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Report No. : |
307629 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. DALIATEX
KUSUMA |
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Registered Office : |
Jl. Moh. Toha No. 307 Km.
7,3 Bandung
40257 West Java |
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Country : |
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Date of Incorporation : |
12.09.1972 |
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Com. Reg. No.: |
AHU-AH.01.10-42388 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Integrated textile Industry Investment holding |
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No. of Employees : |
2,430 Persons |
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 |
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Status : |
Satisfactory |
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|
|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Indonesia |
A2 |
A2 |
|
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 |
|
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 |
Name
of Company :
P.T. DALIATEX KUSUMA
A
d d r e s s :
Head
Office & Factory
Jl. Moh. Toha No. 307 Km.
7,3
Bandung 40257
West Java
Indonesia
Phone -
(62-22) 520 3995 (hunting)
Fax. - (62-22) 520
6346
Email - mail@daliatexkusuma.com
Website - http://www.daliatexkusuma.com
Land Area - 20.0 hectares
Building Area - 11.8 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
a. 09
February 1972 as P.T. DALIA TUNGGLA PRINTING
b. 12
September 1972 as P.T. DALIATEX KUSUMA
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Laws and Human
Rights
a. No.
C-16324.HT.01.04.TH.99
Dated 13 September 1999
b. No.
AHU-87964.HT.01.02.TH.2008
Dated 20 November 2008
c. No.
AHU-AH.01.10-42388
Dated 27 December 2011
Company
Status :
Domestic Investment Company (PMDN)
Permits
by the Government Department :
a. The Department of Finance
NPWP No. 01.118.484.3-441.000
b. The Department of Industry and Trade
TDP No. 101115100150
c. The Capital Investment Coordinating Board
- No. 952/Sekr/SP.PMDN/73
Dated 23 May 1973
- No. 647/III/PMDN/1989
Dated 2 September 1989
Affiliated
Companies :
a.
P.T. INDACHI PRIMA (Nylon Filament Yarn Industry)
b. P.T. MAKMUR REKASANTIKA (Textile Industry and Investment Holding)
c. P.T. INTERMODA KUSUMA (Warp Knit Fabric Industry)
Capital
Structure :
Authorized Capital - Rp. 30,000,000,000.-
Issued Capital - Rp. 20,000,000,000.-
Paid up Capital - Rp. 20,000,000,000.-
Shareholders/Owners
:
c.
Mr. Rudy Unjoto -
Rp. 10,000,000,000.- (50%)
Address : Jl. Cipaganti No. 97
Bandung, West Java
Indonesia
d.
Mr. Djonie Unjoto -
Rp. 5,000,000,000.- (25%)
Address : Jl. Dr. Radjiman No. 25
Bandung, West Java
Indonesia
e.
Mr. Sukendar Unjoto -
Rp. 5,000,000,000.- (25%)
Address : Jl. Cipaganti No. 35
Bandung, West Java
Indonesia
Lines
of Business :
a. Integrated textile Industry
b. Investment holding
Production
Capacity :
a. Woven Fabrics -
40,000,000 meters p.a.
b. Warp Knit Fabrics -
10,000,000 meters p.a.
c. MVS Yarns - 5,000 tons p.a.
d. Circular Knit Fabrics -
6,000 tons p.a.
Total
Investment :
Equity Capital - Rp. 60.0 billion
Started
Operation :
1 9 7
4
Brand
Name :
DALIATEX
KUSUMA
Technical
Assistance :
None
Number
of Employee :
2,430
persons
Marketing Area :
a. Local (Domestic) - 20%
b. Export - 80%
Main Customers :
a. Garment Industries
b. Overseas buyer in Middle East, USA,
Europe, Japan and Brazil
Market Situation :
Very Competitive
Main Competitors :
a. P.T. INDONESIA SYSTHETIC MILLS
b. P.T. ACRYL TEXTILE MILLS
c. P.T. INDONESIA TORAY SYNTEHTICS
d. P.T. INDORAMA
SYNTHETICS
e. Etc.,
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank CENTRAL ASIA Tbk
Bandung Main Branch
West Java, Indonesia
b. P.T. Bank RAKYAT INDONESIA Tbk
Bandung Main Branch
West Java, Indonesia
Auditor
:
Internal Auditor
Litigation
:
No
detrimental filling in our database
Total Sales/Income (estimated) :
2010
– Rp. 550.0 billion
2011
– Rp. 620.0 billion
2012
– Rp. 670.0 billion
2013
– Rp. 708.0 billion
2014
– Rp. 745.0 billion
Net
Profit (estimated) :
2010
– Rp. 24.5 billion
2011
– Rp. 28.0 billion
2012
– Rp. 30.2 billion
2013
– Rp. 32.0 billion
2014
– Rp. 33.6 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Fairly
good
Board of Management :
President Director - Mr. Rudy Unjoto
Director -
Mr. Djonie Unjoto
Board of Commissioners :
President Commissioner - Mr. Sukendar Unjoto
Commissioner - Mr. Wiwie Unjoto AKA Stanley
Unjoto
Signatories :
President
Director (Mr. Rudi Unjopo) or Director (Mr. Djonie Unjoto) which must be
approved by President Commissioner (Mr. Sukendar Unjoto) and Commissioner (Mr.
Wiwie Unjoto)
Management
Capability :
G o o d
Business
Morality :
G o o d
The company initially named P.T. DALIA
TUNGGAL PRINTING, it was established in Bandung (West Java) on February 9, 1972
with an authorized capital of Rp. 25,900,000.- entirely was issued and fully
paid up. The founding shareholders of
the company are Mr. Sukendar Unjoto AKA Oey Ke Eng, Mr. Supandi Widjaja and
Mrs. Sanny Widjaja. They are Chinese
origin Indonesian entrepreneurs. The company's notarial deed has frequently
been amended. On September 12, 1972 the
company was renamed to P.T. DALIATEX KUSUMA (P.T. DK). In the same time the shareholder
Mr. Supandi Widjaja withdrew and substituted by Mr. Oey Khe Sok, he is also
Chinese origin. In 1989 the authorized capital was raised to Rp.
7,500,000,000.- and the issued and paid up capital to Rp. 5,400,000,000.- The
existing shareholders of P.T. DK are Mr. Sukendar Unyoto, his younger brother
Mr. Anton Wiratama, his wife Mrs. Maliasari Lasmi and their children namely Mr.
Rudy Unyoto, Mrs. Susie Unyati, Mr. Wiwie Unyoto and Mr. Djonie Unyoto. In
February 1995, its authorized capital
was increased to Rp.
30,000,000,000.- with an issued capital
to Rp. 20,000,000,000.- entirely paid-up.
In November 1998 Mrs. Susie Unyati withdrew and replaced by other
shareholders.
The most recently by notarial Deed No. 75 dated
22 November 2011 was made by Notary Jeny Suherman, SH., a notary in Bandung, the latest shareholders of the
company are Mr. Rudy Unjoto (50%), Mr. Djonie Unjoto (25%) and Mr. Sukendar
Unjoto (25%). The amendment to Deed was approved by the Minister of Law and
Human Rights of the Republic of Indonesia through Decree No. AHU-AH.01.10-42388
dated December 27, 2011. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. DALIATEX KUSUMA (P.T. DK) is engaged in
integrated textile industry with its plant located at Jalan M. Toha No. 307,
Km. 7.3, Bandung, West Java on a land of 20 hectares. It has been operating commercially in 1974
producing brocades, knitted fabric, woven fabric, dyeing and finishing. The
activities of P.T. DK have frequently been expanded. Today, the plant has
annual production capacity of 40 million
meters of woven fabrics, 5,000 tons of MVS spun yarns, 10 million meters of
warp knit fabrics and 6,000 tons of circular knit fabrics per year. Presently, P.T. DK produces polyester light
and medium, weigh woven fabrics, MVS viscose & blended yarn, circular
knitted fabrics and warp knitted fabrics.
The products being produced by the company
use various brands including Dalia, Silfina, Yess, Tessa, Innova, Tisell,
Marino and Comfort (Woven fabrics), Intermoda, Culture and Sovia (Warp Knitted
fabrics). More than 80% of this output
is exported to Middle East, USA, Europe, Japan and Brazil and the rest for
local market. P.T. DK also engaged in
investment holding by controlling 50% shares of P.T. INDACHI PRIMA (acrylic and
nylon filament yarn manufacturing). We observed that P.T. DK 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) |
|
|
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 |
Until this time P.T. DK 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. We have checked to Department of Trade and Industry and found that no
financial statement has been reported. P.T. DK’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 2011 amounted to Rp. 620.0 billion
increased to Rp. 670.0 billion in 2012 to Rp. 708.0 billion in 2013 and rose
again to Rp. 745.0 billion in 2014. The
operation in 2014 yielded a net profit at least Rp. 33.6 billion and the
company has a total net worth of Rp. 340.0 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. DK has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management is headed by Mr. Rudy Unjoto
(56), a businessman with experience for some 27 years in integrated textile
industry and trade. In daily activities he is assisted by his younger brother
Mr. Djonie Unjoto (50). But the
prime-mover is his father Mr. Sukendar Unjoto (79), a well experienced businessman
in textile industry. The management has already maintained a wide business
relation among private companies at home and abroad as well as among government
agencies. 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. DALIATEX KUSUMA 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.62.15 |
|
|
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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|
>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 |
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|
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 |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
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.