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MIRA
INFORM REPORT
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Report No. : |
493848 |
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Report Date : |
28.02.2018 |
Correct name of the company is “P.T. MANUNGGAL ADIPURA”
IDENTIFICATION DETAILS
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Name : |
P.T. MANUNGGAL ADIPURA |
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Registered Office : |
Jl. Raya Solo –
Sragen Km. 13,5, Kebakkramat,
Karanganyar Solo, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
30.06.1990 |
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Com. Reg. No.: |
AHU-0001957.AH.01.02.Tahun
2018 |
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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 : |
380 |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
|
Source
: CIA |
BASIC SEARCH |
Correct
Name of Company :
P.T.
MANUNGGAL ADIPURA
Address
:
Head
Office & Factory
Jl. Raya Solo – Sragen Km. 13,5
Kebakkramat, Karanganyar
Solo, Central Java
Indonesia
Phones - (62-271) 827032, 827034, 827035
Fax - (62-271) 827033, 827036
Email - adipura@indo.net.id
Land Area - 3.0 hectares
Building Area - 1.2 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
30
June 1990
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C2-5913.HT.01.04.TH.1998
Dated 04 June 1998
b. No.
AHU-05248.AH.01.02.TH.2009
Dated 26 February 2009
c. No.
AHU-AH.01.10-54996
Dated 18 December 2013
d. No.
AHU-0001957.AH.01.02.Tahun 2018
Dated 27 January 2018
Company
Status :
Domestic
Investment Company (PMDN)
Permits
by the Government Department :
a. The Department of Finance
NPWP
No. 1.515.324.0-526
b. The Capital Investment Coordinating Board
No.
490/I/PMDN/1994
Dated
27 July 1994
Related/Affiliated
Companies :
a.
P.T. INDATEX PALUR (Textile Weaving Manufacturing)
b.
P.T. TRIANGGA DEWI (Textile Industry)
c.
P.T. KLECORAYA CEMERLANG (Textile Industry)
d.
P.T. SURAKARTA SENTOSA (Spinning Mills)
CAPITAL AND OWNERSHIP |
Capital
Structure :
Authorized
Capital - Rp.
42,000,000,000.-
Issued
Capital -
Rp. 42,000,000,000.-
Paid
up Capital -
Rp. 42,000,000,000.-
Shareholders/Owners
:
a. Mr. Suseno Winoto - Rp. 30,000,000,000.-
(71.44%)
Address :
Jl. Cemara Raya CL 6
Desa Langenharjo, Kec.
Grogol
Sukoharjo, Solo, Central
Java
Indonesia
b. Mr. Santoso Winoto - Rp. 4,000,000,000.- ( 9.52%)
Address :
Jl. Kapten Mulyadi No. 99
Kel. Kedunglumbu, Kec. Pasar
Kliwon
Surakarta, Central Java
Indonesia
c. Mr. Jamin Winoto - Rp. 4,000,000,000.- ( 9.52%)
Address : Jl. Laks. Udara Adi Sucipto No. 54
Kel. Kerten, Kec. Laweyan
Surakarta, Central Java
Indonesia
d. Mrs. Linda Santosa -
Rp. 4,000,000,000.- ( 9.52%)
Address : Jl. Kapten Mulyadi No. 99
Kel. Kedunglumbu, Kec. Pasar
Kliwon
Surakarta, Central java
Indonesia
BUSINESS ACTIVITIES |
Lines
of Business :
Spinning
Mills Industry
Production
Capacity :
Synthetic (Woven)
Yarns - 46,800 bales p.a.
Main
Products :
100% viscose ring
spun yarn raw white bright & Polyester/Viscose ring spun yarn (semi
dull/bright) with several choices of blending ration.
