MIRA
INFORM REPORT
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Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. VASTEX
PRIMA INDSUTRIES |
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Registered Office : |
Jalan Gede Bage
No. 7, Ujung Berung, Bandung, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
29.03.1973 |
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Com. Reg. No.: |
C-15286 HT.01.04.TH.2004 |
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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$ 3,680,000 |
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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. VASTEX PRIMA INDSUTRIES
A d d r e s s
Head Office & Factory
Jalan Gede Bage
No. 7
Ujung Berung
Bandung
West Java
Indonesia
Phone - (62-22) 780 1000,
780 0202, 780 3455
Fax - (62-22) 780 3455
E-mail - Vastex@melsa.net.id
Land Area - 45,000 sq.
meters
Building Space - 26,000 sq. meters
Region - Industrial
Zone
Status - Owned
Branch
Wisma Rama 3rd
Floor
Jalan M.H. Thamrin No. 3
Jakarta Pusat
Indonesia
Phone - (62-21) 345 1177
(Hunting)
Fax - (62-21) 3484 3337
Building Area - 8 storey
Office Space - 800 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
a. 29 March 1973 as P.T. ASWANI TEXTILE
b. 30 October 1979 as P.T. VASTEX PRIMA INDUSTRIES
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of
Justice and Human Rights
No. C-15286
HT.01.04.TH.2004
Dated 18 June 2004
Company Status
Private National and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Capital
Investment Coordinating Board
- No. 03/I/PMDN/1980
Dated 8 January 1980
- No. 56/II/PMDN/1984
Dated 15 November 1984
- No. 194/II/PMDN/1994
Dated 11 July 1994
The Department of
Finance
NPWP No. 01.118.556.8-424.000
Related Companies
a. A Member of the VASTEX PRIMA Group (see attachment)
b. A Member of the PANGGUNG Group (see attachment)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
60,000,000,000.-
Issued Capital : Rp.
15,000,000,000.-
Paid up Capital : Rp.
15,000,000,000.-
Shareholders/Owners :
a. Mr. Jaikishin Chattaram - Rp.
13,350,000,000.-
Address : Hegarmanah Kulon No. 27
Bandung, West Java
Indonesia
b. Mrs. Anita
Jacky Mulani -
Rp. 1,500,000,000.-
Address : Jl. Jambu No. 31
Gondanglia, Bandung
West Java, Indonesia
c. Mr. Arumogam
Subramaniam -
Rp. 150,000,000.-
Address : Jl. Pasir Raya V No. 2
Bandung, West Java
Indonesia
BUSINESS ACTIVITIES
Lines of Business:
Integrated Textile Industry
Production Capacity
a. Texturized POY & FOY Yarns - 29,650 tons p.a.
b. Flock Velvets - 4,020,000 meters p.a.
c. Filament Yarn Polyesters - 4,000 tons p.a.
d. Filament Yarn Polyamides - 4,000 tons p.a.
e. Polypropylene Yarns - 4,000 tons p.a.
f. Tufting Upholsteries - 1,000,000 meters p.a.
g. Weaving Upholsteries - 3,660,000 meters p.a.
h. Nylon Files for Flocking - 600 tons p.a.
Total Investment
a. Equity Capital - Rp. 15.3
billion
b. Reinvested
Profit - Rp.
13.7 billion
c. Loan Capital - Rp. 48.6
billion
d. Total
Investment - Rp. 77.6 billion
Started Operation
1981
Brand Name
Vastex
Technical Assistance
None
Number of Employee
1,200 persons
Marketing Area
Domestic - 45%
Export - 55%
Main Customer
Textile and
Garment Manufacturing in West Java
Market Situation
Very Competitive
Main Competitors
a. P.T. POLYFIN
CANGGIH
b. P.T. NIKAWA
TEXTILE INDUSTRY
c. P.T. UNILON
TEXTILE INDUSTRY
d. P.T. NATATEX
PRIMA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r
s :
a. P.T. Bank MANDIRI Tbk
Plaza Mandiri
Jalan Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Asia Afrika No. 166-167
Bandung
West Java
Indonesia
c. CITIBANK N.A.
