|
Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. KAHATEX |
|
|
|
|
Registered Office : |
Jalan Raya Cijerah - Cigondewah, Girang No. 16, Melong –
Cimahi 40534, Bandung, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
23.09.1980 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-34739 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Integrated Textile Industry |
|
|
|
|
No of Employees : |
4,582 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 : |
Slow But Correct |
|
|
|
|
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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. KAHATEX
Head Office & Factory I
Jalan Raya
Cijerah - Cigondewah, Girang No. 16
Melong – Cimahi
40534
Bandung
West Java
Phones - (022) 6031030
(7 lines), 6031566 (7 lines)
Fax - (022) 6032166, 6031488
E-mail - rc@kaha.com
Website - www.kaha.com
Land Area - 82,000 sq.
meters
Building Space - 36,800 sq. meters
Region - Industrial
Zone
Status - Owned
Factory II
Jalan Raya
Rancaekek Km. 23
Sumedang
West Java
Phones - (022) 7798060 (Hunting) 7792222
Fax - (022) 7798063, 7793111
Land Area - 80,000 sq.
meters
Building Space - 42,500 sq. meters
Region - Industrial
Zone
Status - Owned
23 September 1980
P.T. (Perseroan Terbatas) or
Limited Liability Company
The
Ministry of Law and Human Rights
- No.
Y.A.5/434/22
Dated
30 July 1981
- No.
AHU-34711.AH.01.02.TH.2009
Dated
23 July 2009
- No.
AHU-AH.01.10-34739
Dated
28 October 2011
National Private and Domestic
Investment (PMDN) Company
The
Department of Finance
NPWP No. 01.104.586.1-092.000
The
Capital Investment Coordinating Board
- No. 25/II/PMDN/1985
Dated 1 May 1985
- No. 146/II/PMDN/1992
Dated 25 November 1992
- No. 160/II/PMDN/94
Dated 03 June 1994
- No. 18/II/PMDN/97
Dated 28 January 1997
- No. 28/II/PMDN/1998
Dated 6 April 1998
- No. 286/III/PMDN/1998
Dated 2 September 1998
- No. 72/II/PMDN/2001
Dated 4 December 2001
- No. 40/II/PMDN/2002
Dated 24 September 2002
The
Department of Industry and Trade
- No. 633/T/Industri/2000
Dated 19 September 2000
- TDP. No. 102411700092
Dated 28 December 2001
a. P.T. KAHAFEDERAL GARMENTS (Garment Manufacturing)
b. P.T. KAHAFORTUNE GARMENT (Garment Manufacturing)
c. P.T. KAHA SWEETER (Sweeter Manufacturing)
d. P.T. SIN CHEAU INDONESIA GARMENT (Garment Manufacturing)
Capital Structure :
Authorized Capital - Rp. 700,000,000,000.-
Issued Capital - Rp. 700,000,000,000.-
Paid up Capital - Rp. 700,000,000,000.-
a. Mr. Wijaya Trisna - Rp.
186,000,000,000.- (26.57%)
Address : Komplek Sekneg Blok B
No. 20/38
Kel. Sunter Agung, Jakarta
Utara
b. Mr.
Song Wen Shyang -
Rp. 186,000,000,000.- (26.57%)
Address : Jl. Cigondewah Girang RT.002/03
Kel. Melong, Bandung
West Java
c. Mrs. Song Wen Shyu - Rp. 96,000,000,000.- (13.72%)
Address : Jl. Cigondewah Girang RT.002/03
Kel. Melong, Bandung
West Java
d. Mr. Huang Kuen Jeng - Rp. 90,000,000,000.- (12.86%)
Address : Jl. Cigondewah Girang RT.002/03
Kel. Melong, Bandung
West Java
e. Mr. Song Liang Hua -
Rp. 72,000,000,000.- (10.28%)
Address : Jl. Cigondewah Girang RT.002/03
Kel. Melong, Bandung
West Java
f. Mr. Song Wen Po - Rp. 35,000,000,000.- ( 5.00%)
Address : Jl. Cigondewah Girang RT.002/03
Kel. Melong, Bandung
West Java
g. Mr. Song Pei Guan - Rp. 35,000,000,000.- ( 5.00%)
Address : Jl. Cigondewah Girang RT.002/03
Kel. Melong,
Lines of Business :
Integrated Textile Industry
A. Initial Plant
Cimahi Factory
a. Acrylic
Yarns - 15,500
tons p.a.
b. Woven
Fabrics - 36,000,000 meters p.a.
c. Knitted
Fabrics - 15,600 tons p.a.
d. Jackets
& Training-pack - 1,180,000 dozens p.a.
e.
T-Shirts - 180,000 dozens p.a.
f.
Sweaters -
50,000 dozens p.a.
g.
Socks -
8,000,000 dozens p.a.
h. Denim
(jeans) - 3,000,000 meters p.a.
i. Cotton
Fabrics - 2,000,000 meters p.a.
j. T/C
& T/R Yarns - 31,000 tons p.a.
l. Knitted
Yarns - 12,000 tons p.a.
Sumedang Factory
a.
Yarns -
58,140 tons p.a.
b. Woven
Fabrics - 29,000,000 meters p.a.
c. Knitted
Fabrics - 24,600 tons p.a.
d. Acrylic
Fibres - 50,000 tons p.a.
e.
Socks -
5,140,000 dozen p.a.
f.
Garments - 1,120,000 dozens p.a.
B. Expansion Plant
Cimahi Factory
a. Knitted
Fabrics - 9,000
tons p.a.
b. Woven
Fabrics -
6,000,000 meters p.a.
Sumedang Factory
a. Acrylic
Fibres - 30 tons p.a.
b.
Yarns -
20,000 tons p.a.
A. Initial Plant
a. Owned
Capital - Rp.
400.0 billion
b. Loan
Capital - Rp.
565.8 billion
c. Total
Investment - Rp.
1,265.8 billion
B. Expansion Plant
a. Owned
Capital - Rp. 300.0 billion
b. Loan
Capital - Rp. 364.1 billion
c. Total
Investment - Rp. 664.1
billion
1982
KAHATEX
NONE
4,582 persons
Domestic
(Local) - 65%
Overseas
(Export) - 35%
a. P.T. KAHA FEDERAL GARMENT
b. P.T. KAHA FORTUNE GARMENT
c. P.T. SIN CHEAU INDONESIA
GARMENT
d. P.T. KAHA SEATER INDUSTRY
e. Textile Importer of Singapore,
Taiwan, Canada, Middle East and European countries
Very Competitive
a. P.T. ARGO PANTES Tbk
b. P.T. CANDRATEX SEJATI
c. P.T. ERATEX JAYA Tbk
d. P.T. NATATEX PRIMA
e. P.T. SIPATEX PUTRI LESTARI
f. Etc.
Fluctuating
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Bandung Branch
Jalan Asia Afrika No. 122-124
Bandung, West Java, Indonesia
b. P.T. Bank INTERNATIONAL
INDONESIA Tbk
Jalan M.H. Thamrin No. 51
Jakarta
Pusat
Indonesia
c. P.T. Bank RAKYAT INDONESIA Tbk
Jalan
Jend. Sudirman No. 44-46
Jakarta
Pusat
Indonesia
Auditor :
Internal
Auditor
Litigation :
No litigation record in our
database
Annual Sales (estimated) :
2011 – Rp. 698.0 billion
2012 – Rp. 725.0 billion
2013 – Rp. 743.0 billion
Net Profit (estimated) :
2011 – Rp. 34.9 billion
2012 – Rp. 43.5 billion
2013 – Rp. 48.3 billion
Payment Manner :
Sometime Delay
Financial Comments :
Weak
Board of Management :
President Director -
Mr. Widjaja Trisna or William Trisna
Directors -
a. Mr. Song Wen Shyang
b. Mr. Huang Kuen Jeng
c. Mrs. Song Ching Shyu
d. Mrs. Kang
Tjhui Tju
Board of Commissioners :
President Commissioner - Mr. Song Liang Hua
Commissioners - a. Mrs. Song
Wen Shyu
b. Mr. Song Wen Po
c. Mr. Song Pei Guan
Signatories :
President Director (Mr. Widjaja
Trisna or William Trisna) and Directors (Mr. Song Wen
Shyang and Mr. Huang Kuen Jeng) which must be approved by the President Commissioner (Mr. Song Liang Hua) and
Commissioner (Mrs. Song Wen Shyu)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should be extended under guarantee
P.T. KAHATEX was established in September 1980 in Bandung, West Java,
with an authorized capital of Rp.
