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Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
DALIATEX KUSUMA |
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|
|
|
Formerly Known As : |
P.T. DALIA
TUNGGLA PRINTING |
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|
|
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Registered Office : |
Jl. Moh. Toha No. 307 Km. 7,3, Bandung 40257, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
09.02.1972 |
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|
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Com. Reg. No.: |
No.
AHU-AH.01.10-42388 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Integrated textile Industry |
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No. of Employees : |
2,410 employees
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
P.T. DALIATEX KUSUMA
Head Office &
Factory
Jl. Moh. Toha No. 307 Km. 7,3
Bandung 40257
West Java
Indonesia
Phone -
(62-22) 520 3995 (hunting)
Fax. - (62-22) 520
6346
Email - mail@daliatexkusuma.com
Website - http://www.daliatexkusuma.com
Land Area - 20.0 hectares
Building Area - 11.8 hectares
Region - Industrial
Zone
Status -
Owned
a. 09 February
1972 as P.T. DALIA TUNGGLA PRINTING
b. 12 September
1972 as P.T. DALIATEX KUSUMA
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No.
C-16324.HT.01.04.TH.99
Dated 13 September 1999
b. No. AHU-87964.HT.01.02.TH.2008
Dated 20 November 2008
c. No.
AHU-AH.01.10-42388
Dated 27 December 2011
Domestic Investment
Company (PMDN)
a. The Department of Finance
NPWP No. 01.118.484.3-441.000
b. The Department of Industry and Trade
TDP No. 101115100150
c. The Capital Investment Coordinating Board
- No. 952/Sekr/SP.PMDN/73
Dated 23 May 1973
- No. 647/III/PMDN/1989
Dated 2 September 1989
a. P.T. INDACHI
PRIMA (Nylon Filament Yarn Industry)
b. P.T. MAKMUR REKASANTIKA (Textile Industry and Investment Holding)
c. P.T. INTERMODA KUSUMA (Warp Knit Fabric Industry)
Capital
Structure :
Authorized Capital - Rp. 30,000,000,000.-
Issued Capital - Rp. 20,000,000,000.-
Paid up Capital - Rp. 20,000,000,000.-
Shareholders/Owners
:
c. Mr. Rudy Unjoto - Rp. 10,000,000,000.- (50%)
Address : Jl. Cipaganti No. 97
Bandung, West Java
Indonesia
d. Mr. Djonie Unjoto - Rp. 5,000,000,000.- (25%)
Address : Jl. Dr. Radjiman No. 25
Bandung, West Java
Indonesia
e. Mr. Sukendar Unjoto - Rp. 5,000,000,000.- (25%)
Address : Jl. Cipaganti No. 35
Bandung, West Java,
Indonesia
Lines of
Business :
Integrated textile Industry
Production
Capacity :
a. Woven Fabrics -
40,000,000 meters p.a.
b. Warp Knit Fabrics -
10,000,000 meters p.a.
c. MVS Yarns - 5,000 tons p.a.
d. Circular Knit Fabrics - 6,000 tons p.a.
Total
Investment :
Equity Capital - Rp. 60.0 billion
Started
Operation :
1974
Brand Name :
DALIATEX KUSUMA
Technical
Assistance :
None
Number of
Employee :
2,410 persons
Marketing Area
:
a. Local (Domestic) - 20%
b. Export - 80%
Main Customers :
a. Garment
Industries
b. Overseas buyer
in Middle East, USA, Europe, Japan and Brazil.
Market
Situation :
Very Competitive
Main Competitors :
a. P.T. INDONESIA
SYSTHETIC MILLS
b. P.T. ACRYL
TEXTILE MILLS
c. P.T. INDONESIA
TORAY SYNTEHTICS
d. P.T. INDORAMA SYNTHETICS
e. Etc.,
Business Trend
:
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA
Tbk
Bandung Main
Branch
West Java
Indonesia
b. P.T. Bank RAKYAT INDONESIA Tbk
Bandung Main Branch
West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No detrimental
filling in our database
Total Sales/Income (estimated) :
2008 – Rp. 440.0
billion
2009 – Rp. 490.0
billion
2010 – Rp. 550.0
billion
2011 – Rp. 620.0
billion
Net Profit
(estimated) :
2008 – Rp. 19.5
billion
2009 – Rp. 21.8
billion
2010 – Rp. 24.5
billion
2011 – Rp. 28.0
billion
Payment Manner
:
Almost promptly
Financial
Comments :
Fairly good
Board of Management :
President Director - Mr. Rudy Unjoto
Director -
Mr. Djonie Unjoto
Board of Commissioners :
President Commissioner -
Mr. Sukendar Unjoto
Commissioner -
Mr. Wiwie Unjoto AKA Stanley Unjoto
Signatories :
President Director (Mr.
Rudi Unjopo) or Director (Mr. Djonie Unjoto) which must be approved by
President Commissioner (Mr. Sukendar Unjoto) and Commissioner (Mr. Wiwie
Unjuoto)
Management
Capability :
Good
Business Morality
:
Good
The company initially named P.T. DALIA TUNGGAL PRINTING, it was
established in 1972 with an original authorized capital of Rp. 25,900,000.-
wholly was issued and paid up. The founding shareholders of the company are Mr.
Sukendar Unyoto AKA Oey Ke Eng, Mr. Supandi Widjaja and Mrs. Sanny Widjaja.
They are Chinese origin Indonesian entrepreneurs. The company's notarial deed
has frequently been amended. A few months later in 1972 the company was renamed
to P.T. DALIATEX KUSUMA (P.T. DK). In the same time the shareholder Mr. Supandi
Widjaja resigned and substituted by Mr. Oey Khe Sok, he is Chinese origin. In
1989 the authorized capital was raised to Rp. 7,500,000,000.- and the issued
and paid up capital to Rp. 5,400,000,000.- The existing shareholders of P.T. DK
are Mr. Sukendar Unyoto, his younger brother Mr. Anton Wiratama, his wife Mrs.
Maliasari Lasmi and their children namely Mr. Rudy Unyoto, Mrs. Susie Unyati,
Mr. Wiwie Unyoto and Mr. Djonie Unyoto. In February 1995, its authorized
capital was increased to Rp. 30,000,000,000.- with an issued capital to Rp.
20,000,000,000.- entirely paid-up. In
November 1998 Mrs. Susie Unyati withdrew and replaced by other shareholders.
The latest amendment was based on Natarial Deed No. 75 dated November 22, 2011 of Jeny Suherman, SH., a notary in Bandung, the shareholders of the company are Mr. Rudy Unjoto (50%), Mr. Djonie Unjoto (25%) and Mr. Sukendar Unjoto (25%). The notarial Deed has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-42388 dated December 27, 2011. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. DALIATEX KUSUMA (P.T. DK) is engaged in integrated textile industry with its plant located at Jalan M. Toha No. 307, Km. 7.3, Bandung, West Java on a land of 20 hectares. It has been operating commercially in 1974 producing brocades, knitted fabric, woven fabric, dyeing and finishing. The activities of P.T. DK have frequently been expanded. Currently, 40 million meters of woven fabrics, 5,000 tons of MVS spun yarns, 10 million meters of warp knit fabrics and 6,000 tons of circular knit fabrics per year. P.T. DK produces MVS spun yarns for viscose, polyester, polyester-viscose, bamboo, modal, tencel and mixture. The products being produced by the company use various brands including Silfina, Yess, Tessa, Innova, Tisell, Marino and Comfort (Woven fabrics), Intermoda, Culture and Sovia (Warp Knitted fabrics). More than 80% of this output is exported to Middle East, USA, Europe, Japan and Brazil and the rest for local market. We observed that P.T. DK is classified as a large sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for textile and textile products, including polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials has been fluctuating in the last five years. 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 to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to 445,200 tons (US$ 6,598.0 million) in 2010.
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 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 and rose again to 1,525,900 tons (US$ 4,721.8 million) in 2010. The export volume and value of the national TPT products in 2002 to 2010 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau of Statistic
P.T. DK has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales/income of the company in 2010 amounted to Rp. 490.0 billion increased to Rp. 550.0 billion in 2010 rose again to Rp. 620.0 billion in 2011 and projected it will be higher further by 8% in 2012. The operation in 2011 yielded an estimated net profit at least Rp. 28.0 billion with total networth at around Rp 140.0 billion. We observe that P.T. DK is supported by businessmen 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 management is headed by Mr. Rudy Unyoto (53), a businessman with experience for some 24 years in integrated textile industry and trade. In daily activities he is assisted by his younger brother Mr. Djonie Unjoto (47). But the prime-mover is his father Mr. Sukendar Unyoto (76), a well experienced businessman in textile industry. The management has already maintained a wide business relation among private companies at home and abroad as well as among government agencies. So far, we did not hear that the company’s management involved in the business malpractices 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.
We believed that P.T. DALIATEX KUSUMA is good for normal business
transaction. However, we recommend to treat prudently in extending a loan to
the company in view of the unstable economic condition in the country.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.