|
Report No. : |
327036 |
|
Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUNSON TEXTILE
MANUFACTURER TBK |
|
|
|
|
Registered Office : |
Jalan Rancaekek Km. 25.5, Sumedang, Bandung, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
18.11.1972 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-15571 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile
Industry. |
|
|
|
|
No. of Employees : |
1,628 Persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 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 |
Name
of Company :
P.T. SUNSON TEXTILE MANUFACTURER Tbk
A
d d r e s s :
Head
Office & Factory I
Jalan
Rancaekek Km. 25.5
Sumedang,
Bandung
West
Java
Indonesia
Phones -
(62-22) 7798289-90 (Hunting)
Fax - (62-22) 7798302
E-mail - yarn@sunson.co.id
Land Area - 27,600 sq.
meters
Building Area - 25,200 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory
II
Jalan
Cijerah No. 54
Bandung,
40213
West
Java
Indonesia
Phones -
(62-22) 6033046 (Hunting)
Fax - (62-22) 6031735
Land Area - 13,500 sq.
meters
Building Area - 12,200 sq.
meters
Region - Industrial
Zone
Status - Owned
Factory
III
Jalan
Karawang No. 21-25
Bandung,
40272
West
Java
Indonesia
Phones -
(62-22) 7200168 (Hunting)
Fax - (62-22) 7200169
Land Area - 12,000 sq.
meters
Building Area - 10,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 18 November 1972 as
P.T. SANDANG USAHA NASIONAL INDONESIA TEXTILE INDUSTRI
b. 28 May 1976 as
P.T. INDO-SUNTEX
c. 24 December 1993
as P.T. SUNSON TEXTILE MANUFACTURER
d. 2 June 1997 as
P.T. SUNSON TEXTILE MANUFACTURER Tbk
Legal Form :
P.T. Tbk (Perseroan
Terbatas Terbuka) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. Y.A.5/375/10
Dated 16 August 1976
- No. AHU-68856.AH.01.02.TH.2008
Dated 24 September 2008
- No. AHU-AH.01.10-15571
Dated 10 September 2009
Company Status :
Private National and
Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.118.504.8-054.000
The Capital Market Supervisory Agency
No. S-1709/PM/1997
Dated 28 July 1997
The Capital Investment Coordinating Board
No. 164/II/PMDN/1997
Dated 5 September
1997
Related Company :
A Member Company of
the SUNSON Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
500,000,000,000.-
Issued
Capital :
Rp. 292,727,295,250.-
Paid
up Capital :
Rp. 292,727,295,250.-
Shareholders/Owners
:
a. P.T. SUNSONINDO TEXTILE INVESTAMA - Rp. 120,000,000,000.-
b. EAST RISE CAPITAL LTD. - Rp. 42,451,695,750.-
c. EASEFULL ENTERPRISE LTD. - Rp. 41,098,849,500.-
d. Mr. Sundjono Suriadi - Rp. 17,339,625,000.-
e. Mr. Bernardi Widjajakusuma - Rp. 3,507,875,000.-
f. Mr. Purnawan Suriadi - Rp. 2,737,646,000.-
g. Publics - Rp. 65,591,604,000.-
Lines of Business :
Integrated Textile
Industry
Production Capacity :
a. Weaving Yarns - 123,500 bales p.a.
b. Texturizing - 6,000,000 kg. p.a.
c. Weaving Fabrics - 25,200,000 meters
p.a.
d. Knitting - 1,600,000 kg. p.a.
e. Dyeing - 9,600,000 meters p.a.
f. Yarns - 68,000 bales p.a.
Total Investment :
a. Equity Capital - Rp. 50.3 billion
b. Reinvested Profit - Rp. 55.1 billion
c. Loan Capital - Rp. 210.4
billion
d. Total Investment - Rp. 315.8 billion
Started Operation :
1973
Brand Name :
Sunson
Technical Assistance
:
None
Number of Employee :
1,628 persons
Marketing Area :
Export - 62%
Local -
38%
Main Customers :
a. P.T. SUNSONINDO
TEXTILE INVESTAMA (Distributor)
b. PD. SURYA REZEKI (Distributor)
c. Textile industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASIA COTTON
SPINNING
b. P.T. NATATEX PRIMA
c. P.T. POLYFIN
CANGGIH
d. P.T. SIPATEX PUTRI
LESTARI
e. Etc.
Business
Trend :
Fluctuating
B a n k e r s :
a.
P.T. Bank CIMB NIAGA Tbk
Jalan Asia Afrika No. 122-128
Bandung, West Java
Indonesia
b.
P.T. Bank INTERNATIONAL INDONESIA Tbk
Jalan Asia Afrika No. 132
Bandung, West Java
Indonesia
c.
Hongkong and Shanghai Banking Corp. Ltd.
