MIRA INFORM REPORT
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Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
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Name : |
GTP
BANDUNG |
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Registered Office : |
Jalan Mohamad Toha Km. 5.3
No. 56 Bandung 40261 West Java Indonesia |
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Date of Incorporation : |
1936 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Traders,
Importers and Distributors of Textile Machinery and Spare Parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Usually Correct |
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Litigation : |
Clear |
Name of company
GTP BANDUNG
A d d r e s s
Representative
Office
Jalan Mohamad Toha Km. 5.3 No. 56
Bandung 40261
West Java
Indonesia
Phone - (62-22) 521-1865 (Hunting)
Fax. - (62-22) 520-0591
Building Area - Workshop
Office Space - 500 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
1936, but Representative Office in Bandung July 2003
Legal Form
Limited Liability Company in Belgium but in Bandung is Representative Office
Company Reg. No.
Not Available
Company Status
Representative Office of Foreign Company
Permit by the Government Department
Not Available
Related Company
PICANOL N.V. Belgium
CAPITAL AND OWNERSHIP |
Capital Structure :
Not Available
Shareholders/Owners :
PICANOL N.V. Belgium –100%
BUSINESS ACTIVITIES |
Lines of Business:
Trading, Import and Distribution of Textile Machinery and Spare Parts
Production Capacity :
None
Total Investment :
None
Started Operation :
Representative Office in Bandung started operation in July 2003
Brand Name :
PICANOL
Technical Assistance :
None
Number of Employee :
26 persons
Marketing Area :
Domestic (Local) - 100 %
Main Customers :
a. The ARTOSTEX Group
b. The DAMATEX of ARGO MANUNGGAL Group
c. The PANASIA Group
Market Situation :
Very Competitive
Main Competitors :
a. P.T. COSA INDONESIA
b. C.V. KARSA TRIA UTAMA
c. P.T. AGANSA PRIMATAMA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION |
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk
Jalan Asia Afrika
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE |
Annual Sales (estimated) :
2003 – Rp. 15.0 billion (July-December)
2004 – Rp. 27.0 billion
2005 – Rp. 28.0 billion
Net Profit (Loss) :
2003 – Rp. 0.9 billion
2004 – Rp. 1.6 billion
2005 – Rp. 1.7 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES |
Board of
Management :
Director
of Bandung Rep. Office - Mr. Claudius Demond
Marketing
Manager - Mr. Rifan
Board of
Commissioner :
None
Signatories
:
Director
(Mr. Claudius Demond) which must be approved by Supervisory Board
CAPABILITIES
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Management
Capability :
Good
Business
Morality :
Good
Credit
Risk :
Below
Average
Credit
Recommendation :
Credit can
be proceeded normally
Proposed Credit Limit :
Moderate amount
Maximum
Credit Limit :
US$ 376,000.- on the 90 days of payments
OVERALL PERFOMANCE |
GTP Bandung is a division of PICANOL N.V., which entered in Bandung, West Java in July 2003. Founder and owner of GTP Bandung is PICANOL N.V., a limited liability company was established in Belgium in 1936. We are unable to in form the company’s capitalization because it was established in Belgium.
GTP Bandung has been in operation since July 2003 in trading, import and distribution of weaving machinery and spare parts for textile industry. Mr. Claudius Demond, director of the company explained that the whole products are imported from Belgium and Shanghai, RRC with a PICANOL brand. Then, the whole weaving machinery, spare parts and accessories of the company’s products are directly supplied to the textile industries such as P.T. GLADIA LESTARI PARAHYANGAN, P.T. APAC INTI CORPORA, the ARGO MANUGGAL Group, the ARTOSTEX Group, the PANASIA INDOSYNTEX Group, P.T. BRATATEX, P.T. BITRATEX, P.T. ARGO PANTES Tbk, P.T. NATATEX PRIMA, P.T. ADETEX, P.T. GISTEX NISHINBO TEXTILE and other textile industries operating in Bandung, West Java. Besides, that the GTP Bandung also as a training centre in Indonesia. Furthermore, it was explained that GTP Bandung has made business relation as weaving machinery and spare parts supplier for along time with the textile industries and until this time the business relation still tied in with them. We observed that the company’s operation has been growing in the last three years.
Generally, the demand for textile machinery and spare parts has kept on rising in the last several years. The increase was in parallel lines with the progress achieved in industrial sector particularly in textile industry. According to the Central Bureau of Statistic (BPS) the Indonesian garments export in 2000 amounted to 370,300 tons (US$ 4,702.6 million), to 473,800 tons (US$ 4,476.7 million) in 2001, to 333,100 tons (US$ 3,887.2 million) in 2002 to 339,000 tons (US$ 4,037.9 million) in 2003 to 327,300 tons (US$ 4,351.9 million) in 2004 and to 317,100 tons (US$ 4,244.2 million) in 2005 (January-October). The Indonesian textile products export in 2000 amounted 1,365.1 tons (US$ 3,634.1 million), declined to 1,269.5 tons (US$ 3,198.9 million) in 2001, to 1,425.9 tons (US$ 3,075.9 million) in 2002 to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 and to 1,194.8 tons (US$ 3,109.6 million) in 2005 (January-October).
GTP Bandung’s management adopted very reclusive attitude towards outsiders and rejected to unveil its financial condition but we estimated that GTP Bandung’s operation in the first year as from July – December 2003 booked a total sales turnover of Rp. 15.0 billion rose to Rp. 27.0 billion in 2004 to Rp. 28.0 billion in 2005 and estimated to be rising by at least 6% in 2006. We estimated that P.T. DCI’s operation in 2005 yielded a total net profit of Rp. 1.7 billion with a total networth of Rp. 11.5 billion. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Besides, the company has a punctual payment habit within 1 to 2 months. GTP Bandung’s operation is backed by foreign partner, PICANOL N.V., of Belgium, a financially very strong textile machinery and technology for textile industry.
GTP Bandung’s management is led by Mr. Claudius Demond (app. 48), a professional manager of PICANOL N.V., of Belgium. The management is handled by experienced professional managers in trading, import and distribution of weaving machinery, spare parts and accessories for textle industry. They have wide relation with home and overseas private businessmen as well as with the government sectors. So far, we have never heard of the management of the company being filed to the district court for detrimental cases. GTP Bandung is considered to be good for normal business transaction. Considering unstable economic condition in the country, we recommend to treat prudently in extending loan to the company.
RATING EXPLANATIONS
RATING
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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 |
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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 |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |