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Report No. : |
305208 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. KEWALRAM INDONESIA |
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Registered Office : |
Jl. Raya Rancaekek
Km. 25, Kab. Sumedang 40, Bandung 40010, West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
25.10.1971 |
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Com. Reg. No.: |
No. AHU-AH.01.10-29109 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
· Engaged as suppliers of M&S for the embroidered products for the lingerie end uses & are also catering to other leading garment labels like BHS, DUNNES STORES, PLYATEX, GAP, VIVES VIDAL, WOLF, ERRECI & KOOKAI. · Engaged in producing embroidered allovers and laces for the garment industry which serve the leading brands like M&S, GAP, WALMART, MAST INDUSTRIES & LIZ CLAIBORNE · Subject also manufactures and supply exclusive home textile to leading international brands and retailers like SHERIDAN, SANDERSON, SEARS, WALMART, BEDMAKER, HELENE SPRINGFILED (COELIMA), DORMA, M&S, BEDECK & ELCORTE. |
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No of Employees : |
2470 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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, 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 |
P.T. KEWALRAM
INDONESIA
Head Office &
Factory
Jl. Raya Rancaekek
Km. 25
Kab. Sumedang 40
Bandung 40010, West
Java
Indonesia
Phones - (62-22) 7798346, 7795012,
7794312, 7791705
Fax. - (62-22) 7797142, 797142,
4315145
PO Box - 1088 BDG
Email - marketing@kewalram.co.id
Website - http://www.kewalram.co.id
Land Area - 33,150 sq.
meters
Building Area - 12,600 sq.
meters
Region - Industrial
Zone
Status - Owned
Jakarta Office
Plaza BII, Menara 2,
12th Floor, Suite No. 1203
Jl. M.H. Thamrin No.
51
Jakarta 10350
Indonesia
Phones - (62-21) 3199 0250 (hunting)
Fax. - (62-21) 3199 0253
Building Area - 33 storey
Office Space - 1,200 sq. meters
Region - Commercial
Status - Rent
25
October 1971
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. C2-9420.HT.01.04.TH.94
Dated 18 June 1994
- No. C2-8726.HT.01.04.TH.98
Dated 14 July 1998
- No. AHU-32469.AH.01.02.Tahun 2011
Dated 28 June 2011
- No. AHU-AH.01.10-29109
Dated 16 July 2013
Foreign
Investment Company (PMA)
a. The Department of Finance
NPWP No. 01.001.743.2-2-424.001
b. The President of the Republic of Indonesia
No. B-95/Pres/7/1971
Dated 17 July 1971
c. The Capital Investment Coordinating Board
- No. 57/III/PMA/1978
Dated 12 July 1978
- No. 124/II/PMA/1994
Dated 29 July 1994
G. KEWALRAM & SONS (hk) Ltd., of Hong Kong (Investment Holding)
A member of the KEWALRAM CHANRAI Group of Singapore
Capital
Structure :
Authorized Capital
- Rp. 39,950,000,000.-
Issued Capital - Rp. 39,950,000,000.-
Paid up Capital - Rp. 39,950,000,000.-
Shareholders/Owners :
a.
G. KEWALRAM & SONS (HK) Ltd. -
Rp. 39,945,000,000.- (99.99%)
Address : Nassau
Bahamas
Hong Kong
b.
Mr. Pishu Girdhar Chanrai -
Rp. 5,000,000.- ( 0.01%)
Address :
Jl. Cikini II No. 18
Menteng, Central Jakarta
Indonesia
Lines
of Business :
· Engaged as suppliers of M&S for the embroidered products for the lingerie end uses & are also catering to other leading garment labels like BHS, DUNNES STORES, PLYATEX, GAP, VIVES VIDAL, WOLF, ERRECI & KOOKAI.
· Engaged in producing embroidered allovers and laces for the garment industry which serve the leading brands like M&S, GAP, WALMART, MAST INDUSTRIES & LIZ CLAIBORNE
·
Subject also manufactures
and supply exclusive home textile
to leading international brands and retailers like SHERIDAN, SANDERSON, SEARS,
WALMART, BEDMAKER, HELENE SPRINGFILED (COELIMA), DORMA, M&S, BEDECK &
ELCORTE.
