MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. YORKSHIRE INDONESIA |
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Registered Office : |
Jalan Raya Cicalengka Majalaya Km. 4, Desa Cikancung, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
11.03.1993 |
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Com. Reg. No.: |
C-UM.02.01-704 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Textile Auxiliaries and Chemical Formulation |
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$ 1,250,000 |
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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. YORKSHIRE INDONESIA
A d d r e s s
Head Office & Factory
Jalan Raya
Cicalengka Majalaya Km. 4
Desa Cikancung
West Java
Indonesia
Phones - (62-21) 7949581-84
Fax - (62-21) 7949585
Land Area - 10,000 sq.
meters
Building Area - 7,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation
11 March 1993
Legal Form
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-UM.02.01-704
Dated 21 January
2004
Company Status
Foreign
Investment (PMA) Company
Permit by the Government
Department
The Department of Finance
NPWP No.
1.081.846.6-421
The Department if Industry
No.
220/T/Industri/1995
Dated 27 April
1995
The Capital Investment Coordinating Board
No.
34/V/PMDN/2003
Dated 27 November
2003
Related Company
A Member Company
of the FUJITEX Group (see attachment)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
37,280,000,000.-
Issued Capital : Rp.
11,556,800,000.-
Paid up Capital : Rp.
11,556,800,000.-
Shareholders/Owners
:
a. P.T. WARNA MAKIN MULIA - Rp. 11,072,570,080.-
Address : Jl. Kebon Jukut No. 15
Babakan, Ciamis, Sumur
Bandung
Bandung, West Java
Indonesia
b. Mr. Andri Seno Kurnadi - Rp. 484,229,920.-
Address : Jl. Naripan No. 39 RT. 001, RW.
002
Kelurahan Keb. Pisang,
Bandung
West Java
Indonesia
BUSINESS ACTIVITIES
Lines of
Business:
Textile
Auxiliaries and Chemical Formulation
Production
Capacity :
a. Textile
Auxiliaries -
2,560 tons p.a.
b. Leather
Auxiliaries - 3,100
tons p.a.
c. Pigment
Dispersion - 700 tons p.a.
d. Import,
Trading and Distribution of
Textile Chemicals -
US$ 1.1 million
Total
Investment :
a. Owned Capital - Rp. 11.5 billion
b. Loan
Capital -
None________
c. Total
Investment - Rp.
11.5 billion
Started
Operation :
1994
Brand Name :
Yorkshire
Technical
Assistance :
YORKSHIRE GROUP
PLC., of the UK
Number of
Employee :
107 persons
Marketing Area
:
Domestic
(Local) - 85%
Export - 15%
Main Customer
:
a. P.T. KAHATEX
b. P.T. GISTEX
c. P.T. ATEJA
MULTI INDUSTRY
d. P.T. ATEJA
TRITUNGGAL
e. P.T. NATATEX
PRIMA
f. P.T. POLYFIN
CANGGIH
g. P.T. SIPATEX
PUTRI LESTARI
h. Etc.,
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DUMACO
CHEMICALS
b. P.T.
MATSUMOTOYUSHI INDONESIA
c. P.T. GOO
CHEMICAL INDONESIA
d. P.T. TIMURMAS
TIRTA
e. Etc.,
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e
r s :
a. P.T. Bank
MANDIRI Tbk
Jalan Asia Afrika No. 107
Bandung, West Java
Indonesia
b. STANDARD
CHARTERED Bank
Jalan Ir. H. Juanda No. 16
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 82.0
billion
2006 – Rp. 88.0
billion
2007 – Rp. 95.0
billion
Net Profit
(Loss) :
2005 – Rp. 5.7
billion
2006 – Rp. 6.2
billion
2007 – Rp. 6.6
billion
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director -
Mr. Andri Seno Kurnadi
Director -
Mr. Tan Khin Pin
Board of
Commissioner :
Commissioner -
Mrs. Kriskarina Julianto
Signatories :
President Director (Mr. Andri Seno
Kurnadi) or the Director (Mr. Tan Khin Pin) which must be approved by Board of
Commissioners.
