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MIRA INFORM REPORT
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Report No. : |
484366 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. SINAR PANTJA DJAJA |
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Registered Office : |
Jalan Condrokusumo No. 1, Bongsari, Semarang
Barat Semarang, 50148 Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
31.07.1972 |
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Com. Reg. No.: |
AHU-AH.01.03-0105778 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Textile Industry |
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No. of Employees : |
1,920 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC
OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
|
Source
: CIA |
BASIC
SEARCH
Name of Company :
P.T. SINAR PANTJA DJAJA
Address :
Head Office & Factory
Jalan
Condrokusumo No. 1
Bongsari,
Semarang Barat
Semarang,
50148
Central
Java
Indonesia
Phone - (62-24) 7603888 (Hunting)
Fax -
(62-24) 7605082, 7621454
Land
Area - 20.3 hectares
Office
Space - 4.6 hectare
Region - Industrial Zone
Status - Owned
Date of Incorporation :
31 July 1972
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company Reg. No. :
The
Department of Law and Human Rights
- No.
W8-00357.HT.01.04.TH.2006
Dated
05 October 2006
- No.
AHU-AH.01.10-207893
Dated
19 November 2009
- No.
AHU-AH.01.10-23301
Dated
22 July 2011
- No.AHU-AH.01.10-50814
Dated
26 November 2013
- No.
AHU-AH.01.03-0105778
Dated
7 December 2016
Company Status :
National Private and Domestic Investment (PMDN)
Company
Permit by the Government Department :
The
Department of Finance
NPWP No. 01.136.154.0-511.000
The
Capital Investment Coordinating Board
- No.
639/SEKR/SPPMDN/73
Dated
13 April 1973
- No.
38/III/PMDN/1988
Dated
21 January 1988
- No.
353/II/PMDN/1990
Dated
8 August 1990
- No.
168/II/PMDN/1993
Dated
21 September 1993
- No.
65/II/PMDN/1999
Dated
22 November 1999
The
Department of Industry
No. 272/T/Industri/1996
Dated 23 April 1996
Related Company :
A
Member Company of the SRITEX Group (see attachment)
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital :
Rp. 250,000,000,000.-
Issued Capital :
Rp. 116,500,000,000.-
Paid up Capital :
Rp. 116,500,000,000.-
Shareholders/Owners :
a. P.T. SRI REJEKI ISMAN
Tbk -
Rp. 116,383,500,000.-
Address : Jl. K.H.
Samanhudi 88
Jetis,
Sukoharjo, Central Java
Indonesia
b. Mr. Iwan Kurniawan
Lukminto -
Rp. 116,500,000.-
Address :
Jl. Dr. Rajiman 328, RT. 005 RW. 001
Sriwedari,
Laweyan
Surakarta, Central Java,
Indonesia
BUSINESS
ACTIVITIES
Lines of Business :
Integrated Textile Industry
Production Capacity :
a. Grey
Fabrics - 19,000,000
meters p.a.
b. Finished
Fabrics - 12,000,000 meters
p.a.
c. Cotton
Yarns - 3,000,000 meters p.a.
d. T/C
Yarns - 138,407 bales p.a.
e. Weaving
Yarns - 138,407 bales p.a.
Total Investment :
a. Equity
Capital - Rp. 116.5 billion
b. Reinvested
Profit - Rp. 48.0 billion
c. Loan
Capital - Rp. 124.5
billion
d. Total
Investment - Rp. 289.0 billion
Started Operation :
1976
Brand Name :
Sinar Pantja Djaja
Technical Assistance :
None
Number of Employee :
1,920 persons
Marketing Area :
Export -
70%
Local - 30%
Main Customers :
a. The SRITEX Group Companies member
b. Overseas buyers in Syria, Hong Kong, Taiwan and
China
Market Situation :
Very Competitive
Main Competitors :
a. P.T. APAC INTI CORPORA
b. P.T. ARGO
PANTES Tbk
c. P.T.
