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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

499595

Report Date :

28.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

P.T. TRISCO TAILORED APPAREL MANUFACTURING

 

 

Registered Office :

Jl. Raya Kopo Soreang Km. 11,5, Ketapang sub-district, Soreang District, Bandung 40971, West Java

 

 

Country :

Indonesia

 

 

Date of Incorporation :

29.02.2000

 

 

Com. Reg. No.:

AHU-AH.01.03-0182616

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Garment Manufacturing

 

 

No. of Employees :

1,636

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

US$ 6,200,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

Indonesia

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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

 

Name of Company : 

P.T. TRISCO TAILORED APPAREL MANUFACTURING

 

Address :

Head Office & Factory

Jl. Raya Kopo Soreang Km. 11,5

Ketapang sub-district, Soreang district

Bandung 40971, West Java

Indonesia

Phones             - (62-22) 589 7183, 589 7184, 589 7185

Fax                   - (62-22) 589 7186

Email                - trisco@bdg.centrin.co.id

Land Area         - 10,200 sq. meters

Building Area    -   8,500 sq. meters

Region              - Industrial Zone

Status               - Owned

 

Jakarta Office

Gedung Trisula Center

Jl. Lingkar Luar Barat, Blok A, No. 1

Rawa Buaya sub-district, Cengkareng district

West Jakarta

Indonesia

Phones             - (62-21) 5835 7377 (hunting)

Fax                   - (62-21) 5835 8033

Building Area    - 6 storey

Office Space    - 120 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

29 February 2000

 

Legal Form :

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

 

Company Reg. No. :

The Ministry of Law and Human Rights

a.  No. C-18002.HT.01.01.TH.2000

     Dated 16 August 2000

b.  No. C-01234.HT.01.02.TH.2003

     Dated 21 January 2003

 

 

 

c.  No. AHU-0011748.AH.01.02.Tahun 2011

     Dated 21 June 2016

d.  No. AHU-AH.01.03-0182616

     Dated 20 October 2017

 

Company Status :

National Private Company

 

Permits by the Government Department :

a. The Department of Finance

    NPWP No. 01.882.712.1-057.000

 

b. The Capital Investment Coordinating Board

    No. 04/02/I/PMA/2000, dated 12 February 2000

 

Related/Affiliated Companies :

a. P.T. TRISULA INTERNATIONAL TBK. (Investment Holding)

b. P.T. TRINICO INDONESIA (Investment Holding)

c. P.T. TRITIRTA SARANA DAMAI (Property and Real Estate Management)

d. P.T. TRIMAS SARANA GARMENT INDUSTRY (Garment Manufacturing)

e. P.T. TRISULA GARMINDO MANUFACTURING (Garment Manufacturing)

f. P.T. TRIDUARIBU BERSATU (Apparel and Footwear Trading)

g. P.T. TRISULA ORIENTEX PERDANA (Business Management Consultant)

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - Rp. 100,044,000,000.-

Issued Capital               - Rp.   45,438,000,000.-

Paid up Capital             - Rp.   45,438,000,000.-

 

Shareholders/Owners :

a. P.T. TRISULA INTERNATIONAL TBK.              - Rp. 22,719,000,000.- (50%)

   Address: Trisula Center, Jl. Lingkar Luar Barat

                  Blok A No. 1, West Jakarta, Indonesia

 

b. P.T. TRINICO INDONESIA                                - Rp. 22,719,000,000.- (50%)

   Address: Jl. Raya Kopo Soreang Km. 11,5

                  Bandung, West Java, Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Garment Manufacturing

 

Production Capacity :

a. Men’s/Ladies Jacket                    - 33,750 dozens p.a.

b. Ladies Bottom (Skirt, Pants)        - 30,000 dozens p.a.

c. Casual (Vest, Casual Jacket)        -   5,000 dozens p.a.

d. Men’s Trousers                            - 50,000 dozens p.a.

e. Special Order                              -   5,000 dozens p.a.

 

Total Investment :

a. Equity Capital                      - Rp. 100.0 billion

b. Loan Capital                        - Rp. 220.0 billion

c. Total Investment                   - Rp. 320.0 billion

 

Started Operation :

2000

 

Brand Name :

Trisco TAM

 

Technical Assistance :

None

 

Number of Employee :

1,636 persons

 

Marketing Area :

a. Domestic (Local)      - 60%

b. Export                     - 40%

 

Market Situation :

Very Competitive

 

Main Competitors :

a. PT. Apac Inti Corpora

b. PT. Sri Rejeki Isman

c. PT. Argo Pantes Tbk.

d. PT. Ungaran Sari Garment

e. PT. Panasia Indosyntex Tbk

f. PT. Candratex Sejati

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

a. P.T. Bank PESONA PERDANIA Tbk

    Bandung Branch

    Jl. Asia Afrika No. 141-149

    Bandung, West Java

    Indonesia

b. PT. Bank OCBC NISP Tbk

    Bandung Branch

    Jl. Asia Africa No. 100

    Bandung, West Java

    Indonesia

 

c. The Hong Kong Shanghai Bank Corporation

    Bandung Branch

    Jl. Pasir Kaliki No. 121-123

    Bandung, West Java

    Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2014 – Rp. 495.0 billion

2015 – Rp. 550.0 billion

2016 – Rp. 612.0 billion

2017 – Rp. 680.0 billion

 

Net Profit (estimated) :

2014 – Rp. 20.7 billion

2015 – Rp. 23.0 billion

2016 – Rp. 26.0 billion

2017 – Rp. 28.0 billion

 

Payment Manner :

Average

 

Financial Comments :

Fairly

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                           - Mr. David Cohen

Directors                                         - a. Mr. Harry Kurniadi

                                                        b. Mr. Ruddy Setiadi

 

Board of Commissioner :

President Commissioner                  - Mr. Tjhoi Lisa Tjahjadi

Commissioner                                 - Mr. Kartono Budiman

 

Signatories :

President Director (Mr. David Cohen) or one of the Directors (Mr. Harry Kurniadi or Mr. ruddy Setiadi) which must be approved by Board of Commissioners (Mr. Tjhoi Lisa Tjahjadi or Mr. Kartono Budiman)

 

 

CAPABILITIES

 

Management Capability :

Good

 

Business Morality :

Good

 

Credit Risk :

Low

 

Credit Recommendation :

Credit can be proceeded promptly

 

Proposed Credit Limit :

Fairly large amount

 

Maximum Credit Limit :

US$ 6,200,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. TRISCO TAILORED APPAREL MANUFACTURING (P.T. TTAM) was established in Bandung (West Java) on February 29, 2000 with an authorized capital of Rp. 3,600,000,000 entirely was issued and paid up.  The founding shareholders of the company are P.T. TRISULA TEXILE INDUSTRIES of Indonesia (10%) and WISCO AUSTRALIA Pty. Ltd., of Australia (90%). The Deed of establishment was approved by the Minister of Justice of the Republic of Indonesia through its Decision Letter No. C-18002.HT.01.01.TH.2000 dated August 16, 2000. Its articles of association have subsequently been changed for several times.  In September 2001, the authorized capital was raised to Rp. 7,200,000,000 of which Rp. 5,760,000,000 was issued and paid up.  Concurrently, Mr. David Cohen from Australia entered into the company as a new shareholder.

 

The most recently by Notary Deed of Wiwik Condro, SH., No. 47 dated October 19, 2017, the authorized capital was raised to Rp. 100,044,000,000.- of which Rp. 45,438,000,000.- was issued and  paid up.  The latest shareholders of the company are P.T. TRISULA INTERNATIONAL TBK (50%) and P.T. TRINICO INDONESIA (50%).  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.01.03-0182616 dated October 20, 2017.

 

P.T. TTAM obtained a Foreign Capital Investment (PMA) facility issued by the Capital Investment Coordinating Board (BKPM) in 2000 to deal with garment manufacturing. Its plant is located at Jalan Raya Kopo Soreang Km. 11.5, Ketapang sub-district, Soreang district, Bandung, West Java on a land of 1.0 hectare having been in operation since 2001.  The plant produces various garment products such as men’s and ladies jacket, ladies bottom (skirt, pants), casual (vest, casual jacket), men’s trousers and special order.  A part of the basic materials are supplied by PT. Trisula Textile Industries and the number textile industries in West Java.  Mrs. Esiana, a staff of the company, said that some 80% of the products are produced based on its buyer’s order in Australia, America, Africa, UK, Europe and Asia countries, and the rest of 20% is locally marketed. In addition, P.T. TTAM is also active in investment holding by controlling 98.0% shares of P.T. TRISULA GARMINDO MANUFCTURING (is also engaged in garment manufacturing).  We observed that P.T. TTAM is classified as a medium sized company of its kind in the country of which the operation has been growing slowly in the last five years.

 

Generally, demand for textile and textile products including polyester textured yarn, finished fabric, garment, 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.

 

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

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.  TTAM 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. TTAM’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 2015 amounted to Rp. 550.0 billion increased to Rp. 612.0 billion in 2016 and rose again to Rp. 680.0 billion in 2017.   The operation in 2017 yielded a net profit at least Rp. 28.0 billion and the company has a total net worth of Rp. 360.0 billion.  It is projected that total sales turnover of the company will increase at least 8% in 2018.    So far we did not hear that P.T. TTAM 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.

 

The management of the company is led by Mr. David Cohen (66) of Australia as president director and ceo of the company.   In daily activities, he is assisted by Mr. Harry Kurniadi (41) and Mr. Ruddy Setiadi (60), both of Indonesia as director respectively.  We observed that the management of the company has a good reputation in textile industry and garment manufacturing. The management has wide relation with overseas and national private businessmen as well as with the government sectors.  We have never heard of the management of the company having been involved in business malpractice.

 

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

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.80

UK Pound

1

INR 92.25

Euro

1

INR 80.76

IDR

1

INR 0.0046

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

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

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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