|
Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUSILIA
INDAH SYNTHETIC FIBERS INDUSTRIES |
|
|
|
|
Registered Office : |
Jalan Imam Bonjol No. 133 Km. 2 Karawaci, Tangerang, 15115 Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
26.01.1978 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-08806 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Polyester Chips, Staple Fiber, Filaments and Textured
Yarns |
|
|
|
|
No. of Employees : |
3,200 persons |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. SUSILIA INDAH SYNTHETIC FIBERS
INDUSTRIES
Head Office &
Factory I
Jalan Imam Bonjol No. 133
Km. 2
Karawaci, Tangerang, 15115
Banten Province
Indonesia
Phones - (62-21) 552 5821, 552 5953
Fax - (62-21) 552 4190
E-mail - mkt@sulindafin.com
Website - http://www.shinta.co.id
Land Area - 151,967 sq.
meters
Building Space - 75,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Hos Cokroaminoto No. 133, Km. 51
Kalijaya, Cikarang Barat
Bekasi, 17520
West Java
Indonesia
Phones -
(62-21) 890 0606 (Hunting)
Fax - (62-21) 890 0617
Land Area - 77,935 sq.
meters
Building Space - 55,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
26 January 1978
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. Y.A.5/11/18
Dated 8 January 1980
- No. C-25549.AH.01.04.TH.2000
Dated 21 December 2000
- No.
AHU-12775.AH.01.02.TH.2012
Dated 8 March 2012
- No. AHU-AH.01.10-08806
Dated 13 March 2012
Company Status :
Foreign Investment (PMA) Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.120.405.4-415.000
The Capital Investment Coordinating Board
- No. 05/V/PMA/2001
Dated 29 January 2001
- No. 143/II/PMA/2001
Dated 21 May 2001
- No. 805/III/PMA/2002
Dated 30 July 2002
- No. 234/II/PMA/2002
Dated 01 November 2002
Related Company :
A Member Company of the SHINTA Group (see attachment)
Capital Structure :
Authorized Capital : Rp.
1,000,000,000,000.-
Issued Capital : Rp. 590,000,000,000.-
Paid up Capital : Rp. 590,000,000,000.-
Shareholders/Owners :
a. P.T. SULINDA INVESTAMA -
Rp. 558,585,771,500.-
Address : Jl. K.H. Zainul Arifin
Komplek Ketapang Indah,
Taman Sari
Jakarta Barat
Indonesia
b. UNITED ASIA OVERSEAS PTE, LTD. -
Rp. 28,000,000,000.-
Address : 111 North Bridge Road 24-01
Singapore, 179098
c. Mr. Toto Hermijanto -
Rp. 2,800,000,000.-
Address : Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
d. Mr. Hendra Hermijanto -
Rp. 214,228,500.-
Address : Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
e. Mr. Suryadi Hermijanto -
Rp. 200,000,000.-
Address : Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
f. Mr. Indra Hermijanto -
Rp. 200,000,000.-
Address : Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
Line of Business :
Manufacturing of Polyester Chips, Staple Fiber, Filaments and Textured
Yarns
Production Capacity :
a. Knitted Fabrics -
1,250,000 meters p.a.
b. Nylon Filament Yarns - 6,095 tons p.a.
c. Nylon Textured Yarns - 1,850 tons p.a.
d. Polyester Textured Yarns - 29,750 tons p.a.
e. Polyester Filament Yarns - 35,000 tons p.a.
f. Polyester Chips - 67,375 tons p.a.
g. Polyester Fiber - 28,835 tons p.a.
h. Partially Oriented Yarns - 8,750 tons p.a.
i. Draw Texturizing Yarns - 11,000 tons p.a.
j. Fully Drawn Polyester
Filament Yarns - 4,500 tons p.a.
Total Investment :
a. Owned Capital -
Rp. 564.0 million
b. Loan Capital - Rp. 767.7 million
c. Total Investment - Rp. 1,332.6
million
Started Operation :
1979
Brand Name :
Sulindafin
Technical Assistance :
United Asia Overseas Pte., Ltd., of Singapore
Number of Employee :
3,200 persons
Marketing Area :
Local - 70%
Export - 30%
Main Customers :
a. Distributors and textile industries
b. Buyers in Singapore, Australia, Europe Union, Middle East etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDONESIA TORAY
SYNTHETICS
b. P.T. INDORAMA SYNTHETICS
Tbk
c. P.T. INDORAMA VENTURES INDONESIA
d. P.T. POLYCHEM INDONESIA
Tbk
e. P.T. POLYSINDO EKA
PERKASA
f. P.T. TIFICO FIBER INDONESIA Tbk
Business Trend :
Growing
Bankers :
a. P.T. Bank PERMATA Tbk
Jalan Hayam Wuruk 84-85
Jakarta Pusat
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan
Ir. H. Juanda No. 25
Jakarta
Pusat
Indonesia
c. P.T. Bank CIMB NIAGA Tbk
Jalan
Gajah Mada No. 18
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 2,752.0 billion
2010 – Rp. 2,830.0 billion
2011 – Rp. 2,980.0 billion
2012 – Rp. 1,550.0 billion (January – June)
Net Profit (estimated) :
2009 – Rp. 192.6 billion
2010 – Rp. 226.4 billion
2011 – Rp. 238.4 billion
2012 – Rp. 124.0 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Toto Hermijanto AKA The Tjin Kim
Directors - a. Mr. Suresh Khurana
- b. Mr. Tan Chee Weng
Board of Commissioners :
President Commissioner - Mrs. Stacey Hermijanto
Commissioner - Mr. Liu Ing Ming
Signatories :
President Director (Mr. Toto Hermijanto)
or one of the Directors (Mr. Suresh Khurana or Mr. Tan Chee Weng) which must be
approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. SUSILIA INDAH SYNTHETIC FIBRE INDUSTRIES abbreviated into
P.T.SULINDAFIN was established in January 1978 by Mr. Toto Hermijanto AKA The Tjin
Kim, his son named Mr. Hendra Hermijanto AKA Tjoa Eng Hok, and two other
businessmen, namely Mr. Hasan Beninta Manoppo and Mr. Hengky Hardiman AKA The
Heng Liong. The company had an initial authorized capital of Rp. 500,000,000
issued and paid up capital of Rp. 100,000,000. After having been revised
several times, the company's authorized capital was in June 1985 increased to
Rp. 15,000,000,000 issued capital to Rp. 13,250,000,000 fully paid up. In
November 2000 its sister company P.T. SHINTANYLON UTAMA merged into this
company and concurrently the authorized capital was increased to Rp.
1,000,000,000,000 issued capital to Rp. 536,969,907,000 entirely paid up. As
from January 2001, the company was joined by new shareholder as the foreign
partner of P.T. SULINDAFIN namely UNITED ASIA OVERSEAS Pte., Ltd., of
Singapore. On the same occasion, the issued capital was increased to Rp.
564,969,907,000 wholly paid-up. The deed of amended was made by Mr. Sutjipto,
SH, a public notary in Jakarta, under Company Registration Number
C-25549.HT.01.04.2000, dated December 21, 2000.
Then according to the latest revision of notary documents of Mr. Dr.
Iriawan Soerodjo, SH., No. 345 dated 27 February 2012 the company issued
capital was raised to Rp. 590,000,000,000 of which paid up. With this
development the composition of its shareholders has been changed to become P.T.
SULINDA INVESTAMA (94.675%), UNITED ASIA OVERSEAS PTE, LTD., Singapore
(4.745%), Mr. Toto Hermijanto AKA The Tjin Kim (0.475%), Mr. Hendra Hermijanto
AKA Tjoa Eng Hok (0.037%), Mr. Suryadi Hermijanto AKA Tjoa Eng Sin (0.034%) and
Mr. Indra Hermijanto (0.034%). The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-08806
dated March 13, 2012.
We observed that Hermijanto family is major founder, prime mover and
majority business stakes owner of the SHINTA Group, a medium-size business
group whose major business activities are in textile industry and trade.
Originally P.T. SULINDAFIN obtained a Domestic Investment (PMDN) permit
issued by Investment Coordinating Board (BKPM) for dealing with polyester
synthetic fiber industry. But, as from January 2001 after the joining of its
foreign partner UNITED ASIA OVERSEAS Pte. Ltd., of Singapore, its style was
changed to a Foreign Investment (PMA). It originally managed a factory unit
located at Jalan Imam Bonjol No. 133, Karawaci, Tangerang, Banten Province
standing on 151,967 sq. meters commercially operating as from 1979. But, as
from November 2000 after P.T. SHINTANYLON UTAMA merged into the company,
automatically the company operates two factories of which the other is located
at Jalan Hos Cokroaminoto Km. 51 No. 133, Kalijaya, Cikarang Barat, West Java
standing on 77,935 sq. meters.
After the merger, both of the above factories own a total production
capacity of Knitted Fabrics of 1,250,000 meters, Nylon Filament Yarns of 6,095
tons, Nylon Textured Yarns of 1,850 tons, Polyester Textured Yarns of 29,750
tons, Polyester Filament Yarns of 35,000 tons, Polyester Chips of 67,375 tons,
Polyester Fiber of 28,835 tons, Partially Oriented Yarns of 8,750 tons, Draw
Texturizing Yarns of 11,000 tons and Fully Drawn Polyester Filament Yarns of
4,500 tons per annum respectively. The above plant has absorbed an investment
of Rp. 1,332.6 billion come from owned capital of Rp. 564.0 billion and the
rest is loans. Their state of the art manufacturing facilities produce up to
80,000 tons of a wide range of polyester each year. P.T. SULINDAFIN also
produce a comprehensive variety of specialty and performance yarns which
features, among others, its exclusive SULSUITE Collection.
Specialty &
Performance Yarns
Sulsuite Collection Specific
Yarns
SULCOOL – Moisture Absorbent -
Micro filament Yarns
SULNATURAL – Natural Feel -
Bi-shrinkage Yarns
SULSHIELD – Flame Retardant -
Nep Yarns
SULGUARD – Anti Bacterial -
Cationic Yarns
Traditional Range
Polyester -
Nylon 6
Partially Oriented Yarns -
Textured Yarns
Draw Textured Yarns -
Flat Filament Yarns (Mono
Flat Filament Yarns
Staple Fiber (including dope dyed colored)
Textile Grade Chips
Some 70% of company production is marketed locally mostly to textile
industry within its own group members and partly to other textile companies.
Meanwhile, the rest 30% is for export to various Asian countries, Middle East
and others. P.T. SULINDAFIN has been awarded an ISO 9002 for quality and
management. The market for these products now is worldwide; the crisis of
2008/2009 has made it so that the USA is not the only market for these
products. Asia is coming up in a big way and markets like Singapore, India and
China are becoming big spenders on these products. So we feel market is not a
limitation for these products it is a question of getting the right products and
finding a suitable partner to develop garments from these products. They are
already working with leading brands in the USA in Europe and Asia including
Japan and they hope to place these products very soon onto the market. P.T.
SULINDAFIN export markets span five continents and over 25 countries.
Specifically in North America there is interest for exclusivity in the
distribution of their specialty products. There is also great interest from
China in seeking access to their specialty product as a raw material and also
Middle East.
The global economic crisis followed by fast rising local bank interest
rates has also had a negative impact on the company's finances for having
resulted in a swelling of the company’s debts. Meanwhile, the local TPT
(Textile and Textile Products) industries and other factors causing the
declining competitive ability of the national TPT products are the increasing
production costs, high interest rates, expensive customs office costs, illegal
retributions, textile and garment machinery restructuring costs and the rising
prices of production components (oil fuel prices and electric base tariffs). It
seems that P.T. SULINDAFIN belongs to a large company of its kind in the
country and the operation has been running well as yet.
Generally, the demand for polyester chip, polyester filament yarns, and
others textile products tended to be fluctuating within the last five years in
line with the fluctuating of Indonesian textile industry in general. 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 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to
393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0
million) in 2010 rose to 450.9 ton (7,801.5 million) in 2011. 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
decrease 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 and to 1,525.9 tons (US$ 4,721.8 million) in 2010
decreased to 1,493.3 tons (5,563.3 million) in 2011.
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. 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 2011 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 2011 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 |
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 7,801.5 |
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 1,493.3 |
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 5,563.3 |
Source: Central Bureau of Statistic
Until this time P.T. SULINDAFIN has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. SULINDAFIN is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2009 amounted to Rp. 2,752.0 billion rose to Rp.
2,830.0 billion in 2010 increased to Rp. 2,980.0 billion in 2011. As from
January to June 2012 the sales turnover has reached at least Rp. 1,550.0
billion with a net profit of Rp. 124.0 billion and projected to go on rising by
at least 5% in 2013. The operation in 2009 yielded an estimated net profit of
at least Rp. 1.4 billion and the company has an estimated total networth of at
least Rp. 612.0 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. SULINDAFIN is led by Mr. Toto Hermijanto AKA The
Tjin Kim (79) a businessman with 43 years experience in many type of businesses
particularly within the SULINDAFIN Group. Hermijanto family is also majority
founder, prime mover and majority business stakes owners of the SULINDAFIN
Group. Daily activity he is assisted by Mr. Suresh Khurana (58) a professional
manager of India and Mr. Tan Chee Weng (57) of Malaysia 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. SUSILIA INDAH
SYNTHETIC FIBERS INDUSTRIES is sufficiently fairly good for business transaction.
List of the SHINTA
Group Members
INKOSINDO SUKSES, P.T. (Garment
Manufacturing and Exporting)
KORYO INTERNATIONAL, P.T. (Sport Shoes and Shoe Component Manufacturing)
SHINTA BUDHRANI INDUSTRIES, P.T. (Textile Weaving)
SHINTA FOREX, P.T. (Money Changer)
SHINTA INDAH DJAYA, P.T. (Textile Mills)
SHINTA INDONESIA, P.T. Bank., (Banking)
SHINTA INSERVE, P.T. (Insurance Brokerage)
SHINTA KORINTAMA, P.T. (Investment Holding)
SHINTANYLON UTAMA, P.T. (Nylon Filament Manufacturing)
SHINTA SAMYANG FIBRE, P.T. (Polyester Recycling Staple Fibre
Manufacturing)
SHINTA WOOSUNG TEXTILE, P.T. (Integrated Textile Industry)
SITAL DJAYA INDUSTRIES, P.T. (Weaving, Printing, Dyeing and Finishing)
SULINDA INDAH TEXTILE, P.T. (Integrated Textile Mills)
SULINDA INVESTAMA, P.T. (Investment Holding)
SULINDAFIN PERMAI SPINNING MILLS., P.T. (Spinning
Mills)
SUSILIA INDAH SYNTHETIC FIBER INDUSTRIES, P.T or P.T. SULINDAFIN
(Polyester Synthetic Fiber Manufacturing and Investment Holding)
Etc
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.08 |
|
UK Pound |
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.