MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. SARI WARNA PELANGI |
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Registered Office : |
Kawasan SIER (Surabaya Industrial Estate Rungkut),
Jl. Rungkut Industri IX No. 1, Surabaya 60293, East Java |
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Country : |
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Date of Incorporation : |
30.04.1985 |
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Com. Reg. No.: |
No. AHU-09466.AH.01.02.Tahun 2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distribution of Colourant and Additive for
Plastics |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Name of Company :
P.T. SARI WARNA PELANGI
A d d r e s s :
Head Office
Kawasan SIER (Surabaya Industrial Estate Rungkut)
Jl. Rungkut Industri IX No. 1
Surabaya 60293, East Java
Indonesia
Phone -
(62-21) 843 8443
Fax - (62-21) 843 4127
Building Area - 2 storey
Office Space - 480 sq. meters
Region - Industrial
Estate
Status - Rent
Date of
Incorporation :
30 April 1985
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-1273.HT.01.01.Th.86
Dated 19
February 1986
b. No.
AHU-09466.AH.01.02.Tahun 2010
Dated 22 February
2010
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.232.726.8-609.000
Related/Affiliated Company :
Not available
Capital Structure :
Authorized Capital - Rp.
400,000,000.-
Issued Capital - Rp.
100,000,000.-
Paid up Capital - Rp.
100,000,000.-
Shareholders/Owners :
a. Mrs. Lea Puspita -
Rp. 20,000,000.- (10%)
Address : Jl. Ngagel Wasono 8 No. 18
Surabaya, East Java
Indonesia
b. Mr. Roland Andreas Kho Hauw Beng -
Rp. 180,000,000.- (90%)
Address : Jl. Bukit Golf F1 No.17, Citra Raya
Surabaya, East java
Indonesia
Lines of Business :
Trading, Import and Distribution of Colourant and Additive for Plastics
Production Capacity :
None
Total Investment :
None
Started Operation :
1986
Brand Name :
Sari Warna Pelangi
Technical Assistance :
None
Number of Employee :
20 persons
Marketing Area :
Local - 100%
Main Customer :
Plastic and Styrofoam Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Dow Chemical Indonesia
b. PT. Indokemika Jayatama
c. PT. Makmur Jaya Kharisma
d. PT. Galic Bina Mada
e. PT. Mulya Adhy Paramita
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank
OCBC NISP Tbk
Surabaya
Branch
Jl. Dharmahusada No. 60
Surabaya, East Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Surabaya Branch
Jl.
Kendangsari Industri 2
Surabaya, East
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 37.0 billion
2012 – Rp. 42.5 billion
2013 – Rp. 48.0 billion
Net Profit (estimated) :
2011 – Rp. 2.0 billion
2012 – Rp. 2.3 billion
2013 – Rp. 2.6 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mrs. Lea Puspita
Board of Commissioners :
Commissioner - Mr. Roland Andreas Kho Hauw Beng
Signatories :
Director (Mrs. Lea Puspita) which must be
approved by Board of Commissioner (Mr. Roland Andreas Kho Hauw Beng)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
P.T. SARI WARNA PELANGI (P.T. SWP) was established in Surabaya based on notarial
Deed No. 147 dated April 30, 1985 made by Notary Stefanus Sindhunatha,
SH., with an authorized capital of Rp.
100,000,000.- of which Rp. 20,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mrs. Sylvia Kho Pangkey (90%) and Mrs. Minggawati Ramatandu (10%), both are
Indonesian businesswoman of Chinese extraction. The Deed of establishment has
been approved by the Minister of Justice through Decision Letter No.
C2-1273.HT.01.01.Th.86 dated February 19, 1986.
The Articles of association of the company have frequently been revised,
most recently by notarial Deed No. 182 dated June 19, 2012 made by Notary
Novianti, SH., the authorized capital was raised to Rp. 400,000,000.- of which
Rp. 100,000,000.- was issued and fully paid up.
Since at the time, the shareholders of the company are Mrs. Lea Puspita
(10%) and Mr.Roland Andreas Kho Hauw Beng (90%). The amendment to notarial
Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through Decree No. AHU-09466.AH.01.02.Tahun 2010 dated February
22, 2010.
Pursuant to the company’s notary deed, P.T. SWP engaged to operate in
dye processing, general trading, distributor, transportation, industry and
services. The Company’s registered office
located on Jl. Rungkut Industri IX No. 1, Kalirungkut, Surabaya, East Java and
the company can open branch offices or representative offices at home and
abroad.
Mrs. Lea Puspita, Director of the company explained that P.T. SWP has
been operating since 1986 in the trading, import and distribution of colourant
(pigment) and additives for plastics.
She added that P.T. SWP appointed as one of the distributors by P.T.
HOLLAND COLOURS ASIA (HCA) for marketing Surabaya and surrounding areas. P.T. HCA is a foreign investment company
which engaged in manufacturing of colourant for plastics. The raw materials are still imported from the
Netherlands. Then, the products are sold
by P.T. SWP to plastic industries in Surabaya and its surroundings such as PT.
Maspion, PT. Anugerah Plastindo, PT. Sinar Taman Plastindo, PT. Banshu Plastic
Indonesia, PT. Garuda Plastik Gresik, etc.
We observed that P.T. SWP is classified as a small-sized company of its
kind in the country of which the operation had been running smoothly and
growing steadily.
We note that P.T. HCA is a subsidiary of Holland Colours, a Dutch Company was established in 1979, in Apeldoorn, the Netherlands by a group of plastics industry experts who saw a need for better performing colourant and additive products than were currently available. Today, manufacturing facilities are located in the Netherlands, England, the United States, Hungary, Indonesia, China and Japan. Additional sales and distribution facilities are located in Canada and Mexico with a sales and service network that spans the entire globe.
The domestic demand for various types of colourant and additive products
had been rising by 8% to 10% on the average per annum in the last five years in
line with the rapid growth of various industrial sectors including plastic
industry, paint, textile, rubber, printing industries and others in the above
period of times as the consumers. But, as from October 2008, the demand growth
for colourant and additives products has kept on dwindling as an impact of
global economic crisis as told above.
The demand was increasing in the early 2009 due to economic condition
was gradually recovery in the country. The growth rate is now estimated at 5%
to 7% per year. Market competition is
very tough on account of large number of other similar companies operating in
the country. P.T. SWP business position in this case is not too badly because
it has built regular customers and extensive marketing network in Surabaya and
East Java area.
Until this time P.T. SWP has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SWP is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2011 amounted to Rp. 37.0 billion increased to Rp. 42.5 billion in
2012 rose again to Rp. 48.0 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. 2.6 billion and the company has an estimated total net worth of at
least Rp. 12.0 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. SWP is led by Mrs. Lea Puspita (40) as Director
of the company. But we believe that the
prime-mover of the company is Mr. Roland Andreas Kho Hauw Beng (32), a
professional manager who experienced for more than 6 year in trading and
distribution of colourant and additives.
He is one of the top-executives of Holland Colours, a Dutch company. The
management is handled by experienced staff in this business, having maintained
a wide business relation with private businessmen at home and abroad as well as
with government sectors. 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. SARI WARNA PELANGI is appraised to be good for business
transaction. However, in view of the
economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the
company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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44<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.