|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. |
|
|
|
|
Formerly Known As : |
C.V. BADJATEX |
|
|
|
|
Registered Office : |
Jalan Citepus No. 5 Pasawahan, Deyeuhkolot, Cisirung Bandung
40256 |
|
|
|
|
Country : |
|
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|
|
|
Date of Incorporation : |
27.06.1975 |
|
|
|
|
Com. Reg. No.: |
No. AHU-29325.AH.01.01.TH.2011 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Textile (Weaving) Industry |
|
|
|
|
No. of Employees : |
950 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T.
Head Office & Factory
Jalan Citepus No.
5
Pasawahan,
Deyeuhkolot, Cisirung
Phones -
(022) 5203033 (Hunting), 5207913
Fax -
(022) 5203040
E-mail - badjabdg@badjatex.com
Website - http://www.badjatex.com
Land Area - 30,000 sq.
meters
Building - 18,500 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 27 June 1975 as C.V. BADJATEX
b. 28 January 2011 as P.T.
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-29325.AH.01.01.TH.2011
Dated 13 June
2011
Company Status
:
Private National
and Domestic Investment (PMDN) Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.118.471.0-421.000
The Capital Investment Coordinating Board
- No. B-103/A/Sp.01/BKPM/XII/1975
Dated 29 December 1975
- No. 133/II/PMDN/1989
Dated 31 August 1989
- No. 227/II/PMDN/1994
Dated 22 August 1994
- No. 497/III/PMDN/1995
Dated 7 November 1995
Related
Company :
P.T. MALAKASARI
(Spinning Mills)
Capital
Structure :
Authorized
Capital : Rp.
90,458,687,000.-
Issued Capital : Rp.
90,458,687,000.-
Paid up Capital : Rp.
90,458,687,000.-
Shareholders/Owners
:
a. Mr. Tomas Yusuf AKA Jong Tjoeng Kik - Rp. 45,229,343,500.-
Address :
Jl. Cipaganti No. 124
b. Mr. Yoseph Setiawan - Rp.
45,229,343,500.-
Address : Jl Rancabentang No.
72
Lines of
Business :
Textile (Weaving)
Industry
Production
Capacity :
a. Denim (Jeans) - 6,000,000 yards p.a.
b. Suiting Cottons -
4,000,000 yards p.a.
c. Rayon Yarns -
10,800,000 meters p.a.
d. T/C Yarns - 5,200,000 meters p.a.
e. Finishing Fabrics - 33,030,000 meters p.a.
f. Grey Fabrics -
25,230,000 meters p.a.
Total
Investment :
a. Equity Capital - Rp.
90.4 billion
b. Loan Capital -
Rp. 0.7 billion
c. Loan Capital - Rp. 111.6 billion
d. Total Investment - Rp. 202.7 billion
Started
Operation :
1975
Brand Name :
Technical
Assistance :
None
Number of
Employee :
950 persons
Marketing Area
:
Export -
70%
Local - 30%
Main Customer
:
Garment
Industries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BINTANG
TERANG TEXTILE
b. P.T.
GUNAWANTEX
c. P.T. SIPUTEX
d. P.T. TRISULATEX
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. Indonesia Exim Bank
Jalan Asia Afrika No. 19
b. P.T. Bank
Jalan Asia Afrika 122-124
c. P.T. Bank
MANDIRI Tbk
Jalan asia
Afrika No. 107
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 612.0
billion
2010 – Rp. 625.0
billion
2011 – Rp. 635.0
billion
Net Profit
(estimated) :
2009 – Rp. 42.8
billion
2010 – Rp. 43.7
billion
2011 – Rp. 44.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Tomas Yusuf AKA Jong
Tjong Kik
Marketing Manager -
Mr. Amit Suresh, MBA
Board of Commissioners :
Commissioner -
Mr. Yoseph Setiawan
Signatories :
Director (Mr. Tomas
Yusuf AKA Jong Tjong Kik) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally the company
was named C.V. BANDUNG DJAYA TEXTILE MILLS (C.V. BADJATEX) was established on
27 June 1975 in Bandung, West Java with the legal status of C.V. (Commanditaire
Vennootschap) or partnership by Mr. Rustandi Jusuf AKA (also known as) Jong
Tjoeng Hoa and his younger brother Mr. Tomas Jusuf AKA Jong Tjong Kik. They are
an Indonesian business family of Chinese extraction. Later based on notary deed
of Mrs. Elisa Kurniati, SH, No. 47 dated 28 January 2011 the company status was
changed into Perseroan Terbatas or Limited Liability Company with the complete
name P.T. BANDUNG DJAJA TEXTILE or abbreviated P.T. BADJATEX. According to the
company notary documents the company authorized capital amounted at Rp.
