MIRA INFORM REPORT

 

 

Report Date :

10.10.2014

 

IDENTIFICATION DETAILS

 

Name :

P.T. WIN TEXTILE

 

 

Registered Office :

Kampung Cilegong Jalan Ir. H. Juanda Desa Cilegong, Jatiluhur Purwakarta, West Java 41152

 

 

Country :

Indonesia

 

 

Date of Incorporation :

07.01.2010

 

 

Com. Reg. No.:

No. AHU-54451.AH.01.02.Tahun 2011

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Textile Industry

 

 

No. of Employees :

2000

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Indonesia

B1

A2

 

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, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices

Source : CIA

 

 

 

 

BASIC SEARCH

 

Name of Company :

P.T. WIN TEXTILE

 

A d d r e s s :

Head Office and Factory

Kampung Cilegong

Jalan Ir. H. Juanda

Desa Cilegong, Jatiluhur

Purwakarta, West Java 41152

Indonesia

Phones         - (62-264) 822 4666

F a x             - (62-264) 822 4777

Land Area      - 70 hectares

Building Area  - 40 hectares

Region           - Industrial Zone

Status            - Owned

 

Date of Incorporation :

07 January 2010

 

Legal Form :

PT. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Right

a.   No. AHU-04519.AH.01.01.Tahun 2010

      Dated 27 January 2010

b.   No. AHU-54451.AH.01.02.Tahun 2011

      Dated 08 November 2011

 

Company Status :

Foreign Investment Company

 

Permits by the Government Department :

a.   The Department of Finance

      NPWP No. 21.151.087.0-409.000

b.   The Capital Investment Coordinating Board

      1681/I/PMA/2009

      Dated 31 December 2009

 

Related/affiliated Companies :

a.   EINS TREND INCORPORATION (Investment Holding)

b.   SAE-A TRADING CO., LTD (Investment Holding)

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital          - Rp. 212,242,500,000.-

Issued Capital                - Rp. 212,242,500,000.-

Paid up Capital              - Rp. 212,242,500,000.-

 

Shareholders/Owners :

a.   EINS TREND INCORPORATION          - Rp.   63,672,750,000.- (30%)

      Address : 14F Saman Building

                     946-12 Daechi-Dong, Gangnam-Gu

                     South Korea

b.   SAE-A TRADING CO., LTD                  - Rp. 148,569,750,000.- (70%)

      Address : SAE-A Building

                     946-12 Daechi-Dong, Kangnam-Ku

                     South Korea

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Textile Industry

 

Production Capacity :

Knitted Fabrics                                      - 100,000 tons p.a.

 

Total Investment :

a.   Owned Capital                     - Rp. 212.2 billion

b.   Loan Capital                        - Rp.          billion

c.   Total Investment                   - Rp. 212.2 billion

 

Started Operation :

2010

 

Brand Name :

WIN TEXTILE

 

Technical Assistance :

None

 

Number of Employee :

2000 Persons

 

Marketing Area :

Local    - 20%

Export   - 80%

 

Main Customers :

a.   Overseas Buyers in USA and Europe

b.   Textile Wholesalers and Garment Industries in the country

 

Market Situation :

Competitive

 

Main Competitors :

a.   P.T. FUJI PALAPA TEXTILE

b.   P.T. DELTA MERLIN DUNIA TEXTILE

c.   P.T. SINAR PADASUKA TEXTILE

d.   P.T. GUNAWANTEX

e.   P.T. TRISULATEX

f.    Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r s :

  a.  P.T. BANK CENTRAL ASIA Tbk

      Jalan Jend. Sudirman No. 85

      Purwakarta, West Java

      Indonesia

  b   P.T. BANK MANDIRI Tbk

      Jalan Jend. Sudirman No. 176

      Purwakarta, West Java

      Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2011 – Rp. 240.0 billion

2012 – Rp. 360.0 billion

2013 – Rp. 480.0 billion

 

Net Profit (estimated) :

2011 – Rp. 19.0 billion

2012 – Rp. 28.0 billion

2013 – Rp. 36.0 billion

 

Payment Manner :

Almost promptly

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                            - Mr. Lee Sung Kil

 

Board of Commissioner :

Commissioner                  - Mr. Jeong Dong Ah

 

Signatories :

