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Report No. : |
336054 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. WIN TEXTILE |
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Registered Office : |
Kampung Cilegong, Jalan Ir. H. Juanda, Desa Cilegong, Jatiluhur, Purwakarta, West Java 41152 |
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Country : |
Indonesia |
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Date of Incorporation : |
07.01.2010 |
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Com. Reg. No.: |
AHU-54451.AH.01.02. |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is an Textile Industry |
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No. of Employee : |
2,010 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal resource
distribution among regions. President Joko WIDODO - elected in July 2014 - has
emphasized maritime and other infrastructure development, and especially
increased electric power capacity, since taking office. Fuel subsidies were
almost completely removed in early 2015, a move which could help the government
increase spending on its development priorities. Indonesia, with the nine other
ASEAN members, will continue to move towards participation in the ASEAN
Economic Community, though full implementation of economic integration will not
be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
P.T. WIN TEXTILE
Head Office and Factory
Kampung Cilegong
Jalan Ir. H. Juanda
Desa Cilegong, Jatiluhur
Purwakarta, West Java 41152
Indonesia
Phone -
(62-264) 822 4666
F a x -
(62-264) 822 4777
Land Area - 70 hectares
Building Area - 40 hectares
Region - Industrial Zone
Status - Owned
07 January 2010
P.T. (Perseroan Terbatas) or Limited
Liability Company
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
Foreign Investment Company
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
a. EINS
TREND INCORPORATION (Investment Holding)
b. SAE-A
TRADING CO., LTD (Investment Holding)
Authorized Capital - Rp. 212,242,500,000.-
Issued Capital - Rp. 212,242,500,000.-
Paid up Capital - Rp. 212,242,500,000.-
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
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
:
2,010 Persons
Marketing Area :
Local -
20%
Export -
80%
Main Customers :
a. Overseas
Buyers in Japan, Korea, India, Europe and USA
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
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
Internal Auditor
No litigation record in our database
Annual Sales
(estimated) :
2011 Rp. 240.0 billion
2012 Rp. 360.0 billion
2013 Rp. 480.0 billion
2014 Rp. 720.0 billion
Net Profit
(estimated) :
2011 Rp. 19.0 billion
2012 Rp. 28.0 billion
2013 Rp. 36.0 billion
2014 Rp. 47.0 billion
Payment Manner :
Almost promptly
Financial Comments
:
Satisfactory
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)
Management
Capability :
Good
Business
Morality :
Good
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. Since then, no changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. WT
was established within the framework of foreign investment (PMA), which has received permit from the Investment Coordinating Board (BKPM) with Number 1681/1/PMA/2009 dated 31 December 2009, to
be engaged in textile industry. 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. Mr. Hamada, a
marketing staff of the company, said to our inquiry that most of the products
(80%) are exported to Japan, Korea, India, Europe and USA, and the rest (20%)
are marketed locally to textile wholesalers and garment industries in the
country. 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. We
observed that P.T. WT 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 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) |
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|
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 and rose again to Rp. 720.0 billion in 2014.
The operation of the company in 2014 yielded a net profit at least Rp. 47.0
billion and the company has a total net worth of Rp. 290.0 billion. It is
projected that total sales turnover of the company will increase at least 8% in
2015. 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 (59) 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.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
SDA |
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 |
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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 |
|
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
SCs 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.