MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MATAHARI SENTOSA JAYA |
|
|
|
|
Registered Office : |
Jl. Joyodikromo Kp. Hujung RT.9, RW.7 Ke. Utama Kec. Cimahi Selatan Leuwigajah, Cimahi Bandung, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
19.10.1989 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-18359 |
|
|
|
|
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$ 4,600,000 |
|
|
|
|
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 30, 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 |
Correct Name of Company
P.T. MATAHARI SENTOSA
JAYA
Address
Head Office &
Factory I
Jl. Joyodikromo
Kp. Hujung RT.9, RW.7
Ke. Utama Kec. Cimahi Selatan
Leuwigajah, Cimahi
Bandung, West Java
Indonesia
Phone -
(62-22) 633 689 (Hunting)
Fax - (62-22) 636
689, 6045026
Land Area - 16,200 sq. meters
Building Space - 5,800 sq. meters
Region - Industrial
Zone
Status - Rent
Factory II
Jl. Raya Batujajar
No. 173
Desa Laksana Mekar
Padalarang, Bandung
West Java
Indonesia
Phone -
(62-21) 572 7301 (Hunting)
Fax - (62-21) 572
7302
Land Area - 12,600 sq.
meters
Building Space - 6,500 sq. meters
Region - Industrial
Zone
Status - Rent
Registration data
Date of
Incorporation :
19 October 1989
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-75869.AH.01.02.Tahun 2008
Dated 20 October 2008
b. No.
AHU-AH.01.10-18359
Dated 21 July 2010
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
The Department of
Finance
NPWP No. 01.494.479.7-421.000
The Department of
Industry and Trade
TDP No. 102411700418
The Investment
Coordinating Board
- No. 71/I/PMDN/1990
Dated 22 January 1990
- No. 252/II/PMDN/1997
Dated 15 February 1997
Affiliated/Associated Company :
P.T. MATAHARI SENTOSA (Zipper Fastener Manufacturing)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
- Rp. 12,000,000,000.-
Issued Capital - Rp. 12,000,000,000.-
Paid up Capital - Rp. 12,000,000,000.-
Shareholders/Owners :
a. Mr. Sung Chung
Yao - Rp.
3,900,000,000.- (32.5%)
Address : Jl. Kamp.
Hujung Kidul RT.009, RW.007
Cimahi, Bandung, West Java
Indonesia
b. Mrs. Sheao Yen
Shin - Rp.
2,100,000,000.- (17.5%)
Address : Jl. Kamp.
Hujung Kidul RT.009, RW.007
Cimahi, Bandung, West Java
Indonesia
c. Mr. Sung Wey
Min - Rp.
1,200,000,000.- (10.0%)
Address : Jl. Kamp.
Hujung Kidul RT.009, RW.007
Cimahi, Bandung, West Java
Indonesia
d. Mrs. Sung Wen
Li Angela - Rp. 1,200,000,000.-
(10.0%)
Address : Jl. Kamp.
Hujung Kidul RT.009, RW.007
Cimahi, Bandung, West Java
Indonesia
e. Mrs. Sheao Hai
He - Rp.
3,600,000,000.- (30.0%)
Address : Jl. Kamp.
Hujung Kidul RT.009, RW.007
Cimahi, Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business
:
Integrated Textile Industry
Production
Capacity :
a. Acrylic Yarns -
6,600 tons p.a.
b. Socks - 3,650,000 dozens p.a.
c. Hats - 234,000 dozens p.a.
d. Shawls - 150,000 dozens p.a.
e. Gloves - 178,800 dozens p.a.
f. Yarn Pile Fabrics - 1.2 million meters p.a.
g. Sliver Pile Fabrics -
1.2 million meters p.a.
h. Yarns -
3,200 tons p.a.
i. Sweaters - 820,000 dozens
p.a.
Total Investment :
a. Equity Capital - Rp. 12.0 billion
b. Loan Capital - Rp. 51.2 billion
c. Total
Investment - Rp. 63.2
billion
Started Operation :
October 1991
Brand Name :
MSJ
Technical Assistance :
None
Number of Employee :
1,200 persons
Marketing Area :
a.
Domestic - 5%
b.
Export - 95%
Main Customers :
a. Oversea buyer
in Japan, USA, Italy, United Kingdom, France and others
b. Department
Stores and Traditional Markets
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. BUSANA
REMAJA AGRACIPTA
b. P.T. BINTANG ADI BUSANA
c. P.T. MASTERINDO JAYA ABADI
d. P.T. METRO GARMENT
e. P.T. UNGARAN SARI GARMENT
f. P.T. LEADING GARMENT INDUSTRY
g. Etc.
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Bandung Branch
Jl. Asia Afrika No. 122-124
Bandung, West Java
Indonesia
b. P.T. Bank RAKYAT INDONESIA Tbk
Bandung Branch
Jl. Braga No. 18-18A
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2008 – Rp. 255.0
billion
2009 – Rp. 280.0
billion
2010 – Rp. 320.0
billion
2011 – Rp. 172.0
billion (January – June)
Net Profit
(estimated) :
2008 – Rp. 8.9 billion
2009 – Rp. 9.8 billion
2010 – Rp. 11.2
billion
2011 – Rp. 6.0 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Sung Chung Yao
Directors - a. Mr. Sung Wey Min
b. Mrs. Sung Wen Li Angela
c. Mrs. Sheao Hai He
Board of Commissioner :
Commissioner - Mrs. Sheao Yen Shin
Signatories :
President Director (Mr. Sung Chung Yao)
or one of the Directors (Mr. Sung Wey Min, Mrs. Sung Wen Li Angela and Mrs.
Sheao Hai He) which must be approved by the Board of Commissioner (Mrs. Sheao
Yen Shin)
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$ 4,600,000.- on the 90 days of payments
OVERALL PERFORMANCE
The company was
established in October 1989 with an authorized capital of Rp. 20,000,000.-,
entirely was issued and paid up. The founding shareholders of P.T. MATAHARI
SENTOSA JAYA (P.T. MSJ) are Mr. Sung Chung Yao, his younger brother Mr. Sung
Yao Kwok, Mrs. Sheao Yen Shin (wife of Mr. Sung Chung Yao) and Mrs. Sheao Ai
Shin (wife of Mr. Sung Yao Kwok), a Taiwan Chinese origins Indonesian business
family. In 1992 the authorized capital was raised to Rp. 6,000,000,000.-,
issued and paid up capital to Rp 2,100,000,000.-. In December 1998, its
authorized capital of Rp. 6,000,000,000.- has been wholly issued and
paid-up. In October 2008, the
authorized capital was raised again to Rp. 12,000,000,000.- entirely was issued
and fully paid up. Since that time,
shareholders of the company are Mr. Sung Chung Yao (32.5%), Mrs. Sheao Yen Shin
(17.5%), Mr. Sung Wey Min (10%), Mrs. Sung Wen Li Anela (10%) and Mrs. Sheao
Hai He (30%). The deed of amendment was
approved by the Ministry of Law and Human Right in its Decision Letter No.AHU-75869.AH.01.02.TH.2008,
dated October 20, 2008 and No. AHU-AH.01.10-18359 dated July 21, 2010.
We observe that
Mr. Sung Chung Yao and Mrs. Sheao Yen Shin is also business stakes owner of
P.T. MATAHARI SENTOSA engaged in the field of zipper fastener manufacturing
which plants located at Jl. Joyodikromo No. 42, Bandung, West Java.
P.T. MSJ has been in
operation since October1991 dealing with textile industry. Its plant is located
at Jalan Joyodikromo No. 42, Kampung Hujung, Cimahi, West Java. The plant has
frequently been expanded and until the early 1996 it produced Acrylic Yarns,
Socks, Hats, Shawls, Gloves, Yarn Pile Fabrics and Silver Pile Fabrics. In mid-1996 the company took over P.T.
HENINDO's plant located at Jalan Raya Batujajar No. 173, Desa Laksana Mekar,
Padalarang, Bandung, West Java. The
plant produces sweater with a production capacity of 120,000 dozens per
year. In December 1997 the company
acquired an expansion permit to produce 700,000 dozen sweaters per year. Some 95% of the products will be exported to
Japan, USA, Italy, United Kingdom, Germany, France and other countries, while
the rest for local market. P.T. MSJ is
classified as a large sized company of its kind in the country of which the
operation has been growing slowly in the last three years.
Intriguing Issue
In March 2010, Trade Unions of PT. MSJ
reported the violation conducted by the company to the Regional Representative
Council’s Commission IV Cimahi,
Bandung. Robin Panjaitan,
Coordinator of Regional Representative Council’s Commission IV for
Labor Cimahi said that the violation was related to Social Security deduction (worker social security), joint work labor agreement (PKB),
particularly regarding the rights for uniform,
and the rights for compensation for 37 employees
who resigned. However, the management of PT.
MSJ refused to
pay severance pay
for the 37 workers who resigned in accordance with
the PKB, the reason was it did not have money. The
company only agreed to pay 50 percent of the severance pay that
should be paid. The amount of
severance pay each
worker varied between
Rp 3 million to Rp 8 million, depending on
the service period of the workers
concerned.
