MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. KAKAHATEX |
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Registered Office : |
Jalan Raya Cijerah, Cigondewah, Girang No. 16 Melong – Cimahi
40534, |
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Country : |
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Date of Incorporation : |
23 September 1980 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Integrated Textile Industry |
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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Maximum Credit Limit : |
US$ 7,200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. KAKAHATEX
Address
Head Offoce & Factory I
Jalan Raya Cijerah,
Cigondewah, Girang No. 16
Melong – Cimahi 40534
Phones - (022) 6031030 (7 lines), 6031566
(7 lines)
Fax. - (022) 6032166, 6031488
E-mail - rc@kaha.com
Website - www.kahatex.com
Land Area - 82,000 sq. meters
Building Space - 36,800 sq. meters
Region - Industrial
Zone
Status - Rent
Factory 2
Jalan Raya Ranca Ekek Km. 23
Sumedang
Phones - (022)
7798060 (Hunting) 7792222
Fax - (022)
7798063, 7793111
Land Area - 80,000 sq. meters
Building Space - 42,500 sq. meters
Region - Industrial
Zone
Status - Rent
Marketing Office
Jalan K.H. Wahid Hasyim No. 119
Phones- (021) 3146820
Fax. - (021) 3147060
Telex - 28648 KHTEX IA
Building Area - 4 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
23 September 1980
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No.
C-18336.HT.01.04.TH.2006
Dated 22 June
2006
Company Status
Domestic Investment (PMDN) Company
Permit by the
Government Department
The Capital Investment Coordinating Board
- No.
25/II/PMDN/1985
Dated 1 May 1985
- No. 146/II/PMDN/1992
Dated 25 November 1992
- No. 160/II/PMDN/94
Dated 03 June 1994
- No. 18/II/PMDN/97
Dated 28 January 1997
The Department of Industry and Trade
TDP. No. 102411700092
Dated 28 December 2001
The Departmen of Finance
NPWP.
Related Companies
a. P.T. KAHAFEDERAL GARMENTS (Garment Manufacturing)
b. P.T. KAHAFORTUNE GARMENT (Garment Manufacturing)
c. P.T. SIN CHEAU
d. P.T. KAHA SWEETER (Sweeter Manufacturing)
e. Etc.
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - Rp 630,000,000,000.-
Issued Capital - Rp
630,000,000,000.-
Paid up Capital - Rp
630,000,000,000.-
Shareholders/Owners :
a. Mr. Wijaya Trisna -
Rp 186,000,000,000.-
Address : Komplek Sekneg Blok
B No. 20/38
Kel. Sunter
Agung
b. Mr. Song Wen Shyang -
Rp 186,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
c. Mrs. Song Wen Shyu -
Rp 96,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
d. Mr. Song Liang Hua - Rp 72,000,000,000.-
Address : Jl. Cigondewah Girang
RT.002/03
Kel. Melong,
e. Mr. Huang Kuen Jeng -
Rp 90,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
BUSINESS ACTIVITIES
Lines of Business:
Integrated
Textile Industry
Production
Capacity :
A. Initial Plant
Cimahi Factory
a. Acrylic Yarns - 15,500 tons p.a.
b. Woven Fabrics - 18,000,000 mtrs p.a.
c. Knitted Fabrics - 15,600 tons p.a.
d. Garments (Jackets, Trainspack, etc) - 1,120,000 dozens p.a.
e. Sweaters - 50,000 dozens p.a.
f. Socks - 8,000,000 dozens p.a.
Sumedang Factory
a. Yarns - 47,140 tons p.a.
b. Woven Fabrics - 22,040,000 mtrs.
p.a.
c. Knitted Fabrics - 20,920 tons p.a.
d. Acrylic Fibres - 50,000 tons p.a.
e. Socks - 5,140,000 dozen p.a.
B. Expansion Plant
Cimahi Factory
a. Knitted Fabrics - 9,000 tons p.a.
b. Woven Fabrics - 6,000,000 mtrs.p.a.
Sumedang Factory
a. Acrylic Fibres - 30 tons p.a.
b. Yarns - 20,000 tons p.a.
c. Sport Shoes and Components :
- Rubber Sole -
6,000,000 pairs p.a.
- Eva Sole -
9,000,000 pairs p.a.
- Out Sole -
8,000,000 pairs p.a.
- Sport Shoes -
5,000,000 pairs p.a.
Total Investment
A. Initial Plant
Cimahi Factory
a. Owned Capital - Rp 24.3 billion
b. Loan Capital - Rp 185.2 billion
c. Total Investment -
Rp 209.5 billion
Sumedang Factory
a. Owned Capital - Rp 55.7 billion
b. Loan Capital - Rp 274.3 billion
c. Total Investment -
Rp 330.0 billion
B. Expansion
Cimahi Factory + Sumedang Factory
a. Equity Capital - Rp 46.0 billion
b. Loan Capital - Rp 302.6 billion
c. Total Investment -
Rp 348.6 billion
Sport Shoes & Components
a. Equity Capital - ---
b. Loan Capital - Rp 15.8 billion
c. Total Investment -
Rp 15.8 billion
Started Operation
1982
Brand Name
KAHATEX
Technical Assistance
None
Number of Employee
4,582 persons
Marketing Area
Domestic
(Local) - 20%
Overseas
(Export) - 80%
Main Customer
a. P.T. Kaha Federal Garment
b. P.T. Kaha Fortune Garment
c. P.T. Sin Cheau
d. P.T. Kaha Sweeter Industry
e. Textile Importer of Singapore,
Market Situation
Very Competitive
Main Competitors
a. P.T. Panasia
Indosyntex Tbk.
b. P.T. Argo
Pantes Tbk.
c. P.T. Candratex
Sejati
d. P.T. Eratex
Jaya Tbk.
e. P.T. Natatex
Prima
f. P.T. Sipatex Putri Lestari
g. P.T. Pabrik
Tekstil Kasrie
h. Etc.
