MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.T. SINAR PANTJA DJAJA LTD. |
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Registered Office : |
Jl. Condrokusumo No. 1, Simongan, Semarang 40148, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
31 July 1972 |
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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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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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Maximum Credit Limit : |
US$ 3,460,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of company
P.T. SINAR PANTJA DJAJA LTD.
Address
Head Office &
Factory
Jl. Condrokusumo
No. 1, Simongan
Semarang 40148
Central Java
Indonesia
Phone - (62-24) 7603888
(hunting)
Fax. - (62-24) 7621454
Land Area - 20.3 hectares
Office Space - 4.6 hectare
Region - Industrial
Zone
Status - Owned
Date of Incorporation
31 July 1972
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Department of
Law and Human Rights
No.
W8-00357.HT.01.04.TH.2006
Dated 05 October
2006
Company Status
Domestic Investment Company
Permit by the Government
Department
The Department of Finance
NPWP No. 1.136.154.0-503.000
Related Companies
- P.T. PANASIA SYNTHETIC ABADI (Investment Holding)
- P.T. PANASIA INTERTRACO (Investment Holding)
- The PANASIA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
250,000,000,000.-
Issued Capital : Rp. 95,000,000,000.-
Paid up Capital : Rp. 95,000,000,000.-
Shareholders/Owners :
a. P.T. PANASIA
SYNTHETIC ABADI - 95%
b. P.T. PANASIA
INTERTRACO - 5%
BUSINESS ACTIVITIES
Lines of Business:
Integrated Textile Industry
Production Capacity
a. Weaving Yarns -
138,407 bales p.a.
b. Grey Fabrics -
14,500,000 meters p.a.
Total Investment
a. Equity Capital -
Rp. 70.0 billion
b. Reinvested Profit -
Rp. 48.0 billion
c. Loan Capital - Rp.
171.0 billion
d. Total Investment - Rp.
289.0 billion
Started Operation
1976
Brand Name
None
Technical Assistance
None
Number of Employee
1,860 persons
Marketing Area
Domestic
(Local) - 70%
Export -
30%
Main Customer
Not Available
Market Situation
Very Competitive
Main Competitors
a. P.T. ARGO
PANTES Tbk.
b. P.T. INDORAMA
SYNTHETICS Tbk.
c. P.T. APAC INTI
CORPORA
d. P.T. SINAR
PADASUKA TEXTILE
e. P.T. GUNAWANTEX
f. P.T. PUJITEX
g. Etc.
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
a. P.T. Bank
CENTRAL ASIA Tbk
Jalan Pemuda No. 90-92
Semarang, Central Java
Indonesia
b. P.T. Bank
MANDIRI Tbk.
Jalan Pemuda No. 73
Semarang, Central Java
Indonesia
c. P.T. Bank
NEGARA INDONESIA Tbk.
Bandung Branch
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 430.0
billion
2005 – Rp. 470.0
billion
2006 – Rp. 510.0
billion
2007 – Rp. 260.0
billion (January – June)
Net Profit
(estimated) :
2004 – Rp. 24.0 billion
2005 – Rp. 30.0 billion
2006 – Rp. 38.0 billion
2007 – Rp. 22.0 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director
- Mr. Awong Hidjaja
Director
- Mr. Aang Hidjaja
Board of
Commissioner :
Commissioner -
Mrs. Evelyne Meilyna Hidjaja
Signatories
:
President
Director (Mr. Awong Hidjaja) or Director (Mr. Aang Hidjaja) which must be
approved by the Board of Commissioner (Mrs. Evelyne Meilyna Hidjaja)
CAPABILITIES
Management
Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount –
periodical review
Maximum Credit Limit
US$ 3,460,000 on 90 days D/A
OVERALL PERFOMANCE
The right name of company is P.T. Perusahaan Industri dan Dagang P.T. SINAR PANTJA DJAJA Ltd., abbreviated P.T. SINAR PANTJA DJAJA Ltd, (P.T. SPDL). The company was established in July 1972 with authorized capital of Rp. 750,000,000.- issued capital of Rp. 375,000,000.- of which Rp. 200,000,000.- was paid up. Founders and original shareholders are Mr. Sutanto Djaja and Mr. Hendra Djaja, both brothers are Chinese origin Indonesian. Its articles of association has been amended for a couple of times. In April 1999 the authorized capital was increased to Rp. 75,000,000,000.- issued capital to Rp. 70,000,000,000.- wholly paid-up. In September 2006, the authorized capital was increased to Rp. 250,000,000,000.- issued capital to Rp. 95,000,000,000.- wholly paid up. The latest shareholding composition is P.T. PANASIA SYNTHETIC ABADI (95%) and P.T. PANASIA INTERTRACO (5%). The notary deed of P.T. CI was made by Mr. Tendy Suwarman, SH., a public notary in Jakarta, under company registration number W8-00357.HT.01.04.TH.2006, dated October 5, 2006.
