|
Report No. : |
350752 |
|
Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. INDONESIA TORAY SYNTHETICS |
|
|
|
|
Registered Office : |
Summitmas II Building, 3rd Floor, Jalan Jend. Sudirman Kav.
61-62, Jakarta 12910 |
|
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|
Country : |
Indonesia
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|
|
|
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Date of Incorporation : |
11.10.1971 |
|
|
|
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Com. Reg. No.: |
AHU-AH.01.10-55937 |
|
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|
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Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Polyester Staple Fiber, Nylon Filament
Yarn and Polyester Filament Yarn Manufacturing. |
|
|
|
|
No. of Employees : |
1,220 |
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 – 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 |
BASIC SEARCH
|
Name of Company :
P.T.
INDONESIA TORAY SYNTHETICS
A d d r e s s :
Head
Office
Summitmas II Building, 3rd Floor
Jalan Jend. Sudirman Kav. 61-62
Jakarta 12910
Indonesia
Phones -
(62-21) 2526841, 5201217-9, 5524467-8
Fax - (62-21) 5201222, 5524909
P.O. Box - 12/KBY
Building Area - 32 storey
Office Space - 2,400 sq. meters
Region - Commercial
Status - Owned
Factory
Jalan Moh. Toha Km. 1, Pasar Baru
Tangerang, Banten, Indonesia
Phones -
(62-21) 5523948, 5524467-8
Fax - (62-21) 5524909
Land Area - 52.0 Ha
Building Area - 16.5 Ha
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
11 October 1971
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Justice and Human Rights
a. No. W7-09950.HT.01.04.TH.2007
Dated 10 September 2007
b. No. W7-HT.01.10-13162
Dated 20 September 2007
c. No. AHU-90359.AH.01.02.Tahun 2008
Dated 26 November
2008
d. No. AHU-AH.01.10-25707
Dated 16 July 2012
e. No. AHU-48092.AH.01.02.Tahun 2013
Dated 12 September 2013
f. No. AHU-AH.01.10-55937
Dated 24 December 2013
Company Status :
Foreign Investment (PMA) Company
Permits by the
Government Department:
a. The Department of Finances
NPWP No. 01.000.596.5-092.000
(VAT or Tax License)
b. The President of the Republic of Indonesia
No. B-29/Pres/2/1971
Dated 26 February 1971
c. The Capital Investment Coordinating Board
No. 165/II/PMA/1990
Dated
30 October 1990
d. The Department of Industry and Trade
No.
443/DJAI/IUT-III/PMA/XI/1988
Dated 17 November 1988
Related/Affiliated Companies :
a. P.T. TORAY
INDUSTRIES INDONESIA (Management Trust of Toray Group members)
b. P.T. INDONESIA
SYNTHETICS TEXTILE MILLS or P.T. ISTEM (Synthetic Textile Mfg)
c. P.T. ACRYL TEXTILE
MILLS or ACTEM (Wool and Acrylic Yarn Industry)
d. P.T. EASTERNTEX
(Integrated Textile Industry and Investment Holding)
e. P.T. CENTURY
TEXTILE INDUSTRY Tbk. or P.T. CENTEX (Textile Industry)
f. P.T. TORAY INTERNATIONAL INDONESIA (International Trading)
g. P.T. PETNESIA
RESINDO (Polyester PET Bottle Resin Manufacturing)
h. P.T. JABATO
INTERNATIONAL (Tour and Travel Agency)
CAPITAL AND OWNERSHIP
|
Capital Structure
:
Authorized Capital -
US$ 104,800,000
Issued Capital -
US$ 104,800,000
Paid up Capital -
US$ 104,800,000
Shareholders/Owners
:
a.
TORAY INDUSTRIES Inc., of Japan -
US$ 96,800,000 (92.37%)
Address: 2-1, Nihonbashi-Muromachi
2-Chome,
Chuo-Ku,
Tokyo, Japan
b.
P.T. EASTERNTEX of Indonesia -
US$ 8,000,000 ( 7.63%)
Address: Summitmas II, 3rd Floor
Jl. Jend.
Sudirman Kav. 61-62
Jakarta,
Indonesia
BUSINESS ACTIVITIES
|
Lines of Business
:
Polyester Staple Fiber, Nylon Filament Yarn
and Polyester Filament Yarn Manufacturing.
Production
Capacity :
Initial
Unit
a. Polyester Staple Fibers (PSF) - 19,900 tons p.a.
b. Nylon Filament Yarns (NFY) - 7,920 tons p.a.
c. Polyester Filament Yarns (PFY) - 8,350 tons p.a.
Expansion Unit I
Polyester Filament Yarns (PFY)
- 9,000 tons p.a.
Expansion Unit II
a. Nylon Filament Yarns (NFY) - 6,000 tons p.a.
b. Polyester Filament Yarns (PFY) -
25,200 tons p.a.
c. Polyester Staple Fibers (PSF)
- 43,200 tons p.a.
Total
Investment :
Initial Plant
a. Equity Capital -
US$ 34.8 million
b. Loan Capital -
US$ 82.5 million
c. Reinvested Profit -
US$ 12.5 million
d. Total Investment -
US$ 129.8 million
Expansion Plant I
a. Reinvested Profit -
US$ 11.0 million
b. Loan Capital -
US$ 56.0 million
c. Total Investment -
US$ 67.0 million
Expansion Plant II
a. Reinvested Profit -
US$ 129.0 million
b. Loan Capital -
US$ 55.0 million
c. Total Investment -
US$ 184.0 million
Started Operation
:
October 1973
Brand Name :
ITS (Indonesia
Toray Synthetics)
Technical
Assistance :
TORAY INDUSTRIES Inc., of Japan
Number of Employee
:
1,220 persons
Marketing Area :
Domestic - 70%
Export
- 30%
Main Customers :
a. Buyers in Malaysia, Singapore, Japan, etc
b. Textile Industries in Bandung (West Java) and its surrounding
c. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a.
P.T. INDORAMA SYNTHETICS Tbk
b.
P.T. TEIJIN INDONESIA FIBER Tbk
c.
P.T. SULINDAFIN
d. P.T. PANASIA INDOSYNTHEC Tbk
e. P.T. ERATEX DJAJA Tbk
f. P.T. POLYSINDO EKA PERKASA
g.
Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B a n k e r s :
a. The Bank of
TOKYO-MITSUBISHI UFJ Ltd.
Jakarta Branch
Mid
Plaza, 1-3rd Floor
Jalan Jend. Sudirman Kav. 10-11
Jakarta Selatan
b. P.T. Bank NEGARA
INDONESIA Tbk
Jakarta
Thamrin Branch
Wisma NUSANTARA, 23rd Floor
Jalan M.H. Thamrin No. 59
Jakarta Pusat
c. CITIBANK N.A.
Citibank Tower, 7th Floor
Jl. Jend. Sudirman Kav. 54-55
Jakarta 12190
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2011 – Rp. 2,680.0 billion
2012 – Rp. 2,910.0 billion
2013 – Rp. 3,140.0 billion
2014 – Rp. 3,390.0 billion
2015 – Rp. 1,840.0 billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 146.0 billion
2012 – Rp. 158.0 billion
2013 – Rp. 170.0 billion
2014 – Rp. 183.0 billion
2015 – Rp. 99.0 billion (January
– June)
Payment Manner :
Average
Financial Comments
:
Fairly
KEY EXECUTIVES
|
Board of Management :
President Director - Mr. Shin Ito
Vice President Director - Mr. Kazuhiko Shiomura
Directors - a. Mr. Shin Yanagisawa
b. Mr. Hidenori Terai
c. Mr. Akira Nakano
d. Mr. Hirononbu Sudo
Board of Commissioners :
Commissioner - Mr. Hideyasu Okawara
Signatories :
President Director (Mr. Shin Ito)
or Vice President Directors (Mr.
Kazuhiko Shiomura) or one of the Directors (Mr. Shin Yanagisawa, Mr. Hidenori
Terai, Mr. Akira Nakano and Mr. Hirononbu Sudo) which must be approved by
the Board of Commissioner (Mr. Hideyasu
Okawara)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFOMANCE
|
P.T. INDONESIA TORAY SYNTHETICS (P.T. ITS) was
established in 1971 in Jakarta with an authorized capital of US$ 10,000,000
issued capital of US$ 2,000,000 of which US$ 200,000 was paid up. The founding
shareholders of the company are TORAY INDUSTRIES Inc., MITSUI & Co., Ltd.,
MARUBENI IIDA Co. Ltd., and C. ITOH & Co. Ltd., the fourth of them are of
Japan. The Articles of association was converted for several times both in term
of capitalization and shareholding composition and also the board of directors
and commissioners. In August 1998, the authorized capital of P.T. ITS was
raised to US$ 54,800,000 entirely issued and paid up and concurrently MARUBENI
IIDA CO.LTD and C. ITOH & CO.LTD withdrew and into the company entered new
shareholders P.T. BNI NOMURA JAVCO INVESTMENT and P.T. EASTERNTEX, both of
Indonesia. In September 2007, the
authorized capital was increased to US$ 104,800,000.- wholly issued and paid up
and concurrently the shareholders of P.T. ITS were TORAY INDUSTRIES
INCORPORATION of Japan (92.37%) and P.T. EASTERNTEX of Indonesia (7.63%).
The most recently by Notary Deed No. 02
dated December 16, 2013 of Ferry Mahendra Permana, SH., concerning the change
in composition of the Company’s board of Directors. This amendment to Deed has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-AH.01.10-55937 dated December 24, 2013. Since then, no changes have been effected in
term of its shareholding composition and capital structure to date.
We observe that TORAY INDUSTRIES INCORPORATION is a giant company having wide operational activities in various countries. The company is also a foreign partner controlling the majority shares of P.T. EASTERNTEX dealing with integrated textile industry and investment holding. TORAY INDUSTRIES INCORPORATION and P.T. EASTERNTEX are members of the TORAY Group fuses nanotechnology into its operations, using organic synthetic chemistry, polymer chemistry and biotechnology as its core technologies.
P.T. ITS was brought into existence by the
virtue of a Foreign Investment (PMA) facility
approved by the Capital Investment Coordinating Board (BKPM) operating
in polyester staple fibre (PSF), nylon filament yarn (NFY) and polyester
filament yarn (PFY) industry. The
company headquarters are at 3rd Floor Summitmas II, Jl. Jend.
Sudirman Kav. 62-62, Jakarta and marketing is managed directly from the plant
at Jl. Moch. Toha Km. 1, Pasar Baru, Tangerang, Banten Province, which has
built facilities on 52 hectare property.
Its plant has been operating since 1973 with a production capacity of
19,000 tons PSF, 7,920 tons NFY and 8,350 tons PFY, all per year. It has absorbed a total investment of US$
129.8 million, originated from owned capital of US$ 34.8 million, reinvested
profit of US$ 12.5 million and the remainder covered by loans.
Basic materials used by the company, among
others are pure terephtalic acid (PTA), ethylene glycol (EG), lactam
(caprolactam) and Chip (nylon). Some 2.0
thousand tons of PTA required by the company in which some 50% are supplied by
HUMPUSS Group (distributor for PTA produced by state owned oil company
PERTAMINA) while the rest 50% is imported from Japan largely and small portion
from England, and EG are imported from Singapore. In the meantime, the
requirement for lactam is largely imported from Japan and just a few from
Germany and Belgium, whiles for Chip is largely from Germany and a small
portion from Japan. The latter two basic
materials can hardly recognize precisely the requirement of P.T. ITC. Besides, the company also uses other chemical
materials as auxiliary ones which are generally can be filled domestically.
In 1990 the company built an expansion unit
of PFY milling with a production capacity of 9,000 tons per year. This expansion
unit has absorbed total investment of US$ 67.5 million, came from reinvested
profit of US$ 11.5 million while the balance covered by loans. The expansion unit has been operating since
February 1992. In November 1992, P.T. ITS obtained a license from the BKPM to
expand its plant by adding its annual production of PFY of 6,000 tons, PSF of
25,200 tons and NFY of 43,200 tons. The expanded plant has absorbed an
investment of US$ 184.0 million coming from reinvested profit of US$ 129.0
million while the rest from loans. The expanded plant has been in operation
since 1996. About 70% of P.T. ITS
production is marketed domestically and the rest exported to Malaysia,
Singapore, Japan and others countries.
We observed that P.T. ITS is classified as a large-sized company of its
kind in the country of which the operation has been growing slowly in the last
three years.
Generally, demand for textile and textile
products including polyester synthetic fiber, polyester textured yarn, finished
fabrics, garment, 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 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 to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013
and to 1,815.6 thousand tons (US$ 5,379.9 million) in 2014. The export volume
and value of the national TPT products in 2002 to as of January 2015 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 2014 2015* |
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 1,815.6 153.0 |
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 5,379.9 421.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 35.4 |
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 7,450.9 594.5 |
The business position of P.T.ITS is
appraised to be favorable for having established regular customers and wide
marketing networks within and outside the country. We believe that P.T. ITS is in
position to thrive its business in the future.
Until this time P.T. ITS has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. We observed
that total sales turnover of the company in 2012 amounted of Rp. 2,910.0
billion increased to Rp. 2,140.0 billion in 2013 and rose again to Rp. 3,390.0
billion in 2014. The operation in 2014
yielded an estimated net profit at least Rp. 183.0 billion and the company has
an estimated total net-worth at Rp. 1,850.0 billion. It is forecasted that
total sales turnover of the company will increase at least 8% in 2015. So far we did not hear that the P.T. ASP has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management of
the company is led by Mr. Shin Ito (57) as president director. In daily activities he is assisted by Mr.
Kazuhiko Shiomura (57) as vice president director and four directors namely Mr.
Shin Yanagisawa (47), Mr. Hidenori Terai (53), Mr. Akira Nakano (47) and Mr.
Hirononbu Sudo (43). The management,
which is evaluated quite creative and dynamic, also has succeeded in expanding
their overseas marketing network. We consider the management is quite capable
of further developing business in the future. They have close relations with
many high-ranking government officials as well as with private businessmen
within and outside the country. So far, we did not hear that the company’s
management involved in the business malpractices 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.
P.T. INDONESIA
TORAY SYNTHETICS is appraised good for business transaction. But owing to
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
TPT |
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.