The Director (Mr. Lee Sung Kil) which must be approved by the Board of Commissioner (Mr. Jeong

Dong Ah)

 

 

CAPABILITIES

 

Management Capability :

G o o d

 

Business Morality :

G o o d

 

 

OVERALL PERFORMANCE

 

      P.T. WIN TEXTILE (P.T. WT) was established in Purwakarta (West Java) based on Notarial Deed No. 01 dated January 07, 2010 made by Notary Rosliana, SH., with an authorized capital of Rp. 106,121,250,000.- entirely was issued and fully paid up. The founding shareholders of the company are EINS TREND INCORPORATION of South Korea (60%) and SAE-A TRADING CO., LTD of South Korea (40%). The Deed of establishment has been approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decision Letter No. AHU-04519.AH.01.01.Tahun 2010 dated January 27, 2010.

 

      The articles of association of the company have frequently been changed, most recently by notarial Deed No. 34 dated October 28, 2011 made by Notary Rosliana, SH., the authorized capital was raised to Rp 212,242,500,000.- entirely was issued and fully paid up. The latest shareholders of the company are EINS TREND INCORPORATION of South Korea (30%) and SAE-A TRADING CO., LTD of South Korea (70%). The amendment to Deed has been approved by the Minister of Law and Human Rights through its Decision Letter No. AHU-54451.AH.01.02.Tahun 2011 dated November 08, 2011.  No changes have been effected in term of its shareholding composition and capital structures to date.

 

      P.T. WT engaged in the industry of textile. Its head office and factory are located on Kampung Cilegong, Jalan Ir. H. Juanda, Desa Cilegong, Jatiluhur, Purwakarta (West Java) on a land area of 70 hectares. The plant had been operating since 2010 with production capacity of 100,000 tons of knitted fabrics per annum. Their main customers are RALPH LAUREN, BANANA REPUBLIC, BROOKS BROTHERS, JONES NEW YORK, DKNY, LANDS' END, UNDER ARMOUR, RUSSELL ATHLETIC, GAP, OLD NAVY, Abercrombie & Fitch, H&M, Bershka, ZARA, MANGO, Etc. Mr. Hamada, a marketing staff of the company, said to our inquiry that most of the products (80%) are exported to USA and Europe, and the rest (20%) are marketed locally to textile wholesalers and garment industries in the country. We observed that P.T. WT 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 finished fabrics, garment, cotton yarn, polyester textured yarn, 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 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 to 450,900 tons (US$ 7,801.5 million) in 2011 dropped to 450,200 tons (US$ 7,304.8 million) in 2012 and as of 30 November 2013 amounted to 398.0 thousand tons (US$ 6,847.7 million).

 

      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 declined to 1,493,3000 tons (US$ 5,563.3 million) in 2011 rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and as of 30 November 2013 amounted to 1,360.7 thousand tons (US$ 4,833.1 million).  The export volume and value of the national TPT products in 2002 to as of 30 November 2013 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

   2013 *

333.1

339.9

327.3

369.5

399.6

399.8

417.6

393.4

445.2

450.9

450.2

398.0

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

6,847.7

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

1,360.7

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

5,278.1

4,833.1

Source:  Central Bureau of Statistic

*) January to November 2013

 

 

      The company is neither public listed nor bond issued company. Therefore, the company has no obligation to publish financial statement publicly. The management is very reclusive and unlikely to expose its financial condition to outsider. We estimate that sales turnover of the company in 2011 amounted to Rp. 240.0 billion increased to Rp. 360.0 billion in 2012  and rose again to Rp. 480.0 billion in 2013. The operation of the company in 2013 yielded a net profit at least Rp. 36.0 billion and the company has a total net worth of Rp. 220.0 billion.  It is projected that total sales turnover of the company will increase at least 6% in 2014. So far we did not hear that P.T. WT has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court. The company usually pays its debts punctually to suppliers.

 

      The management of P.T. WT is headed by Mr. Lee Sung Kil (58) as director, a businessman with experience for more 10 years in textile industry and trading. In his daily activities, he is assisted by Mr. Jeong Dong Ah (45) as commissioner. The management has maintained a wide relation with private businessmen at home and abroad as well as with government authorities. So far, we did not hear that the company's management having been involved in the business malpractices.

 

      P.T. WT 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.61.04

UK Pound

1

Rs.98.64

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.