|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DELTA MERLIN DUNIA TEXTILE |
|
|
|
|
Registered Office : |
Jalan Raya Solo Sragen Km. 14, Pulosari, Kebak Kramat, Karanganyar, Central Java |
|
|
|
|
Country : |
Indonesia |
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|
|
|
Date of Incorporation : |
25.09.1995 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-11937 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Subject is engaged in the Textile Industry |
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|
|
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No. of Employees : |
7,518 |
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 |
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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, has grown strongly since 2010. During the global financial crisis,
Indonesia outperformed its regional neighbors and joined China and India as the
only G20 members posting growth. The government has promoted fiscally
conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel
subsidies in the face of high oil prices.
|
Source
: CIA |
Name of Company :
P.T. DELTA MERLIN DUNIA TEXTILE
A d d r e s s :
Head Office & Factory
Jalan Raya Solo Sragen Km. 14
Pulosari, Kebak Kramat
Karanganyar, Central Java
Indonesia
Phones -
(62-271) 653 313 (hunting)
Fax - (62-271) 653 113
Land Area - 30 hectares
Building Area - 24 hectares
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
25 September 1995
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
AHU-04478.AH.01.02.Tahun 2008
Dated 29 January
2008
b. No. AHU-AH.01.10-05558
Dated 16
February 2012
c. No. AHU-AH.01.10-11937
Dated 03
April 2013
Company Status :
National Private Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.705.597.1-528.000
Related/Affiliated
Companies :
a. P.T. DUNIA SETIA SANDANG ASLI TEXTILE (Textile Industry)
b. P.T. DELTA MERLIN SANDANG TEXTILE (Textile Industry)
c. P.T. DUNIA SANDANG ABADI TEXTILE (Textile Industry)
d. P.T. DAMITEX (Textile Industry)
Capital Structure :
Authorized Capital - Rp.
1,500,000,000,000.-
Issued Capital - Rp.
1,029,000,000,000.-
Paid up Capital - Rp.
1,029,000,000,000.-
Shareholders/Owners :
a. Mr. Sumitro - Rp. 1,027,000,000,000.- (99.80%)
Address : Jl.
Tegalharjo, RT.004/RW.004
Jebres, Surakarta, Central Java
Indonesia
b. Mrs. Susana John Setiawan - Rp. 1,000,000,000.- ( 0.10%)
Address : Jl.
Tegalharjo, RT.004/RW.004
Jebres, Surakarta, Central Java
Indonesia
c. Mrs. Indriati - Rp.
1,000,000,000.- ( 0.10%)
Address : Jl. Arief Rahman Hakim No. 39
Surakarta, Central Java
Indonesia
Lines of Business :
Textile Industry
Production Capacity :
a. Spun Yarn - 107,143 bales
p.a.
b. Grey Fabrics - 180.0 million
meters p.a.
Total Investment :
Owned Capital - Rp. 1,029 billion
Started Operation :
1999
Brand Name :
Delta Merlin Dunia Textile
Technical Assistance :
None
Number of Employee :
7,518 persons
Marketing Area :
a. Local - 40%
b. Export - 60%
Main Customers :
a. Garment Industries
b. Foreign buyers in Europe, USA and Canada
Market Situation :
Very Competitive
Main Competitors :
a. PT. Fuji Palapa Textile
b. PT. Sri Rejeki Isman
c. PT. Gunawantex
d. PT. Trisulatex
e. PT. Sinar Padasuka Textile
f. PT. Badjatex, etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank Internasional Indonesia Tbk
Central Processing Centre
Jl. MH Thamrin Kav. 22 No. 51
Jakarta, Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Karanganyar Branch
Surakarta, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sales/Income (estimated) :
2010 – Rp. 756.0 billion
2011 – Rp. 862.0 billion
2012 – Rp. 990.0 billion
2013 – Rp.1,076.0 billion
Net Profit (estimated) :
2010 – Rp. 26.4 billion
2011 – Rp. 30.1 billion
2012 – Rp. 34.6 billion
2013 – Rp. 38.0 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Hendra Wangsa Sasmita
Directors - a. Mr. Yohanes Hendrawan
b. Mr. Joko Waluyo
Board of Commissioners :
Commissioners - a. Mr. Tan Sauw Hwa
b. Mr. Prasetyo Kris Widada
Signatories :
President Director (Mr. Hendra Wangsa
Sasmita) or one of the Director (Mr. Yohanes Hendrawan or Mr. Joko Waluyo)
which must be approved by Board of Commissioners (Mr. tan Sauw Hwa and Mr.
Prasetyo Kris Widada)
Management Capability :
G o o d
Business Morality :
G o o d
P.T. DELTA MERLIN DUNIA TEXTILE (P.T. DMDT) was established on September
25, 1995 with the authorized capital of Rp. 80,000,000,000 of which Rp. 20,000,000,000
was issued and fully paid up. The founding shareholders of the company are Mr.
Sumitro and his parents Mr. Sugeng Hartono AKA Tan Hoang King and Mrs.
Indriati, an Indonesian business family of Chinese extraction. The Article of Association has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. C2-112.HT.01.01.TH.97 dated January 8, 1997.
The articles of association of the company have frequently been revised.
In March 2000, the authorized capital was raised to Rp. 800,000,000,000 of
which Rp. 210,000,000,000 was issued and fully paid up and concurrently Mr.
Sugeng Hartono withdrew and replaced by Mrs. Ellyana Hartanti and P.T. DUNIA
SETIA SANDANG ASLI TEXTILE, a private company of which the majority shares are
controlled by Mr. Sumitro. Most recently
by notarial deed of Pujiastuti Pangestu, SH., No. 103 dated December 28, 2011
the authorized capital was raised again to Rp. 1,500,000,000,000.- of which Rp.
1,029,000,000,000.- was issued and fully paid up. At the same time, the shareholders of P.T.
DMDT are Mr. Sumitro (99.8%), Mrs. Susana John Setiawan (0.1%) and Mrs.
Indriati (0.1%). The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-05556 dated February 16, 2012.
According to the latest amendment to notary Deed of Notary Pujiastuti Pangestu, SH., No. 32 dated 18 February 2013, the company board of director and the board of commissioner had been changed. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-11937 dated April 3, 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. DMDT is a member of the DELTA MERLIN Group, a large sized company
group in Central Java focusing its activities on textile industry. Initially,
the parent company of the DELTA MERLIN Group was C.V. DUNIATEX, a textile
company being established by Mr. Sugeng Hartono in 1994. However, in May 2001
the company renamed to P.T. DELTA MERLIN SANDANG TEXTILE focusing on spinning
mills industry.
P.T. DMDT obtained a Domestic Capital Investment (PMDN) facility issued
by the Capital Investment Coordinating Board (BKPM) in 1996 to deal with
textile industry. Its plant is located at Jalan Raya Solo Sragen Km. 14,
Pulosari, Kebakramat, Karanganyar, Solo, Central Java on a land of 30 hectares.
According to its license, P.T. DMDT has annual production capacity of 107,143
bales of spinning yarns, 180 million of grey fabrics with an investment of Rp.
202.5 billion comprising own capital of Rp. 80.0 billion and the rest from
loans. The development of the project had ever been postponed as the impact of
the economic crisis battering the country since mid-1997. In 1999, P.T. DMDT started to operate
commercially by keeping on adding machinery and other equipments of the plant.
In August 2001, P.T. DMDT changed its project plan in which the initial
investment of Rp. 202.5 billion was raised to Rp. 744.0 billion and raised
again to Rp. 1,029.0 billion at present, which whole coming from own
capital. Besides, the spinning yarn of
P.T. DMDT are supplied by its sister company P.T. DELTA MERLIN SANDANG TEXTILE
with annual production capacity of 250,000 bales. Some 60% of the company
products are exported to various countries including Europe, the USA and Canada
and the rest is locally marketed. We observed that P.T. DMDT 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.
Generally, demand for textile and textile product including cotton yarn,
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 to 450,900 tons (US$ 7,801.5 million) in 2011 and
dropped 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 1,477.800 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 to 1,525,900 tons (US$ 4,721.8 million) in 2010 declined to
1,493,3000 tons (US$ 5,563.3 million) in 2011 and rose again to 1,508,500 tons
(US$ 5,278.1 million) in 2012. 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 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
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. DMDT has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. Therefore, the company has no obligation
to publish financial statement publicly.
P.T. DMDT’s management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated the total sales turnover of
the company in 2011 amounted to Rp. 862.0 billion increased to Rp. 990.0
billion in 2012 rose again to Rp. 1,076.0 billion in 2013 and projected to go
on rising by at least 8% in 2014. The operation in 2013 yielded an estimated
net profit of at least Rp. 38.0 billion and the company has a total asset of
Rp. 1,115.0 billion.
We observe that P.T. DMDT is supported by financially strong behind it.
So far, we did not hear that the company having been black listed by the
Central Bank (Bank Indonesia). The company usually pays its debts punctually to
suppliers.
P.T. DMDT's management is headed by Mr. Hendra Wangsa Sasmita (64), a
professional manager with more than 25 years of experience in textile industry
and trading. In daily activities, he is
assisted by two directors namely Mr. Yohanes Hendrawan (32) and Mr. Joko Waluyo
(51). But we observed that the
prime-mover of the Company is Mr. Sumitro (45), the founder and business stakes
owner of the Company. Initially, Mr.
Sumitro is a Commissioner of PT. DMDT, but since February 2013 he pulled out
and was replaced by Mr. Sauw Hwa Tan (53) and Mr. Kris Prasad Widada (53). This relates to a case
of copyright infringement fabric products from PT. SRITEX made by Mr. Sumitro and his mother
Mrs. Indriati through PT. DMDT. Both suspects charged under Article 72
Paragraph 1 and 2 of the Law of the Republic of Indonesia No. 19 of 2002
regarding Copyright Juncto Article 55 of the Penal Code and Section 56 of the
Criminal Code. But in June 2013, PT.
SRITEX revokes the lawsuit and the case eventually ended peacefully.
P.T. DELTA MERLIN DUNIA TEXTILE is appraised to be good for business
transaction. However, in view of the
above case and the economic condition in the country is still unstable, we
recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.