MIRA INFORM REPORT
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Report Date : |
5th April
2006 |
IDENTIFICATION DETAILS
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Name : |
P.T.
SUNRISE BUMI TEXTILE |
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Registered Office : |
Menara Batavia, 16th
Floor Jl. K.H. Mas Mansyur
Kav. 126 Jakarta
10220 |
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Date of Incorporation : |
10
December 1979 |
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Com. Reg. No.: |
C2-14338.HT.01.04.TH.1998 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Engaged
in the business of Spinning Mills |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. SUNRISE BUMI TEXTILE
A d d r e s s
Head Office
Menara
Batavia, 16th Floor
Jl.
K.H. Mas Mansyur Kav. 126
Jakarta
10220
Phones -
(021) 5722442 (hunting)
F
a x - (021) 5722441
Email - sksharma@sunrise.com
Building Area - 32 storey
Office Space - 360 sq. meters
Region - Commercial
Status - Rental
Factory
Jl. Raya Bekasi Km. 28
Bekasi 17133
West Java
Phones - (62-21) 883488 (hunting)
Fax. - (62-21) 8843493
Land Area - 72,810 sq. meters
Office Space - 28,650 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation
a. 10 December 1979 as P.T. SUNRISE INDONESIA TEXTILE
b. 7 May 1980 as P.T. SUNRISE BUMI TEXTILE
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-14338.HT.01.04.TH.1998
Dated 21 September 1998
Company Status
Foreign Investment Company (PMA)
Permit by the Government Department
The Capital Investment Coordinating Board
a. No. 114/I/PMA/1979
Dated 10 August 1979
b. No. 5/II/PMA/1983
Dated 23 February 1983
Related Companies
The BIRLA INDONESIA GROUP Members
CAPITAL AND OWNERSHIP |
Capital Structure :
Authorized Capital : US$. 7,000,000.-
Issued Capital : US$. 7,000,000.-
Paid up Capital : US$. 4,000,000.-
Shareholders/Owners :
a.
HALLOCK INTERNATIONAL of Liberia - US$ 760,000.-
b.
LONDON EUROPEAN ASSOCIATES LTD., of Mauritius -
US$ 640,000.-
c.
CANARIA INT. CORP., of British Virgin Island -
US$ 400,000.-
d.
SILVERSHINE LTD., of Mauritius -
US$ 400,000.-
e.
T.INDONESIA Group Inc. of Panama -
US$ 320,000.-
f. PROLEX TRADING CO. LTD., of Hong Kong - US$ 200,000.-
g.
HAU TAK INTERNATIONAL of British Virgin Island -
US$ 200,000.-
h.
The GOLD FOUNDATION of Liechtenstein - US$ 180,000.-
i. The PEARL FOUNDATION of Liechtenstein - US$ 180,000.-
j. The DIAMOND FOUNDATION of Liechtenstein - US$ 180,000.-
k.
The ROUGH FOUNDATION of Liechtenstein -
US$ 180,000.-
l. P.T. INDO BHARAT RAYON of Indonesia - US$ 360,000.-
BUSINESS ACTIVITIES |
Lines of Business:
Spinning Mills
Production Capacity :
Rayon, TR, TC, CVC Polyester and Acrylic Yarns - 43,420,000 lbs p.a.
Total Investment :
a. Owned Capital - US$. 4.0 million
b. Loan Capital - US$. 66.0 million
c. Total Investment - US$. 70.0 million
Started Operation :
1 9 8 1
Brand Name :
SBT
Technical Assistance :
BIRLA A.G., of Switzerland
Number of Employee :
1,480 persons
Marketing Area :
a. Domestic (Local) - 20%
b. Export - 80% (USA, UK, Spain, Switzerland, Germany,
France, Turkey, etc)
Main Customer :
Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Apak Inti Corpora
b. P.T. Argo Manunggal
c. P.T. Kumafiber
d. P.T. Fuji Palapa Textile
e. P.T. Panasia Indosyntex
f. P.T. Hakatex
g. etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a.
Hongkong & Shanghai Banking Corp. (HSBC)
World Trade Centre
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
b.
CITIBANK N.A.
Jalan Jend. Sudirman Kav. 1
Jakarta Selatan
Auditor :
Hans Tuanakotta & Mustofa
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2001 – Rp. 410.0 billion
2002 – Rp. 361.0 billion
2003 – Rp. 428.0 billion
2004 – Rp. 490.0 billion
2005 – Rp. 520.0 billion
Net Profit (Loss) :
2001 – Rp. 42.0 billion
2002 – Rp. 12.2 billion
2003 – Rp. 16.5 billion
2004 – Rp. 19.3 billion
2005 – Rp. 22.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of Management :
President Director -
Mr. R.N. Aggarwal
Vice President Director -
Mr. Manu Hassaram
Directors -
a. Mr. Virendra Singh
b. Mr. Venkahaman Sitaram Hedge
Board of Commissioner :
Chairman
- Mr. Krishna Kumar Tulsian
Commissioner -
a. Mr. Praboth Kirtilal Mehta
b. Mr. Lekhoomal Pohoomal Tolani
c. Mr. Inder Singh Narang
d. Mr. M.S. Thakral
Signatories :
President
Director (Mr. R.N. Aggarwal) or Vice President Director (Mr. Manu Hassaram) or
one of Directors (Mr. Virendra Singh or Mr. Venkahaman Sitaram Hedge) which must be approved by the Chairman of
Commissioner Board (Mr. Krishna Kumar Tulsian) or others Commissioner Board.
