MIRA INFORM
REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. KAMALTEX |
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Registered Office : |
Desa Ngembon,
Karang Jati, Kecamatan Bergas, |
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Country : |
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Date of Incorporation : |
03.12.1973 |
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Com. Reg. No.: |
No.
AHU-AH.01.10-29417 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Spinning
Mills |
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 : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
P.T. KAMALTEX
Company Address
Head Office &
Factory
Desa Ngembon,
Karang Jati
Kecamatan Bergas,
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
- No. AHU-AH.01.10-29417
Dated 18 November 2010
Company Status
Private and Domestic Investment (PMDN) Company
Permit by the Government
Department
The Department of Finance
NPWP No. 01.002.173.1-505.000
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 Companies
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. P.T.
MEGAH CAHAYA SAKTI -
Rp. 778,125,000.-
Address : Wisma Argo Manunggal
Jl. Jend. Gatot
Subroto Kav. 22
b. Mr. The Ning King -
Rp. 529,125,000.-
Address : Jl. Simprug Kav. WG
No. 6, RT. 006/008
Grogol Selatan, Kebayoran Baru
Jakarta Selatan
c. Mr. Winaryo -
Rp. 249,000,000.-
Address :
Kembangan,
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
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. LOTUS INDAH TEXTILE
b. P.T. HAPETE
c. P.T. COATS REJO
d. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker
a. P.T. Bank NEGARA
Central
b. P.T. Bank
Central
c. P.T. Bank MANDIRI Tbk
Central
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 25.0 billion
2009 – Rp. 27.0 billion
2010 – Rp. 30.0 billion
Net Profit
(estimated) :
2008 – Rp. 2.0 billion
2009 – Rp. 2.3 billion
2010 – Rp. 2.5 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 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$ 394,700 on the 90 days of payments
OVERALL PERFORMANCE
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
Later 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
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
The demand for textile chemicals tended to be fluctuating within the
last five years in line with the fluctuating of Indonesian textile industry in
general. The country’s garment industry is facing serious marketing problem not
only in the country but also abroad. According to the Central Bureau of
Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100
tons (US$ 3,887.2 million) 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, to 399,800 tons
(US$ 5,712.9 million) in 2007 and to 417,600 tons (US$ 6,092.2 million) in 2008
declined to 393.400 tons (US$ 5,735.6 million) in 2009. The Indonesia textile
products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) 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 1,477.8 tons
(US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 and
to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8
million) in 2009.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.),
|
Year |
Garment |
Textile Products |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of Statistic
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. The management of P.T. KAMALTEX is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2008 amounted to Rp.
25.0 billion rose to Rp. 27.0 billion in 2009 increased to Rp. 30.0 billion in
2010 and projected to go on rising by at least 4% in 2011. The operation in
2010 yielded an estimated net profit of at least Rp. 2.5 billion and the
company has an estimated total networth of at least Rp. 10.0 billion. We
observe that P.T. KAMALTEX is supported by ARGO MANUNGGAL Group and SARIWARNA
ASLI 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
The management of P.T. KAMALTEX is led y Mr. Hungkang Sutedja (42), a
professional manager and the founder pf the SARI WARNA ASLI Group with 10 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. They
have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company
being filed to the district court for detrimental cases or involved in any
business malpractices. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia. P.T. KAMALTEX is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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1 |
Rs.73.54 |
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Euro |
1 |
Rs.62.39 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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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NB |
New Company |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.