MIRA INFORM REPORT

 

 

Report Date :           

03.11.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. TRISULA TEXTILE INDUSTRIES

 

 

Formerly Known As :

PT. TRISULA BANTEN TEXTILE MILLS

 

 

Registered Office :

Jl. Leuwigajah No. 170, Cimahi, Bandung 40522, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

11.01.1971

 

 

Com. Reg. No.:

No. AHU-79616.AH.01.02.Tahun 2008

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Integrated Textile Industry

 

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

 

Maximum Credit Limit :

US$ 11.0 million

Status :

Satisfactory

Payment Behaviour :

No Complaints

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)

Indonesia

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name of Company 

 

P.T. TRISULA TEXTILE INDUSTRIES

 

 

company Address

 

Head Office & Factory

Jl. Leuwigajah No. 170

Cimahi, Bandung 40522

West Java

Indonesia

Phones             - (62-22) 6613333, 4204215

Fax                   - (62-22) 6613377

Email                - admin_bellini@bellini.co.id

Website            - http://www.bellini.co.id

Land Area         - 8,600 sq. meters

Office Space      - 1,200 sq. meters

Region              - Industrial Zone

Status               - Owned

 

 

Date of Incorporation

 

11 January 1971 as PT. TRISULA BANTEN TEXTILE MILLS, changed its name to PT. TRISULA TEXTILE INDUSTRIES, on June 5, 1999

 

 

Legal Form

 

P.T. (Perseroan Terbatas) or Limited Liability Company

 

                                                       

Company Reg.No.

 

The Ministry of Justice and Human Rights

  a.  No. Y.A. 5/65/17

      Dated 26 February 1974

  b.  No. C-07644.HT.01.04.TH.2004

      Dated 30 March 2004

  c.  No. AHU-79616.AH.01.02.Tahun 2008

      Dated 29 October 2008

 

Company Status

 

Foreign Investment Company (PMA)

 

           

Permit by the Government Department

 

a. The Department of Finance

    NPWP No. 01.118.564.2-441.000

 

b. The Investment Coordinating Board

    - No. 102/V/PMA/2002, dated 8 June 1987

    - No. 132/III/PMA/2006, dated 02 February 2006

 

 

Affiliated/Associated Companies

 

a. PT. TRISULA GARMINDO MANUFACTURING (Garment Manufacturing)

b. PT. TRISULA INSAN TIARA (Investment Holding)

c. ASIA RESTRUCTURING CAPITAL Ltd. (Investment Holding)

d. Etc.

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                      - Rp. 50,000,000,000.-

Issued Capital                            - Rp. 30,500,000,000.-

Paid up Capital                          - Rp. 30,500,000,000.-

 

Shareholders/Owners :

a. ASIA RESTRUCTURING CAPITAL Ltd.,         - Rp. 15,000,000,000.- (49.18%)

   Address : Offshore Incorporation Centre

                   Road Town, Tortola

                   British Virgin Island

b. Mrs. Winiaty Suherlan                                 - Rp.   5,250,000,000.- (17.22%)

   Address : Jl. Raden Patah No. 22

                   Bandung, West Java

                   Indonesia

c. Mr. Kiky Suherlan                                        - Rp.   5,125,000,000.- (16.80%)

   Address : Jl. Raden Patah No. 22

                   Bandung, West Java

                   Indonesia

d. Mr. Dedie Suherlan                                     - Rp.   5,125,000,000.- (16.80%)             

   Address : Jl. Raden Patah No. 22

                   Bandung, West Java

                   Indonesia

 

BUSINESS ACTIVITIES

                             

Lines of Business :

Integrated Textile Industry

 

Production Capacity :

a. Synthetic Texture Yarns         -          4,825 tons p.a.

b. Polyester Fancy Suiting          - 15,987,700 meters p.a.

c. Dyed Clothes                         - 28,382,500 meters p.a.

d. Garments                              -        47,757 dozens p.a.

 

Total Investment :

a. Equity Capital                     - Rp.   30.5 billion

b. Loan Capital                       - Rp.   76.0 billion

c. Total Investment                  - Rp. 106.5 billion

 

Started Operation :

1973

 

Brand Name :

BELLINI

 

Technical Assistance :

None

 

Number of Employee :

1,200 persons                                  

 

Marketing Area :

Domestic          - 20%

Export        - 80%

 

Main Customers :

a. Garment Industries in Bandung and surrounding

b. Government Agencies

c. Overseas buyers in Malaysia, Singapore, Hong Kong, Japan, etc.

 

Market Situation :

Very Competitive

 

Main Competitors :

a. PT. Apac Inti Corpora

b. PT. Argo Pantes Tbk

c. PT. Panasia Indosyntex Tbk

d. PT. Candratex Sejati

e. PT. Sinar Padasuka Textile (Sipatex)

f.  Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

a. P.T. Bank CENTRAL ASIA Tbk

    Jl. Asia Afrika No. 122-124

    Bandung, West Java

    Indonesia

 

b. P.T. Bank PERMATA Tbk

    Jl. MerdeKA No. 66

    Bandung, West Java

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 660.0 billion

2009 – Rp. 720.0 billion

2010 – Rp. 790.0 billion

2011 – Rp. 420.0 billion (January – June)

 

Net Profit (Loss) :

2008 – Rp. 29.0 billion

2009 – Rp. 32.0 billion

2010 – Rp. 35.5 billion

2011 – Rp. 18.0 billion (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

KEY EXECUTIVES

 

Board of Management :

President Director                      - Mr. Dedie Suherlan

Director s                                  - a. Mrs. Elly Mulyati

                                                  b. Mr. Limin

 

Board of Commissioners :

President Commissioner - Mr. Kiky Suherlan

Commissioners                          - a. Mr. Hadiwiyana Tirta

                                                  b. Mr. Haji Sukawi Munala

 

Signatories :

President Director (Mr. Dedie Suherland) or one of the Directors (Mrs. Elly Mulyati or Mr. Limin) which must be approved by president commissioner (Mr. Kiky Suherlan) and the commissioners (Mr. Hadiwiyana Tirta and Mr. Haji Sukawi Munala)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Below Average

 

Credit Recommendation :

Credit can be proceeded normally

 

Proposed Credit Limit :

Moderate amount

 

Maximum Credit Limit :

US$ 11.0 million on the 90 days of payments

 

 

OVERALL PERFORMANCE

 

Originally named P.T. TRISULA BANTEN TEXTILE MILLS, the company was established in 1971 with an authorized capital of Rp 100,000,000.- of which Rp 70,000,000.- was issued and paid up. The founding shareholders of the company are the late Mr. Tirta Suherlan AKA Tan Hok Liang, his wife Mrs. Winiaty Suherlan AKA Thio Wie Djoen and their two sons Mr. Kiky Suherlan AKA Tan Sin Hwa and Mr. Dedie Suherlan AKA Tan Sing Kiong. The Article of Association was made by Ms. Kurniati, SH., a public notary in Bandung (West Java) under Company Registration No. Y.A. 5/65/17, dated February 26, 1974.  The articles of association of the company have frequently been revised.

 

In 1986 the company merged with its affiliated company P.T. TRISULA STAR TEXTILE MILLS and the authorized capital was increased to Rp 1,066,000,000.- wholly issued and paid up. Mr. Tirta Suherlan died in 1989 and his shares were taken over by his wife Mrs. Winiaty Suherlan. According to the revision of the company's article of association, on 5 June 1999 the company was renamed P.T. TRISULA TEXTILE INDUSTRIES (P.T. TTI). At the same time the authorized capital was stepped up again to Rp 50,000,000,000.- with the issued and paid up capital amounting to Rp 12,500,000,000.- In December 2002, the company was joined by new shareholder namely ASIA RESTRUCTURING CAPITAL Ltd., of British Virgin Islands.  On the same occasion, the issued and paid-up capital was increased to Rp. 30,500,000,000.-  the latest shareholders of the company are ASIA RESTRUCTURING CAPITAL Ltd., (49.18%), Mrs. Winiaty Suherlan (17.22%), Mr. Kiky Suherlan (16.805) and Mr. Dedie Suherlan (16.80%).  The latest amendment to the Articles of Association was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-79616.AH.01.02.Tahun 2008 dated October 29, 2008.

 

We are extremely difficult to trace or investigate the shareholders of ASIA RESTRUCTURING CAPITAL Ltd., as this company is incorporated under law of the British Virgin Island. But we allege or estimate that the owners of this company are the Suherlan family.

 

Originally the Company (PT. TTI) obtained Domestic Investment (PMDN) facility issued by BKPM (Investment Coordinating Board) for dealing with integrated textile industry. But as from December 2002, its status was changed to Foreign Investment (PMA) facility in line with the entering of Asia Restructuring Capital Ltd., of BVA as the new shareholder.  Its plant located at Jl. Leuwigajah No. 170, Cimahi, Bandung (West Java) has been in operation since 1973 and now is one of the big-sized textile mills in the country. Its production uses several trade marks which are already widely known in the country, such as Bellini, Acurra, Texwell and Caterina.  Besides, P,T, TTI is licensed to market a number of prominent brand names, including Jack Nicklaus, Golden Bear, Jobb, City Club, Trent Nethand, Sansabelt and Givenchy.   Ms. Hilda of the company's senior staff said the company's production is exported to a large extent. Whereas in the 1990-s the company used to export just 50% of its production, the export portion has now increased to 80% of the company's entire suiting fabric production. Meanwhile, the company's garments have been entirely exported to Japan.  We observed that P.T. TTI is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.

 

Besides, P.T. TTI is also active in investment holding by controlling 5% shares of PT. TRISULA GARMINDO and the rest is owned by PT. TRISULA INSAN TIARA (95%).  PT. TRISULA GARMINDO is engaged in garment manufacturing by managing a plant located at Kawasan Industri Trikencana, Jl. Raya Kopo-Soreang Km. 11.5, Ketapang, Bandung, West Java having been in operation since mid 2000.   The plant has been expanded for a couple of times to increase its production capacity. According to its license, the company has annual garment production capacity of 220,000 dozen of trousers.  Miss Debby, an administrative staff of the company said that the company products are wholly exported to several countries including the USA, European countries and others using its foreign buyers’ requested brands.

 

Generally, demand for textile and textile products, including polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials have been fluctuating in the last five years.  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 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 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 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and rose again to 1,525,900 tons (US$ 4,721.8 million) in 2010.  The export volume and value of the national TPT products in 2002 to 2010 are pictured on the following table.

     

 

      Year

Garment

Textile Products

(Thousand Ton)

(US$ Million)

(Thousand Ton)

(US$ Million)

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     

 

The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. We have checked to Department of Trade and Industry and found that no financial statement has been reported. P.T. TTI’s management is very reclusive to outsider and rejecting to disclose its financial condition but we estimated the total sales turnover in 2008 amounted to Rp. 660.0 billion increased to Rp. 720.0 billion in 2009 to Rp. 790.0 billion in 2010 and estimated it will be higher by at least 8% in 2011. The operation in 2010 yielded a net profit at least Rp. 35.5 billion and the company has a total net worth of Rp. 480.0 billion.    So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company usually pays its debts punctually to suppliers.

 

The company's management is headed by Mr. Dedie Suherlan (47) as president director. In his daily activities, he is assisted by Mrs. Elly Mulyati (53) and Mr. Limin (39), respectively as directors.  But, we note that the prime-mover of the company is Mr. Kiky Suherlan AKA Tan Sin Hwa (48), who graduated with an "O" Level degree from General Cambridge, Singapore (1982); an Associate of Arts Degree in  Business Administration, Pasadena City College, Pasadena, USA (1984),  and a Bachelor of  Science in Finance, University of Southern California, Los Angeles, USA (1986), Mr. Kiky Suherlan and Mr. Dedie Suherlan are the sons of the late Mr. Tirta Suherlan, the founder of the company. The company's management has a very good reputation in the textile industry and also has wide relations with many private businessmen within and outside the country, and quite good ties with the government sector.

 

So far, we did not hear that the company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.  P.T. TTI is appraised quite feasible for business transaction. But owing to economic condition in the country to remain unstable, we recommend to treat prudently in extending any new loans to the company.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.78.73

Euro

1

Rs.67.64

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.