MIRA INFORM REPORT

 

 

Report No. :

301645

Report Date :

09.01.2015

 

IDENTIFICATION DETAILS

 

Name :

P.T. MATAHARI SENTOSA JAYA

 

 

Registered Office :

Jl. Joyodikromo Kp. Hujung RT.9, RW.7, Kel. Utama Kec. Cimahi Selatan Leuwigajah, Cimahi, Bandung, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

19.10.1989

 

 

Com. Reg. No.:

AHU-AH.01.10-18359

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Integrated Textile Industry.

 

 

No. of Employee :

1,120

 

 

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 :

Slow but correct

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

Company name & address

 

Correct Name of Company :

P.T. MATAHARI SENTOSA JAYA

 

Address :

Head Office & Factory I

Jl. Joyodikromo Kp. Hujung RT.9, RW.7

Kel. Utama Kec. Cimahi Selatan

Leuwigajah, Cimahi

Bandung, West Java

Indonesia

Phone               - (62-22) 633 689 (Hunting)

Fax                   - (62-22) 636 689, 6045026

Land Area         - 16,200 sq. meters

Building Space  -   5,800 sq. meters

Region              - Industrial Zone

Status               - Rent

 

Factory II

Jl. Raya Batujajar No. 173

Desa Laksana Mekar

Padalarang, Bandung

West Java

Indonesia

Phone               - (62-21) 572 7301 (Hunting)

Fax                   - (62-21) 572 7302

Land Area         - 12,600 sq. meters

Building Space  -   6,500 sq. meters

Region              - Industrial Zone

Status               - Rent

 

Date of Incorporation :

19 October 1989

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

a. No. AHU-75869.AH.01.02.Tahun 2008

    Dated 20 October 2008

 

b. No. AHU-AH.01.10-18359

    Dated 21 July 2010

 

 

Company Status :

Domestic Investment Company (PMDN)

 

Permits by the Government Department :

a. The Department of Finance 

    NPWP No. 01.494.479.7-421.000

 

b. The Department of Industry and Trade

    TDP No. 102411700418

 

c. The Investment Coordinating Board

    - No. 71/I/PMDN/1990

      Dated 22 January 1990

    - No. 252/II/PMDN/1997

      Dated 15 February 1997

 

Affiliated/Associated Company :

P.T. MATAHARI SENTOSA (Zipper Fastener Manufacturing)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - Rp. 12,000,000,000.-

Issued Capital               - Rp. 12,000,000,000.-

Paid up Capital             - Rp. 12,000,000,000.-

 

Shareholders/Owners :

a. Mr. Sung Chung Yao            - Rp. 3,900,000,000.- (32.5%)

   Address : Jl. Kamp. Hujung Kidul RT.009, RW.007

                   Cimahi, Bandung, West Java

                   Indonesia

b. Mrs. Sheao Yen Shin           - Rp. 2,100,000,000.- (17.5%)

   Address : Jl. Kamp. Hujung Kidul RT.009, RW.007

                   Cimahi, Bandung, West Java

                   Indonesia

c. Mr. Sung Wey Min                - Rp. 1,200,000,000.- (10.0%)

   Address : Jl. Kamp. Hujung Kidul RT.009, RW.007

                   Cimahi, Bandung, West Java

                   Indonesia

d. Mrs. Sung Wen Li Angela     - Rp. 1,200,000,000.- (10.0%)

   Address : Jl. Kamp. Hujung Kidul RT.009, RW.007

                   Cimahi, Bandung, West Java

                   Indonesia

e. Mrs. Sheao Hai He                - Rp. 3,600,000,000.- (30.0%)

   Address : Jl. Kamp. Hujung Kidul RT.009, RW.007

                   Cimahi, Bandung, West Java

                   Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Integrated Textile Industry

 

Production Capacity :

a. Acrylic Yarns                         - 6,600 tons p.a.

b. Socks                                   - 3,650,000 dozens p.a.

c. Hats                                      -    234,000 dozens p.a.

d. Shawls                                  -    150,000 dozens p.a.

e. Gloves                                  -    178,800 dozens p.a.

f.  Yarn Pile Fabrics                   - 1.2 million meters p.a.

g. Sliver Pile Fabrics                 - 1.2 million meters p.a.

h. Yarns                                    - 3,200 tons p.a.

i.  Sweaters                               - 820,000 dozens p.a.

 

Total Investment :

a. Equity Capital            - Rp. 12.0 billion

b. Loan Capital  - Rp. 51.2 billion

c. Total Investment        - Rp. 63.2 billion

 

Started Operation :

October 1991

 

Brand Name :

MSJ

 

Technical Assistance :

None

 

Number of Employee :

1,120 persons  

 

Marketing Area :

a. Domestic                  - 10%

b. Export          - 90%

 

Main Customers :

a. Oversea buyer in Japan, USA, Italy, United Kingdom, France and others

b. Department Stores and Traditional Markets

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. BUSANA REMAJA AGRACIPTA

b. P.T. BINTANG ADI BUSANA

c. P.T. MASTERINDO JAYA ABADI

d. P.T. METRO GARMENT

 

e. P.T. UNGARAN SARI GARMENT

f.  P.T. LEADING GARMENT INDUSTRY

g. Etc.

