|
Report No. : |
311644 |
|
Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. APAC INTI CORPORA |
|
|
|
|
Formerly Known As : |
P.T. KANINDOTEX INTI CORPORA |
|
|
|
|
Registered Office : |
Graha BIP Building, 10th Floor Jl. Jend. Gatot Subroto Kav.
23 Jakarta 12930 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
01.07.1995 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-54849 |
|
|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile Industry |
|
|
|
|
No. of Employee : |
11,000 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, 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 |
P.T. APAC INTI CORPORA
Head
Office
Graha BIP Building, 10th Floor
Jl. Jend. Gatot Subroto Kav. 23
Jakarta 12930
Indonesia
Phones - (021)
5225222, 5228888 (hunting)
Fax. - (021) 5258300,
5202910
Website - http://www.apacinti.co.id
E-mail - info@apacinti.co.id
Building Area -
28 storey
Office Space -
1,200 sq. meters
Region - Commercial
Status - Rent
Factory
Jl. Soekarno Hatta Km. 32
Desa Harjosari-Bawen
Semarang 50661
Central Java
Indonesia
Phones - (024)
921888, 921626
Fax - (024)
921297
Land Area -
105 hectares
Building Area - 28 hectares
Region - Industrial
Zone
Status - Owned
a. 01 July 1995 as P.T. KANINDOTEX INTI CORPORA
b. 02 August 1995 as P.T. APAC INTI CORPORA
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Justice and Human Rights
a. No. C-231245.HT.01.04.TH.2006
Dated 19
July 2006
b. No.
AHU-38332.AH.01.02.Tahun 2008
Dated 04 July 2008
c. No. AHU-AH.01.10-46414
Dated 04
November 2013
d. No. AHU-AH.01.10-54849
Dated 18
December 2013
Foreign Investment Company (PMA)
a. The
Department of Finance
NPWP No. 01.744.927.3-091.000
b. The Capital
Investment Coordinating Board
- No. 471/PMDN/1995
Dated 29 August 1995
- No. 04/III/PMDN/2003
Dated 09 January 2003
- No. 25/V/PMA/2004
Dated 02 April 2004
a. P.T. APAC CITRA CENTERTEX Tbk., (Textile Industry and Investment
Holding)
b. NATIONAL SOUL Ltd., of BVI (Investment Holding)
The APAC CITRA CENTERTEX Group Members
Capital Structure
:
Authorized Capital - Rp.
1,700,000,000,000.-
Issued Capital - Rp.
1,517,430,000,000.-
Paid up Capital - Rp.
1,517,430,000,000.-
a.
P.T. APAC CITRA CENTERTEX Tbk. - Rp.
685,350,000,000.- (45.165%)
Address : Graha BIP, 10th Floor
Jl. Jend. Gatot Subroto Kav.
23
Jakarta 12930, Indonesia
b.
NATION SOUL Ltd. -
Rp. 489,930,000,000.- (32.287%)
Address : Angkara Building, 24
De Castro Street
Wickhams, British Virgin
Island (BVI)
c.
SOLOMON PROFIT Ltd. -
Rp. 272,400,000,000.- (17.951%)
Address : Offshore
Incorporations
Centre Road Town, Tortola,
BVI
d.
Cooperatives (480 companies) -
Rp. 69,750,000,000.- ( 4.597%)
Address : Jl. Raya Bawen Km. 32, Des
Harjosari
Bawen, Semarang, Central
Java
Indonesia
Lines of Business
:
Integrated Textile Industry
Production
Capacity :
a. Weaving Yarns -
482,000 bales p.a.
b. Grey Fabrics -
80,000,000 meters p.a.
c. Denims -
60,000,000 yards p.a.
Total Investment :
a. Equity Capital -
Rp 800.0 billion
b. Loan Capital - Rp 1,565.7
billion
c. Total Investment - Rp
2,365.7 billion
Started Operation
:
August 1995 when it was P.T. KANINDOTEX INTI CORPORA
Brand Name :
APAC INTI CORPORA
Technical
Assistance :
None
Number of Employee
:
11,000 persons
Marketing Area :
Export - 70%
Local
- 20%
Main Customers :
Buyers in Europe (Belgium, Cyprus, Denmark, Finland, France, Germany,
Greece, Hungary, Italy,
Lithuania, Netherlands, Norway, Poland, Portugal, Spain, Sweden,
Switzerland, Turkey, United
Kingdom, Yugoslavia), the USA, Argentina, Brazil, Canada, Chile,
Columbia, Mexico, Bangladesh,
China, Hong Kong, India, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO PANTES Tbk.
b. P.T. PANASIA INDOSYNTEX Tbk
c. P.T. CANDRATEX SEJATI
d. P.T. SIPATEX
e. Etc.
Business Trend :
Fluctuating
Bankers:
a. P.T. Bank MANDIRI Tbk.
Jalan R.P. Soeroso No. 2-4
Jakarta Pusat
b.
P.T. Bank VICTORIA INTERNATIONAL
Landmark Centre
Jalan Jend.
Sudirman 1
Jakarta
Pusat
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2011 – Rp. 1,821.5 billion
2012 – Rp. 1,362.4 billion
2013 – Rp. 1,550.0 billion
2014 – Rp. 1,890.0 billion
Net Profit (Loss) :
2011 – (Rp. 115.0 billion)
2012 – (Rp. 112.0 billion)
2013 – (Rp. 98.0 billion)
2014 – (Rp. 106.0 billion)
Payment Manner :
Average
Financial Comments
:
Weak
Board of Management :
President Director - Mr.
Benny Soetrisno
Director - Mr. Anas
Bahfen
Board of Commissioners :
President Commissioner -
Mr. Stefanus Rijanto Kotjo
Commissioners - a. Mr. Sintong
Panjaitan
b. Mr. Djoko Leksono Sugiarto
c. Mr. Soeryadi
Signatories :
President Director (Mr. Benny Soetrisno) or Director (Mr. Anas Bahfen)
which must be approved by the Board of
Commissioners (Mr. Stefanus Rijanto Kotjo, Mr. Sintong Panjaitan, Mr. Djoko
Leksono Sugiarto and Mr. Soeryadi)
Management Capability :
Fairly
Business Morality :
Fairly
Initially named P.T. KANINDOTEX INTI CORPORA, the company was
established on July 1, 1995 with the authorized capital of Rp.800,000,000,000.-
of which Rp 200,000,000,000.- was issued and fully paid up. The founding
shareholders of the company are P.T. APAC CENTURY CORPORA (99.99%) and Mr.
Johannes Budisutrisno Kotjo (0.01%), an Indonesian businessman of Chinese
extraction. The Deed of establishment
has been approved by the Minister of Justice of the Republic of Indonesia
through its Decision Letter No. C2-8905.HT.01.01.TH.95 dated July 24,
1995. The Company’s Articles of
Association have been amended several times.
In August 1995 the company was renamed P.T. APAC INTI CORPORA (P.T.
AIC) and
in July 1996 the issued and
paid up capital
was increased to Rp
300,000,000,000.-. By the same time Mr. Johannes Budisutrisno Kotjo pulled out
and replaced by 60 cooperatives. In August 1996 the 94.12% shares of P.T. AIC
had been taken over by P.T. APAC CENTERTEX CORPORATION Tbk., a publicly listed
company, and the rest 5.88% owned by 480 cooperatives.
On April 2004 the authorized capital was raised again to Rp
1,700,000,000,000.-, issued and paid up capital was raised to Rp.
1,140,000,000,000.- By the same time,
the shareholders of the company are P.T. APAC CENTERTEX CORPORATION Tbk.,
(51%), NATION SOUL Ltd., of British Virgin Islands (44%) and cooperatives (5%). On December 2005 the issued and paid up
capital was raised to Rp. 1,362,000,000,000.- and concurrently the shareholders
of the company are P.T. APAC CITRA CENTRERTEX Tbk. (42.69%), NATIONAL SOUL
Ltd., (42.69%), SOLOMON PROFITS Ltd., (20.00%) and Cooperatives (5%).
In September 2013 based on notary Deed No. 44 dated September 27, 2013
made by Notary Edi Priyono, SH., the issued capital was raised to Rp
1,395,000,000,000.- and fully paid up.
Since at the time, the shareholders of the company are P.T. APAC CITRA
CENTERTEX Tbk., (41.68%), NATION SOULD Ltd., of BVI (33.79%), SOLOMON PROFIT
Ltd., of BVI (19.53%) and Cooperatives (5.0%). The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-46414
dated November 4, 2013.
The most recently by notary Deed No. 26 dated November 15, 2013 made by
Notary Edi Priyono, SH., the issued capital was raised again to Rp
1,517,430,000,000.- and fully paid up. Since at the time, the composition shareholders
of the company are P.T. APAC CITRA CENTERTEX Tbk., (45.165%), NATION SOULD
Ltd., of BVI (32.287%), SOLOMON PROFIT Ltd., of BVI (17.951%) and Cooperatives
(4.597%). The amendment to deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. AHU-AH.01.10-54849 dated December 18, 2013.
P.T. AIC has been operating since August 1995 in integrated textile industry. It took over 3 plants owned by the KANINDOTEX Group located at Desa Harjosari-Bawen, Semarang, Central Java, on a land of some 105 hectares. The plants belong to a large textile plants producing woven yarns to be processed into denim and grey fabric. Since they were taken over, the operation has been growing rapidly. P.T. AIC is equipped with a high quality machine of Trutzschler, Crossroll, Toyoda, Hara and Murata brands. Presently P.T. AIC has an annual production capacity of 482,000 bales yarn, 80,000,000 meters grey fabrics and 60,000,000 yards denim per year.
According to PT. APAC CITRA CENTERTEX Tbk., (holding company of PT.
AIC), P.T. AIC’s total production of yarn in 2010 was 324,563 bales, increased
to 348,125 bales in 2011 and declined to 281,895 bales in 2012. The company’s total production of grey
fabrics in 2010 was 34.62 million meters, increased to 34.80 million meters in
2011 and declined to 24.56 million meters in 2012. The company’s total production of denim in
2010 was 21.74 million yards declined to 18.74 million yards in 2011 and
dropped again to 16.63 million yards in 2012.
Some 70% of the products is exported to Europe (Belgium, Denmark,
Finland, France, Germany, Italy, Netherlands, Norway, Poland, Portugal, Spain,
Sweden, Switzerland, Turkey, United Kingdom, etc), USA, Argentina, Brazil,
Canada, Chile, Asia (Bangladesh, China, Hong Kong, India,
Sri Lanka, Syria, Taiwan, Thailand, Vietnam), Africa (Algeria, Cameroon, Egypt,
Kenya, Morocco, Nigeria, South Africa, Tanzania, Tunisia) Australia and New
Zealand, and the rest 30% are sold to
local market.
P.T. AIC is also dealing with investment holding by controlling 10%
shares of P.T. INDOTEX BANGUN BERSAMA is engaged in garment industry. We observed that P.T. AIC is classified as a
large-sized company of its kind in the country, but the company’s operation has
been fluctuating in the last five years.
Generally, demand for textile and textile product including finished
fabrics, garment, cotton yarn, polyester textured yarn, textile chemicals and
raw materials has been fluctuating in the last five years. 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 and rose again to 1,369,600 tons (US$ 3,602.8 million) in 2009.
The Indonesia textile products export in 2010 amounted to 1,525,900 tons
(US$ 4,721.8 million) declined to 1,493,300 tons (US$ 5,563.3 million) in 2011,
rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and 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 |
Until this time P.T. AIC has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. P.T. AIC’s management is very reclusive
to outsider and rejecting to disclose its financial condition but we estimated
the total sales turnover of the company in 2011 amounted to Rp. 1,821.5 billion
declined to Rp. 1,362.4 billion in 2012 to Rp. 1,550.0 billioin in 2013 and
rose again to Rp. 1,890.0 billion in 2014.
It’s estimated that the company’s operation in 2014 yielded a net loss
at Rp. 106.0 billion and the company has a total asset of Rp. 1,450.0 billion.
So far we did not hear that P.T. AIC has been black listed by Bank Indonesia
(Central Bank) or having detrimental cases being settled in local district
court.
The company is headed by Mr. Benny Soetrisno (65) as president director,
a well-experienced professional manager in textile industry. He has been serving as the President Director
of the Company and PT. Apac Citra Centertex Tbk., since 1995. He is an electrical engineer graduate of
Reinische Westfacliche Tehnischee Hochschule, Aachen, Germany. In his daily activities, he is assisted by
Mr. Anas Bahfen (60) as director. The management has maintained a wide business
relation among private companies at home and abroad. 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.
Considering the operation of P.T AIC suffered from loss in 2009 to 2014,
also economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.