MIRA INFORM REPORT
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Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
P.T. MANUNGGAL ADIPURA |
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Registered Office : |
Jl. Raya Solo – Sragen Km. 13,5, Kebakkramat,
Karanganyar, Solo, Central Java |
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Country : |
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Date of Incorporation : |
30.06.1990 |
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Com. Reg. No.: |
No. AHU-05248.AH.01.02.TH.2009 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Spinning Mills Industry
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No. of Employees
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360 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 3,570,000 |
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Status : |
Moderate |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Indonesia |
a1 |
a1 |
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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 |
P.T. MANUNGGAL ADIPURA
Head Office &
Factory
Jl. Raya Solo – Sragen Km. 13,5
Kebakkramat, Karanganyar
Solo, Central Java
Indonesia
Phones - (62-271) 827032, 827034, 827035
Fax - (62-271) 827033, 827036
Email - adipura@indo.net.id
Land Area - 3.0 hectares
Building Area - 1.2 hectares
Region - Industrial
Zone
Status - Owned
30 June 1990
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of Law
and Human Rights
- No. C2-5913.HT.01.04.TH.1998
Dated 04 June 1998
- No. AHU-05248.AH.01.02.TH.2009
Dated 26 February 2008
Domestic
Investment Company (PMDN)
a. The Department of
Finance
NPWP No. 1.515.324.0-526
b. The Capital
Investment Coordinating Board
No. 490/I/PMDN/1994
Dated 27 July 1994
a. P.T. INDATEX
PALUR (Textile Weaving Manufacturing)
b. P.T. TRIANGGA
DEWI (Textile Industry)
c. P.T. KLECORAYA
CEMERLANG (Textile Industry)
d. P.T. SURAKARTA
SENTOSA (Spinning Mills)
Capital
Structure :
Authorized
Capital - Rp.
20,000,000,000.-
Issued Capital - Rp.
20,000,000,000.-
Paid up Capital - Rp. 20,000,000,000.-
Shareholders/Owners
:
a. Mr. Jamin
Winoto - Rp.
8,000,000,000.- (40%)
Address : Jl. Laks. Udara Adi Sucipto No. 54
Kel. Kerten, Kec. Laweyan
Surakarta, Central Java
Indonesia
b. Mr. Santoso
Winoto - Rp.
4,000,000,000.- (20%)
Address : Jl. Kapten Mulyadi
No. 99
Kel. Kedunglumbu, Kec. Pasar Kliwon
Surakarta, Central Java
Indonesia
c. Mrs. Linda Santosa -
Rp. 4,000,000,000.- (20%)
Address : Jl. Kapten Mulyadi No.
99
Kel. Kedunglumbu, Kec. Pasar Kliwon
Surakarta, Central java
Indonesia
d. Mr. Suseno
Winoto - Rp.
4,000,000,000.- (20%)
Address : Jl. Cemara Raya CL 6
Desa Langenharjo, Kec. Grogol
Sukoharjo, Solo, Central
Java
Indonesia
Lines of
Business :
Spinning Mills
Industry
Production
Capacity :
Synthetic (Woven) Yarns - 46,800 bales p.a.
Main Products
:
100% viscose ring spun yarn raw
white bright & Polyester/Viscose ring spun yarn (semi dull/bright) with
several choices of blending ration.
Total
Investment :
a. Equity Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 37.0 billion
c. Total Investment - Rp. 57.0 billion
Started
Operation :
February 1997
Brand Name :
Manunggal Adipura
Technical
Assistance :
None
Number of
Employee :
360 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Textile and Garment
Industry
b. Others
Market
Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO PANTES Tbk
b. P.T. PANASIA
INDOSYNTEX Tbk
c. P.T. CANDRATEX
SEJATI
d. P.T. APAC INTI CORPORA
e. Etc.
Business Trend
:
Growing
Banker s :
a. P.T. Bank
CENTRAL ASIA Tbk
Solo Branch
Jl. Slamet
Riyadi No. 3
Solo,
Central Java
Indonesia
a. P.T. Bank
CENTRAL ASIA Tbk
Solo Branch
Jl. Arifin
No. 2
Solo,
Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2008 – Rp. 210.0
billion
2009 – Rp. 234.0
billion
2010 – Rp. 260.0
billion
2011 – Rp. 298.0
billion
Net Profit
(estimated) :
2008 – Rp. 11.0
million
2009 – Rp. 12.6
million
2010 – Rp. 14.0
billion
2011 – Rp. 16.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Jamin Winoto
Director -
Mr. Santoso Winoto
Board of Commissioners :
President
Commissioner - Mrs.
Linda Santoso
Commissioner - Mr. Suseno
Winoto
Signatories :
President Director (Mr.
