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MIRA INFORM REPORT
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Report No. : |
488994 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. DELTA DUNIA
TEKSTIL |
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Registered Office : |
Jalan
Raya Palur Km. 7.1, Jaten, Karanganyar,
Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
14.01.2003 |
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Com. Reg. No.: |
AHU-12644.40.22.2014 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
· Spinning Mills and Weaving Industry ·
Investment
holding by controlling 68.25% shares of PT. Delta Merlin Sandang Tekstil |
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No. of Employees : |
7,512 |
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
|
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 less than 27 percent 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
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Name
of Company :
P.T.
DELTA DUNIA TEKSTIL
Address
:
Head
Office
Jalan
Raya Palur Km. 7.1
Jaten, Karanganyar
Central Java
Indonesia
Phones - (62-271) 825251, 821110
Fax - (62-271) 826559, 827229
Email - duniatex@gmail.com
and dnt.ika@gmail.com
Website - http://www.duniatex.com
Building Area - 1,560 sq. meters
Office Space - 280 sq. meters
Region - Industrial
Zone
Status - Owned
Factories
a. Jl.
Raya Timur Km. 10
Bumiaji, Gondang, Sragen
Central Java
Indonesia
Phones - (62-271) 887002, 8877008
Fax -
(62-271) 887009
b. Jl.
Raya Solo – Sragen Km. 10.8
Desa Kaling, Karanganyar
Central Java
Indonesia
Phones - (62-271) 821117
Fax -
(62-271) 826599
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
a. No.
C-04467.HT.01.01.TH.2003
Dated 05 March 2003
b. No.
AHU-09042.AH.01.02.Tahun 2008
Dated 25 February 2008
c. No.
AHU-AH.01.10-33478
Dated 19 October 2011
d. No.
AHU-AH.01.10-11936
Dated 03 April 2013
e. No.
AHU-12644.40.22.2014
Dated 10 June 2014
Company Status :
Domestic Investment
Company (PMDN)
Permits by the
Government Department :
a. The
Department of Finance
NPWP No. 02.304.214.6-528.000
b. The
Capital Investment Coordinating Board
No. 02/33/I/PMDN/2003
Dated 20 February 2003
Related/Affiliated Companies :
a. P.T. DUNIA SETIA SANDANG ASLI TEXTILE
(Textile Industry)
b. P.T. DELTA MERLIN SANDANG TEXTILE
(Textile Industry)
c. P.T. DUNIA SANDANG ABADI TEXTILE (Textile
Industry)
d. P.T. DELTA MERLIN
DUNIA TEXTILE (Textile Industry)
e. P.T. DAMAITEX (Textile Industry)
CAPITAL
AND OWNERSHIP
|
Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000,000.-
Issued
Capital -
Rp. 750,000,000,000.-
Paid
up Capital -
Rp. 750,000,000,000.-
Shareholders/Owners
:
a.
Mr. Sumitro -
Rp. 700,000,000,000.- (93.33%)
Address : Jl. Tegalharjo, RT.004/RW.004
Jebres, Surakarta, Central Java
Indonesia
b. Mrs. Susana John Setiawan - Rp. 50,000,000,000.-
( 6.67%)
Address : Jl. Tegalharjo, RT.004/RW.004
Jebres, Surakarta, Central
Java
Indonesia
BUSINESS
ACTIVITIES
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Lines of Business :
a. Spinning Mills and
Weaving Industry
b. Investment holding by controlling 68.25%
shares of PT. Delta Merlin Sandang Tekstil
Production Capacity :
a. Spinning Mills -
200,000 bales p.a.
b. Grey Fabrics - 100 million meters p.a.
Total Investment :
a. Owned Capital - Rp. 750.0 billion
b. Loan Capital - Rp 80.0 billion
c. Total Investment - Rp. 830.0 billion
Started Operation :
Mid-2007
Brand Name :
Delta Dunia Tekstil
Technical Assistance
:
None
Number of Employee :
7,512 persons
Marketing Area :
a. Local - 50%
b. Export - 50%
Main Customers :
a. Garment Industries
b. Foreign buyers in
Europe, USA and Canada
Market Situation :
Very Competitive
Main Competitors :
a. PT. Fuji Palapa Textile
b. PT. Sri Rejeki
Isman
c. PT. Gunawantex
d. PT. Trisulatex
e. PT. Sinar Padasuka Textile
f. PT. Badjatex
g. Etc.
Business Trend :
Fluctuating
BANKER,
AUDITOR & LITIGATION
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B a n k e r s :
a. P.T. Bank MANDIRI Tbk.
Karanganyar Branch
Surakarata, Central Java
Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Karanganyar Branch
Surakarta, Central Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
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Total
Sales/Income (estimated) :
2013
– Rp. 660.0 billion
2014
– Rp. 702.0 billion
2015
– Rp. 664.0 billion
2016
– Rp. 635.0 billion
2017
– Rp. 312.0 billion (January – June)
Net
Profit (estimated) :
2013
– Rp. 22.8 billion
2014
– Rp. 24.2 billion
2015
– Rp. 22.9 billion
2016
– Rp. 21.5 billion
2017
– Rp. 10.6 billion (January – June)
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY
EXECUTIVES
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Board of Management :
President Director - Mr. Yohanes Hendrawan
Director -
Mr. Tan Sauw Hwa
Marketing Manager - Mrs. Indah Susanti
Board of Commissioners :
Commissioners - a. Mr. Hendra Wangsa Sasmita
b. Mr. Gideon Haryanto
Signatories :
President
Director (Mr. Yohanes Hendrawan) or Director (Mr. Tan Sauw Hwa) which must be
approved by Board of Commissioners (Mr. Hendra Wangsa Sasmita or Mr. Gideon
Haryanto)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
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P.T. DELTA DUNIA TEKSTIL (P.T. DDT) was established
in Karanganyar (Central Java) based on Notarial Deed No. 8 dated 14 January
2003 made by Notary Pujiastuti Pangestu, SH., with the authorized capital of
Rp. 1,000,000,000,000 of which Rp. 250,000,000,000 was issued and fully paid
up. The founding shareholders of the company are Mr. Sumitro (80%) and Mrs.
