|
Report No. : |
332640 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUSILIA INDAH
SYNTHETIC FIBERS INDUSTRIES |
|
|
|
|
Registered Office : |
Jalan
Imam Bonjol No. 133 Km. 2, Karawaci, Tangerang, 15115, Banten Province |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
26.01.1978 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-32418 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
of Polyester Chips, Staple Fiber, Filaments and Textured Yarns |
|
|
|
|
No. of Employees : |
3,200 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
SUSILIA INDAH SYNTHETIC FIBERS INDUSTRIES
A
d d r e s s :
Head Office & Factory I
Jalan Imam Bonjol No. 133 Km. 2
Karawaci,
Tangerang, 15115
Banten
Province
Indonesia
Phones -
(62-21) 552 5821, 552 5953
Fax - (62-21) 552 4190
E-mail - mkt@sulindafin.com
Website - http://www.shinta.co.id
Land Area - 151,967 sq.
meters
Building Space - 75,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory
II
Jalan Hos Cokroaminoto No. 133, Km. 51
Kalijaya, Cikarang Barat
Bekasi,
17520
West
Java
Indonesia
Phones -
(62-21) 890 0606 (Hunting)
Fax - (62-21) 890 0617
Land Area - 77,935 sq.
meters
Building Space - 55,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
26
January 1978
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. Y.A.5/11/18
Dated 8 January 1980
- No. C-25549.AH.01.04.TH.2000
Dated 21 December 2000
- No. AHU-12775.AH.01.02.TH.2012
Dated 8 March 2012
- No. AHU-AH.01.10-08806
Dated 13 March 2012
- No. AHU-AH.01.10-32418
Dated 01 August 2013
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 01.120.405.4-415.000
The Capital Investment Coordinating
Board
-
No. 05/V/PMA/2001
Dated 29 January 2001
-
No. 143/II/PMA/2001
Dated 21 May 2001
-
No. 805/III/PMA/2002
Dated 30 July 2002
-
No. 234/II/PMA/2002
Dated 01 November 2002
Related
Company :
A
Member Company of the SHINTA Group (see attachment)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000,000.-
Issued
Capital :
Rp. 590,000,000,000.-
Paid
up Capital :
Rp. 590,000,000,000.-
Shareholders/Owners
:
a. P.T. SULINDA INVESTAMA - Rp.
558,585,771,500.-
Address : Jl. K.H. Zainul Arifin
Komplek Ketapang Indah, Taman Sari
Jakarta Barat
Indonesia
b. UNITED ASIA OVERSEAS PTE, LTD. - Rp. 28,000,000,000.-
Address :
111 North Bridge Road 24-01
Singapore, 179098
c. Mr. Toto Hermijanto -
Rp. 2,800,000,000.-
Address : Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
d. Mr. Hendra Hermijanto -
Rp. 214,228,500.-
Address :
Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
e. Mr. Suryadi Hermijanto -
Rp. 200,000,000.-
Address : Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
f. Mr. Indra Hermijanto -
Rp. 200,000,000.-
Address :
Jl. Imam Bonjol 133, RT. 004 RW. 001
Karawaci, Tangerang
Banten Province
Indonesia
BUSINESS ACTIVITIES
|
Line
of Business :
Manufacturing
of Polyester Chips, Staple Fiber, Filaments and Textured Yarns
Production
Capacity :
a.
Knitted Fabrics -
1,250,000 meters p.a.
b.
Nylon Filament Yarns - 6,095 tons p.a.
c.
Nylon Textured Yarns - 1,850 tons p.a.
d.
Polyester Textured Yarns - 29,750 tons p.a.
e.
Polyester Filament Yarns - 35,000 tons p.a.
f.
Polyester Chips - 67,375 tons p.a.
g.
Polyester Fiber - 28,835 tons p.a.
h.
Partially Oriented Yarns - 8,750 tons p.a.
i.
Draw Texturizing Yarns - 11,000 tons p.a.
j.
Fully Drawn Polyester Filament Yarns -
4,500 tons p.a.
Total
Investment :
a.
Owned Capital -
Rp. 564.0 million
b.
Loan Capital -
Rp. 767.7 million
c.
Total Investment -
Rp. 1,332.6 million
Started
Operation :
1979
Brand
Name :
Sulindafin
Technical
Assistance :
United
Asia Overseas Pte., Ltd., of Singapore
Number
of Employee :
3,200
persons
Marketing
Area :
Local - 70%
Export - 30%
Main
Customers :
a.
Distributors and textile industries
b.
Buyers in Singapore, Australia, Europe Union, Middle East, etc
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. INDONESIA TORAY SYNTHETICS
b.
P.T. INDORAMA SYNTHETICS Tbk
c. P.T.
INDORAMA VENTURES INDONESIA
d.
P.T. POLYCHEM INDONESIA Tbk
e.
P.T. POLYSINDO EKA PERKASA
f. P.T. TIFICO
FIBER INDONESIA Tbk
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a.