Landmark Centre
Jalan Jend. Sudirman No. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2005 – Rp. 260.0
billion
2006 – Rp. 290.0
billion
2007 – Rp. 320.0
billion
Net Profit (Loss)
:
2005 – Rp. 14.5 billion
2006 – Rp. 15.6 billion
2007 – Rp. 16.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Jaikishin Chattaram
Director s -
a. Mr. Irwan Sutjiadi
b. Mrs. Anita Jacky Mulani
Board of Commissioners :
President Commissioner - Mr. Arumogam Subramaniam
Signatories :
President Director (Mr. Jaikishin Chattaram)
or one of the Directors (Mr. Irwan Sutjiadi or Mrs. Anita Jacky Mulani) 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$ 3,680,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named P.T. ASWANI TEXTILE INDUSTRIES, the company was
established in 1973 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 Mr.
Lekhoomal Pohomal Tolani (an Indonesian citizen of Indian extraction) and Mr.
Vishindas Niha Lohand Aswani, an Indian citizen who has resided in Indonesia
since the 1950's. The company notary deed has frequently been revised. In 1979
the company was renamed P.T. VASTEX PRIME INDUSTRIES (P.T. VPI). Meanwhile, its
authorized capital was increased to Rp. 1,500,000,000 and its issued capital to
Rp. 450,000,000 with the paid up capital amounting to Rp. 45,000,000. At the
same time, Mr. Vishindas Niha Lohand Aswani withdrew and into the company
entered new shareholders namely Mr. Jaikishin Chattaram, Indonesian businessman
of Indian extraction, and Mrs. Herliyani Moestafa, an indigenous businessman.
In 1996, the authorized capital was raised to Rp. 6,000,000,000 entirely
issued and paid up. The latest in October 2002, the authorized capital was
increased to Rp. 60,000,000,000 issued capital to Rp. 15,000,000,000 entirely
paid up. Concurrently, Mrs. Herliyani Moestafa pulled out and replaced by Mr.
Arumogam Subramaniam and Mrs. Anita Jacky Mulani. The deed of amendment was
made by Mr. Dr. Wiratni Ahmadi, SH., a public notary in Bandung under Company
Registration Number C-15286 HT.01.04.TH.2004, dated June 18, 2004.
P.T. VPI is a member of the VASTEX PRIMA Group, a large sized company
group in the country dealing with integrated textile industry especially in
carpets and rugs, and the PANGGUNG Group, a company group in the country
dealing with electronic assembling industry.
P.T. VPI obtained a Domestic Capital Investment (PMDN) facility issued
by the Capital Investment Coordinating Board (BKPM) to deal with integrated
textile industry. Its plant is located on Jalan Gede Bage, Ujung Berung,
Bandung, West Java on a land of 4.5 hectares. The plant had been in operation
since 1981 and frequently expanding to increasing production capacity. The
plant initially produces of 29.650 tons of POY & FOY yarns, 4,020,000
meters of flock velvets, 4,000 tons of filament yarn polyesters, 4,000 tons of
filament yarn polymides, 4,000 tons of polypropylene yarns, 1,000,000 meters of
tufting upholsteries, 3,660,000 meters of weaving upholsteries and 600 tons of
nylon files flocking. The investment being absorbed by the development of the
plant reached Rp. 77.6 billion coming from own capital of Rp. 15.3 billion,
reinvested profit of Rp. 13.7 billion and the rest from loans.
Some 45% of the company products are exported to Singapore, Malaysia,
Hong Kong, the Philippines, Dubai, Middle East countries and others while the
rest is locally marketed through its distributors spreading in several big
cities in Indonesia such as Jakarta, Bandung, Surabaya, Semarang and others.
