|
Report No. : |
327702 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
INSANSANDANG INTERNUSA |
|
|
|
|
Registered Office : |
Jalan Raya Rancaekek Km. 22.5 Cikeruh,
Jatinangor Sumedang, 45363 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.06.1988 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-44311 |
|
|
|
|
Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
780 Persons |
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 complaint |
|
|
|
|
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 |
P.T. INSANSANDANG INTERNUSA
Address:
Head Office & Factory
Jalan
Raya Rancaekek Km. 22.5
Cikeruh,
Jatinangor
Sumedang,
45363
West
Java
Indonesia
Phones - (62-22) 779 8343 (Hunting)
Fax -
(62-22) 779 8030
E-mail - insane@bdg.centrin.net.id
Land Area - 56,000 sq. meters
Building Space - 38,000 sq. meters
Region - Industrial Zone
Status - Owned
20
June 1988
P.T.
(Perseroan Terbatas) or Limited Liability Company
The
Ministry of Law and Human Rights
- No. C2-3.421.HT.01.04.TH.96
Dated 4 March 1996
- No. AHU-53795.AH.01.02.TH.2008
Dated 21 August 2008
- No. AHU-AH.01.10-44311
Dated 25 October 2013
National
Private and Domestic Investment (PMDN) Company
The
Department of Finance
NPWP
No. 01.463.326.5-441.000
The
Capital Investment Coordinating Board
- No. 640/PMDN/1988
Dated 8 October 1988
- No. 806/III/PMDN/1990
Dated 18 October 1990
- No. 458/II/PMDN/1990
Dated 14 November 1990
- No. 115/II/PMDN/1993
Dated 23 June 1993
- No. 101/III/PMDN/1995
Dated 7 March 1995
- No. 447/III/PMDN/1997
Dated 12 September 1997
a. P.T. GUNA KADOTA MANUNGGAL (Textile Weaving
Industry)
b. P.T. LOKOMOTIF EKA SAKTI (Graphic Printing
and Exercise Book Manufacturing)
c. P.T. SINARMULIA EKAPRATAMA (Investment
Holding)
d. P.T. SINAR FAJAR TJANDRAMAS (Investment
Holding)
e. P.T. SIPATEX PUTRI LESTARI (Textile Industry)
Capital
Structure :
Authorized
Capital : Rp.
120,000,000,000.-
Issued
Capital :
Rp. 34,500,000,000.-
Paid
up Capital :
Rp. 34,500,000,000.-
a.
P.T. SINAR FAJAR TJANDRAMAS -
Rp. 29,500,000,000.-
Address : Jl. Raya
Rancaekek Km. 22.5
Kelurahan Cikeruh, Kecamatan Jatinangor
Sumedang, West Java
Indonesia
b.
Mr. Teddy Wiriasugata - Rp. 2,000,000,000.-
Address :
Jl. Setrasari Indah No. 29
Kelurahan Sukarasa, Kecamatan Sukasari
Bandung, West Java
Indonesia
c.
Mr. Koesman Hermawan -
Rp. 1,500,000,000.-
Address : Jl.
Karang Tengah Timur No. 5
Kelurahan Karang Sari, Kecamatan Karang
Tengah, Bandung, West Java
Indonesia
d.
Mr. Otong Tjandradinata -
Rp. 1,500,000,000.-
Address : Jl.
Kejaksaan No. 2
Kelurahan Braga, Kecamatan Sumurbandung
Bandung, West Java
Indonesia
Lines of Business :
a. Woven Fabrics Manufacturing
b. Investment Holding
Production Capacity :
Suiting Fabrics - 27,350,000
meters p.a.
Total Investment :
a. Equity Capital - Rp. 34.5 billion
b. Loan Capital - Rp. 50.0 billion
c. Total Investment - Rp. 84.5 billion
Started Operation :
1990
Brand Name :
Insansandang
Internusa
Technical Assistance
:
None
Number of Employee :
780 persons
Marketing Area :
Local - 60%
Export - 40%
Main Customer :
Filter, geotextile,
medical, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. HINTEX MITRA
JAYA
b. P.T. KAHATEX
c. P.T. METROPOLITAN
SYNTHETIC CHEMICAL INDUSTRIES
d. P.T. MULTI
SPUNINDO JAYA
e. Etc.
Business Trend :
Growing
B
a n k e r s :
a.
P.T. Bank Negara Indonesia Tbk
Jalan
Asia Afrika No. 119
Bandung, West Java
b.
P.T. Bank CENTRAL ASIA Tbk
Jalan Asia Afrika No. 122-124
Bandung, West Java
c.
P.T. Bank CIMB NIAGA Tbk
Jalan Asia Afrika No. 115
Bandung, West Java
d. P.T. Bank PERMATA Tbk
Bandung Main Branch
West Java
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 275.0 billion
2013
– Rp. 294.0 billion
2014
– Rp. 308.0 billion
Net
Profit (estimated) :
2012
– Rp. 22.0 billion
2013
– Rp. 23.5 billion
2014
– Rp. 24.6 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Teddy Wiriasugata
Directors -
a. Mr. Alvi Titus Wiriasenjaya
b. Mr. The Pek Kiong
c. Mr.
Mitra Tarun Kumar
Board of Commissioners :
President Commissioner - Mr. Otong Tjandradinata
Commissioner - Mr. Koesman Hermawan
Signatories :
President
Director (Mr. Teddy Wiriasugata) or one of the Directors (Mr. Alvi Titus
Wiriasenjaya, Mr. The Pek Kiong or Mr. Mitra Tarun Kumar) which must be
approved by Board of Commissioner.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Maximum Credit Limit :
US$
2,000,000 on 90 days D/A
P.T. INSANSANDANG INTERNUSA (P.T. II) was established in
Bandung, West Java, on 20 June 1988 with an authorized capital of Rp. 5,000,000,000
of which Rp. 1,000,000,000 was issued and paid-up. The company was founded by
Mr. Frans Leonardi, Mr. Teddy Wiriasugata, Mr. Otong Tjandradinata and Mr.
Sudirman Efendi as the original shareholders. It’s articles of association has
revised a couple of times. In April 1995, the authorized capital was raised to
Rp. 35,000,000,000 issued capital of Rp. 25,000,000,000. Later in January 1999,
the authorized capital was increased to Rp. 120,000,000,000 issued and paid up
capital of Rp. 30,000,000,000. On the same occasion the whole above
shareholders pulled out and replaced by P.T. SINAR FAJAR TJANDRAMAS and Mr.
Soeharto Soekendar as new shareholders. In July 2008 the company issued capital
was increased to Rp. 34,500,000,000 entirely paid up. With this development the
composition of its shareholders has been changed to become P.T. SINAR FAJAR
TJANDRAMAS (85.50%), Mr. Teddy Wiriasugata (5.80%), Mr. Koesman Hermawan
(4.35%) and Mr. Otong Tjandradinata (4.35%). The latest according to revision
of notary deed Mrs. Dewi Sri Yuniarti, SH., no. 38 dated 27 September 2013 the
company board of director and the board of commissioner had been resigned, so
that the deed of amendments was approved by the Ministry of Law and Human
Rights in its decision letter No. AHU-AH.01.10-44311 dated October 25, 2013.
The majority shareholder is P.T. SINAR FAJAR TJANDRAMAS,
a national private company of which its shares are owned by Mr. Frans Leonardi
(25%), Mr. Teddy Wiriasugata (25%), Mr. Oton Tjandradinata (25%) and Mr. Koesman
Hermawan (25%).
P.T. INSANSANDANG INTERNUSA (P.T. II) is engaged in woven
fabrics manufacturing, with its plant located in Jalan Raya Rancaekek Km. 22.5,
Sumedang, West Java on a land of some 5.6 hectares. The plant has been in
operation since 1990 and expansion a couple of times to increased production
capacity. Some of the basic materials like polyester rayon using from local
product. The plant produced 27,350,000 meters of suiting fabrics respectively.
The construction of the plant had been absorbed a total investment of Rp. 84.5
billion, come from own capital of Rp. 34.5 billion and the rest from loans.
About 40% of its production is exported to Singapore, Malaysia, Japan, the
Middle East and Greece. The rest is marketed in the country, particularly to a
number of wholesalers and garment industries based in Bandung, Jakarta,
Semarang, Surabaya and surroundings to various sanitary napkin, medicines
surgical drapes and warps, bag industries, and management companies for art
canvas and tents; packaging industry for carrier bags and combined packaging of
nonwovens; textile industry and shoes for disposable underwear &
interlining; rug industry for under lay carpet
and bed lining, furniture, curtain; household industry for laundry
softener and additives, vacuum cleaner bags, book covers; automotive &
vehicle for insulation materials, headliners, interior roof lining;
agricultural & horticulture for greenhouse shading, crop and plant
protection, packaging material for fruit & vegetables and specific industrial
application for filtration, abrasive materials, cable wrapping, electronics
(floppy disk liners) reinforcement.
Sharp Rupiah depreciation against US$ and other hard
currencies has positively affected P.T. II’s financial condition, but on the
contrary, also badly affected influenced its business operation because the
demand of for suiting fabrics in the local market decreased sharply and
operation cost to rise highly. 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). Besides, P.T. II also
engaged in investment holding by controls 14% shares of P.T. GUNA KADOTA
MANUNGGAL dealing with textile weaving industry.
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. II has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of P.T. II 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. 275.0 billion
increased to Rp. 294.0 billion in 2013 rose to Rp. 308.0 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. 24.6 billion and the company has an
estimated total networth of at least Rp. 70.0 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. II is led by Mr. Teedy Wiriasugata
(69) a businessman with experience in woven fabrics manufacturing. 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. INSANSANDANG
INTERNUSA is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.