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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SASMITA ABADI GLOVES |
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Registered Office : |
Jalan Raya Krikilan Larangan 432 Desa Krikilan, Kecamatan |
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Country : |
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Date of Incorporation : |
19.01.1990 |
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Com. Reg. No.: |
AHU-AH.01.10-07368 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Hand Gloves Industry, Yarns and Twisted |
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No of Employees : |
700 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 |
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|
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Payment Behaviour : |
No Complaints |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source
: CIA |
BASIC SEARCH
|
Name of Company :
P.T. SASMITA ABADI GLOVES
Address :
Head Office & Factory
Jalan Raya Krikilan Larangan 432
Desa Krikilan, Kecamatan Driyorejo
Gresik, 61177
East Java
Indonesia
Phones -
(62-31) 7507221, 7507223
Fax - (62-31) 7507470
E-mail - sagpgg@yahoo.com
Website - http://www.sasmita-abadi-gloves.com
Land Area - 13,000 sq.
meters
Building Space - 9,500 sq. meters
Region - Industrial
Zone
Status - Owned
Mailing Address
Jalan Raya Mastrip No. 21A
Surabaya, 60223
East Java
Indonesia
Phones -
(62-31) 767 0095, 767 0096
Fax - (62-31) 766 6481, 766 5183
Land Area - 5,000 sq.
meters
Office Space - 1,000 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
a. 19 January 1990 as
P.T. LEE’S GLOVES INDONESIA
b. 3 July 1991 as
P.T. SASMITA ABADI GLOVES
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No.
C2-5832.HT.01.01.TH.91
Dated
17 October 1991
- No.
AHU-94505.AH.01.02.TH.2008
Dated
10 December 2008
- No.
AHU-AH.01.10-07368
Dated
29 February 2012
Company Status :
National Private and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.497.447.1-641.000
The Capital Investment Coordinating
Board
- No.
522/I/PMDN/1990
Dated
6 June 1990
- No.
892/III/PMDN/1990
Dated
13 November 1990
- No.
204/II/PMDN/1993
Dated
15 November 1993
- No.
07/II/PMDN/1996
Dated
4 January 1996
Related Company :
P.T. PANGESTU GUNA GLOVES (Trading and Distribution of
Gloves)
CAPITAL AND OWNERSHIP
|
Capital Structure :
Authorized Capital :
Rp. 48,000,000,000.-
Issued Capital :
Rp. 12,000,000,000.-
Paid up Capital :
Rp. 12,000,000,000.-
Shareholders/Owners :
a. Mr. Pangestu Sasmita -
Rp. 7,080,000,000.-
Address : Jl. Kupang Baru 2/12
Kelurahan Petemon,
Kecamatan Sawahan
Surabaya, East Java
Indonesia
b. Mr. Dibyo Sasmita -
Rp. 1,560,000,000.-
Address : Jl. Kupang Baru 2/12
Kelurahan Petemon,
Kecamatan Sawahan
Surabaya, East Java
Indonesia
c. Mr. Agus Swantara -
Rp. 1,200,000,000.-
Address : Jl. Cokroaminoto No. 47
Kelurahan Tegalsari,
Kecamatan Tegalsari
Surabaya, East Java
Indonesia
d. Mrs. Karina Saraswati Sasmita -
Rp. 600,000,000.-
Address : Jl. Kupang Baru 2/12
Kelurahan Petemon,
Kecamatan Sawahan
Surabaya, East Java
Indonesia
e. Mrs. Ika Sasmita -
Rp. 600,000,000.-
Address : Jl. Margorejo Indah A-112
Kelurahan Margorejo,
Kecamatan Wonocolo
Surabaya, East Java
Indonesia
f. Mrs. Vera Sasmita -
Rp. 600,000,000.-
Address : Jl. Walikota Mustajab No. 67-69
Kelurahan
Ketabang, Kecamatan Genteng
Kota, Surabaya, East Java
Indonesia
g. Mrs. Lingga Puspasari Linanjaya - Rp. 360,000,000.-
Address : Jl. Babatan Pratama 10/10 Block H
Kelurahan Babatan, Kecamatan Wiyun
Surabaya, East Java
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business :
Hand Gloves Industry, Yarns and
Twisted
Production Capacity :
a. Mix
Yarn Hand Gloves - 25,500,000
dozens p.a.
b. Spun
Yarns - 52,837 bales p.a.
