|
Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DHANAR MAS CONCERN |
|
|
|
|
Registered Office : |
Jalan Cisirung-Citepus Km. 6.8, (Jalan Mochamad Toha), Bandung, 40258, West Java |
|
|
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Country : |
Indonesia |
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|
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Date of Incorporation : |
13.10.1960 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-27473 |
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Legal Form : |
Limited Liability
Company |
|
|
|
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Line of Business : |
Subject operates
in weaving and dyeing/finishing textile |
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|
No. of Employees : |
660 |
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 |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6% annually in
2010-12. The government made economic advances under the first administration
of President YUDHOYONO (2004-09), introducing significant reforms in the
financial sector, including tax and customs reforms, the use of Treasury bills,
and capital market development and supervision. During the global financial
crisis, Indonesia outperformed its regional neighbors and joined China and
India as the only G20 members posting growth in 2009. The government has
promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less
than 25%, a fiscal deficit below 3%, and historically low rates of inflation.
Fitch and Moody's upgraded Indonesia's credit rating to investment grade in
December 2011. Indonesia still struggles with poverty and unemployment,
inadequate infrastructure, corruption, a complex regulatory environment, and
unequal resource distribution among regions. The government in 2013 faces the
ongoing challenge of improving Indonesia''s insufficient infrastructure to
remove impediments to economic growth, labor unrest over wages, and reducing
its fuel subsidy program in the face of high oil prices.
|
Source : CIA |
P.T. DHANAR MAS CONCERN
Head Office,
Spinning and Weaving Factory
Jalan Cisirung-Citepus Km. 6.8
(Jalan Mochamad Toha)
Bandung, 40258
West Java
Indonesia
Phones - (62-22) 520 2978 (Hunting)
Fax -
(62-22) 520 2868
E-mail -
yarnmkt@dmctex.co.id
Website - http://www.dmctex.co.id
Land Area - 50,000 sq. meters
Building Space - 25,000 sq. meters
Region - Industrial Zone
Status - Owned
Factory II
(Processing Unit)
Jalan Tarajusari No.
8
Banjaran, 40337
West Java
Indonesia
Phones - (62-22) 594 0313
Fax -
(62-22) 594 0166
E-mail -
dmcbjr@dmctex.co.id
Land Area - 10 hectares
Building Space - 4.5 hectares
Region - Industrial Zone
Status - Owned
13 October 1960
P.T. (Perseroan Terbatas) or Limited
Liability Company
The Ministry of
Law and Human Rights
- No.
J.A. 5/37/20
Dated
1 June 1961
- No.
AHU-60871.AH.01.02.TH.2008
Dated
10 September 2008
- No.
AHU-AH.01.10-27473
Dated
26 July 2012
National Private and Domestic Investment (PMDN) Company
The Department of
Finance
NPWP No. 01.118.490.0-441.000
The Capital
Investment Coordinating Board
- No.
158/I/PMDN/1978
Dated
31 August 1978
- No.
308/III/PMDN/1986
Dated
7 August 1986
- No.
35/II/PMDN/1987
Dated
23 March 1987
- No.
153/II/PMDN/1995
Dated
12 June 1995
- No.
473/III/PMDN/1995
Dated
18 October 1995
- No.503/III/PMDN/1995
Dated
8 November 1995
- No.
81/II/PMDN/1998
Dated
14 December 1998
P.T. DHANARTAMA SWARNA (Weaving Dyeing,
Printing and Finishing Textile)
Capital Structure :
Authorized Capital : Rp. 50,000,000,000.-
Issued Capital : Rp. 38,000,000,000.-
Paid up Capital : Rp. 38,000,000,000.-
Shareholders/Owners :
a.
Mr. Jemmy Kartiwa Sastraatmadja -
Rp. 32,500,000,000.-
Address : Jl. Mekar Asih No. 12
Kelurahan Serang Mekar,
Kecamatan Ciparay
Bandung, West Java
Indonesia
b.
