|
Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUNINDO BANGUN KERSANA |
|
|
|
|
Registered Office : |
Menara Satu Sentra Kelapa Gading suite 0702 Jl.
Boulevard Kelapa Gading LA3 No.1 Kelapa Gading, Jakarta Utara 14240 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
02.02.1990 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
·
Soap and Detergent Manufacturing ·
Contract Manufacturing Services |
|
|
|
|
No. of Employees |
80 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
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 |
P.T. SUNINDO BANGUN KERSANA
Head Office
Menara Satu Sentra Kelapa Gading suite 0702
Jl. Boulevard Kelapa Gading LA3 No.1
Kelapa Gading, Jakarta Utara 14240
Indonesia
Phones -
(62-21) 2937 5689 (hunting)
Fax - (62-21) 2937 5685
Email - suwanto@vascali.com
Website - http://www.vascali.com
Building Area - 8 storey
Office Space - 160 sq. meters
Region - Commercial
Status - Rent
Factory
Kawasan Industri
Jatake
Jl. Industri Raya
III Blok AH/09
Cikupa, Tangerang
Banten Province
Indonesia
Phone -
(62-21) 590 5593
Fax - (62-21) 590 5594
Land Area - 20,000 sq.
meters
Building Area - 10,000 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
02 February 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C2-1821.HT.01.04.TH.91
Dated 31 May 1991
b. No.
AHU-00460.AH.01.02.Tahun 2012
Dated 04 January 2012
c. No.
AHU-AH.01.10-03555
Dated 02 February 2012
d. No.
AHU-AH.01.10-24878
Dated 19 June 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.983.180.7-451.000
Related
Company :
P.T. MAKRO
CHEMINDO (Chemical Trading and Investment Holding)
Capital
Structure :
Authorized
Capital - Rp.
16,000,000,000.-
Issued Capital - Rp.
16,000,000,000.-
Paid up Capital - Rp.
16,000,000,000.-
Shareholders/Owners
:
a. P.T. MAKRO CHEMINDO - Rp. 15,520,000,000.- (97%)
Address :
Jl. Raya Boulevard Barat Blok A4 No. 88
Kelapa Gading,
North Jakarta
Indonesia
b. Mr. Tjendera Limin -
Rp. 480,000,000.- ( 3%)
Address :
Jl. Raya Boulevard Barat Blok A4 No. 88
Kelapa Gading,
North Jakarta
Indonesia
Lines of
Business :
a. Soap and
Detergent Manufacturing
b. Contract
Manufacturing Services
Production
Capacity :
Bar Soaps and
Detergents - 80,000 metric tons per
month
Total
Investment :
Owned Capital - Rp. 40.0
billion
Started
Operation :
2002
Brand Name :
VASCALI
Technical Assistance
:
None
Number of
Employee :
80 persons
Marketing Area
:
a. Local - 40%
b. Export - 60%
Main
Customers:
a. Supermarkets
and Traditional Markets
b. Overseas buyer
in China, Hong Kong, Taiwan, South Africa and USA
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Unilever
Indonesia
b. PT. Kao Indonesia
c. PT. Tancho Indonesia
d. PT. Bukit Perak
e. PT. Sayap Mas Utama
f. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Kelapa
Gading Branch
Jl. Kelapa Gading Boulevard Raya Blok L
No. 1
Jakarta Utara
Indonesia
b. P.T.
PANIN Bank
Kelapa
Gading Branch
Jl. Kelapa Gading Boulevard Blok
CN-2J/1
Jakarta
Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 60.0
billion
2011 – Rp. 68.0
billion
2012 – Rp. 79.0
billion
2013 – Rp. 92.0
billion
Net Profit
(estimated) :
2010 – Rp. 3.2
billion
2011 – Rp. 3.6
billion
2012 – Rp. 4.2
billion
2013 – Rp. 4.9
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Tjendera Limin
Director -
Mr. Suwanto Linoh
Board of Commissioners :
Commissioner -
Mrs. Rina
Signatories :
President Director (Mr.
Tjendera Limin) or Director (Mr. Suwanto Linoh)
which must be approved by Board of Commissioner (Mrs. Rina)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.T. SUNINDO BANGUN KERSANA (P.T. SBK) was
established in Jakarta on February 2, 1990 with an authorized capital of Rp.
500,000,000.- of which Rp. 100,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Budijono (50%), Mr. Tjahjono Budijono (40%) and Mrs. Pudji Setiawati
(10%). They are Indonesian entrepreneurs
of Chinese extraction. The Deed of
establishment was made by Anthony Djoenardi, SH., a notary in Jakarta and it
has been approved by the Minister of Justice and Human Right in its Decision
Letter No. C2-1821.HT.01.01.Th.91 dated May 31, 1991.
