|
Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. MULTI GARMENJAYA |
|
|
|
|
Registered Office : |
Jalan Karawang No. 1, Kelurahan Batununggal, Kecamatan Batununggal, Bandung, 40272, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
15.07.1987 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-03014 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment
Manufacturing |
|
|
|
|
No of Employees : |
7,000 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
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 |
BASIC
SEARCH
|
Name
of Company :
P.T.
MULTI GARMENJAYA
A
d d r e s s :
Head
Office & Factory (will be moved)
Jalan
Karawang No. 1
Kelurahan
Batununggal, Kecamatan Batununggal
Bandung,
40272
West Java
Indonesia
Phones -
(62-22) 727 2221, 727 2222
Fax - (62-22) 720 0162
E-mail - export@multigarmenjaya.co.id
Website - http://www.multigarmenjaya.co.id
Land Area - 20,000 sq.
meters
Building Space - 17,000 sq. meters
Region - Industrial
Zone
Status - Owned
Branch
Office
Jalan
Soekarno Hatta No. 578
Bandung,
40284
West
Java
Indonesia
Phones -
(62-22) 756 9808, 756 9789
Fax - (62-22) 756 2052
Land Area - 25,000 sq.
meters
Building Space - 20,000 sq. meters
Region - Industrial
Zone
Status - Owned
Factory
(New Factory under still completed)
Jalan
Moh. Toha Km. 7.3
Cisirung,
Pasawahan
Bandung,
40256
West
Java
Indonesia
Phones -
(62-22) 5200 433 (Hunting)
Fax - (62-22) 522 3628
Land Area - 27,000 sq.
meters
Building Space - 20,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
15 July 1987
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
- No. AHU-26531.AH.01.02.TH.2011
Dated 26 May 2011
- No. AHU-AH.01.10-03014
Dated 29 January 2014
Company Status :
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.455.738.3-441.000
The Department of Industry and Trade
No.
330/32.73.12/AI/6/T2/XI/1987
Dated 14 November
1987
Related Company :
P.T. ADHI CHANDRA DWI
UTAMA (Printing Industry)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
150,000,000,000.-
Issued
Capital :
Rp. 103,500,000,000.-
Paid
up Capital :
Rp. 103,500,000,000.-
Shareholders/Owners
:
a. Mr. Tony Tjahjadi -
Rp. 87,975,000,000.-
Address : Jl. Dalem Kaum No. 29
Kelurahan Bandung Kidul, Kecamatan Lengkong
Bandung, West Java
Indonesia
b. Mrs. Dra. Ingrid Sutjiadi -
Rp. 15,525,000,000.-
Address :
Komplek Lemigas No. 5, RT. 005 RW. 002
Kelurahan Cisaat, Kecamatan Sumur
Bandung, bandung, West Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines
of Business :
Garment
Manufacturing
Production Capacity :
Garment (T-Shirts,
Shirts, Pants, Jeans, etc.) -
250,000 dozens p.a.
Total Investment :
Owned Capital - Rp. 150.0
billion
Started Operation :
1990
Brand Name :
Cardinal
Technical Assistance
:
None
Number of Employee :
7,000 persons
Marketing Area :
Export - 65%
Local - 35%
Main Customer :
Buyers in Europe
Union and the USA
Market Situation :
Very Competitive
Main Competitors :
a. P.T. BUSANA RAMA
TEXTILE
b. P.T. CITRA BUSANA
ADIMAS
c. P.T. DUA SEKAWAN
RESPATI
d. P.T. METRO EXIM
INDONUSA
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Asia Afrika 12-124
Bandung, West Java
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Asia Afrika 180
Bandung, West Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2011
– Rp. 270.0 billion
2012
– Rp. 288.0 billion
2013
– Rp. 295.0 billion
2014
– Rp. 153.0 billion (January – June)
Net
Profit (estimated) :
2011
– Rp. 21.6 billion
2012
– Rp. 23.0 billion
2013
– Rp. 25.0 billion
2014
– Rp. 13.8 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Tony Tjahjadi
Director -
Mr. Sujanto Gondowidjojo
Board of Commissioners :
Commissioner - Mrs. Dra. Ingrid Sutjiadi
Signatories :
President
Director (Mr. Tony Tjahjadi) or the Director (Mr. Sujanto Gondowidjojo) which
must be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. MULTI GARMENTJAYA (P.T. MGJ) was established in
Bandung, West Java on 15 July 1987 with an authorized capital of Rp.
