|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR PANTJA DJAJA |
|
|
|
|
Registered Office : |
Jalan
Condrokusumo No. 1, Simongan, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
31.07.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-207893 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile Industry |
|
|
|
|
No. of Employees : |
1,920 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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. SINAR
PANTJA DJAJA
A d d r e s s
:
Head Office & Factory
Jalan
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
- No. AHU-AH.01.10-207893
Dated 19 November 2009
Company Status
:
Private National and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No. 01.136.154.0-511.000
The Capital Investment
Coordinating Board
- No. 639/SEKR/SPPMDN/73
Dated 13 April 1973
- No. 38/III/PMDN/1988
Dated 21 January 1988
- No. 353/II/PMDN/1990
Dated 8 August 1990
- No. 168/II/PMDN/1993
Dated 21 September 1993
- No. 65/II/PMDN/1999
Dated 22 November 1999
The Department of Industry
No. 272/T/Industri/1996
Dated 23 April 1996
Related
Company :
A Member Company
of the SRITEX Group (see attachment)
Capital
Structure :
Authorized Capital :
Rp. 250,000,000,000.-
Issued Capital :
Rp. 116,500,000,000.-
Paid up Capital :
Rp. 116,500,000,000.-
Shareholders/Owners
:
a. Mr. Muhammad Lukminto - Rp. 111,750,000,000.-
Address :
Jl. Dr. Rajiman 328, RT. 005 RW. 001
Sriwedari,
Laeyan
Surakarta,
Central Java
Indonesia
b. Mr. Iwan Setiawan Lukminto - Rp. 475,000,000.-
Address : Jl. Enggano 3, RT.
003 RW. 002
Stabelan, Banjarsari
Surakarta, Central Java
Indonesia
Lines of
Business :
Integrated Textile Industry
Production
Capacity :
a. Grey Fabrics - 19,000,000 meters
p.a.
b. Finished Fabrics - 12,000,000 meters p.a.
c. Cotton Yarns - 3,000,000 meters p.a.
d. T/C Yarns - 138,407 bales p.a.
e. Weaving Yarns - 138,407 bales p.a.
Total
Investment :
a. Equity Capital - Rp. 116.5 billion
b. Reinvested Profit - Rp. 48.0 billion
c. Loan Capital - Rp. 124.5
billion
d. Total Investment - Rp. 289.0 billion
Started
Operation :
1976
Brand Name :
Sinar Pantja Djaja
Technical
Assistance :
None
Number of
Employee :
1,920 persons
Marketing Area
:
Domestic
(Local) - 70%
Export - 30%
Main Customers
:
a. The SRITEX Group Companies member
b. Overseas buyers in Syria, Hong Kong, Taiwan and China
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. APAC INTI CORPORA
b. P.T. ARGO PANTES Tbk
c. P.T. GUNAWANTEX
d. P.T. INDORAMA SYNTHETICS
Tbk
e. Etc.
Business Trend
:
Declining
B a n k e r s :
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
Annual Sales (estimated) :
2009 – Rp. 380.0
billion
2010 – Rp. 350.0
billion
2011 – Rp. 320.0
billion
Net Profit (estimated) :
2009 – Rp. 22.8
billion
2010 – Rp. 19.0
billion
2011 – Rp. 16.0
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Iwan Setiawan Lukminto
Director - Mr. Wawan Lukminto
Board of Commissioner :
Commissioner - Mr. Muhammad Lukminto AKA Loo Kie
Hien
Signatories :
President Director (Mr. Iwan Setiawan
Lukminto) or Director (Mr. Wawan Lukminto) which must be approved by the Board
of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Based on
investigation results the correct name of the Subject is P.T. SINAR PANTJA
DJAJA not P.T. STAR PANTJA DJAJA as stated in your order ref. no. 185862 dated
29 June 2012.
The full name of
company is P.T. Perusahaan Industri dan Dagang P.T. SINAR PANTJA DJAJA Ltd.,
abbreviated P.T. SINAR PANTJA DJAJA (P.T. SPD).