P.T. SPDL's shareholders namely P.T. PANASIA SYNTHETIC ABADI and P.T. PANASIA INTER TRACO are private companies whose entire shares are controlled by Mr. Awong Hidjaja AKA Ong Ko Oen and his family. The Hidjaja family is also majority business stakes owners of the PANASIA Group originally named the HADTEX Group, a major business group in Indonesia in integrated textile industry based in Bandung, West Java.
P.T. SPDL acquired a Domestic Investment (PMDN) permit for dealing with textile yarn spinning industry and textile milling industry by managing a plant located at Jalan Condrokusumo No. 1, Semarang (Central Java) standing on 20.3 hectares land. The plant started with commercial operation in 1976 and expanded respectively in 1990, 1993 and lastly in 2000. Construction of whole plant used-up an investment of Rp. 289.0 billion. P.T. SPD's operation has been growing stable and its factory's utility has reached around 80% to 85% within the last three years. Around 30% of its textile yarns production is export to Syria, Hong Kong, Taiwan and the People's Republic of China and the rest 70% is marketed domestically mostly to textile milling companies within the PANASIA Group's circles. All of P.T. SPD's grey fabrics is marketed domestically mostly to textile finishing industries within the PANASIA Group.
Generally, demand for textile and textile products (TPT) in the international market has been fluctuating in the last five years as evident from the figures of Indonesian garment export. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2000 amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 (US$ 4,476.7 million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.3 tons (US$ 4,351.9 million) in 2004 to 369,500 tons (US$ 4,967.0 million) in 2005 and rose again to 399,600 tons (US$ 5,608.1 million) in 2006.
The Indonesia textile products export in 2000 amounted 1,365,100 tons (US$ 3,634.1 million), declined to 1,269,500 tons (US$ 3,198.9 million) in 2001, to 1,425,900 tons (US$ 3,075.9 million) in 2002 to 1,307,500 tons (US$ 3,064.6 million) in 2003 to 1,300,400 tons (US$ 3,354.6 million) in 2004 to 1,427,300 tons (US$ 3,704.0 million) in 2005 and to 1,477,800 tons (US$ 3,908.6 million) in 2006. The export volume and value of the national TPT products in 2000 to 2006 are pictured on the following table.
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Year |
Garment |
Textile
Product |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 |
370.3 |
4,702.6 |
1,365.1 |
3,634.1 |
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2001 |
473.8 |
4,476.7 |
1,269.5 |
3,198.9 |
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2002 |
333.1 |
3.887.2 |
1,425.9 |
3,075.9 |
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2003 |
339.9 |
4,037.9 |
1,307.5 |
3,064.6 |
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2004 |
327.3 |
4,351.9 |
1,300.4 |
3,354.6 |
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2005 |
369.5 |
4,967.0 |
1,427.3 |
3,704.0 |
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2006 |
399.6 |
5,608.1 |
1,477.8 |
3,908.6 |
Source : Central
Bureau of Statistic
The competition is very tight on account of many similar companies operating in the country. The business position of P.T. SPDL is favorable for having established regular customers and wide marketing networks in the country. We believed that the company is in position to thrive its business in the future.
The management of P.T.SPDL’s very reclusive toward outsiders and rejected to disclose its financial condition. However, we estimated that total sales turnover in 2004 reached Rp. 430.0 billion with a net profit of Rp. 24.0 billion, rose to Rp. 470.0 billion with a net profit of Rp 30.0 biliion in 2005 to Rp. 510.0 billion with a net profit of Rp 38.0 billion in 2006 and projected to be rising by at least 10% in 2007. Its estimated the company has a total networth of Rp 450.0 billion. So far we have never heard that P.T. SPDL has been black listed by Bank Indonesia (central bank) or detrimental cases being settled in local district court. Payment condition for domestic and overseas suppliers is good with the credit payment system of 1 month to 3 months.
However, we believed that the prime mover of the company is Mr. Awong Hidjaja AKA Ong Ko Oen (54), a businessman with more than 32 years of experience in various businesses especially those in the PANASIA Group’s circles. He is also the main founder, prime mover and the majority business stake owner of the PANASIA Group. Daily, he is assisted by his younger brother Mr. Aang Hidjaya (32) as director. The management is handled by experienced professional managers having wide relation with overseas as well as with the government sectors as well as with the government sectors.
P.T. SPDL appraised quite feasible for normal business transaction. Considering economic condition in the country remains unstable, we recommend to treat prudently in extending loan to the company.
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 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%)