|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. APAC INTI CORPORA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
02.08.1995 |
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Com. Reg. No.: |
No. AHU-AH.01.10-46414 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Textile Industry |
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No. of Employees |
11,000 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
|
Source
: CIA |
Name of Company :
P.T. APAC INTI
CORPORA
Address :
Head Office
Jl. Jend. Gatot Subroto Kav. 23
Phones - (021)
5225222, 5228888 (hunting)
Fax. - (021)
5258300, 5202910
Website - http://www.apacinti.co.id
E-mail - info@apacinti.co.id
Building Area -
28 storey
Office Space -
1,200 sq. meters
Region -
Status - Rent
Factory
Jl. Soekarno Hatta Km. 32
Desa Harjosari-Bawen
Semarang 50661
Central Java
Indonesia
Phones - (024)
921888, 921626
Fax - (024)
921297
Land Area -
105 hectares
Building Area - 28 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation
:
a. 01 July 1995 as P.T. KANINDOTEX INTI CORPORA
b. 02 August 1995 as P.T. APAC INTI CORPORA
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Justice and Human Rights
a. No. C-231245.HT.01.04.TH.2006
Dated 19
July 2006
b. No.
AHU-38332.AH.01.02.Tahun 2008
Dated 04 July 2008
c. No. AHU-AH.01.10-46414
Dated 04
November 2013
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The
Department of Finance
NPWP No. 01.744.927.3-091.000
b. The Capital
Investment Coordinating Board
- No. 471/PMDN/1995
Dated 29 August 1995
- No. 04/III/PMDN/2003
Dated 09 January 2003
- No. 25/V/PMA/2004
Dated 02 April 2004
Holding Companies :
a. P.T. APAC CITRA CENTERTEX Tbk., (Textile Industry and Investment
Holding)
b. NATIONAL SOUL Ltd., of BVI (Investment Holding)
c. SOLOMON PROFIT Ltd., of BVI (Investment Holding)
Related/Affiliated
Company :
The APAC CITRA CENTERTEX Group Members
Capital Structure
:
Authorized Capital - Rp.
1,700,000,000,000.-
Issued Capital - Rp.
1,395,000,000,000.-
Paid up Capital - Rp.
1,395,000,000,000.-
Shareholders/Owners
:
a. P.T. APAC CITRA
CENTERTEX Tbk. - Rp. 581,400,000,000.-
(41.68%)
Address : Graha BIP, 10th Floor
Jl. Jend. Gatot Subroto Kav.
23
b. NATION SOUL
Ltd. -
Rp. 471,450,000,000.- (33.79%)
Address :
Wickhams,
c. SOLOMON PROFIT
Ltd. - Rp.
272,400,000,000.- (19.53%)
Address : Offshore
Incorporations
Centre
d. Cooperatives
(480 companies) -
Rp. 69,750,000,000.- ( 5.00%)
Address : Jl. Raya Bawen Km. 32, Des
Harjosari
Bawen,
Lines of Business
:
Integrated Textile Industry
Production
Capacity :
a. Weaving Yarns -
482,000 bales p.a.
b. Grey Fabrics -
80,000,000 meters p.a.
c. Denims - 60,000,000 yards p.a.
Total Investment :
a. Equity Capital -
Rp 800.0 billion
b. Loan Capital - Rp
1,565.7 billion
c. Total Investment - Rp
2,365.7 billion
Started Operation
:
August 1995 when it was P.T. KANINDOTEX INTI CORPORA
Brand Name :
APAC INTI CORPORA
Technical
Assistance :
None
Number of Employee
:
11,000 persons
Marketing Area :
Export - 90%
Local
- 10%
Main Customers :
Buyers in Europe (
Kingdom,
China, Hong Kong, India, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO PANTES Tbk.
b. P.T. PANASIA INDOSYNTEX Tbk
c. P.T. CANDRATEX SEJATI
d. P.T. SIPATEX
e. Etc.
Business Trend :
Fluctuating
Bankers :
a. P.T. Bank MANDIRI Tbk.
Jalan R.P. Soeroso No. 2-4
Jakarta Pusat
b.
P.T. Bank VICTORIA INTERNATIONAL
Landmark Centre
Jalan Jend.
Sudirman 1
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2010 – Rp. 1,513.6 billion
2011 – Rp. 1,821.5 billion
2012 – Rp. 1,362.4 billion
2013 – Rp. 1,550.0 billion
Net Profit (Loss) :
2010 – (Rp. 88.7 billion)
2011 – (Rp. 115.0 billion)
2012 – (Rp. 112.0 billion)
2013 – (Rp. 98.0 billion)
Payment Manner :
Average
Financial Comments
:
Weak
Board of Management :
President Director - Mr.
Benny Soetrisno
Director - Mr. Anas Bahfen
Board of Commissioners :
President Commissioner - Mr.
Stefanus Rijanto Kotjo
Commissioners -
a. Mr. Sintong Panjaitan
- b. Mr. Djoko Leksono Sugiarto
-
c. Mr. Soeryadi
Signatories :
President Director (Mr. Benny Soetrisno) or Director (Mr. Anas Bahfen)
which must be approved by the Board of
Commissioners (Mr. Stefanus Rijanto Kotjo, Mr. Sintong Panjaitan, Mr. Djoko
Leksono Sugiarto and Mr. Soeryadi)
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under
guarantee
Initially named P.T. KANINDOTEX INTI CORPORA, the company was established
on July 1, 1995 with the authorized capital of Rp.800,000,000,000.- of which Rp
200,000,000,000.- was issued and fully paid up. The founding shareholders of
the company are P.T. APAC CENTURY CORPORA (99.99%) and Mr. Johannes
Budisutrisno Kotjo (0.01%), an Indonesian businessman of Chinese
extraction. The Deed of establishment
has been approved by the Minister of Justice of the Republic of Indonesia
through its Decision Letter No. C2-8905.HT.01.01.TH.95 dated July 24,
1995. The Company’s Articles of
Association have been amended several times.