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 had 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. With this time the shareholding composition is
P.T. PANASIA SYNTHETIC ABADI (95%) and P.T. PANASIA INTERTRACO (5%). The notary
deed of P.T. SPD was made by Mr. Tendy Suwarman, SH., a public notary in
Semarang, under company registration number W8-00357.HT.01.04.TH.2006, dated
October 5, 2006. The latest in August 2009 the issued capital was increased to
Rp. 116,500,000,000 entirely issued and paid up. With this development the
composition of its shareholders has been changed to become P.T. PANASIA
SYNTHETIC ABADI (95.92%) and P.T. PANASIA INTERTRACO (4.08%). The latest
revision of notary documents was made by Mr. R. Tendy Suwarman, SH., a public
notary in Semarang and was approved by the Ministry of Law and Human Right in
its decision letter No. AHU-AH.01.10-20793 dated November 19, 2009.
However since
April 2011 the whole shares had been sold to Mr. Muhammad Lukminto AKA Loo Kie
Hien and his son Mr. Iwan Setiawan Lukminto. Meanwhile the shares sales
agreement has yet been made by notary and has yet been reported to the Ministry
of Law and Human Rights. According information the sales of shares of the
company because the financial problem which facing by P.T. SINAR PANTJA DJAJA
since 2008.
P.T. SPD
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 USA, 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 companies member.
According
information from Mr. Hermanto, marketing manager P.T. SPD disclosed since
global crisis on September 2008, the crisis have a bad consequences to this
company because P.T. SPD as a permanent exporter to USA. P.T. SPD has no choice
to decrease the product and this impact to the machine that can no operation
because order to export down. Since November 2008 must discharge about 300
employees. The operation growth of P.T. SPD has been declining in the last five
years on account of very tight competition from China, South Korea and Vietnam.
The local markets are also flooded by the Chinese and South Korean textile
products. We observe that global economic crisis has brought bad impact to the
export performance of P.T. SPD due to its declining export volume of its
products.
The demand for
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.
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.
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 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
Until this time
P.T. SPD has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The
management of P.T. SPD 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. 380.0 billion declined to Rp. 350.0
billion in 2010 dropt to Rp. 320.0 billion in 2011 and projected to go on
rising by at least 3% in 2012. The operation in 2011 yielded an estimated net
profit of at least Rp. 16.0 billion and the company has an estimated total networth
of at least Rp. 372.0 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. SPD is led by Mr. Iwan Setiawan Lukminto 378), a businessman with more
than 18 years of experience in various businesses especially those in the
SRITEX Group’s circles. Daily, he is assisted by Mr. Wawan Lukminto (35) as
director. However the prime mover of the company is Mr. Muhammad Lukminto AKA
Loo Kie Hien (66), a businessman in textile trading since 1966. 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. In view of P.T.
SINAR PANTJA DJAJA’s operation had been declining in the last five years we
recommend to treat prudently in business transaction and in extending a loan to
the company.
Attachment:
List of the
SRITEX Group Members
1.
ADIKENCANA MAHKOTABUANA, P.T. (Spinning
Mills)
2.
GOLDEN
TOTAL NUSANTARA, P.T. (Trading and Contracting Services)
3.
DJOHARTEX,
P.T. (Textile Industry)
4.
JOGJATEX,
P.T. (Textile Industry)
5.
KAWASAN
INDUSTRI WONOGIRI, P.T. (Industrial Estate Development)
6.
RAYON UTAMA MAKMUR, P.T. (Spinning
Mills)
7.
SINAR PANTJA DJAJA, P.T. (Integrated
Textile Industry)
8.
SRI
REJEKI ISMAN, P.T. (Integrated Textile Industry)
9.
SRI
WAHANA REJEKI, P.T. (General Trading)
10.
WISMA
UTAMA BINALOKA, P.T. (Hotels Development and Management)
11.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.55 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.