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Report No. : |
301724 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. MITRA SARUTA
INDONESIA |
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Formerly Known As : |
P.T. ANUGERAH JAYA KARYA |
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Registered Office : |
Jl.
Raya Krikilan Km. 28, Driyorejo, Gresik 61177, East Java |
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Country : |
Indonesia |
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Date of Incorporation : |
16.12.1989 |
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Com. Reg. No.: |
AHU-58927.AH.01.02.Tahun 2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of Hand Gloves and Woven Yarn. |
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No. of Employees : |
660 Person |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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, 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. MITRA SARUTA INDONESIA
A
d d r e s s :
Head
Office & Factory I
Jl.
Raya Krikilan Km. 28
Driyorejo,
Gresik 61177
East
Java
Indonesia
Phones - (62-31) 8977777 (hunting), 8971323
Fax
- (62-31) 8977842,
8977222
Email -
info@mitra-saruta.co.id
Website -
http://www.mitra-saruta.co.id
Land Area -
2.4 ha
Building Space - 8,200 sq. meters
Region -
Industrial Zone
Status -
Owned
Factory
II
Desa
Waringin Anom Km. 33
Gresik,
East Java
Indonesia
Phones -
(62-31) 8971232-3, 8970909
Fax
- (62-31) 8971231
Land Area -
1.2 ha
Building Space - 3,800 sq. meters
Region -
Industrial Zone
Status -
Owned
Their Sole Agent in Egypt
ABAZA IMPOT & EXPORT Co.
6, Lewa’a Al Islam St,
Kafr El-dawar, Beheira
Egypt
Phone -
(20-45) 221 2436
Fax
- (20-45) 223 7843
Email -
info@abaza-import.com.eg
Website -
http://www.abaza-import.com.eg
Date of Incorporation :
16
December 1989 as P.T. ANUGERAH JAYA KARYA, changed its name to P.T. MITRA
SARUTA INDONESIA on May 10, 1993
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No. C2-3818.HT.01.01.TH.93
Dated 26 May 1993
b. No. AHU-02587.AH.01.02.Tahun 2010
Dated 18 January 2010
c. No. AHU-58927.AH.01.02.Tahun 2012
Dated 21 November 2012
Company
Status :
National
Private Company
Permits
by the Government Department :
a. The
Department of Finance
NPWP No. 1.439.966.1-612
b. The
Capital Investment Coordinating Board
-
No. 42/I/PMDN/1991
Dated
18 January 1991
- No. 216/II/PMDN/1993
Dated
01 December 1993
- No. 178/II/PMDN/1995
Dated
18 July 1995
Related
Company :
U.D.
LAP KURNIA (Pad Manufacturing)
Capital
Structure :
Authorized
Capital - Rp.
60,000,000,000.-
Issued
Capital -
Rp. 60,000,000,000.-
Paid
up Capital -
Rp. 60,000,000,000.-
Shareholders/Owners
:
a. Mr. Hoo Eko Susanto - Rp. 24,840,000,000.- (41.4%)
Address : Jl. Raya
Sanggrahan No. 37, RT.001, RW.006
West Jakarta
Indonesia
b. Mr. Hoo Yanto Andrian - Rp. 21,000,000,000.- (35.0%)
Address : Villa Sentra
Raya A-1/9, Komp. Perum Citra Raya
Surabaya, East java
Indonesia
c. Mrs. Hoo Yuliana - Rp. 10,320,000,000.-
(17.2%)
Address : Taman Golf
Block C-5 No. 2
Surabaya, East Java
Indonesia
d. Mr. Hoo Budy Siswanto - Rp. 3,840,000,000.- ( 6.4%)
Address : Jl. Jajar
Tunggal Utara I No.32
Surabaya, East Java
Indonesia
Lines
of Business :
Hand
Gloves and Woven Yarn Manufacturing
Production
Capacity :
a. Han Gloves -
14,424,624 dozens p.a.
b. Woven Yarns - 11,748 bales p.a.
c. Leather Gloves - 300,000 dozens p.a.
d. Synthetic Gloves - 1,000,000 dozens p.a.
f. Pads - 1,200 tons p.a.
Total
Investment :
Owned
Capital -
Rp. 60.0 billion
Started
Operation :
1991
Brand
Name :
SUPER
STAR
Technical
Assistance :
None
Number
of Employee :
660
persons
Marketing
Area :
Local -
40%
Export -
60%
Main
Customers :
a.
Supermarkets and Hypermarkets
b.
Shops of Motorcycle Components & Parts
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Arista Latindo
b.
PT. Indoglove Jaya
c.
PT. John’s Glove Factory
d.
PT. Pangestu Gunagloves
e.
PT. Sasmita Abadi Gloves, etc
Business
Trend :
Growing
B
a n k e r s :
a.
P.T. Bank MASPION INDONESIA
Jl. Pemuda No. 94-98
Surabaya, East Java
Indonesia
a.
STANDARD CHARTERED Bank
Jl. Panglima Sudirman No. 57
Surabaya, East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 420.0 billion
2011
– Rp. 462.0 billion
2012
– Rp. 508.0 billion
2013
– Rp. 520.0 billion
2014
– Rp. 550.0 billion
Net
Profit (estimated) :
2010
– Rp. 22.0 billion
2011
– Rp. 24.0 billion
2012
– Rp. 26.0 billion
2013
– Rp. 27.0 billion
2014
– Rp. 28.5 billion
Payment
Manner :
Good
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Hoo Yanto Adrian
Board of Commissioners :
President Commissioner - Mr. Hoo Eko Susanto
Commissioners - Mrs. Hoo Yuliana
Signatories :
Director (Mr. Hoo Yanto Adrian) which must
be approved by Board of Commissioners (Mr. Hoo Eko Susanto or Mrs. Hoo Yuliana)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Initially named P.T. ANUGERAH JAYA KARYA, the company was established
in Surabaya, East Java, in December 1989 with an
authorized capital of Rp 1,000,000,000.- of which Rp.