GUNAWANTEX
d. P.T. INDORAMA
SYNTHETICS Tbk
Business Trend :
Declining
BANKER,
AUDITOR & LITIGATION
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Pemuda No. 90-92
Semarang, Central Java
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan Pemuda No. 73
Semarang, Central Java
Indonesia
c. P.T. Bank NEGARA INDONESIA Tbk
Bandung
Branch
Bandung,
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales :
2014
– Rp. 860.9 billion
2015
– Rp. 897.2 billion
2016
– Rp. 940.0 billion
Net Profit :
2014
– Rp. 30.0 billion
2015
– Rp. 33.0 billion
2016
– Rp. 36.0 billion
Payment Manner :
Regular
Financial Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
President Director -
Mr. Iwan Kurniawan Lukminto
Director - Mrs. Megawati
Board of Commissioner :
President Commissioner - Mr. Iwan Setiawan Lukminto
Commissioner -
Mrs. Mira Christina Setiady
Signatories :
President Director (Mr. Iwan
Kurniawan Lukminto) or Director (Mrs. Megawati) which must be approved by the
Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
The full name of company is P.T. Perusahaan Industri dan Dagang
P.T. SINAR PANTJA DJAJA Ltd., abbreviated P.T. SINAR PANTJA DJAJA (P.T.
SPD). The Company was established in July
1972 with authorized capital of Rp. 750,000,000 issued capital of Rp.
375,000,000 of which Rp. 200,000,000 was paid up. Founders and original
shareholders are Mr. Sutanto Djaja and Mr.
Hendra Djaja, both brothers are Chinese origin Indonesian. Its articles
of association had been amended for a couple of times. In April 1999 the
authorized capital was increased to Rp. 75,000,000,000 issued capital to Rp.
70,000,000,000 wholly paid-up. In September 2006, the authorized capital was
increased to Rp. 250,000,000,000 issued capital to Rp. 95,000,000,000 wholly
paid up. With this time the shareholding composition is P.T. PANASIA SYNTHETIC
ABADI (95%) and P.T. PANASIA INTERTRACO (5%). Then in August 2009 the issued
capital was increased to Rp. 116,500,000,000 entirely issued and paid up. With
this development the composition of its shareholders has been changed to become
P.T. PANASIA SYNTHETIC ABADI (95.92%) and P.T. PANASIA INTERTRACO (4.08%).
However since April 2011 the whole shares had been sold to the late
Mr. Muhammad Lukminto AKA Loo Kie Hien and his son Mr. Iwan Setiawan Lukminto.
After the acquisition on 22 June 2011 the whole shares had been taken over by
P.T. KAPAS AGUNG ABADI (90%) and Mr. Iwan Kurniawan Lukminto (10%) as new
shareholders. Then according to the revision of notary deed Mrs. Dewi Sukardi,
SH., M.Kn., no. 03 dated 16 November 2013 P.T. KAPAS AGUNG ABADI withdrew and
the whole share taken over by P.T. SRI REJEKI ISMAN Tbk as new shareholder.
With this time the composition of its shareholders has been changed to become
P.T. SRI REJEKI ISMAN Tbk (99.9%) and Mr. Iwan Kurniawan Lukminto (0.1%).
Lastly according to revision notary deed Mr. Herry Hartanto Seputro, SH., no.
114 dated 11 October 2016 the shareholders approved re-elected the board of
director and commissioner of the Company. The amendment was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0105778 dated December 7, 2016.
P.T. SPD acquired a Domestic Investment (PMDN) permit for dealing with textile yarn spinning
industry and textile milling industry by
managing a plant located at Jalan Condrokusumo No. 1, Bongsari sub-district,
Semarang Barat district, Semarang (Central Java) standing on 20.3 hectares
land. The plant started with commercial operation in 1976 and expanded
respectively in 1990, 1993 and lastly in 2000. Construction of whole plant used-up an investment of Rp. 289.0 billion.
In 1997, the SPD was acquired by Panasia Group before later switching to Sritex
Group as it is now. 1988 is a new era for the SPD which began to enter the
industry by relying spinning or spinning ring machine frame 72 and 36,000 spindles.
Four
years later, in 1992, the SPD still trying to strengthen weaving line
that reaches 1,119 loom machines to meet the market demand for raw or grey
fabric at the time.
However, after that, only the more spinning production line is
growing rapidly. Even in 2005, the SPD management decided to
calculate the weaving operation and focusing on the production line of spinning.
Weaving machines that are no longer used and existing buildings modified to
support the activities of spinning.
According information from Mr. Hermanto, marketing manager P.T.