Total Investment :
a. Equity Capital - Rp. 20.0 billion
b. Loan Capital - Rp. 37.0 billion
c. Total Investment - Rp. 57.0 billion
Started Operation :
February 1997
Brand Name :
Manunggal Adipura
Technical Assistance
:
None
Number of Employee :
380 persons
Marketing Area :
a. Local -
80%
b. Export - 20%
Main Customers :
a. Textile and
Garment Industry
b. Others
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ARGO PANTES Tbk
b. P.T. PANASIA
INDOSYNTEX Tbk
c. P.T. CANDRATEX
SEJATI
d. P.T. APAC INTI CORPORA
Business Trend :
Declining
BANKER, AUDITOR & LITIGATION |
B a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk
Solo Branch
Jl. Slamet
Riyadi No. 3
Solo,
Central Java
a.
P.T. Bank CENTRAL ASIA Tbk
Solo Branch
Jl. Arifin
No. 2
Solo,
Central Java
Auditor :
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL FIGURE |
Annual
Sales (estimated) :
2013
– Rp. 338.0 billion
2014
– Rp. 355.0 billion
2015
– Rp. 346.0 billion
2016
– Rp. 322.0 billion
2017
– Rp. 318.0 billion
Net
Profit (estimated) :
2013
– Rp. 18.3 billion
2014
– Rp. 19.2 billion
2015
– Rp. 16.8 billion
2016
– Rp. 15.4 billion
2017
– Rp. 15.2 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY EXECUTIVES |
Board of Management :
President Director - Mr. Suseno Winoto
Director -
Mr. Santoso Winoto
Board of Commissioners :
President
Commissioner - Mr. Jamin
Winoto
Commissioner - Mrs. Heny
Wijayanti Winoto
Signatories :
President
Director (Mr. Suseno Winoto) or Director (Mr. Santoso Winoto) which must be
approved by Board of Commissioner (Mr. Jamin Winoto)
CAPABILITIES
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Management Capability :
Fairly
Business Morality :
Fairly
OVERALL PERFORMANCE |
P.T. MANUNGGAL ADIPURA (P.T. MA) was
established in Karanganyar, Central Java, in 1990 with an authorized capital of
Rp. 5,000,000,000.- and an issued capital of Rp. 4,000,000,000,- of which Rp.
400,000,000.- was paid up. The company was founded by Mr. Djamin Winoto, Mrs.
Cittawati Giani, Mrs. Nori Chandra, Mrs. Lenny Hartono and Mrs. Heny Wijayanti
Winoto as the original shareholders. In June 1994 the authorized capital was
raised to Rp 20,000,000,000.- of which Rp. 16,000,000,000.- was issued and
fully paid up. By the same time the
shareholders have all, except Mr.Djamin Winoto, quitted and came in new
shareholders namely Mr. Suseno Winoto, Mr. Irjadi Hartono, Mr. Santoso Winoto
and Mr. Suryanto Ali Sastro, all Chinese origins Indonesian businessmen. In
March 1998 the issued capital was raised to Rp. 20,000,000,000 fully paid up
and concurrently Mr. Suryanto Ali Sastro withdrew. Since the time, the shareholders of the
company are Mr. Jamin (Djamin) Winoto (40%), Mr. Santoso Winoto (20%), Mr.
Irjadi Hartono (20%) and Mr. Suseno Winoto (20%). The amendment to Deed was approved by the
Ministry of Law and Human Rights in its decision letter
No.C2-5913.HT.01.04.TH.1998 dated June 4, 1998.
In December 2007 Mr. Irjadi Hartono pulled
out and the whole shares are sold to Mrs. Linda Santosa. The amendment to Deed was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-05248.AH.01.02.Tahun 2009 dated February 26, 2009. In October 2013 based on Notary Deed of Asih
Sari Dewanti, SH., No. 13 dated October 21, 2013, concerning the change in
composition of the Company’s board of Directors and Commissioners. This 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.01-10-54996 dated December 18,
2013.
The most recently by Notary Deed of Asih
Sari Dewanti, SH., No. 03 dated January 08, 2018, the authorized capital was
raised to Rp. 42,000,000,000.- entirely was issued and paid up. The
capital structures and shareholder composition of the Company in details are as
shown on page-3 of this report. This amendment to Deed
has been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through its Decision Letter No. AHU-0001957.AH.01.02.Tahun 2018 dated
January 27, 2018.
