MIRA
INFORM REPORT
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Report Date : |
9th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
P.T. KAMALTEX |
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Registered Office : |
Desa Ngembon, Karang Jati Kecamatan Bergas, Semarang Central Java Indonesia |
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Country : |
Indonesia |
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Date of Incorporation : |
3 December 1973 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of Yarns (Sewing
Threads) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name of Company
P.T. KAMALTEX
A d d r e s s
Head Office & Factory
Desa Ngembon, Karang Jati
Kecamatan Bergas, Semarang
Central Java
Indonesia
Phone - (62-298) 521446, 523325
Fax. - (62-298) 523335
E-mail - fact-kmltx@damatextile.com
Building Area - Factory
Factory Space - 2.5 hectares
Region - Commercial
Status - Owned
Date of Incorporation
3 December 1973
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C2-480 HT.01.04.TH.90
Dated 31 January 1990
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the Government Department :
The Capital Investment Coordinating Board
- No. 10/V/PMA/1985
Dated 5 June 1985
- No. 635/III/PMDN/1987
Dated 10 December 1987
- No. 135/II/PMDN/1989
Dated 9 September 1989
Related Company
a. The DAMATEX or ARGO MANUNGGAL Group Members
b. The SARI WARNA ASLI Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 1,556,250,000.-
Issued Capital : Rp. 1,556,250,000.-
Paid up Capital : Rp. 1,556,250,000.-
Shareholders/Owners :
a. Mr. The Ning King - Rp. 529,125,000.-
b. P.T. TRISETIJ MANUNGGAL UTAMA - Rp. 428,280,000.-
c. P.T. BUDI BERSAUDARA SEJATI - Rp. 349,845,000.-
d. Mr. Winaryo - Rp. 249,000,000.-
BUSINESS ACTIVITIES
Lines of Business:
Spinning Mills
Production Capacity :
Yarns (Sewing Threads) - 3,500,000 lbs p.a.
Total Investment :
a. Equity Capital - Rp. 1.5 billion
b. Loan Capital - Rp. 3.7 billion
c. Total Investment - Rp. 5.2 billion
Started Operation :
1976
Brand Name :
None
Technical Assistance :
None
Number of Employee :
250 persons
Marketing Area :
Export - 20 %
Domestic - 80%
Main Customer :
Buyers in Turkey and textile industries in Indonesia
Market Situation :
Very Competitive
Main Competitors :
a. P.T. LOTUS INDAH TEXTILE
b. P.T. HAPETE
c. P.T. COATS REJO INDONESIA
d. Etc.,
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s :
a. P.T. Bank NEGARA INDONESIA Tbk
Semarang Main Branch
Central Java, Indonesia
b. P.T. Bank CENTRAL ASIA Tbk
Semarang Main Branch
Central Java, Indonesia
c. P.T. Bank MANDIRI Tbk
Semarang Main Branch
Central Java, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2003 – Rp. 19.0 billion
2004 – Rp. 20.0 billion
2005 – Rp. 21.5 billion
Net Profit (Loss) :
2003 – Rp. 1.3 billion
2004 – Rp. 1.6 billion
2005 – Rp. 1.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board
of Management :
President
Director - Mr. Hungkang Sutedja
Directors - a. Mr. Lie
Kheng Tjong
b. Mr. Indrawan Kurniadi
Board
of Commissioners :
President
Commissioner - Mr. Karman Widjaya
Commissioners - a. Mr. Harjanto
Tirtohadiguno
b. Mr. Drs. Sidik Murdiono
Signatories
:
President
Director (Mr. Hungkang Sutedja) or one of the Directors (Mr. Lie Kheng Tjong or
Mr. Indrawan Kurniadi) which must be approved by Supervisory Board.
CAPABILITIES
Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Average
Credit
Recommendation :
Credit
should be proceeded with monitor
Proposed Credit Limit :
Small
amount – periodical review
Maximum
Credit Limit :
US$ 288,900.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. KAMALTEX was established under the Foreign Investment (PMA) scheme, it was founded in December 1973 with an authorized capital of US$ 3,000,000.- with an issued capital of US$ 1,000,000.- and the entirely was paid-up. The original founders of the company were P.T. INDOVEST, the late Mr. Machdi and KARAMCHAND PREMCHAND Pte., Ltd., of India. Its articles of associations was revised a couple of times. Latter, in 1985 the company’s legal status was converted to be a Domestic Investment (PMDN) facility. In 1990, P.T. KAMALTEX’s authorized capital was Rp. 1,556,250,000.- of which the entirely was issued and paid up. The deed of amendment was made by Mr. Winanto Wiryomartani, SH., a public notary in Jakarta under Company Registration Number C2-480 HT.01.04.TH. 1990, dated January 31, 1990. The latest shareholders are Mr. Bambang Setijo, Mr. Hartono Setijo, Mr. Budhi Moelyono, Mr. Budhi Hartono, Mr. Budhi Santoso, Mr. Tio Liong Khoen and Mr. The Ning King. The latest in November 2004, the whole shares had been controlled by Mr. The Ning King, Mr. Winaryo, P.T. TRISETIJO MANUNGGAL UTAMA and P.T. BUDI BERSAUDARA SEJATI, both are national private company. The latest notary deed was made by Mrs. Erly Soehandjojo, SH., a public notary in Jakarta and the latest notary deed under still processing at Department of Justice and Human Right for legalization.