SPD disclosed since global crisis on September 2008, the crisis have a bad consequences
to this company because P.T. SPD as a permanent exporter to USA. P.T. SPD has
no choice to decrease the product and this impact to the machine that can no
operation because order to export down. Since November 2008 must discharge
about 300 employees. The operation of P.T. SPD has been declining in the last
five years on account of very tight competition from China, South Korea and
Vietnam. The local markets are also flooded by the Chinese and South Korean
textile products. In addition the company can no longer afford to buy raw materials and hire employees because of
cash flow difficulties. Therefore
P.T. SPD cooperation with P.T. SRI REJEKI ISMAN Tbk by acquiring a majority
shares in this company and exporting their products. P.T. SRI REJEKI ISMAN Tbk
has spend Rp.
723.06 billion (US$63.9 million) of its funds to buy an affiliated company and
so boost its production capacity.
According to P.T. Sritex’s corporate secretary, Mr. Welly Salam
said Sritex would gradually increase P.T. Sinar Pantja’s production capacity
utilization rate, which now stands at 60 percent, to 80 percent by 2014. Sritex
is expected to operate a total of 530,000 spindles and produce up to 583,000
bales of yarn per year after the takeover. It currently has 320,000 spindles, with
production capacity of 352,000 bales of yarn. The firm operates nine spinning
factories, three weaving factories, three finishing facilities and six garment
plants in Sukoharjo, Central Java. Its products range from military uniforms,
which are ordered by more than 30 countries, to fashion apparel for foreign
brands.
In 2012, P.T. SPD reinvigorated its existing spinning facilities
by obtaining 20 ring frame sets with 9,600 spindles, and in 2013 the Company
added another 80 ring frame sets with 41,280 spindles. Saturday, November 23,
2013 is one of the historic days in the P.T. Djaja Pantja Djaja, where the inauguration
Spinning Unit V with a capacity of 80 units of Ring Spinning machine as much
as 41 280 spindle. So the total spindle in P.T. Sinar Pantja Djaja is as much
215 144 spindle. P.T. SPD producing yarn Polyester, Rayon, Rayon and Tetoron Cotton
many as 17 880 bale per month or 214 560 bale per year. The day began with a
flag ceremony that is routinely carried out at P.T. SPD each month. Then
proceed with the inauguration and cutting cone by Mr. Iwan Kurniawan Lukminto as President
Director of P.T. SPD, a ribbon cutting by Mrs. Sustana Lukminto as Commissioner
of P.T. Sritex Group, and symbolic event broke the jug by Mr. Iwan
Setawan as President Commissioner of P.T. SPD on prime yarn export as much as 50 bale
to Malaysia.
P.T. SPD's operation has been growing stable and its factory's
utility has reached around 80% to 85% within the last three years. Around 30%
of its textile yarns production is export to USA, Syria, Hong Kong, Taiwan and the People's Republic
of China and the rest 70% is marketed domestically mostly to textile milling
companies within the PANASIA Group's circles. All of P.T. SPD's grey fabrics is
marketed domestically mostly to textile finishing industries within the PANASIA
Group companies member.
Different from the economic situation throughout 2016, the world’s
economic climate in 2017 is estimated to improve. Based on data from IMF,
global economic growth is projected to remain at 3.4% in 2017 or grew higher
than in 2014 and 2015. In line with this positive development, the World Bank
also forecasts a global price hike of several commodities in 2017, one of which
is crude oil, which is estimated to significantly increase after the signing of
agreement between OPEC countries to cut down oil production volume per January
2017. In addition, Indonesia’s economy is also predicted to remain bright in
2017. Several institutions such as the World Bank and Bank Indonesia predict
that Indonesia’s economy will grow by 5.3-5.4%. This estimated figure is higher
than the target set by the government at 5.1% in 2017 State Budget or the
growth rate in 2016 at 5.02%.
Indonesia’s textile industry is estimated to grow robust in 2017.
The Indonesian Textile Association (API) believes that textile industry growth
in 2017 will improve compared to the previous year at a range of 1.6-1.8%. This
prediction is supported by several considerations, such as the EU Comprehensive
Economic Partnership Agreement (EUCEPAN) and 2017 investment growth projection,
especially for textile industry. Another factor that accounts for this positive
outlook is the 30% reduction of electricity bill, which is estimated to
significantly minimize costs incurred by textile upstream industry up to 28%.