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$ 1,250,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. YORKSHIRE INDONESIA (P.T. YI) was established in March 1993 in
Bandung, West Java with an authorized capital of US$ 1,850,000 issued capital
of US$ 400,000 entirely was paid up. The founding shareholders of the company
are YORKSHIRE GROUP PLC of the United Kingdom and P.T. WARNA MAKIN MULIA of
Indonesia. The company’s notary deed was since revised a couple of times. In
February 1997 the authorized capital was increased to US$ 20,000,000 issued
capital of US$ 5,200,000 entirely was paid up. In March 2001 the issued capital
was raised to US$ 6,200,000 entirely paid up. In November 2003, YORKSHIRE GROUP
PLC., of the UK pulled out and replaced by Mr. Andri Seno Kurnadi, an
Indonesian businessman of Chinese extraction. On the same occasion the company
status was changed into Domestic Investment (PMDN) Company facility and the
authorized capital was converted into (Rupiah) Rp. 37,280,000,000,000 issued
capital of Rp. 11,556,800,000 entirely paid up. The company latest shareholders
are Mr. Andri Seno Kurnadi (95.81%) and Mr. Andri Seno Kurnadi (4.19%). The deed
of amended was made by Mrs. Irene Ratnaningsih Handoko, SH, a public notary in
Bandung, was approved by the Ministry of Law and Human Right in its Decision
Letter Number C-UM.02.01-705, dated January 21, 2004. We observe the majority business stakes owner P.T. WARNA MAKIN
MULIA is a national private company dealing with specialty chemical
manufacturing and investment holding. We observe that P.T. YI is a member
company of the FUJITEX Group, a developing business group in textile chemical
processing, integrated textile mills and others.
P.T. YI was established under the frame works of Domestic Investment
(PMDN) Company dealing with textile auxiliaries and chemical formulation
industry. It had been operating since 1994 with its plant and head office
located at Jalan Raya Cicalengka, Majalaya Km.4, Desa Cikancung, West Java on a
land of 10,000 sq. meters. The plant has expanding frequently to increasing
production capacity. The plant produces of 2,560 tons textile auxiliaries,
3,100 tons leather auxiliaries, 700 tons pigment auxiliaries per year. Besides,
the company is also dealing with import, trading and distribution of textile
auxiliaries which imported from China, India and other countries. The plant has
absorbed an investment of Rp. 11. 5 billion originally come from owned
capital. Mr. Johnson Sitorus, a senior
export import and marketing staff of P.T. YI said that some 85% of the product
is marketed locally mainly to textile industries and 15% being exported to Thailand,
South Korea, Hong Kong and other Asian countries. He also added that P.T. YI
has supplied products to textile industries such as P.T. KAHATEX, ATEJA MULTI
INDUSTRY, P.T. ATEJA TRITUNGGAL, P.T. POLYFIN CANGGIH, P.T. GISTEX, P.T. FUJI
PALAPA TEXTILE INDUSTRY and other members company of the FUJITEX Group dealing
with textile industries and others. It is said further that the activities of
P.T. YI had been growing within the last three years because the products are
mostly sold to export-oriented textile industries.
We figure out the demand for textile
chemicals and auxiliaries had been fluctuating within the last five years, in
line with the growth of textile industries in the country. The domestic demand for textile
chemicals has kept on declining as from the middle of 1997 under the impact of
economic crisis battering Indonesia since mid 1997 and sharp Rupiah
depreciation against the US$,Yen, EUR and other hard foreign currencies. Such
condition caused part of the existing textile companies in Indonesia to reduce their
production because of the very sharp rise of textile basic material prices like
dyestuff, auxiliaries and textile chemicals. But, such condition has also
affected good impact for export oriented textile companies and their production
has kept on increasing. Economic crisis has brought bad impact to P.T. YI
because local market demand for textile chemicals dropped down. But since the
end 1999 it rose again in line with amelioration of economic condition in the
country. But production cost has increased due to the increasing price of fuel,
electric tariff, labor cost, etc.
