MIRA INFORM
REPORT
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Report Date : |
04.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DELAMI GARMENT INDUSTRIES |
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Registered Office : |
Jalan Soekarno-Hatta No. 571, |
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Country : |
Indonesia |
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Date of Incorporation : |
04.12.1979 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Garment Manufacturing
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
5,000,000 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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. DELAMI GARMENT INDUSTRIES
Company address
Head Office & Factory I
Jalan
Soekarno-Hatta No. 571
Phones - (62-22)
7300333, 7300555 (Hunting)
Fax - (62-22) 7300049
Land Area - 22,000 sq. meters
Building Area - 13,000 sq. meters
Region - Industrial Zone
Status - Owned
Factory II
Jalan Raya
Rancaekek Km. 27
Kabupaten Sumedang
Phones - (62-22) 796493, 796010, 796011, 796013
Fax - (62-22) 7986900
Land Area - 35,000 sq. meters
Building Area - 16,800 sq. meters
Region - Industrial Zone
Status - Owned
Date of
Incorporation :
a. 04 December 1979 as P.T. DELAMI
b. 25 May 2000 as P.T. DELAMI
GARMENT INDUSTRIES
Legal Form :
P.T. (Perseroan Terbatas) or
Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. YA 5/87/5
Dated 18 July 1980
- No. AHU-50687.AH.01.02.TH.2008
Dated 13 August 2008
Company Status
:
National Private and Domestic Investment (PMDN) Company
Permit by the
Government Department :
a. The Capital Investment Coordinating Board
- No. 300/I/PMDN/1989
Dated 20 May 1989
- No. 131/II/PMDN/1991
Dated 15 July 1991
- No. 260/II/PMDN/1995
Dated 18 October 1995
- No. 06/II/PMDN/1999
Dated 01 February 1999
- No. 18/II/PMDN/2001
Dated 22 March 2001
b. The Department of Industry and Trade
- No. 422/T/INDUSTRI/95
Dated 05 September 1995
- SIUP No. 652/10-12/PB/X/1986
Dated 06 October 1986
c. The Department of Finance
NPWP No. 01.241.249.0-424.000
Related
Companies :
a. P.T. DEXIM UTAMA (Garment
Manufacturing)
b. P.T. FAMINTI UTAMA (Trading and
Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital -
Rp 100,000,000,000.-
Issued Capital -
Rp 60,000,000,000.-
Paid up Capital -
Rp 60,000,000,000.-
Shareholders/Owners
:
a. P.T. FAMINTI UTAMA
- Rp 52,500,000,000.-
Address : Jl. Alaydrus No. 11
Jakarta Pusat
b. Mr.
Johannes Farial - Rp
7,500,000,000.-
Address : Jl. Sukarno Hatta No.
571
BUSINESS ACTIVITIES
Lines of
Business :
Garment Manufacturing
Production
Capacity :
A. Factory I
Garment (Trousers) -
340,000 dozens p.a.
B. Factory
II
Garment (trousers, skirts, shirts and polo-shirts) - 357,340 dozens
p.a.
Total
Investment :
A. Factory I
a. Equity Capital -
Rp. 15.0 billion
b. Loan Capital -
Rp. 21.0 billion
c. Total Investment - Rp.
36.0 billion
B. Factory II
a.
Equity Capital - Rp. 15.0 billion
b. Loan Capital -
Rp. 19.5 billion
c. Total Investment - Rp.
34.5 billion
Started
Operation :
1980
Brand Name :
WOOD and EXECUTIVE 99 and WRANGLER
Technical
Assistance :
None
Number of
Employee :
7,620 persons
Marketing Area
:
Domestic - 50%
Export -
50%
Main Customer
:
a. Supermarkets
b. Garment Wholesaler, Shops, etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. LEADING GARMENT INDUSTRIES
b. P.T. MAHAGAYA PERDANA
c. P.T. KUSHENDY ASRIBUSANA
d. P.T. KURNIA MANUNGGAL PERKSA
e. P.T. KARWELL
f. P.T. JAYA GARMENT SUKSES
MAKMUR
g. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers
a. P.T. Bank MANDIRI Tbk
Jalan Suropati No. 2
b. Hongkong Shanghai Banking Corp.