500,000,000 issued capital of Rp. 250,000,000 entirely paid up. The founding
and shareholders of the company are Mr. Tony Tjahjadi and Mrs. Dra. Ingrid
Sutjiadi, both are Indonesian businessmen of Chinese descents. Its article of
association had been changed a couple of times. In May 2005 the company
authorized capital was increased to Rp. 5,000,000,000 issued capital to Rp.
4,000,000,000 entirely paid up. The latest according to the revision of notary
deed Mrs. Jeny Suherman, SH., no. 46 dated 20 November 2013 the company
authorized capital was increased to Rp. 150,000,000,000 issued capital to Rp.
103,500,000,000 entirely paid up. With this development the composition of its
shareholders has been changed to become Mr. Tony Tjahjadi (85%) and Mrs. Dra.
Ingrid Sutjiadi (15%). The deed of amendments was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-03014 dated
January 29, 2014.
P.T. MGJ has been operating since 1990 engaged in the
field of garment manufacturing. Its plant is located at Jalan Karawang No. 1,
Batununggal, Bandung, West Java standing on 20,000 sq. meters. Besides, the
company also expanded its plant located at Jalan Moh. Toha Km. 7.3, Pasawahan,
Bandung, West Java standing on 27,000 sq. meters. According information in the
next year 2015 the whole factory will be moved into Jalan Moh. Toha Km. 7.3,
West Java. The company has been expanded frequently to increasing production
capacity. The company produces of T-shit, Shirt, Pants, Blouses, Jeans,
Jackets, and others. According information most of raw materials uses from
locals. The produce of garment quality products, the company equipped with
6,000 units of modern sewing machine, cutting machine, and others. According
information some 65% of the products exported to USA, Japan, Middle East,
Russia while the rest marketed locally through supermarket, department store in
Jakarta and others. Besides, some of the products marketed through distributor
and groceries in Bandung, Jakarta and other traditional markets. The whole
products uses of CARDINAL brand.
The global economic slowdown since October 2008 has
brought negative impact to the company on account of the increasing production
cost and basic material prices. 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 observed that P.T.
MGJ is classified as a medium sized company of its kind in the country of which
the operation has been fluctuating the last five years.
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 450,900 ton (US$ 7,801.5 million) in 2011
decline to 450,200 tons (US$ (7,304.8 million) in 2012 and increased to 470,200
tons (7,501.0 million) in 2013.
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 (US$ 5,563.3 million)
in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012 increased to
1,633.1 tons (US$ 5,293.6 million) in 2013. 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 2013 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 2013 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
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 7,501.0 |
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 1,493.3 1,508.5 1,633.1 |
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 5,293.6 |
Until this time P.T. MGJ has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. MGJ is very reclusive towards outsiders and
rejected to disclose its financial condition.
We estimated that total sales turnover of the company in
2011 amounted to Rp. 270.0 billion rose to Rp. 288.0 billion in 2012 increased
to Rp. 295.0 billion in 2013. As from January to June 2014 the sales has
reached at least Rp. 153.0 billion with a net profit of at least Rp. 13.8
billion and projected to go on rising by at least 6% in 2015. The company has
an estimated total networth of at least Rp. 105.0 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. MGJ is led by Mr. Tony Tjahjadi
(61) a businessman with experience in garment manufacturing. Daily activity he
is assisted by Mr. Sujanto Gondowidjojo (59) as director. 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. P.T. MULTI GARMENJAYA is sufficiently fairly good
for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
|
|
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.