|
Report No. : |
307560 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SINAR PANTJA DJAJA |
|
|
|
|
Registered Office : |
Jalan Condrokusumo No. 1, Bongsari, Semarang Barat, Semarang, 50148, Central Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
31.07.1972 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-50814 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile Industry |
|
|
|
|
No. of Employees : |
1,920 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
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.
SINAR PANTJA DJAJA
Address
:
Head Office & Factory
Jalan
Condrokusumo No. 1
Bongsari,
Semarang Barat
Semarang,
50148
Central
Java
Indonesia
Phone -
(62-24) 7603888 (Hunting)
Fax - (62-24) 7605082, 7621454
Land Area - 20.3 hectares
Office Space - 4.6 hectare
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
31 July 1972
Legal
Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company
Reg. No. :
The
Department of Law and Human Rights
- No.
W8-00357.HT.01.04.TH.2006
Dated 05
October 2006
- No.
AHU-AH.01.10-207893
Dated 19
November 2009
- No.
AHU-AH.01.10-23301
Dated 22 July
2011
- No.AHU-AH.01.10-50814
Dated 26
November 2013
Company
Status :
National Private and Domestic Investment (PMDN)
Company
Permit
by the Government Department :
The
Department of Finance
NPWP No. 01.136.154.0-511.000
The Capital
Investment Coordinating Board
- No.
639/SEKR/SPPMDN/73
Dated 13
April 1973
- No.
38/III/PMDN/1988
Dated 21
January 1988
- No.
353/II/PMDN/1990
Dated 8
August 1990
- No.
168/II/PMDN/1993
Dated 21
September 1993
- No.
65/II/PMDN/1999
Dated 22
November 1999
The
Department of Industry
No. 272/T/Industri/1996
Dated 23 April 1996
Related
Company :
A
Member Company of the SRITEX Group (see attachment)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital :
Rp. 250,000,000,000.-
Issued Capital :
Rp. 116,500,000,000.-
Paid up Capital :
Rp. 116,500,000,000.-
Shareholders/Owners
:
a. P.T. SRI REJEKI ISMAN Tbk - Rp.
116,383,500,000.-
Address : Jl. K.H. Samanhudi 88
Jetis, Sukoharjo
Central Java
Indonesia
b. Mr. Iwan Kurniawan Lukminto - Rp. 116,500,000.-
Address : Jl. Dr. Rajiman 328, RT. 005 RW.
001
Sriwedari, Laweyan
Surakarta, Central Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Integrated Textile Industry
Production
Capacity :
a. Grey
Fabrics -
19,000,000 meters p.a.
b. Finished
Fabrics -
12,000,000 meters p.a.
c. Cotton
Yarns - 3,000,000 meters p.a.
d. T/C Yarns - 138,407 bales p.a.
e. Weaving
Yarns - 138,407 bales p.a.
Total
Investment :
a. Equity Capital - Rp. 116.5 billion
b. Reinvested
Profit - Rp. 48.0 billion
c. Loan
Capital - Rp.
124.5 billion
d. Total
Investment - Rp.
289.0 billion
Started
Operation :
1976
Brand
Name :
Sinar Pantja Djaja
Technical
Assistance :
None
Number
of Employee :
1,920 persons
Marketing
Area :
Export - 70%
Local - 30%
Main
Customers :
a. The SRITEX Group Companies member
b. Overseas buyers in Syria, Hong Kong, Taiwan and
China
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. APAC INTI CORPORA
b. P.T. ARGO PANTES Tbk
c. P.T. GUNAWANTEX
d. P.T. INDORAMA SYNTHETICS
Tbk
Business
Trend :
Declining
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Pemuda No. 90-92
Semarang, Central Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Pemuda No. 73
Semarang, Central Java
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Bandung
Branch
Bandung,
West Java
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
FINANCIAL
FIGURE
|
Annual Sales :
2012
– Rp. 711.0 billion
2013
– Rp. 812.2 billion
2014
– Rp. 860.9 billion
Net Profit :
2012
– Rp. 5.2 billion
2013
– Rp. 26.8 billion
2014
– Rp. 30.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President
Director - Mr. Iwan Kurniawan Lukminto
Director - Mrs. Megawati
Board of Commissioner :
President
Commissioner - Mr. Iwan
Setiawan Lukminto
Commissioner -
Mrs. Mira Christina Setiady
Signatories :
President
Director (Mr. Iwan Kurniawan Lukminto) or Director (Mrs. Megawati) which must
be approved by the Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
The full name of company is P.T. Perusahaan Industri dan
Dagang P.T. SINAR PANTJA DJAJA Ltd., abbreviated P.T. SINAR PANTJA DJAJA (P.T.
SPD). The Company was established in July
1972 with authorized capital of Rp. 750,000,000 issued capital of Rp.
375,000,000 of which Rp. 200,000,000 was paid up. Founders and original
shareholders are Mr. Sutanto Djaja and Mr.
Hendra Djaja, both brothers are Chinese origin Indonesian. Its articles
of association had been amended for a couple of times. In April 1999 the
authorized capital was increased to Rp. 75,000,000,000 issued capital to Rp.
70,000,000,000 wholly paid-up. In September 2006, the authorized capital was
increased to Rp. 250,000,000,000 issued capital to Rp. 95,000,000,000 wholly
paid up. With this time the shareholding composition is P.T. PANASIA SYNTHETIC
ABADI (95%) and P.T. PANASIA INTERTRACO (5%). Then in August 2009 the issued
capital was increased to Rp. 116,500,000,000 entirely issued and paid up. With
this development the composition of its shareholders has been changed to become
P.T. PANASIA SYNTHETIC ABADI (95.92%) and P.T. PANASIA INTERTRACO (4.08%).
However since April 2011 the whole shares had been sold
to the late Mr. Muhammad Lukminto AKA Loo Kie Hien and his son Mr. Iwan
Setiawan Lukminto. After the acquisition on 22 June 2011 the whole shares had
been taken over by P.T. KAPAS AGUNG ABADI (90%) and Mr. Iwan Kurniawan Lukminto
(10%) as new shareholders. The latest according to the revision of notary deed
Mrs. Dewi Sukardi, SH., M.Kn., no. 03 dated 16 November 2013 P.T. KAPAS AGUNG
ABADI withdrew and the whole share taken over by P.T. SRI REJEKI ISMAN Tbk as
new shareholder. With this time the composition of its shareholders has been
changed to become P.T. SRI REJEKI ISMAN Tbk (99.9%) and Mr. Iwan Kurniawan
Lukminto (0.1%). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-50814 dated November 26, 2013.
P.T. SPD acquired a Domestic Investment (PMDN) permit for dealing with textile yarn spinning
industry and textile milling industry by
managing a plant located at Jalan Condrokusumo No. 1, Bongsari sub-district,
Semarang Barat district, Semarang (Central Java) standing on 20.3 hectares
land. The plant started with commercial operation in 1976 and expanded
respectively in 1990, 1993 and lastly in 2000. Construction of whole plant used-up an investment of Rp. 289.0 billion.
In 1997, the SPD was acquired by Panasia Group before later switching to Sritex
Group as it is now. 1988 is a new
era for the SPD which began to enter the industry by relying spinning or spinning
ring machine frame 72 and 36,000 spindles. Four years later, in 1992, the SPD
still trying to strengthen weaving
line that reaches 1,119 loom machines to meet the market demand for raw or grey
fabric at the time.
However, after that, only the more spinning production
line is growing rapidly. Even in 2005, the SPD
management decided to calculate the weaving operation and focusing on the
production line of spinning. Weaving machines that are no longer used and
existing buildings modified to support the
activities of spinning.
According information from Mr. Hermanto, marketing
manager P.T. SPD disclosed since global crisis on September 2008, the crisis
have a bad consequences to this company because P.T. SPD as a permanent
exporter to USA. P.T. SPD has no choice to decrease the product and this impact
to the machine that can no operation because order to export down. Since
November 2008 must discharge about 300 employees. The operation of P.T. SPD has
been declining in the last five years on account of very tight competition from
China, South Korea and Vietnam. The local markets are also flooded by the
Chinese and South Korean textile products. In addition the company can no
longer afford to buy raw
materials and hire employees because of cash flow difficulties. Therefore P.T.
SPD cooperation with P.T. SRI REJEKI ISMAN Tbk by acquiring a majority shares
in this company and exporting their products. P.T. SRI REJEKI ISMAN Tbk has spend Rp. 723.06
billion (US$63.9 million) of its funds to buy an affiliated company and so
boost its production capacity.
According to P.T. Sritex’s corporate secretary, Mr. Welly
Salam said Sritex would gradually increase P.T. Sinar Pantja’s production
capacity utilization rate, which now stands at 60 percent, to 80 percent by
2014. Sritex is expected to operate a total of 530,000 spindles and produce up
to 583,000 bales of yarn per year after the takeover. It currently has 320,000
spindles, with production capacity of 352,000 bales of yarn. The firm operates
nine spinning factories, three weaving factories, three finishing facilities
and six garment plants in Sukoharjo, Central Java. Its products range from
military uniforms, which are ordered by more than 30 countries, to fashion
apparel for foreign brands.
