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MIRA INFORM REPORT
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Report No. : |
484577 |
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Report Date : |
13.01.2018 |
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-AH.01.03-0050666 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Manufacturing of
Hand Gloves and Woven Yarn. |
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No. of Employees : |
680 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Indonesia |
A2 |
A2 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source
: CIA |
COMPANY
NAME
P.T. MITRA SARUTA
INDONESIA
BASIC
SEARCH
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
d. No. AHU-AH.01.03-0050666
Dated 23 May 2016
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/Affiliated
Company :
U.D. LAP KURNIA (Pad
Manufacturing)
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 100,000,000,000.-
Issued Capital - Rp. 100,000,000,000.-
Paid up Capital - Rp. 100,000,000,000.-
Shareholders/Owners :
a. Mr. Hoo Eko Susanto -
Rp. 24,840,000,000.- (24.84%)
Address : Jl. Raya Sanggrahan
No. 37, RT.001, RW.006
West Jakarta
Indonesia
b. Mr. Hoo Yanto Andrian -
Rp. 61,000,000,000.- (61.0%)
Address : Villa Sentra
Raya A-1/9, Komp. Perum Citra Raya
Surabaya, East java
Indonesia
c. Mrs. Hoo Yuliana -
Rp. 10,320,000,000.- (10.32%)
Address : Taman Golf
Block C-5 No. 2
Surabaya, East Java
Indonesia
d. Mr. Hoo Budy Siswanto -
Rp. 3,840,000,000.- ( 3.84%)
Address : Jl. Jajar
Tunggal Utara I No.32
Surabaya, East Java
Indonesia
BUSINESS
ACTIVITIES
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 :
680 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
BANKER,
AUDITOR & LITIGATION
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
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2012
– Rp. 508.0 billion
2013
– Rp. 520.0 billion
2014
– Rp. 550.0 billion
2015
– Rp. 630.0 billion
2016
– Rp. 720.0 billion
2017
– Rp. 810.0 billion
Net
Profit (estimated) :
2012
– Rp. 26.0 billion
2013
– Rp. 27.0 billion
2014
– Rp. 28.5 billion
2015
– Rp. 32.6 billion
2016
– Rp. 37.2 billion
2017
– Rp. 41.8 billion
Payment
Manner :
G
o o d
Financial
Comments :
Fairly
KEY
EXECUTIVES
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)
CAPABILITIES
Management Capability:
Good
Business Morality:
Good
OVERALL
PERFORMANCE
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. In 2012, based
on Notary Deed No. 01 dated February 2, 2012 drawn up 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.
The most recently by Notary Deed No. 155
dated May 23, 2016 drawn up by Ranti Nursukma Handayani, SH., the authorized
capital was raised again to Rp. 100,000,000,000.- entirely was issued and fully
paid up. The capital structures and shareholder composition of the Company in
details are as shown on page-3 of this report. The amendment to Deed was
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-AH.01.03-0050666 dated May 23, 2016.
P.T. MSI is a Domestic Investment (PMDN)
company engaged in hand glove and woven 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, 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.
We observed that P.T. MSI is classified as a large sized company of its
kind in the country of which the operation has been growing in the last three
years.
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 2015 amounted
to Rp. 630.0 billion increased to Rp. 720.0 billion in 2016 and rose again to
Rp. 810.0 billion in 2017. The operation
in 2017 yielded an estimated net profit of at least Rp. 41.8 billion and the
company has an estimated total asset of at least Rp. 280.0 billion. So far we did not hear that P.T. SMM 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. MSI is headed by Mr.
Hoo Yanto Andrian AKA Yanto Adrianus (52) as director and CEO of the
company. He is a quite creative
businessman with experience for some 18 years in hand glove and woven yarn
manufacturing. Daily, he is assisted by
his older brother Mr. Hoo Eko Susanto (58) as president commissioner and Mrs.
Hoo Yuliana (67) as commissioner. The
management is 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.
We are convinced that
P.T. MITRA SARUTA INDONESIA is fairly good for normal business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.53 |
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|
1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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IDR |
1 |
INR 0.0048 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.