MIRA INFORM REPORT

 

 

Report No. :

308999

Report Date :

03.03.2015

 

IDENTIFICATION DETAILS

 

Name :

P.T. SUNRISE BUMI TEXTILES

 

Formerly Known As :

P.T. SUNRISE INDONESIA TEXTILES

 

 

Registered Office :

Menara Batavia, 16th Floor Jalan K.H. Mas Mansyur Kav. 126 Jakarta 10220

 

 

Country :

Indonesia

 

Financial As on :

31.12.2013

 

 

Date of Incorporation :

10.12.1979

 

 

Com. Reg. No.:

AHU-AH.01.10-36013

 

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Line of Business :

Spinning Mills

 

 

No. of Employee :

1,480

 

 

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

 

Company name

 

P.T. SUNRISE BUMI TEXTILES

 

 

Address

 

Head Office

Menara Batavia, 16th Floor

Jalan K.H. Mas Mansyur Kav. 126

Jakarta 10220

Phones             - (021) 5722442 (hunting)

F a x                - (021) 5722441

Email                - ygsomani@sunrise-textiles.com

Website            - http://www.sunrise-textiles.com

Building Area    - 32 storey

Office Space    - 360 sq. meters

Region  - Commercial

Status   - Rent

 

Factory

Jalan Raya Bekasi Km. 28

Bekasi 17133

West Java

Phones - (62-21) 884 3488, 885 4594, 884 3490

Fax.      - (62-21) 884 3493

Land Area         - 72,810 sq. meters

Office Space    - 28,650 sq. meters

Region  - Industrial Zone

Status   - Owned

 

 

Date of Incorporation

 

a. 10 December 1979 as P.T. SUNRISE INDONESIA TEXTILES

b. 7 May 1980 as P.T. SUNRISE BUMI TEXTILES

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

 

Company Reg. No.

 

The Ministry of Law and Human Rights

a. No. Y.A. 5/257/25

    Dated 2 July 1980

b. No. C2-14338.HT.01.04.TH.1998

    Dated 21 September 1998

c. No. AHU-35699.AH.01.02.Tahun 2008

    Dated 25 June 2008

d. No. AHU-AH.01.10-36013

    Dated 02 September 2013

 

 

Company Status

 

Foreign Investment Company (PMA)

 

 

Permit by the Government Department

 

a. The Department of Finance

    NPWP No. 01.001.788.7-057.000

b. The Capital Investment Coordinating Board

    -  No. 114/I/PMA/1979

       Dated 10 August 1979

    -  No. 5/II/PMA/1983

       Dated 23 February 1983

 

 

Related/Affiliated Companies

 

A Member Company of the BIRLA INDONESIA Group:

ELEGANT TEXTILE INDUSTRY, P.T. (Spinning Mills)

INDO BHARAT RAYON, P.T. (Viscose Rayon Staple Fiber and Acrylic Fiber Industry and

                        Investment Holding)

INDO LIBERTY TEXTILE, P.T. (Spinning Mills)

INDO RAYA KIMIA, P.T. (Specialty Chemical Manufacturing)

SUNRISE BUMI TEXTILE, P.T. (Spinning Mills)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - US$.  4,000,000.-

Issued Capital               - US$.  4,000,000.-

Paid up Capital             - US$.  4,000,000.-

 

 

