MIRA INFORM REPORT
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Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. MERCUPRIMA SENTOSA TEXTILE FACTORY |
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Registered Office : |
Jatake Industrial Estate, Jalan Raya Industri III Block AH No. 7, Desa Sukadamai, Cikupa, Tangerang, Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
05.10.1989 |
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Com. Reg. No.: |
No.
AHU-81640.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile Industry |
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No. of Employees
: |
1500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,600,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. MERCUPRIMA SENTOSA
TEXTILE FACTORY
company Address
Head Office & Factory
Jatake Industrial
Estate
Jalan Raya
Industri III Block AH No. 7
Desa Sukadamai,
Cikupa
Tangerang
Banten Province
Indonesia
Phones -
(62-21) 5902117 (Hunting)
Fax - (62-21) 5902118
Land Area - 12,000 sq.
meters
Building Space - 8,400 sq. meters
Region - Industrial
Estate
Status - Owned
Branch Office
Jalan Tiang
Bendera No. 17-19
Roa Malaka,
Tambora
Jakarta Barat,
11230
Indonesia
Phones -
(62-21) 6903436, 6900313
Fax - (62-21) 6903437
E-mail - mercustf@pacific.net.id
Building Area - 3 storey
Office Space - 230 sq. meters
Region - Commercial
Building
Status - Owned
Date of Incorporation
5 October 1989
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
- No. C-11768 HT.01.04.TH.2004
Dated 12 May 2004
- No. AHU-81640.AH.01.02.Tahun 2008
Dated 04 November 2008
Company Status
Domestic
Investment (PMDN) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.484.256.1-411.000
The Capital Investment Coordinating Board
- No. 856/I/PMDN/1989
Dated
15 December 1989
- No. 739/III/PMDN/1991
Dated
03 September 1991
- No. 67/II/PMDN/2000
Dated
24 July 2000
Related Company
P.T. MERCUTAMA
NUSA TEXTILE MILLS (Spinning Mills)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
120,000,000,000.-
Issued Capital : Rp. 30,000,000,000.-
Paid up Capital : Rp. 30,000,000,000.-
Shareholders/Owners
:
a. Mr. Liauw
Kusnadi Santoso -
Rp. 15,000,000,000.-
Address
: Jl. Muara Karang Block A. 5 U/47
RT. 006, RW. 003,
Jakarta Utara
Indonesia
b. Mrs. Hanni -
Rp. 6,000,000,000.-
Address : Jl.
Muara Karang K IX S/96, RT. 007
RT.007, RW. 015,
Jakarta Utara
Indonesia
b. Mrs. Lily
Kusnadi -
Rp. 6,000,000,000.-
Address : Jl. Raya Jatinegara
Barat No. 27
RT. 001, RW.
006,
Jakarta Timur
Indonesia
d. Mr. Henry
Nasali -
Rp. 3,000,000,000.-
Address : Jl. Pasir Kaliki No.
112
RT. 002, RW.
007
Bandung, West
Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Textile Industry
Production
Capacity :
a. Yarns - 63,888 bales p.a.
b. Garment -
200,000 dozen p.a.
Total
Investment :
a. Equity Capital - Rp. 30.0 billion
b. Loan Capital -
Rp. 41.3 billion
c. Total Investment - Rp. 71.3 billion
Started
Operation :
1990
Brand Name :
Mercuprima
Sentosa Textile Factory
Technical
Assistance :
None
Number of
Employee :
1,500 persons
Marketing Area
:
Export -
40%
Local - 60%
Main Customer
:
Buyers in Europe
Union and the USA
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
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker s :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza
BII
Jalan M.H.
Thamrin No. 51
Jakarta Pusat
Indonesia
b. P.T. Bank
MANDIRI Tbk
Jalan Tiang
Bendera No. 25
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 98.0 billion
2009 – Rp. 115.0
billion
2010 – Rp. 122.0
billion
2011 – Rp. 66.0 billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 7.8
billion
2009 – Rp. 9.2
billion
2010 – Rp. 9.8
billion
2011 – Rp. 5.4
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Liauw Kusnadi Santoso
Director -
Mrs. Lily Kusnadi
Board of Commissioners :
President Commissioner -
Mr. Henry Nasali
Commissioner -
Mrs. Hanni
Signatories :
President Director (Mr.
Liauw Kusnadi Santoso) or the Director (Mrs. Lily Kusnadi) which must be
approved by Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 1,600,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. MERCUPRIMA SENTOSA TEXTILE FACTORY (P.T. MSTF) was established in Tangerang, Banten Province in October 1989 with the authorized capital of Rp. 12,000,000,000 of which Rp. 2,400,000,000 was issued and entirely paid up. The founding shareholders of the company are Mr. Liauw Kusnadi Santoso and Mr. Lili Somantry, both are Indonesian businessmen of Chinese Extraction. The articles of association of the company have frequently been revised. In April 1992, the issued and paid up capital was raised to Rp. 12,000,000,000. Then in April 2004 the authorized capital was increased to Rp. 120,000,000,000 of which Rp. 30,000,000,000 was issued and fully paid up. Concurrently Mr. Lili Somantry, withdrew as a shareholder and entered new shareholders namely Mrs. Hanny, Mr. Henry Nasali and Mrs. Lily Kusnadi, they are Indonesian entrepreneurs of Chinese Extraction. With this development the composition of its shareholders has been changed to become Mr. Liauw Kusnadi Santoso (50%), Mrs. Hanni (20%), Mrs. Lily Kusnadi (20%) and Mr. Henry Nasali (10%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. C-11768 HT.01.04.TH.2004 dated May 12, 2004. The latest based on notary deed of Mr. Antonius Wahono Prawirodirdjo, SH., No. 21 dated 11 August 2008 the board of directors and the board of commissioner reappointed to lead and runs of the company’s operation. The latest revision of notary documents was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-81640.AH.01.02.Tahun 2008 dated November 4, 2008. No changes have been effected in term of its shareholding composition and capital structures to date.
We observe that Mr. Liauw Kusnadi Santoso is also founder and business stakes owner of P.T. MERCUTAMA NUSA TEXTILE MILLS a private national company dealing with spinning mills.
P.T. MSTF gained Domestic Investment (PMDN) facility from Capital Investment Board (BKPM) to deal with textile industry having been operating since 1990. The company manages a plant unit at Jalan Raya Industri III Block AH No. 7, Desa Sukadamai, Cikupa, Tangerang, Banten Province. Development of the plant absorbed a total investment of Rp. 71.3 billion coming from own capital of Rp. 30.0 billion and the rest from loan. Textile products of P.T. MSTF are in the form of yarns. We heard that the company was initially produced garment, but since end 1998 the company stopped producing garment. Besides that, we also heard that in September 1996, around 1,400 employees of P.T. MSTF carried out a protest on management’s regulation about their monthly wages. Presently, about 30% to 40% of the company’s products are exported to the USA and some European countries. The operation growth of P.T. MSTF has been growing slowly 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. We observe that global economic crisis has brought bad impact to the export performance of P.T. MSTF due to its declining export volume of its products. We observe the operation of P.T. MSTF has been growing slowly in the last five years.
Generally, the demand for textile chemicals such as dyestuff, textile auxiliaries, textile products (TPT) and others tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. There are eleven domestic dyestuff producers which are still active with a combined production capacity of 45,620 tons per annum. The country’s garment industry is facing serious marketing problem not only in the country but also abroad. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010. 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 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million) in 2010.
The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. The Export Textiles and the Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to the last year. In the year 2008 the export value reached 10.8 billion US dollars. While this year’s the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2010 are pictured on the following table.
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Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
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 |
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 |
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 |
Source: Central Bureau of Statistic
Until this time P.T. MSTF has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. MSTF is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 98.0 billion rose to Rp. 115.0 billion in 2009 increased to Rp. 122.0 billion in 2010. As from January to June 2011 the sales turnover amounted at Rp. 66.0 billion with a net profit of at least Rp. 5.4 billion and projected to go on rising by at least 4% in 2012. The company has an estimated total net worth of at least Rp. 75.0 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. MSTF is led by Mr. Liauw Kusnadi Santoso (54) a businessman and professional manager with experience in textile industry and trading. Daily activity he is assisted by Mrs. Lily Kusnadi (66) as Director. The management is also supported by a number of skilled and professional managers, having maintained a wide business relation with private businessmen at home and abroad. 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. MERCUPRIMA SENTOSA TEXTILE FACTORY is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.36 |
|
UK Pound |
1 |
Rs.82.51 |
|
Euro |
1 |
Rs.68.99 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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NB |
New Business |
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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.