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Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR
CENTRAL SANDANG |
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|
|
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Registered Office : |
Jalan Raya
Serpong Km. 7, Pakualam, Serpong Utara, Tangerang Selatan, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
04.09.1981 |
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Com. Reg. No.: |
AHU-AH.01.10-09177 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in dealing with Spinning Mill Industry |
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No of Employees : |
820 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. SINAR CENTRAL SANDANG
Head Office & Factory
Jalan Raya Serpong Km. 7
Pakualam, Serpong Utara
Tangerang Selatan
Banten Province
Indonesia
Phones - (62-21) 539 9447, 539 9448
Fax - (62-21) 539 9450
Land Area - 5.0 hectares
Building Area - 3.2 hectares
Region - Industrial
Zone
Status - Owned
04
September 1981
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. Y.A. 5/145/12
Dated 01 March 1982
b. No.
AHU-08158.AH.01.02.Tahun 2012
Dated 16 February 2012
c. No.
AHU-AH.01.10-09177
Dated 15 March 2012
Domestic
Investment Company (PMDN)
a. The Department of Finance
NPWP No. 01.705.597.1-528.000
b. The Capital Investment
Coordinating Board
- No. 85/I/PMDN/1990
Dated 23 January 1990
- No. 592/III/PMDN/1990
Dated 25 August 1990
- No. 317/II/PMDN/1994
Dated 26 October 1994
Related/Affiliated
Company :
P.T. TIRTA LANGGENG ABADI (Investment Holding)
Capital
Structure :
Authorized
Capital - Rp.
50,000,000,000.-
Issued
Capital -
Rp. 25,500,000,000.-
Paid
up Capital -
Rp. 25,500,000,000.-
Shareholders/Owners
:
a. P.T. TIRTA LANGENG ABADI - Rp. 22,950,000,000.- (90%)
Address : Jl. Kyai
Mojo No. 81-A
Joyosuran, Banjarsari
Surakarta, Central Java
b. Mr. Christanto
Kusumanugraha - Rp. 2,550,000,000.- (10%)
Address : Jl.
Margoyudan No.37, RT.03/RW.01
Setabelan, Banjarsari
Surakarta, Central Java
Lines
of Business :
Spinning
Mills Industry
Production
Capacity :
Spun Yarn - 58,000 bales p.a.
Total
Investment :
a. Owned Capital - Rp. 25.5 billion
b. Loan Capital - Rp. 63.8 billion
c. Total Investment - Rp. 89.3 billion
Started
Operation :
1982
Brand
Name :
Sinar
Central Sandang
Technical
Assistance :
None
Number
of Employee :
820
persons
Marketing Area :
a. Local - 40%
b. Export - 60%
Main Customers :
a. Textile Industries
b. Foreign buyers in
UK, Japan, Australia, Hong Kong and others
Market Situation :
Very Competitive
Main Competitors :
a. PT. Fuji Palapa
Textile
b. PT. Sri Rejeki Isman
c. PT. Gunawantex
d. PT. Trisulatex
e. PT. Sinar Padasuka Textile
f. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank INTERNASIONAL INDONESIA Tbk
Central Processing Centre
Jl. MH Thamrin Kav. 22 No. 51
Jakarta, Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Karanganyar Branch
Surakarta, Central Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Total
Sales/Income (estimated) :
2010
– Rp. 380.0 billion
2011
– Rp. 430.0 billion
2012
– Rp. 490.0 billion
2013
– Rp. 560.0 billion
Net
Profit (estimated) :
2010
– Rp. 16.6 billion
2011
– Rp. 14.9 billion
2012
– Rp. 17.0 billion
2013
– Rp. 19.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Christanto Kusumanugraha
Director -
Mr. Eddy Prasetyo Salim
Board of Commissioners :
Commissioner - Mrs. Agatha Linda Vijayanti
Signatories :
President
Director (Mr. Christanto Kusumanugraha) or Director (Mr. Eddy Prasetyo Salim)
which must be approved by Board of Commissioner (Mrs. Agatha Linda Vijayanti)
Management Capability :
Good
Business Morality :
Good
P.T. SINAR CENTRAL SANDANG (P.T. SCS) was established on September 4, 1981 with the authorized capital of Rp. 5,000,000,000 of which Rp. 1,000,000,000 was issued and fully paid up. The founding shareholders of the company are Mr. Hasyim Tantular AKA Tan Tiong Sim and Mr. Sulaeman Saputra, both are Indonesian businessmen of Chinese extractioin. The Article of Association has been approved by the Minister of Justice of the Republic of Indonesia through Decree No. Y.A.5/145/12 dated March 1, 1982. The articles of association of the company have frequently been revised. In November 1990, the authorized capital was raised to Rp. 8,000,000,000 of which Rp. 2,000,000,000 was issued and fully paid up and concurrently Mr. Mr. Hendra Othman Husodo joined in as shareholders. In February 1992 the whole shares of Mr. Hasyim Tantular had been taken over by his wife Mrs. Faryati Onggowidjaja.
Most recently by notarial deed of Vinsensius Henry, SH., No.
64 dated December 21, 2011 the authorized capital was raised again to Rp.
50,000,000,000,000.- of which Rp. 25,500,000,000.- was issued and fully paid
up. At the same time, the shareholders
of P.T. SCS are P.T. TIRTA LANGGENG ABADI (90%) and Mr. Christanto
Kusumanugraha (10%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-08158.AH.01.02.Tahun 2012 dated February 16, 2012 and No.
AHU-AH.01.10-09177 dated March 15, 2012.
Originally P.T. SCS is a private company dealing with spinning mill industry and it had been operating since 1982. Its plant is located at Desa Pakulonan, Serpong, Tangerang, Banten Province, on a land of some 5.0 hectares. In 1990, P.T. SCS obtained a Domestic Capital Investment (PMDN) facility issued by the Capital Investment Coordinating Board (BKPM) with Number 85/1/PPM/PMA/1990 dated January 23, 1990. Since at the time, the plant has frequently been expanded and increased production capacity. It has absorbed an investment of Rp 89.3 billion coming from own capital of Rp 25.5 billion and the remainder from loan. Some 60% of the company products are exported to various countries including United Kingdom, Japan, Australia, Hong Kong and the rest is locally marketed. We observed that P.T. SCS is classified as a medium-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 product including cotton yarn, 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 to 450,900 tons (US$ 7,801.5 million) in 2011 and dropped to 450,200 tons (US$ 7,304.8 million) in 2012.
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 and rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012. The export volume and value of the national TPT products in 2002 to 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
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 |
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 |
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 |
Source: Central Bureau of Statistic
Until this time P.T. SCS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. Therefore, the company has no obligation to publish financial statement publicly. P.T. SCS’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover of the company in 2011 amounted to Rp. 430.0 billion increased to Rp. 490.0 billion in 2012 rose again to Rp. 560.0 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. 19.5 billion and the company has a total asset of Rp. 280.0 billion. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
P.T. SCS's management is headed by Mr. Christanto Kusumanugraha (46) as President Director, a businessman with more than 12 years of experience in textile industry and trading. In daily activities, he is assisted by Mr. Eddy Prasetyo Salim (47) as Director. The management of the company has a good enough 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.
P.T. SINAR CENTRAL SANDANG is appraised to be good for business transaction. However, in view of the above case and 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.60.22 |
|
UK Pound |
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
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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.