CAPABILITIES
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Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit Limit :
Moderate
Amount
Maximum Credit Limit :
US$ 7,000,000.- on the 90 days of payments
OVERALL PERFOMANCE |
Originally
named P.T. SUNRISE INDONESIA TEXTILE, the company was established in 1979 in
Jakarta with an authorized capital of US$ 4,000,000.- entirely issued and
paid-up. The company was founded by BIRLA AG of Switzerland, INTERNATIONAL
INDUSTRIAL MANAGEMENT & INVESTMENT Corp., MEKIMA Corp. Ltd., OM FINANCE
Inc., INDONESIA Group Inc., (all of Panama), DAWNAYA Co. Ltd., PROCOLEX TRADING
Ltd., (both of Hong Kong) and P.T. HASIL BUMI BUNTU MARANU of Indonesia, as the
original shareholders. The company’s notaries act was since revised a couple of
times. In May 1980 the company renamed to P.T. SUNRISE BUMI TEXTILES (P.T.
SBT). By the same time its authorized capital was raised to US$ 7,000,000.-
issued capital of US$ 7,000,000.- and paid-up capital to US$ 4,000,000.
The
majority business stakes of the company is controlled by the BIRLA INDONESIA Group,
a large-scale business group based in India. In Indonesia it set up a number of
companies, such as, P.T. INDO LIBERTY
TEXTILES, P.T. ELEGANT TEXTILE INDUSTRY (both engaged in spinning mills) and P.T. INDO BHARAT RAYON
(in viscose rayon fibre and acrylic fibre industry).
P.T. SBT operates under
Foreign Investment (PMA) facilities in the spinning
mill industry, with its plant located at Jalan Raya Bekasi km.
28, Bekasi (West Java), where it stands on a
7.2 hectare land. Already in operation since
1981, the plant has been expanded several times. The company produced rayon,
TR, TC, CVC polyester, acrylic 43,420,000 bales per annum. The spinning mills
has used up an investment of US$ 70.5 million, of which US$ 4.0 million was derived
from company capital and the balance from loans. Basic material like viscose rayon staffle fibre, polyester
staffle fibre and acrylic staffle fibre mostly are imported from the USA,
Europe Union, Japan, Taiwan and Thailand. Some 80% of the company's
production is exported to the USA, the UK, Spain, Switzerland, Germany, France,
Turkey, Belgium, South Korea, Singapore, Malaysia, and Japan, with the rest
being marketed in the country, primarily to textile industries operating
in Jakarta, Bandung (West Java) and Semarang (Central Java).
Sharp
rupiah depreciation again the US $, Yen, DM and other hard foreign currencies has good impact to P.T. SBT's financial
condition, because most of its products is exported and the total of its sales in term of rupiah increased. On
the other hand, the prolonged economic crisis also affected bad impact to its
business operation because of the sharp rise in the basic materials prices and
production cost. P.T. SBT's future business prospect is quite bright due to the
rise in export demand.
Until
this time P.T. SBT have not been listed in the Indonesian Stock Exchange so
that the company shall not obliged to announce its financial statement to the
public. We estimate that total sales turnover of P.T. PIL in 2003 was estimated
at Rp 428.0 billion increased to Rp 490.0 billion in 2004 and rose again to Rp
520.0 billion in 2005. The operation in
2005 yielded an estimated net profit at Rp 22.8 billion and the company has an
estimated total net worth at around Rp 320.0 billion. It is projected the total sales turnover in 2006 will be higher
by 12%. P.T. SBT is backed by
financially strong and sound foreign partners behind it.
P.T.
SBT's management is led by Mr. R.N. Aggarwal (ca. 53), one of professional
managers of India with ample experience in trading and spinning mills. The
management is well experienced and
handled by professional managers
in the above business having maintained wide relation with home and overseas
private businessmen as well as with the
government sector. So far, we have
never yet come across reports on involvement of P.T. SBT's management in any
fraudulent dealings.
P.T.
SBT is considered to be good for normal business transaction. Considering
unstable economic condition in the country, we recommend to acquire adequate
guarantee from whole shareholders before extending any new loan to the company.
RATING EXPLANATIONS
RATING
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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 |
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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 |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |