MIRA INFORM REPORT
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Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
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Name : |
C.V. BADJATEX |
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Registered Office : |
Jalan Citepus No. 5, Moh. Toha Km. 6.5, Deyeuhkolot, Cisirung, Bandung 40256, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
27.06.1975 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Partnership with Sleeping Partner |
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Line of Business : |
Textile
(Weaving) Industry |
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No. of Employees
: |
960 |
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$ 12.9
million |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
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 |
C.V. BADJATEX
Head Office & Factory
Jalan Citepus No. 5
Moh. Toha Km. 6.5
Deyeuhkolot, Cisirung
Bandung 40256
West Java
Phones -
(022) 5203033 (hunting)
Fax -
(022) 5203040
E-mail - badjabdg@badjatex.com
Land Area - 30,000 sq.
meters
Building - 18,500 sq.
meters
Region - Industrial
Zone
Status - Owned
27 June 1975
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partner
Not Required
Domestic
Investment Company (PMDN)
The Investment
Coordinating Board
a. No. B-103/A/Sp.01/BKPM/XII/1975
Dated 29 December 1975
b. No. 133/II/PMDN/1989
Dated 31 August
1989
c. No. 227/II/PMDN/1994
Dated 22 August
1994
Related
Company :
PT. MALAKASARI
(Spinning Mills)
Capital
Structure :
Owned Capital : Rp. 220
billion
Owners :
a. Mr. Rustandi
Jusuf AKA Jong Tjoeng Hoa (active
partner)
b. Mr. Thomas
Jusuf AKA Jong Tjoeng Kik (inactive
partner)
Lines of
Business :
Textile (Weaving)
Industry
Production
Capacity :
A. Initial plant
a. Denim (Jeans) - 6,000,000 yards p.a.
b. Suiting Cottons - 4,000,000 yards p.a.
c. Rayon Yarns -
10,000,000 mtrs. p.a.
d. T/C Yarns - 5,200,000 mtrs. p.a
B. Expansion
plant (1989)
a. Rayon Fabrics - 10,800,000 mtrs. p.a.
b. T/C Fabrics -
5,200,000 mtrs. p.a.
C. Expansion
Plant (1994)
a. Finishing Fabrics - 20,000,000 mtrs. p.a.
b. Grey Fabrics - 20,000,000 mtrs. p.a.
Total
Investment :
A. Initial plant
Owned Capital - 190.0 billion
B. Expansion
plant (1989)
a. Reinvested Profit -
Rp 0.3 billion
b. Loan Capital -
Rp 31.7 billion
c. Total Investment -
Rp 32.0 billion
C. Expansion
plant (1994)
a. Reinvested Profit - Rp 0.8 billion
b. Loan Capital -
Rp 66.3 billion
c. Total Investment -
Rp 67.1 billion
Started
Operation :
1975
Brand Name :
BADJATEX
Technical
Assistance :
None
Number of
Employee :
960 persons
Marketing Area
:
a. Local - 70%
b. Export - 30%
Main Customers
:
a. P.T. BALIWIG
GARMENT
b. P.T. INDO PANCA GARMENTS
c. P.T. BLATINDO GARMENT
d. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
TRISULATEX
b. P.T. SIPUTEX
c. P.T. GUNAWANTEX
d. P.T. BINTANG
TERANG TEXTILE
e. Etc.
Business Trend
:
Growing
Bankers :
a. P.T.
Bank MANDIRI Tbk
Bandung Branch
West
Java
Indonesia
b.
P.T. Bank NEGARA INDONESIA Tbk
Bandung
Branch
West
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 820.0
billion
2010 – Rp. 880.0
billion
2011 – Rp. 940.0
billion
Net Profit
(estimated) :
2009 – Rp. 36.0
million
2008 – Rp. 39.0
million
2009 – Rp. 42.5
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Tedja Kusuma
Board of Commissioners :
None
Signatories :
Director (Mr. Tedja
Kusuma) is only the authorized person to sign the loan on behalf of the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 12.9 million
on 90 days D/A
C.V. BANDUNG DJAYA TEXTILE MILLS (C.V. BADJATEX) was established in 1975 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. Thomas Jusuf AKA Jong Tjong Kik. They are an Indonesian business family of Chinese extraction. As partnership status company, C.V. BADJATEX capital was not mentioned in its deed of establishment but we estimated that the company capital at present is about Rp 220.0 billion. C.V. BADJATEX is affiliated with P.T. MALAKASARI, operating in the spinning industry.
C.V. 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, Moh. Toha, Km. 6.5, Deyeuhkolot, Cisirung, Bandung, West Java on a land of 30,000 square meters. Initially, the plant had annual production capacity of just 6.0 million yards of Denim (Jeans), 4.0 million yards of Suiting Cottons, 10.0 million mtrs of Rayon Yarns and 5.2 million mtrs of T/C Yarns. In August 1989, C.V. BADJATEX gained a permit from BKPM to expand its plant to increase its annual production capacity to 10.8 million mtrs of Rayon Yarns and 5.2 million mtrs of T/C Yarns. The expansion of its new plant has absorbed an investment of Rp. 32.0 billion coming from reinvested profit of Rp. 0.3 billion and the rest from loans. In August 1994, C.V. BADJATEX obtained a license from BKPM to expand its plant to increase its annual production capacity to 20.0 million mtrs of finished fabrics and 20.0 million mtrs of grey fabrics of 20.0 million meters per year respectively. The development has absorbed an investment of Rp 67.1 billion coming from reinvested profit of Rp 0.8 billion and the remainder from loans. Mrs. Bea marketing manager disclosed that her 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. C.V. BADJATEX has also succeeded in exporting 30% of its products to several European countries and the USA. We observed that C.V. 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, demand for textile and textile products, including polyester textured yarn, finished fabrics, garment, textile chemicals and raw materials have 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 |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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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 C.V. BADJATEX has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of C.V. 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. 820.0 billion increased to Rp. 880.0 billion in 2010 rose again to Rp. 940.0 billion in 2011 and projected to go on rising by at least 6% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 42.5 billion and the company has an estimated total net worth of at least Rp. 220.0 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 company's management is headed by Mr. Rustandi Jusuf AKA Jong Tjoeng Hoe (65) and his younger brother Mr. Thomas Jusuf AKA Jong Tjong Kik (64), both with more than 34 years of experience in the textile industry. The management is known to have shown ability to maintain operations in the lately very tightly competitive market situation. They get back-up from many home and expatriate expert managers. They are also widely connected in private business circles at home and overseas, while maintaining good relations with the government sector. 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.
C.V. BADJATEX is appraised a good enough for business transaction. But owing to economic condition in the country is still unstable, we recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.57 |
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UK Pound |
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
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 Business |
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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.