Deddy Supardi,
Head of Industrial Relations Section at the Population and Manpower
Agency of Cimahi said that the rejection
of PT. MJS can not
be categorized as a violation, but as a
breach of contract in the PKB. This case belonged to the private domain
so its completion can be taken the Industrial Relations Disputes
Court (PPHI). Widodo, Chairman of Work Unit Board of PT. MJS regretted the attitude as it means the labor who resigned at least should wait for two years
to get that insignificant amount
of severance money. That
too if PPHI wins workers lawsuit. Since then, this case was never referred.
Then on October 18, 2011, about 70 factory workers of PT. MSJ again staged
demonstration demanding the decisiveness of Government of Cimahi City in
settlement of Jamsostek (worker social security) contribution case. Widodo,
Chairman of Work Unit Board of PT. MSJ said that due to worker social security arrears worth Rp 2.3
billion, many of rights of workers sacrificed such as the provisions of death benefits and pension. According to
Widodo, the Jamsostek contribution arrears case had been complained by the
workers since last April and had been conveyed to officials of Labor,
Transmigration,
and Social Office and
Regional Legislative Council of Cimahi City. But until seven months later, still there was no any real
action from both institutions.
In addition to employees' social security contribution arrears which led to
the omission of their rights, the
workers also complained of several violations committed by company management,
such no reimbursement of health treatment cost for sick workers, prohibition of retirement,
as well as the work uniform distribution that never be accomplished since 2007.
All the problems resulted in the expenditures of the workers who in average
were paid Rp 1.1 million per month continued to swell. "Not a few of us
are forced to borrow money from the loan sharks," Widodo said.
Head of the Jamsostek Branch Office of Cimahi, Bambang Kenharto confirmed
truth on dues arrears of Rp 2.3 billion by PT. Matahari Jaya Sentosa since
March. "We have sent the warning letters and bills to this firm to
immediately pay off the arrears. But until today there were no signs for
payment. The question is, where does the money amounting to Rp 2.3 billion
collected from each employee's salary by 2 percent goes. We have resumed this
issue to the High Court, "he said.
According to Bambang, referring to the Ministerial Regulation Number 12 of
2007, the company was obliged to bear the payment of death benefits and pension
of its employees when they were on arrears of Jamsostek contributions. The
company also should realize the impact of law which may occur due to
contribution payment arrear. "There are 15 other companies which also on
arrears of the contribution, but PT. Matahari is the biggest and longest one,
"he said.
Source: http://www.pikiran-rakyat.com/node/162504
Generally,
demand for textile and textile products, including garment, polyester textured
yarn, finished fabrics, textile chemicals and raw materials has been
fluctuating in the last five years.
According to the Central Bureau of Statistics (BPS) the Indonesian
garments export in 2003 amounted to 339,000 tons (US$ 4,037.9 million) declined
to 327.300 tons (US$ 4,351.9 million) in 2004 rose again 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 2003
amounted to 1,307.5 tons (US$ 3,064.6 million) declined to 1,300.4 tons (US$
3,354.6 million) in 2004 rose again 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
Until this time
P.T. MSJ has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their
financial statement. P.T. MSJ's management adopts very reclusive attitude
towards outsiders and rejected to unveil its financial condition but we
estimated that its operation in 2008 posted a total sales turnover of Rp. 255.0
billion increased to Rp. 280.0 billion in 2009 to Rp. 32.0 billion in 2010 and
projected to continue on rising by about 8% in 2011. We estimated that P.T.
MSJ's operation in 2010 yielded a total net profit of about Rp. 11.2 billion
with a total networth of about Rp. 120.0 billion. P.T. MSJ’s financial
condition is supported by less strong financially Indonesian businessmen of
Taiwan Chinese extraction.
P.T. MSJ's
management is led by Mr. Sung Chung Yao (74) with 28 years experience in
textile manufacturing and trading. In
daily activities, he is assisted by three directors namely Mr. Sung Wey Min
(42), Mrs. Sung Wen Li Angela (38), both are son and daughter of Mr. Sung Chung
Yo and Mrs. Sheao Hai He (57). The
management is also handled by well-experienced by professional managers in the
above business having wide relation with home and overseas private businessmen
as well as with government sectors. As
far as business is concerned the management of P.T. MSJ has never involved in
any fraudulent dealings.
P.T. MATAHARI
SENTOSA JAYA is considered good for normal business transaction. Therefore, labor issue in this company
has not been good and the risk of mass strike then we recommend
to be careful if going to do
business cooperation with this company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.82 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.