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Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SENTANG RAYA INDONESIA |
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Registered Office : |
Jl. Timor No. 14-C/23, Gang Buntu, Medan Timur, Medan, North Sumatra |
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Country : |
Indonesia |
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Date of Incorporation : |
22.04.2004 |
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Com. Reg. No.: |
No. AHU-AH.01.10-19596 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing of Crumb Rubber |
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No. of Employees : |
210 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, 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 |
Name of company :
P.T. SENTANG RAYA
INDONESIA
A d d r e s s :
Head Office
Jl. Timor No. 14-C/23
Gang Buntu, Medan Timur
Medan, North Sumatra
Indonesia
Phones - (62-61) 455 9941, 455 4195
F a x - (62-61) 456 1844
Email - setiawan_sri@yahoo.com
Building Area - 2 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Owned
Factory
Jl. Suryadi Link VIII, Perdagangan - Simalungun
Pematang Siantar, North Sumatra,
Indonesia
Phones - (62-622) 697 697, 697 799
F a x - (62-622) 697 588
Land Area - 36,000 sq.
meters
Building Area - 24,000 sq.
meters
Region - Industrial Zone
Status - Owned
Date of
Incorporation :
22 April 2004
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-16418 HT.01.01.TH.2004
Dated 30 June 2004
b. No. AHU-10615.AH.01.02.Tahun 2009
Dated 02 April
2009
c. No. AHU-AH.01.10-19596
Dated 31 May 2012
Company Status :
National Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 02.342.781.8-113.000
Related/affiliated
Company :
P.T. SRI GLOBAL ABADI (Trading and Exporting of Crumb Rubber)
Capital Structure
:
Authorized Capital - Rp.
75,000,000,000.-
Issued Capital - Rp.
50,000,000,000.-
Paid up Capital - Rp.
50,000,000,000.-
Shareholders/Owners
:
a. Mr. Setiawan Khoe - Rp.
38,250,000,000.- (76.5%)
Address : Jl. Cemara Mas Bvlok G No. 7
Medan, North Sumatra
Indonesia
b. Mrs. Ridha Roswaty - Rp. 5,000,000,000.-
(10.0%)
Address : Jl. Veteran No. 38, Ds Perdagangan
Kec. Bandar, Simalunung
North Sumatra
- Indonesia
c. Mr. Vinvent Winata Setiawan -
Rp. 2,250,000,000.- ( 4.5%)
Address : Jl. Veteran No. 38, Ds Perdagangan
Kec. Bandar, Simalunung
North Sumatra
- Indonesia
d. Mrs. Karen Winona Setiatan - Rp.
2,250,000,000.- ( 4.5%)
Address : Jl. Veteran No. 38, Ds Perdagangan
Kec. Bandar, Simalunung
North Sumatra
- Indonesia
e. Mr. Kent Winata Setiawan - Rp. 2,250,000,000.-
( 4.5%)
Address : Jl. Veteran No. 38, Ds Perdagangan
Kec. Bandar, Simalunung
North Sumatra
- Indonesia
Lines of Business
:
Crumb Rubber Manufacturing
Production
Capacity :
Crumb Rubber (SIR 5,20,3L) -
36,000 tons p.a.
Total Investment :
Owned Capital -
Rp. 60.0 billion
Started Operation
:
2005
Brand Name :
SRI Crumb Rubber
Technical
Assistance :
None
Number of Employee
:
210 persons
Marketing Area :
Export - 80% and the rest (20%) for local market
Main Customers :
a. Overseas buyers in Singapore, China, France, USA and others
b. Tire and rubber products industries in the country
Market Situation :
Very Competitive
Main Competitors :
a. PT. Aneka Bumi Pratama
b. PT. Asahan Crumb Rubber
c. PT. Adei Crumb Rubber Industry
d. PT. Batanghari Tembesi
e. PT. Djambi Waras
f. PT. Madjin Crumb Rubber
Factory
g. PT. Bumi Nusa Makmur
h. PT. Gadjah Ruku
i. PT. Muara Kelingi
j. PT. Badja Baru
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Medan Branch
Medan,
North Sumatra
Indonesia
b The Hongkong and Shanghai Bank Corp.
Medan Branch
Medan, North Sumatra
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 215.0 billion
2011 – Rp. 246.0 billion
2012 – Rp. 270.0 billion
2013 – Rp. 295.0 billion
Net Profit
(estimated) :
2010 – Rp. 12.5 billion
2011 – Rp. 14.3 billion
2012 – Rp. 15.8 billion
2013 – Rp. 17.2 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
Board of Management :
Director - Mr. Setiawan Khoe
Board of Commissioner :
Commissioner - Mrs. Ridha Roswaty
Signatories :
The Director (Mr. Setiawan Khoe) which must
be approved by the Board of Commissioner (Mrs. Ridha Roswaty)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. SENTANG RAYA INDONESIA (P.T. SRI) was established in Medan (North
Sumatra) based on Notarial Deed No. 25 dated April 22, 2004 made by Notary
Deddy Iskandar Tjong, SH., with an authorized capital of Rp. 1,000,000,000.- of
which Rp 250,000,000.- was issued and fully paid up. The founding shareholders
of the company are Mr. Sugiharto (90%) and Mr. Risman (10%), both are
indigenous businessmen. The Deed of
establishment has been approved by the Minister of Justice and Human Rights of
the Republic of Indonesia through its Decision Letter No. C-16418 HT.01.01.TH.2004
dated June 30, 2004. The articles of
association of the company have frequently been changed, most recently by
notarial Deed No. 94 dated March 30, 2012 made by Notary Deddy Iskandar Tjong,
SH., the authorized capital was raised to Rp 75,000,000,000.- of which Rp
50,000,000,000.- was issued and fully paid up. The latest shareholders of the
company are Mr. Setiawan Khoe (76.5%), his wife Mrs. Ridha Roswaty (10%) and
his sons and daughters, Mr. Vincent Winata Setiawan (4.5%), Ms. Karen Winona
Setiawan (4.5%) and Mr. Kent Winata Setiawan (4.5%). The amendment to Deed has
been approved by the Minister of Law and Human Rights through its Decision
Letter No. AHU-AH.01.10-19596 dated May 31, 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. SRI engaged in the industry of crumb rubber. Its plant is located on Jalan Suryadi Link
VIII, Perdagangan – Simalungun, Pematang Siantara, North Sumatra on a land of
some 36,000 sq. meters. The plant had been operating since 2005 with production
capacity of 36,000 tons of crumb rubbers (SIR 5, 20, 3L) per annum. The company’s products are solid crumb rubber
(sheets) and the products are used in the manufacturer of solid rubber based
products, such as tires etc, while the liquid form is used for dipping products
such as gloves balloons and condoms.
Beside, P.T. SRI also produces TSR (Technically Specified Rubber) by
Standard Indonesian Rubber (SIR). These products are used in high performance
passenger tires, motorcycle and bicycle tires, heavy load truck tires, conveyor
belt, inner tubes and hose. Mr. Setiawan
Khoe, Director of the company, said to our inquiry that most of the products
(80%) are exported to Singapore, China, France, USA and others, and the rest
(20%) are marketed locally to tire, tube and rubber products industries in the
country. We observed that P.T. SRI 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.
We note that generally the domestic demand for crumb rubber and rubber
products has been rising by about 6% - 8% per year in the last five years in
line with the growing population of tire and tube industry, automotive industry
and rubber product industry in the country. The demand of crumb rubber is
projected to go on rising each year in the next three years. According to the Indonesia Car Manufacturers
Association (GAIKINDO) explained that the total of car sales in 2007 amounted
to 434 thousand units increased to 608 thousand units in 2008 and declined to
486 thousand units in 2009. The total of
car sales in 2010 rose again to 765 thousand units and to 894 thousand units in
2011 and to 1,116 thousand units in 2012.
The growth of car and motorcycle sales in Indonesia in 2007 to 2012 is pictured
on the following table:
|
Year |
Domestic Car
Sales (‘000 units) |
Domestic
Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
Source: GAIKINDO
and the Indonesian Motorcycle Manufacturer Association (AISMI)
The company is neither public listed nor bond issued company. Therefore,
the company has no obligation to publish financial statement publicly. The management is very reclusive and
unlikely to expose its financial condition to outsider. We estimate that sales turnover of
the company in 2011 amounted to Rp. 246.0 billion increased to Rp. 270.0
billion in 2012 and rose again to Rp.
295.0 billion in 2013. The operation of the
company in 2013 yielded a net profit at least Rp. 17.2 billion and the company
has a total net worth of Rp. 110.0 billion.
It is projected that total sales turnover of the company will increase
at least 8% in 2014. So far we did not
hear that P.T. SRI has been black listed by Bank Indonesia (Central Bank) or
having detrimental cases being settled in local district court. The company
usually pays its debts punctually to suppliers.
The management of P.T. SRI is headed by Mr. Setiawan Khoe (41) as director,
a young businessman with experience for some 10 years in crumb rubber industry
and trading. In his daily activities, he
is assisted by his wife Mrs. Ridha Roswaty (41) and a number of professional
managers with know-how in crumb rubber industry, trading and distribution. The
management has maintained a wide relation with private businessmen at home and
abroad as well as with government authorities.
So far, we did not hear that the company's management having been
involved in the business malpractices.
P.T. SRI 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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 |
|
<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.