1,000,000,000 and an issued capital of Rp. 200,000,000 of which Rp. 20,000,000 was
paid up. The founders and original shareholders of the company are Mrs. Emmy
Renoewidjojo and Mr. Tedjo Renoewidjojo, both Indonesians of Chinese
extraction. The company notary deed had been changed a couple of times. In 1987
the whole original shareholders pulled out and replaced by Mr. Song Wen Po, Mr.
Song Wen Tying, Mr. Song Wen Shyang, his son-in-law Mr. Widjaja Trisna or
William Trisna (husband of Mr. Song Chin Shu, first daughter of Mr. Song Liang
Hua) and Mrs. Song Wen Shyu. They are an Indonesian business family of Chinese
extraction. In November 2000 the authorized capital was increased to Rp.
330,000,000,000 entirely issued and paid up.
Later in April 2006, the authorized capital was raised again to Rp.
630,000,000,000 entirely issued and paid up and concurrently whole shares of
the company were controlled by Mr. Widjaja Trisna, Mr. Song Wen Shyang, Mr.
Huang Kuen Jeng and Mrs. Song Wen Shyu. The deed of amendment was made by Mr.
Drs. Yudi Priadi, SH., was approved by the Ministry of Law and Human Right in
its Decision Letter No. C-18336.HT.01.04.TH.2006, dated June 22, 2006, and No.
AHU-30769.AH.01.02.Tahun 2008, dated June 6, 2008. Then in March 2009 the
authorized capital was increased to Rp. 700,000,000,000 wholly issued and paid
up. With this development the composition of its shareholders has been changed
to become Mr. Widjaja Trisna (26.57%), Mr. Song Wen Shyang (26.57%), Mrs. Song
Wen Shyu (13.72%), Mr. Huang Kuen Jeng (12.86%), Mr. Song Liang Hua (10.28%),
Mr. Song Wen Po (5%) and Mr. Song Pei Guan (5%). Later based on notary deed Mr.
Drs. Yudi Priady, SH., No. 25 dated 18 August 2011 the company board of
director and the board of commissioner reelected to lead and runs of the
company’s operation. The deed of amendments was approved by the Ministry of Law
and Human Rights in its decision letter No. AHU-AH.01.10-34739 dated August 18,
2011.
We note that the above Song family is the owner of the entire business
stakes of P.T. KAHAFEDEAL GARMENT and P.T. KAHAFORTUNE GARMENT, both active in
the garment industry. In addition, they also control 20% of the shares of P.T.
SIN CHEAU INDONESIA, a joint venture with SIN CHEAU GARMENT of Taiwan (80%).
P.T. KAHATEX is engaged in integrated textile industry with its plant
located at Jalan Cijerah, Kampung Cigondewa, Cimahi, West Java. The company has
grown to a large textile complex sprawling over two manufacturing sites at
Cijerah, Bandung and Rancaekek near Bandung city, with an area of about 150
hectares. This places the company in the heart of the Indonesia textile
industry. The plant had been operating since 1982 and frequently been expanded.
