|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUMI INDO KABEL TBK |
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|
|
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Formerly Known As : |
P.T. IKI INDAH KABEL INDONESIA Tbk |
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Registered Office : |
Jl. Raya Jend. Gatot Subroto Km. 7,8 Kel. Pasir Jaya, Kec. Jatiuwung Tangerang 15135 Banten Province |
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|
|
Country : |
Indonesia |
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|
|
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Date of Incorporation : |
23.07.1981 |
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|
|
Com. Reg. No.: |
No. AHU-AH.01.10-16316 |
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|
|
|
Legal Form : |
Public Listed Company |
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|
|
|
Line of Business : |
Electric and Telecommunication Cable Manufacturing |
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No. of Employees : |
458 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 10.0 million |
|
Status : |
Good |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. SUMI
INDO KABEL TBK
Head Office &
Factory
Jl. Raya Jend.
Gatot Subroto Km. 7,8
Kel. Pasir Jaya, Kec. Jatiuwung
Tangerang 15135
Banten Province
Indonesia
Phone -
(62-21) 5922404, 5928066 (hunting)
Fax - (62-21) 5922576, 59301979
Email - marketing@sikabel.com
Website - http://www.sikabel.com
Land Area - 10.3 hectares
Building Space - 2.6 hectares
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
a. 23 July 1981 as P.T. INDUSTRI KABEL INDONESIA
b. 19 March 1982 as P.T. IKI INDAH KABEL INDONESIA
c. 17 June 1997 as P.T. IKI INDAH KABEL INDONESIA Tbk
d. 04 December 1998 as P.T. SUMI INDO KABEL Tbk
Legal Form :
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public Listed Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
a. No.
Y.A. 5/289/18
Dated 30 April 1982
b. No.
C-2138.HT.01.04.TH.99
Dated 29 January 19999
c. No.
AHU-AH.01.10-19505.Th.2009
Dated 04 November 2009
d. No.
AHU-AH.01.10-16316
Dated 30 June 2010
Company Status
:
Foreign Investment Company (PMA)
Permit by the
Government Department :
The Capital Investment
Coordinating Board
- No. 49/V/PMA/1994
Dated 03 November 1994
- No. 35/III/PMA/1995
Dated 30 January 1995
Holding
Company:
SUMITOMO ELECTRIC INDUSTRIES Ltd., Japan (Investment Holding)
Affiliated/Associated
Companies :
a. P.T. KARYA SUMIDEN INDONESIA (Sales and Purchasing of Raw Materials
and Management)
b. P.T. SUMIDEN SERASI WIRE PRODUCT (Purchasing of Raw Materials)
c. TOYOKUNI ELECTRIC CABLE Co. Ltd., of Japan (Sales)
d. HOKKAIDO ELECTRIC INDUSTRIES Ltd., Japan (Sales)
e. Etc.
Capital
Structure :
Authorized Capital -
Rp. 321,000,000,000.-
Issued Capital -
Rp. 306,000,000,000.-
Paid up Capital -
Rp. 306,000,000,000.-
Shareholders/Owners
:
a. SUMITOMO ELECTRIC INDUSTRIES of Japan -
Rp. 284,758,300,000.- (93.06%)
c. Mr. Sulim Herman Limbono of Indonesia -
Rp. 281,000,000.- ( 0.10%)
d. Mr. Takahisa Hiura of Japan -
Rp. 10,000,000.- ( 0.00%)
e. The Publics -
Rp. 20,950,700,000.- ( 6.84%)
Lines of
Business :
a. Electric and Telecommunication Cable Manufacturing
b. Investment Holding
Production
Capacity :
a. Copper
wire Rods - 36,000 tons p.a.
b. Aluminum Wires - 18,000 tons p.a.
c.
Electric Cables - 10,800 tons p.a.
d.
Telecommunication Cables - 360,000
pairs kms. p.a.
e. Optic
Fbre Cables - 60,000 pairs kms. p.a.
Total
Investment :
a. Equity Capital -
Rp. 306.0 billion
b. Loan Capital - Rp.
77.0 billion
c. Total Investment -
Rp. 383.0 billion
Started
Operation :
1982
Brand Name :
SIKABEL
Technical
Assistance :
SUMITOMO ELECTRIC INDUSTRIES of Japan
Number of
Employee :
458 persons
Marketing Area
:
Domestic - 70%
Export -
30%
Main Customers
:
a. PT. Semen Tonasa
b. PT. PLN (Persero)
c. PT. Taiyo Sinar Raya Teknik
d. PT. Surya Cakra Mandiri
e. PT. Sumisetsu Philippines, Filipina
f. PT. Tenaga mahir International
g. PT. Spinmill Indah Industry
h. PT. Satyamita Surya Perkasa
i. PT. Kinden Indonesia
j. PT. BICC Berca Cables
k. PT. Adhi Karya (Persero)
Tbk.
l. PT. Gunanusa Utama Fabricators
m. PT. Swadaya Graha
n. Showa Denki (Singapore) Co. Ltd.
o. Etc.
