|
Report Date : |
04.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SOUTH PACIFIC VISCOSE |
|
|
|
|
Registered Office : |
Sampoerna Strategic Square South Tower, 22nd Floor, Jl.
Jend. Sudirman Kav. 45-46 Jakarta 12910 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
14.01.1978 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-03706 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Viscose Fibre, Sulphuric Acid, Carbon Bisulphide, and Sodium Sulphate Manufacturing |
|
|
|
|
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 |
|
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 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
BASIC
SEARCH
|
Name
of Company :
P.T. SOUTH PACIFIC VISCOSE
A
d d r e s s :
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) 200636-7, 201414, 8229752
Fax. -
(0264) 200738, 202563
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
AND OWNERSHIP
|
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%)
BUSINESS
ACTIVITIES
|
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
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
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
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 5,110.0
billion
2012 – Rp. 5,490.0
billion
2013 – Rp. 5,980.0
billion
2014 – Rp. 3,220.0
billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 712.0
billion
2012 – Rp. 765.0
billion
2013 – Rp. 830.0
billion
2014 – Rp. 446.0
billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
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.
CAPABILITIES
|
Management
Capability :
Good
Business
Morality :
Good
OVERALL
PERFORMANCE
|
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.