PT Selamat Sempurna Tbk had appointed PT Andalan Artha Advisindio Sekuritas (AAA Securities) and PT Investindo Nusantara Sekuritas as the issuance of IDR300 billion bonds.
PT Pemeringkat Efek Indonesia has assigned idAA- ratings for Selamat Sempurna and its proposed bond II/2010 amounting to a maximum of IDR300 billion with a stable outlook.
The ratings reflect Selamat Sempurna favorable revenue growth from both filter and radiator productions, relatively conservative capital structure and very strong cash flow protection.
The ratings, however, are still constrained by Selamat Sempurna high dividend payout ratio and its exposure to commodity price volatility. Selamat Sempurna is one of the leading auto-component companies in Indonesia, producing filter, radiator and other automotive products such as brake pipes, mufflers and fuel tanks for many types of cars, heavy equipment, and other transportation vehicles.
Selamat Sempurna is a member of ADR Group, a group of auto-related companies. The Company’s only subsidiary is PT Panata Jaya Mandiri (PJM), a joint venture company between the Company (70% of ownership) and Donaldson USA (30%), a global player in filter industry. The Company has two major production facilities, consisting of a filter factory with production capacity of 72 million units per year and a radiator factory of 1.2 million units per year. The Company has exported its products to 104 countries and will focus more on global market, currently contributing 76% to total revenue, and after market products.
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