MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. APAC INTI CORPORA |
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Registered Office : |
Graha BIP, 10th Floor, Jalan Jend. Gatot Subroto
Kav. 23, |
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Country : |
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Date of Incorporation : |
01 July 1995 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Textile Industry |
RATING & COMMENTS
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MIRAs 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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Maximum Credit Limit : |
US$ 30.6 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Correct Name of
Company
P.T. APAC INTI CORPORA
Address
Head Office
Graha BIP, 10th Floor
Jalan Jend. Gatot Subroto Kav. 23
Phones - (021)
5225222, 5228888 (hunting)
Fax. - (021) 5258300,
5202910
Website - http://www.apacinti.co.id
E-mail - info@apacinti.co.id
Building Area -
28 storey
Office Space -
1,200 sq. meters
Region -
Status - Rent
Factory
Jalan Soekarno Hatta Km. 32
Desa Harjosari-Bawen
Phones - (024)
921888, 921626
Fax - (024)
921297
Land Area -
105 hectares
Building Area - 28 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation
a. 01 July 1995
as P.T. KANINDOTEX INTI CORPORA
b. 02 August 1995
as P.T. APAC INTI CORPORA
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C2-12.074.TH.01.04.TH95
Dated 26 September 1995
Company Status
Foreign Investment (PMA) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No. 471/PMDN/1995
Dated 29 August 1995
- No. 04/III/PMDN/2003
Dated 09 January 2003
- No. 25/V/PMA/2004
Dated 02 April 2004
The Department of Finance
NPWP No. 01.744.927.3-091.000
Related Company
The APAC Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
1,700,000,000,000.-
Issued Capital : Rp.
1,140,000,000,000.-
Paid up Capital : Rp.
1,140,000,000,000.-
Shareholders/Owners :
a. P.T. APAC CITRA
CENTERTEX Tbk. - Rp. 581,400,000,000.-
(51%)
Address : Graha BIP, 10th Floor
Jl. Jend. Gatot Subroto Kav.
23
b. NATION SOUL
Ltd. -
Rp. 501,600,000,000.- (44%)
Address :
B.V.I.
c. Cooperatives
(480 companies) -
Rp. 57,000,000,000.- ( 5%)
Address :
BUSINESS ACTIVITIES
Lines of Business:
Integrated Textile Industry
Production Capacity
a. Weaving
Yarns - 1,248,000 bales p.a.
b. Grey
Fabrics -
420,000,000 meters p.a.
c. Finishing
Fabrics - 420,000,000 meters p.a.
d. Denims - 60,000,000 yards p.a.
e. Garments - 1,600,000 pieces p.a.
Total Investment
a. Equity Capital -
Rp 800.0 billion
b. Loan Capital -
Rp 1,565.7 billion
c. Total Investment -
Rp 2,365.7 billion
Started Operation
August 1995 when
it was P.T. KANINDOTEX INTI CORPORA
Brand Name
APAC INTI CORPORA
Technical Assistance
None
Number of Employee
13,820 persons
Marketing Area
Export - 90%
Local
- 10%
Main Customer
Buyers in Europe (Belgium, Cyprus, Denmark, Finland, France, Germany,
Greece, Hungary, Italy, Lithuania, Netherlands, Norway, Poland, Portugal,
Spain, Sweden, Switzerland, Turkey, United Kingdom, Yugoslavia), the USA, Argentina,
Brazil, Canada, Chile, Columbia, Mexico, Bangladesh, China, Hong Kong, India,
Srilanka, Syria, Taiwan, Thailand, Vietnam, Africa, Australia, New
Market Situation
Very Competitive
Main Competitors
a. P.T. ARGO
PANTES Tbk.
b. P.T. PANASIA
INDOSYNTEX Tbk.
c. P.T. CANDRATEX
SEJATI
d. P.T. SIPATEX
e. Etc.
Business Trend
Fluctuating
BANKER, AUDITOR &
LITIGATION
Bankers :
a.
P.T. Bank MANDIRI Tbk.
Jalan
R.P. Soeroso No. 2-4
b.
P.T. Bank
Landmark
Centre
Jalan
Jend. Sudirman 1
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003
2004
2005
2006
Net Profit :
2003
2004
2005
2006
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr.
Benny Soetrisno
Vice
Pres. Director -
Mr. Stefanus Rijanto Kotjo
Directors - a. Mr. Daryanto Mulyorahardjo
b. Mr. Annas Sukarmadji
c. Mr. Anas Bahfen
Board of Commissioners :
Chairman - Mr. Johannes B. Kotjo
Members -
a. Mrs. Suzanna Tanojo
b. Mr. Bambang Riyadi Soegomo
c. Mr. Wisnu Suhardono
d. Mr. Junanda Putje Syarfuan
Signatories :
President Director (Mr. Benny Soetrisno) or Vice President Director (Mr. Stefanus Rijanto Kotjo) or one of the directors (Mr. Daryanto Mulyorahardjo, Mr. Annas Sukarmadji and Mr. Anas Bahfen) which must be approved by Chairman of Supervisory Board (Mr. Johannes B. Kotjo) or Members of the Board (Mrs. Suzanna Tanojo, Mr. Bambang Riyadi Soegomo, Mr. Wisnu Suhardono or Mr. Junanda Putje Syarfuan)
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Below Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit
Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 30.6 million on the 90 days of payments
OVERALL PERFOMANCE
Initially named P.T. KANINDOTEX INTI CORPORA, the company was established in July 1995 with an authorized capital of Rp 800,000,000,000.-, issued and paid up capital of Rp 200,000,000,000.-. The founding shareholders are P.T. APAC CENTURY CORPORA (99.99%) and Mr. Johannes Budisutrisno Kotjo (0.01%). In August 1995 the company was renamed P.T. APAC INTI CORPORA (P.T. AIC) and in July 1996 the issued and paid up capital was increased to Rp 300,000,000,000.-. By the same time Mr. Johannes Budisutrisno Kotjo pulled out and replaced by 60 cooperatives. In August 1996 the 94.12% shares of P.T. AIC had been taken over by P.T. APAC CENTERTEX CORPORATION Tbk., a publicly listed company, and the rest 5.88% owned by 480 cooperatives. The latest on April 2004 the authorized capital was raised again to Rp 1,700,000,000,000.-, issued and paid up capital was raised to Rp. 1,140,000,000,000.- By the same time, the shareholders of the company are P.T. APAC CENTERTEX CORPORATION Tbk., (51%), NATION SOUL Ltd., of British Virgin Islands (44%) and cooperatives (5%).
P.T. AIC is a member of the APAC Group, a business group founded by four businessmen namely Mr. Bambang Trihatmodjo, the second son of former president Soeharto, Mr. Johannes B. Kotjo, Mr. Bambang Yoga Soegomo and Mr. Wisnu Suhardono.
P.T. AIC has been operating since August 1995 in integrated
textile industry. It took over 3 plants owned by the KANINDOTEX Group located
at Desa Harjosari-Bawen,
Presently P.T. AIC is one of the largest integrated textile
industries in the country with annual production capacity of 482,000 bales
yarn, 80,000,000 meters grey fabrics, 5,000,000 meters finished fabrics, 60,000
yards denim and 1,600,000 pieces garment per year. Some 90% of the products is
exported to Europe (Belgium, Cyprus, Checoslavikia, Denmark, Finland, France,
Germany, Greece, Hungary, Italy, Lithuania, Netherlands, Norway, Poland,
Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom, Yugoslavia), USA
(Argentine, Brazil, Canada, Chile, Columbia, Costarica, Dominica, Elsalvador,
Guatemala, Mexico, Bicaragua, Panama, Perusa, USA), Asia (Bangladesh, China,
Hongkong, India, Srilanka, Syria, Taiwan, Thailand, Vietnam), Africa (Algeria,
Cameroon, Egypt, Kenya, Madagaskar, Morocco, Maurotius, Nigeria, Sotuh Africa,
Tanzania, Tunisia, Zimbabwe) Australia and New Zealand. The other 10% is sold
in local market in
P.T. AIC is also dealing with investment holding, owning 99%
shares of P.T. GUNUNG GARMINDO SEJATI,
On 23 October 2002 P.T. PELITA SEJAHTERA ABADI, a sister company of Koperasi Karyawan P.T. AIC made public expose in Surabaya Stock Exchange. It will release 12 million shares of nominal value of Rp 100 per share. It is planned that 89% of the proceeds will be used to fund investment and business expansion, and the rest 11% to strengthen the company's working capital. However, it is still under process to date. P.T. PSA is dealing with general trading, container trucking service, catering and small housing for P.T. AIC employees. But the plan to go public is left unrealized.
Economic crisis has brought bad impact to textile and textile products industry (TPT) because the local demand dropped down. But since 1999 the demand for TPT started to rise again in line with a better economic condition in the country. Business position of P.T. AIC is quite well for the products are largely exported. Business prospect in the long run is quite well once economic recovery begins soon.
Mr. Anas Bahfen, financial director of P.T. AIC, said the total
sales turnover in 2003 amounted to US$ 255 million with a net profit of US$
10.3 million, rose to US$ 268 million with a net profit of Rp 10.8 million in 2004,
declined to US$ 263 million with a net profit of Rp 9.4 million in 2005 and
declined again to US$ 245 million with a net profit of US$ 8.0 million in
2006. The company has a total networth
of US$ 115 million. So far we have
never heard that P.T. AIC has been black listed by Bank
The company is headed by Mr. Benny Soetrisno (57), a
well-experienced professional manager in textile industry. He is an electrical engineer graduate of
Reinische Westfacliche Tehnischee Hochschule,
Therefore, we recommend to treat prudently in extending any new loan to
P.T. AIC.
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 |
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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. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SCs 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%)