P.T. VPI is classified as a large sized company in the country dealing with
integrated textile industry of which the operation had been running smoothly
and growing steadily in the last five years. The occurring of the economic
crisis and sharp Rupiah depreciation against the US$ Dollar, Japanese Yen, EUR
and other hard currencies has positive impact on P.T. VPI's operation because
some 45% of its products is exported. Besides, the prolonged economic crisis
followed by fast rising local bank interest rates has also had a negative
impact on the company's finances for having resulted in a swelling of the
company’s debts out of control. 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, demand for garment in the international market has been
fluctuating in the last five years as evident from the figures of Indonesian
garment export. According to the Central Bureau of Statistics (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 to 369.500 tons (US$ 4,967.0 million) in 2005 and
to 89,900 tons (US$ 1,296.2 million) in 2006 (January-March). The Indonesia
textile products export in 2000 amounted 1,365.1 tons (US$ 3,634.1 million),
declined to 1,269.5 (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 to 1,427.3 tons (US$ 3,704.0 million) in 2005 and
to 362.3 (US$ 940.2 million) in 2006 (January-March).
The export
volume and value of the national TPT products in 2000 to 2005 are pictured on
the following table.
|
Year |
Garment |
Textile
Product |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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|
2000 |
370.3 |
4,702.6 |
1,365.1 |
3,634.1 |
|
2001 |
473.8 |
4,476.7 |
1,269.5 |
3,198.9 |
|
2002 |
333.1 |
3.887.2 |
1,425.9 |
3,075.9 |
|
2003 |
339.9 |
4,037.9 |
1,307.5 |
3,064.6 |
|
2004 |
327.3 |
4,351.9 |
1,300.4 |
3,354.6 |
|
2005 |
369.5 |
4,967.0 |
1,427.3 |
3,704.0 |
|
2006* |
89.9 |
1,296.2 |
362.3 |
940.2 |
*) January –
March
Source : Central
Bureau of Statistic
Until this time P.T. VPI 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. 260.0 billion, increased to Rp. 290.0
billion in 2006 to Rp. 320.0 billion in 2007. We estimated the company has
yielded net profit of Rp. 16.8 billion. It is estimated the company has an
estimated total networth at least Rp. 137.0 billion. It is projected that total
sales turnover of the company will increase at least 8% in 2008. We observe
that P.T. VPI is supported by financially strong behind it. So far, we did not
hear that the company having been black listed by the Central Bank (Bank
Indonesia). The company usually pays its debts punctually to suppliers.
The management of P.T. VPI is led by Mr. Jaikishin Chattaram (55) a
businessman with 20 years of experience in integrated textile industry. The
management is quite creative and dynamic, having maintained a wide business
relation with private businessmen at home and abroad and with the government
sectors as well. We observed that management’s reputation in said business is
fairly good. So far, we did not hear 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.
P.T. VASTEX PRIMA INDUSTRIES is sufficiently 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.
Attachment 1 :
List of the VASTEX PRIMA Group Members
1.
AMADA
ANGGUN TEXTILE, P.T. (Integrated Textile Industry)
2.
BEKLANI,
P.T. (Trading and Investment Holding)
3.
BITRATEX
INDUSTRIAL CORPORATION, P.T. (Integrated Textile Mill)
4.
INDOMONEX,
P.T. Bank (Banking)
5.
LOTUS
INDAH TEXTILE INDUSTRIES, P.T. (Textile Industries)
6.
MERAKLON
PRIMADONA INDUSTRIES, P.T. (Investment Holding)
7.
MULTIBIS
AGUNG PRIMA, P.T. (Investment Holding)
8.
NOBEL
INDAH CARPET, P.T. (Carpet Manufacturing)
9.
NOBEL
MERAK CARPETS, P.T. (Polypropylene BCF Filament and Staple Fiber Manufacturing)
10.
ONDATE
INDUSTRIES, P.T. (Essence Oil Distillation)
11.
RAMA,
P.T. Bank (Banking)
12.
RAMA
LIFE, P.T. Asuransi (Life Insurance)
13.
RAMA
SATRIA SAKTI, P.T. (Investment Holding)
14.
