|
Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINARAN TEKSTIL INDONESIA |
|
|
|
|
Registered Office : |
Jalan Raya
Cipatik Soreang RT. 02 RW. 06 Desa Pataruman, Kecamatan Cihampelas Bandung,
40114 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
21.08. 2009 |
|
|
|
|
Com. Reg. No.: |
No. AHU-50670.AH.01.01.TH.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment Manufacturing |
|
|
|
|
No. of Employees : |
65 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 |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
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.
SINARAN TEKSTIL INDONESIA
Head Office & Factory
Jalan Raya Cipatik Soreang RT. 02 RW. 06
Desa Pataruman, Kecamatan Cihampelas
Bandung, 40114
West Java
Indonesia
Phone -
(62-22) 8686 2599
Fax - (62-22) 8686 2598
Land Area - 3,500 sq.
meters
Building Space - 2,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
21 August 2009
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No. AHU-50670.AH.01.01.TH.2009
Dated 20 October
2009
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
P.T. PANCARAN
CAHAYA BARAT (Garment Manufacturing)
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 250,000,000.-
Paid up Capital : Rp. 250,000,000.-
Shareholders/Owners
:
a. Mr. Dede Kusnadi -
Rp. 125,000,000.-
Address :
Jl. Babakan Jeruk IV No. 18, RT. 002 RW. 001
Kelurahan Sukagalih, Kecamatan Sukajadi
Bandung, West Java
Indonesia
b. Mr. Deden -
Rp. 125,000,000.-
Address : Kampung Babakan Sukanande RT. 007
RW. 002
Kelurahan Pageralam, Kecamatan Taraju
Tasikmalaya, West Java
Indonesia
Lines of
Business :
Garment
Manufacturing
Production
Capacity :
Lady’s Blouse and
Men’s Shirts - 10,000 pieces per
month
Total
Investment :
Owned Capital - Rp. 1.0
billion
Started
Operation :
October 2009
Brand Name :
Sinaran Tekstil
Indonesia
Technical
Assistance :
None
Number of
Employee :
65 persons
Marketing Area
:
Export -
100%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. C.V. BERKAT
ADIJAYA PROMOSINDO
b. P.T. GOLDEN
PUTRA MANDIRI
c. P.T. GRAHANUSA
SENI INDAH
d. P.T. PROSPEK
SEJAHTERA PRIMAJAYA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Raya Asia Afrika No. 142-144
Bandung, West
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 6.2
billion
2011 – Rp. 7.4
billion
2012 – Rp. 8.5
billion
Net Profit
(estimated) :
2010 – Rp. 476
million
2011 – Rp. 490
million
2012 – Rp. 637
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Dede Kusnadi
Board of Commissioners :
Commissioner -
Mr. Deden
Signatories :
Director (Mr. Dede
Kusnadi) 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
P.T. SINARAN
TEKSTIL INDONESIA (P.T. STI) was incorporated in Bandung, West Java based on
notary deed of Mrs. Amalia Ratnakomala, SH., No. 06 dated 21 August 2009 with
the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 250,000,000
entirely paid up. The founding and shareholders of the company are Mr. Dede
Kusnadi and Mr. Deden, both are Indonesian businessmen of Chinese descents.
Based on our knowledge up to writing the report the notary documents of the
company have not undergone any changes. The company notary deed was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-50670.AH.01.01.TH.2009 dated October 20, 2009.
P.T. STI is a
private company started to be operating since October 2009 dealing with garment
manufacturing. Its plant is located at Jalan Cipatik Soreang RT. 02 RW. 06,
Pataruman Village, Cihampelas District, Bandung, West Java on a land 3,500
square meters. The plant produces 10,000 pieces of Lady’s blouses, and Men’s
Shirts per month. It is estimated that the construction of the plant has absorbed
an investment of Rp. 1.0 billion wholly coming from own capital. The
merchandise goods products are T-shirts, jeans, Shirts, Trousers, and other
men’s wear 55% cotton and 45% polyester knitted.
Whole products
of the company are produced based on orders from the buyers such LADA JEANSWEAR
INC and BAUHINIA CONNECTION INC., both of the USA by using PRIVATE brand. Mr.
Dede Kusnadi, a Director and owner of the company, said that the garment
products are produced based on the demand from the buyers concerning the
design, fabric type, and brand which largely for export. In producing the
garment products, P.T. STI’s operates 5 units of Cutting Table, 50 units of
Sewing machine (with NEEDLE), 5 units of Vacuum Table and Steam Iron, 1 Unit of
Fusing Machine, 1 Set of Collar and Cuff Turning. The sharp Rupiah depreciation
against US$ and other hard foreign currencies has positive impact to P.T. STI’s
because a large extent of the products is for export oriented so the sales in
Rupiah to increase. On the other hand, the global economic crisis battering the
country since October 2010 has also brought bad impact to the company on
account of the increase in basic material prices and production cost. We
observe that P.T. STI is a small size company of its kinds which operation has
been growing slowly in the last three years.
The textile and
textile product (TTP) industry is one of the industries that has contrived to
with stand the protracted global economic crisis. At a time when the average
national industrial utilization rate fell to under 20% in 2008, TTP plants on
the other hand were operating at an utilization rate of above 81.6%. This was
attributable to the ability of textile and garment producers to maintain the
utilization rate of plants at a high level by aggressively stepping up exports.
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. STI has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
STI 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. 6.2 billion rose to Rp. 7.4 billion in 2011 increased to Rp.
8.5 billion in 2012 and projected to go on rising by at least 5% in 2013. The
operation in 2012 yielded an estimated net profit of at least Rp. 637 million
and the company has an estimated total networth of at least Rp. 1.0 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. STI is led by Mr. Dede Kusnadi (46) a businessman with experience in
garment manufacturing and trading. 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.
P.T. SINARAN TEKSTIL INDONESIA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.70.61 |
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.