|
Report No. : |
339687 |
|
Report Date : |
10.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. SUMI INDO KABEL
TBK |
|
|
|
|
Registered Office : |
Jl. Raya Jend. Gatot Subroto Km. 7,8, Kel. Pasir Jaya, Kec. Jatiuwung Tangerang 15135, Banten Province |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Financials (as on) : |
March, 2015 |
|
|
|
|
Date of Incorporation : |
04.12.1998 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-16316 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
· Electric and Telecommunication Cable Manufacturing · Investment Holding |
|
|
|
|
No. of Employees : |
502 |
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 : |
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 – 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 |
Name
of Company :
P.T. SUMI INDO KABEL TBK
A
d d r e s s :
Head Office & Factory
Jl.
Raya Jend. Gatot Subroto Km. 7,8
Kel. Pasir Jaya, Kec. Jatiuwung
Tangerang 15135
Banten
Province
Indonesia
Phone -
(62-21) 5922404, 5928066 (hunting)
Fax - (62-21) 5922576, 59301979
Email - marketing@sikabel.com
Website - http://www.sikabel.com
Land Area - 10.3 hectares
Building Space - 2.6 hectares
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
a. 23 July 1981 as P.T. INDUSTRI KABEL INDONESIA
b. 19 March 1982 as P.T. IKI INDAH KABEL INDONESIA
c. 17 June 1997 as P.T. IKI INDAH KABEL INDONESIA
Tbk
d. 04 December 1998 as P.T. SUMI INDO KABEL Tbk
Legal
Form :
P.T. Tbk. (Perseroan Terbatas Terbatas) or Public
Listed Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No. Y.A. 5/289/18
Dated 30
April 1982
b. No. C-2138.HT.01.04.TH.99
Dated 29
January 19999
c. No. AHU-AH.01.10-19505.Th.2009
Dated 04
November 2009
d. No. AHU-AH.01.10-16316
Dated 30
June 2010
Company
Status :
Foreign Investment Company (PMA)
Permits
by the Government Department :
a. The Department of Finance
NPWP No.
01.146.659.6-402.001
b. The Capital Investment Coordinating Board
- No. 49/V/PMA/1994
Dated 03 November 1994
- No. 35/III/PMA/1995
Dated 30 January 1995
Holding
Company:
SUMITOMO ELECTRIC INDUSTRIES Ltd., Japan (Investment
Holding)
Affiliated/Associated
Companies :
a. P.T. KARYA SUMIDEN INDONESIA (Sales and
Purchasing of Raw Materials and Management)
b. P.T. SUMIDEN SERASI WIRE PRODUCT (Purchasing of
Raw Materials)
c. TOYOKUNI ELECTRIC CABLE Co. Ltd., of Japan
(Sales)
d. HOKKAIDO ELECTRIC INDUSTRIES Ltd., Japan (Sales)
Capital
Structure :
Authorized Capital -
US$. 55,000,000.- (Rp. 321,000,000,000.-)
Issued Capital -
US$. 52,430,707.- (Rp. 306,000,000,000.-)
Paid up Capital -
US$. 52,430,707.- (Rp. 306,000,000,000.-)
Latest
Shareholders (as of March 2015) :
a. SUMITOMO ELECTRIC INDUSTRIES of Japan - US$. 48,791,108 (93.06%)
c. Mr. Sulim Herman Limbono of Indonesia - US$. 48,147 ( 0.09%)
d. Mr. Takahisa Hiura of Japan - US$. 1,713 ( 0.00%)
e. The Publics -
US$. 3,589,739 ( 6.85%)
Lines
of Business :
a. Electric and Telecommunication Cable
Manufacturing
b. Investment Holding
Production
Capacity :
a. Copper wire Rods - 36,000 tons p.a.
b. Aluminum Wires - 18,000
tons p.a.
c. Electric Cables - 10,800 tons p.a.
d. Telecommunication Cables - 360,000 kilometers p.a.
e. Optic Fiber Cables - 60,000 kilometers p.a.
Total
Investment :
a. Equity Capital - US$. 52.4 million
b. Loan Capital - US$. 13.2 million
c. Total Investment -
US$. 65.6 million
Started
Operation :
1982
Brand
Name :
SIKABEL
Technical
Assistance :
SUMITOMO ELECTRIC INDUSTRIES of Japan
Number
of Employee :
502 persons
Marketing
Area :
Domestic - 70%
Export - 30%
Main
Customers :
a. PT. Semen
Tonasa
b. PT. PLN (Persero)
c. PT. Taiyo Sinar Raya Teknik
d. PT. Surya Cakra Mandiri
e. PT. Sumisetsu Philippines, Filipina
f. PT. Tenaga mahir International
g. PT. Spinmill Indah Industry
h. PT. Satyamita Surya Perkasa
i. PT. Kinden
Indonesia
j. PT. BICC
Berca Cables
k. PT. Adhi Karya (Persero) Tbk
l. PT.
Gunanusa Utama Fabricators
m. PT. Swadaya Graha
n. Showa Denki (Singapore) Co. Ltd.
o. Etc.
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Jembo Cable
Company Tbk
b. PT. KMI Wire
and Cable Tbk
c. PT. Prima Cable
Indo
d. PT. Supreme
Cable Mfg Tbk
e.
PT. Kabelindo Murni Tbk
f. PT. Voksel Electric Tbk
g.
PT. Tranka Kabel
Business
Trend :
Fluctuating
B
a n k e r s :
a. PT. Bank
Sumitomo Mitsui Indonesia
Gedung Summitmas II
Jalan Jend. Sudirman Kav. 61-62
Jakarta Selatan
Indonesia
b. P.T. Bank
CENTRAL ASIA Tbk
Wisma BCA
Jalan
Jend. Sudirman Kav. 22-23
Jakarta
Selatan
Indonesia
c. PT. Bank Mizuho Indonesia
Plaza
BII, Menara 2
Jalan
MH Thamrin No. 51
Jakarta Pusat
Indonesia
Auditor :
Purwantono, Sarwono &
Sandjaja
Litigation
:
No litigation record in our database
Net
Sales (April-March) :
2011/2012 – US$. 159.8 million
2012/2013 – US$. 180.5 million
2013/2014 – US$. 139.6 million
2014/2015 – US$. 150.4 million
Net
Profit (Loss) :
2011/2012 – US$. 2.1 million
2012/2013 – US$. 5.1 million
2013/2014 – US$. 1.1 million
2014/2015 – US$. 1.8 million
Total
Assets :
2011/2012 – US$. 70.5 million
2012/2013 – US$. 79.7 million
2013/2014 – US$. 72.1 million
2014/2015 – US$. 75.5 million
Payment
Manner :
Average
Financial
Comments :
Fairly
Board of Management :
President
Director - Mr. Hisashi Togawa
Directors - a.
Mr. Sulim Herman Limbono
b. Mr. Takeshi Samejima
c. Mr. Akira Nishimura
d. Mr. Takahisa Hiura
e. Mr. Andri Adhitya Hamid
Board of Commissioners :
President
Commissioner - Mr.
Takahiro Nakano
Commissioners -
a. Mr. Shunichiro Nishimura
b. Mr. Cahyadi Wijaya
Signatories :
President Director (Mr. Hisashi Togawa) or one of the
Directors (Mr. Sulim Herman Limbono, Mr. Takeshi Samejima, Mr. Akira Nishimura,
Mr. Takahisa Hiura and Mr. Andri Adhitya Hamid) which must be approved by Board
of Commissioners.
Management Capability :
Good
Business Morality :
Good
Originally named P.T.
INDUSTRI KABEL INDONESIA, the company was established in 1981 with an
authorized capital of Rp. 999,000,000.- of which of Rp. 25,000,000.- was issued
and paid up. The company was founded by Mr. Sanor Santoso, Mr. Adhi Dharma,
Mrs. Segarawati Trisna BSc., (all Indonesian business persons of Chinese
extraction) and Mr. Sutarpan (an indigenous businessman) as the original
shareholders. The Deed of establishment was approved by the Minister of Justice
of the Republic of Indonesia through its Decree No. Y.A. 5/289/18 dated 30
April 1982. In 1982, the company was
renamed P.T. IKI INDAH KABEL INDONESIA abbreviated into P.T. IKI KABEL. The
Company’s article of Association has been amended several times. In December
1990, 15.6% of its shares were sold to public through the Jakarta Stock
Exchange (BEJ). In June 1994 came new shareholders namely PT. Perdana Mulia
Ekasakti, a private company, and SUMITOMO ELECTRIC INDUSTRIES LTD. of Japan. In
June 1997, behind the name was added by the word Tbk (Terbuka) to comply with
the new law on public listed company, to P.T.IKI INDAH KABEL INDONESIA Tbk. In
April 1998 the authorized capital was raised to Rp 321,000,000,000.-, issued and
paid up capital to Rp 306,000,000,000.
In December 1998 the company was renamed P.T. SUMI INDO KABEL Tbk. (P.T.
SIKT). Concurrently PT. Perdana Mulia
Ekasakti pulled out and the whole shares had been over by Sumitomo Electric
Industries Ltd., of Japan.
Pursuant to annual
report of the company as of 30 June 2011, the shareholders of the company are
Sumitomo Electric Industries of Japan (93.06%), Mr. Sulim Herman Limbono of
Indonesia (0.10%), Mr. Takahisa Hiura (0.00%) and the publics (6.84%). The deed
of amendment was made by Mr. Amrul Partomuan Pohan, SH., and it was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-19505.Th.2009 dated 4 November 2009. The most recently by Notary
Deed No. 3 dated June 2, 2010 of Amrul Partomuan Pohan, SH., concerning the
change in the Company’s financial reporting year of January 1 to December 31 to
become April 1 to March 31 starting financial year April 1, 2011 to March 31,
2012. The latest amendment had been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
in Decision Letter No. AHU-AH.01.10-16316 dated June 30, 2010.
P.T. SIKT operates in the electric and
telephone cable industry, producing cables made of aluminum and copper,
aluminum conductors, PVC cables, enameled wires, XLPE cables, refractory
cables, etc. The company's plant located at Jalan Raya-Serang Km. 7.8, Desa
Pasir Jaya, Jatiuwung, Tangerang (West Java), on a land of some 10.3 hectares
started production in 1982 and underwent modification in 1988. In April 1995
P.T. SIKT got an expansion permit to increase production capacity of optic
fiber cable for telecommunication. The expansion plant had been operating since
October 1997 with an investment of US$ 43.6 billion, and under the license technology
of foreign partner SUMITOMO ELECTRIC INDUSTRIES Ltd., of Japan. Some 26% of the products are marketed locally
and the other 74% exported to Singapore, the Philippines, Thailand and Japan. Besides that P.T. SIKT is also dealing with
investment holding by controlling 4.49% shares of P.T. KARYA SUMIDEN INDONESIA
dealing with copper wire industry.
Company’s performance
result for the fiscal year 2014 got a certain impact from the global economic
conditions, such as uncertainties or unstableness of the economy in each region
of the world. In the fiscal year 2014,
net sales increased by 8% compared to the fiscal year 2013, even though their
main material copper price decreased significantly in the year. The challenges in the fiscal year 2015 will
face more difficult condition. Unstable global economics and the
competition will be more severe in both export and domestic market.
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. 14.000 per US Dollar. It
is estimated that the financial crisis will continue until the end of 2015. Business position of
P.T. SIKT is favorable for it has controlled a wide marketing network at home
and abroad and their product has been widely known among consumers in the
country.
According to the
financial statement of the company having been audited by a registered public
accountants (Purwantono, Suherman & Surya), net sales of P.T. SIKT in
fiscal year 2012/2013 amounted to US$ 180.5 million with a net profit of US$
5.1 million declined to US$ 139.6 million with a net profit of US$ 1.1 million
in fiscal year 2013/2015 and rose again to US$ 150.4 million with a net profit
of US$ 1.8 million in fiscal year 2014/2015. So far, we did not heard that the
company having been black listed by the Central Bank (Bank Indonesia). The
company’s financial highlight is shown.
(in US Dollar)
|
DESCRIPTION |
April – March |
|||
|
2014/2015 |
2013/2014 |
2012/2013 |
2011/2012 |
|
|
ASSETS |
|
|
|
|
|
Current Asset |
|
|
|
|
|
- Working Capital |
41,166,193 |
39,977,096 |
45,951,768 |
45,682,018 |
|
- Capital Expenditure |
2,747,538 |
13,364,686 |
6,459,978 |
850,362 |
|
- Current Assets |
51,674,591 |
48,800,975 |
61,658,095 |
56,515,647 |
|
Non Current Assets |
|
|
|
|
|
- Deferred Tax Assets |
1,131,642 |
1,031,144 |
1,088,260 |
1,047,616 |
|
- Investment in Shares of Stock |
1,210,124 |
1,210,124 |
1,210, 124 |
1,210,124 |
|
- Property, Plant
and Equipment - net |
20,905,176 |
20,425,246 |
15,589,953 |
11,587,317 |
|
- Other Non Current
Assets |
57,872 |
71,345 |
120,892 |
163,629 |
|
TOTAL ASSETS |
75,507,152 |
72,066,581 |
79,667,324 |
70,524,333 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
- Current
Liabilities |
10,508,398 |
8,823,879 |
15,706,327 |
10,833,629 |
|
Non Current
Liabilities |
|
|
|
|
|
- Deferred Tax Liabilities |
-- |
-- |
-- |
-- |
|
- Other Non Current
Liabilities |
3,533,494 |
3,100,103 |
2,827,435 |
2,294,160 |
|
|
|
|
|
|
|
Stockholders’
Equity |
61,465,260 |
60,142,599 |
61,133,562 |
57,396,544 |
|
Total Liabilities and Stockholders’ Equity |
75,507,152 |
72,066,581 |
79,667,324 |
70,524,333 |
|
|
|
|
|
|
|
STATEMENT OF INCOME |
|
|
|
|
|
- Net Sales |
150,390,416 |
139,631,224 |
180,530,569 |
159,788,885 |
|
- Gross Profit |
8,455,766 |
7,122,972 |
14,590,050 |
10,456,946 |
|
- Income from
Operation |
2,581,202 |
1,551,219 |
6,748,029 |
3,337,293 |
|
- Income (Loss)
before Tax Expenses (Benefit) |
2,540,391 |
1,542,271 |
6,827,119 |
3,496,893 |
|
- Tax Expense
(Benefit) |
700,618 |
455,909 |
1,745,750 |
1,347,122 |
|
- Net Profit |
1,839,773 |
1,086,362 |
5,081,369 |
2,149,771 |
|
- Income (loss) per
Share (Amounts in US$) |
0.006 |
0.004 |
0.017 |
0.007 |
|
FINANCIAL RATIO (%) |
|
|
|
|
|
- Current Ratio |
4.92 |
5.53 |
3.93 |
5.23 |
|
- Debt to
Stockholders’ Equity Ratio |
0.23 |
0.17 |
0.30 |
0.23 |
|
- Debt to Total
Assets |
0.19 |
0.17 |
0.23 |
0.19 |
|
- Gross Profit to
Sales |
0.06 |
0.05 |
0.08 |
0.07 |
|
- Return on
Stockholders’ Equity |
0.03 |
0.02 |
0.08 |
0.04 |
|
- Return on Total
Assets |
0.02 |
0.02 |
0.06 |
0.03 |
Notes: the financial statement is audited by Purwantono, Suherman &
Surya
Since 30 July 2013, the management of the
company is headed by Mr. Hisashi Togawa (52) as president director. Before the position is General manger of
Manufacturing in the Company since year 2011 and Director since year 2012. He was a General Manager, Plant &
Production Systems Engineering Division of Sumitomo Electric Industries, Ltd.,
Japan, he joined the Company since year 1987.
In his daily operation, he assisted by five directors namely Mr. Sulim
Herman Limbono (45), Mr. Takeshi Samejima (50), Mr. Akira Nishimura (57), Mr.
Takahisa Hiura (58) and Mr. Andri Adhitya Hamid (44). The management of the company is
well-experienced and handled by professional overseas and national managers. A
wide business relation among private companies at home and abroad mainly with
P.T. PLN and P.T. TELKOM authorities have been maintained properly. We observed that management’s reputation in
said business is fairly good. 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.
P.T. SUMI INDO KABEL Tbk., is appraised to
be 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.66.29 |
|
|
1 |
Rs.101.89 |
|
Euro |
1 |
Rs.73.98 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
NIT |
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.