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Report No. : |
333546 |
|
Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SORINI TOWA
BERLIAN CORPORINDO |
|
|
|
|
Registered Office : |
Jalan
Cangkringmalang Beji, Kabupaten Pasuruan, East Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
28.05.2004 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-37174 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Sorbitol and Other
Polyols Manufacturing |
|
|
|
|
No. of Employees : |
226 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially
increased electric power capacity, since taking office. Fuel subsidies were
almost completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
SORINI TOWA BERLIAN CORPORINDO
A
d d r e s s :
Head
Office & Factory
Jalan
Cangkringmalang
Beji,
Kabupaten Pasuruan
East
Java
Indonesia
Phones -
(62-343) 656 656 (Hunting)
Fax - (62-343) 656 370
Email - stcb@stcb.co.id
Website - http://www.stcb.co.id
Land Area - 102,000 sq.
meters
Building Area - 54,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a.
5 September 1994 as P.T. SORINI TOWA
BERLIAN CORPORATION
b.
28 May 2004 as P.T. SORINI TOWA BERLIAN
CORPORINDO
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-80739.AH.01.02.TH.2008
Dated 31 October 2008
- No. AHU-AH.01.10-37174
Dated 6 September 2013
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
a. The
Department of Finance
NPWP No. 01.083.286.3-052.000
b. The
President of the Republic of Indonesia
No. B-190/Pres/7/1994
Dated 21 July 1994
c. The Capital
Investment Coordinating Board
-
No. 220/I/PMA/1994
Dated 4 August 1994
- No. 473/III/PMA/1994
Dated 16 December 1994
- No. 152/II/PMA/2007
Dated 9 May 2007
Related Companies :
a. P.T. CARGILL FOODS INDONESIA (General Trading
and Management Trust and Investment
Holding)
b. P.T. CARGILL INDONESIA (Animal Feed Milling,
Grain and Vegetable Oils)
c. P.T. CARGILL LESTARI AGROSENTRA (Oil Palm
Plantation and Palm Oil Refinery)
d. P.T. CARGILL TRADING INDONESIA (Trading,
Export Import and Distribution of Agricultural
Products)
e. P.T. HARAPAN SAWIT LESTARI (Oil Palm
Plantation and Palm Oil Refinery)
f. P.T. HINDOLI (Oil Palm Plantation and Palm
Oil Refinery)
g. P.T. INDO SAWIT KEKAL (Oil Palm Plantation
and Palm Oil Refinery)
h. P.T. SORINI AGRO ASIA CORPORINDO Tbk (Liquid
and Powder Sorbitol Manufacturing)
i. P.T. VIC INDONESIA SEMESTA (Investment
Holding)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : US$
30,000,000.-
Issued
Capital :
US$ 7,500,000.-
Paid
up Capital :
US$ 7,500,000.-
Shareholders/Owners
:
a. P.T. SORINI AGRO ASIA CORPORINDO
Tbk - US$ 3,757,500.-
Address : Jl. Raya Gempol-Pandaan
Pasuruan, East Java
Indonesia
b. MITSUBISHI SHOJI FOODTECH Co., Ltd. - US$ 3,742,500.-
Address :
2-31, Nishihara 1 Chome
Asaka City, Saitama, Tokyo
Japan
BUSINESS ACTIVITIES
|
Lines of Business :
Sorbitol and Other
Polyols Manufacturing
Production Capacity :
a. Sorbitol - 38,000 tons p.a.
b. Crystalline
Sorbitol - 10,500 tons p.a.
c. Dextrose Liquid
Sorbitol - 12,000 tons p.a.
d. Hydrols - 12,000 tons p.a.
e. Hydrogen - 4,752,000
tons p.a.
Total Investment :
a. Equity Capital - US$ 7.5 million
b. Loan Capital - US$ 23.6
million
c. Total Investment - US$ 31.1 million
Started Operation :
June 1996
Brand Name :
STBC
Technical Assistance
:
MITSUBISHI SHOJI
FOODTECH Co., Ltd., Japan
Number of Employee :
226 persons
Marketing Area :
Local - 15%
Export - 85%
Main Customers :
a. MITSUBISHI SHOJI
FOODTECH Co., Ltd., Japan and other countries
b. P.T. SORINI AGRO
ASIA CORPORINDO Tbk
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BUDI KIMIA
RAYA
b. P.T. SAMA SATRIA
PASIFIK
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a. CITIBANK N.A.
Jalan Dr. Sutomo No. 38
Surabaya, East Java
Indonesia
b. ABN AMRO Bank N.V.
Jalan Pemuda No. 54
Surabaya, East Java
Indonesia
c. P.T. Bank SUMITOMO MITSUI INDONESIA
Jalan Pemuda No. 60-70
Surabaya, East Java
Indonesia
d. P.T. Bank CIMB NIAGA Tbk
Graha Bank Niaga
Jalan Jend. Sudirman Kav. 58
Jakarta
Selatan, 12920
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 390.0 billion
2013
– Rp. 418.0 billion
2014
– Rp. 427.0 billion
Net
Profit (estimated) :
2012
– Rp. 31.0 billion
2013
– Rp. 33.0 billion
2014
– Rp. 36.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Gerrit Jan Nicolaas Hueting
Vice President Director - Mrs. Intan Listiani Riadi
Directors -
a. Mr. Kazuhide Nomoto
b. Mrs. Lucy Tjahjadi
Board of Commissioners :
President Commissioner - Mr. Jun Ikeda
Vice President Commissioner - Mr. Abraham Cornelis Klaeijsen
Commissioners - a. Mr. Koji Kishimoto
b. Mr. Jeral Sylvester Dsouza
Signatories :
President
Director (Mr. Gerrit Jan Nicolaas Hueting) or Vice President Director (Mrs.
Intan Listiani Riadi) or one of the Directors (Mr. Kazuhide Nomoto or Mrs. Lucy
Tjahjadi) which must be approved by Board of Commissioner.
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Initially the company named P.T. SORINI TOWA BERLIAN
CORPORATION was established in Pasuruan, East Java on 5 September 1994 with the
authorized capital of US$ 30,000,000 issued capital of US$ 7,500,000 fully and
paid up. The founding shareholders of the company are MITSUBISHI SHOJI FOODTECH
CO., LTD., (ex TOWA CHEMICAL INDUSTRY CO., LTD), MITSUBISHI CORPORATION both of
Japan as foreign partners and P.T. SORINI AGRO ASIA CORPORINDO Tbk as local
partner. The company notary deed has been changed a couple of times. In May
2004 the company renamed to P.T. SORINI TOWA BERLIAN CORPORINDO (P.T. STBC).
Then in September 2008 MITSUBISHI CORPORATION of Japan pulled out and the whole
shares sold to MITSUBISHI SHOJI FOODTECH CO., LTD., of Japan. The company’s
latest composition and shareholders are P.T. SORINI AGRO ASIA CORPORINDO Tbk
(50.1%) and MITSUBISHI SHOJI FOODTECH CO., LTD., (49.9%). The latest according
to the revision of notary deed Mrs.Siti Nurul Yuliami, SH., no. 50 dated 18
July 2013 the company board of director and the board of commissioner had been
restructured. The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-37174 dated September 6,
2013.
P.T. STBC was established in the frame works of Foreign
Investment (PMA) facility to deal with sorbitol and polyol manufacturing by
manages a plant located on 10.2 hectares landsite at Desa Cangkringmalang,
Beji, Pasuruan, East Java. The plant has been started its commercial production
in June 1996 by produce of sorbitol of 38,000 tons, crystalline sorbitol of
10,500 tons, dextrose liquid sorbitol of 12,000 tons, hydrols of 12,000 tons
and hydrogen of 4,752,000 tons per annum.
The construction of the plant has absorbed an investment
of US$ 31.1 million come from owned capital of US$ 7.5 million and the rest
from loans. With two-thirds of the
calories of sugar, sorbitol is the most commonly used and economic polyol
(sugar alcohol). Used as a sweetener, this reduced-calorie product, with 60% of
the sweetness of sugar, has also found favor from food manufacturers for its
humectant and texturizing properties, particularly in snack foods and bakery.
Sorbitol
syrup is a main ingredient in tooth paste, sugar free chewing gums, personal
care products and diatetic and diabetic foods.
The company produces of high quality product has been
trusted by more than 20 countries since 1996. Some 85% of the products are
exported to Japan, Hong Kong, Singapore, Malaysia, Taiwan, RRC, New Zealand,
Australia, the USA, Denmark, Nigeria, European Union, Russia, Turkey, Egypt,
Bangladesh, South Korea, Taiwan, China, Vietnam and others. For local market it
has appointed its sister company P.T. ANEKA KIMIA RAYA Tbk as a sole
distributor, while for export is mostly handled by Japanese Trading House,
mainly MITSUBISHI CORPORATION. Most of raw material (tapioca) is gained from a
number of suppliers in East Java and some others supplied by its parent company
P.T. SORINI AGRO ASIA CORPORINDO Tbk. We observe the operation of P.T. STBC has
been growing in the last five years.
Until this time P.T. STBC has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. STBC is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2012 amounted to Rp. 390.0 billion
increased to Rp. 418.0 billion in 2013 rose to Rp. 427.0 billion in 2014 and
projected to go on rising by at least 6% in 2015. The operation in 2014 yielded
an estimated net profit of at least Rp. 36.0 billion and the company has an
estimated total networth of at least Rp. 75.0 billion. We observe that P.T.
STBC is supported by foreign partner with has financially strong and sound
behind it. 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. STBC is led by Mr. Gerrit Jan Nicolaas
Hueting (57) a professional manager with experience in manufacturing of
sorbitol liquid and powder. Besides, Mr. Gerrit also appointed to the Board as the President Director of
P.T. Sorini Agro Asia Corporindo Tbk on 28 November 2011 and was reappointed to
a new term at the AGMS on 25 November 2013, Gerrit Jan Nicolaas Hueting has
over 30 years of experience in business across many regions – including more
than 15 years of experience holding top managerial level positions in starch
and sweetener business in various countries. Gerrit currently serves as
Regional Manager of Cargill’s Starches and Sweetener business in Jakarta based
Southeast Asia office. Gerrit obtained a Bachelor’s degree in Entomology and
Phytopathology from the National College of Tropical Agriculture in Deventer,
the Netherlands in 1982. The
company's management is handled by professional staff in the above business.
They have wide relations with private businessmen within and outside the
country. 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. SORINI TOWA BERLIAN
CORPORINDO is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
TPT |
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.