|
Report Date : |
09.11.2012 |
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.01.10-23301 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile Industry |
|
|
|
|
No. of Employees : |
1,920
employees |
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 : |
Satisfactory |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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. SINAR PANTJA DJAJA
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
31 July 1972
P.T. (Perseroan Terbatas) or Limited Liability Company
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
- No. AHU-AH.01.10-23301
Dated 22 July 2011
Private National and Domestic Investment (PMDN) Company
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
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. P.T. KAPAS
AGUNG ABADI -
Rp. 104,850,000,000.-
Address : Jl. Slamet Riyadi No.
392
Purwosari, Laweyan
Surakarta, Central Java
Indonesia
b. Mr. Iwan Kurniawan
Lukminto -
Rp. 11,650,000,000.-
Address : Jl. Dr. Rajiman 328,
RT. 005 RW. 001
Sriwedari, Laweyan
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
Bankers :
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
2012 – Rp. 120.0
billion (January – June)
Net Profit (estimated) :
2009 – Rp. 22.8
billion
2010 – Rp. 19.0
billion
2011 – Rp. 16.0
billion
2012 – Rp. 8.3 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director -
Mr. Iwan Kurniawan Lukminto
Director - Mrs. Megawati
Board of Commissioner :
President Commissioner - Mr. Iwan Setiawan Lukmindo
Commissioner -
Mrs. Mira Christina Setiady
Signatories :
President Director (Mr. Iwan Kurniawan
Lukminto) or Director (Mrs. Megawati) which must be approved by the Board of
Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
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. After the acquisition on 22 June 2011 the whole shares had been taken over by P.T. KAPAS AGUNG ABADI (90%) and Mr. Iwan Kurniawan Lukminto (10%) as new shareholders. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-23301 dated July 22, 2011.
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.
Generally, the demand for textile products, textile chemicals such as
dyestuff, textile auxiliaries, and others 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. 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. As from January to June 2012 the sales turnover has reached at least Rp. 120.0 billion with a net profit of Rp. 8.3 billion and projected to go on rising by at least 4% in 2013. 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 Kurniawan Lukminto (29), 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 Mrs. Megawati Budiono (36) as director. However the prime mover of the company is Mr. Iwan Setiawan Lukminto, MBA (37), a businessman and top figure of the SRITEX Group. Mr. Iwan Setiawan Lukminto graduated from Sofolk University, Boston, USA in Master of Business Administration. 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.
DAEGU KOREAN GRILL (Restuaurants
Management)
3.
GOLDEN
TOTAL NUSANTARA, P.T. (Trading and Contracting Services)
4.
GRIYA
ASRI HIDUP ABADI, P.T. (Hotels Development and Management)
5.
DJOHARTEX,
P.T. (Textile Industry)
6.
JOGJATEX,
P.T. (Textile Industry)
7.
KAPAS
AGUNG ABADI, P.T. (Investment Holding)
8.
KAWASAN
INDUSTRI WONOGIRI, P.T. (Industrial Estate Development)
9.
RAYON UTAMA MAKMUR, P.T. (Spinning
Mills)
10.
SINAR PANTJA DJAJA, P.T. (Integrated
Textile Industry)
11.
SRI
REJEKI ISMAN, P.T. (Integrated Textile Industry)
12.
SRI
WAHANA REJEKI, P.T. (General Trading)
13.
WISMA
UTAMA BINALOKA, P.T. (Hotels Development and Management)
14.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.