|
Report No. : |
344854 |
|
Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SOUTH PACIFIC VISCOSE |
|
|
|
|
Registered Office : |
Sampoerna Strategic Square South Tower, 22nd Floor, Jl.
Jend. Sudirman Kav. 45-46, Jakarta 12910 |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
14.01.1978 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-03706 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Viscose Fibre, Sulphuric Acid,
Carbon Bisulphide, and Sodium Sulphate Manufacturing. |
|
|
|
|
No. of Employees : |
1,720 |
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. SOUTH PACIFIC VISCOSE
A
d d r e s s :
Head
Office
Sampoerna Strategic Square South Tower, 22nd Floor
Jl. Jend. Sudirman Kav. 45-46
Jakarta 12910
Indonesia
Phones - (021) 5771630 (hunting)
Fax. - (021) 5771640
Email - spv-jkt@cbn.net.id
Website - http://www.pt-spv.com
Building Area - 33 storey
Office Space - 1400 sq. meters
Region - Commercial
Status - Rent
Factory
Desa Cicadas, Cilangkap
Purwakarta 41101,
PO Box 11 PWK, West Java
Indonesia
Phones -
(0264) 200636-7, 201414, 8229752
Fax. -
(0264) 200738, 202563
Land Area - 12.0 hectares
Building Space - 4.8 hectares
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
14 January 1978
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No. C-19924.HT.01.04.TH.2004
Dated 06 August 2004
b. No. AHU-AH.01.10-15693
Dated 20 June 2008
c. No. AHU-00109.AH.01.02.Tahun 2009
Dated 05 January
2009
d. No. AHU-AH.01.10-08722
Dated 25 June 2009
e. No. AHU-AH.01.10-03706
Dated 08 February 2013
Company
Status :
Foreign
Investment Company (PMA)
Permits by the
Government Department :
a. The Department of Finance
NPWP No. 01.000.573.4-052.000
b. The President of the Republic of
Indonesia
No. B-40/Pres/11/1977
Dated 28 November 1977
c. The Capital Investment
Coordinating Board
- No. 113/VI/PMA/1980
Dated 21 November 1980
- No. 470/III/PMA/1991
Dated 30 July 1991
- No. 741/II/PMA/1994
Dated 6 May 1994
- No.89/II/PMA/1999
Dated 18 May 1999
- No.673/II/PMA/2001
Dated 05 June 2001
d. The Department of Industry
No. 267/DJAI/IUT/III/PMA/VII/88
Dated 12 July 1988
Related/Affiliated
Companies :
a. LENZING A.G. (Industrial Chemical
Manufacturing)
b. ZENITH Steel Pipes and Industries Ltd.
(Steel Making)
c. AVIT Investment Ltd. (Investment Holding)
d. PENIQUE S.A. (Investment Holding)
e. TUNGABHADRA Industries Ltd. (Textile Milling)
f. P.T. PURA
GOLDEN LION (Trading)
g. P.T. INDO BHARAT RAYON (Viscose Industry)
CAPITAL AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
290,000,000,000.-
Issued
Capital -
Rp. 72,500,000,000.-
Paid
up Capital -
Rp. 72,500,000,000.-
Shareholders/Owners :
a. LENZING A.G. of
Austria -
Rp 30,435,265,000.- (41.98%)
b. AVIT INVESTMENT
Ltd. of Turks
& Caicos Islands British West
India -
Rp 23,086,012,000.- (31.84%)
c. PENIQUE SA of
Panama -
Rp 8,678,356,000.- (11.97%)
d. P.T. PURA GOLDEN LION of
Indonesia - Rp 8,643,664,000.-
(11.92%)
e. Mr. Bakti Santoso Luddin of
Indonesia - Rp 1,656,703,000.- ( 2.29%)
BUSINESS ACTIVITIES
|
Lines
of Business :
Viscose Fibre, Sulphuric Acid, Carbon
Bisulphide, and Sodium Sulphate Manufacturing
Production
Capacity :
Initial Units
a. Viscose Rayon Staple Fibres - 125,000 tons p.a.
b. Anhydrous Sodium Sulphates -
70,000 tons p.a.
c. Carbon Bisulphites - 18,150
tons p.a.
d. Sulphuric Acids - 71,800 tons p.a.
e. Filament Yarns -
15,000 tons p.a.
Expansion Units
a. Viscose Rayon Staple Fibres - 15,000 tons p.a.
b. Sodium Sulphate -
10,500 tons p.a.
c. Sulphuric Acid (H2SO4) -
13,500 tons p.a.
Total
Investment :
Initial Units
a. Equity Capital -
US$ 36.2 million
b. Reinvested Profit -
US$ 27.0 million
c. Loan Capital - US$ 188.8 million
d. Total Investment -
US$ 252.0 million
Expansion Units
a. Equity Capital - ---
b. Loan Capital - US$ 30.0 million
c. Total Investment - US$ 30.0 million
Started
Operation :
1982
Brand
Name :
SPV
Technical
Assistance :
LENZING
A.G., of Austria
Number
of Employee :
1,720
persons
Marketing
Area :
Domestic (Local) - 70%
Export - 30%
Main
Customers :
a.
