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Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. DELTA MERLIN SANDANG TEXTILE |
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Formerly Known As : |
07 November 1974 as C.V. DUNIATEX 30 May 2001 as P.T. DELTA MERLIN SANDANG TEXTILE |
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Registered Office : |
Jl. Raya Timur Km. 10 Bumiaji, Gondang, Sragen Central Java |
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Country : |
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Date of Incorporation : |
07.11.1974 |
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Com. Reg. No.: |
No. AHU-AH.01.10-11897 |
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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 |
7,250 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Indonesia |
A2 |
A2 |
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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 |
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
SANDANG TEXTILE
Address :
Head Office &
Factory I
Jl. Raya Timur Km. 10
Bumiaji, Gondang, Sragen
Central Java
Indonesia
Phones - (62-271) 887 002,
887 008
Fax. - (62-271)
887 009
Land area - 30,000 sq.
meters
Factory space - 12,500 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jl. Raya Solo – Sragen Km. 22
Pulosari, Kebakkramat, Karangayar
Sragen, Central Java
Indonesia
Phones - (62-271)
652534
Fax. - (62-271)
652666
Land area - 28,000 sq.
meters
Factory space - 12,000 sq. meters
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
07 November 1974 as C.V. DUNIATEX
30 May 2001 as P.T. DELTA MERLIN SANDANG TEXTILE
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Justice and Human Rights
a. No. C-03945.HT.01.01.TH.2001
Dated 27 July 2001
b. No. AHU-45795.ah.01.02.Tahun 2008
Dated 29 July 2008
c. No. AHU-AH.01.10-12739
Dated 11 August 2009
d. No. AHU-AH.01.10-11897
Dated 02 April 2013
Company
Status :
Domestic Investment Company (PMDN)
Permits by the
Government Department :
a. The Department
of Finance
NPWP No. 02.014.399.6-528.000
b. The Capital
Investment Coordinating Board
No. 10/33/I/PMDN/2001
Dated 05 July 2001
Related/Affiliated
Companies :
a. P.T. DUNIA SETIA SANDANG ASLI TEXTILE (Textile Industry)
b. P.T. DELTA MERLIN DUNIA TEXTILE (Textile Industry)
c. P.T. DUNIA SANDANG ABADI TEXTILE (Textile Industry)
d. P.T. DAMITEX (Textile Industry)
Capital Structure
:
Authorized Capital -
Rp. 1,693,000,000,000.-
Issued Capital -
Rp. 473,250,000,000.-
Paid up Capital -
Rp. 473,250,000,000.-
Shareholders/Owners
:
a. P.T. DELTA DUNIA TEKSTIL - Rp. 323,000,000,000.- (68.25%)
Jl. Raya Palur Km. 7,1,
Dagen,
Jaten, Karang Anyar
Central Java
b. Mr. Sumitro - Rp. 150,250,000,000.- (31.74%)
Jl. Tegalharjo, RT. 04, RW.
04
Kel. Tegalharjo, Kec. Jebres
Surakarta, Central Java
Lines of Business
:
Spinning Mills Industry
Production
Capacity :
Spun Yarn - 250,000 bales
per annum
Total Investment :
a. Equity Capital -
Rp. 250.0 billion
b. Loan Capital - Rp.
820.0 billion
c. Total Investment - Rp. 1,070.0 billion
Started Operation
:
In 1975 when it was named C.V. DUNIATEX
Number of Employee
:
7,250 persons
Marketing Area :
Domestic (Local) - 100%
Main Customers :
a. P.T. Dunia Setia Sandang Asli Textile
b. P.T. Delta Merlin Dunia Textile
c. P.T. Dunia Sandang Abadi Textile
d. P.T. Damitex, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. Dawai Indah Adi
b. P.T. DjoniTextindo
c. P.T. Golden Tatex Indonesia
d. P.T. Gunawan Texindo
e. P.T. Indopanca Centratex
f. P.T. Maligi Spinning Mills
Business Trend :
Fluctuating
Bankers :
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
Annual Sales
(estimated) :
2010 – Rp. 720.0 billion
2011 – Rp. 760.0 billion
2012 – Rp. 780.0 billion
2013 – Rp. 740.0 billion
Net Profit (Loss)
:
2010 – Rp. 24.9 billion
2011 – Rp. 26.3 billion
2012 – Rp. 27.0 billion
2013 – Rp. 25.6 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Tan Sauw Hwa
Director - Mr. Budi Santoso
Board of Commissioner :
President Commissioner -
Mr. Yohanes Hendrawan
Commissioner - Mr. Prasetyo Kris Widada
Signatories :
President Directors (Mr. Tan Sauw Hwa)
or Director (Mr. Budi Santoso) which must be approved by Board of Commissioners
(Mr. Yohanes Hendrawan or Mr. Prasetyo Kris Widada)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Initially named C.V. DUNIATEX was established in 1974 with legal status
C.V. (Commanditaire Vennootschap) or Partnership with Sleeping partners. The founding shareholders of C.V. DUNIATEX
are Mr. Sugeng Hartono aka Tan Hoang King, his wife Mrs. Indriati and his
brother Mr. Eddy Iskandar AKA Tan Hoen Tjik, all are Indonesian of Chinese
extraction. In May 2001 the founding
shareholders pulled out and the whole shares are sold to Mr. Sumitro (80%) and
his younger sister Miss Susana John Setiawan (20%), both are Indonesian
entrepreneurs of Chinese extraction.