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Jembo Cable
Company Tbk
b. PT. KMI Wire
and Cable Tbk
c. PT. Prima Cable
Indo
d. PT. Supreme
Cable Mfg Tbk
e. PT. Kabelindo
Murni Tbk
f. PT. Voksel Electric Tbk
g. PT. Tranka
Kabel
Business Trend
:
Fluctuating
Bankers :
a. PT. Bank Sumitomo Mitsui
Indonesia
Gedung Summitmas II
Jalan Jend. Sudirman Kav. 61-62
Jakarta
Selatan
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Wisma BCA
Jalan
Jend. Sudirman Kav. 22-23
Jakarta
Selatan
Indonesia
c. PT. Bank Mizuho Indonesia
Plaza
BII, Menara 2
Jalan
MH Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor :
Purwantono, Sarwono &
Sandjaja
Litigation :
No litigation record in our database
Annual Sales :
2008 – Rp. 1,645.3 billion
2009 – Rp. 862.1 billion
2010 – Rp. 1,226.3 billion
2011 – Rp. 363.6 billion (as of
30 June 2011)
Net Profit
(Loss) :
2008 – Rp. 97.7 billion
2009 – Rp. 28.7 billion
2010 – Rp. 4.6 billion
2011 – (Rp. 2.5 billion) (as of
30 June 2011)
Total Assets :
2008 – Rp. 636.4 billion
2009 – Rp. 561.9 billion
2010 – Rp. 600.8 billion
2011 – Rp. 590.8 billion (as of 30 June 2011)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Takahisa Hiura
Directors - a. Mr. Sulim Herman
Limbono
b. Mr. Akira Nishimura
c. Mr. Takahiro Nakano
d. Mr. Kenichiro Tanimoto
Board of Commissioners :
President Commissioner - Mr. fumiyoshi Kawai
Commissioners -
a. Mr. Hiroshi Shikata
b. Mr. Kojiro Ishise
c. Mr. Andri Adhitya Hamid
d. Mr. Cahyadi Wijaya
Signatories :
President Director (Mr. Takahisa Hiura) or one of the Directors (Mr.
Sulim Herman Limbono, Mr. Akira Nishimura, Mr. Takahiro Nakano and Mr.
Kenichiro Tanimoto) which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below Average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 10.0 million on the 90 days of payments
Originally
named P.T. INDUSTRI KABEL INDONESIA, the company was established in 1981 with
an authorized capital of Rp. 999,000,000.- of which of Rp. 25,000,000.- was
issued and paid up. The company was founded by Mr. Sanor Santoso, Mr. Adhi
Dharma, Mrs. Segarawati Trisna BSc., (all Indonesian business persons of
Chinese extraction) and Mr. Sutarpan (an indigenous businessman) as the
original shareholders. In 1982, the company was renamed P.T. IKI INDAH KABEL
INDONESIA abbreviated into P.T. IKI KABEL. The company's notarial act
subsequently underwent further successive revisions. In December 1990, 15.6% of
its shares were sold to public through the Jakarta Stock Exchange (BEJ). In
June 1994 came new shareholders namely PT. Perdana Mulia Ekasakti, a private
company, and SUMITOMO ELECTRIC INDUSTRIES LTD. of Japan. In June 1997, behind
the name was added by the word Tbk (Terbuka) to comply with the new law on
public listed company, to P.T.IKI INDAH KABEL INDONESIA Tbk. In April 1998 the
authorized capital was raised to Rp 321,000,000,000.-, issued and paid up
capital to Rp 306,000,000,000. In
December 1998 the company was renamed P.T. SUMI INDO KABEL Tbk. (P.T.
SIKT). Concurrently PT. Perdana Mulia
Ekasakti pulled out and the whole shares had been over by Sumitomo Electric
Industries Ltd., of Japan.
Pursuant
to latest notary deed and annual report of the company as of 30 June 2011, the
shareholders of the company are Sumitomo Electric Industries of Japan (93.06%),
Mr. Sulim Herman Limbono of Indonesia (0.10%), Mr. Takahisa Hiura (0.00%) and
the publics (6.84%). The deed of amendment was made by Mr. Amrul Partomuan
Pohan, SH., and it was approved by the Ministry of Law and Human Right in its
Decision Letter No. AHU-AH.01.10-19505.Th.2009 dated 4 November 2009 and No.
AHU-AH.01.10-16316 dated June 20, 2010.
No changes have been effected in term of its shareholding composition and
capital structures to date.
