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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR PANGJAYA MULIA TEXTILE INDUSTRY |
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|
|
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Formerly Known As : |
P.T. PANG JAYA TEXTILE |
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|
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Registered Office : |
Jalan Mahar Marta Negara No. 151 (Jalan Leuwigajah No. 151) Cimahi, Bandung, 40533 West Java |
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Country : |
Indonesia |
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|
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Year of Incorporation : |
1980 |
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Com. Reg. No.: |
No. AHU-41986.AH.01.02.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile Industry |
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No. of Employees : |
455 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 |
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Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
PANGJAYA MULIA TEXTILE INDUSTRY
Head Office & Factory
Jalan Mahar Marta
Negara No. 151
(Jalan Leuwigajah
No. 151)
Cimahi, Bandung,
40533
West Java
Indonesia
Phones -
(62-22) 6038757 (Hunting), 6038723, 6072245
Fax - (62-22) 6037447
E-mail - yantiop1@bdg.uterim.net.id
Website - http://www.pangjaya.com
Land Area - 20,000 sq.
meters
Building Space - 13,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 1980 as C.V. PANG JAYA
b. 11 April 1984 as P.T. PANG JAYA TEXTILE
c. 2 February 1985 as P.T. SINAR PANGJAYA MULIA
TEXTILE INDUSTRY
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-1947.HT.01.01.TH.99
Dated 26 January 1999
- No. AHU-41986.AH.01.02.TH.2010
Dated 25 August 2010
Company Status
:
National Private
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.224.590.8-441.000
The Capital Investment Coordinating Board
- No. 333/I/PMDN/1987
Dated 25 August 1987
- No. 71/II/PMDN/1990
Dated 21 February 1990
Related
Company :
P.T. OPELON
GARMENT INDONESIA (Garment Manufacturing)
Capital
Structure :
Authorized
Capital : Rp.
60,000,000,000.-
Issued Capital : Rp.
60,000,000,000.-
Paid up Capital : Rp.
60,000,000,000.-
Shareholders/Owners
:
a. Mrs. Kwee Fei Ling -
Rp. 48,000,000,000.-
Address :
Jl. Menjangan No. 5
Bandung, West
Java
Indonesia
b. Mr. Yanto Sukandar -
Rp. 12,000,000,000.-
Address : Jl. Menjangan No. 5
Bandung, West Java
Indonesia
Lines of
Business :
Textile Industry
Production
Capacity :
Knitted Fabrics - 11,250,000
meters p.a.
Total
Investment :
a. Equity Capital - Rp. 60.0 billion
b. Loan Capital - None
c. Total Investment - Rp. 60.0 billion
Started
Operation :
1980
Brand Name :
Sinar Pangjaya
Mulia Textile Industry
Technical
Assistance :
None
Number of
Employee :
455 persons
Marketing Area
:
Local - 100%
Main Customer
:
Garment
Manufacturing
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
:
Growing
B a n k e r s :
a. P.T. Bank UOB INDONESIA Tbk
Jalan Jend. Sudirman No. 55 A
Bandung, West Java
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. Sudirman No. 331
Bandung, West Java
Indonesia
c. Hongkong and Shanghai Banking Corp. Ltd.
Jalan Asia Afrika No. 141-147
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 108.0
billion
2011 – Rp. 115.0
billion
2012 – Rp. 123.0
billion
Net Profit
(estimated) :
2010 – Rp. 8.6 billion
2011 – Rp. 9.2 billion
2012 – Rp. 10.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Yong Dedy Sukandar
Director -
Mrs. Yanti Sukandra
Board of Commissioners :
President Commissioner -
Mrs. Kwee Fei Ling
Commissioner -
Mr. Yanto Sukandar
Signatories :
President Director (Mr.
Yong Dedy Sukandar) or the Director (Mrs. Yanti Sukandar) which must be approved
by 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
Originally named
C.V. PANG JAYA set up in 1980 in Bandung, West Java with a legal status of
partnership with sleeping partners. The founders are Mr. Yong Dedy Sukandar as
active partner and his wife Mrs. Kwee Fei Ling as silent partner. They are
Indonesian business persons of Chinese extraction. In April 1984, the company
renamed to P.T PANG JAYA TEXTILE with a legal status of Limited Liability
Company. The authorized capital was set up at Rp. 200,000,000 issued capital at
Rp. 40,000,000 entirely paid up. Its shareholders are Mr. Yong Dedy Sukandar,
his wife Mrs. Kwee Fe Ling and Mrs. Kwee Hong Ing. In February 1985, the
company was renamed to P.T. SINAR PANGJAYA MULIA TEXTILE INDUSTRY (P.T. SPMTI).
In October 1998 the authorized capital was raised to Rp. 600,000,000 issued and
paid up capital to Rp. 200,000,000. Later in January 2000 the authorized
capital will be raised again to Rp. 6,000,000,000 entirely issued and paid up.
The latest in June 2010 the authorized capital was raised again to Rp.
60,000,000,000 wholly issued and paid up. On the same occasion Mr. Yong Dedy
Sukandar and Mrs. Kwee Hong Ing pulled out and the whole shares sold to Mr.
Yanto Sukandar as new shareholder. With this time the composition of its shareholders
has been changed to become Mrs. Kwee Fei Ling (80%) and her son Mr. Yanto
Sukandar (20%). The deed of amendment was made by Mrs. Dewi Sepriawati, SH., a
public notary in Bandung and was approved by the Ministry of Law and Human
Right in its Decision Letter No. AHU-41986.AH.01.02.TH.2010 dated August 25,
2010.
We observe that
majority share is controlled by Mrs. Kwee Fei Ling and her son Mr. Yanto
Sukandar. They are also founders and business stakes owners of P.T. OPELON
GARMENT INDONESIA, a private national company engaged in the field of garment
manufacturing.
P.T. SPMTI was
established as a domestic capital investment (PMDN) company dealing with
textile and garment manufacturing. Its plant is located at Jalan Mahar Marta Negara
No. 151 (Jalan Leuwigajah No.151), Cimahi, Bandung, West Java, on a land of
some 2.0 hectares. The plant had been operating since 1980 and being expanded
in 1987 and 1990. Specializing in elastic fabric products in circular and warp
knit, P.T. SPMTI is one of the biggest knitting company in Indonesia. It has
been more than 25 years that the company manages to keep its
operation, producing high quality knitting products either exclusively designed
by the company or in accordance with consumer's need. P.T. SPMTI was in fact
the first company which specialized itself in producing elastic fabric in
Indonesia. It is due to this reason that they have better experience and
know-how. All of the production process is readily covered within our
installation, right from the beginning of the designing, knitting, drying, and
finishing of all of the products. All stages are supported by experts in their
respective fields, making the company to be on the leading edge of elastic
fabric products. P.T. SPMTI is in side by side with its sister company namely
P.T. OPELON GARMENT INDONESIA, producing garments based on elastic fabrics.
Currently it has
a production capacity of 11,250,000 meters knitted fabrics per annum. Using
Europe standard machines, P.T. SPMTI is implementing about 100 machines with 24
hours operational capacity. Apart from custom products, P.T. SPMTI already has
a vast library of design as many as 5000 items. Based on elastic fabric or
spandex, P.T. SPMTI products are; casual wear, sport wear, under garment,
upholsteries for automotive, velour for baby related products, and polar
fleece.
Mrs. Yanti
Sukandar, the director of P.T. SPMTI said that large portion of knitted fabrics
production is used for owned needs and the rest is sold locally thorough textile
shops and distributors in Jakarta (Tanah Abang Textile Centre), Bandung,
Semarang, Surabaya, and Bali. She went on to say that global economic crisis
occurred since October 2008 brought a negative impact on its business due to
lack of local demand. The operation growth of P.T. SPMTI has been fluctuating
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.
The demand for textile
chemicals tended to be fluctuating within the last five years in line with the
fluctuating of Indonesian textile industry in general. 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. SPMTI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
SPMTI is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2010 amounted to Rp. 108.0 billion rose to Rp. 115.0 billion in 2011 increased
to Rp. 123.0 billion in 2012 and projected to go on rising by at least 4% in
2013. The operation in 2012 yielded an estimated net profit of at least Rp.
10.1 billion and the company has an estimated total networth of at least Rp.
80.0 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. SPMTI is led by Mr. Yong Dedy Sukandar (74) a businessman and with
experience in textile and garment manufacturing. Daily operation he is assisted
by his daughter Mrs. Yanti Sukandar (37) as director who is considered quite
creative and dynamic. The management has maintained a wide business relation
among textile industries in Bandung and surroundings and a wide marketing
network within and outside the country. Good relation with government sectors
has also been maintained properly. 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. SINAR
PANGJAYA MULIA TEXTILE INDUSTRY is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.