|
Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. UNGARAN SARI GARMENTS |
|
|
|
|
Formerly Known As : |
P.T. UNGARAN GARMENTS |
|
|
|
|
Registered Office : |
Sentra Mulia Building, 11th Floor Suite 1112 A Jalan H.R. Rasuna Said Kav. X-6 No. 8
Jakarta Selatan, 12940 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
24.09.1975 |
|
|
|
|
Com. Reg. No.: |
No. AHU-38627.AH.01.02.TH.2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment Manufacturing |
|
|
|
|
No. of Employees : |
6,041 persons |
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$ 7,500,000 |
|
Status : |
Good |
|
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 |
P.T.
UNGARAN SARI GARMENTS
Head Office
Sentra Mulia
Building, 11th Floor Suite 1112 A
Jalan H.R. Rasuna Said Kav. X-6 No. 8
Jakarta Selatan, 12940
Indonesia
Phones -
(62-21) 5229344, 5220605, 5227260
Fax -
(62-21) 5229366, 5222015, 5266568
E-mail - sniff@indosat.net.id
Building Area - 12 storey
Office Space - 400 sq. meters
Region - Commercial
Status - Rent
Factory
Jalan Pangeran
Diponegoro No. 235
Desa Genuk, Ungaran
Semarang, 50512
Central Java
Indonesia
Phones -
(62-24) 921113, 921442
Fax - (62-24) 921443
Land Area - 25,000 sq.
meters
Building Area - 22,300 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 24 September
1975 as P.T. UNGARAN GARMENTS
b. 01 October
1985 as P.T. UNGARAN SARI GARMENTS
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C2-264 HT.01.01.TH.86
Dated 15 January 1986
- No. AHU-38627.AH.01.02.TH.2008
Dated 07 July 2008
Company Status
:
Foreign
Investment (PMA) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 01.139.605.8-505.000
b. The Department of Industry
- No. 620/T/Industri/1997
Dated
17 December 1997
- No. 506/T/Industri/2006
Dated 8 June 2006
c. The Capital Investment Coordinating Board
-
No. 84/V/PMA/2006
Dated 10 May 2006
- No. 1191/III/PMA/2007
Dated 16 August 2007
Related
Company :
A Member Company
of the TEXMACO Group (see attachment)
Capital
Structure :
Authorized
Capital : Rp.
200,000,000,000.-
Issued Capital : Rp. 62,700,000,000.-
Paid up Capital : Rp. 62,700,000,000.-
Shareholders/Owners
:
a. Mrs. Lila of Indonesia - Rp. 19,855,000,000.-
Address : Jl. Mataram No. 3
Kelurahan
Petisah Tengah, Medan,
North Sumatra
Indonesia
b. Mr. Marimutu
Maniwanen -
Rp. 19,855,000,000.-
Address : Apartment Semanggi
unit 7-06
Petamburang,
Jakarta Pusat
Indonesia
c. Ms. Jeanne Hema Manimaren - Rp.
6,618,400,000.-
Address : 182 Kent Avenue
Bridgeport
Connecticut
USA
d. Ms. Marissa Jeanne Maren - Rp. 6,618,300,000.-
Address : 182 Kent Avenue
Bridgeport
Connecticut
USA
e. Mr. Daniel James Manimaren of the USA - Rp. 6,618,300,000.-
Address : Jl. Address : 182
Kent Avenue Bridgeport
Connecticut
USA
f. Mr. Slamet Nugroho -
Rp. 3,135,000,000.-
Address : Jl. Pinguin VII Block
CM No. 11
Pondok Aren, Tangerang
Jakarta Barat,
Indonesia
Lines of
Business :
Garment
Manufacturing
Production
Capacity :
Garment (Shirts,
Blouses, Jacket, Dresses) -
1,005,540 dozen p.a.
Total Investment
:
a. Equity Capital - Rp. 62.7 billion
b. Loan
Capital -
None________
c. Total
Investment - Rp.
62.7 billion
Started
Operation :
1977
Brand Name :
Ungaran Sari
Garment
Technical
Assistance :
None
Number of
Employee :
6,041 persons
Marketing Area
:
Local -
10%
Export - 90%
Main Customer
:
Buyers in the USA
and Europe Union
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, Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46-Kota BNI
Jalan Jend.
Sudirman Kav. 1
Jakarta Pusat
Indonesia
b. P.T. Bank
MANDIRI Tbk
Plaza Mandiri
Jalan Jend.