P.T. Bank PERMATA Tbk
Jalan
Hayam Wuruk 84-85
Jakarta
Pusat
Indonesia
b.
P.T. Bank MANDIRI Tbk
Jalan Ir. H. Juanda No. 25
Jakarta Pusat
Indonesia
c. P.T. Bank
CIMB NIAGA Tbk
Jalan Gajah Mada No. 18
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 3,100.0 billion
2013
– Rp. 3,198.0 billion
2014
– Rp. 2,240.0 billion
Net
Profit (estimated) :
2012
– Rp. 228.0 billion
2013
– Rp. 236.0 billion
2014
– Rp. 245.0 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Toto Hermijanto AKA The Tjin Kim
Director -
Mr. Tan Chee Weng
Board of Commissioners :
President Commissioner - Mrs. Stacey Hermijanto
Commissioner - Mr. Liu Ing Ming
Signatories :
President
Director (Mr. Toto Hermijanto) or the Director (Mr. Tan Chee Weng) which must
be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
P.T. SUSILIA INDAH SYNTHETIC FIBRE INDUSTRIES abbreviated
into P.T.SULINDAFIN was established in January 1978 by Mr. Toto Hermijanto AKA
The Tjin Kim, his son named Mr. Hendra Hermijanto AKA Tjoa Eng Hok, and two
other businessmen, namely Mr. Hasan Beninta Manoppo and Mr. Hengky Hardiman AKA
The Heng Liong. The company had an initial authorized capital of Rp.
500,000,000 issued and paid up capital of Rp. 100,000,000. After having been
revised several times, the company's authorized capital was in June 1985 increased
to Rp. 15,000,000,000 issued capital to Rp. 13,250,000,000 fully paid up. In
November 2000 its sister company P.T. SHINTANYLON UTAMA merged into this
company and concurrently the authorized capital was increased to Rp.
1,000,000,000,000 issued capital to Rp. 536,969,907,000 entirely paid up. As
from January 2001, the company was joined by new shareholder as the foreign
partner of P.T. SULINDAFIN namely UNITED ASIA OVERSEAS Pte., Ltd., of
Singapore. On the same occasion, the issued capital was increased to Rp.
564,969,907,000 wholly paid-up. Then according to the revision of notary
documents of Mr. Dr. Iriawan Soerodjo, SH., No. 345 dated 27 February 2012 the
company issued capital was raised to Rp. 590,000,000,000 of which paid up. With
this development the composition of its shareholders has been changed to become
P.T. SULINDA INVESTAMA (94.675%), UNITED ASIA OVERSEAS PTE, LTD., Singapore
(4.745%), Mr. Toto Hermijanto AKA The Tjin Kim (0.475%), Mr. Hendra Hermijanto
AKA Tjoa Eng Hok (0.037%), Mr. Suryadi Hermijanto AKA Tjoa Eng Sin (0.034%) and
Mr. Indra Hermijanto (0.034%). The latest according to revision of notary deed
Mr. Muhammad Nahi Mungkar, SH., no. 02 dated 28 June 2013 the shareholders was
approve to restructured of the company board of director. So that the deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-AH.01.10-32418 dated August 1, 2013.
We observed that Hermijanto family is major founder,
prime mover and majority business stakes owner of the SHINTA Group, a
medium-size business group whose major business activities are in textile
industry and trade.
Originally P.T. SULINDAFIN obtained a Domestic Investment
(PMDN) permit issued by Investment Coordinating Board (BKPM) for dealing with
polyester synthetic fiber industry. But, as from January 2001 after the joining
of its foreign partner UNITED ASIA OVERSEAS Pte. Ltd., of Singapore, its style
was changed to a Foreign Investment (PMA). It originally managed a factory unit
located at Jalan Imam Bonjol No. 133, Karawaci, Tangerang, Banten Province
standing on 151,967 sq. meters commercially operating as from 1979. But, as
from November 2000 after P.T. SHINTANYLON UTAMA merged into the company,
automatically the company operates two factories of which the other is located
at Jalan Hos Cokroaminoto Km. 51 No. 133, Kalijaya, Cikarang Barat, West Java
standing on 77,935 sq. meters.
After the merger, both of the above factories own a total
production capacity of Knitted Fabrics of 1,250,000 meters, Nylon Filament
Yarns of 6,095 tons, Nylon Textured Yarns of 1,850 tons, Polyester Textured
Yarns of 29,750 tons, Polyester Filament Yarns of 35,000 tons, Polyester Chips
of 67,375 tons, Polyester Fiber of 28,835 tons, Partially Oriented Yarns of 8,750
tons, Draw Texturizing Yarns of 11,000 tons and Fully Drawn Polyester Filament
Yarns of 4,500 tons per annum respectively. The above plant has absorbed an
investment of Rp. 1,332.6 billion come from owned capital of Rp. 564.0 billion
and the rest is loans.
Their state of the art manufacturing facilities produce
up to 80,000 tons of a wide range of polyester each year. P.T. SULINDAFIN also
produce a comprehensive variety of specialty and performance yarns which
features, among others, its exclusive SULSUITE Collection.
Ř Specialty &
Performance Yarns
Sulsuite Collection Specific
Yarns
-
SULCOOL
– Moisture Absorbent -
Micro filament Yarns
-
SULNATURAL
– Natural Feel -
Bi-shrinkage Yarns
-
SULSHIELD
– Flame Retardant -
Nep Yarns
-
SULGUARD
– Anti Bacterial - Cationic Yarns
Ř Traditional Range
Polyester -
Nylon 6
-
Partially
Oriented Yarns -
Textured Yarns
-
Draw
Textured Yarns -
Flat Filament Yarns (Mono
-
Flat
Filament Yarns
-
Staple
Fiber (including dope dyed colored)
-
Textile
Grade Chips
Some 70% of company production is marketed locally mostly
to textile industry within its own group members and partly to other textile
companies. Meanwhile, the rest 30% is for export to various Asian countries,
Middle East and others. P.T. SULINDAFIN has been awarded an ISO 9002 for
quality and management. The market for these products now is worldwide; the
crisis of 2008/2009 has made it so that the USA is not the only market for
these products. Asia is coming up in a big way and markets like Singapore,
India and China are becoming big spenders on these products. So we feel market
is not a limitation for these products it is a question of getting the right
products and finding a suitable partner to develop garments from these
products. They are already working with leading brands in the USA in Europe and
Asia including Japan and they hope to place these products very soon onto the
market. P.T. SULINDAFIN export markets span five continents and over 25
countries. Specifically in North America there is interest for exclusivity in
the distribution of their specialty products. There is also great interest from
China in seeking access to their specialty product as a raw material and also
Middle East.
The global economic crisis followed by fast rising local
bank interest rates has also had a negative impact on the company's finances
for having resulted in a swelling of the company’s debts. Meanwhile, the local
TPT (Textile and Textile Products) industries and other factors causing the
declining competitive ability of the national TPT products are the increasing
production costs, high interest rates, expensive customs office costs, illegal
retributions, textile and garment machinery restructuring costs and the rising
prices of production components (oil fuel prices and electric base tariffs). It
seems that P.T. SULINDAFIN belongs to a large company of its kind in the
country and the operation has been running well in the last three years.
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. SULINDAFIN has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. SULINDAFIN is very reclusive
towards outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2012 amounted to Rp. 3,100.0
billion increased to Rp. 3,198.0 billion in 2013 rose to Rp. 3,240.0 billion in
2014 and projected to go on rising by at least 6% in 2015. The operation in
2014 yielded an estimated net profit of at least Rp. 245.0 billion and the
company has an estimated total networth of at least Rp. 625.0 billion. 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. SULINDAFIN is led by Mr. Toto
Hermijanto AKA The Tjin Kim (82) a businessman with 45 years experience in many
type of businesses particularly within the SULINDAFIN Group. Hermijanto family
is also majority founder, prime mover and majority business stakes owners of
the SULINDAFIN Group. Daily activity he is assisted by Mr. Tan Chee Weng (60)
of Malaysia as Director. 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. SUSILIA INDAH
SYNTHETIC FIBERS INDUSTRIES is sufficiently fairly good for business
transaction.
List of the SHINTA Group Members
1. INKOSINDO
SUKSES, P.T. (Garment Manufacturing and
Exporting)
2. KORYO
INTERNATIONAL, P.T. (Sport Shoes and Shoe Component Manufacturing)
3. SHINTA
BUDHRANI INDUSTRIES, P.T. (Textile Weaving)
4. SHINTA
FOREX, P.T. (Money Changer)
5. SHINTA
INDAH DJAYA, P.T. (Textile Mills)
6. SHINTA
INDONESIA, P.T. Bank., (Banking)
7. SHINTA
INSERVE, P.T. (Insurance Brokerage)
8. SHINTA
KORINTAMA, P.T. (Investment Holding)
9. SHINTANYLON
UTAMA, P.T. (Nylon Filament Manufacturing)
10. SHINTA
SAMYANG FIBRE, P.T. (Polyester Recycling Staple Fibre Manufacturing)
11. SHINTA
WOOSUNG TEXTILE, P.T. (Integrated Textile Industry)
12. SITAL
DJAYA INDUSTRIES, P.T. (Weaving, Printing, Dyeing and Finishing)
13. SULINDA
INDAH TEXTILE, P.T. (Integrated Textile Mills)
14. SULINDA
INVESTAMA, P.T. (Investment Holding)
15. SULINDAFIN PERMAI SPINNING MILLS., P.T. (Spinning Mills)
16. SUSILIA
INDAH SYNTHETIC FIBER INDUSTRIES, P.T or P.T. SULINDAFIN (Polyester Synthetic
Fiber Manufacturing and Investment Holding)
*
* *
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.