(HSBC)
Menara Mulia, 19th Floor
Jl. Jend. Gatot Subroto Kav. 9-11
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated):
2008 – Rp. 357.0 billion
2009 – Rp. 370.0 billion
2010 – Rp. 380.0 billion
Net Profit
(estimated) :
2008 – Rp. 24.8 billion
2009 – Rp. 26.2 billion
2010 – Rp. 28.9 billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director -
Mr. Johannes Farial
Director - Mr. Thomas
Farial
Board of Commissioner :
President Commissioner -
Mrs. Juniarty Farial
Commissioner -
Mrs. Devy Farial
Signatories :
President Director (Mr. Johannes Farial) or the Director (Mr. Thomas
Farial) which must be approved by the Board of Commissioners
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Low
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Maximum Credit Limit :
US$ 5,000,000 on the 90 days term of
payment
OVERALL PERFORMANCE
Originally named P.T. DELAMI, it was established in
The latest in May 2008 the board of directors and the board of
commissioners of the company had been reappointed to lead and runs of its
operation (see profile of this report). The company’s latest revision of notary
documents was made by Mrs. Elisa Kurniati, SH., a public notary in
The Farial family is the main founder and owner of majority business
stakes of P.T. FAMINTI UTAMA dealing with trading and investment holding and
P.T. DENIM UTAMA in garment manufacturing.
P.T. DGI has been operating since 1980 in garment manufacturing,
previously was non-facility of PMA/PMDN. But since 1980 it was licensed as a
Domestic Capital Investment (PMDN) company by the Capital Investment
Coordinating Board (BKPM). It used to manage a plant located at Jalan
Soekarno-Hatta No. 571,
The occurring of the economic crisis and sharp Rupiah depreciation
against the US$ Dollar, Japanese Yen, EUR and other hard currencies has
positive impact on P.T. DGI's operation because some 50% of its products is
exported. Besides, the prolonged global economic crisis followed by fast rising
local bank interest rates has also had a negative impact on the company's
finances for having resulted in a swelling of the company’s debts out of
control. Meanwhile, the local TPT (Textile and
Textile Products) industries and other factors causing the declining
competitive ability of the national TPT products are the increasing production
costs, high interest rates, expensive customs office costs, illegal
retributions, textile and garment machinery restructuring costs and the rising
prices of production components (oil fuel prices and electric base tariffs).
We observe the operation of P.T. DGI has been growing in the last three years.
The demand for textile chemicals tended to be fluctuating within the
last five years in line with the fluctuating of Indonesian textile industry in
general. 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 and to 417,600 tons (US$ 6,092.2 million) in 2008
declined to 393.400 tons (US$ 5,735.6 million) in 2009. 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 and
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.
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.),
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of Statistic
Until this time P.T. DGI has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. DGI 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. 357.0 billion
rose to Rp. 370.0 billion in 2009 increased to Rp. 380.0 billion in 2010 and
projected to go on rising by at least 4% in 2011. The operation in 2010 yielded
an estimated net profit of at least Rp. 28.9 billion and the company has an
estimated total networth of at least Rp. 221.0 billion. So far, we did not
heard that the company having been black listed by the Central Bank (Bank
The management of P.T. DGI is led by Mr. Johanes Farial (71) a
businessman and professional manager with experience for more than 24 years in
garment manufacturing. Daily operation he is assisted by his son namely Mr.
Thomas Farial (45) as director. The company's management is handled by
professional managers 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. DELAMI GARMENT INDUSTRIES is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
|
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.62.33 |
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 |
|
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NB |
New Company |
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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.