|
Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. EXCELLENCE QUALITIES YARN |
|
|
|
|
Formerly Known As : |
P.T. ANSA QUALITIES YARN |
|
|
|
|
Registered Office : |
Jl. Embong Trengguli No. 20 Surabaya 60271, East
Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
12.11.2010 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Subject dealing with spinning
mills industry |
|
|
|
|
No. of Employees : |
280 |
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 – 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. EXCELLENCE QUALITIES YARN
Head Office
Jl. Embong Trengguli No. 20
Surabaya 60271, East Java
Indonesia
Phones - (62-31) 535 5725 (hunting)
Fax - (62-31) 535 5724
Email - office@excellence.co.id
Website - http://www.excellence.co.id
Building Area - 850 sq. meters
Office Space - 260 sq. meters
Region - Commercial
Status - Owned
Branch
Plaza Graha Family Blok D-8
Pradah Kalikendal, Dukuh Pakis
Surabaya 60226, East Java
Indonesia
Phones - (62-31) 546 4662, 8812 9196
Fax - (62-31) 546 4677
Building Area - 4 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Factory
Dusun Luwung, Desa Sumokembangsari
Balongbendo, Sidoarjo 61263
East Java, Indonesia
Phones - (62-31) 4000 7387
Fax - (62-31) 4000 7388
Land Area - 13,800 sq.
meters
Building Area - 10,200 sq.
meters
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 28 March 2005
as P.T. ANSA QUALITIES YARN
b. 12 November
2010 as P.T. EXCELLENCE QUALITIES YARN
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C-24435.ht.01.01.th.2005
Dated 05 September 2005
b. No.
AHU-55835.AH.01.02.Tahun 2010
Dated 29 November 2010
c.
No.
AHU-AH.01.10-29790
Dated 20 September
2011
Company Status
:
National Private Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.114.082.7-618.000
Related/Associated
Companies :
a. P.T. GLORIA
RAMAYANA INTER HOTEL (Hotel Management)
b. P.T. GLORIARASA
SAYANG INTER HOTEL (Hotel Management)
c. P.T. RAMA
SHINTA JAYA TEKSTIL INDUSTRY (Spinning Mills)
d. P.T. SURYA
JAYA INDAH TEXTILE (Textile Industry)
e. P.T.
RAMAGLORIA SAKTI TEKSTIL INDUSTRI (Spinning Mills)
f. P.T. NAVIGAT ORGANIC ENERGY (Electric Power
Plant Development)
Capital
Structure :
Authorized
Capital - Rp.
58,260,000,000.-
Issued Capital - Rp.
14,565,000,000.-
Paid up Capital - Rp.
14,565,000,000.-
Shareholders/Owners
:
a. Mrs.
Sherlina Kawilarang - Rp. 8,739,000,000.-
(60%)
Address :
Jl. Jaksa Agung Suprapto No. 7
Surabaya, East
Java
Indonesia
b. Mr. Agus
Nugroho Santoso - Rp. 5,826,000,000.-
(40%)
Address :
Kompleks Grawisa Blok CL.II/21
Tubagus Angke, West Jakarta
Indonesia
Lines of
Business :
Spinning Mills
Industry
Production
Capacity :
Spinning
Mills - 60,000 bales
p.a.
Total Investment :
a. Owned Capital - Rp. 40.0 billion
b. Loan Capital - Rp 80.0 billion
c. Total Investment - Rp. 124.0 billion
Started Operation :
2 0 0 6
Brand Name :
Excellence Quality Yarn
Technical Assistance :
None
Number of Employee :
280 persons
Marketing Area :
a. Local - 20%
b. Export - 80%
Main Customers :
a. Textile Industries in the country
b. Foreign buyers in Singapore,
Australia, Asia, USA, Europe and Africa
Market Situation :
Very Competitive
Main Competitors :
a. PT. Fuji Palapa Textile
b. PT. Sri Rejeki Isman
c. PT. Gunawantex
d. PT. Trisulatex
e. PT. Sinar
Padasuka Textile
f. PT. Delta Dunia Textile
g.
PT. Sunrise Bumi Textile
h.
PT. Apac Inti Corpora
i. PT. Badjatex
j. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank MAYAPADA INTERNATIONAL
Tbk.
Jl. Gubernur Suryo No. 10
Embong Kaliasin, Genteng
Surabaya, East Java
Indonesia
b. P.T. Bank MANDIRI Tbk.