In addition, we view that the Government has conducted diplomatic
approach to the US government, as one of the largest markets of national
textile industry, to implement customs exemption for textile products exported
from Indonesia. Until recently, referring to the data from the Ministry of
Industry, the textile products from Indonesia that enter the US market are
charged with customs of 12.5%. The implementation of customs exemption for
textile products from Indonesia has high possibility to be realized as the
textile products Vietnam have been granted such exemption. We believe that
Indonesia’s textile products can be better marketed in the US if such exemption
can be implemented. Business prospect in textile industry is forecast to
experience positive development. The government has made an effort to realize
its commitment to developing industry by issuing various strategic policies,
such as the deregulation policies, reduction of industrial gas price, and
infrastructure development. In addition, there have been significant cash
inflows from China on the domestic textile industry and textile products (TPT),
which will trigger the industry growth in the next year.
Export Volume and Value of
Textile and Apparel Indonesia, 2010 – 2016*
|
Year |
Spun Yarns |
Textile Products
(Apparel) |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2010 |
521.0 |
1,600.3 |
374.8 |
5,558.4 |
|
2011 |
475.5 |
1,775.9 |
373.4 |
6,565.2 |
|
2012 |
554.8 |
1,733.0 |
366.3 |
6,106.4 |
|
2013 |
691.4 |
1,948.6 |
363.7 |
6,216.9 |
|
2014 |
733.8 |
2,041.6 |
375.5 |
6,256.0 |
|
2015 |
776.5 |
1,927.6 |
378.6 |
6,410.9 |
|
2016* |
709.0 |
1,695.4 |
337.4 |
5,627.4 |
Until this time P.T. SPD has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. SPD is very reclusive towards outsiders and
rejected to disclose its financial condition. According to Annual Report of
P.T. SRITEX Tbk that sales turnover of P.T. SINAR PANTJA DJAJA in 2014 amounted
at Rp. 860.9 billion increased to Rp. 897.2 billion in 2015 rose to Rp. 940.0
billion in 2016 and projected to go on rising by at least 5% in 2017. The
operation in 2016 gained a net profit at least Rp. 36.0 billion. So far, we did
not heard that the company having been black listed by the Central Bank (Bank
Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. SPD is led by Mr. Iwan Kurniawan Lukminto
(34), a businessman with more than 15 years of experience in various businesses
especially those in the SRITEX Group’s circles. He holds a Bachelor’s Degree in
Business Administration from Johnson & Wales University in 2005; a
Bachelor’s Degree in Business Administration from Northeastern University in
2004, and a Bachelor’s Degree in Business Administration from Boston University
in 2001. He has been serving as the Company’s Vice President since 2012. Previously,
he was the Garment Division Director at the Company from 2005 to 2012.
Daily, he is assisted by Mrs. Megawati Budiono (39) as director.
However the prime mover of the company is Mr. Iwan Setiawan Lukminto, MBA (42),
a businessman and top figure of the SRITEX Group. Mr. Iwan Setiawan Lukminto
graduated from Sofolk University, Boston, USA in Master of Business
Administration. The company's management is handled by professional staff in
the above business. They have 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. P.T. SINAR PANTJA
DJAJA is sufficiently fairly good for business cooperation.
Attachment
List of the SRITEX Group Members
1. ADIKENCANA MAHKOTABUANA, P.T. (Spinning Mills)
2. DAEGU KOREAN GRILL (Restuaurants Management)
3.
GOLDEN TOTAL NUSANTARA, P.T. (Trading and Contracting Services)
4.
GRIYA ASRI HIDUP ABADI, P.T. (Hotels Development and Management)
5.
DJOHARTEX, P.T. (Textile Industry)
6.
JOGJATEX, P.T. (Textile Industry)
7.
KAPAS AGUNG ABADI, P.T. (Investment Holding)
8.
KAWASAN INDUSTRI WONOGIRI, P.T. (Industrial Estate Development)
9. RAYON UTAMA MAKMUR, P.T. (Spinning Mills)
10. SARI WARNA ASLI TEXTILE INDUSTRY, P.T. (Integrated Textile Industry)
11. SINAR PANTJA DJAJA, P.T. (Integrated Textile Industry)
12.
SRI REJEKI ISMAN Tbk, P.T. (Integrated Textile Industry)
13.
SRI WAHANA REJEKI, P.T. (General Trading)
14.
WISMA UTAMA BINALOKA, P.T. (Hotels Development and Management)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.38 |
|
|
1 |
INR 86.02 |
|
Euro |
1 |
INR 76.50 |
|
IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.