Textile Industry such as P.T. HADTEX, P.T. PUJITEX, P.T. TRISULATEX, P.T.
SANDRATEX,
P.T. PANASIA INDO SYNTEX, etc.
b.
Overseas Buyers in China, Vietnam, Bangladesh, Srilanka, Malaysia, Australia,
etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. INDO BHARAT RAYON
b. P.T. TOBA PULP LESTARI Tbk
c.
Etc.
Business
Trend :
Growing
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
a.
STATE BANK OF INDIA, Singapore
10-01 DBS Building, 6 Shenton Way
Singapore 0106
b.
American Express Banking Corp.
Hong Kong Branch
28/F Connaught Centre
Central Hong Kong
c.
American Express Banking Corp.
ARTHALOKA Building
Jalan M.H. Thamrin No. 2
Jakarta Pusat
d. DEUTCHE BANK LTD.
Jakarta Branch
Jalan Imam Bonjol No. 80
Jakarta Pusat
Auditor
:
Purwantono,
Sarwoko and Sandjaja, a public accountant
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE
|
Annual Sales
(estimated) :
2012 – Rp. 5,490.0
billion
2013 – Rp. 5,980.0
billion
2014 – Rp. 6,240.0
billion
2015 – Rp. 3,320.0
billion (January – June)
Net Profit
(estimated) :
2012 – Rp. 765.0
billion
2013 – Rp. 830.0
billion
2014 – Rp. 860.0
billion
2015 – Rp. 456.0
billion (January – June)
Payment Manner :
Average
Financial Comments :
Fairly
KEY EXECUTIVES
|
Board
of Management :
President
Director - Mr. Wolfram Reinhard Kalt AKA Wolfram
Kalt
Directors -
a. Mr. Ian Arthur Colley
b. Mr. Gerhard Danninger
c. Mr. Sutarto Budi
d. Mr. Darmawan Alim
e. Mr. Venkatachalam Sundararajan
Board
of Commissioner :
President Commissioner - Mr. Peter Untersperger
Commissioners - a. Mr. Kunrat Hadi Tanubrata
c. Mr. Friedrich Weninger
d. Mr. Wolfgang Plasser
e. Mr. Thomas Georg Winkler
f. Mr.
Guenther Krohn
Signatories :
President
Director (Mr. Wolfram Reinhard Kalt) or one of the Directors (Mr. Ian Arthur
Colley, Mr. Gerhard Danninger, Mr. Sutarto Budi, Mr. Darmawan Alim or Mr.
Venkatachalam Sundararajan) which must be approved by Board of Commissioners.
CAPABILITIES
|
Management
Capability :
Good
Business
Morality :
Good
OVERALL PERFORMANCE
|
P.T. SOUTH PACIFIC VISCOSE (P.T. SPV) was established
in Jakarta based on Notary Deed No. 71 dated January 14, 1978 drawn up by
Kartini Muljadi, SH., a notary in Jakarta with an authorized capital of US$
6,500,000.- issued capital of US$ 1,300,000.- of which US$ 130,000.- was
paid-up. The founding shareholders of the Company are TUNGABHADRA Industries
Ltd., of India, SNIA Viscose SPA of Italy,
INTERNATIONAL Textile Corporation Ltd., of Hong Kong and the
late Mr. Ali Noor
Luddin, an indigenous
businessman. The Deed of establishment
was approved by the Minister of Justice of the Republic of Indonesia through
its Decree No.Y.A.5/500/24 dated November 18, 1980. Its articles of association
have subsequently been changed for several times. In 1984, the authorized
capital was increased to US$ 11,500,000.- wholly issued and paid-up. On the same occasion SNIA Viscose SPA and
INTERNATIONAL Textile Corporation Ltd., pulled-out and replaced by CHEMIE
FASSER LENZING AG., of Austria, ZENITH Steel Pipes Industries Ltd., of India,
AVIT Investment Ltd of Turks & Caicos Islands British West India. Meanwhile, the local partner has been
replaced by P.T. PURA GOLDEN LION. In 1991, its capital has been converted into
rupiah and the authorized capital was set-up at Rp. 90,000,000,000.-
issued capital of Rp. 58,614,968,000.- wholly paid-up.
On August 2004, its issued and paid up
capital was increased to Rp. 72,500,000,000.- It seems that 41.98% shares of
P.T. SPV is controlled by LENZING AG.,
a member of the LENZING AG Group,
a major business group of Austria,
31.18% is controlled
by AVIT INVESTMENT Ltd., of Turks
& Caicos Islands British West India and the rest by
PENIQUE SA., of Panama (11.97%), two shareholders of Indonesia
namely P.T. PURA GOLDEN LION
(11.92%) and Mrs. Saparsih Noor Luddin (2.29%) and
GODAVARI Corp., Ltd., of India (0.66%).
On June 2008, GODAVARI Corp., Ltd., of India pulled-out and its shares
sold to AVIT INVESTMENT LTD., of Turks & Caicos Islands British West India. At time, the shareholders of P.T. SPV are
LENZING AG., (41.98%), AVIT INVESTMENT Ltd., (31.84%), PENIQUE SA., (11.97%),
P.T. PURA GOLDEN LION (11.92%) and Mrs. Saparsih Noor Luddin (2.29%). The
amendment notary deed of the company was approved by the Ministry of Law and
Human Right in its Decision Letter No. AHU-AH.01.10-15693, dated 20 June 2008.
On June 2009, Mr. Thomas Michael Fahnemann
resigned from a position as President Commissioner and his position replaced by
Mr. Peter Untersperger. Concurrently,
Mr. Wolfram Reinhard Kalt entered into P.T. SPV as a new president
director. Latest, on December 2012, Mrs.
Saparsih Noor Luddin pulled out and the whole shares are sold to Mr. Bakti
Santoso Luddin. Concurrently, Mr. Venkatachalam Sundarajan entered into P.T.
SPV as a new director. The amendment notary deed of the company was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-03706, dated February 8, 2013. Since then, no changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. SPV is a Foreign Capital Investment
(PMA) corporation engaged in viscose fibre manufacturing. Its
plant is located
at Desa Cicadas,
Cilangkap, Purwakarta, West Java, has been operating commercially since
1982 and running well as yet. Besides, P.T. SPV has also produced
by-products like sulphurid acid (H2SO4), carbon bisulphide (CS2) and anhydrous
sodium sulphate, all for own needs. P.T.
SPV operates 3 production lines producing 300 tons per day on the average. Its export volume comes to about 2,500 to
2,600 tons per month.
Mr. Cacuk Martakusuma, a senior marketing
staff of P.T. SPV disclosed that since October 1997 it concentrated to overseas market and now some 30% of
the products exported to
P.R. China, Vietnam, Bangladesh,
Srilangka, Malaysia, the
Philippines, Australia, Switzerland, the USA, Argentine, Africa, Egypt, South Africa
and Asia, while the rest 70% remains for local textile industries in the
HADTEX Group, the PUJITEX Group,
the TRISULATEX Group, the SANDRATEX Group, the PANASIA Group,
etc. We observed that P.T. SPV is
classified as a large-sized company of its kind in the country of which the
operation has been growing in the last three 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 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 global economic
crisis that accompanied the decline of the Indonesian Rupiah (IDR) against the US
Dollar in the past two months, resulting in Indonesian people's purchasing
power declined sharply. The value of the Rupiah from Rp. 9,500.- per US dollar,
has now slumped to Rp. 14.300 per US Dollar. It is estimated that the financial
crisis will continue until the end of 2015.
According to the financial statement of the
company (source: the Department of Trade and Industry), the total
income/revenue of P.T. SPV in 2008 amounted to Rp. 3,258.9 billion with a net
profit of Rp. 110.2 billion declined to Rp. 3,195.6 billion with a net profit
of Rp. 354.4 billion in 2009 and rose again to Rp. 4,562.8 billion with a net
profit of Rp. 636.6 billion in 2010. Up
to present, we have yet to gain the statement of income of P.T. SPV in 2011 and
2014. However, we observed that total
income or revenues of the company in 2011 amounted to Rp. 5,110.0 billion
increased to Rp. 5,490.0 billion in 2012 to Rp. 5,980.0 billion in 2013 and
rose again to Rp. 6,240.0 billion in 2014. It is projected to go on rising by
at least 6% in 20145. The operation in
2014 yielded an estimated net profit of at least Rp. 860.0 billion. So far we did not hear that the P.T. SPV
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 P.T.
SPV has been headed by Mr. Wolfram Reinhard Kalt AKA Wolfram Kalt (53)
replacing Mr. Guenther Krohn (57) as the president director. Mr. Kalt is a professional manager from
Austria, with more than 23 years experience in LENZING Group with various
positions. In his daily activities, he
is assisted by five directors namely Mr. Ian Arthur Colley (52), Mr. Gerhard
Danninger (58), Mr. Sutarto Budi (69), Mr. Darmawan Alim (61) and Mr.
Venkatachalam Sundararajan (56) of India.
The management has a good reputation in industry and trading of viscose
rayon staple fibre and other textile raw materials. The management also has wide relation with
private businessmen of home and overseas as well as with the government
sectors. So far, we did not hear that
the management of the company has involved in fraudulent business dealing.
P.T. SOUTH PACIFIC VISCOSE is sufficiently
fairly good for business transaction. However, in view of the economic
condition in the country is still unstable and slowdown, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.16 |
|
|
1 |
Rs.99.78 |
|
Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.