 

Business Trend :

Fluctuating

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a. P.T. Bank CENTRAL ASIA Tbk

    Bandung Branch

    Jl. Asia Afrika No. 122-124

    Bandung, West Java

    Indonesia

 

b. P.T. Bank RAKYAT INDONESIA Tbk

    Bandung Branch

    Jl. Braga No. 18-18A

    Bandung, West Java

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2010 – Rp. 320.0 billion

2011 – Rp. 340.0 billion

2012 – Rp. 326.0 billion

2013 – Rp. 318.0 billion

2014 – Rp. 302.0 billion

 

Net Profit (estimated) :

2010 – Rp. 11.2 billion

2011 – Rp. 12.0 billion

2012 – Rp. 11.5 billion

2013 – Rp. 11.0 billion

2014 – Rp. 10.4 billion

 

Payment Manner :

Sometime delay

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                     - Mr. Sung Chung Yao

Directors                                   - a. Mr. Sung Wey Min

                                                  b. Mrs. Sung Wen Li Angela

                                                  c. Mrs. Sheao Hai He

 

Board of Commissioner :

Commissioner                           - Mrs. Sheao Yen Shin

 

Signatories :

President Director (Mr. Sung Chung Yao) or one of the Directors (Mr. Sung Wey Min, Mrs. Sung Wen Li Angela and Mrs. Sheao Hai He) which must be approved by the Board of Commissioner (Mrs. Sheao Yen Shin)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Average

 

 

OVERALL PERFORMANCE

 

P.T. MATAHARI SENTOSA JAYA (P.T. MSJ) was established in October 1989 with an authorized capital of Rp. 20,000,000.-, entirely was issued and paid up. The founding shareholders of the company are Mr. Sung Chung Yao, his younger brother Mr. Sung Yao Kwok, Mrs. Sheao Yen Shin (wife of Mr. Sung Chung Yao) and Mrs. Sheao Ai Shin (wife of Mr. Sung Yao Kwok), a Taiwan Chinese origins Indonesian business family. Its Articles of association has frequently amended for a couple of times. In 1992 the authorized capital was raised to Rp. 6,000,000,000.-, issued and paid up capital to Rp 2,100,000,000.-. In December 1998, its authorized capital of Rp. 6,000,000,000.- has been wholly issued and paid-up.   In October 2008, the authorized capital was raised again to Rp. 12,000,000,000.- entirely was issued and fully paid up.  Since that time, shareholders of the company are Mr. Sung Chung Yao (32.5%), Mrs. Sheao Yen Shin (17.5%), Mr. Sung Wey Min (10%), Mrs. Sung Wen Li Anela (10%) and Mrs. Sheao Hai He (30%).  The deed of amendment was approved by the Ministry of Law and Human Right in its Decision Letter No.AHU-75869.AH.01.02.TH.2008, dated October 20, 2008 and No. AHU-AH.01.10-18359 dated July 21, 2010.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

We observe that Mr. Sung Chung Yao and Mrs. Sheao Yen Shin is also business stakes owner of P.T. MATAHARI SENTOSA engaged in the field of zipper fastener manufacturing which plants located at Jl. Joyodikromo No. 42, Bandung, West Java.

 

P.T. MSJ has been in operation since October1991 dealing with textile industry. Its plant is located at Jalan Joyodikromo No. 42, Kampung Hujung, Cimahi, West Java. The plant has frequently been expanded and until the early 1996 it produced Acrylic Yarns, Socks, Hats, Shawls, Gloves, Yarn Pile Fabrics and Silver Pile Fabrics.  In mid-1996 the company took over P.T. HENINDO's plant located at Jalan Raya Batujajar No. 173, Desa Laksana Mekar, Padalarang, Bandung, West Java.  The plant produces sweater with a production capacity of 120,000 dozens per year.  In December 1997 the company acquired an expansion permit to produce 700,000 dozen sweaters per year.   Beside, P.T. MSJ also produce winter accessories likes scarves, hats, gloves, ponchos, mittens, etc.   Some 90% of the products will be exported to Japan, USA, Italy, United Kingdom, Germany, France and other countries, while the rest for local market.  Their main customers are Totes Isotoner, Ishalom, Goldmedal, H&M, Esprit, Burton, Cecil, C&A, AWG, Drew Brady, Foetex, karstadt, Kiabi, Zeeman, etc. We observed that P.T. MSJ 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 finished fabrics, garment, cotton yarn, polyester textured yarn, 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 dropped to 450,200 tons (US$ 7,304.8 million) in 2012 and to 470.2 thousand tons (US$ 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 1,477.800 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 rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013. 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.  MSJ has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. P.T. MSJ's management adopts very reclusive attitude towards outsiders and rejected to unveil its financial condition but we estimated that its operation in 2011 posted a total sales turnover of Rp. 340.0 billion declined to Rp. 326.0 billion in 2012 to Rp. 318.0 billion in 2013 and dropped again to Rp. 302.0 billion in 2014. We estimated that P.T. MSJ's operation in 2014 yielded a total net profit of about Rp. 10.4 billion with a total net-worth of about Rp. 128.0 billion.  We observed that P.T. MSJ’s financial condition is supported by less strong financially Indonesian businessmen of Taiwan Chinese extraction.

 

P.T. MSJ's management is led by Mr. Sung Chung Yao (78) as president director, a businessman with 32 years experience in textile manufacturing and trading.  In daily activities, he is assisted by three directors namely Mr. Sung Wey Min (46), Mrs. Sung Wen Li Angela (42), both are son and daughter of Mr. Sung Chung Yo and Mrs. Sheao Hai He (61).  The management is also handled by well-experienced by professional managers in the above business having wide relation with home and overseas private businessmen as well as with government sectors.  As far as business is concerned the management of P.T. MSJ has never involved in any fraudulent dealings.

 

P.T. MSJ is appraised to be good for business transaction.  However, in view of the economic condition in the country is still unstable and slowdown, we recommend to treat prudently in extending any new loan to the company.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.97

UK Pound

1

Rs.94.97

Euro

1

Rs.74.43

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.