We observe that the founders of the company are comprising of
prominent businessmen who own two major textile company groups namely the
DAMATEX or ARGO MANUNGGAL Group, a major private textile company group in
Indonesia and the SARI WARNA ASLI Group, a major business private textile
company group in Solo, Central Java.
P.T. KAMALTEX is dealing with spinning mills (yarns) having been in operation since 1976. Its plant is located in Ngempon Village, Karang Jati, Bergas district, Ungaran, Central Java on a land of 2.5 hectares. The plant used to produce sewing thread, weaving and spinning yarns. However, since 1990, the company just produces spinning yarns (sewing threads) with annual production capacity of 3,500,000 lbs per annum. It is estimated that the company has absorbed an investment of Rp. 5.2 billion coming from owned capital of Rp. 1.5 billion and the rest from loans. Previously, some 60% of the products used to be exported to the USA, South Korea, Hong Kong, and East European countries. However, since the World Trade Center tragedy in the USA, whole export to the USA used to be ceased. Since that time, the national TPT industry has experienced the same condition on account of the limitation of TPT product export to the USA. To face that problem, P.T. KAMALTEX at present exports some 20% of the products to Turkey and the rest of 80% is locally marketed especially among textile industries of the SARI WARNA ASLI Group and other companies in Central Java, West Java such as P.T. ESARAYA PERKASA, P.T. ERRESA PERDANA TEXTILE, P.T. SURYA KARYA KARAWANG and other companies. The operation of P.T. KAMALTEX has slowly been growing in the last five years. Meanwhile, the local TPT (Textile and Textile Products) industries and other factors causing the declining competitive ability of the national TPT products are the increasing production costs, high interest rates, expensive customs office costs, illegal retributions, textile and garment machinery restructuring costs and the rising prices of production components (oil fuel prices and electric base tariffs).
Generally,
the demand for garment in international market has been fluctuating in the last
five years as evident from figures of Indonesian garment export. According to
the Central Bureau of Statistic (BPS) the Indonesian garments export in 2000
amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 tons (US$ 4,476.7
million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons
(US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 and
to 317,100 tons (US$ 4,244.2 million) in 2005 (January-October). The Indonesian
textile products export in 2000 amounted 1,365.1 tons (US$ 3,634.1 million),
declined to 1,269.5 tons (US$ 3,198.9 million) in 2001, to 1,425.9 tons (US$
3,075.9 million) in 2002 to 1,307.5 tons (US$ 3,064.6 million) in 2003 to
1,300.4 tons (US$ 3,354.6 million) in 2004 and to 1,194.8 tons (US$ 3,109.6
million) in 2005 (January-October). The export volume and value of the national
TPT products in 2002 to 2005 are pictured on the following table.
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Year |
Garment |
Textile
Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2000 2001 2002 2003 2004 2005* |
370.3 473.8 333.1 339.9 327.3 317.1 |
4,702.6 4,476.7 3,887.2 4,037.9 4,351.9 4,244.2 |
1,365.1 1,269.5 1,425.9 1,307.5 1,300.4 1,194.8 |
3,634.1 3,198.9 3,075.9 3,064.6 3,354.6 3,109.6 |
*) January – October
Source : Central Bureau of Statistic
The step Rupiah depreciation has had a positive effect on P.T. KAMALTEX’s finances, because 20% of the products is exported. But since September 2002 the volume of the company’s export has fallen sharply as a result of the 11 September 2001, WTC tragedy in New York, USA.
Until
this time P.T. KAMALTEX has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. We
observed that total sales turnover of the company in 2003 is Rp. 19.0 billion
increased to Rp. 20.0 billion in 2004 and to Rp. 21.5 billion in 2005. The
operation in 2005 yielded an estimated net profit at least Rp. 1.7 billion and
the company has an estimated total networth at Rp. 13.0 billion. It is
forecasted that total sales turnover of the company will increase at least 7%
in 2006. We observe that company is supported by financially fairly strong
behind it. So far, we have never heard of the company having been black listed
by the Central Bank (Bank Indonesia). Mrs. Ina, the export import staff of the
company disclosed that the company usually pays its debts punctually to suppliers.
The
management of P.T. KAMALTEX is led y Mr. Hungkang Sutedja (37), a professional
manager and the founder pf the SARI WARNA ASLI Group with 6 years experience in
industry and trading of textile. The management of the company is handled by
experienced professional managers having wide relation with overseas and
national private businessmen as well as with the government sectors. We
observed that management’s reputation in said business is fairly good. The
company has had wide relation in the realm of the private businessmen inside
and outside the country. So far, we have never heard 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. PT. KAMALTEX is fairly
good for business transaction. However, in view of the unstable economic
condition in the country we recommend to treat prudently in extending a loan to
the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |