|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DALIATEX KUSUMA |
|
|
|
|
Formerly Known As : |
P.T. DALIA TUNGGLA PRINTING |
|
|
|
|
Registered Office : |
Jl. Moh. Toha No. 307 Km. 7,3 Bandung 40257 West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
09.02.1972 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-42388 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated textile Industry |
|
|
|
|
No. of Employees : |
2,420 persons |
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 |
|
Status : |
Satisfactory |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6% annually in 2010-12. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a fiscal deficit below 3%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2013 faces the ongoing challenge of improving Indonesia''s insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of high oil prices.
Source
: CIA
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
Date of Incorporation :
a. 09 February
1972 as P.T. DALIA TUNGGLA PRINTING
b. 12 September
1972 as P.T. DALIATEX KUSUMA
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
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
Company Status
:
Domestic Investment
Company (PMDN)
Permit by the
Government Department :
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
Affiliated
Companies :
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 :
a. Integrated textile Industry
b. Investment holding
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 :
1 9 7 4
Brand Name :
DALIATEX KUSUMA
Technical
Assistance :
None
Number of
Employee :
2,420 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
B a n k e r s :
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) :
2010 – Rp. 550.0
billion
2011 – Rp. 620.0
billion
2012 – Rp. 670.0
billion
Net Profit
(estimated) :
2010 – Rp. 24.5
billion
2011 – Rp. 28.0
billion
2012 – Rp. 30.2
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 :
G o o d
Business Morality
:
G o o d
Credit Risk :
Below average
Credit
Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
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. Presently, P.T. DK produces
polyester light and medium, weigh woven fabrics, MVS viscose & blended
yarn, circular knitted fabrics and warp knitted fabrics. The products being produced by the company
use various brands including Dalia, 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. P.T. DK also engaged in
investment holding by controlling 50% shares of P.T. INDACHI PRIMA (acrylic and
nylon filament yarn manufacturing). 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 product including cotton yarn, 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 2005 amounted to 369,500 tons (US$ 4,967.0 million) 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 and to 450,900 tons (US$ 7,801.5 million) in 2011.
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 to 1,525,900 tons (US$ 4,721.8 million) in 2010 and declined to
1,493,3000 tons (US$ 5,563.3 million) in 2011.
The export volume and value of the national TPT products in 2002 to 31
March 2012 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 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
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 7,801.5 1,873.3 |
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 1,493.3 375.7 |
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 5,563.3 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
Until
this time P.T. DK has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. P.T. DK’s
management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2010 amounted to Rp. 550.0 billion increased to Rp. 620.0 billion in 2011 and
rose again to Rp. 670.0 billion in 2012.
The operation in 2012 yielded a net profit at least Rp. 30.2 billion and
the company has a total net worth of Rp. 280.0 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2013. So far we did not hear that P.T. DK has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The
management is headed by Mr. Rudy Unyoto (54), a businessman with experience for
some 25 years in integrated textile industry and trade. In daily activities he
is assisted by his younger brother Mr. Djonie Unjoto (48). But the prime-mover is his father Mr.
Sukendar Unyoto (77), 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.
P.T.
DALIATEX KUSUMA is appraised to be good for business transaction. However, in view of the 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.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
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.