90,458,687,000 wholly issued and paid up. The founding and shareholders are Mr.
Tomas Yusuf AKA Jong Tjong Kik (50%) and Mr. Yoseph Setiawan (50%). The company
notary document was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-29325.AH.01.01.TH.2011 dated June 13, 2011.
P.T. BADJATEX
has been in operation since 1977 in textile industry by initially producing
polyester suiting and voile. The company manages a plant located at Jalan
Citepus No. 5, Pasawahan, Deyeuhkolot,
From an initial
production capacity of 1,000 yards per day 30 years ago, today Badjatex
produces 80,000 to 100,000 yards of fabrics per day. In order to achieve this
guarantee, the company’s attention to quality begins from purchasing of the
yarn through to weaving, dyeing, printing and final finishing. The fabrics are
then passed on to their customers through only the best distributors and
wholesalers. To stay ahead of the competition, P.T.
Badjatex's Research and Development department plays a key role in collating an
analyzing a variety of information. New manufacturing technologies are
developed in-house and also in partnership with other world class companies.
Unique continuous dyeing machinery has rapidly increased turnaround to their
custom dye service and advance computer systems are in daily operation
throughout the entire production process. The company has a production capacity
of 1,000,000 yards per month for basic and fancy denim. The whole basic
material in the form of Cotton Yarns, Polyester Yarns, Rayon Yarn, Lycra Yarns,
Jute Yarn, Linen Yarn and Silk Yarns is obtained from P.T.
Mr. Amit Suresh,
MBA, Marketing Manager disclosed that the company has regular customers in
garment companies among others are P.T. BALIWIG GARMENT, P.T. INDO PANCA
GARMANETS, P.T. BLATINDO GARMENT, Perusahaan Koperasi GARUDA MAS and others.
The company
diversified its business in 1989 to rayon and T/C fabrics with 10.8 million
meters of raven fabrics and 5.2 million meters of T/C fabrics respectively.
P.T. BADJATEX has also succeeded in exporting 30% of its products to several
European countries and the USA. We
observed that P.T. BADJATEX 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, the
demand for textile products has tended to be fluctuating within the last five
years. 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 rose to 417,600 tons (US$ 6,092.2 million) in
2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009 and 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 1,477.8 tons (US$ 3,908.6 million) in 2006 to
1,473.6 tons (US$ 4,178.0 million) in 2007 decrease 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 and
to 1,525.9 tons (US$ 4,721.8 million) in 2010.
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.), Japan, and European Union region. The Export Textiles and the
Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to
the last year. In the year 2008 the export value reached 10.8 billion US
dollars. While this year’s the exports expected fall into US$ 9.7 billion. The
Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said
that the decline in global purchasing power caused of the demand in the
Indonesian textile products could not be able to grow as tight as 2008. 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
Until this time
P.T. BADJATEX has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
BADJATEX is very reclusive towards outsiders and rejected to disclose its
financial condition. We observed that total sales turnover of the company in
2009 amounted to Rp. 612.0 billion rose to Rp. 625.0 billion in 2010 increased
to Rp. 635.0 billion in 2011 and projected to go on rising by at least 5% in
2012. The operation in 2011 yielded an estimated net profit of at least Rp.
44.4 billion and the company has an estimated total networth of at least Rp.
121.0 billion. So far, we did not heard 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. BADJATEX is led by Mr. Tomas Yusuf AKA Jong Tjong Kik (65) a
businessman and professional manager with experience in integrated textile
industry and trading. Daily activity he is assisted by Mr. Amit Suresh, MBA
(45) a professional manager of India as Marketing Manager. He earned Master of
Business Administration (MBA) from University of Detroit Mercy, in Marketing.
The company's management is handled by professional staff in the above
business. 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. BANDUNG DJAJA TEXTILE
or P.T. BADJATEX is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.05 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.