In 2012, the SPD back strengthening existing spinning
facility by entering the ring frame 20
sets with 9,600 spindles and coupled with the ring frame 80 sets with 41 280 spindles
in 2013. Saturday, November 23, 2013 is one of the historic days in the P.T.
Djaja Pantja Djaja, where
the inauguration Spinning Unit V with a capacity of 80 units of Ring Spinning
machine as much as 41 280
spindle. So the total spindle in P.T. Sinar Pantja Djaja is as much 215 144
spindle. P.T.
SPD producing yarn Polyester, Rayon, Rayon and Tetoron Cotton many as 17 880
bale per month or 214 560 bale per year. The day began with a flag ceremony
that is routinely carried out at P.T. SPD each month.
Then proceed with the inauguration and cutting cone by Mr. Iwan Kurniawan Lukminto
as President Director of P.T. SPD, a ribbon cutting by Mrs. Sustana Lukminto as
Commissioner of P.T. Sritex Group,
and symbolic event broke the jug by Mr. Iwan Setawan as President Commissioner
of P.T. SPD on prime yarn export as much as 50 bale to Malaysia.
P.T. SPD's operation has been growing stable and its
factory's utility has reached around 80% to 85% within the last three years.
Around 30% of its textile yarns production is export to USA, Syria, Hong Kong, Taiwan and the People's Republic
of China and the rest 70% is marketed domestically mostly to textile milling
companies within the PANASIA Group's circles. All of P.T. SPD's grey fabrics is
marketed domestically mostly to textile finishing industries within the PANASIA
Group companies member. We observe that global economic crisis has brought bad
impact to the export performance of P.T. SPD due to its declining export volume
of its products.
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 450,900 ton (US$ 7,801.5 million) in 2011
decline to 450,200 tons (US$ (7,304.8 million) in 2012 and increased to 470,200
tons (7,501.0 million) in 2013.
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 (US$ 5,563.3 million)
in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012 increased to
1,633.1 tons (US$ 5,293.6 million) in 2013. 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 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 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
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 7,501.0 |
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 1,633.1 |
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 5,293.6 |
Until this time P.T. SPD has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. SPD is very reclusive towards outsiders
and rejected to disclose its financial condition.
According to Annual Report of P.T. SRITEX Tbk that sales
turnover of P.T. SINAR PANTJA DJAJA in 2012 amounted at Rp. 711.0 billion with
a net profit of Rp. 5.2 billion increased to Rp. 812.2 billion with a net
profit of Rp. 26.8 billion in 2013. We estimated the total sales turnover of
the company in 2014 amounted at Rp. 860.9 billion with a net profit of at least
Rp. 30.0 billion. It’s projected the sales turnover will be rising by at least
5% in 2015. 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. SPD is led by Mr. Iwan Kurniawan
Lukminto (32), a businessman with more than 13 years of experience in various
businesses especially those in the SRITEX Group’s circles. Daily, he is
assisted by Mrs. Megawati Budiono (37) as director. However the prime mover of
the company is Mr. Iwan Setiawan Lukminto, MBA (40), a businessman and top
figure of the SRITEX Group. Mr. Iwan Setiawan Lukminto graduated from Sofolk
University, Boston, USA in Master of Business Administration. 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. SINAR PANTJA DJAJA is sufficiently fairly good
for business cooperation.
List of the SRITEX Group Members
1. ADIKENCANA MAHKOTABUANA, P.T. (Spinning Mills)
2. DAEGU KOREAN GRILL (Restuaurants Management)
3.
GOLDEN
TOTAL NUSANTARA, P.T. (Trading and Contracting Services)
4.
GRIYA
ASRI HIDUP ABADI, P.T. (Hotels Development and Management)
5.
DJOHARTEX,
P.T. (Textile Industry)
6.
JOGJATEX,
P.T. (Textile Industry)
7.
KAPAS
AGUNG ABADI, P.T. (Investment Holding)
8.
KAWASAN
INDUSTRI WONOGIRI, P.T. (Industrial Estate Development)
9. RAYON UTAMA MAKMUR, P.T. (Spinning Mills)
10. SINAR PANTJA DJAJA, P.T. (Integrated Textile Industry)
11.
SRI
REJEKI ISMAN Tbk, P.T. (Integrated Textile Industry)
12.
SRI
WAHANA REJEKI, P.T. (General Trading)
13.
WISMA
UTAMA BINALOKA, P.T. (Hotels Development and Management)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.