In August 1995 the company was renamed P.T. APAC INTI CORPORA (P.T.
AIC) and
in July 1996 the issued
and paid up
capital was increased to Rp 300,000,000,000.-. By the
same time Mr. Johannes Budisutrisno Kotjo pulled out and replaced by 60
cooperatives. In August 1996 the 94.12% shares of P.T. AIC had been taken over
by P.T. APAC CENTERTEX CORPORATION Tbk., a publicly listed company, and the
rest 5.88% owned by 480 cooperatives.
On April 2004 the authorized capital was raised again to Rp
1,700,000,000,000.-, issued and paid up capital was raised to Rp.
1,140,000,000,000.- By the same time,
the shareholders of the company are P.T. APAC CENTERTEX CORPORATION Tbk.,
(51%), NATION SOUL Ltd., of British Virgin Islands (44%) and cooperatives
(5%). On December 2005 the issued and
paid up capital was raised to Rp. 1,362,000,000,000.- and concurrently the
shareholders of the company are P.T. APAC CITRA CENTRERTEX Tbk. (42.69%),
NATIONAL SOUL Ltd., (42.69%), SOLOMON PROFITS Ltd., (20.00%) and Cooperatives
(5%).
Most recently by notary Deed No. 44 dated September 27, 2013 made by
Notary Edi Priyono, SH., the issued capital was raised to Rp
1,395,000,000,000.- and fully paid up.
Since at the time, the shareholders of the company are P.T. APAC CITRA
CENTERTEX Tbk., (41.68%), NATION SOULD Ltd., of BVI (33.79%), SOLOMON PROFIT
Ltd., of BVI (19.53%) and Cooperatives (5.0%). The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-46414
dated November 4, 2013.
P.T. AIC has been operating since August 1995 in integrated textile industry. It took over 3 plants owned by the KANINDOTEX Group located at Desa Harjosari-Bawen, Semarang, Central Java, on a land of some 105 hectares. The plants belong to a large textile plants producing woven yarns to be processed into denim and grey fabric. Since they were taken over, the operation has been growing rapidly. P.T. AIC is equipped with a high quality machine of Trutzschler, Crossroll, Toyoda, Hara and Murata brands. Presently P.T. AIC has an annual production capacity of 482,000 bales yarn, 80,000,000 meters grey fabrics and 60,000,000 yards denim per year.
According to PT. APAC CITRA CENTERTEX Tbk., (holding company of PT.
AIC), P.T. AIC’s total production of yarn in 2010 was 324,563 bales, increased
to 348,125 bales in 2011 and declined to 281,895 bales in 2012. The company’s total production of grey
fabrics in 2010 was 34.62 million meters, increased to 34.80 million meters in
2011 and declined to 24.56 million meters in 2012. The company’s total production of denim in
2010 was 21.74 million yards declined to 18.74 million yards in 2011 and dropped
again to 16.63 million yards in 2012.
Some 90% of the products is exported to Europe (Belgium, Denmark,
Finland, France, Germany, Italy, Netherlands, Norway, Poland, Portugal, Spain,
Sweden, Switzerland, Turkey, United Kingdom, etc), USA, Argentina, Brazil,
Canada, Chile, Asia (Bangladesh, China, Hong Kong, India,
Sri Lanka, Syria, Taiwan, Thailand, Vietnam), Africa (Algeria, Cameroon, Egypt,
Kenya, Morocco, Nigeria, South Africa, Tanzania, Tunisia) Australia and New
Zealand, and the rest 10% are sold to
local market.
P.T. AIC is also dealing with investment holding by controlling 10%
shares of P.T. INDOTEX BANGUN BERSAMA is engaged in garment industry. We observed that P.T. AIC is classified as a
large-sized company of its kind in the country, but the company’s operation has
been fluctuating 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 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 |
Source: Central Bureau of
Statistic
*) January to November 2013
Until this time P.T. AIC 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. AIC’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. 1,821.5 billion
declined to Rp. 1,362.4 billion in 2012 and rose again to Rp. 1,550.0 billion
in 2013. It’s estimated that the company’s
operation in 2013 yielded a net loss at Rp. 98.0 billion and the company has a
total asset of Rp. 1,650.0 billion. It
is projected that total sales turnover of the company will increase at least 6%
in 2014. So far we did not hear that
P.T. AIC has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court.
The company is headed by Mr. Benny Soetrisno (64) as president director,
a well-experienced professional manager in textile industry. He has been serving as the President Director
of the Company and PT. Apac Citra Centertex Tbk., since 1995. He is an
electrical engineer graduate of Reinische Westfacliche Tehnischee Hochschule,
Aachen, Germany. In his daily
activities, he is assisted by Mr. Anas Bahfen (59) as director. The management
has maintained a wide business relation among private companies at home and
abroad.
Considering the operation of P.T AIC suffered from loss in 2009 to 2013,
also 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.60.47 |
|
UK Pound |
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.79.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
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Report Prepared
by : |
SDA |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.