|
Report No. : |
307558 |
|
Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DELTA DUNIA
SANDANG TEKSTIL |
|
|
|
|
Registered Office : |
Jalan
Raya Palur Km. 7.1, Karanganyar, 57111, Cental Java |
|
|
|
|
Country : |
Indonesia
|
|
|
|
|
Date of Incorporation : |
14.01.2003 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-10033 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Spinning Mills and
Grey Fabrics Industry |
|
|
|
|
No. of Employees : |
7,505 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
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.
DELTA DUNIA SANDANG TEKSTIL
A
d d r e s s :
Head Office
Jalan
Raya Palur Km. 7.1
Karanganyar,
57111
Cental
Java
Indonesia
Phone -
(62-271) 825251, 821110, 821117
Fax - (62-271) 826599, 827229
Email - duniatex@gmail.com
Website - http://www.duniatex.com
Building Area - 1,560 sq. meters
Office Space - 280 sq. meters
Region - Industrial
Zone
Status - Owned
Factory
Jalan
Raya Semarang – Demak Km. 14
Tambak
Roto, Sayung Demak
Demak,
59563
Central
Java
Indonesia
Phones -
(62-24) 651 4231, 651 4232
Fax - (62-24) 651 4233
E-mail - rhema.ddst@yahoo.com
Land Area - 300,000 sq.
meters
Building Space - 228,000 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
14
January 2003
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
- No. C-04348 HT.01.01.TH.2003
Dated 28 February 2003
- No. AHU-12235.AH.01.02.TH.2009
Dated 13 April 2009
- No. AHU-23727.AH.01.02.TH.2010
Dated 10 May 2010
- No. AHU-AH.01.10-10033
Dated 11 March 2014
Company
Status :
National
Private and Domestic Investment (PMDN) Company
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.304.213.8-528.000
The Capital Investment Coordinating
Board
No.
03/33/I/PMDN/2003
Dated
20 February 2003
Related
Companies :
a. P.T. DELTA DUNIA TEKSTIL (Spinning Mills and
Grey Fabric and Investment Holding)
b. P.T. DELTA MERLIN DUNIA TEKSTIL (Weaving
Industry)
c. P.T. DELTA MERLIN SANDANG TEKSTIL (Spinning
Mills)
d. P.T. DUNIA SANDANG ABADI TEXTILE (Weaving
Industry)
e. P.T. DUNIA SETIA SANDANG ASLI TEKSTIL
(Investment Holding)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000,000.-
Issued
Capital :
Rp. 900,000,000,000.-
Paid
up Capital :
Rp. 900,000,000,000.-
Shareholders/Owners
:
a. Mr. Sumitro -
Rp. 450,000,000,000.-
Address : Jl. Tegalharjo, RT. 004, RW. 004
Kelurahan Tegalharjo, Kecamatan Jebres
Surakarta, Central Java
Indonesia
b. P.T. DELTA DUNIA TEKSTIL - Rp. 200,000,000,000.-
Address : Jl. Raya Palur Km. 7.1
Kelurahan Jaten, Kecamatan Karanganyar
Solo, Central Java
Indonesia
c. P.T. DUNIA SETIA SANDANG ASLI TEKSTIL - Rp. 200,000,000,000.-
Address :
Jl. Raya Palur Km. 7.1
Kelurahan Jaten, Kecamatan Karanganyar
Solo, Central Java
Indonesia
d. Mrs. Susana John Setiawan -
Rp. 49,950,000,000.-
Address :
Jl. Tegalharjo, RT. 004, RW. 004
Kelurahan Tegalharjo, Kecamatan Jebres
Surakarta, Central Java
Indonesia
e. Mrs. Indriati -
Rp. 50,000,000.-
Address : Jl. Kepunton No. 35,
Kelurahan Tegalharjo, Kecamatan Jebres
Surakarta, Central Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines of Business :
Spinning Mills and
Grey Fabrics Industry
Production Capacity :
a. Yarns - 200,000 bales p.a.
b. Grey Fabrics -
100,000,000 meters p.a.
