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Report No. : |
343171 |
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Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
INDAH JAYA TEXTILE INDUSTRY |
|
|
|
|
Registered Office : |
Jl.
Pejajaran 14 No. 62 Jatiuwung, Tengerang 14137 Banten Province |
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|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
30.10.1962 |
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|
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Com. Reg. No.: |
AHU-0933526.AH.01.02.Tahun 2015 |
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|
|
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Legal Form : |
P.T.
(Perseroan Terbatas) or Limited Liability Company |
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|
|
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Line of Business : |
Subject
is engaged in Textile Industry. |
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|
|
|
No. of Employee : |
4,230 Persons |
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 |
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Status : |
Satisfactory |
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|
|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDONESIA ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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 toINVESTMENT grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
P.T. INDAH JAYA TEXTILE INDUSTRY
Head
Office & Towel/Yarn Factory
Jl.
Pejajaran 14 No. 62
Jatiuwung,
Tengerang 14137
Banten
Province
Indonesia
Phones -
(62-21) 591 8888 (hunting)
Fax -
(62-21) 591 8830, 591 8158
Email - marketing@indahjaya.co.id
Land Area - 35 hectares
Building Space - 20 hectares
Region - Industrial
Zone
Status - Owned
30
October 1962
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of Law and Human Rights
a. No.
Y.A. 5/319/4
Dated 03 June 1976
b. No.
AHU-11833.AH.01.02.Tahun 2008
Dated 11 March 2008
c. No.
AHU-06813.AH.01.02.Tahun 2010
Dated 09 February 2010
d. No.
AHU-26176.AH.01.02.Tahun 2010
Dated 24 May 2010
e. No.
AHU-AH.01.10-36905
Dated 05 September 2013
f. No.
AHU-0933526.AH.01.02.Tahun 2015
Dated 17 April 2015
National
Company
a. The Department of Finance
NPWP No. 01.313.830.0-415.000
b. The Department of Industry
- No. 225/DJAI/IUT-3/Non-Fas/V/1984
Dated 29 May 1984
- APE No. 090728.P
Dated 03 November 1986
- No. 201/Daglu/KP/III/1988
Dated 09 March 1988
a.
P.T. PARAMA MEGAH JAYA (Trading and Distributor of Towels)
b.
P.T. INDAH JAYA GARMENT (Garment Manufacturing)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized Capital - Rp. 376,650,000,000,000.-
Issued Capital - Rp. 376,650,000,000,000.-
Paid up Capital - Rp. 376,650,000,000,000.-
Shareholders/Owners
:
a. Mr. Johnny Pesik - Rp. 27,500,000,000.- ( 7.3%)
Address : Jl. Imperial
Drive No. 02
Lippo Karawaci, Tangerang
Banten Province
b. Mr. Tony Pesik - Rp. 27,500,000,000.- ( 7.3%)
Address : Jl. Imperial
Drive No. 35
Lippo Karawaci, Tangerang
Banten Province
c. PT. Terry Palmer Indonesia - Rp. 321,650,000,000.- (85.4%)
Address : Jl.
Pajajaran 14 No. 62
Jatiuwung, Tangerang 15137
Banten Province
BUSINESS
ACTIVITIES
|
Lines
of Business :
Textile
Industry
Production
Capacity :
a. Dobby &
Jacquard Towels - 15,600 tons p.a.
b. Cotton Carded
& Combed Yarns - 168,000 tons
p.a.
Total
Investment :
a. Equity Capital - Rp. 376.6 billion
b. Loan Capital - Rp. --
billion
c. Total Investment - Rp. 376.6 billion
Started
Operation :
1962
Brand
Name :
Terry
Palmer
Technical Assistance
:
None
Number of Employee :
4,230 persons
Marketing Area :
Local -
35%
Export - 65%
Main Customers :
a. Hotels,
Supermarkets
b. Country Clubs
c. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Bahtera Jaya
Persada
b. PT. Tatapusaka
Sentosa Textile Mills
c. PT. Ferinatex Jaya
d. PT. Toscana Mulia
e. PT. Pabrik Tekstil
Kasrie\
f. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B
a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Ruko Alam Sutra
Jl. Sutra Niaga I No. 39
Serpong, Tangerang
Banten Province
b. P.T. Bank MANDIRI Tbk
Ruko Gading Serpong Blok AA 4
Jl. Boulevard No. 38
Serpong, Tanerang
Banten Province
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
|
Annual
Sales (estimated) :
2010
– Rp. 2,510.0 billion
2011
– Rp. 2,850.0 billion
2012
– Rp. 3,240.0 billion
2013
– Rp. 3,680.0 billion
2014
– Rp. 3.840.0 billion
2015
– Rp. 2,008.0 billion (January – June)
Net
Profit (estimated) :
2010
– Rp. 115.0 billion
2011
– Rp. 129.0 billion
2012
– Rp. 147.0 billion
2013
– Rp. 168.0 billion
2014
– Rp. 172.0 billion
2015
– Rp. 90.0 billion (January – June)
Payment
Manner :
Good
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Johnny Pesik
Directors -
a. Mr. Arifin Widjaja
b. Mr. Ivan Pesik
c. Mr. Joko Hanggono
d. Mr. Thavasi Vijayakumar
e. Mr. Victor Pesik
f. Mr.
Wiryadinata Gunawan
Board of Commissioners :
President Commissioner - Mr. Tony Pesik
Signatories :
President
Director (Mr. Johnny Pesik) or one of the Directors (Mr. Arifin Widjaja, Mr.
Ivan Pesik, Mr. Joko Hanggono, Mr. Thavasi Vijayakumar, Mr. Victor Pesik or Mr.
Wiryadinata Gunawan) which must be approved by Board of Commissioner (Mr. Tony
Pesik)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. INDAH JAYA TEXTILE INDUSTRY or P.T.
INDAH JAYA was established in Jakarta on October 30, 1962 with the authorized
capital of Rp. 25,000,000 issued capital of Rp. 5,000,000 fully and paid up.
The founding and original shareholders of the company are Mr. Albert Leopold
Ferdinand Rimbing, Mrs. Tie Khan Tjoe, Mr. Kho Tan I Lie, Mrs. Kartieni (all
Indonesian entrepreneurs of Chinese extraction) and Mr. Poerwo Soebagio, an
indigenous businessman. The Articles of
Association of the company has frequently been revised. in 1980 the authorized
capital was raised to Rp. 50,000,000.- entirely was issued and fully paid up.
Since then, the company’s shareholders are Mr. Albert Leopold Ferdinand
Rimbing, Mr. Johnny Pesik, Mr. Tony Pesik and Mr. Eddy Pesik.
In December 2009 the authorized capital was
raised again to Rp. 55,000,000,000.- entirely was issued and fully paid
up. Concurrently, Mr. Alber Leopold
Ferdinand Rimbing and Mr. Eddy Pesik pulled out and whole share is sold to Mr.
Andreas Ian Tika and Mrs. Margareta Tika and Mrs. Magdalena Surya Tika. This amendment to Deed was approved by the
Minister of Law and Human Rights of the Republic of Indonesia by virtue of
Decision Letter No. AHU-06813.AH.01.02.Tahun 2010 dated February 09,
2010. In July 2013, the above shareholders withdrew and the whole shares are
sold to Mr. Johnny Pesik (50%) and his younger brother Mr. Tony Pesik
(50%). The amendment to
Deed has been approved by the Minister of Law and Human Rights of the Republic
of Indonesia through Decree No. AHU-AH.01.10-36905 dated September 05, 2013.
The most recently by notary deed of
Setiawan, SH., No. 46 dated April 15, 2015, the authorized capital was raised
to Rp. 376,650,000,000.- entirely was issued and fully paid up. Since then, the shareholders of the company
are Mr. Johnny Pesik (7.3%), Mr. Tony Pesik (7.3%) and PT. Terry Palmer
Indonesia (85.4%). The
amendment to Deed has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through Decree No. AHU-0933526.AH.01.02.Tahun 2015
dated April 17, 2015.
P.T. INDAH JAYA at first was just a home
industry managing a knitting workshop at Jalan Kebayoran Lama No. 55, South
Jakarta. The home industry has been in operation
since 1962 producing knitted undershirts and T-shirts of low to medium
quality. In 1975, the company
diversified operations into the production of bath towels for household and
hotels. The company’s business kept
growing fairly fast, particularly its bath towel industry. Since 1986, the
company focused operation on just the production of towel. In 1990, P.T. INDAH JAYA expanded business
by building a new plant on a 30 hectares land area at Jalan Pajajaran 14 No.
62, Jatiuwung, Tangerang, Banten Province.
The plant which went into commercial operation in 1992 has been running
smoothly to date. At the same year, P.T.
INDAH JAYA started to export to Japanese market.
P.T. INDAH JAYA produces towels under its
own brand, which is TERRY PALMER, a bath towel of good quality well-known in
the country. In order to compete with
the price and quality worldwide, P.T. INDAH JAYA built their own spinning mill
in 2002 and began production in 2003.
Currently, the Company has a capacity to produce 15,600 tons of towels
(dobby & jacquard) and 168,000 tons of yarns (cotton carded & combed)
per year. Some 35% of P.T. INDAH JAYA'
products are marketed locally (hotels, supermarkets, country clubs, etc) while
the rest 15% is exported to Japan, Singapore, Hong Kong, Saudi Arabia,
Bangladesh, the USA, the Netherlands, Belgium, Germany and other European
countries. We observed that P.T. INDAH
JAYA is the largest 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. Generally, the demand for
specialty chemicals such as; textile chemicals, auxiliary, dyestuff and textile
raw materials tended to be fluctuating within the last five years in line with
the fluctuating of Indonesian textile industry in general.
According to the Central Bureau of
Statistics (BPS) 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 to 1,633.1
thousand tons (US$ 5,293.6 million) in 2013 and to 1,815.6 thousand tons (US$
5,379.9 million) in 2014. The export volume and value of the national TPT
products in 2002 to as of January 2015 are pictured on the following table.
|
Year |
Textile Products
|
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* |
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 1,815.6 153.0 |
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 5,379.9 421.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 35.4 |
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 7,450.9 594.5 |
Until this time P.T. INDAH JAYA 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. We have checked to Department of Trade and Industry and
found that no financial statement has been reported. P.T. INDAH JAYA’s
management is very reclusive to outsider and rejecting to disclose its
financial condition. We observed that
total sales turnover of the company in 2012 amounted to Rp. 3,240.0 billion
increased to Rp. 3,680.0 billion in 2013 and rose again to Rp. 3,840.0 billion
in 2014. The operation in 2014 yielded
an estimated net profit about of Rp. 172.0 billion and the company has an
estimated total net worth at least Rp. 1,650.0 billion. It is projected that
total sales turnover of the company will increase at least 4% in 2015.
The Company's management is headed by Mr.
Johnny Pesik (54) as President Director, a businessman with more than 21 years
experience in textile industry and trading.
In daily activities he is assisted by six directors namely Mr. Arifin
Widjaja (56), Mr. Ivan Pesik, (25), Mr. Joko Hanggono (33), Mr. Thavasi
Vijayakumar (52), Mr. Victor Pesik (27) and Mr. Wiryadinata Gunawan (50). The company’s management has close relations
with many high-ranking government officials as well as with private businessmen
within and outside the country. So far, we did not hear that the company’s
management involved in the business malpractices or detrimental cases that
settled in the country. The company’s litigation record is clean and it has not
registered with the black list of Bank of Indonesia.
P.T. INDAH JAYA TEXTILE INDUSTRY 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.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.