MIRA
INFORM REPORT
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Report Date : |
25.07.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. SUMI ASIH |
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Registered Office : |
Wisma Standard Chartered Bank, 17th Floor, Jl.
Jend. Sudirman Kav. 33-A, Karet Tengsin, |
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Country : |
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Date of Incorporation : |
21.08.1980 |
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Com. Reg. No.: |
AHU-AH.01.10-36334 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged as a dealer with
Oleo-Chemical Industry |
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No of Employees : |
480 |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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Source : CIA |
Name of Company
P.T. SUMI ASIH
company Address
Head Office
Wisma Standard
Chartered Bank, 17th Floor
Jl. Jend.
Sudirman Kav. 33-A
Karet Tengsin,
Jakarta 10220
Indonesia
Phones -
(62-21) 573 2680, 573 2671-2
Fax - (62-21) 573 2651
Building Area - 28 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Cempaka -
Jati Mulya Km. 38
Tambun, East
Bekasi
West Java 1750
Indonesia
Phones - (62-21) 880 8216-7, 882 8322, 881 2466, 8835 1715
Fax -
(62-21) 880 0895, 882 8321
Land Area - 35,000 sq. meters
Building Area - 22,800 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
21 August 1980
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Laws
and Human Rights
a. No.
Y.A. 5/345/25
Dated 15 October 1981
b. No.
C2-12143.HT.01.04.TH.94
Dated 14 August 1994
c No.
AHU-29415.AH.01.02.Tahun 2009
Dated 30 June 2009
d No.
AHU-AH.01.10-36334
Dated 11 November 2011
Company Status
Foreign Investment Company (PMA)
Permits by the Government
Department
a. The
Department of Finance
NPWP No. 01.002.738.1-073.000
b. The
Capital Investment Coordinating Board
- No. 31/I/PMDN/1981
Dated 12 March 1981
- No. 367/II/PMDN/1990
Dated
21 August 1990
- No. 07/II/PMDN/1998
Dated 20 January 1998
Holding Company
STAR GATE TRADING
LIMITED of Hong Kong (Investment holding)
Affiliated/Associated Companies
a. P.T. MULIA
DARMA SARANA (Trading and Investment Holding)
b. A member of
the IMORA Group or the PROSPEK MOTOR Group
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp.
300,000,000,000.-
Issued Capital - Rp.
300,000,000,000.-
Paid up Capital - Rp.
300,000,000,000.-
Shareholders/Owners
:
a. Mr. Mulyadi
Budiman of Indonesia - Rp. 41,320,000,000.- (13.8%)
b. Dr. Alexius
Darmadi Karjantoputro - Rp. 9,980,000,000.- ( 3.3%)
c. P.T. MULIA
DARMA SARANA of Indonesia -
Rp. 5,700,000,000.- ( 1.9%)
d. STAR GATE
TRADING LIMITED of Hong Kong - Rp. 243,000,000,000.-
(81.0%)
BUSINESS ACTIVITIES
Lines of Business
:
Oleo-chemical Industry
Production
Capacity :
a. Glycerin - 11,500 tons p.a.
b. Fatty Acids - 163,500 tons
p.a.
c. Free Fatty Acids - 1,125 tons p.a.
d. Fatty Alcohols - 30,000 tons p.a.
e.
Single Cute/pure Fatty Acid
f.
Esters - 93,500 tons p.a.
g. Stabilizers
h. Soap Noodles
Total Investment :
a.
Equity Capital - Rp. 300.0 billion
b.
Loan Capital - Rp. 125.0 billion
c.
Total Investment - Rp. 425.0 billion
Started Operation
:
1984
Brand Name :
SUMI ASIH
Technical
Assistance :
None
Number of Employee
:
480 persons (planned)
Marketing Area :
Domestic
- 25.0%
Export
- 75.0%
Main Customer :
a. Soap and Detergent Industries in the
country
b. Overseas buyers in Hong Kong, Taiwan,
India, South Korea, Philippine, USA and others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. MUSIM SEMI MAS
b. P.T. ECOGREEN
OLEOCHEMICALS
c. P.T. SINAR OLEOCHEMICAL
d. P.T. WILMAR NABATI INDONESIA
e. P.T. SALIM IVOMAS PRATAMA
f.
P.T. FLORA SAWITA CHEMINDO
g. P.T. UNILEVER OLEOCHEMICAL INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk.
Jl. Jend. Sudirman Kav. 22-23
Jakarta Selatan
b. P.T. Bank NEGARA INDONESIA Tbk.
Jl. Jend. Sudirman Kav. 1
Jakarta Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated)
:
2011 – Rp. 760.0 billion
2012 – Rp. 840.0 billion
2013 – Rp. 960.0 billion
Net Profit
(estimated) :
2011 – Rp. 65.0 billion
2012 – Rp. 72.0 billion
2013 – Rp. 81.6 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Dr. Alexius Darmadi Karjantoputro
Board of Commissioners :
Commissioner - Mr. Mulyadi Budiman
Signatories :
The Director (Dr. Alexius Darmadi
Karjantoputro) which must be approved by the Board of Commissioner (Mr. Mulyadi
Budiman)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
P.T. SUMI ASIH (P.T. SA) was established in Jakarta
on August 21, 1980 with the authorized capital of Rp. 1,000,000,000 of which
Rp. 300,000,000 was issued and fully paid up. The founding shareholders of the
company are Mr. Amir Wirawan AKA Ng Han Siong, Mr. Juraimin, both are
Indonesian businessmen of Chinese extraction and Mr. Poltak Josep Sinaga, an
indigenous businessman. The Deed of
establishment was approved by the Minister of Justice of the Republic of
Indonesia in its Decree No. Y.A. 5/345/25 dated October 15, 1981. The articles of association of the company
have frequently been revised. In 1991,
the authorized capital was raised to Rp. 57,000,000,000 of which Rp.