Bandung Main Branch
Bandung, West Java
Indonesia
Auditor
:
Kap,
Doli, Bambang, Sulistiyanti, Dadang & Ali (BKR International)
Litigation
:
No
litigation record in our database
Annual
Sales :
2012
– Rp. 554.5 billion
2013
– Rp. 573.7 billion
2014
– Rp. 519.8 billion
Net
Loss :
2012
– Rp. 14.1 billion
2013
– Rp. 13.2 billion
2014
– Rp. 12.8 billion
Payment
Manner :
Average
Financial
Comments :
Weak
Board of Management :
President Director - Mr. Purnawan Suriadi
Directors -
a. Mr. Ir. Fransiscus Hadyanto
b. Mr. Edduardus Gunawan
Board of Commissioners :
President Commissioner - Mr. Sundjono Suriadi
Commissioners - a. Mrs. Mariah Suriadi
b. Mr. Drs. Sidarto Danusubroto, SH.
c. Mr. Bernardi Widjajakusuma
d. Mr. Ali Senitro
e. Mr.
Sutomo
Signatories :
President
Director (Mr. Purnawan Suriadi) or one of the Directors (Mr. Ir. Fransiscus
Hadyanto or Mr. Edduardus Gunawan) which must be approved by Board of
Commissioners
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Initially named P.T. SANDANG USAHA NASIONAL INDONESIA
TEXTILE INDUSTRI, the company was established in November 1972 in Bandung, West
Java with an authorized capital of Rp. 450,000,000 issued and paid-up capital
of Rp. 100,000,000. The founding shareholders are Mr. Sundjono Suriadi, his
wife Mrs. Mariah Suriadi and Mr. Oemar Suriadi, they are Chinese Indonesian
business family. In December 1993 the company was renamed P.T. SUNSON TEXTILE
MANUFACTURER. In June 1997 the company renamed to P.T. SUNSON TEXTILE
MANUFACTURER Tbk (P.T. SSTM). In July 1997 P.T. SSTM go public through the
Indonesian Stock Exchange (BEI). In June 1998 the issue capital was raised to
Rp. 500,000,000,000 issued capital to Rp. 209.176,750,000 entirely paid up.
Then in June 2008 the issued capital was raised to Rp.
292,727,295,250 fully and paid up. The shareholders are P.T. SUNSONINDO TEXTILE
INVESTAMA, EAST RISE CAPITAL LTD., EASEFULL ENETERPRISE LTD., Mr. Bernardi
Widjajakusuma, Mr. Purnawan Suriadi, Mr. Sundjono Suriadi, Mrs. Mariah Suriadi
and Publics. The latest based on notary deed of Mrs. Yohana Noor Indrajati SH,
No. 06 dated 17 June 2009 the board of director and commissioner had been changed.
The deed of amendments was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-AH.01.10-15571 dated September 10, 2009. Based on
Financial Statement per 31 December 2014 the composition of its shareholders
has been changed to become P.T. SUNSONINDO TEXTILE INVESTAMA (41%), East-Rise
Capital Limited (15%), Easefull Enterprise Limited (14%), Mr. Sudjono Suriadi
(6%), Mr. Bernardi Widjajakusuma (1%), Mr. Purnawan Suriadi (1%) and Public
(22%).
P.T. SSTM was established in the frame works of Domestic
Investment (PMDN) facility to deal with integrated textile industry. The
company is primarily engaged in the spinning, texturizing, weaving, knitting,
dyeing, printing and finishing of yarns, fabrics and other textile products, as
well as selling the products. The company has been operating since 1973 by
manages three (3) plants located at Jalan Rancaekek Km. 25.5, Jalan Cijerah No.
54 and Jalan Karawang No. 21-25, all in West Java. P.T. SSTM is an
Indonesia-based integrated textile company primarily engaged in weaving
business. Its business is classified into three segments: spinning, weaving and
others. Its products are comprised of polyester drawn textured yarns (DTY), and
woven fabrics, including cotton fabrics, tetron cotton (TC) fabrics, cotton
viscose (CVC) fabrics, tetron rayon (TR) fabrics and polyester (PE) fabrics.
P.T. SSTM is a medium-size producer of yarns and the
company has expanded several times to increase production capacity. The plant
produces Weaving Yarns of 123,500 bales, Texturizing of 6,000,000 kg, Weaving
Fabrics of 25,200,000 meters, Knitting of 1,600,000 kg, Dyeing of 9,600,000
meters and Yarns of 68,000 bales per annum. Some of the raw materials bought
from P.T. POLYCHEM INDONESIA Tbk, P.T. DAN LIRIS, P.T. INDORAMA SYNTHETICS Tbk,
P.T. SOUTH PACIFIC VISCOSE and P.T. SEKAWAN. The company is prepared to serve
the growing local and international market. Some 62% of the products are
exported to almost 20 countries such as America, Australia, Germany, France, Belgium,
Italy, Spain, Singapore, Malaysia, Hong Kong, China, Sri Lanka, Bengladesh, the
Middle East, West Africa etc. Some 38% of its products are marketed in the
country to local textile industries. Yarn products of spinning and texturizing
units are marketed by its owned sale agents P.T. SUNSONINDO TEXTILE INVESTAMA
and PD. SURYA REJEKI and also CV. PADA MAJU with Sunsonindo brand.