Total Investment :
a. Equity
Capital - Rp.
12.0 billion
b. Loan
Capital - Rp.
13.1 billion
c. Total
Investment - Rp.
25.1 billion
Started Operation :
1990
Brand Name :
Sasmita Abadi Gloves
Technical Assistance :
None
Number of Employee :
700 persons
Marketing Area :
Export -
100%
Main Customer :
Buyers in Japan, Asian, Australia, Middle East, Europe Union
and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARISTA LATINDO
b. P.T. CITRA BAKTI NUSA KARYA
c. P.T. HOLI KARYA SAKTI
d. P.T. INDOGLOES JAYA
e. P.T. JOHN GLOVE FACTORY
Business Trend :
Growing
BANKER, AUDITOR &
LITIGATION
|
Bankers :
a. P.T. Bank CENTRAL
ASIA Tbk
Jalan Raya Darmo
No. 5
Surabaya, East
Java
Indonesia
b. P.T. Bank UOB
INDONESIA
Jalan Panglima
Sudirman No. 53
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales (estimated) :
2011 – Rp. 113.4 billion
2012 – Rp. 119.4 billion
2013 – Rp. 127.0 billion
Net Profit (estimated) :
2011 – Rp. 9.1
billion
2012 – Rp. 10.7 billion
2013 – Rp. 11.4 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Dibyo Sasmita
Directors - a.
Mrs. Lingga Puspasari Linanjaya
b. Mrs. Vera Sasmita
Board of Commissioners :
President Commissioner - Mr. Pangestu Sasmita
Commissioners - a. Mrs. Karina
Saraswati Sasmita
b. Mr. Agus Swantara
c. Mrs. Ika Sasmita
Signatories :
President Director (Mr.
Dibyo Sasmita) or one of the Directors (Mrs. Lingga Puspasari Linanjaya or Mrs.
Vera Sasmita) which must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Originally the company named P.T. LEE’S GLOVES INDONESIA was established
in Surabaya, East Java on 19 January 1990 with the authorized capital of Rp.
3,000,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The company
was founded by Mr. Pangestu Sasmita, Mr. Ari Peris, Mr. Arie Widjaya Hoo, Mrs.
Liem Khing Hiang, and Mrs. Sumarwantini, they are Indonesian businessmen of
Chinese descents. The company notary deed had been changed a couple of times
and on 3 July 1991 the company name was changed to P.T. SASMITA ABADI GLOVES
(P.T. SAG). Later in April 2006 the company authorized capital was increased to
Rp. 6,000,000,000 issued capital to Rp. 4,000,000,000 fully and paid up. On the
same occasion the whole shares had been controlled by Mr. Pangestu Sasmita,
Mrs. Karina Saraswati Sasmita, Mrs. Lingga Puspasari Linanjaya, Mr. Agus
Swantara, Mr. Dibyo Sasmita, Mrs. Ika Sasmita and Mrs. Vera Sasmita all
Indonesian businessmen of Chinese extraction. Later in November 2008 the
company authorized capital was raised to Rp. 48,000,000,000 issued capital to
Rp. 12,000,000,000 entirely paid up. With this development the composition of
its shareholders has been changed to become Mr. Pangestu Sasmita (59%), Mr.
Dibyo Sasmita (13%), Mr. Agus Swantara (10%), Mrs. Karina Saraswati Sasmita
(5%), Mrs. Ika Sasmita (5%), Mrs. Vera Sasmita (5%) and Mrs. Lingga Puspasari
Linanjaya (3%). The latest according to the revision of notary deed Mrs.
