MIRA
INFORM REPORT
|
Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SRI REJEKI ISMAN |
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Formerly Known As : |
PT. SRI REJEKI |
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Registered Office : |
Jl. K.H. Samanhudi No. 88 Jetis, Sukohardjo Solo -
Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
22.05.1978 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-12516, dated 21 May 2010 |
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Legal Form : |
Limited
Liability Company |
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|
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Line of Business : |
Integrated
Textile Industry |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 30,500,000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No Complaints |
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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 – 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. SRI
REJEKI ISMAN
Address
Head Office &
Factory
Jl. K.H. Samanhudi No. 88
Jetis, Sukohardjo
Solo - Central Java
Indonesia
Phones -
(62-271) 593 188 (hunting)
Fax - (62-271) 693 488, 591 788
Email - info@sritex.co.id
Website - http://www.sritex.co.id
Land Area - 100 hectares
Building Space - 18 hectares
Region - Industrial
Zone
Status - Owned
Jakarta Office
Jl. K.H. Wahid
Hasyim No. 147
Jakarta 10240
Indonesia
Phones -
(62-21) 3100995, 3100996, 3106213
Fax - (62-21) 3803276
Surabaya Office
Jl. Slompretan
No. 117
Surabaya
Indonesia
Phone -
(62-31) 3520117
Fax - (62-31) 3552515
Registration data
Date of Incorporation :
22 May 1978 as
PT. SRI REJEKI, changed its name to PT. SRI REJEKI ISMAN (SRITEX) on September
24, 1981.
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
AHU-42131.AH.01.02.Tahun 2009, dated 28 August 2009
b. No.
AHU-AH.01.10-12516, dated 21 May 2010
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.140.081.9-057.000
The Investment Coordinating Board
No. 34/V/PMA/2003
Dated 21 April
2003
Affiliated/Associated
Companies :
a. P.T.
ADIKENCANA MAHKOTABUANA (Spinning Mills Industry)
b. P.T. GOLDEN
TOTAL NUSNATARA (Trading and Contracting Services)
c. P.T. DJOHARTEX
(Textile Industry)
d. P.T. SRI WAHANA
REJEKI (General Trading)
e. P.T. JOGJATEX
(Textile Industry)
f. P.T. RAYON UTAMA MAKMUR (Spinning Mills
Industry)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - Rp. 1,000,000,000,000.-
Issued Capital - Rp. 290,000,000,000.-
Paid up Capital - Rp. 290,000,000,000.-
Shareholders/Owners
:
a. Mr. Muhammad Lukminto - Rp.
34,126,600,000.- (11.77%)
Address :
Jl. Dr. Rajiman 328, RT.005, RW.001
Sriwedari, Laeyan
Surakarta, Central Java
Indonesia
b. ESTRADA
TRADING LIMITED - Rp.
255,873,400,000.- (88.23%)
Address : P.O. Box 146, Road
Town
Tortola,
British Virgin Islands
BVI
BUSINESS ACTIVITIES
Lines of
Business :
Integrated
Textile Industry
Production
Capacity :
a. Finished (Dyed & Printed) Fabrics -
120,000,000 yards p.a.
b. Garments - 12,000,000 clothes p.a.
c. Spinning Mills (Yarns) - 145,000 bales (26,303 tons) p.a.
d. Weaving (Greige Fabrics) -
120,000,000 meters p.a.
Total Investment :
a. Owned Capital - Rp. 290.0 billion
b. Loan Capital - Rp. 150.0 billion
c. Total Investment - Rp. 440.0 billion
Started
Operation :
1979
Brand Name :
SRITEX
Technical
Assistance :
None
Number of
Employee :
17,500 persons
Marketing Area
:
Local -
10%
Export - 90%
Main Customers
:
a. North Atlantic
treaty Organization (NATO)
b. Overseas buyer
in Germany, Kuwait, United Kingdom, Suriname, United Arab Emirate, etc.
c. Overseas
Retail Shops
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Apac
Inti Corpora
b. PT. Argo Pantes Tbk.
c. PT. Ungaran Sari Garment
d. PT. Panasia Indosyntex Tbk.
e. PT. Candratex Sejati
f. PT. Sinar
Padasuka Textile (Sipatex)
g. PT. Bintang Adi Busana
h. PT. Metro Garment
i. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. P.T. Bank CENTRAL ASIA Tbk
Jl. Brigjen Slamet Riyadi No. 7
Solo,
Central Java
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jl.
Brigjen Slamet Riyadi No. 329
Solo,
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp.
1,670.0 billion
2009 – Rp.
1,920.0 billion
2010 – Rp.
2,150.0 billion
2011 – Rp.
1,195.0 billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 82.0 billion
2009 – Rp. 94.0 billion
2010 – Rp. 105.0
billion
2011 – Rp. 58.0 billion (January – June)
Payment Manner
:
Fairly
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Iwan Setiawan
Directors -
a. Mr. Allan Moran Severino
b. Mr. Wahyu Indrastyo
Board of Commissioners :
President Commissioner -
Mr. Muhammad Lukminto
Commissioner -
Mrs. Susyana Lukminto
Signatories :
President Director (Mr.
Iwan Setiawan) or one of the Directors (Mr. Allan Moran Severino and Mr. Wahy
Indrastyo) which must be approved by Board of Commissioner (Mr. Muhammad
Lukminto)
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below average
Credit Recommendation :
Credit can be processed normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 30,500,000 on
90 days D/A
OVERALL PERFORMANCE
The company was
originally named P.T. SRI REJEKI set-up in 1978 with an authorized capital of
Rp 200,000,000.- wholly issued and paid up.
Founders and shareholders are Mr. Isman Djianto AKA Loo Kie Kijek, Mr.
Muhammad Lukminto AKA Loo Kie Hien and Mr. Arief Halim AKA Liem Jen Lip,
Indonesian businessmen of Chinese extraction.
In 1981 the company was renamed to P.T. SRI REJEKI ISMAN (P.T.
SRITEX). The company's notarial act was
since revised a couple of times. In June 2000, the authorized capital was
increased to Rp 73,000,000,000.- of which Rp 37,000,000,000.-
was issued and paid up. In December
2002, Mr. Isman Djianto withdrew and into the company entered ESTRADA TRADING
Ltd., a foreign company located in British Virgin Islands, as a new
shareholder. Since April 2003, P.T.
SRITEX's legal status was changed from Domestic Capital Investment (PMDN) to
Foreign Capital Investment (PMA).
In August 2009,
the authorized capital was raised to Rp. 1,000,000,000,000.- of which Rp.
290,000,000,000.- was issued and fully paid up.
Since that time, the shareholders of the company are Mr. Muhammad
Lukminto (11.77%) and ESTRADA TRADING Ltd., (88.23%). This
amendment Articles of Association was approved by the Minister of Law and Human
Rights of the Republic of Indonesia by virtue of Decision Letter No.
AHU-42131.AH.01.02.Tahun 2009 dated 28 August 2009 and No. AHU-AH.01.10-12516,
dated 21 May 2010.
We are extremely difficult to trace or
investigate the shareholders of ESTRADA TRADING Ltd., as this company is
incorporated under law of British Virgin Islands. But we allege
or estimate that the owners of this company are still owned by Mr. Muhamad
Lukminto and his family members.