P.T. SIKT operates in the electric and
telephone cable industry, producing cables made of aluminum and copper,
aluminum conductors, PVC cables, enameled wires, XLPE cables, refractory
cables, etc. The company's plant located at Jalan Raya-Serang Km. 7.8, Desa Pasir
Jaya, Jatiuwung, Tangerang (West Java), on a land of some 10.3 hectares started
production in 1982 and underwent modification in 1988. In April 1995 P.T. SIKT
got an expansion permit to increase production capacity of optic fibre cable
for telecommunication. The expansion plant had been operating since October
1997 with an investment of US$ 43.6 billion, and under the license technology
of foreign partner SUMITOMO ELECTRIC INDUSTRIES Ltd., of Japan. Some 26% of the products are marketed locally
and the other 74% exported to Singapore, the Philippines, Thailand and
Japan. Besides that P.T. SIKT is also
dealing with investment holding by controlling 4.49% shares of P.T. KARYA
SUMIDEN INDONESIA dealing with copper wire industry.
Generally, local
demand for electrical and telecommunication cables had been increasing by 7% to
8% on the average per annum up to mid 1997 having close relation with the
growing development of electrical and telecommunication networks in the above
period as consumers. However, the economic crisis in the country in 1997 and
tight money policy imposed by Bank Indonesia had caused the demand to decline
up to end 1999 and started increasing since 2000 in line with the amelioration
of the economic condition in the country. The competition is very tight on
account of lots of similar companies operating in Indonesia including PT. Jembo
Cable Company Tbk., PT. KMI Wire and Cable Tbk., PT. Prima Cable Indo, PT.
Supreme Cable Mfg Tbk. PT. Kabelindo Murni Tbk., PT. Voksel Electric Tbk. and others.
According to the
financial statement of the company having been audited by public accountant,
total revenue of P.T. SIKT in 2008 amounted to Rp. 1,645.3 billion with a net
profit of Rp. 97.7 billion declined to Rp. 862.1 billion with a net profit of
Rp. 28.7 billion in 2009 rose again to Rp. 1,226.3 billion with a net profit of
Rp. 4.6 billion in 2010. As of 30 June
2011, the company’s sales turnover amount to Rp. 383.6 billion with a net loss
of Rp. 2.5 billion. The Based on
information obtained from some customers, the payment habit of the company is
still smooth ranging from 1 to 3 months.
So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia). The condensed financial statement is shown.
(in million Rp)
|
DESCRIPTION |
30 June |
31 December |
||
|
2011 |
2010 |
2009 |
2008 |
|
|
A. ASSETS |
|
|
|
|
|
a. Current
Assets |
90,816 |
467,307 |
417,181 |
492,243 |
|
b. Non Current
Assets |
500,022 |
133,513 |
144,768 |
114,165 |
|
TOTAL ASSETS = TOTAL LIABILITIES
AND STOKHOLDERS’ EQUITY |
590,838 |
600,820 |
561,949 |
636,408 |
|
B. LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
|
a. Current
Liabilities |
83,081 |
93,332 |
58,077 |
119,983 |
|
b. Non Current
Liabilities |
-- |
15,059 |
11,768 |
9,289 |
|
Total
Liabilities |
83,081 |
108,391 |
69,845 |
129,272 |
|
c. Stockholders’
Equity: |
|
|
|
|
|
- Paid up
Capital |
306,000 |
306,000 |
306,000 |
306,000 |
|
- Additional
Paid in Capital |
1,577 |
1,577 |
1,577 |
1,577 |
|
- Retained
Earnings |
200,180 |
184,852 |
184,528 |
199,559 |
|
Total Stockholders’ Equity |
507,757 |
492,429 |
461,949 |
507,136 |
|
C. INCOME STATEMENT |
|
|
|
|
|
a. Total Sales – net |
363,633 |
1,226,302 |
862,112 |
1,645,326 |
|
b. Operating
Profit (Loss) |
(3,261) |
7,638 |
83,581 |
148,543 |
|
c. Net Profit (Loss) |
(2,462) |
4,600 |
28,719 |
97,687 |
Remarks: the financial
statement is audited by Purwantono, Sarwoko and Sandjaja
Since 28 June 2011, the management of the
company is headed by Mr. Takahisa Hiura (50) as president director, he replaced
Mr. Shigefumi Ushitani. In his daily operation, Mr. Takahisa supported by four
directors namely Mr. Sulim Herman Limbono, Mr. akira Nishimura, Mr. Takahiro
Nakano and Mr. Kenichiro Tanimoto. The
management of the company is well-experienced and handled by professional
overseas and national managers. A wide business relation among private
companies at home and abroad, mainly with P.T. PLN and P.T. TELKOM authorities
have been maintained properly. We
observed that management’s reputation in said business is fairly good. 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.
Considering the operation of P.T. SIKT
suffered from loss within the last one year and economic condition in the
country is still unstable, we recommend to treat prudently in extending any new
loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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.