MIRA
INFORM REPORT
|
Report Date : |
09.12.2008 |
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, Bandung, West
Java |
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Country : |
Indonesia |
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Date of Incorporation : |
23.09.1980 |
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Com. Reg. No.: |
C-18336.HT.01.04.TH.2006 |
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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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 6,300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. KAKAHATEX
A d d r e s s
Head Office and Factory
Jalan Raya Cijerah,
Cigondewah, Girang No. 16
Melong – Cimahi 40534
Bandung
West Java
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 - Owned
Factory 2
Jalan Raya Ranca Ekek Km. 23
Sumedang
West Java
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 - Owned
Marketing Office
Jalan K.H. Wahid Hasyim No. 119
Jakarta 10240
Phones- (021) 3146820
Fax. - (021) 3147060
Telex - 28648 KHTEX IA
Building Area - 4 storey
Office Space - 240 sq. meters
Region - Commercial
Status - Rent
summary
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 Department of Finance
NPWP. Mo. 1.104.586.1-421
Related
Companies :
a. P.T. KAHAFEDERAL GARMENTS (Garment Manufacturing)
b. P.T. KAHAFORTUNE GARMENT (Garment Manufacturing)
c. P.T. SIN CHEAU INDONESIA GARMENT (Garment Manufacturing)
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
Jakarta Utara
b. Mr. Song Wen Shyang -
Rp 186,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
Bandung
West Java
c. Mrs. Song Wen Shyu -
Rp 96,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
Bandung
West Java
d. Mr. Song Liang Hua - Rp 72,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
Bandung
West Java
e. Mr. Huang Kuen Jeng -
Rp 90,000,000,000.-
Address : Jl. Cigondewah
Girang RT.002/03
Kel. Melong,
Bandung
West Java
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 :
1 9 8 2
Brand
Name :
KAHATEX
Technical
Assistance :
None
Number
of Employee :
4,582 persons
Marketing
Area :
Domestic (Local) - 20%
Overseas (Export) - 80%
Main
Customers :
a. P.T. Kaha Federal Garment
b. P.T. Kaha Fortune Garment
c. P.T. Sin Cheau Indonesia Garment
d. P.T. Kaha Sweeter Industry
e. Textile Importer of Singapore, Taiwan, Canada, Middle East and
European countries
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
B
a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Bandung Branch
Jalan Asia Afrika No. 122-124
Bandung, West Java
b. P.T. Bank INTERNATIONAL
INDONESIA Tbk
Jalan M.H. Thamrin No. 51
Jakarta Pusat
c. P.T. Bank RAKYAT INDONESIA Tbk
Jalan Jend. Sudirman No.
44-46
Jakarta Pusat
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
2007 – Rp. 610.0 billion
2008 – Rp. 280.0 billion (January - June)
Net Profit (Loss) :
2004 – Rp. 24.5 billion
2005 – Rp. 18.0 billion
2006 – Rp. 13.5 billion
2007 – Rp. 12.0 billion
2008 – Rp. 5.3 billion (January
- June)
Payment
Manner :
Sometime Delay
Financial
Comments :
Fairly Strong
KEY EXECUTIVES
Board of Management :
President
Director - Mr.
Widjaja Trisna or William Trisna
D i r e c t o r
s - 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. Widjaja Trisna or William 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$ 6,300,000.- on
the 90 days of payments
OVERALL PERFOMANCE
P.T. KAHATEX was established in September 1980 in Bandung, West Java,
with an authorized capital of Rp
1,000,000,000.- and an issued
capital of Rp 200,000,000.- of
which Rp 20,000,000.- was paid up. The
founders and original shareholders of the company are Mrs. Emmy Renoewidjojo
and Mr. Tedjo Renoewidjojo, both Indonesians of Chinese extraction. In 1987 the
whole original shareholders pulled out and replaced by Mr. Song Wen Po, Mr.
Song Wen Tying, Mr. Song Wen Shyang, his son-in-law Mr. Widjaja Trisna or
William Trisna (husband of Mr. Song Chin Shu, first daughter of Mr. Song Liang
Hua) and Mrs. Song Wen Shyu. They are an Indonesian business family of Chinese
extraction. In November 2000 the authorized capital was increased to Rp
330,000,000,000.- entirely issued and paid up.
Lastly in April 2006, the authorized capital was raised again to Rp.
630,000,000,000.- entirely issued and paid up and concurrently whole shares of
the company were controlled by Mr. Widjaja Trisna, Mr. Song Wen Shyang, Mr. Huang
Kuen Jeng and Mrs. Song Wen Shyu. The
deed of amendment was made by Mr. Drs. Yudi Priadi, SH., was approved by the
Ministry of Law and Human Right in its Decision Letter No.
C-18336.HT.01.04.TH.2006, dated June 22, 2006.
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 INDONESIA, a joint venture with SIN CHEAU GARMENT of Taiwan (80%).
P.T. KAHATEX is engaged in integrated textile industry with its plant
located at Jalan Cijerah, Kampung Cigondewa, Cimahi, West Java, on a land of
some 8.2 hectares. The plant had been operating
since 1982 and frequently been expanded. In 1992 the company has been operating
new plant at Jalan Raya Ranca Ekek Km.25, Sumedang, West Java, on a land of
some 8.0 hectares. Mrs. Sri, a staff of the company, said that the plant of the
company at Jalan Ranca Ekek produces various kinds of textile products
including polyester, spinning, knitting and weaving products. In the end of 1993, P.T. KAHATEX took over and operated garment
factory owned its sister company P.T. KAHINTEX near by its plant in Cimahi,
Bandung, West Java. Both plants have
frequently been expanded. In January 1997 P.T. KAHATEX got an expansion permit
for both plants, but no realization as yet due to a financial problem and tight
banking liquidity. In mid-1998 it got a license to expand its plant in
Sumedang, West Java, to produce sport-shoes and component, but no realization
as yet.
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 Singapore, Taiwan
and European countries, Canada and Middle East and the rest of 20% is locally
marketed. The economic crisis battering the country has caused the workers to
demonstrate against the management of the company. The workers demanded the
improvement of their normative rights. The demonstration waves of the workers
happened in February 2000, May 2002 and August 2003 and some of whom involving
in the demonstration were laid off.
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
|
Commodity |
2002 |
2003 |
2004 |
2005 |
2006 |
|
Garment |
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|
-
Volume (thousand ton) |
333.1 |
339.9 |
327.3 |
369.5 |
377.0 |
|
-
Value (million US$) |
3,887.2 |
4,037.9 |
4,351.9 |
4,967.0 |
5,342.2 |
|
Textile Products |
|
|
|
|
|
|
-
Volume (thousand ton) |
1,425.9 |
1,307.5 |
1,300.4 |
1,427.3 |
1,484.6 |
|
-
Value (million US$) |
3,075.9 |
3,064.6 |
3,354.6 |
3,704.0 |
3,836.4 |
Source : The Central Bureau of Statistic
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 2005 amounted to Rp.
810.0 billion declined to Rp. 6600.0 billion in 2006 and declined again to Rp.
610.0 billion in 2007. The operation in
2007 yielded an estimated net profit at least Rp. 11.0 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 10% in 2008.
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 Indonesia).
The company’s management is headed by Mr. Widjaja Trisna or William
Trisna (47) with 19 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 and global economic crisis since September 2008 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 operation has been declining in the last five years and
the unstable economic condition in the country, we recommend to treat prudently
in extending a loan to the company.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)