Jamin Winoto) or Director (Mr. Santoso Winoto) which must be approved by Board
of Commissioners
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 3,570,000 on 90
days D/A
P.T. MANUNGGAL ADIPURA (P.T. MA) was established in Karanganyar, Central
Java, in 1990 with an authorized capital of Rp. 5,000,000,000.- and an issued
capital of Rp. 4,000,000,000,- of which Rp. 400,000,000.- was paid up. The
company was founded by Mr. Djamin Winoto, Mrs. Cittawati Giani, Mrs. Nori
Chandra, Mrs. Lenny Hartono and Mrs. Heny Wijayanti Winoto as the original
shareholders. In June 1994 the authorized capital was raised to Rp
20,000,000,000.- of which Rp. 16,000,000,000.- was issued and fully paid
up. By the same time the shareholders
have all, except Mr.Djamin Winoto, quitted and came in new shareholders namely
Mr. Suseno Winoto, Mr. Irjadi Hartono, Mr. Santoso Winoto and Mr. Suryanto Ali
Sastro, all Chinese origins Indonesian businessmen. In March 1998 the issued
capital was raised to Rp. 20,000,000,000 fully paid up and concurrently Mr.
Suryanto Ali Sastro withdrew. Since the
time, the shareholders of the company are Mr. Jamin (Djamin) Winoto (40%), Mr.
Santoso Winoto (20%), Mr. Irjadi Hartono (20%) and Mr. Suseno Winoto
(20%). The Articles of Association was
approved by the Ministry of Law and Human Rights in its decision letter
No.C2-5913.HT.01.04.TH.1998 dated June 4, 1998.
Latest, on December 2007 Mr. Irjadi Hartono pulled out and the whole
shares are sold to Mrs. Linda Santosa.
The amendment to Articles of Association was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-05248.AH.01.02.Tahun 2009
dated February 26, 2009. No changes have been effected in term of its
shareholding composition and capital structures to date. P.T. MA is in affiliation with P.T. INDATEX
PALUR (textile weaving industry), P.T. TRIANGGA DEWI (textile industry),
P.T.KLECORAYA CEMERLANG (textile industry), and P.T. SURAKARTA SENTOSA
(spinning mills).
P.T. MA is a Domestic Investment (PMDN) company engaged in spinning mills. It was licensed by the Capital Investment Coordinating Board (BKPM) in 1990 in textile industry, but no realization. In 1994 it obtained another license from BKPM, and its plant is now being built in Jalan Raya Solo-Sragen Km. 13,5, Karanganyar, Central Java, on a land of some 3.0 hectares. The construction is estimated will absorb a total investment of Rp 57.0 billion coming from company's capital of Rp 20.0 billion and the remainder from loans. The plant is designed to have a production capacity of 46,800 bales synthetic (woven) yarn per year, especially viscose and polyester yarn. Mr. Hermanto an administrative staff of P.T. MA disclosed the plant had been operating commercially since February 1997 and the whole products are sold to local textile industries in Central Java. At present, the company’s plant is a 61,000 spindles ring spinning plant equipped with main running items are; 100% Viscose ring spun yarn raw white bright & Polyester/Viscose ring spun yarn (semi dull/bright) with several choices of blending ratio. The company can blend 65/35 polyester/viscose, 52/48 polyester/sicose and 70/30 viscose/polyesters, with their yarn count is ranging from No. 20/1 to 40/1.
In April 2010
factory owned by PT. MA razed
by fire which destroyed the roof of the
factory. The fire which occurred at
18:30 p.m. until 19:15
p.m. did not claim any life. Three
employees of P.T. MA suffered
minor injuries and have received help from
the local health officer.
Officers also recorded
the number of employees who were
working at the plant. The results of
the local police investigation found
that the cause of fire was
due to electrical short circuit. We
noticed that the fire
did not cause a major impact on the
continuity of production. Currently
the factory P.T. MA can
operate smoothly again.
Generally, demand for textile and textile products, including polyester textured yarn, finished fabrics, garment, 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 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.
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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
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. MA’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. 210.0 billion increased to Rp. 234.0
billion in 2009 to Rp. 260.0 billion in 2010 to Rp. 298.0 billion in 2011 and
estimated it will be higher by at least 10% in 2012. The operation in 2011
yielded a net profit at least Rp. 16.2 billion and the company has a total net
worth of Rp. 180.0 billion. So far, we have never heard of the company having been
black listed by the Central Bank (Bank Indonesia).
P.T. MA's management headed by Mr. Jamin Winoto AKA Djamin Winoto (73),
a businessman with more than 41 years experience in spinning mills and textile
industry. In daily activities, he is
assisted by his sons namely Mr. Santoso Winoto (43) and Mr. Suseno Winoto (40).
The management, which is evaluated quite creative and dynamic, also has
succeeded in expanding their overseas marketing network. We consider the
management is quite capable of further developing business in the future. They
have close relations with many high-ranking government officials as well as
with private businessmen within and outside the country. So far, we did not
hear that the company’s management involved in a dirty business practice 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. MANUNGGAL ADIPURA is appraised fairly good for business
transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
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UK Pound |
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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.