30,000,000,000 was issued and fully paid up and concurrently the shareholders
of P.T. SA were Mr. Amir Wirawan, Mr. Mulyadi Budiman, Dr. Alexius Darmadi
Kartjantoputro, Mr. Ir. Stephanus Emmanuel Bambang Kristiyanto and Mr. Bambang
Kristiono Hadisoebroto. In May 2006, the issued capital was raised to Rp.
57,000,000,000 fully paid up and concurrently the shareholders of P.T. SA were
Dr. Alexius Darmadi Karjantoputro, Mr. Mulyadi Budiman and P.T. MULIA DARMA
SARANA.
Most recently by notarial deed number 36
dated October 31, 2011 drawn up by notary Rismalena Kasri, SH., the authorized
capital was raised to Rp 300,000,000,000.- entirely was issued and fully paid
up. The latest shareholders are Mr.
Mulyadi Budiman (13.8%), Dr. Alexius Darmadi Karjantoputro (3.3%), P.T. MULIA
DARMA SARANA (1.9%) and STAR GATE TRADING LIMITED of Hong Kong (81.0%). The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-36334
dated November 11, 2011.
We
are extremely difficult to trace or investigate the shareholders of STAR GATE
TRADING LIMITED, as this company is incorporated under law of Hong Kong.
But we allege or estimate that the owners of this company are Mr.
Mulyadi Budiman. He is
also the founder and owner of a part of business stakes of the IMORA Group or the
ANG KOK HA Group, a business group controlling a number of companies with
various business activities such as in spring bed industry, trade, textiles,
papers, engine assembling, automotive assembling industries, service stations,
part and component manufacturing, banking and others.
Initially, P.T. SA obtained a domestic capital investment (PMDN) facility issued by Investment Coordinating Board (BKPM) in 1981 to deal with oleo-chemical industry by managing a plant located at Jalan Cempaka, Jatimulya, (Jalan Raya Jakarta Bekasi Km. 38), Tambung, Bekasi, West Java on a land of 35,000 square meters having been in commercial operation since 1984. The plant has frequently been expanded to increase its annual production capacity as reported on page 3 of this report. In October 2011, the company’s framework was changed to a foreign capital investment (PMA) with the entry of foreign company, STAR GATE TRADING Ltd., of Hong Kong as a new shareholder. Mr. Tonny, an administrative staff of the company said that some 75% of the company products is exported to several countries like Taiwan, Hong Kong, India, South Korea, Philippine, the USA and other European countries and the rest is locally marketed among detergent producing industries.
We observed that P.T. SA is classified as a
larges sized company in the country dealing with oleo-chemical industry of
which the operation had been running smoothly and growing in the last five
years up to end 2013
Generally, the demand for oleo-chemical has been growing in the last five years in the country in the line with the growth of consumer goods industries, margarine, soap and cosmetic industries. 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 economy
is expected to grow faster in 2013 than it did in 2012, although it still face
risks stemming from the slowing economic growth in developed countries and the
on going crisis in Europe. Despite the
slowing global economy, Indonesia’s economy still grew quite briskly in
2012. Indonesia’s economic growth
reached 6.2% in 2012, or slightly below the projection contained in the 2012
Revised State Budget and 2011’s economic growth of 6.5%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
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• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
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• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
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• Population (in millions) |
- |
237.6 |
- |
- |
- |
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• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
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• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
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• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Source:
Central Bureau of Statistics and bank of Indonesia
Until this time P.T. SA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. SA’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of P.T. SA in 2011 amounted to Rp. 760.0 billion increased to Rp. 840.0 billion in 2012 and rose again to Rp. 960.0 billion in 2013.
We estimated that the company operation has
gained a net profit of Rp. 81.6 billion in 2013 and the company has a total
assets at least Rp. 630.0 billion. It’s projected the sales turnover it will be
higher by at least 8% in 2014. So far,
we did not hear that the company having been black listed by the Central Bank
(Bank Indonesia). The company usually pays its debts punctually to
suppliers.
The management is headed by Dr. Alexius Darmadi Karjantoputro (63) as Director and CEO of the company. However, we believe that the prime-mover of the company is Mr. Mulyadi Budiman (64), a businessman with more than 30 years experience in a various business. He is at present as one of prime movers of the IMORA Group or the PROSPEK MOTOR Group. The management is 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 company’s management having been involved in business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. We have investigated to the district court and the high court in Indonesia, but there is no file contained civil or criminal cases involved the company management.
P.T. SUMI ASIH is sufficiently fairly good
for business transaction. However, in view of the economic slowdown and
political situation in the country is warming, we recommend to treat prudently in extending a loan to the
company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
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UK Pound |
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.80.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
MNL |
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 |
|
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 |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.