Gatot Subroto Kav. 36-38
Jakarta
Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 800.0
billion
2010 – Rp. 820.0
billion
2011 – Rp. 835.0
billion
Net Profit
(estimated) :
2009 – Rp. 48.0
billion
2010 – Rp. 49.2
billion
2011 – Rp. 50.1
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Marimutu Maniwanen
Director -
Mr. Haji Slamet Nugroho
Board of Commissioners :
President Commissioner -
Mr. Ibrahim Zarkasi
Commissioners -
a. Mrs. Wanistri
b. Mr. Santanamani
Signatories :
President Director (Mr.
Marimutu Maniwanen) or the Director (Mr. Haji Slamet Nugroho) which must be
approved by Board of Commissioner
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit
Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 7,500,000 on
90 days D/A
Initially named
P.T. UNGARAN GARMENTS, it was established in Ungaran, Central Java based on
notary deed of Mr. RM. Soeprapto, SH., No. 99 dated 24 September 1975 with the
authorized capital of Rp. 1,100,000,000 of which Rp. 275,000,000 was wholly
issued and paid up. The founding shareholders are Mr. Marimutu Ganesan, the
late Mr. Marimutu Manimaren (died in August 2003), both are Indonesian
businessmen of Indian extraction, and Mr. Pungki Nursenisidi, an indigenous
businessman. The articles of association of the company have frequently been
revised. In October 1985, the company renamed to P.T. UNGARAN SARI GARMENT
(P.T. USG). Based on notary deed of Mr. J. Tirtaamidjaja, SH., No. 22 dated 7
March 1997, the authorized capital of the company was increased to Rp.
2,000,000,000 of which Rp. 1,162,000,000 was wholly issued and paid up and
concurrently the shareholders of P.T. USG were Mr. Marimutu Sanivasan, the late
Mr. Marimutu Manimaren and Mr. Haji Slamet (Pong) Nogroho. Later based on
notary deed of Mrs. Nurul Hidayati, SH., No. 41 dated 30 June 1999, the
company’s authorized capital was increased to Rp. 75,000,000,000 of which Rp.
29,700,000,000 was wholly issued and paid up. At the same time, the
shareholders of P.T. USG were the late Mr. Marimutu Manimaren, Mr. Kalindas,
Mr. Slamet Nugroho and Mrs. Lita. Then based on notary deed of Mrs. Nurul
Hidayati, SH., No. 07 dated 17 May 2006 the authorized capital was increased to
Rp. 200,000,000,000 issued capital to Rp. 62,700,000,000 fully and paid up.
On the same
occasion, Mr. Kalindas pulled out and into the company entered three new
shareholders, namely Ms. Jeanne Hema Manimaren, Ms. Marissa Jeanne Maren and
Mr. Daniel James Manimaren, all of the USA. Concurrently the company status was
converted into Foreign Investment (PMA) company facility.
Then based on
notary deed of Mrs. Dewantari Handayani, SH., No. 012 dated 20 June 2008 the
board of directors and the board of commissioner reappointed to lead and runs
of the company’s operation. The deed of amendment was approved by the Ministry
of Law and Human Right in its Decision Letter No. AHU-38627.AH.01.02.TH.2008,
dated July 07, 2008.
We see that Ms.
Jeanne Hema Manimaren, Ms. Marissa Jeanne Maren and Mr. Daniel James Manimaren
all are the son of the late Mr. Marimutu Manimaren and they are now lived and
has been American citizen of India descent. Besides, their family like Mr.
Maimutu Maniwanen and Mr. Marimutu Sinivasan and family members is also the
majority business stakes owner of the TEXMACO Group members, a business group
having serious financial difficulties with in five years.
P.T. USG
obtained a Foreign Investment Company (PMA) facility to deal with garment
manufacturing. Its plant is located in Gemuk village, Jalan Diponegoro No. 235,
Ungaran, Central Java on a land of 2.5 hectares having been in operation since
1977. 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 1,005,540 dozen of shirts, blouses, dresses and jackets.
The construction of the plant has absorbed an investment of Rp. 62.7 billion
originally coming from owned capital. About 85% of the textile materials
required by the plant is supplied by P.T. USG's sister companies within the
TEXMACO Group with the rest being imported or supplied by foreign buyers of its
production. About 90% of the company products are exported to various countries
while Japan, the USA the Netherlands, Germany, the UK, Italy, France and
others. Meanwhile the rest of 10% is marketed locally among supermarket
management and others.