Mrs. Dewi Christianti -
Rp. 5,000,000,000.-
Address : Jl. Mekar Asih No. 12
Kelurahan Serang Mekar,
Kecamatan Ciparay
Bandung, West Java
Indonesia
c. Mr. Kevin
Andreas -
Rp. 500,000,000.-
Address : Jl. Mekar Asih No. 12
Kelurahan Serang Mekar,
Kecamatan Ciparay
Bandung, West Java
Indonesia
Lines of Business :
Textile Industry
Production Capacity :
a. Woven
Fabrics -
2,400,000 meters p.a.
b. Dyed/Finishing
Fabrics - 7,600,000 meters
p.a.
c. False
Twisting (Shirting) -
7,900,000 meters p.a.
d. False
Twisting (Yarns) - 200,000 kg p.a.
e. Woven
Yarns - 25,500
bales p.a.
Total Investment :
a. Equity
Capital - Rp.
38.0 billion
b. Loan
Capital - Rp.
57.6 billion
c. Total
Investment - Rp.
95.6 billion
Started Operation :
1961
Brand Name :
Dhanar Mas Concern
Technical Assistance :
None
Number of Employee :
660 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Buyers in Middle East, Africa, Asia
countries, Europe Union and Latin America
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO
PANTES Tbk
b. P.T. CANDRATEX SEJATI
c. P.T. TRISULATEX
d. P.T. PANASIA INDOSYNTEX Tbk.
e. P.T. PUJI PALAPA TEXTLE (PUJITEX)
f. Etc
Business Trend :
Growing
Bankers :
a. P.T. Bank NEGARA INDONESIA TbK
Jalan Asia Afrika 119
Bandung, West Java
Indonesia
b. P.T. Bank PERMATA Tbk
Jalan Merdeka No. 66
Bandung,
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 238.0 billion
2011 – Rp. 245.0 billion
2012 – Rp. 251.0 billion
Net Profit (estimated) :
2010 – Rp. 16.7 billion
2011 – Rp. 17.1 billion
2012 – Rp. 19.1 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Jemmy Kartiwa Sastraatmadja
Board
of Commissioners :
Commissioner - Mr. Entjang
Sastraatmadja
Signatories
:
Director (Mr. Jemmy Kartiwa
Sastraatmadja) which must be approved by Board of Commissioner
Management
Capability :
Good
Business
Morality :
Good
P.T. DHANAR MAS CONCERN
(P.T. DMC) was established in Bandung, West Java on 13 October 1960 with
authorized capital of Rp. 1,000,000 with and issued capital of Rp. 250,000 and
the entirely was paid up. The founders and original shareholders of the company
were Mr. Sadikin and Mr. Ali Achmad both indigenous businessmen. According to
its articles of association the company’s shareholders and capitalization were
revised for several times. Later its authorized capital was increased to Rp.
750,000,000 entirely was issued of which of Rp. 350,000,000 was paid up. With
that time, the company’s shareholders are Mr. Entjang Sastraatmadja AKA Chang
Chi Fa, his wife Mrs. Marlena Setiawan AKA Tan Sioe Moy, both of their sons Mr.
Eddy Tjahjadi Sastraatmadja AKA Chang Ming and Mr. Tonny Sendjaja Sastratmadja
AKA Chang Che Seng and another businessman the late Mr. Theodorus Eranus Isakh
died in 1990. In May 1994 Mr. Jemmy Kartiwa Sastraatmadja joined in as new
shareholder to replace the late Mr. Theodorus Eranus Isakh. Then in June 1995, its
authorized capital was raised to Rp. 50,000,000,000 issued and paid up capital
to Rp. 30,000,000,000. By the same time the shareholders are Mr. Entjang
Sastraatmadja AKA Chang Chi Fa, Mr. Eddy Tjahjadi Sastraatmadja AKA Chang Ming
and Mr. Jemmy Kartiwa Sastraatmadja. Then according to the latest revision of
notary documents of Mr. handy Novianto, SH., M.Kn No. 3 dated 7 July 2012 the
company issued capital was increased to Rp. 38,000,000,000 entirely paid up.
On the same occasion
the whole shares had been controlled by Mr. Jemmy Kartiwa Sastraatmadja
(85.53%), his wife Mrs. Dewi Christianti (13.16%) and his father Mr. Kevin
Andreas (1.31%). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-AH.01.10-27473 dated July 26,
20112.