P.T. MA is in affiliation with P.T. INDATEX
PALUR (textile weaving industry), P.T. TRIANGGA DEWI (textile industry),
P.T.KLECORAYA CEMERLANG (textile industry), and P.T. SURAKARTA SENTOSA
(spinning mills).
P.T. MA is a Domestic Investment (PMDN)
company engaged in spinning mills. It was licensed by the Capital Investment Coordinating
Board (BKPM) in 1990 in textile industry, but no realization. In 1994 it
obtained another license from BKPM, and its plant is now being built in Jalan
Raya Solo-Sragen Km. 13,5, Karanganyar, Central Java, on a land of some 3.0
hectares. The construction is estimated will absorb a total investment of Rp
57.0 billion coming from company's capital of Rp 20.0 billion and the remainder
from loans. The plant is designed to have a production capacity of 46,800 bales
synthetic (woven) yarn per year, especially viscose and polyester yarn. Mr. Hermanto, an administrative staff of P.T.
MA disclosed the plant had been operating commercially since February 1997 and
the whole products are sold to local textile industries in Central Java.
In April 2010
factory owned by PT. MA is razed by fire which destroyed the roof of the factory. The fire which occurred at 18:30 p.m. until 19:15 p.m. did
not claim any life. Three employees of
P.T. MA suffered
minor injuries and have received help from the local health
officer. Officers also recorded the
number of employees who were
working at the plant. The results
of the local police investigation
found that the cause
of fire was due to electrical short circuit. We noticed that the fire
did not cause a major impact on the continuity of production.
At present, the company’s plant is a 61,000
spindles ring spinning plant equipped with main running items are; 100% Viscose
ring spun yarn raw white bright & Polyester/Viscose ring spun yarn (semi
dull/bright) with several choices of blending ratio. The company can blend 65/35
polyester/viscose, 52/48 polyester/viscose and 70/30 viscose/polyesters, with
their yarn count is ranging from No. 20/1 to 40/1. Some 80% of its products are sold to local
market especially to textile and product textile Industries in Indonesia and
the rest 20% are exported to USA. We observed that P.T. MA is classified as a
medium sized company of its kind in the country of which the operations
fluctuated 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 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 and dropped to 1,481.7 thousand tons (US$
4,415.0 million) in 2015 and rose again to 1,563.9 thousand tons (US$.4,60.0
million) in 2016. The export volume and
value of the national TPT products in 2002 to 2016 are pictured on the
following table.
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Year |
Textile Products
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Garment |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 |
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 1,481.7 1,563.9 |
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 4,415.0 4,660.0 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 378.6 425.9 |
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 6,410.9
7,212.6 |
Until this time P.T. MA 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. MA’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
2014 amounted to Rp. 355.0 billion declined to Rp. 346.0 billion in 2015 to Rp.
322.0 billion in 2016 and dropped again to Rp. 318.0 billion in 2017. The operation in 2017 yielded a net profit
at least Rp. 15.2 billion and the company has a total net worth of Rp. 168.0.0
billion. So far we did not hear that
P.T. MA has been black listed by Bank Indonesia (Central Bank) or having
detrimental cases being settled in local district court.
The Company's management is headed by Mr.
Suseno Winoto (46) as President Director and CEO of the Company. He is a son of Mr. Jamin Winoto AKA Djamin
Winoto (79), a businessman with more than 46 years experience in spinning mills
and textile industry. In daily
activities, he is assisted by his brother namely Mr. Santoso Winoto (49) as
director. The management’s reputation in
said business is sufficiently fairly good. The company has had wide relation in
the realm of the private businessmen within and outside the country. So far, we
did not hear that the company’s management involved in a dirty business
practice 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.
Considering the operation of P.T. MA
declined in the last three 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.85 |
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|
1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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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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NIY |
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Report Prepared
by : |
TPT |
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.