Concurrently, the company renamed to P.T. DELTA MERLIN SANDANG TEXTILE
(P.T. DMST) with the authorized capital of Rp. 1,000,000,000,000 of which Rp.
250,000,000,000 was issued and fully paid up. The Deed of establishment was
made by Notary Pujiastuti Pangestu, SH., and it was approved by the Minister of
Justice and Human Rights through its Decree No. C-03945.HT.01.01.TH.2001 dated
July 27, 2001.
The articles of association of the company have frequently been
revised. In June 2009 based on notarial
Deed No. 06 dated June 01, 2009 made by Notary Pujiastuti Pangestu, SH., the
authorized capital was raised again to Rp. 1,693,000,000,000.- of which Rp
473,250,000,000.- was issued and fully paid up. Since at the time, the shareholders of the
company are P.T. DELTA DUNIA TEKSTIL (68.25%) and Mr. Sumitro (31.75%). The
deed of amendments was approved by the Ministry of Law and Human Rights in its
Decision Letter No. AHU-AH.01.10-12739 dated August 11, 2009.
Most recently by notarial deed number 34 dated February 18, 2013 was
made by Notary Pujiastuti Pangestu, SH., the company’s board of director and
board of commissioner had been changed. The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-11897
dated April 2, 2013.
We observed that P.T. DMST has been in operation since 1974 (when it was named CV. DUNIATEX) in dealing with spinning mills and grey fabric industry by managing a plant located at Jalan Raya Palur Sragen Km 71, Karang Anyar, Solo, Central Java. In May 2001 P.T. DMST focusing on yarn weaving industry. Whereas, the unit for producing grey fabrics, dyeing, printing and finishing was shifted to its sister company (PT. Delta Dunia Tekstil) whose plant is still located at Jalan Raya Palur Sragen Km 71, Karang Anyar, Solo, Central Java.
In July 2001, P.T. DMST obtained a domestic investment company (PMDN)
facility issued by Investment Coordinating Board (BKPM) with number
10/33/I/PMDN/2001 dated July 5, 2001 for dealing with spinning mills
industry. Today, P.T. DMST manages two
spinning mills located at Jalan Raya Timur Km. 10, Bumiaji, Gondang, Sragen and
Jalan Raya Solo-Sragen Km. 22, Sragen, both are in Central Java. According to the Capital Investment
Coordinating Board (BKPM), P.T. DMST has annual production capacity of 250,000
bales of spun yarns consisting of cotton and viscose yarns and cotton/viscose
blend yarns. Total investment reached Rp. 1,070.0 billion coming from own
capital of Rp. 250.0 billion while the rest from loans. P.T. DMST produces not
only conventional yarns but also high-twist and fine yarns. A large extent of
the products is absorbed by its four sister companies dealing with textile
industry in the form of grey fabrics and finished fabrics. We observed that
P.T. DMST is classified as a large-sized company of its kind in the country of
which the operation has been fluctuating in the last five 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 |
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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 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. DMST 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. DMST’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. 760.0 billion increased to Rp. 780.0
billion in 2012 and declined to Rp. 740.0 billion in 2013. The operation in
2013 yielded an estimated net profit of at least Rp. 25.6 billion and the
company has a total asset of Rp. 560.0 billion.
We observe that P.T. DMST 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. DMST's management is headed by Mr. Tan Sauw Hwa (53) as president
director, a professional manager with more than 15 years of experience in
textile industry and trading. In daily
activities, he is assisted by Mr. Budi Santoso (48) as director. 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. DMST, but since February 2013 he pulled out and was
replaced by Mr. Yohanes Hendrawan (32) and Mr. Prasetyo Kris Widada (39). This relates to a case
of copyright infringement fabric products from PT. SRITEX made by Mr. Sumitro and his mother
Mrs. Indriati through PT. Delta Merlin Dunia Textile. 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.
Considering the operation of P.T. DMST declined in the last two years
and 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.60.48 |
|
UK Pound |
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
SDA |
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 |
|
|
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 |
|
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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.