MIRA INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SANDANG INDO PRATAMA |
|
|
|
|
Registered Office : |
Jalan Raya Serang Km. 13.8 A, Cikupa, Tangerang 15710,
Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
04.05.1998 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-05447 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment
Manufacturing |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 631,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of
Company
P.T. SANDANG INDO
PRATAMA
company Address
Head Office
& Factory
Jalan Raya Serang Km. 13.8 A
Cikupa, Tangerang 15710
Banten Province
Indonesia
Phones -
(62-21) 5961088 (Hunting)
Fax -
(62-21) 5961089
E-mail - liyana@sandang.net.
Land Area - 11,000 sq. meters
Building Space - 8,500 sq. meters
Region - Commercial
Status - Rent
Date
of Incorporation
4 May 1998
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry
of Law and Human Rights
- No.
C-11.159.HT.01.01.TH.2000
Dated 31 May 2000
- No.
AHU-AH.01.10-05447
Dated 22 February
2011
Company Status
Private National Company
Permit by the Government
Department
The Department
of Finance
NPWP No. 01.843.752.5-451.000
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 20,000,000,000.-
Issued Capital :
Rp. 20,000,000,000.-
Paid up Capital :
Rp. 20,000,000,000.-
Shareholders/Owners :
a. Mr. Husein
Angryanto -
Rp. 14,000,000,000.-
Address : Jl. Letjend. S. Parman Kav. 3, RT. 004
RW. 002, Kel. Tanjung Duren
Barat, Kec.
Grogol Petamburang, Jakarta Barat
Indonesia
b. Mrs. Suzan
Andyanto -
Rp. 6,000,000,000.-
Address : Green Garden Block C ˝, RT. 002
RW. 009, Kel. Kedoya Utara,
Kec.
Kebon Jeruk, Jakarta Barat
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Garment Manufacturing
Production Capacity :
Garment (Trousers) -
20,000 dozens p.a.
Total Investment :
Owned Capital -
Rp. 20.0 billion
Started Operation :
2000
Brand Name :
Sandang Indo Pratama
Technical Assistance :
None
Number of Employee :
235 persons
Marketing Area :
Export - 100%
Main Customer :
Buyers in Europe Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BINTANG LIMO INDONESIA
b. P.T. BUDI TEXTINDO PRAKARSA
c. P.T. IL JIN SUN GARMENT
d. P.T. YOU YOUNG INTRA
e. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank MANDIRI Tbk
Jalan Raya Serang
Banten Province
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 40.0 billion
2009 – Rp. 44.0 billion
2010 – Rp. 48.0 billion
Net Profit (estimated) :
2008 – Rp. 3.2 billion
2009 – Rp. 3.5 billion
2010 – Rp. 4.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Husein Angryanto
Directors - a.
Mr. Darmawan Widjaja
b. Mrs. Lilyana Liuw
Board of Commissioners :
Commissioner - Mrs. Suzan
Andyanto
Signatories :
President Director (Mr. Husein Angryanto) or one of the Directors
(Mr. Darmawan Widjaja or Mrs. Lilyana Liuw) which must be approved by Board of
Commissioner
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$ 631,000 on 90 days D/A
OVERALL PERFORMANCE
P.T. SANDANG INDO PRATAMA (P.T.
SIP) was established in Jakarta on May 4, 1998 with the authorized capital of
Rp. 300,000,000 issued capital of Rp. 100,000,000 fully and paid up. The
founding shareholders of the company are Mr. Darmawan Widjaja AKA Bong Kwet
Tjoen, Mrs. Suzan Andyanto, Mr. Hadi Wijaya, Mr. Fredy Fajaray Lim and Mr.
Johan AKA Lo Kiam Feoi. They are Indonesian businessmen of Chinese extraction.
The company notary deed has been changed and in August 2008 the authorized
capital was increased to Rp. 20,000,000,000 wholly issued and paid up. On the
same occasion Mr. Darmawan Widjaja AKA Bong Kwet Tjoen, Mr. Hadi Wijaya, Mr.
Fredy Fajaray Lim and Mr. Johan AKA Lo Kiam Feoi pulled out and the whole
shares sold to Mr. Husein Angryanto, Mrs. Justina Pangkat and Mrs. Suzan
Andyanto as new shareholders. With this development the composition of its
shareholders has been changed to become Mr. Husein Angryanto (60%), Mrs.
Justina Pangkat (20%) and Mrs. Suzan Andyanto (20%).
The latest in January 2011 Mrs. Justina Pangkat pulled out and the whole share sold to Mr. Husein Angryanto and Mrs. Suzan Andyanto. With this time the composition of its shareholders has been changed to become Mr. Husein Angryanto (70%) and Mrs. Suzan Andyanto (30%). The company latest revision of notary act was made by Mr. Haji Teddy Anwar, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-AH.01.10-05447, dated February 22, 2011.
P.T.
SIP had been operating since the early 2000 in garment manufacturing. Its plant
is located at Jalan Raya Serang Km. 13.8 A, Cikupa, Tangerang, Banten Province,
on a land of some 1.1 hectares. The plant produces trousers of 20,000 dozen
respectively per annum. The plant has absorbed an estimated investment of Rp.
20.0 billion, entirely owned capital. The products are all exported to
Singapore, South Korea, Middle East, Africa, the Europe Union, USA and other
countries based on job-orders. A large of basic material in the form of fabric,
textile and other raw materials obtained from locals. The global economic crisis and the Rupiah
depreciation have also adversely affected the company's performance because of
the fast rising prices of auxiliary materials and much increased production
cost. We observe the operation of P.T. SIP has been growing with slowly in the
last three years.
The country’s
garment industry is facing serious marketing problem not only in the country
but also abroad. According to the Central Bureau of Statistics (BPS) the
Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2
million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$
4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to
399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9
million) in 2007 and to 417,600 tons (US$ 6,092.2 million) in 2008 declined to
393.400 tons (US$ 5,735.6 million) in 2009. The Indonesia textile products
export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons
(US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to
1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6
million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 and to 1,312.2
tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million)
in 2009.
The domestic textile producers are pessimism the textile
export in 2009 could match the export numbers in 2008. The blow of the global
economic crisis is resulted in the reduced of demand from the export
destination countries like the United States (U.S.), Japan, and European Union
region. The Export Textiles and the Textile Products (TPT) in 2009 is predicted
to fall to 10.2 percent compared to the last year. In the year 2008 the export
value reached 10.8 billion US dollars. While this year’s the exports expected
fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association
(API), Mr. Benny Soetrisno said that the decline in global purchasing power
caused of the demand in the Indonesian textile products could not be able to
grow as tight as 2008. The export
volume and value of the national TPT products in 2002 to 2009 are pictured on
the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of
Statistic
Until this time P.T. SIP has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SIP is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2008 amounted to Rp. 40.0 billion
rose to Rp. 44.0 billion in 2009 increased to Rp. 48.0 billion in 2010 and
projected to go on rising by at least 4% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 4.1 billion and the company has an
estimated total networth of at least Rp. 23.0 billion. 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. SIP is led by Mr. Husein Angryanto (55) a
businessman and professional manager with experience in garment manufacturing.
Prior he is a president director of P.T. SARASA NUGRAHA a private national
company dealing with textile manufacturing. Daily activity he is assisted by
Mr. Darmawan Widjaja AKA Bong Kwet Tjoean (55) and Mrs. Lilyana Liuw (50) both
are as directors. 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. SANDANG INDO PRATAMA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
|
UK Pound |
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.64.40 |
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.