The Articles of Association has frequently
been revised. In November 2011, the authorized capital was raised to Rp.
16,000,000,000.- of which Rp. 8,000,000,000.- was issued and fully paid
up. Concurrently, the founding shareholders
pulled out and the whole shares are sold to P.T. MAKRO CHEMINDO (97%) and Mr.
Tjendera Limin (3%). The amendment to
Deed was approved by the Ministry of Law and Human Right in its Decision Letter
No. AHU-00460.AH.01.02.Tahun 2012 dated January 4, 2012 and No.
AHU-AH.01.10-03555 dated February 2, 2012.
Most recently by notarial Deed No. 32 dated
May 31, 2013 was made by notary Kamelina, SH., the issued capital was raised
from Rp. 8,000,000,000.- to Rp 16,000,000,000.- and fully paid up. However, no changes have been effected in term of its shareholding composition
and capital structures to date. 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.01.10-24878 dated June 19, 2013.
We observed that Mr. Tjendera Limin is also founder and majority business stakes
owners of P.T. MAKRO CHEMINDO dealing with industrial chemical trading and
investment holding by controlling 97% shares of P.T. SBK.
Originally P.T. SBK engaged in general
trading and importing, which has been operating commercially since 1991. But, since 2004’s, P.T. SBK divert its
activities in the field of bar soap and detergent manufacturing, with its plant located at Jl. Industri Raya
III AH/09, Cikupa, Tangerang, Banten Province on a land of some 20,000 sq.
meters. The plant produces various bar soaps such as medicated bath soap, beauty
bath soap, multipurpose soap for bath & laundry and hotel soap with brand
“VASCALI”. Besides that, PT. SBK produce
other beauty soaps using other brands
such as: Tropical Essence, Herbal Queen,
Pearl Essence, Vasolive,
Amorish, Candy, Savira,
Hana, Vascali Blend,
Red Beauty and
milk soap with
the brand Vilky and
Vincy, medicated soap
with the brand Vascali
Plus, fruity soap
brand and Tropic
Vascali Fruity Delight,
man soap with brands
MR and laundry
soap brand V-Ten.
Ms. Novi Susanti, an administrative staff of
the company when contacted explained that P.T. SBK is also engaged in contract
manufacturing services (on the basis order from its clients) including OEM
Service, Design Service and Buyer Label.
She added that the Company produces variety of Bars Soaps made from 100%
Natural Vegetable Oil and high quality products.
The company's production is sold in the
country through stores selling soaps and cosmetic products in Jakarta and
surrounding. We observed that P.T. SBK
is classified as a medium-sized company of its kind in the country of which the
operation has been growing in the last three years.
In overall we find the demand for bath soaps
or beauty soap, personal care and cosmetic products has been rising by the
average 8% to 10% per year within the last five years in line with the growth
of supermarkets, mini-markets and a stable economic growth in the period. But since the global economic crisis and
tight money policy being imposed by Bank Indonesia in October 2008 the demand
was decreased within due to a poor economic condition, decreasing income per
capita and a weak in public purchasing power. 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 4% to 6% per year. Market competition is very
tight due to a large number of similar companies operating in the country. Business position of P.T. SBK is favorable
for it has controlled a wide marketing network at home and their product has
been widely known among consumers in the country.
Until this time P.T. SBK has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. The management is very reclusive
to outsider and rejected to disclose its financial condition. But we estimate the total sales turnover of
P.T. SBK in 2011 amounted to Rp 68.0 billion increased to Rp 79.0 billion in
2012 to Rp 92.0 billion in 2013 and projected it will be higher by at least 10%
in 2014. The operation in 2013 yielded
an estimated profit at about Rp 4.9 billion and the company has an estimated
total asset at around to Rp 46.0 billion.
We observe that P.T. SBK is supported by financially strong behind it.
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.
P.T. SBK's management is led by Mr. Tjendera
Limin (45), a businessman with more than 12 years experience in trading and
distribution of industrial chemicals and also bar soap manufacturing. In his day-to-day business operation he is
respectively assisted by Mr. Suwanto Linoh (36) as Director and a number of
professional staff team having wide relation with home and overseas private
businessmen as well as with the government sectors. So far, we did not hear that the company’s
management involved in the 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.
P.T. SUNINDO BANGUN KERSANA is sufficiently
fairly good for business transaction. However, in view of the political
situation in the country is warming we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.16 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.82.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.