Production
Capacity :
A.
Initial Units
- Spinning Yarns -
38,600 bales p.a.
- Embroidery - 1,000,000 meters p.a.
-
Dyeing Fabrics - 3,360,000 meters p.a.
- Synthetic Yarns -
17,912 bales
-
Grey Fabrics -
15,550,000 meters p.a.
-
Knitting Fabrics - 1,800,000 meters p.a.
B.
Expansion Units
-
Knitting Fabrics - 1,200,000 meters p.a.
-
Dyeing Fabrics - 1,200,000 meters p.a.
-
Woven Fabrics -
15,000,000 meters p.a.
Total
Investment :
A.
Initial Units
a.
Equity Capital - US$. 3.0 million
b.
Reinvested Profit - US$. 19.0 million
c.
Loan Capital - US$. 5.0 million
d.
Total Investment - US$. 27.0 million
B.
Expansion Units
a.
Equity Capital - US$. none
b.
Reinvested Profit - US$. 21.8 million
b.
Loan Capital - US$. 108.1
billion
c.
Total Investment - US$. 129.9 billion
Started
Operation :
1
9 7 6
Brand
Name :
KEWALRAM
INDONESIA
Technical
Assistance :
G. KEWALRAM & SONS (HK) Ltd., of Hong Kong
Number
of Employee :
2,470
persons
Marketing
Area :
a. Local -
30%
b. Export
- 70%
Main
Customers :
Oversea buyers in
Norway, Denmark, England, Austria, the Netherlands, Spain, India and USA
Market Situation :
Very
Competitive
Main
Competitors :
a. P.T. INDORAMA
SYNTHETICS
b. P.T. KONDOBO
TEXTINDO
c. P.T. UNILON
TEXTILE INDUSTRIES
d. P.T. VONEX
INDONESIA
e. P.T. KUKUH
MANUNGGAL FIBER INDUSTRY
f. P.T. NATATEX PRIMA
Business
Trend :
Growing
Bankers :
a. The Hongkong and Shanghai Bank Corp
Jl. Asia Afrika No. 141-147
Bandung, West Java
Indonesia
b. P.T. Bank PERMATA Tbk
Jl. Sawunggaling No. 1
Bandung, West Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2011 – Rp. 1,860.0 billion
2012 – Rp. 2,008.0 billion
2013 – Rp. 2,180.0 billion
2014 – Rp. 2,360.0 billion
Net
Profit (estimated):
2011 – Rp. 66.0 billion
2012 – Rp. 72.0 billion
2013 – Rp. 78.0 billion
2014 – Rp. 84.0 billion
Payment
Manner :
Fairly good
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Masuvathi Ramier Krishnamurthy
Director - Mr. Jagdish Murli
Chanrai
Board of Commissioners :
President Commissioner -
Mr. Pishu Girdhar Chanrai
Commissioner - Mr. Narain Girdhar Chanrai
Signatories :
President Director (Mr. Masuvathi
Ramier Krishnamurthy) or Director (Mr.
Jagdish Murli Chanrai) which must be approved by Board of Commissioners (Mr.
Pishu Girdhar Chanrai and Mr. narain Girdhar Chanrai)
Management Capability :
Good
Business Morality :
Good
P.T. KEWALRAM INDONESIA
(P.T. KI) was established in Indonesia based on Notarial Deed of Soelaiman
Arjasmita, SH. No. 36 dated 25 October 1971 with an authorized capital of US$
3,000,000.-, issued and paid up capital of US$ 600,000.- The founding
shareholders are G. KEWALRAM & SONS (HK) Ltd., of Hong Kong, COMMENWEALTH
DEVELOPMENT CORPORATION of England, Mr. Sitai Roesminen and Mrs. Mary Gultom
Advani, both of Indonesia. The company's notarial act has frequently been
revised and its capital was converted into Rupiah. In August 1991 the
authorized capital was Rp 6,000,000,000.-, entirely was issued and paid
up. In March 1998 the authorized capital
was raised to Rp 15,720,000,000.-, entirely issued and paid up. By the same
time COMMENWEALTH DEVELOPMENT CORPORATION of England pulled out and replaced by
other shareholder namely G. KEWALRAM & SONS (HK) Ltd., of Hong Kong.
On June 2011, the authorized caital was raised to Rp 39,950,000,000.- entirely was isseud and paid up. Since then, the shareholders of the company are G. KEWALRAM & SONS (HK) Ltd., of Hong Kong (90%), GRANDPRO INVESTMENTS Ltd., of British Virgin Island (5%) and Mrs. Mary Gultom Advani of Indonesia (5%). The amendment to deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-32469.AH.01.02.Tahun 2011 dated June 28, 2011.
The most recently by notarial Deed No. 3 dated 2 May 2013 was made by Notary Aryanti Artisari, SH., GRANDPRO INVESTMENTS Ltd., and Mrs. Mary Gultom Advani withdrew and the whole shares are sold to Mr. Pishu Girdhar Chanrai of United Kingdom. Since then, the shareholders of the company are G. KEWALRAM & SONS (HK) Ltd., (99.99%) and Mr. Pishu Girdhar Chanrai (0.01%). The amendment to deed was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-29109 dated 16 July 2013.
P.T. KEWALRAM INDONESIA (P.T. KI) had been operating since 1976 in integrated textile industry. Its plant is located at Jalan Raya Rancaekek Km.25, Bandung, West Java. The plant has frequently been expanded. The company has grown to become a large textiles and embroidery production facility with state-of-the art equipment and fully integrated manufacturing and finishing lines in a single location. It also has an installed capacity of 60,000 spindles. Today, it has more 2,200 employees, producing more than 24,000 tons of yarns annually. Mrs. Kiwa, a marketing staff of P.T. KI explained that about 30% of the company's production is sold on the domestic market and the remaining 70% being exported to Norway, Denmark, England, Austria, the Netherlands, Spain, India and USA.
We observed that P.T. KI is one of the leading suppliers of M&S for the embroidered products for the lingerie end uses. They are also catering to other leading garment labels like BHS, DUNNES STORES, PLYATEX, GAP, VIVES VIDAL, WOLF, ERRECI & KOOKAI. Besides the company produces embroidered allovers and laces for the garment industry which in turn helps to serve leading brands like M&S, GAP, WALMART, MAST INDUSTRIES, LIZ CLAIBORNE and others. P.T. KI also manufactures and supply exclusive home textile to leading international brands and retailers like SHERIDAN, SANDERSON, SEARS, WALMART, BEDMAKER, HELENE SPRINGFILED (COELIMA), DORMA, M&S, BEDECK &ELCORTE. We observed that P.T. KI 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 specialty chemicals such as; textile chemicals, auxiliary, dyestuff and textile raw materials tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. 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 and rose again to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013. The export volume and value of the national TPT products and garment in 2002 to 2013 are pictured on the following table.
|
Year |
Textile Products
|
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 |
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 |
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 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
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 7,501.0 |
Source: Central Bureau of Statistic
Until this time P.T. KI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We estimated that total sales turnover of the company in 2011 amounted to Rp. 1,860.0 billion increased to Rp. 2,008.0 billion in 2012 to Rp. 2,180.0 billion in 2013 and rose again to Rp. 2,360.0 billion in 2014. The operation in 2014 yielded a net profit at least Rp. 84.0 billion and the company has a total net worth of Rp. 830.0 billion. P.T. KI is supported by a financially strong and healthy foreign partner. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The management of the company is headed by Mr. Masuvathi Ramier Krishnamurthy (68), a professional manager of India citizen, with experience for more than 30 years in textile and textile products industry and trade. In daily activities, he is assisted by a director namely Mr. Jagdish Murli Chanrai (55), a professional manager of UK citizen. 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 company’s management involved in the business malpractices or detrimental cases that settled in the country. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia.
P.T. KEWALRAM INDONESIA 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.62.14 |
|
UK Pound |
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
MNL |
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.