In 1992 the company has been operating new plant at Jalan Raya Rancaekek Km.25,
Sumedang, West Java. Mrs. Sri, a staff of the company, said that the plant of
the company at Jalan Ranca Ekek produces various kinds of textile products
including polyester, spinning, knitting and weaving products. In the end of
1993, P.T. KAHATEX took over and operated garment factory owned its sister
company P.T. KAHINTEX near by its plant in Cimahi, Bandung, West Java. Both plants have frequently been expanded. In
January 1997 P.T. KAHATEX got an expansion permit for both plants, but no
realization as yet due to a financial problem and tight banking liquidity. In
mid-1998 it got a license to expand its plant in Sumedang, West Java, to
produce sport-shoes and component, but no realization as yet.
The company is fully integrated from fiber, spinning mill to fabric,
also manufacturing fabrication garment, sweeter garments, sock, blanket
supply to multinational consumers. Employ with high technical technician to
develop the company modern machinery, to ensure high quality and up to date
product. The company has long history of continuous expansion with an ever
broadening the product range. Currently the company is a major supplier to
Indonesia textile sector and contributes significantly to the export market by
exporting more than 35% of its production directly to about a lot of countries
worldwide, 45% was indirect export with consumers company, about 20% supply to
domestic market. Some 35% of the products is directly and indirectly exported
to various countries such as Singapore, Taiwan and European countries, Canada
and Middle East and the rest of 65% is locally marketed.
The global economic slowdown since October 2008 has brought negative
impact to the company on account of the increasing production cost and basic
material prices. Meanwhile, the local TPT (Textile
and Textile Products) industries and other factors causing the declining
competitive ability of the national TPT products are the increasing production
costs, high interest rates, expensive customs office costs, illegal
retributions, textile and garment machinery restructuring costs and the rising
prices of production components (oil fuel prices and electric base tariffs).
We observed that P.T. KAHATEX is classified as a large sized company of its
kind in the country of which the operation has been fluctuating the last five
years.
The textile and textile product (TTP) industry is one of the industries
that has contrived to with stand the protracted global economic crisis. At a
time when the average national industrial utilization rate fell to under 20% in
2008, TTP plants on the other hand were operating at an utilization rate of
above 81.6%. This was attributable to the ability of textile and garment
producers to maintain the utilization rate of plants at a high level by
aggressively stepping up exports. 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 rose to 450.9 ton (7,801.5 million) in 2011 decline to 450,200
tons (US$ (7,304.8 million) in 2012.
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 decreased to 1,493.3 tons (5,563.3 million) in 2011 increase to 1,508.5
tons (US$ 5,278.1 million) in 2012.
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. 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 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 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
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 7,801.5 7,304.8 |
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 1,508.5 |
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 5,278.1 |
Until this time P.T. KAHATEX has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement. The management of P.T. KAHATEX is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2011 amounted to Rp. 698.0 billion
rose to Rp. 725.0 billion in 2012 increased to Rp. 743.0 billion in 2013 and
projected to go on rising by at least 4% in 2014. The operation in 2013 yielded
an estimated net profit of at least Rp. 48.3 billion and the company has an
estimated total net worth of at least Rp.725.0 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. Widjaja Trisna or William
Trisna (55) with more than 24 years experience in the textile industry and
trade. The management is further handled by managers who are professionals in
the textile products industry and trade. In daily activities, he is assisted by
Mr. Song Wen Shyang (47), Mr. Huang Kuen Jeng (48), Mrs. Song Ching Shyu (55)
and Mrs. Kang Tjhui Tju (49) as directors. The management is also handled by a
number of professional staff, having maintained a wide business relation with
private businessmen at home and abroad as well as with government sector. 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. In view of the
operation has been fluctuating in the last five years and the lustrous imported
TPT product was to tighten the competition, we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.47 |
|
|
1 |
Rs. 102.94 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.