Sitaresmi Puspadewi Subianto, SH., no. 30 dated 14 February 2012 the company
board of director and the board of commissioner had been changed to lead and runs
of the company’s operation. The deed of amendments was approved by the Ministry
of Law and Human Rights in its decision letter No. AHU-AH.01.10-07368 dated
February 29, 2012.
P.T. SAG obtained a domestic investment (PMDN) facility for dealing with
manufacturing of had gloves, yarns and twist. The plant is located at Jalan
Raya Krikilan Larangan 432, Krikilan village, Driyorejo district, Gresik, East
Java standing on a land of 13,000 sq. meters. The plant has been operating
since 1990 and had expanded frequently to increasing production capacity by
produce of Mix Yarn Hand Gloves and Spun Yarns. P.T. SAG is a global leader in
industrial gloves manufacturing. The company manufactures gloves in many
different shapes, models and using various types of materials. Their products
include gloves from 100% Pure Cotton, Polyester-Cotton mixture and include
products like PVC-dotted gloves. Most of raw material like cotton thread, yarns
and others obtained from locals and the rest imported from Japan. P.T. SAG is
one Indonesia's first manufacturer to export industrial gloves. The company’s
export destinations include countries like the United States of America,
Canada, England, Germany, Sweden, Japan, Australia, Singapore, Malaysia, India,
Sri Lanka and the Middle East. P.T. SAG emphasize on high product quality with
competitive price and good service. We observe that P.T. SAG operation has been
growing and developing well in the last three years.
Indonesia is the second largest producer of natural rubber (NR) in the world
and has the highest acreage under rubber cultivation. Over 84% of cultivation
is in smallholdings. However, low productivity levels have kept rubber
cultivation vulnerable to over exploitation, when prices are high, and
abandonment, when prices are low. In 2005 the average yield was 862 kg per ha
per annum compared to 1,875 kg in Thailand; 1,727 kg in India; 1,483kg in
Vietnam; and 1,330 kg in Malaysia. Although prima facie it appears that the
main cause for low national rubber productivity is the high percentage of
smallholders this is also the case for other countries with higher productivity
experiences. Rubber is grown on smallholder lines in Thailand, 90% of the
extent; and India, 89% of the extent and 91% of total production. What is seen
in contrast is the careful management of smallholder cultivation by the State -
recognizing and providing for appropriate institutional support to help
smallholders.
Smallholder support focuses on help to obtain the right planting
material; continuously educating and monitoring smallholders in correct
planting, maintenance and tapping practices; and creating support for marketing
activities.
According to Indonesian Rubber Glove Manufacture Association
(IRGMA) that Indonesia is the second producer of natural rubber. IRGMA informs
that the largest consuming countries in worldwide include the USA reaching 50%
of the world’s demand for rubber gloves. There are still opportunities to
increase the production of rubber glove products. However, the rubber glove
products in the country have been facing various obstacles such as the basic
materials, the increasing fuel price, gas and tight competition. The business
position of P.T. SAG is favorable in line with its growing operational networks
and wide product marketing coverage.
Until this time P.T. SAG has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. SAG is very reclusive towards
outsiders and rejected to disclose its financial condition. We estimated
that total sales turnover of the company in 2011 amounted to Rp. 113.4 billion
rose to Rp. 119.4 billion in 2012 increased to Rp. 127.0 billion in 2013 and
projected to go on rising by at least 6% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 11.4 billion and the company has an
estimated total networth of at least Rp. 50.0 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. SAG is led by Mr. Dibyo Sasmita (38) a
businessman and professional manager with experience in manufacture of hand
gloves, yarns and twist. Daily activity he is assisted by Mrs. Lingga Puspasari
Linanjaya (53) and Mrs. Vera Sasmita (39) as Directors. 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. SASMITA ABADI
GLOVES is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.33 |
|
|
1 |
Rs. 103.43 |
|
Euro |
1 |
Rs. 81.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
DPT |
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.