Susana John Setiawan (20%), both are Indonesian entrepreneurs of Chinese
extraction. The Deed of establishment has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. C-04467.HT.01.01.TH.2003
dated 5 March 2003.
The articles of association of the company have frequently been revised. In February 2008, the issued capital was raised to Rp. 750,000,000,000 and fully paid up. Since at the time, the shareholders of the Company are Mr. Sumitro (86.6666%), Mrs. Susana John Setiawan (6.6666%) and Mrs. Indriati (6.6666%). The amendment to Notarial Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-09042.AH.01.02.Tahun 2008 dated 25 February 2008. In February 2013 based on Notary Deed No. 35 dated 18 February 2013 made by Notary Pujiastuti Pangestu, SH., 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.01.10-11936 dated April 3, 2013.
The most recently by Notary Deed of
Pujiastuti Pangestu, SH., No. 18 dated June 9, 2014, concerning the change in composition
of the Company’s shareholders. Since
then, the shareholders of the company are Mr. Mr. Sumitro (93.33%) and Mrs.
Susana John Setiawan (6.67%). 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-12644.40.22.2014 dated June 10 2014.
P.T. DDT is a member of the DELTA MERLIN
Group, a large sized company group in Central Java focusing its activities on
textile industry. Initially, the parent company of the DELTA MERLIN Group was
C.V. DUNIATEX, a textile company being established by Mr. Sugeng Hartono in
1994. However, in May 2001 the company renamed to P.T. DELTA MERLIN SANDANG
TEXTILE focusing on spinning mills industry.
P.T. DDT obtained a Domestic Capital Investment
(PMDN) facility issued by the Capital Investment Coordinating Board (BKPM) in
2003 to deal with spinning mill and weaving industry. Its plants is located at
Jl. Raya Timur Km. 10, Bumiaji, Gandang, Sragen, Central Java and Jl. Raya Solo
- Sragen Km. 10,8, Desa Kaling, Karanganyar, Central Java. According to its license, P.T. DDT has a
production capacity of 200,000 bales of spinning yarns and 100 million of grey
fabrics per year, with an investment of Rp. 830.0 billion comprising own
capital of Rp. 750.0 billion and the rest from loans. The development of the
project had ever been postponed as the impact of the economic crisis battering
the country. In mid-2007, P.T. DDT started to operate commercially by keeping
on adding machinery and other equipments of the plant. Some 50% of the company products are exported
to various countries including Europe, the USA and Canada and the rest is
locally marketed. In addition, P.T. DDT
is also engaged in investment holding by controlling 68.75% shares of P.T.
DELTA MERLIN SANDANG TEKSTIL (textile industry). We observed that P.T. DDT is classified as a
large-sized company of its kind in the country of which the operation has been
growing slowly in the last three years.
Generally, the demand for spinning mill,
weaving, 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 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$.4,60.0 million)
in 2016. The export volume and value of
the national TPT products in 2005 to 2016 are pictured on the following table.
|
Year |
Textile Products |
Garment |
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|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 |
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 |
3,704.0 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 |
369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 378.6 425.9 |
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. DDT 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. DDT’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. 702.0 billion
declined to Rp. 664.0 billion in 2015 and dropped again to Rp. 635.0 billion in
2016. The operation in 2016 yielded a
net profit at least Rp. 21.5 billion and the company has a total net worth of
Rp. 750.0 billion. It is projected that
total sales turnover of the company will decrease at least 6% in 2017. So far we did not hear that P.T. DDT has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
Since in February 2013, P.T. DDT's
management is headed by Mr. Yohanes Hendrawan (35) as president director, a
young professional manager with more than 9 years of experience in textile
industry and trading. In daily
activities, he is assisted by Mr. Tan Sauw Hwa (56) as director. But we observed that the prime-mover of the
Company is Mr. Sumitro (48), the founder and business stakes owner of the
Company. Initially, Mr. Sumitro is a
Commissioner of PT. DDT, but since February 2013 he pulled out and was replaced
by Mr. Hendra Wangsa Sasmita (67) and Mr. Prasetyo Kris Widada (42). This relates to a case
of copyright infringement fabric products from PT. SRITEX made by Mr. Sumitro and his mother Mrs. Indriati through PT. Delta Merin Dunia
Textile. Both suspects charged under Article 72 Paragraph 1 and 2 of the Law of
the Republic of Indonesia No. 19 of 2002 regarding Copyright Juncto Article 55
of the Penal Code and Section 56 of the Criminal Code. But in June 2013, PT. SRITEX revokes the
lawsuit and the case eventually ended peacefully.
Considering the operation of P.T. DDT
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.55 |
|
|
1 |
INR 89.82 |
|
Euro |
1 |
INR 78.87 |
|
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
: |
VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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.