Business Trend
Declining
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank
Jalan Asia Afrika No. 122-124
b. P.T. Bank INTERNATIONAL
Jalan M.H. Thamrin No. 51
c. P.T. Bank RAKYAT
Jalan Jend. Sudirman No. 44-46
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 970.0 billion
2005 – Rp. 810.0 billion
2006 – Rp. 660.0 billion
Net Profit (Loss)
:
2004 – Rp. 24.5 billion
2005 – Rp. 18.0 billion
2006 – Rp. 13.5 billion
Payment Manner :
Delay
Financial Comments :
Fairly strong
KEY EXECUTIVES
Board of Management :
President
Director - Mr. Widjaja Trisna or William Trisna
Director -
a. Mr. Song Wen Shyang
b. Mr. Huang Kuen Jeng
Board of Commissioners :
Chairman - Mr. Song Liang Hua
Member - Mrs. Song Wen Shyu
Signatories :
The President
Director (Mr. William Widjaja Trisna)
and Directors (Mr.
Song Wen Shyang and Mr. Huang Kuen Jeng) which must
be approved by the President Commissioner (Mr. Song Liang Hua) and
Commissioner (Mrs. Song Wen Shyu)
CAPABILITIES
Management Capability :
Fairly Good
Business Morality
Fairly Good
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit
Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 7,200,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.T. KAHATEX was established in September 1980 in
We note that the above Song family is the owner of the entire
business stakes of P.T. KAHAFEDEAL GARMENT and P.T. KAHAFORTUNE GARMENT, both
active in the garment industry. In addition, they also control 20% of the
shares of P.T. SIN CHEAU
P.T. KAHATEX is engaged in integrated textile industry with its
plant located at Jalan Cijerah, Kampung Cigondewa, Cimahi,
The operation of the company had been growing up to 1997 in
line with the increase in demand of textile and textile products in the local
and export market. However, since the economic crisis battering the country
since 1997 the operation of the company had kept declining. Some 80% of the
products is directly and indirectly exported to various countries such as
Generally outlook we find the demand for textile and textile products (TPT) had been growing in the last five years being followed by the volume and value of the national TPT export in the last five years. According to data from the Central Bureau of Statistic (BPS), the volume and value of TPT export as of 2002 to 30 June 2006 is illustrated as the following table :
The National Export of Textile and Textile
Product
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Commodity |
2002 |
2003 |
2004 |
2005 |
2006*) |
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Garment |
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- Volume (thousand ton) |
333.1 |
339.9 |
327.3 |
369.5 |
188.5 |
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- Value (million |
3,887.2 |
4,037.9 |
4,351.9 |
4,967.0 |
2,671.1 |
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Textile Products |
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- Volume (thousand ton) |
1,425.9 |
1,307.5 |
1,300.4 |
1,427.3 |
742.8 |
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- Value (million |
3,075.9 |
3,064.6 |
3,354.6 |
3,704.0 |
1,918.2 |
Source : The Central Bureau of
Statistic
Remark : *) as per 30 June
It is estimated that demand and production of TPT products will be fluctuating at least up to next year. Lots of product and similar small and large sized companies operating in the country have made tight competition in TPT sector. The lustrous imported TPT product is estimated to tighten the competition. Besides, the steady increase in production cost will cause the moving space of the TPT products to narrow. The long-term business position of the company is favorable once unstable economic condition starts recovery.
Until this time P.T. SSK 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 2004 amounted to Rp. 970.0 billion declined to Rp. 810.0 billion in 2005 and declined again to Rp. 660.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 13.5 billion and the company has an estimated total net worth at least Rp. 780.0 billion. It is projected that total sales turnover of the company will decline at least 15% in 2007.
The decline of the activity of the company in the last five years
elicited its payment habit to delay for the due obligation to suppliers. So
far, we did not hear that the company has been black listed by Central Bank
(Bank
The company’s management is headed by Mr. William Widjaja Trisna (46) with 18 years experience in the textile industry and trade. The management is further handled by managers who are professionals in the textile products industry and trade. They are widely connected with private businessmen at home and abroad. So far as business is concern the management of P.T. KAHATEX has never involved in any fraudulent dealings.
Of our whole observation, we may conclude that P.T. KAHATEX is classified as a large sized company of its kind in the country of which the operation has been declining the last five years. The economic crisis battering the country since 1997 has bad impact to the operation of the company up to next year. Basically, the management of the company is handled by experienced professional managers having wide relation with national and overseas private businessmen as well as with the government sectors.
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)