|
Report No. : |
336818 |
|
Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. STRETCHLINE |
|
|
|
|
Registered Office : |
Jl. Pembangunan II No.
32, Batusari, Batuceper, Tangerang, Banten 15121 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
20.11.2001 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-25443 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Narrow Fabric (Elastic) |
|
|
|
|
No. of Employees : |
360 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
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 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 |
Name
of Company :
P.T. STRETCHLINE
A
d d r e s s :
Head
Office & Factory
Jl. Pembangunan II No. 32, Batusari
Batuceper, Tangerang
Banten 15121
Indonesia
Phone -
(62-21) 552 2111 (hunting)
Fax. - (62-21) 552
2333
Email - infostretch@stretchlinein.com
Website - http://www.stretchlinein.com
Land Area - 2.4 hectares
Building Area - 1.8 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
20
November 2001
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Laws and Human Rights
a. No.
C-15987.HT.01.01.TH.2001
Dated 26 December 2001
c. No.
AHU-91568.AH.01.02.Tahun 2008
Dated 28 November 2008
d. No.
AHU-34898.AH.01.02.Tahun 2012
Dated 27 June 2012
e. No.
AHU-AH.01.10-25443
Dated 12 July 2012
Company
Status :
Foreign Investment Company (PMA)
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.026.517.9-057.000
Affiliated
Companies :
a.
STRETCHLINE (Singapore) Pte. Ltd., of Singapore
b. NEW IMPACT PRIVATE LIMITED of Singapore
Capital
Structure :
Authorized Capital - US$.4,000,000 (Rp. 42,540,000,000)
Issued Capital - US$.4,000,000 (Rp. 42,540,000,000)
Paid up Capital - US$.4,000,000 (Rp. 42,540,000,000)
Shareholders/Owners
:
a.
STRETCHLINE (S) Pte. Ltd., -
US$.3,150,000 (78.75%)
Address : 133 Cecil Street
15-03 Singapore 069535
Singapore
b.
NEW IMPACT PRIVATE LIMITED -
US$. 850,000 (21.25%)
Address : 111 North Bridge Road
08-12 A Peninsula Plaza
Singapore
Lines
of Business :
Narrow Fabric (Elastic) Manufacturing
Production
Capacity :
On the order basis
Total
Investment :
a. Equity Capital - US$. 4.0 million
b. Loan Capital - US$. 6.0 million
c. Total Investment - US$.10.0 million
Started
Operation :
2002
Brand
Name :
STRETCHLINE
Technical
Assistance :
None
Number
of Employee :
360
persons
Marketing Area :
a. Local (Domestic) - 20%
b. Export - 80%
Main Customers :
a. Garment Industries
b. Overseas buyer in USA, UK, China and Hong
Kong
Market Situation :
Very Competitive
Business Trend :
Growing
B a n k e r s :
a. STANDARD CHARTERED Bank
Menara Standard Chartered, 10th
Floor
Jl. Prof. Dr. Satrio No. 164
South Jakarta
b. The Hong Kong and Shanghai Bank Corp. (HSBC)
World Trade Center
Jl. Jend. Sudirman Kav. 29-31
South Jakarta
Litigation
:
No
detrimental filling in our database
Total Sales/Income (estimated) :
2011
– US$. 22.0 million
2012
– US$. 24.8 million
2013
– US$. 28.0 million
2014
– US$. 32.0 million
Net
Profit (estimated) :
2011
– US$. 1.6 million
2012
– US$. 1.8 million
2013
– US$. 2.1 million
2014
– US$. 2.4 million
Payment
Manner :
Almost
promptly
Financial
Comments :
Fairly
good
Board of Management :
President Director - Mr. Timothy Allan
Brent Speldewinde
Directors -
a. Mr. Christopher Stafford Tubbs
b. Mr. David Andrew Trust
c. Mr. Cyril Lee
Sales and Marketing Manger - Mr. Praveen Selvaratnam
Board of Commissioners :
President Commissioner - Mr. Brian Norman Collier
Commissioners - a. Mr. Martin trust
b. Mr. Sharad Dayalal Amalean
c. Mrs. Chen ei Hung
Signatories :
President
Director (Mr. Timothy Allan Brent Speldewinde) or one of the Directors (Mr.
Christopher Stafford Tubbs, Mr. David Andrew Trust or Mr. Cyril Lee) which must
be approved by President Commissioner (Mr. Brian Norman Collier) and one of the
commissioners.
Management
Capability:
Good
Business
Morality:
Good
P.T. STRETCHLINE was established in Jakarta based
on Notary Deed No. 36 dated November 20, 2001 of Suanny Noviyanti Djojo, SH.,
notary in Jakarta with an authorized capital of US$.2,000,000 (Rp. 21,270,000)
entirely was issued and fully paid up.
The founding shareholders of the company are P.T. MINGGALA and P.T.
HONEY LADY UTAMA (both are of Indonesia), MAS HOLDING (Private) Ltd., of Sri
Lanka, STRETCHLINE Ltd., of United Kingdom and BRANDOT INTERNATIONAL Ltd., of
USA. The Deed of establishment was
approved by the Minister of Law and Human Rights through its Decree No.
C-15987.HT.01.01.TH.2001 dated December 26, 2001.
The articles of association of the company have
frequently been revised. In April 2006, the authorized capital was raised to
US$.4,000,000 (Rp. 42,540,000,000) entirely was issued and paid up. At the same
time, P.T. MINGALA, P.T. HONEY LADY UTAMA, MAS HOLDING (Private) Limited of and
BRANDOT INTERNATIONAL Limited, withdrew and replaced by NEW IMPACT PTE LTD of
Singapore and REGINA PACIFIC INVESTMENT Limited of Republic of Mauritius, entered
into the company as a new shareholders.
The most recently by Notary Deed No. 25
dated May 16, 2012 drawn up by Mrs. Esther Mercia Sulaiman, SH., notary in
Jakarta, the latest shareholders of the
company are STRETCHLINE (Singapore) Pte., Ltd., of Singapore (78.75%) and NEW
IMPACT Pte. Ltd, of Singapore (21.25%). This amendment to Deed was approved by
the Minister of Law and Human Rights of the Republic of Indonesia through its
Decree No. AHU-34898.AH.01.02.Tahun 2012 dated June 27, 2012 and No. AHU-AH.01.10-25443
dated July 12, 2012. Since then, no changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. STRETCHLINE is a Foreign Capital Investment Company
(PMA) dealing with narrow fabric (elastic) manufacturing industry by managing a
plant located at Jalan Pembangunan II No. 32, Batusari, Batu Ceper, Tangerang,
Banten Province. The plant has been operating since 2002 and it was frequently expanded. P.T.
STRETCHLINE gets technological assistance from STRETCHLINE Holding Inc., of the
USA. In July 2013, the company has launched Fit-U a new quality of elastic
where stretchability and power is engineered to suit the contours of the body,
bringing a new dimension to comfort.
Other innovations by Stretchline showcasing at Interfilière include:
- Fortitube, a patented bra wire casing that
reduces wire poke through and increases durability
in machine washable bras.
-
Bondelast, technology which producers elastic
with fusible adhesive to provide the strong
flexible
bond between components of a garment.
-
Locksafe, technology that prevent unravelling
of elastic improving the lifespan of the
garment.
-
Stay4Sure, a patented silicon coating that ensures
the garment is held in one place without
cutting
off circulation.
Some 80% of its narrow fabric
(elastic) products are exported to the USA, the UK, China, Hong Kong etc., and
the rest is marketed locally. The products being
produced by the company used by various intimate, swim and sportswear brands
such as; JpPenney, Triumph, Victoria’s Secret, Calvin Klein, Wacoal, Madenform,
Tehibo, Jockey, Lovable, Fantasie, Gildan, Elcaitex, etc. We observed that P.T.
STRETCHLINE 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, the demand for narrow fabric
(elastic) including raw materials for ladies under wears had been fluctuating
within the last five years in line with the growth of garment and textile
industry in the country. The country’s garment industry is facing serious
marketing problem not only in the country but also abroad. The textile and
textile product (TTP) industry is one of the industries that has contrived to
with stand the protracted global economic crisis. According to the Central Bureau of Statistics
(BPS) 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 to 1,633.1
thousand tons (US$ 5,293.6 million) in 2013 and to 1,815.6 thousand tons (US$
5,379.9 million) in 2014. The export volume and value of the national TPT
products in 2002 to as of January 2015 are pictured on the following table.
|
Year |
Textile Products
|
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* |
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 1,633.1 1,815.6 153.0 |
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 5,293.6 5,379.9 421.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 35.4 |
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 7,501.0 7,450.9 594.5 |
Until this time P.T. STRETCHLINE has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement and the company’s management is very reticent to outsiders
about finances. We observed that total sales turnover of the company in 2011
amounted to US$.22.0 million increased to US$. 24.8 million in 2012 to US$.
28.0 million in 2013 and rose again to US$.32.0 million in 2014. The operation in 2014, it is estimated the
company has yielded a net profit of at least US$.2.4 million and the company
has an estimated total assets at least US$.16.0 million. It is projected that
total sales turnover of the company will increase at least 6% in 2015. We observe that P.T. STRETCHLINE 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.
P.T. STRETCHLINE's management is led by Mr.
Timothy Allan Brent Speldewinde (54) a businessman with more than 20 years
experienced in narrow fabric manufacturing and trading. Daily activity he is
assisted by three directors namely Mr. Christopher Stafford Tubbs (69), Mr.
David Andrew Trust (51) and Mr. Cyril Lee (53).
The management is also backed and handled by experts and professional
staff officers. They have wide relations with private businessmen within and
outside the country. 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. STRETCHINE is appraised to be good for
business transaction. However, in view
of the economic condition in the country is still unstable and slowdown, we
recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.25 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
NIT |
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.