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Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SOUTH PACIFIC VISCOSE |
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Registered Office : |
Sampoerna Strategic |
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Country : |
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Date of Incorporation : |
14.01.1978 |
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Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
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Line of Business : |
Providing Viscose Fibre, Sulphuric Acid, Carbon Bisulphide and Sodium Sulphate
Manufacturing. |
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No. of Employees : |
1,702 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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,
has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
P.T. SOUTH PACIFIC VISCOSE
Head
Office
Sampoerna Strategic Square South Tower, 22nd Floor
Jl. Jend. Sudirman Kav. 45-46
Jakarta 12910
Indonesia
Phones - (021) 5771630 (hunting)
Fax. - (021) 5771640
Email - spv-jkt@cbn.net.id
Website - http://www.pt-spv.com
Building Area - 33 storey
Office Space - 1400 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Cicadas, Cilangkap
Purwakarta, West Java
Indonesia
Phones - (0264) 8229752, 200636-7, 201414
Fax. - (0264) 202563, 200738
P.O. Box - 11 PWK
Land Area - 12.0 hectares
Building Space - 4.8 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
14 January 1978
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-19924.HT.01.04.TH.2004
Dated 06 August 2004
b. No. AHU-AH.01.10-15693
Dated 20 June 2008
c. No. AHU-00109.AH.01.02.Tahun 2009
Dated 05 January
2009
d. No. AHU-AH.01.10-08722
Dated 25 June 2009
e. No. AHU-AH.01.10-03706
Dated 08 February 2013
Company Status:
Foreign Investment Company (PMA)
Permit by the Government
Department :
a. The
Department of Finance
NPWP No. 01.000.573.4-052.000
b. The
President of the Republic of Indonesia
No. B-40/Pres/11/1977
Dated 28 November 1977
c. The
Capital Investment Coordinating Board
- No. 113/VI/PMA/1980
Dated 21 November 1980
- No. 470/III/PMA/1991
Dated 30 July 1991
- No. 741/II/PMA/1994
Dated 6 May 1994
- No.89/II/PMA/1999
Dated 18 May 1999
- No.673/II/PMA/2001
Dated 05 June 2001
d. The
Department of Industry
No.
267/DJAI/IUT/III/PMA/VII/88
Dated 12 July 1988
Related/Affiliated Companies :
a. LENZING A.G. (Industrial
Chemical Manufacturing)
b. ZENITH Steel Pipes and
Industries Ltd. (Steel Making)
c. AVIT Investment Ltd.
(Investment Holding)
d. PENIQUE S.A. (Investment
Holding)
e. TUNGABHADRA Industries Ltd. (Textile Milling)
f. P.T. PURA GOLDEN LION (Trading)
g. P.T. INDO BHARAT RAYON
(Viscose Industry)
Capital Structure:
Authorized Capital - Rp. 290,000,000,000.-
Issued Capital -
Rp. 72,500,000,000.-
Paid up Capital -
Rp. 72,500,000,000.-
Shareholders/Owners :
a. LENZING A.G. of Austria -
Rp 30,435,265,000.- (41.98%)
b. AVIT INVESTMENT Ltd. of Turks
& Caicos Islands British
West India - Rp
23,086,012,000.- (31.84%)
c. PENIQUE SA of Panama - Rp 8,678,356,000.- (11.97%)
d. P.T. PURA GOLDEN LION of Indonesia -
Rp 8,643,664,000.- (11.92%)
e. Mr. Bakti Santoso Luddin of Indonesia -
Rp 1,656,703,000.- ( 2.29%)
Lines of Business :
Viscose Fibre, Sulphuric Acid, Carbon Bisulphide, and Sodium Sulphate
Manufacturing
Production Capacity :
Initial
Units
a. Viscose Rayon Staple Fibres - 125,000 tons p.a.
b. Anhydrous Sodium
Sulphates - 70,000 tons p.a.
c. Carbon Bisulphites -
18,150 tons p.a.
d. Sulphuric Acids - 71,800 tons p.a.
e. Filament Yarns -
15,000 tons p.a.
Expansion
Units
a. Viscose Rayon Staple
Fibres -
15,000 tons p.a.
b. Sodium Sulphate -
10,500 tons p.a.
c. Sulphuric Acid (H2SO4) -
13,500 tons p.a.
Total Investment :
Initial
Units
a. Equity Capital -
US$ 36.2 million
b. Reinvested Profit -
US$ 27.0 million
c. Loan Capital - US$ 188.8 million
d. Total Investment -
US$ 252.0 million
Expansion
Units
a. Equity Capital - ---
b. Loan Capital - US$ 30.0 million
c. Total Investment - US$ 30.0 million
Started Operation :
1982
Brand Name :
SPV
Technical Assistance :
LENZING A.G., of Austria
Number of Employee :
1,702 persons
Marketing Area :
Domestic (Local) - 70%
Export - 30%
Main Customers :
a. Textile Industry such as P.T. HADTEX, P.T. PUJITEX, P.T. TRISULATEX,
P.T. SANDRATEX,
P.T. PANASIA INDO
SYNTEX, etc.
b. Overseas Buyers in China, Vietnam, Bangladesh, Srilanka, Malaysia,
Australia, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDO BHARAT RAYON
b. P.T. TOBA PULP LESTARI Tbk
c. Etc.
Business Trend :
Growing
Bankers :
a. STATE BANK OF INDIA, Singapore
10-01 DBS Building, 6 Shenton
Way
Singapore 0106
b. American Express Banking Corp.
Hong Kong Branch
28/F Connaught Centre
Central Hongkong
c. American Express Banking Corp.
ARTHALOKA Building
Jalan M.H. Thamrin No. 2
Jakarta Pusat
d. DEUTCHE
BANK LTD.
Jakarta Branch
Jalan Imam Bonjol No. 80
Jakarta Pusat
Auditor :
Purwantono, Sarwoko and Sandjaja, a public accountant
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 5,110.0 billion
2012 – Rp. 5,490.0 billion
2013 – Rp. 5,980.0 billion
Net Profit (estimated) :
2011 – Rp. 712.0 billion
2012 – Rp. 765.0 billion
2013 – Rp. 830.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President
Director - Mr. Wolfram Reinhard
Kalt AKA Wolfram Kalt
Directors - a. Mr. Ian Arthur Colley
b. Mr. Gerhard Danninger
c. Mr. Sutarto Budi
d. Mr. Darmawan Alim
e. Mr. Venkatachalam Sundararajan
Board of Commissioner :
President Commissioner - Mr. Peter Untersperger
Commissioners - a. Mr. Kunrat Hadi Tanubrata
c. Mr. Friedrich Weninger
d. Mr. Wolfgang Plasser
e. Mr. Thomas Georg Winkler
f. Mr.
Guenther Krohn
Signatories :
President
Director (Mr. Wolfram Reinhard Kalt) or one of the Directors (Mr. Ian Arthur
Colley, Mr. Gerhard Danninger, Mr. Sutarto Budi, Mr. Darmawan Alim or Mr.
Venkatachalam Sundararajan) which must be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
The company was established in Jakarta in 1978 with an authorized capital
of US$ 6,500,000.- issued capital of US$ 1,300,000.- of which US$
130,000.- was paid-up. Founders and
original shareholders of P.T. SOUTH PACIFIC VISCOSE (P.T. SPV) were TUNGABHADRA Industries Ltd., of India,
SNIA Viscose SPA of Italy,
INTERNATIONAL Textile Corporation Ltd., of Hong Kong and
the late Mr. Ali
Noor Luddin, an indigenous businessman. In 1984, the authorized capital was increased
to US$ 11,500,000.- wholly issued and
paid-up. On the same occasion SNIA
Viscose SPA and INTERNATIONAL Textile Corporation Ltd., pulled-out and replaced
by CHEMIE FASSER LENZING AG., of Austria, ZENITH Steel Pipes Industries Ltd.,
of India, AVIT Investment Ltd of Turks & Caicos Islands British West
India. Meanwhile, the local partner has
been replaced by P.T. PURA GOLDEN LION. In 1991, its capital has been converted
into rupiah and the authorized capital was set-up at Rp. 90,000,000,000.-
issued capital of Rp. 58,614,968,000.- wholly paid-up.
On August 2004, its issued and paid up capital was increased to Rp.
72,500,000,000.- It seems that 41.98% shares of P.T. SPV is controlled by
LENZING AG., a member of the LENZING AG Group, a major
business group of
Austria, 31.18% is controlled
by AVIT INVESTMENT Ltd., of
Turks & Caicos
Islands British West India and the rest by PENIQUE SA., of Panama
(11.97%), two shareholders of Indonesia
namely P.T. PURA GOLDEN LION
(11.92%) and Mrs. Saparsih Noor Luddin (2.29%) and
GODAVARI Corp., Ltd., of India (0.66%).
On June 2008, GODAVARI Corp., Ltd., of India pulled-out and its shares
sold to AVIT INVESTMENT LTD., of Turks & Caicos Islands British West
India. At time, the shareholders of P.T.
SPV are LENZING AG., (41.98%), AVIT INVESTMENT Ltd., (31.84%), PENIQUE SA.,
(11.97%), P.T. PURA GOLDEN LION (11.92%) and Mrs. Saparsih Noor Luddin (2.29%).
The amendment notary deed of the company was approved by the Ministry of Law
and Human Right in its Decision Letter No. AHU-AH.01.10-15693, dated 20 June
2008.
On June 2009, Mr. Thomas Michael Fahnemann resigned from a position as
President Commissioner and his position replaced by Mr. Peter
Untersperger. Concurrently, Mr. Wolfram
Reinhard Kalt entered into P.T. SPV as a new president director. Latest, on December 2012, Mrs. Saparsih Noor
Luddin pulled out and the whole shares are sold to Mr. Bakti Santoso
Luddin. Concurrently, Mr. Venkatachalam
Sundarajan entered into P.T. SPV as a new director. The amendment notary deed
of the company was approved by the Ministry of Law and Human Right in its Decision
Letter No. AHU-AH.01.10-03706, dated February 8, 2013. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. SPV is a Foreign Capital Investment (PMA) corporation engaged in
viscose fibre manufacturing. Its plant
is located at
Desa Cicadas, Cilangkap, Purwakarta, West Java, has been
operating commercially since 1982 and running
well as yet. Besides, P.T. SPV has also
produced by-products like sulphurid acid (H2SO4), carbon bisulphide (CS2) and
anhydrous sodium sulphate, all for own needs.
P.T. SPV operates 3 production lines producing 300 tons per day on the
average. Its export volume comes to
about 2,500 to 2,600 tons per month.
Mr. Cacuk Martakusuma, a senior marketing staff of P.T. SPV disclosed
that before economic crisis, domestic market was a potential one, but
since October 1997 it concentrated
to overseas market and now some 30%
of the products exported to
P.R. China, Vietnam,
Bangladesh, Srilangka, Malaysia, the Philippines, Australia,
Switzerland, the USA, Argentine, Africa, Egypt,
South Africa and Asia, while the
rest 70% remains for local textile
industries in the HADTEX
Group, the PUJITEX Group, the TRISULATEX
Group, the SANDRATEX Group, the PANASIA Group, etc. We observed that P.T. SPV is the medium-sized
company in the country at present in viscose fibre industry of which the
operation has been growing slowly in the last five years.
Generally, demand for textile and textile product including finished
fabrics, garment, cotton yarn, polyester textured yarn, 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 to 450,900 tons (US$ 7,801.5 million) in 2011 dropped
to 450,200 tons (US$ 7,304.8 million) in 2012 and as of 30 November 2013
amounted to 398.0 thousand tons (US$ 6,847.7 million).
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 declined to
1,493,3000 tons (US$ 5,563.3 million) in 2011 rose again to 1,508,500 tons (US$
5,278.1 million) in 2012 and as of 30 November 2013 amounted to 1,360.7
thousand tons (US$ 4,833.1 million). The
export volume and value of the national TPT products in 2002 to as of 30
November 2013 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 2012 2013 * |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 398.0 |
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 7,304.8 6,847.7 |
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 1,508.5 1,360.7 |
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 5,278.1 4,833.1 |
According to the financial statement of the company (source:
the Department of Trade and Industry), the total income/revenue of P.T. SPV in
2008 amounted to Rp. 3,258.9 billion with a net profit of Rp. 110.2 billion
declined to Rp. 3,195.6 billion with a net profit of Rp. 354.4 billion in 2009
and rose again to Rp. 4,562.8 billion with a net profit of Rp. 636.6 billion in
2010. Up to present, we have yet to gain
the statement of income of P.T. SPV in 2011 and 2013. However, we observed that total income or
revenues of the company in 2011 amounted to Rp. 5,110.0 billion increased to
Rp. 5,490.0 billion in 2012 rose again to Rp. 5,980.0 billion in 2013 and
projected to go on rising by at least 6% in 2014. The operation in 2013 yielded an estimated
net profit of at least Rp. 830.0 billion. So far we
did not hear that the P.T. SPV has been black listed by Bank Indonesia (Central
Bank) or having detrimental cases being settled in local district court. The company usually pays its debts punctually
to suppliers.
Since January 2010, the management of P.T. SPV has been headed by Mr.
Wolfram Reinhard Kalt AKA Wolfram Kalt (52) replacing Mr. Guenther Krohn (56)
as the president director. Mr. Kalt is
a professional manager from Austria, with more than 22 years experience in
LENZING Group with various positions. In
his daily activities, he is assisted by five directors namely Mr. Ian Arthur
Colley (51), Mr. Gerhard Danninger (57), Mr. Sutarto Budi (68), Mr. Darmawan
Alim (60) and Mr. Venkatachalam Sundararajan (55) of India. The management has a good reputation in
industry and trading of viscose rayon staple fibre and other textile raw
materials. The management also has wide
relation with private businessmen of home and overseas as well as with the
government sectors. So far, we did not
hear that the management of the company has involved in fraudulent business
dealing.
P.T. SOUTH PACIFIC VISCOSE is sufficiently fairly good for business
transaction. However, in view of the 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.61.55 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
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.