According to the Central Bureau of Statistics (BPS) the Indonesian
garments export in 2000 amounted to 370,300 tons (US$ 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 to
399,600 tons (US$ 5,608.1 million) in 2006 and to 160.700 tons (US$ 2,351.9
million) (January-May). 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 to 1,477.800 tons (US$ 3,908.6
million) in 2006 and to 362.300 tons (US$ 940.2 million) in 2007 (January-May).
The export volume and value of the national TPT products in 2000 to 2007 are
pictured on the following table.
|
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 2006 2007* |
370.3 473.8 333.1 339.9 327.3 369.5 399.6 160.7 |
4,702.6 4,476.7 3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 2,351.9 |
1,365.1 1,269.5 1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 362.3 |
3,634.1 3,198.9 3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 940.2 |
Source : Central Bureau of Statistic *) January-May 2007
Until this time P.T. YI 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.
82.0 billion rose to Rp. 88.0 billion in 2006 increased to Rp. 95.0 billion in
2007 and projected to go on rising by at least 6% in 2008. The operation in
2007 yielded an estimated net profit of at least Rp. 6.6 billion and the
company has an estimated total networth of at least Rp. 27.5 billion. We
observe that P.T. YI is supported by the FUJITEX Group, a developing business
group with has financially strong and sound behind it. So far, we did not heard
that the company having been black listed by the Central Bank (Bank Indonesia).
The company is led by Mr. Andri Seno Kurnadi (31), a young professional
manager and businessman with has experienced for more than 12 years in the
field of textile auxiliaries and chemical formulation. We observed that management’s
reputation in said business is sufficiently fairly good. The company has had
wide relation in the realm of the private businessmen within and outside the
country. 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. YORKSHIRE INDONESIA 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 :
List of the F U J I T E X Group Members
1.
ASIATIC,
P.T. Bank (Banking)
2.
BUDIMAN
SEJAHTERA DEVELOPMENT, P.T. (Real Estate and Development)
3.
CAMPRI
INDONESIA, P.T. (Garment Manufacturing)
4.
CENIN
INDONESIA, P.T. (Garment Manufacturing)
5.
CENTRAL
FILAMENT MILLS, P.T. (Polyester Filament Yarns Industry)
6.
CENTRAL
GEORGETTE NUSANTARA, P.T. (Textile Industry and Investment Holding)
7.
CENTRAL
GEORGETTE NUSANTARA PRINTING MILLS, P.T. (Textile (Printing and Finishing
Industry)
8.
CENTRAL TEXINDO, P.T. (Textile Industry)
9.
CENTURY LIFINDO
PERDANA, P.T. Asuransi Jiwa (Life Insurance Services)
10. FUJITEX, P.T.
11. FUJI PALAPA TEXTILE INDUSTRY, P.T. (Textile Industry)
12. HAVZA LATAL, P.T. (Leather Industry)
13. KENCANA HEGAR, C.V. (Textile Industry)
14. KUNINGAN GRAHA SAMATAS, P.T.
(Property Management, Land Developer)
15. LEUWIJAYA UTAMA TEXTILE, P.T.
(Textile Industry)
16. NAMNAM FASHION INDUSTRIES, P.T.
(Garment Manufacturing)
17. NOVAFASHION GARMENT MANUFACTURING,
P.T. (Garment Manufacturing)
18. NUSANTARA PARAHYANGAN, P.T. Bank (Banking)
19. PRIMA SUCCER MANUNGGAL,
P.T. (Food Canning and Shrimp Culture)
20. TAWEKAL MEGAH LAKSANA, P.T.
(Textile Industry)
21. WARNA MAKIN MULIA, P.T. (Industrial Chemical Distribution and
Investment Holding)
22. YORKSHIRE INDONESIA, P.T.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.42.95 |
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UK Pound |
1 |
Rs.85.62 |
|
Euro |
1 |
Rs.67.81 |
RATING
EXPLANATIONS
|
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 |
|
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 |
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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%)