Jl. Basuki Rahmat No. 129-137
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Total
Sales/Income (estimated) :
2010 – Rp. 160.0
billion
2011 – Rp. 228.0
billion
2012 – Rp. 265.0
billion
2013 – Rp. 310.0
billion
Net Profit
(estimated) :
2010 – Rp. 10.5
billion
2011 – Rp. 15.0
billion
2012 – Rp. 17.7
billion
2013 – Rp. 20.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Agus Nugroho Santoso
Board of Commissioners :
Commissioner -
Mrs. Sherlina Kawilarang
Signatories :
Director (Mr. Agus
Nugroho Santoso) which must be approved by Board of Commissioner (Mrs. Sherlina
Kawilarang)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit should be proceeded normally
Proposed
Credit Limit :
Moderate amount
Originally named P.T. ANSA QUALITIES YARN,
the company was established in Surabaya based on Notarial Deed No. 42 dated
March 28, 2005 made by Notary Suyati Subadi, a notary in Surabaya with the authorized capital of Rp.
4,000,000,000.- entirely was issued and fully paid up. The founding
shareholders of the company are Mrs. Sherlina Kawilarang (80%) and Mr. Agus
Nugroho Santoso (20%), both are Indonesian entrepreneurs of Chinese
extraction. The Deed of establishment has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. C-24435.HT.01.01.TH.2005
dated September 5, 2005. The articles of
association of the company have frequently been revised. In November 2010, the
company named was changed to P.T. EXCELLENCE QUALITIES YARN (P.T. EQY). The amendment to Notarial Deed has been approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No.
AHU-55835.AH.01.02.Tahun 2010 dated November 29, 2010.
According to the latest amendment to notary Deed No. 23 dated August 8, 2011 made by Notary Siti Nurul Yuliami, SH., the authorized capital was raised to Rp 58,260,000,000.- of which Rp 14,565,000,000.- was issued and fully paid up. However, no changes have been effected in term of its shareholding composition and capital structures to date. The deed of amendments was approved by the Ministry of Law and Human Rights in its Decision Letter No. AHU-AH.01.10-29790 dated September 20, 2011.
We observe that majority business stakes is
controlled by Mrs. Sherlina Kawilarang. She also business stakes owner of P.T.
GLORIA RAMAYANA INTER HOTEL, P.T. GLORIARASA SAYANG INTER HOTEL, both dealing
with oil palm plantation, P.T. RAMA SHINTA JAYA TEKSTIL dealing with spinning
mills industry, P.T. SURYA JAYA INDAH TEXTILE dealing with textile industry,
P.T. RAMAGLORIA SAKTI TEKSTIL engaged in spinning mills industry and P.T.
NAVIGAT ORGANIC ENERGY engaged in electric power plant development.
P.T. EQY has been in operation since 2006
dealing with spinning mills industry.
Its plants is located at Dusun Luwung, Desa Sumokembangsari,
Balongbendo, Sidoarjo, East Java. According
to its license, P.T. EQY has a production capacity of 60,000 bales of spinning
yarns per year. The development of the project had ever been postponed as the
impact of the economic crisis battering the country in mid-2008. In early 2010, P.T. EQY started to operate
commercially by keeping on adding machinery and other equipments of the
plant. Now, the factory is operated and
equipped with modern machineries and new technologies using all international
standards. P.T. EQY produces synthetic
yarn and cotton yarn with 3 different shipping technologies; vortex (MVS), Open
End (Belcoro) and Ring Spinning. Their
yarn products are various such as; Viscose Rayon, Viscose Modal, Viscose
Tencel, Polyester, Acrylic and Cotton.
Some 80% of the company products are exported to various countries
including Singapore, Australia, Asia, USA, Europe and Africa, and the rest is
locally marketed. We observed that P.T.
EQY is classified as a medium-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 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 declined to 1,493,3000 tons (US$ 5,563.3
million) in 2011 and rose again to 1,508,500 tons (US$ 5,278.1 million) in
2012.
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 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
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. EQY 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. P.T. EQY’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. 160.0 billion increased to Rp. 228.0 billion in 2011 to
Rp. 265 billion in 2012 and rose again to Rp. 310.0 billion in 2013. The operation in 2013 yielded a net profit at
least Rp. 20.2 billion and the company has a total asset of Rp. 120.0
billion. We observe that P.T. EQY is
supported by financially strong behind it. So far, we did not hear 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. EQY is led by Mr.
Agus Nugroho Santoso (43) as director, a businessman who experienced for more
than 12 years in the field of textile industry. Daily operation he is assisted
by Mrs. Sherlina Kawilarang (43) as commissioner and a number of professional
managers and experts in the business. The management is handled by experienced
staff in this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors. 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. EXCELLENCE QUALITIES YARN (P.T. EQY) is
appraised to be good for business transaction.
However, in view of the above case and 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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.