Shareholders/Owners

 

a.         P.T. INDO BHARAT RAYON of Indonesia                                   - US$. 360,000.- (  9.0%)

b.         THE SILVERSHINE SINGAPORE                                               - US$. 400,000.- (10.0%)

c.         PROCELEX TRADING Co. Ltd., of Hong Kong                           - US$. 200,000.- (  5.0%)

d.         HALLOCK INTERNATIONAL of Liberia                                        - US$. 760,000.- (19.0%)

e.         CANARIA INTERNATIONAL Corp. of BVI                                    - US$. 400,000.- (10.0%)

f.          THE GOLD FOUNDATION of Liechtenstein                                 - US$. 180,000.- (  4.5%)

g.         THE PEARL FOUNDATION of Liechtenstein                                - US$. 180,000.- (  4.5%)

h.         LONDON EUROPEAN ASSOCIATES of Mauritius                       - US$. 640,000.- (16.0%)

i.          TRADE KNOT INVESTORS of Panama                                       - US$. 360,000.- (  9.0%)

j.          INDONESIA GROUP INCORPORATED of Panama                      - US$. 320,000.- (  8.0%)

k.          BIRLA INTERNATIONAL of Switzerland                           - US$. 200,000.- (  5.0%)

 

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Spinning Mills

 

Production Capacity :

Rayon, TR, TC, CVC Polyester and Acrylic Yarns   - 43,420,000 lbs p.a.

 

 

Total Investment :

a. Owned Capital           - US$.   4.0 million

b. Loan Capital              - US$. 66.0 million

c. Total Investment        - US$. 70.0 million

 

Started Operation :

1 9 8 1

 

Brand Name :

SBT

 

Technical Assistance :

BIRLA A.G., of Switzerland

 

Number of Employee :

1,480 persons

 

Marketing Area :

a. Domestic (Local)   - 38%

b. Export                  - 62% (USA, UK, Spain, Switzerland, Germany, France, Turkey, etc)

 

Main Customer :

Textile Industries

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. Apak Inti Corpora

b. P.T. Argo Manunggal

c. P.T. Kumafiber

d. P.T. Fuji Palapa Textile

e. P.T. Panasia Indosyntex

f.  P.T. Hakatex

g. etc.

 

Business Trend :

Fluctuating

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers:

a. Hongkong & Shanghai Banking Corp. (HSBC)

    World Trade Centre

    Jalan Jend. Sudirman Kav. 29-31

    Jakarta Selatan

b. CITIBANK N.A.

    Jalan Jend. Sudirman Kav. 1

   Jakarta Selatan

 

Auditor :

Osman Bing Satrio & Eny

 

Litigation :

No litigation record in our database

 

 

 

FINANCIAL FIGURE

 

Annual Net Sales :

2011 – US$.  94.0 million

2012 – US$.  96.9 million

2013 – US$.  92.3 million

2014 – US$.  93.5 million (Estimated)

 

Net Profit (Loss) :

2011 – US$.  2.0 million

2012 – US$.  2.7 million

2013 – US$.  2.9 million

2014 – US$.  3.0 million (Estimated)

 

Payment Manner :

Average

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

President Director         - Mr. Chand Ratan Dugar

Directors                       - a. Mr. Dusmantha Kumar Mishra

                                      b. Mr. Shri Pal Chand Bhansali

                                      c. Mr. Ramavtar Durgaprasad Maru

                                      d. Mr. Tapan Kumar Sannigrahi

                                      e. Mr. Mahesh Kumar Rawat

                                      f. Mr. Halim Setiono

 

Board of Commissioner :

President Commissioner       - Mr. Thomas Varghese

Commissioner              - a. Mr. Krishna Kumar Tulsian

                                      b. Mr. Prabodh Kirtilal Mehta

                                      c. Mr. Ramakant Rathi

                                      d. Mr. Lekhoomal Pohoomal Tolani

                                      e. Mr. Pooranmal Bajaj

                                      f. Mr. Parakash Maheswari

 

Signatories :

 

President Director (Mr.Chand Ratan Dugar) or one of the directors (Mr. Dusmantha Kumar Mishra, Mr. Shri Pal Chand Bhansali, Mr. Ramavtar Durgaprasad Maru, Mr. Tapan Kumar Sannigrahi, Mr. Mahesh Kumar Rawat or Mr. Halim Setiono)  which must be approved by the Chairman of Commisioner Board (Mr. Thomas Varghese) or others Commissioner Board.

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

 

OVERALL PERFORMANCE

 

Originally named P.T. SUNRISE INDONESIA TEXTILE, the company was established in Jakarta on December 10, 1979 with an authorized capital of US$ 4,000,000.- entirely issued and paid-up. The founding shareholders of the company are BIRLA AG of Switzerland, INTERNATIONAL INDUSTRIAL MANAGEMENT & INVESTMENT Corp., MEKIMA Corp. Ltd., OM FINANCE Inc., INDONESIA Group Inc., (all of Panama), DAWNAYA Co. Ltd., PROCOLEX TRADING Ltd., (both of Hong Kong) and P.T. HASIL BUMI BUNTU MARANU of Indonesia, as the original shareholders.  On May 7, 1980 the company renamed to P.T. SUNRISE BUMI TEXTILES (P.T. SBT).  The Deed of establishment was approved by the Minister of Justice of the Republic of Indonesia through its Decision Letter No. Y.A.5/257/22 dated 2 July 1980.

 

The Company’s article of association has been amended for several times, most recently by notarial Deed No. 116 dated 19 July 2013 was made by Ashoya Ratami, SH., notary in Jakarta, the company board of directors and the board of commissioners were changed. The capital structures and shareholder composition of P.T. CAS in details are as shown on page-3 of this report. The amendment to deed of the company was approved by the Minister of Law and Human Right with the Decision Letter No. AHU-AH.01.10-36013 dated 2 September 2013.

 

P.T SBT is a member of the BIRLA INDONESIA Group, a large business group based in India, and in Indonesia the Group set up several companies like P.T. INDO BHARAT RAYON, P.T. ELEGANT TEXTILE INDUSTRY both engaged in spinning mills, P.T. INDO BHARAT RAYON in viscose rayon fiber and acrylic fiber industry and P.T. INDO RAYA KIMIA in carbon disulfhide manufacturing.

 

P.T. SBT obtained a foreign investment company (PMA) facility issued by Investment Coordinating Board (BKPM) in 1979 for dealing with spinning mills industry, with its plant located at Jalan Raya Bekasi  km.  28, Bekasi  (West  Java),  where  it stands on a  7.2 hectare  landsite.  The plant has been in operation since February 1981 with an initial capacity of 17,280 spindles. It has now grown to 88,368 spindles with 2,800 open end rotors.  About 35 percent of its products are value-added such as siro spun yarn, Iycra core spun yarn, slub yarn, rayon/cotton blended yarn, sewing thread, bamboo 100 percent, bamboo/cotton, modal/cotton yarn, etc.

 

P.T. SBT has aggressive plans to further improve its competitive edge through technological upgrades and new technology absorption form Toyoda and Schlofhorst.   Basic material like viscose rayon staple fiber, polyester staple fiber and acrylic staple fiber mostly are supplied by PT. Indo Bharat Rayon, Asia Pacific Fibers (Polysindo), PT. Teijin Indonesia Fiber Corp. (Tifico), PT. Indonesia Toray Synthetics, and foreign suppliers like Thai Rayon Public Corporation, Rieter CZ A.S. and others.  Some 62% of the company's production are exported to the USA, Japan, Korea, Turkey, Italy, Brazil, Argentina, Australia, Belgium, Canada, Egypt, Germany, Greece and the rest being marketed in the country, primarily to textile  industries operating in Jakarta, Bandung (West Java) and Semarang (Central Java). We observed that P.T. SBT is classified as a medium sized company of its kind in the country of which the operation has been fluctuating in the last five years.

 

Generally, the demand for textile and textile products, specialty chemicals such as; textile chemicals, auxiliary, dyestuff and textile raw materials tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general.  According to the Central Bureau of Statistics (BPS) 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 1,477.800 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 rose again to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013.  The export volume and value of the national TPT products and garment in 2002 to 2013 are pictured on the following table.

 

 

Year

Textile Products

Garment

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

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

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

 

 

According to its statement of financial position was audited by Osman BGing Satrio & Eny (Registered Public Accountants) , the net sales of P.T. SBT in fiscal 2012 amounted to US$ 96.9 million with a net profit of US$ 2.7 million declined to US$ 92.3 Million with a net profit of US$ 2.9 billion in 2013.  Up to present, we have yet to gain the statement of income of P.T. SBT in fiscal 2014.  However, we estimated that net sales of the company in 2014 rose again to US$. 93.5 million with a net profit of US$ 3.0 million.  The company’s balance sheets and statement of income in fiscal 2012 and 2013 are attached.   So far we did not hear that the P.T. SBT has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court.  The company usually pays its debts punctually to suppliers.

 

Since January 2010, the management of the company led by Mr. Chand Ratan Dugar AKA C.R. Dugar (62), replacing Mr. Anandi Lal Pokharma (62) as President Director.  In his daily activities he is assisted by six directors namely Mr. Dusmantha Kumar Mishra (60), Mr. Shri Pal Chand Bhansali (61), Mr. Ramavtar Durgaprasad Maru (52), Mr. Tapan Kumar Sannigrahi (42), Mr. Mahesh Kumar Rawat (49), all of India and Mr. Halim Setiono (60) of Indonesia. The management of the company has more than 20 years of experience in textile and spinning mills industry. The management of the company also has wide relation with overseas and national private businessmen as well as with the government sectors.

 

We believed that P.T. SUNRISE BUMI TEXTILES is good for normal business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.

 

                                                                                                                          (In US Dollar)

D E S C R I P T I O N

31 December

2013

2012

ASSETS

 

 

a. Current Assets

 

 

    - Cash and cash equivalents

10,773,517

7,044,234

    - Trade and other receivables, net

11,585,994

14,389,630

    - Inventories

11,750,122

15,488,039

    - Prepaid taxes

--

769,263

    - Advances and prepaid expenses

2,127,745

423,101

   Total Current Assets

36,237,378

38,114,267

b. Non Current Assets

 

 

    - Other financial assets

25,493,250

32,200,290

    - Property, plant and equipment - net

23,152,935

22,168,954

    - Investment in an associate

97,743

175,000

    - Computer software

29,683

45,074

    - Refundable deposits

47,421

47,421

    Total Non Current Assets

49,821,032

54,636,739

TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY

86,058,410

92,751,006

LIABILITIES AND EQUITY

 

 

a. Current Liabilities

 

 

    - Trade and other payables

7,050,337

9,596,487

    - Other financial liability

134,161

19,298

    - Accrued expenses

1,656,053

1,822,844

   Total Current Liabilities

9,562,832

11,792,323

b. Non Current Liabilities

 

 

    - Deferred tax liabilities

4,188,113

5,565,789

    - Post-employment benefits obligation

1,986,852

1,842,712

   Total Non-current Liabilities

6,174,965

7,408,501

c. Equity

 

 

    - Paid up capital

4,000,000

4,000,000

    - Available for sale investment revaluation services

11,188,865

15,469,145

Foreign currently translation

(8,725)

--

- Retained earnings

 

 

Appropriated

60,581

60,581

Un-appropriated

55,079,892

54,020,456

     Total Equity

70,320,613

73,550,182

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

Net Sales

92,319,182

96,894,554

Cost of  Goods Sold

(80,820,707)

(86,409,927)

Gross Profit

11,498,475

10,484,627

Operating Expenses

(7,684,805

(6,920,309)

Income Before Tax

3,813,670

3,564,318

Tax Expenses

(954,234)

(885,510)

Net Profit/Net Income for the Year

2,859,436

2,678,708

Notes: Audited by Osman Bing Satrio & Eny (Registered Public Accountants)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.82

UK Pound

1

Rs.95.27

Euro

1

Rs.69.14

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.