MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
P.D. OMAR
KHAYYAM |
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Registered Office : |
Jalan Antara No.
5-7, |
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Country : |
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Date of Incorporation : |
1975 |
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Legal Form : |
Sole Proprietary
Company |
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Line of Business : |
Trading and Distribution of Motorcycle and
Motorcar Spare Parts. |
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$ 131,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.D. OMAR KHAYYAM
Address
Head Office
Jalan Antara No.
5-7
Phone -
(62-21) 3808513, 3857705
Fax. - (62-21) 3813662
Building Area - 3 storey
Office Space - 600 sq. meters
Region -
Status - Owned
Date of Incorporation
1975
Legal Form
Sole Proprietary
Company
Company Reg. No.
The Ministry of Justice and Human Rights
Not Required
Company Status
Private Company
Permit by the
Government Department
Not Available
Related Company
P.T.
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 500
million
Owner :
Mr. Mahesh Thakurdas Nanwani
BUSINESS ACTIVITIES
Lines of Business:
Trading and Distribution of Motorcycle and
Motorcar Spare Parts
Production Capacity
None
Total Investment
None
Started Operation
1975
Brand Name
None
Technical Assistance
None
Number of Employee
12 persons
Marketing Area
Domestic - 100%
Main Customer
Motorcycle and car
services station, spare parts distributors and dealers
Market Situation
Very Competitive
Main Competitors
a. P.T. DENSO
CENTRA
b. P.T. AMANDA
RUANG MOTOR
c. ANEKA JAYA
MOTOR
d. P.T. HASTA
BERSAMA PRIMAJAYA
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank INTERNATIONAL
Jalan Ir. H. Juanda No. 37-38
b. The Hongkong and Shanghai Banking Corp. Ltd.
Jalan Jend. Sudirman Kav. 29-31
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 9.0 billion
2005 – Rp. 9.5 billion
2006 – Rp. 10.0
billion
Net Profit (Loss)
:
2004 – Rp. 0.4 billion
2005 – Rp. 0.5 billion
2006 – Rp. 0.6
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Mahesh Thakurdas Nanwani
Board of Commissioners :
None
Signatories :
Director (Mr. Mahesh Thakurdas Nanwani)
in only the authorized person to sign the loan on behalf of the company
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit Limit
Small amount – periodical review
Maximum Credit Limit
US$ 131,000.- on the 90 days of payments
OVERALL PERFOMANCE
P.D. OMAR KHAYYAM (P.T. OK) was established in 1975 with a status of sole proprietary company. The founder and owner is the late Mr. Thaku Lachiram, a businessman of Indian extraction, died in July 2004. The ownership of the company is continued by his heirs (son), Mr. Mahesh Thakurdas Nanwani. 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. 500 million and it will be rising in line with the progress of its business operation. We see that Mr. Mahesh Thakurdas Nanwani’s family is the majority business stake owner of P.T. BALI PERMAI CRAFINDO dealing with general trading.
P.D. OK has been in operation since 1975 dealing with trading
and distribution of spare part products of two-wheels motor vehicles (scooter),
three-wheels motor vehicles (bajaj) and cars. The spare part products being
traded by the company comprise circlips, spring roll pins, gear ranks, free
wheels, sprockets, chain covers, chain wheels, hoseclips, cork sheets, cylinder
linear, piston rings and others. