MIRA
INFORM REPORT
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Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
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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, (No. 53 as your inquiry is old number) Jetis, Sukohardjo, Solo - |
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Country : |
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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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Line of Business : |
Integrated
Textile Industry |
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No. of Employees : |
17,620 employees
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Name of Company
P.T. SRI REJEKI ISMAN
company Address
Head Office &
Factory
Jl. K.H. Samanhudi No. 88
(No. 53 as your
inquiry is old number)
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
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 :
17,620 persons
Marketing Area
:
a. Local -
30%
b. Export - 70%
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
Bankers :
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) :
2009 – Rp.
1,920.0 billion
2010 – Rp.
2,150.0 billion
2011 – Rp.
2,420.0 billion
2012 – Rp.
1,360.0 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 94.0 billion
2010 – Rp. 105.0
billion
2011 – Rp. 118.0
billion
2012 – Rp. 66.0 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
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. No changes have been effected in term of its shareholding composition and capital structures to date.
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 it 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. Presently, some 70% of the products are exported to more than 40 countries of the world including; Germany, United Kingdom, Netherlands, Suriname, Kuwait, United Arab Emirates, Brunei Darussalam, Austria, Papua new Guinea, Sweden, Philippines, Cambodia, Norway, Indonesia, Greece, Saudi Arabia, Oman, Swaziland and the rest of some 30% are marketed locally.
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 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 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 and to 450,900 tons (US$ 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 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$ 4,721.8 million) in 2010 and declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011.
The export volume and value of the national TPT products in 2002 to 31
March 2012 are pictured on the following table.
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Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
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 1,873.3 |
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
375.7 |
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 1,318.1 |
Source: Central Bureau of Statistic
*) January to March 2012
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 2009 amounted to Rp. 1,920.0
billion increased to Rp. 2,150.0 billion in 2010 to Rp. 2,420.0 billion in 2011
and estimated it will be higher by at least 12% in 2012. The operation in 2011 yielded a net profit
at least Rp. 118.0 billion and the company has a total assets of Rp. 1.2
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 (37) as president director. He is a son of Mr. H.M. Lukmindo AKA Muhammad Lukminto AKA Loo Kie Hien (66), a businessman in textile trading since 1966. In his daily activities, Mr. Iwan Setiawan is assisted by two directors namely Mr. Allan Moran Severino (56) and Mr. Wahyu Indrastyo (49). 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.
Attachment:
Media Checks
1. Sritex to team up with China hi-tech corporation to build $6 billion textile venture.
Textile producer PT Sri Rejeki Isman (Sritex) will team up with China Hi-Tech Group Corporation in a US$ 6 billion investment building a mega textile project in Wonogiri, Central Java. The project is expected to provide 75,000 jobs. Sritex President Iwan Setiawan Lukminto said the $6 billion venture will include construction of a number of projects in Wonogiri, such as construction of a complex of integrated textile factory as part of the Master Plan for the Acceleration and Expansion of Indonesian Economic Development (MP3EI) in that province. Other projects will include new port, a cement factory and mining. The first phase is to build viscose fiber and polyester fiber factory. Disbursement of fund from China Hi-Tech Corporation will also be made by phases. The first phase will be US$ 600 million for the construction of the viscose fiber and polyester fiber factory. Sritex has established cooperation with China Hi-Tech Corporation for over 20 years including in the procurement of textile machines for Sritex from China Hi-Tech. Around 50% of textile machines used by Sritek have been supplied by China Hi-Tech.
Chinese firm to
set up textile unit in Central Java
June 22, 2012 (
China Hi-Tech Group Corporation, a state-owned enterprise of China, proposes to develop a textile factory in the Alas Kethu region in Wonogiri district of southern Central Java.
Sukoharjo-based PT Sritex Textile would serve as a key partner for the project to develop a textile factory in the proposed industrial zone.
Sri Saptono Basuki, General Affairs Manager at PT Sritex, said the project would form a part of the US$ 6 billion investments that the Chinese firm has undertaken to make for developing a container port and integrated industrial zones at a number of sites in Wonogiri regency.
Currently, the project is awaiting the State Secretariat’s decision as regards when exactly the construction can begin.
Mr. Basuki expressed hope that the new textile unit would lead to generation of large number of employment opportunities.
The factory would spread on around 524.8 hectares of Alas Kethu’s entire area of 644.4 hectares, while the remaining area of 119.6 hectares would form a part of the field for special purposes (LDTI) area, incorporating research forest and structures belonging to state-owned PT Perhutani and the Forestry Ministry.
Source: http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=112587
Military Uniform
Supplier Sritex Gets $400m Loan From Islamic Bank
Kunradus Aliandu |
March 13, 2012
Textile manufacturer Sri Rejeki Isman has taken out a $400 million loan, tapping into $3.3 billion in funds that the Islamic Development Bank is making available to Indonesian companies.
Last May, the Saudi Arabia-based IDB announced that it would make the loans
available to companies in Indonesia, both private and public.
“We want to see more private projects tap into the loan. The loans will be
available until 2014 and 2015,’’ Armida Alisjahbana, the state minister of
national planning and development, said on Tuesday.
The Solo-based company, known as Sritex, is the first private company to take
advantage of the loans. It produces military uniforms.
Armida said the IDB, a development financing body, was helping the country
develop its Islamic financing industry, through actions including educating
companies on the benefits of working with Shariah-compliant financing.
Shariah — Islamic law — bans the payment and receipt of interest and forbids
investment in tobacco, alcohol and gambling. About 85 percent of the nation’s
240 million people are Muslims.
Indonesia has 11 Islamic banks including Bank Syariah Mandiri, Bank Muamalat,
BRI Syariah. Total assets of those three lenders rose to Rp 133 trillion ($14.4
billion) as of December, according to data from Bank Indonesia.
Armida said her office would boost cooperation with the central bank and the
Finance Ministry to improve Islamic financing in Indonesia.
“This Shariah-compliant business road map is needed given the size of the
country’s population. Definitely, we will design this business road map to
develop Islamic finance in Indonesia,’’ Armida said.
Some 35 percent of the IDB’s funding to Indonesia is earmarked for the private
sector, including small- to mid-sized businesses, followed by infrastructure at
26 percent, education and human resources at 20 percent and the rest for
agriculture and rural development.
Rival textile
producers in an Indonesian copyright battle
Wednesday, November 23, 2011
Two of the largest textile companies in Central Java, PT Sri Rejeki Isman Textile (Sritex) and PT Delta Merlin Dunia Textile (Duniatex) are fighting over textile designs and specifically “yellow lines on the edge of fabric”. Both claim rights to the textile design. The case suggest unscrupulous play at various levels.
A Sritex customer complained about Duniatex’s product. Apparently they had used
Sritex's 'unique' yellow lines. So Sritex sent a warning letter to Duniatex,
then reported the case to the Central Java Police. Duniatex responded that the
fabric was a one off order requested from the Ratu Modern shop in Jakarta, in
June 2011 and apologised.
But the police investigation continued on the basis of a copyright registered
at the IP office, apparently at the same time as reporting the case to the
police. Sritex also carried out a public launch for their product to some
fanfare with a party to which all the IP officials and police were
invited!
Duniatex complained that the registration of the yellow lines copyright took
only 5 days. IP Komodo comments that 5 days is extremely fast (more typically
it takes 6 months). Duniatex complained about collusion between
Sritex and the Police. IP Komodo comments that the police are notorious
for taking on any old case so long as they are well looked after! Sritex is a
major supplier of the Indonesian National Army and Police uniforms however so
presumably has the right police contacts!
Duniatex is upset because it tried to settle without success, but was ignored
and claims it is being unfairly attacked for over a regular civil unfair
competition issue. There surely can be no copyright they claim. So now it has
counter-attacked by filing a lawsuit at the Commercial Court of Semarang, to
cancel the copyright registration for not being an original artistic
work.
Source: http://ipkomododragon.blogspot.com/2011/11/rival-textile-producers-in-indonesian.html
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.17 |
|
UK Pound |
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
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.