P.T. SRITEX
started with operation in 1978 in textile industry. Its original plant located at Jalan baturono 81-A, Solo, Central
java stands over 1.0 hectares wide land and it is now used for dyeing unit. The company business activities have
gradually been making an increase. In
1980, P.T. SRITEX developed a new factory located
in Jetis, Sukohardjo, Central Java and its is standing over 11 hectares wide
land. It is not only its business
achieved rapid-growth but its land wide has also been expanded to be 65
hectares. P.T. SRITEX has now become a
very large integrated textile industry in Indonesia. At present, its factory's location has even
been expanded to 100 hectares. Since 1995, P.T. SRITEX appeared as the winner
of the NATO's tender for providing military uniforms. P.T. SRITEX, one of the world’s most trusted
uniform suppliers, has been certified as an official partner outside Europe to
produce military uniform by NATO. With
this credibility, PT. SRITEX currently supplies uniform and field equipments to
more than 18 countries of the world, including; Germany, Kuwait, United
Kingdom, Suriname, United Arab Emirates, Brunei Darussalam, Austria, Papua new
Guinea, Sweden, Philippines, Netherlands, Cambodia, Norway, Indonesia, Greece,
Saudi Arabia, Oman and Swaziland.
Other textile
and general apparel products, PT. SRITEX’s products have reached countries as
follows: Australia, Italy, Nigeria, Canada, Japan, Panama, China Korea,
Singapore, Cyprus, Malaysia, Taiwan, France, Mauritius, USA, Hong Kong, Mexico
and Yugoslavia. PT. SRITEX’s fashion clients includes top retailers and brands,
such as JC Penny, Sars, Wal-Mart, Timberland, GUESS, Quicksilver, Gymboree,
Carles Vogele, Okaidi, Zara, etc. P.T.
SRITEX is classified as a larges sized company of its kind in the country of
which the operation has been growing in the last three years.
Generally,
demand for textile and textile products, including polyester textured yarn, finished fabrics,
garment, textile chemicals and raw materials has been fluctuating in the last
five years. According to the Central
Bureau of Statistics (BPS) the Indonesian garments export in 2006 amounted to
399,600 tons (US$ 5,608.1 million) to 399,800 tons (US$ 5,712.9 million) in
2007 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$
5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million)
in 2010. The Indonesia textile products
export in 2006 amounted to 1,477,800 tons (US$ 3,908.6 million) declined to
1,473,600 tons (US$ 4,178.0 million) in 2007 declined again to 1,312,200 tons
(US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009
and rose again to 1,525,900 tons (US$ 4,721.8 million) in 2010. The export volume and value of the national
TPT products in 2002 to 2010 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 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of Statistic
The company is
neither public listed nor bond issued company. 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. P.T. SRITEX’s management is very reclusive to outsider and rejecting
to disclose its financial condition but we estimated the total sales turnover
in 2008 amounted to Rp. 1,670.0 billion increased to Rp. 1,920.0 billion in
2009 to Rp. 2,150.0 billion in 2010 and estimated it will be higher by at least
10% in 2011. The operation in 2010
yielded a net profit at least Rp. 105.0 billion and the company has a total
assets of Rp. 1.0 trillion. P.T. SRITEX
is likely to be supported by a financially strong and healthy businessman
(Lukminto family). So far, we have never
heard of the company having been black listed by the Central Bank (Bank
Indonesia). Besides, the company usually pays its debts punctually to
suppliers.
The
management of the company is led by Mr. Iwan Setiawan AKA Iwan Setiawan
Lukminto (36) as president director. He
is a son of Mr. H.M. Lukmindo AKA Muhammad Lukminto AKA Loo Kie Hien (65), a
businessman in textile trading since 1966. In his daily activities, Mr. Iwan
Setiawan is assisted by two directors namely Mr. Allan Moran Severino (55) and
Mr. Wahyu Indrastyo (48). The management of the company has close relation with
Mr. Harmoko, the former minister of information and general chairman of
GOLKAR's party during the former President Soeharto's government. The Lukminto
family has a good reputation in industry and trading of textile. The management
has wide relation with overseas and national private businessmen as well as
with the government sectors. We have
never heard of the management of the company having been involved in business
malpractice.
We are convinced that P.T. SRI REJEKI ISMAN
or SRITEX is sufficiently fairly good for normal business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.67 |
|
|
1 |
Rs.76.50 |
|
Euro |
1 |
Rs.66.98 |
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.