The occurring of the global economic crisis and sharp
Rupiah depreciation against the US$ Dollar, Japanese Yen, EUR, 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 out
of control. 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).
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 |
According to the financial statement of the company
having been audited by public accountant, sales turnover of P.T. SSTM in 2012 amounted
to Rp. 554.5 billion with a net loss of Rp. 14.1 billion increased to Rp. 573.7
billion with a net loss of Rp. 13.2 billion in 2013 drop to Rp. 519.8 billion
with a net loss of Rp. 12.8 billion in 2014. We estimated the sales turnover
will be higher by at least 4% in 2015. Based on information obtained from some
customers, the payment habit of the company is smooth ranging from 1 to 3
months. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
Indonesia). The condense financial statement is shown.
(In million Rp)
|
Descriptions |
31 December |
||
|
2014 |
2013 |
2012 |
|
|
A. ASSETS |
|
|
|
|
a. Current Assets |
398.785 |
415.053 |
428.479 |
|
b. Non Current
Assets |
374.878 |
386.813 |
381.796 |
|
c. Other Assets |
- |
- |
- |
|
TOTAL ASSETS =
TOTAL LIABILITIES & EQUITY |
773.663 |
801.866 |
810.275 |
|
B. LIABILITIES &STOCKHOLDERS EQUITY |
|
|
|
|
a. Current
Liabilities |
332.501 |
315.809 |
249.011 |
|
b. Non Current
Liabilities |
182.283 |
214.347 |
276.326 |
|
c. Stockholders
Equity : - Paid Up
Capital - Additional
Paid Up Capital - Retained
Earnings (Deficit) Total
Stock holders Equity |
292.727 70.623 (104.480) 258.870 |
292.727 70.623 (91.640) 271.710 |
292.727 70.623 (78.412) 284.938 |
|
C. INCOME STATEMENT |
|
|
|
|
a. Sales Net |
519.855 |
573.749 |
554.471 |
|
b. Loss From
Operation |
22.639 |
3.484 |
25.828 |
|
c. Net Loss |
(12.840) |
(13.228) |
(14.138) |
Notes: 31 December 2012, 2013 &
2014 audited by Doli, Sulistiyanti, Dadang & Ali
Management of P.T. SSTM is headed by Mr. Purnawan Suriadi
(51), a professional manager with experience for some 27 years in integrated
textile industry and trade. He is a Bachelor of Science in Business Administration,
graduate of Indiana University, Bloomington, Indiana, the USA. But the prime
mover is his father Mr. Sundjono Suriadi (79), a top figure and founder of the
SUNSON Group. The management is also handled by a number of professional
managers with experience and expertise in the business, having maintained a
wide business relation among private companies at home and abroad as well as
among government agencies. So far, we did not hear that the company’s
management involved in a dirty business practice or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia. Considering P.T. SUNSON
TEXTILE MANUFACTURER Tbk suffering from loss is in the least three years we recommend
to stop any new proposed loan to the company.
List of the SUNSON Group Members
1.
BANDUNG PAKAR, P.T. (Real Estate Development
and Management)
2.
Bank BISNIS INTERNATIONAL, P.T. (Banking)
3.
INVETCO
NUSANTARA, P.T. (Velvetins Manufacturing)
4.
MAHA
MUJUR TEXTILE, P.T. (Textiles Weaving, Dyeing, Printing and Finishing)
5.
MAJU
MUSTIKA GARMENT, P.T. (Garments
Manufacturing)
6.
PARAHYANGAN
POY MILLS, P.T. (Synthetic Fiber
Manufacturing)
7.
SUN ANTARNUSA INVESTMENT, P.T. (Trading of
Textile Products)
8.
SUNSILON
UTAMA, P.T. (Spinning)
9.
SUNPU LEATHER INDUSTRY, P.T. (Leather Goods
and Imitation Leather Goods
Manufacturing)
10.
SUNSON TEXTILE MANUFACTURER Tbk., P.T.
11.
SUNSONINDO
TEXTILE INVESTAMA, P.T. (Trading
and Investment Holding)
12.
SURYA REJEKI, PD. (Trading of Textile
Products)
13.
WINDU DEWA CHEMICAL INDUSTRY or WIWACI, P.T.
(Glass Wools Manufacturing)
14.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.15 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.