Total Investment :
a. Equity Capital - Rp. 1,000.0 billion
b. Loan Capital - Rp. 80.0 billion
c. Total Investment - Rp. 1,080.0 billion
Started Operation :
June 2007
Brand Name :
Delta Dunia Sandang
Tekstil
Technical Assistance
:
None
Number of Employee :
7,505 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Garment industries
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. APAC INTI CORPORA
b. P.T. ARGO PANTES Tbk
c. P.T. GUNAWANTEX
d. P.T. INDORAMA SYNTHETICS
Tbk
e. P.T. SRI REJEKI TEXTILE
Tbk
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Raya Palur Km. 5
Karanganyar, Central Java
Indonesia
b. P.T. Bank MANDIRI Tbk
Jalan Lawu No. 386
Karanganyar, Central Java
Indonesia
c. P.T. Bank CIMB NIAGA Tbk
Jalan Lawu No. 56
Karanganyar, Central Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 635.8 billion
2013
– Rp. 680.0 billion
2014
– Rp. 720.0 billion
Net
Profit (estimated) :
2012
– Rp. 50.9 billion
2013
– Rp. 54.4 billion
2014
– Rp. 57.6 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Yohanes Hendrawan
Director -
Mr. Budi Santoso
Board of Commissioners :
President Commissioner - Mr. Tan Sauw Hwa
Commissioner - Mr. Gideon Haryanto
Signatories :
President
Director (Mr. Yohanes Hendrawan) or the Director (Mr. Budi Santoso) which must
be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. DELTA DUNIA SANDANG TEKSTIL (P.T. DDST) was
established in Karanganyar, Central Java based on notary deed Mrs. Pujiastuti,
SH., no. 9 dated 14 January 2003 with an authorized capital of Rp. 1,000,000,000,000
issued capital of Rp. 250,000,000,000 entirely paid up. The founding and
shareholders of the company are Mr. Sumitro and his wife Mrs. Susana John
Setiawan both are Indonesian business family of Chinese extraction. Its article
of association had been changed a couple of times. In December 2008 his mother
Mrs. Indriati entered into the company as new shareholder. Later in June 2010
the company issued capital was increased to Rp. 500,000,000,000 entirely paid
up. In April 2013 the company issued capital was raised again into Rp.
900,000,000,000 entirely paid up. On the same occasion P.T. DELTA DUNIA TEKSTIL
and P.T. DUNIA SETIA SANDANG ASLI TEKSTIL entered into the company as new
shareholders. With this development the composition of its shareholders has
been changed to become Mr. Sumitro (50.00%), P.T. DELTA DUNIA TEKSTIL (22.22%),
P.T. DUNIA SETIA SANDANG ASLI TEKSTIL (22.22%), Mrs. Susana John Setiawan
(5.55%) and Mrs. Indriati (0.01%).
The latest according to the revision of notary deed Mrs. Pujiastuti,
SH., in February 2014 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.01.10-10033
dated March 11, 2014.
P.T. DDST is a Domestic Investment (PMDN) company
facility to deal with spinning mills and grey fabrics. Its plant is located at
Jalan Raya Semarang – Demak Km. 14, Tambak Roto, Sayung Demak, Central Java
standing on a land bank of 300,000 sq. meters. The plant had been operating
since mid-2007 by produce of yarns and grey fabrics. The types of products are
rayon yarn & blended, polyester yarns & blended, cotton carded yarn
& combed yarn, cotton modal, rayon tencel and greige fabrics such as rayon,
cotton, polyester & blended, spun fabrics and others. Most of raw materials
like cotton is imported from Australia, Pakistan, Africa, China as well as
America. P.T. DDST's objective and orientation is to become the nation's
biggest, strongest and the most reputable name in the textile industry, and
further, to become a world leader on its behalf.
The company pays extensive attention to the development
of human resources and welfare, to maintain loyalty and professionalism. P.T.
DDST believes that without the support, commitment and loyalty from its
reliable and professional staff, corporate existence and attainment of future
goals would be impossible. P.T. DDST has achieved Certification of Quality
Standards ISO: 9001:2000. The company's customers can be found in several
countries across four different continents; Asia, Europe, Africa, and the
Americas, P.T. DDST also continues to spread its wings by developing a number
of new factories as well as increasing the number of spindles,: 240,000 at
present. P.T. DDST will continue to perform, to meet its local, nationwide, and
worldwide market demands. Ms. Indah Susanti and Ms. Rhema, export staff of the
company explained some 50% of the products is exported to Asian, Africa,
Europe, America, while the rest 50% marketed locally to various garment
industries in Solo, Central Java, West Java and others. We observe the
operation of P.T. DDST has been growing in the last three 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. DDST has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. DDST is very reclusive towards outsiders and
rejected to disclose its financial condition. We estimated that total sales
turnover of the company in 2012 amounted to Rp. 635.8 billion increased to Rp.
680.0 billion in 2013 rose to Rp. 720.0 billion in 2014 and projected to go on
rising by at least 6% in 2015. The operation in 2014 yielded an estimated net
profit of at least Rp. 57.6 billion and the company has an estimated total
networth of at least Rp. 900.0 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. DDST is led by Mr. Yohanes
Hendrawan (33) a professional manager with experience in spinning mills and
grey fabric industry. Daily activity he is assisted by Mr. Budi Santoso (49) 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. DELTA DUNIA SANDANG
TEKSTIL is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.00 |
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.