The range of
garments includes both Men's and Women's dress and causal shirts, blouses,
pants, shorts, skirts, dresses, blazers and suits, athletic wear, jeans wear,
golfwear, and outerwear jacket, and vests. Customers include A&F, Adidas,
Ann Taylor, Calvin Klein, Chaps, Esprit, Jones, Liz Claiborne Macys, Marks
& Spencer, Nike, Nygard, Polo Ralph Lauren, PVH, Talbots, Tommy Hilfiger
and others. The 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. USG has been growing slowly in
the last three years.
Generally, demand for
specialty chemical for textile has been fluctuating in the last five years as
evident from the figures of Indonesian textile and garment export. 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.
|
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. USG has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
USG is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total revenue of the company in 2009 amounted to
Rp. 800.0 billion rose to Rp. 8200.0 billion in 2010 increased to Rp. 835.0
billion in 2011 and projected to go on rising by at least 3% in 2012. The
operation in 2011 yielded an estimated net profit of at least Rp. 50.1 billion
and the company has an estimated total net worth of at least Rp. 176 billion.
The punctual payment habit of the company ranging from 1 to 3 months is running
smoothly. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia).
The management
of P.T. USG is led by Mr. Marimutu Maniwanen (57), a businessman with wide
experience in various businesses especially in the TEXMACO Group. He replaced
Mr. Marimutu Manimaren (58) who died in August 2003. In his daily activities,
he is supported by Mr. Slamet (Pong) Nugroho (70) as the director. The
management of the company is supported by a team of professional managers
having wide relation with overseas and national private businessmen as well as
with the government sectors.
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. UNGARAN SARI GARMENTS is sufficiently fairly good for business
transaction.
Attachment:
List of the TEXMACO Group Members
1.
BIMA PERKASA BUSANA, P.T. (Textile
Manufacturing)
2.
BTR PERKASA AUTOMOTIVE, P.T. (Automotive
Driveline Assembling and Design)
3.
BUSANA PERKASA GARMENT, P.T. (Garment
Manufacturing)
4.
CITRA ABADI SEJATI, P.T. (Garment
Manufacturing)
5.
EASTERN FINANCE CORPORATION, P.T.
(Financing Services)*
6.
EASTINDO POLYMERTAMA, P.T. (Specialist
Chips and Fibre Manufacturing)*
7.
JAYA PERKASA, P.T. (General Trading)*
8.
KAWASAN INDUSTRI CITARUM, P.T. (Industrial
Estate Management)
9.
MULTIKARSA INVESTAMA. P.T. (Investment
Holding)
10.
MULTI SANDANG JAYASEJATI, P.T. (Textile
Industry)*
11.
MUTU GADING TEKSTIL, P.T. (Integrated
Textile Industry)
12.
PERKASA HEAVYNDO ENGINEERING, P.T. (Basic
Metal and Machine Manufacturing)
13.
PERKASA INDOBAJA, P.T. (Basic Metal and
Forging & Casting)
14.
PERKASA INDOSTEEL, P.T. (Steel
Manufacturing)
15.
PERKASA WAHANA AUTO JAYA, P.T. (Automotive
Manufacturing)
16.
PRODUKSI INDONESIA, P.T. (Marketing
Promotion Services)*
17.
PUTERA MULTIKARSA, P.T. Bank (Banking)
18.
SARITEX JAYA SWASTI, P.T. (Textile
Industry)
19.
SATO SECURITIES, P.T. (Securities Services)
20.
SOLIDA, P.T. Bank (Banking)*
21.
SUMATEX SUBUR, P.T. (Textile Industry)*
22.
SUPER MITORY UTAMA, P.T. (Sport Shoe &
Component Manufacturing)
23.
TEXMACO JAYA Tbk., P.T. (Textile Industry)
24.
TEXMACO GRAHA BUSANA, P.T. (Garment Manufacturing)
25.
TEXMACO MICRO INDO UTAMA, P.T. (Power
Electronic and Telecom Products Manufacturing)
26.
TEXMACO PERKASA ENGINEERING, P.T.
(Industrial Machinery Industry)
27.
TEXMACO TAMAN SYNTHETIC, P.T. (Polyester
Filament Yarn Spinning and Weaving)
28.
TRI PRADIPA SADHU, P.T. (Investment
Holding)*
29.
UNGARAN SARI GARMENTS, P.T. (Garment
Manufacturing)
30.
WAHANA JAYA PERKASA Tbk., P.T.
31.
WAHANA PERKASA AUTO JAYA, P.T. (Automotive
Assembling and Manufacturing)
32.
WASTRA INDAH, P.T. (Spinning and Weaving)
33.
WISMA KARYA PRASETYA, P.T. (Electric Power
Generation and Utilities)
Note : * Non-active
companies
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
|
|
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
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.