MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
Toko REJEKITEX |
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Registered Office : |
Harco Mangga Dua Glodok, Komplek Agung Sedayu, Jalan Arteri Mangga Dua Jakarta Utara |
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Country : |
Indonesia |
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Date of Incorporation : |
1995 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading and Distribution of Textile Products |
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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Maximum Credit Limit : |
US$ 39,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Correct Name of
company
Toko REJEKITEX
Address
Head
Office
Harco Mangga Dua Glodok
Komplek Agung Sedayu
Jalan Arteri Mangga Dua
Jakarta Utara
Indonesia
Phone - (62-21) 6126737
Fax - (62-21) 6019954
Building Area - 2 storey
Office Space - 40 sq. meters
Region - Commercial Building
Status - Rent
Date of Incorporation
1995’s
Legal Form
Sole Proprietary Company
Company Reg. No.
Not Required
Company Status
Private Company
Permit by the
Government Department
Not Available
Related Company
Toko MILANZO (Trading of Textile and Tailor)
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 400 million
Owners :
Mr. Anaris Kiswani - 100%
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Textile Products
Production Capacity
None
Total Investment
None
Started Operation
1995’s
Brand Name
None
Technical Assistance
None
Number of Employee
7 persons
Marketing Area
Local - 100%
Main Customer
End users, traditional market etc,
Market Situation
Very Competitive
Main Competitors
a. PD. CAHAYA TIMUR
b. ABADI JAYA Toko
c. C.V. AGUNG JAYA
d. ADITEX
Business Trend
Declining
BANKER, AUDITOR &
LITIGATION
Banker
:
P.T. Bank CENTRAL ASIA Tbk
Harco Mangga Dua Glodok
Jalan Arteri Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 3.6 billion
2005 – Rp. 3.3 billion
2006 – Rp. 3.0 billion
Net Profit (Loss) :
2004 – Rp. 0.5 billion
2005 – Rp. 0.4 billion
2006 – Rp. 0.3 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Anaris Kiswani
General Manager - Mr. Harris
Board of Commissioners :
None
Signatories :
Director (Mr. Anaris Kiswani) is the only who is authorized to
sign the loan on behalf of the company.
CAPABILITIES
Management Capability :
Satisfactory
Business Morality
Satisfactory
Credit Risk
Above Average
Credit Recommendation
Credit should be extended under
guarantee
Proposed Credit
Limit
C.O.D. To small amount
Maximum Credit Limit
US$ 39,000.- on the 90 days of payments
OVERALL PERFOMANCE
Toko REJEKITEX was established in Jakarta in 1995’s with a status of Sole Proprietary Company. Founder and owner of the company is Mr. Anaris Kiswani, an Indian-ethnic Indonesian businessman. Being as Sole Proprietary Company, the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the company has own capital of about Rp. 400 million and it will be rising in line with the progress of its business operation. We see that his father Mr. Syam Kiswani is also the owner of Toko MILANZO dealing with trading of textile products and tailor.
Toko REJEKITEX has been in operation since 1995’s in trading and distribution textile products of domestic and import made. Mr. Harris the company’s general manager disclosed that the above merchandising goods such as cloths, textile woven fabrics, textile accessories, tile, georgette is imported from Italy, China and India. Besides, the textile product also purchased from various textiles manufacturing plants in Jakarta and Bandung, West Java. He went on to say that the above merchandising goods are marketed through various garment and textile shops, and other individuals (especially for lady’s, woman) in Jakarta and its surroundings. Mr. Harris also added, that the operation of Toko REJEKITEX has been declining in the last three years amid economic crisis occurred in the country. Economic crisis and sharp Rupiah depreciation against US$ and other hard foreign currencies have brought bad impact to the company’s operation because the operation cost highly increased while the demand for the products dropped down.
The demand for garment has kept on rising on the average of 8% to 10% on the average per annum in the last five until the end of 1997. Based on the data issued by the Department of Industry and Trade, the national production of garment has in 2000/2001 amounted to 96.0 dozen million increased respectively to 115.0 million dozen in 2001/2002 to 130.9 million dozen in 2002/2003 to 135.9 million dozen in 2003/2004 but in 2004/2005 dropped by 6% to about 128.3 million dozen. The decline was attributable to the economic crisis striking Indonesia as from the second semester of 1997. It is estimated that it will continue on declining by next year. Sharp Rupiah depreciation against the US Dollar, Japanese Yen, EUR and other foreign hard currencies has negative impact on the domestic garment manufacturing companies due to the sharp hike in the production cost while the public purchasing power declined drastically.
Until this time Toko REJEKITEX has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. We observed that total sales turnover of the company in 2004 amounted to Rp. 3.6 billion dropt to Rp. 3.3 billion 2005 and declined to Rp. 3.0 billion in 2006. The operation in 2006 yielded an estimated net profit at least Rp. 0.3 billion and the company has an estimated total networth at Rp. 400.0 million. It is projected hat total sales turnover of the company will decrease at least 3% in 2007. So far, we have never heard of the company having been black listed by the Central Bank (Bank Indonesia). Mr. Harris, the company’s general manager disclosed that the company usually pays its debts punctually to suppliers.
The company is led out by Mr. Anaris Kiswani (40), a businessman who experienced for more than 10 years in the field of trading and distribution of textile products. The company has had wide relation in the realm of the private businessmen inside and outside the country. Their relation with the government is fairly good. So far, we have never heard that the company’s management involved in a dirty business practice 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. Toko REJEKITEX is fairly good for business transaction. However, in view of the unstable economic condition in the country we recommend to treat prudently in extending a loan to the company.
RATING
EXPLANATIONS
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)