P.T. DMC has been
operating since 1961 dealing with textile industry. The company initially, ran
two units of plants which are located on Jalan Balekambung, Majalaya, West Java
and Jalan Citepus/Moh. Toha Km. 6.8, Cisirung, Bandung, West Java.. But, the
one which located in Majalaya was sold to another textile milling company in
1990. At present, P.T. DMC only operates a plant in Bandung, which stands over
some 15.0 hectares land with a total building space of 70,000 square meter
including plant’s building, offices, warehouse and various other facilities.
The company only operates in weaving and dyeing/finishing textile. According to
its license, P.T. DMC is able produce 2.4 million meters of woven fabrics
(cotton, T/R and T/C), 7.6 million meters of dyed finished fabrics and 0.2
million meters of false twisting (yarns) respectively per annum. In 1994 the
company set up new plant located at Jalan Taraju No. 8, Banjaran, Bandung, West
Java, to produce woven fabrics, false twisting (shirting) and false twisting
(yarns). In 1995 and 1998 it expanded to increase production capacity of 25,500
bales per annum.
Currently P.T.
DHANAR MAS CONCERN covered about 15 acre of industrial area, which completed
with some facilities, such as quality control department, warehouse, yarn
processing, workshop, printing and dyeing department, packing department, sport
facilities and water treatment. The company is focusing on achieving steady,
controlled, sales growth of its products also. P.T. DMC is integrated textile
company, which has own spinning, weaving, dyeing and printing department. The
company could make various options of product using creativity in twisting the
yarn, weaving type and dyeing finishing, that also provide fast delivery to faithful
customer. Their weaving department is supported by high-tech machine, JAT 710.
They can provide Dobby & Slub quality and have a lot of finishing machines
such as; Calendar Machine, Heat Cut Machine, Peach Skin Machine, Teflon Coating
Process, Crushed Finish, Continuous Selvedge Machine and more. As well as being
a leading supplier to rapidly growing domestic markets, P.T. Dhanar Mas Concern
sells and export some 50% of its product throughout Asia, Australia, Africa,
Europe, Latin and South America and also in the Middle East. Meanwhile, the
rest 50% are marketed domestically.
The textile and textile product (TTP) industry is one of the industries
that has contrived to with stand the protracted global economic crisis. At a
time when the average national industrial utilization rate fell to under 20% in
2008, TTP plants on the other hand were operating at an utilization rate of
above 81.6%. This was attributable to the ability of textile and garment
producers to maintain the utilization rate of plants at a high level by
aggressively stepping up exports. 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 rose to 450.9 ton (7,801.5 million) in 2011 decline to 450,200
tons (US$ (7,304.8 million) in 2012. 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 decreased to
1,493.3 tons (5,563.3 million) in 2011 increase to 1,508.5 tons (US$ 5,278.1
million) in 2012.
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. 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 2012 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 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
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 7,801.5 7,304.8 |
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 1,493.3 1,508.5 |
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 5,563.3 5,278.1 |
Source: Central
Bureau of Statistic
Until this time P.T.
DMC has not been registered with Indonesian Stock Exchange, so that they had
not obliged to announce their financial statement. The
management of P.T. DMC is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover
of the company in 2010 amounted to Rp. 238.0 billion rose to Rp. 245.0 billion
in 2011 increased to Rp. 251.0 billion in 2012 and projected to go on rising by
at least 5% in 2013. The operation in 2012 yielded an estimated net profit of
at least Rp. 19.1 billion and the company has an estimated total networth of at
least Rp. 75.0 billion. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia). The company usually pays its
debts punctually to suppliers.
The management of
P.T. DMC is led by Mr. Jemmy Kartiwa Sastraatmadja (46) a businessman and
professional manager with textile industry (weaving, dyeing, knitting,
printing). The company's management is handled by professional staff 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. In view of the economic and depreciation Rupiah to foreign currency
US$, we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.89 |
|
UK Pound |
1 |
Rs.103.95 |
|
Euro |
1 |
Rs.88.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.