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MIRA
INFORM REPORT
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Report No. : |
489061 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PT. MULTI GARMENJAYA |
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Registered Office : |
Jl. Moh. Toha No. 215 Km 7.3, Kelurahan
Citeureup, Kecamatan Dayeuhkolot, Kab. Bandung 40257, Jawa Barat |
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Country : |
Indonesia |
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Date of Incorporation : |
27.09.1993 |
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Legal Form : |
Private Limited Liability Company or Perseroan Terbatas (PT) |
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Line of Business : |
· Manufacture of men's outerwear, other than leather clothes and workwear · Manufacture of women's outerwear, other than leather clothes and workwear · Retail sale of textiles in specialised stores |
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No. of Employees : |
7,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to 33% today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
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Source : CIA |
COMPANY IDENTIFICATION |
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Company
Name
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PT.
Multi Garmenjaya |
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Address |
Jl.
Moh. Toha No. 215 Km 7.3 |
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Telephone |
+62225200433
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Fax |
+62225200433
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Mobile
Phone
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N.A.
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Email |
local@multigarmenjaya.co.id |
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Web |
www.multigarmenjaya.com |
PROFILE |
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Address |
Jl.
Moh. Toha No. 215 Km 7.3 |
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Office
Building
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Date
of Establishment
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Start
Operation
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1994
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Legal
Status
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Private
Limited Liability Company or Perseroan Terbatas (PT) |
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Legalization
(historical)
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No.
AHU- 44860.01.02.TH.2008 |
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Government
Permit (s)
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Kementerian
Perdagangan |
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Significant
change
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PT. Multi Garmenjaya (the Company) was
established on September 27, 1993, in Bandung, West Java. Up to the
completion of this report, however, we were unable to obtain the
establishment act of the Company; so that we are unable to provide details
about its initial capitalization and shareholder structure. On June 18, 2008, the Company’s authorized
capital amounted to IDR 75,000,000,000, with issued and paid-up capital of
IDR 47,500,000,000 by Mr. Tony Tjahjadi (85%) and Ms. Ingrid Sutjiadi (15%). On June 6, 2012, the Company’s authorized
capital was increased to IDR 150,000,000,000, and its issued and paid-up
capital was also increased to IDR 103,500,000,000. Meanwhile, shareholder
structure remained unchanged. On November 20, 2013, the Company’s
capitalization and shareholder structure remained unchanged. On January 12, 2016, the Company’s
authorized capital was increased to IDR 250,000 million, and its issued
and paid-up capital was also increased to IDR 183,500 million. Meanwhile,
shareholder structure remained unchanged. On April 25, 2017, there was a change of
notarial act, where the issued and paid-up capital was increased to
become IDR 223,500 million. The structure of shareholder remained the change. Up to the completion of this report, there
has been no change in the Company’s notarial act. |
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Capitalization
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SHAREHOLDERS & MANAGEMENT |
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Shareholders
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Total
No. of Shareholders: 2 |
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Name
of Shareholders
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Management
Board
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Name |
Mr.
Tony Tjahjadi |
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Position |
President
Director |
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Nationality
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Indonesian
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Name |
Mr.
Sujanto Gondowijoyo |
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Position |
Director
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Nationality
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Indonesian
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Supervisory
Board |
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Name |
Ms.
Ingrid Sutjiadi |
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Position |
Commissioner
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Nationality
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Indonesian
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Management
Assessment |
The
management is deemed to have sufficient experience and industry expertise to
manage subject properly. |
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Authorized
Signatories |
Mr.
Tony Tjahjadi as President Director and Mr. Sujanto Gondowijoyo as Director
which must be approved by shareholders meeting. |
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Affiliate
(s) / Associate (s) |
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KEY DATA ON OPERATIONS |
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Registered
Activities
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SIC
Code 14 : Manufacture of wearing apparel |
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Number
of Employee |
Approximately
- 7,000 employees |
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Business
Category |
SIC
Code 14.1 : Manufacture of wearing apparel, except fur apparel |
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Line
of Business |
SIC
Code 14.13/1 : Manufacture of men's outerwear, other than leather clothes and
workwear |
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Product
& Capacity |
-
Garment Products - 3,600,000 pieces p.a. |
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Status
of Investment |
Non-facilities
based Company |
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Sales
Territory
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Local
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50%
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International
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50%
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Main
Items Imported |
Fabrics
and Accessories |
China |
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Main
Items Exported |
Garment |
Middle
East |
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Major
Customers |
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Major
Supplier |
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Terms
of Payment |
Purchase
Payment |
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Activity
Comment |
PT. Multi
Garmenjaya
(the Company) is a non-facilities based company which began its operation in
1994 and that is engaged in the garment industry. The Company's head office
and factory I are located in a commercial area at the address Jl.
Moh. Toha No. 215 Km. 7.3, Kelurahan Citeureup, Kecamatan Dayeuhkolot, Kab
Bandung 40257, Jawa Barat, Indonesia. We believe the located is leased by
the other party. Moreover, the Company also has branch and
factory II which are located at the address Jl. Raya Kopo Katapang km
11 No.54-55, Kab Bandung, Jawa Barat. Moreover, the Company also has a previous
address and registered address located at the address Jl. Krawang No. 1,
Kebon Waru, Batu Nunggala Barat, Bandung 40272, Jawa Barat, Indonesia. In
addition, the Company also has an address at Jl. Soekarno Hatta 578, Kota
Bandung 40286, Jawa Barat which belongs to the Company, but currently no
operation takes place here. Based on our investigation, the Company is
engaged in garment industry where the Company is producing men shirt, formal
pants, casual pants, cargo pants, trousers, denim, jeans, etc. We
learned that the Company has its own brands, such as: Cardinal and
Andrew Smith. Based on the data from the Investment Coordinating Board,
the Company has as much as 3,600,000 pieces production capacity per year. In its production activities, the Company
uses raw materials such as fabrics and accessories dominated by imports
from China followed by Thailand and India. Within a month, the Company is
able to import as much as 15 to 20 containers. To facilitate the import
activities, the Company has been using the Import Identity Number (API)
version with a dwelling time of 3-4 days. Based on data from our source, per
2015 the Company did 50 shipping and has increased to 60 shipping in 2016.
Moreover, the Company is also supported by local suppliers such as PT.
Bandung Sakura Textile Mills and PT. Ykk Zipper Indonesia. Besides, the Company has facilities
machinery and equipment to support the work process as much as 6,000 machines
as well as equipment of various types and uses, for example sewing machines,
fabric cutting machines, machine mounting studs, and machinery as well as
other ancillary equipment. The market share of the Company not only
from local customers, but also the international market such as to Middle
East, Japan, USA, and some to Europe. Based on the information that we
have obtained, the Company exports garment products around 1,365 Cartons,
which contained 18,680 pieces of apparel products for men, boys, kids and
toddler are exported to Modern Textilogy Inc. Whereas, in the local markets, the Company
distributes around 50% of the products among other to shopping malls such as
PT. Matahari Department Store Tbk, PT. Ramayana Lestari Sentosa Tbk, PT. Hero
Supermarket Tbk, and thousands of stores in Indonesia. In addition to
selling its products to retailers in the local area, the Company also sells
its products through its stores, GUDANG GARMENT. The store sells the
Company's clothing that had previously been sold in a shopping mall and the
product did not sell well. Meanwhile, throughout 2016 to 2017 the
Company's operations are not very good either. The Company's sales decreased
both local and overseas market sales. This is due to the economic meltdown
and people's purchasing power. In addition, the competition is also quite
tight, especially with several other international brands that appear in the
Indonesian market and Global. Until the first quarter of 2018, the
Company is still operating quite well. In the case of payments, the Company
does not experience significant problems with either payment from customers
or suppliers. In addition, the Company has received some
awards, such as the following: In 1996, the Company received Upakarti
Award for its achievement in managing partnerships with small-scale
entrepreneurs. In 1997, the Company received
Primaniyakarti Award for its achievement in increasing the export value
consistently, to contribute non-oil gas foreign currency revenues for the
government of Indonesia. In 1999, the Company received ASEAN
Development Citra Awards 1999-2000 from ASEAN programme Consultant Indonesia
Consortium, and ISO 9002 Quality Management System Certification from PT.
KEMA Registered Quality Indonesia. At the time of
writing this report, this Company has not been involved in any criminal or
civil cases. This statement is a result of searches conducted at the
State Court in Bandung where the Company was established and operational
today. Currently, the Company is supported by
approximately 7,000 employees. |
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Factory
Address |
Factory
Address 1 : |
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Store
Address |
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Previous
and Registered Address |
Jl.
Krawang No. 1 |
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BANKING INFORMATION |
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Banker
(s)
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Insurance
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BUSINESS PROSPECTS |
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Business
Prospects
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The
Ministry of Industry stated that the textile industry and textile products
have great a potential to grow and develop in the future. Currently,
the textile industry operating in Indonesia has been integrated with
classification in three areas. First, the upstream sector is dominated to
produce fiber products. Second, the intermediate sector is the companies
whose production processes include spinning, knitting, weaving, dyeing,
printing, and finishing. Third,
the downstream sector in the form of garment factories and other textile
products. With this, the Ministry of Industry estimates that textile industry
exports will grow an average of 11% per year. In
2018, the textile exports pegged USD 13.5 billion from the target of 2017 of
USD 12.09 billion. On the labor side, by 2018 it is expected that this sector
will absorb around 2.95 million workforces and by the end of this year, there
will be 2.73 million workers. Based
on this information, we believe that textile industry is still prospective in
the business as seen from the exported textile performance, which continues
to be triggered by its growth in order to support the economy in Indonesia. |
FINANCIAL STATEMENT |
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Sales
Turn Over
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2014
- IDR 725,000,000,000 (Estimated) |
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Total
Assets |
As
the Company is not a publicly listed company, we are unable to give a
detailed picture of the financial condition of the Company. |
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Other
Financial Data |
As
the Company is not a publicly listed company, we are unable to give a
detailed picture of the financial condition of the Company |
CREDITWORTHINESS |
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Management
Capability
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Good
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Business
Morality
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Adequate
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Payment
Manner
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No
complaints |
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Financial
Condition
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Satisfactory
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Operating
Trend
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Down
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Conclusive
remarks
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Based on the collected information, we come
to the conclusion that the Company has been operational for 24 years as
garment manufacture. In the operation, the Company is supported by the local
and international suppliers as well as the market share of the Company is not
only the local market but also international market. In term of financial, the Company does
not experience significant payment problems so the operation is still
ongoing. So, based on this explanation, we classify the credit rating at MEDIUM TO HIGH risk. However, for security reasons, we advise
those wishing to cooperate with or grant loans to the company to seek
adequate collateral from the shareholders. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.