|
Report No. : |
312770 |
|
Report Date : |
20.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
PAMOR SPINNING MILLS |
|
|
|
|
Registered Office : |
Jl. Solo Tawangmangu Km.
9,5 Dusun Sawahan, RT.05, RW.06 Jaten district, Karanganyar regency Surakarta 57771,
Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
29.03.2011 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-26552 |
|
|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning
Mills Industry |
|
|
|
|
No. of Employee : |
1,000
persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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. PAMOR SPINNING MILLS
Head Office & Factory
Jl. Solo Tawangmangu Km. 9,5
Dusun Sawahan, RT.05, RW.06
Jaten district, Karanganyar regency
Surakarta
57771, Central Java
Indonesia
Phones -
(62-271) 825 636 (hunting)
Fax - (62-271) 825 628
Building Area - 80,000 sq.
meters
Office Space - 20,000 sq. meters
Region - Industrial
Zone
Status - Owned
29
March 2011
P.T.
(Perseroan Terbatas) or Limited Liability Company
The
Ministry of Law and Human Rights
a.
No. AHU-17688.AH.01.01.Tahun 2011
Dated
07 April 2011
b.
No. AHU-34453.AH.01.02.Tahun 2011
Dated
08 July 2011
c.
No. AHU-AH.01.10-26552
Dated
01 July 2013
Domestic
Investment Company (PMDN)
The Department of Finance
NPWP No. 31.302.465.5-528.000
a.
P.T. KUSUMAHADI SANTOSA (Batik Clothing Manufacturing)
b.
P.T. KUSUMAPUTRA SANTOSA (Spinning Mills Industry)
Capital
Structure :
Authorized
Capital - Rp.
100,000,000,000.-
Issued
Capital -
Rp. 69,705,000,000.-
Paid
up Capital -
Rp. 69,705,000,000.-
Shareholders/Owners
:
a. Mr. Raden Haji Santosa - Rp. 31,367,000,000.-
(45.0%)
Address : Jl. Dr.
Rajiman No. 164
Kel. Kemlayan, Surakarta
Central Java
Indonesia
b. Mrs. Raden Nganten Danarsih - Rp. 17,425,000,000.- (25.0%)
Address : Jl. Dr.
Rajiman No. 164
Kel. Kemlayan, Surakarta
Central Java
Indonesia
c. Mrs. Diana Kusuma Dewati - Rp. 6,971,000,000.- (10.0%)
Address : Jl.
Cipatu V No. 20
Kel. Petogogan, Kebayoran Baru
South Jakarta
Indonesia
d. Mr. Dian Kusuma Hadi -
Rp. 6,971,000,000.- (10.0%)
Address : Jl. Adi
Sucipto No. 09
Kel. Manahan, Surakarta
Central Java
Indonesia
e. Mr. Haji Dewanto Kusuma Wibowo - Rp.
6,971,000,000.- (10.0%)
Address : Jl.
Bayangkara No. 50
Kel. Panularan, Surakarta
Central Java
Indonesia
Lines
of Business :
Spinning
Mills Industry
Production
Capacity :
Cotton
and Rayon Yarns - 66,000 bales p.a.
Total
Investment :
Owned Capital - Rp. 100 billion
Started
Operation :
January
2015
Brand
Name :
Pamor
Spinning Mills
Technical
Assistance :
None
Number
of Employee :
1,000
persons
Marketing
Area :
Local - 100%
Main
Customers:
Textile
Industries in the country
Market
Situation :
Very
Competitive
Main Competitors :
a. P.T. Delta Merlin Sandang Textile
b. P.T. DjoniTextindo
c. P.T. Golden Tatex Indonesia
d. P.T. Gunawan Texindo
e. P.T. Indopanca Centratex
f. P.T. Maligi Spinning Mills
Business
Trend :
Growing
Bankers
P.T.
Bank CENTRAL ASIA Tbk
Solo Branch
Jl. Brigjen Slamet Riyadi No. 3
Solo, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Total
Income/Sales :
2014
– None
Net
Profit (Loss) :
2014
– None
Payment
Manner :
No
Comment
Financial
Comments :
No
Comment
Board of Management :
President Director - Mr. Haji Dewanto Kusuma Wibowo, SE
Directors - a. Mr. Sofyan
b. Mr. Sofyan Edi Purwanto
c. Mrs. Ir. Linda Sitompul
Board of Commissioners :
President Commissioner - Mr. Raden Haji Santosa
Commissioners - a. Mrs. Raden Nganten Danarsih
b. Mrs. Diana Kusuma Dewati
c. Mr. Dian Kusuma Hadi
Signatories :
President
Director (Mr. Haji Dewanto Kusuma Wibowo, SE) or one of the Directors (Mr.
Sofyan, Mr. Sofyan Edi Purwanto or Mrs. Ir. Linda Sitompul) which must be
approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small
amount – periodical review
Maximum Credit Limit :
No
Comment
P.T. PAMOR SPINNING MILLS (P.T. PSM) was
incorporated in Surakarta (Solo) based on Notarial Deed of Agus Subyanto, SH.,
No. 73 dated 29 March 2011 with an the authorized capital of Rp.
5,000,000,000.- of which Rp. 1,250,000,000.- was issued and fully paid up. The founding shareholders of the company are
Mr. Toto Hermawan Liem (50%), Mr. Sofyan (40%) and Mr. Sofyan Edi Purwanto
(10%). They are Indonesian businessmen
of Chinese extraction. The Deed of
establishment was approved by the Minister of Law and Human Rights through its
Decision Letter No. AHU-17688.AH.01.01.Tahun 2011 dated 7 April 2011.
The Company’s article of association has
been amended and the most recently by notarial Deed No. 146 dated 23 May 2013
drawn up by Ninoek Poernomo, SH., the authorized capital was raised to Rp.
100,000,000,000.- of which Rp. 69,705,000,000.- was issued and fully paid
up. Since then, the shareholders of the
company are Mr. Raden Haji Santosa (45%), Mrs. Raden Nganten Danarsih (25%),
Mrs. Diana Kusuma Dewati (10%), Mr. Dian Kusuma Hadi (10%) and Mr. Haji Dewanto
Kusuma Wibowo (10%). 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.01.10-26552 dated 1 July 2013.
P.T. PSM obtained a domestic investment
company (PMDN) facility issued by Investment Coordinating Board (BKPM) in 2011
for dealing with spinning mills industry with its plant located at Jl. Solo
Tawangmangu Km. 9,5, Dusun SAwahan, RT.05, RW.06, Jaten district, Karanganyar
regency, Central Java, where it stands on a 8.0 hectares landsite. The plant has to be operating commercially
since January 2015, using 60,000 spindles and the second phase will be coupled
30,000 spindles, with a production capacity of 5,500 bales of cotton and rayon
yarn per month. Ms. Rini Trihartati, the
marketing staff of this company when contacted explained that the entire
production of this company will be sold to a number of textile mills industries
located in Solo, Semarang, Bandung and Surabaya. Besides the company's operations are
supported by its affiliate P.T. KUSUMAHADI SANTOSA, a batiks clothing
manufacturing and P.T. KUSUMAPUTRA SANTOSA IS engaged in spinning mills
industry. Both companies are already well-known in the country. We observed that P.T.
PSM is still relatively new company in trading and export of essential oil and
aromatic chemicals.
Generally, demand for textile and textile
product including cotton yarn, polyester textured yarn, finished fabrics,
garment, textile chemicals and raw materials has been fluctuating in 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 |
Until this time P.T. PAMOR SPINNING MILLS (P.T.
PSM) Indonesia has not been registered with Indonesian Stock Exchange, so that
they shall not obliged to announce their financial statement. We are difficult to assess the company's
finances, because since the company establishment up
to now the company it has never conducted any business activities. The management of P.T. PSM is very reclusive
towards outsiders and rejected to disclose its financial condition. In view of P.T. PSM having yet to be in operation
commercially as told above, so the financial strength of this company
was only Rp. 69,705,000,000.- which was a paid-up capital according to its
notary deed.
Observing P.T. PSM having yet to be in operation, we are not in position
of appraise the company’s financial condition. So far we did not hear
that the company registered with the black list of Bank of Indonesia (Central
Bank) or involved in the civil case that settled through the country court.
The management of P.T. PSM is led by Mr.
Haji Dewanto Kusuma Wibowo, SE., (45) a businessman with more than 10 years
experience in textile and spinning mills industry. In daily activities he is
assisted by three namely Mr. Sofyan (65), Mr. Sofyan Edi Purwanto (55) and Mrs.
Ir. Linda Sitompul (58). Besides, they
are also assisted by a number of expert staffs in the above business. The
Company’s management has 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.
Since this company
(PT. PSM) just about three months in operation commercially, so we recommend
caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.42 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.67.29 |
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.