RAMOS
INTI COSMETIC, P.T. (Cosmetic Manufacturing)
15.
SATSATYA
SEJATI, P.T. (Underwriter Services)
16.
SINAR
RAPI ASRI, P.T. (Corrugated Carton Box Industry)
17.
VASTEX
PRIMA INDUSTRIES, P.T. (Integrated Textile Industry)
18.
VIKRAM
POLYMERS, P.T. (Polyester Chips, Spinning and Polyester Staple Fibre Industry)
Attachment 2 :
List of the PANGGUNG Group Members
1.
A.
SCHULMAN PLASTIC, P.T. (Plastic Compound Manufacturing)
2.
ASTRIA GRAHAMAS
ELECTRIC, P.T. (Investment Holding)
3.
ASTRIA RAYA
BANK, P.T. (Banking)
4.
ASTRIA
SUMMIT ELECTRONIC, P.T. (Electronic
Goods and Component Manufacturing)
5.
AURORA
TIRTA KURNIA, P.T. (Supermarket Management)
6.
BUANA TIRTA
WINATA, P.T. (Cold Storage Management)
7.
BHINEKA
TATAMULYA INDUSTRI, P.T. (Plastic Sheet Industry)
8.
DELTA
MEGAH KURNIA, P.T. (Distribution of
Electronics and Electrical Household Appliances)
9.
DEWATA
PANDUSENTOSA, P.T. (Hotel and Recreation Centre Management)
10.
DHARMA
PANGGUNG SENTOSA, P.T. (Real Estate Management)
11.
DJOEWITA
TRADING Co., Ltd., P.T. (General Trading)
12.
DWI
KRESNA, P.T. (Trading and Investment Holding)
13.
FINE
WELL, P.T. (Trading)
14.
GLOBALINK INVESTAMA, P.T. (Investment Holding)
15.
INSPECS
LIMATAMA BENUA, P.T. (Trading)
16.
INTELINDO
CITRAKARYA, P.T. (Electronics Household Manufacturing - inactive)
17.
JVC
INDONESIA, P.T. (Electronic Goods Importing, Distribution and Manufacturing)
18.
MOBILKOMSEL
SELULAR INDO GEMILANG, P.T. (Trading and Distribution of MOTOROLA Handphone Set
and Accessories)
19.
PANGGUNG
ELECTRONIC INDUSTRIES, P.T. (Electronic Good Manufacturing and Assembling
Industries)
20.
PANGGUNG
MAXELL INDUSTRIES, P.T. (Audio and Video Cassette Manufacturing)
21.
PANINDO,
U.D. (Distribution of Electronics and Electrical Household Appliances)
22.
PANWELL
INDUSTRIES, P.T. (Electronic Component Manufacturing)
23.
PENDAWASURYA
TIRTAMAS, P.T. (Investment Holding)
24.
DANAMON
INDONESIA Tbk., P.T. Bank (Banking)
25.
SELULAR
INDONESIA UTAMA, P.T. (Trading and Distribution of Handphone Set and
Accessories)
26.
SINAR
PEJAMBON INDAH, P.T. (Lubricating Oil Recycling Industry)
27.
SINAR
RAPI ASRI, P.T. (Printing and Packaging Industry)
28.
SUCORINVEST
CENTRAL GANI, P.T. (Securities Services)
29.
TABUNG
GAMBAR INDONESIA, P.T. (Investment Holding)
30.
TOSHIBA
DISPLAY DEVICES INDONESIA (Electronic Components Industry)
31.
TOSUMMIT ELECTRONIC DEVICE INDONESIA,
P.T. (Electronic Good Component Manufacturing)
32.
TRIAS
SENTOSA, P.T. (OPP Film Manufacturing)
33.
TRIKOMSEL
CITRA WAHANA, P.T. (Trading and
Distribution of NOKIA Handphone Set and Accessories)
34.
VASTEX PRIMA
INDUSTRIES, P.T. (Integrated
Textile Mills)
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%)