P.T.
Bank MANDIRI Tbk
Jalan Slompretan No. 43
Surabaya, East Java
c.
P.T.
Bank PERMATA Tbk
Jalan
Tunjungan No. 12
Surabaya,
East Java
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 7,690.0 billion
2010 – Rp. 8,840.0 billion
2011 – Rp.
10,160.0 billion
2012 – Rp.
11,430.0 billion
Net Profit
(estimated) :
2009 – Rp.
1,130.0 billion
2010 – Rp.
1,290.0 billion
2011 – Rp.
1,480.0 billion
2012 – Rp.
1,660.0 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Ir. Eddy William Katuari
Directors -
a. Mr. Alex Ivan Tanoyo
b. Mr. Hanny Sutanto
c. Mr. Finney Henry Katuari
Board of Commissioners :
President Commissioner -
Mr. Harjo Sutanto
Commissioners -
a. Mr. Edwin Katuari
b. Mr. Hendrik Tanoyo
c. Mrs. Juliana Christina Katuari
Signatories :
President Director (Mr.
Ir. Eddy William Katuari) or one of the Directors (Mr. Alex Ivan Tanoyo, Mr. Hanny
Sutanto, Mr. Finney Henry Katuari) which must be approved by Board of
Commissioners.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
Originally
named WINGS CORPORATION (sole proprietorship), the company was established in
1948 by the late Mr. Johannes Ferdinand Katuari AKA Oen Jong Khing, an
Indonesian businessman of Chinese extraction.
In March 1950 the company’s status was changed to Firma or partnership
with unlimited liability, with name FIRMA WINGS. The founding owners of the company the late
Mr. Johannes Ferdinand Katuari and his business partner Mr. Harjo Sutanto AKA
Tan Siek Miauw, both Indonesian businessmen of Chinese extraction. In January 1991 the company’s legal status
was converted to P.T. (Perseroan Terbatas) or Limited Liability Company, and
its name was changed to P.T. WINGS SURYA (P.T. WS). The company’s notarial act
was since revised a couple of
times, In December 2000
when the authorized
capital was increased
to Rp 255,500,000,000.- and the
issued capital to Rp
200,750,000,000.- entirely paid up. The
company’s shareholders continue to be P.T. WAHANA WINGS SURYA (50.66%) and P.T.
SAYAP MAS UTAMA (49.34%), both are member of the WINGS Group.
Lastly in
November 2010, the authorized capital was raised to Rp. 500,000,000,000.- of
which Rp. 208,000,000,000.- was issued and fully paid up. No changes have been
effected in term of its shareholding composition and capital structures to
date. The deed of amendment was made by
Mrs. Lindasari Bachroem, SH., a public notary in Jakarta and it was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-31393 Dated December 8, 2010.
P.T. WS has been
continuing business of Firma WINGS in detergent industry operating since 1950
with its plant located at Jalan Desa
Manunggal VI, Wonocolo, Surabaya, East Java, on a land of some 1,9 hectares and
in 1990 it expanded to new location at Jalan Raya Driyorejo Km. 22.9, Gresik,
East Java, on a land of some 8.3 hectares. In August 1992 P.T. WS got a
Domestic Capital Investment (PMDN) license to expand its two plants, and for
that purpose P.T. WS expanded land area of its Gresik plant into 38
hectares. In October 1997, again it
obtained an expansion permit to increase production capacity of detergent,
bathing-soap, liquid soap, floor-cleaner, bleach, porcelain cleaner and
water-glass.
Some 85% of P.T. WS' products are marketed locally while the
rest 15% is exported to Singapore, Malaysia, the Philippines, Vietnam, the
Middle East and Africa. Besides producing detergents and soaps, P.T. WS is also
producing glycerin, alkyl benzene sulfonic (ABS), sodium lauryl sulfates, ether
sulfates and other cleaning chemical meterials. P.T. WS is at present one of
large sized producers of detergents and cleaning chemicals controlling 28% of
the market shares in the country. The company products use brands of WINGS and
SO KLIN for washing soaps and GIVE for bathing soaps. We observed that P.T. WS
is classified as a large sized company in the country of which the operation
has been running smoothly and growing in the last five years.
In overall we
find the demand for detergent, bathing soaps, liquid soap, floor cleaner,
bleach, porcelain cleaner and others had been rising by the average 6% to 8%
per year within the last five years in line with the growth of supermarkets,
mini-markets and a stable economic growth in the period. Amidst unstable global economic conditions,
Indonesia is estimated to be able to record an economic growth of over 6% in
2012. The solid and steady domestic economy, increased government activity in
infrastructure development and improving investment climate in Indonesia with
the rising of Country Rating to Investment Grade, and also supported by
Indonesia’s economic indicators such as inflation, exchange rates and interest
rates are expected to encourage the business sectors.
The global economic turmoil
2011 has not provided a very significant impact on the Indonesian economy. The country could grow 6.5% in the year. The challenge in 2012 will be even tougher as
the European economic situation appears to be worsening. Despite the fact, Indonesia’s economy is
projected grow at 6.7% in 2012. It can be seen from Indonesia's economic growth as described in the table below.
Indonesia’s economic growth in 2007 to 1st half 2011 (%)
|
Sector |
2007 |
2008 |
2009 |
2010 |
2011 1st half |
|
Agriculture, livestock, forestry
and fisheries |
3.47 |
4.84 |
3.98 |
2.86 |
3.73 |
|
Mining and quarrying |
1.93 |
0.71 |
4.44 |
3.48 |
2.51 |
|
Manufacturing |
4.67 |
3.66 |
2.16 |
4.48 |
5.56 |
|
a. Oil and gas industry |
-0.06 |
-0.34 |
-2.19 |
-2.31 |
-1.88 |
|
b. Non-oil and gas industry |
5.15 |
4.05 |
2.56 |
5.09 |
6.20 |
|
- Food, beverage and tobacco |
5.05 |
2.34 |
11.22 |
2.73 |
6.73 |
|
- Textile, leather & footwear |
-3.68 |
-3.64 |
0.60 |
1.74 |
9.22 |
|
- Timber & other forestry products |
-1.74 |
3.45 |
-1.38 |
-3.50 |
1.23 |
|
- Paper & printing |
5.79 |
-1.48 |
6.34 |
1.64 |
4.04 |
|
- Fertilizer, chemical & rubber |
5.69 |
4.46 |
1.64 |
4.67 |
3.31 |
|
- Cement & non-metallic minerals |
3.40 |
-1.49 |
-0.51 |
2.16 |
5.02 |
|
- Basic metals (iron & steel) |
1.69 |
-2.05 |
-4.26 |
2.56 |
16.88 |
|
- Transport, machinery & equipment |
9.73 |
9.79 |
-2.87 |
10.35 |
6.58 |
|
- Other goods |
-2.82 |
-0.96 |
3.19 |
2.98 |
3.70 |
|
Electricity, gas and clean water |
10.33 |
10.93 |
14.29 |
5.31 |
4.11 |
|
Construction |
8.53 |
7.55 |
7.07 |
6.98 |
6.38 |
|
Trade, hotel and restaurant |
8.93 |
6.87 |
1.30 |
8.69 |
8.75 |
|
Transportation and communication |
14.04 |
16.57 |
15.50 |
13.45 |
12.14 |
|
Finance, leasing & corporate
services |
7.99 |
8.24 |
5.05 |
5.65 |
7.08 |
|
Services |
6.44 |
6.24 |
6.42 |
6.01 |
6.34 |
|
Gross Domestic Product (GDP) |
6.35 |
6.01 |
4.58 |
6.10 |
6.48 |
|
GDP, excluding oil and gas |
6.95 |
6.47 |
4.96 |
6.56 |
6.97 |
Source: Central Agency of Statistic
(BPS), processed by the Ministry of Industry
Until
this time P.T. WS has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. The management is very reclusive and unlikely to
expose its financial condition to outsider.
But we estimate the total sales turnover of P.T. WS in 2010 amounted to
Rp 8,840.0 billion increased to Rp 10,160.0 billion in 2011 and rose again to
Rp 11,430.0 billion in 2012 and estimated it will be higher by at least 10% in
2013. The operation in 2012 yielded an
estimated net profit at least Rp 1,660.0 billion and the company has an
estimated total assets at least Rp. 8,650.0 billion. So far we did not hear that P.T. WS has been
black listed by Bank Indonesia (Central Bank) or having detrimental cases being
settled in local district court. Payment condition for domestic and overseas
suppliers is good with the credit payment system of 1 month to 3 months. The company has good reputation among banking
sectors in the country.
The management
of P.T. WS is headed by Mr. Ir. Eddy William Katuari (62) as president director
with 37 years of experience in various business activities. He is second
generation of the WINGS Group is founded by the late Mr. Johannes Ferdinand
Katuari or Oen Jong Khing. In daily
operation is handled by three directors namely Mr. Alex Ivan Tanoyo (61), Mr.
Hanny Sutanto (57) and Mr. Finney Henry Katuari (60). The company has an experienced management
made up of managers who are professional in the detergent and laundry soap
industry and trade. They are widely connected with government authorities as
well as with private businessmen within and outside the country. So far, we
have never yet heard of the company's management having been involved in
business malpractices.
We are convinced
that P.T. WINGS SURYA is good for normal business transaction. However in view
of unstable economic condition in the country, we recommend to treat prudently
in extending loan to the company.
Attachment:
List of the WINGS
SURYA Group Members
1.
ADYABUANA PERSADA, P.T. (Ceramic Floor Tile Manufacturing)
2.
AKTIF INDONESIA INDAH, P.T. (Industrial Chemicals
Processing)
3.
ASPIRASI LUHUR, P.T. (Investment Holding)
4.
BIMA MAS SEJATI JAYA, P.T. (General Trading)
5.
BIMA NUSA RAJAWALI,
P.T. (General Trading)
6.
CIPTA SEGAR HARUM, P.T. (Cosmetic Manufacturing)
7.
DIAN LESTARI PERDANA, P.T. (Office Block Rental Management)
8.
EKA TATA MAKMUR, P.T. (Real Estate and Housing Development)
9.
EKATAMA RAYAINDAH, P.T. (Housing Development)
10.
EKONOMI RAHARJA, P.T.
Bank (Banking)
11.
FOSFINDO, P.T. (Investment Holding)
12.
FINDECO JAYA, P.T. (Alkyl Benzene Sulfonate Processing)
13.
KARUNIA ALAM SEGAR, P.T. (Soft Drink and Instant Noodle
Manufacturing)
14.
LIONINDOJAYA, P.T. (Cosmetic, Detergent, Toothpaste and
Sanitary Napkin Manufacturing)
15.
MULTI INDOMANDIRI, P.T. (Glass Tablewares Manufacturing)
16.
MITRAJAYA EKAPRANA, P.T. (Investment Holding)
17.
MULTINUSA LESTARI, P.T. (Housing Development)
18.
MULTIPACK UNGGUL, P.T. (Corrugated Box, Printing and Soft
Packaging Manufacturing)
19.
PETRO CENTRAL, P.T. (Industrial Chemical Processing)
20.
PONDOK PALEMINDAH, P.T. (Housing Development)
21.
PONDOK PALEM INDAH PERMAI, P.T. (Housing Development)
22.
PONDOK PALEM INDAH RAYA, P.T. (Housing Development)
23.
SAYAP MAS UTAMA, P.T. (Soap and Cosmetic Industry)
24.
SADHANAGRAHA ADHIKA, P.T. (Investment Holding)
25.
SARANAGRIYA LESTARI KERAMIK, P.T. (Ceramic Industry)
26.
SATYAWADA MITRAUSAHA (Investment Holding)
27.
SIAM-INDO GYPSUM INDUSTRY, P.T. (Gypsum Plasters and
Compound Manufacturing)
28.
UNGGUL INDAH CORPORATION, (Industrial Chemical Processing)
29.
VARIA INDOWIN PERKASA, P.T. (Integrated Shrimp Culture)
30.
WINGS SURYA, P.T. (Soap, Detergent, Waterglass and Plastic
Packaging Industry)
* * *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
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.