200,000,000.- was issued and fully paid up.
The founding shareholders of the company are Mrs.
Hoo Yuliana and her younger brothers Mr. Hoo Eko Susanto, Mr. Hoo
Yanto Andrian and Mr. Hoo Budi Siswanto.
They are Indonesian businesswoman and businessmen of Chinese extraction.
In October 1992, the authorized capital was raised to Rp 1,500,000,000.- of
which Rp. 1,000,000,000.- was issued and fully paid up. This
Articles of Association was approved by the Minister of Law and Human Rights of
the Republic of Indonesia by virtue of Decision Letter No.
C2-3818.HT.01.01.TH.93 dated 26 May 1993. The Company’s article of association
has been amended for several times.
On May 10, 1993 the company was renamed to P.T. MITRA
SARUTA INDONESIA (P.T. MSI), and in October 1993, its
authorized capital was again raised to Rp 4,000,000,000.-, issued and paid up capital of Rp 1,000,000,000.-
In November 2009, the authorized capital was raised to Rp.
53,000,000,000.- entirely was issued and fully paid up. The shareholders are Mr. Hoo Eko Susanto
(41.4%), Mr. Hoo Yanto Andrian (35%), Mrs. Hoo Yuliana (17.2%) and Mr. Hoo Budy
Siswanto (6.4%). This amendment to
Deed was approved by the Minister of Law and Human Rights of the Republic of
Indonesia by virtue of Decision Letter No. AHU-02587.AH.01.02.Tahun 2010
dated 18 January 2010.
The most recently by notarial Deed No. 01 dated 2 February 2012 was made
by Notary Sri Utami, SH., the authorized capital was raised again to Rp.
60,000,000,000.- entirely was issued and fully paid up. The amendment to Deed was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-58927.AH.01.02.Tahun 2012 dated 21 November 2012.
P.T. MSI is a Domestic Investment (PMDN) company engaged in glove and yarn manufacturing with its plant located at Desa Waringin Anom Km.33, Gresik, East Java, had been operating since 1991. The plant has a production capacity of 6,324,624 dozen gloves and 11,748 bales of yarn, per year respectively. It has absorbed an investment of Rp 23.0 billion came from owned capital of Rp 5.0 billion and from loans of Rp 18.0 billion. In mid-1995, P.T. MSI was licensed by the Capital Investment Coordinating Board (BKPM) to expand and increase production capacity of 8,100,000 dozen hand gloves, 300,000 dozen leather gloves, 1,000,000 dozen synthetic gloves and 1,200 tons rags, per year respectively. This expansion project has absorbed an estimated additional investment of Rp 23.0 billion coming from owned capital of Rp 5.0 billion and the remainder from loans. The expansion plant located at Jl. Raya Krikilan Km. 28, Driyorejo, Gresik 61177, East Java, had been operating since 1998.
Pursuant to company profile (www.mitra-saruta.co.id) P.T. MSI is the
recycled textile waste. This makes their
company unique and specific among others, especially as are the biggest and
leaders among them. Yet their latest
developments in coloured yarn make them the first and only company in
Indonesia. The plants are supported by
the latest and special machinery from Europe that provided good quality product
that makes it possible to compete with regular yarn, in which the area of their
yarn can cross the boundaries.
Through the experience of their founder, that started from collecting
textile waste from all over Indonesia and then exported some 20 years ago. They have created a stable network in
collecting textile waste as well as the final product market. The idea realizing the important of their
environment as well as to develop Environmentally Friendly Products, P.T. MSI
also optimizes the recycle program. They
buy the textile wastes up to 2000 ton monthly.
In overall views we find the demand for various gloves and other product
such as tower, socks, blanket, denim fabrics, canvas fabrics, etc., has been
rising by about 10% to 12% per year within the last five years, in line with
the growth of various industrial sectors. It is estimated the rate of demand
will be higher by at least 8% per year within the coming one-two years. Market competition is very tight due to a
large number of similar companies operating in the country. P.T. MSI in this
case is not in critical position for it has already controlled a wide marketing
chain among industrial manufacturers at home and overseas.
Until this time P.T. MSI 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. We estimated that total sales
turnover of the company in 2011 amounted to Rp. 462.0 billion increased to Rp.
508.0 billion in 2012 and rose again to Rp. 520.0 billion in 2013 and rose
again to Rp. 550.0 billion in 2014. The
operation in 2014 yielded an estimated net profit of at least Rp. 28.5 billion
and the company has an estimated total asset of at least Rp. 220.0 billion. Payment condition for domestic suppliers is
good with the credit payment system of 1 month to 3 months. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
Indonesia).
The management of P.T. MSI is headed by Mr. Hoo Yanto Andrian AKA Yanto
Adrianus (49), a quite creative businessman with experience for some 15
years in the business. Daily, he is assisted by his older brother
Mr. Hoo Eko Susanto (55). The management, which is evaluated quite creative and
dynamic, also has succeeded in expanding their overseas marketing network. We
consider the management is quite capable of further developing business in the
future. They have close relations with many high-ranking government officials
as well as with private businessmen within and outside the country. So far, we
did not hear that the company’s management involved in a dirty business
practice 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. MSI is appraised to be good for business transaction. However, in
view of the economic condition in the country is still unstable and slowdown,
so we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.75.28 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NIT |
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 |
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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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|
<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.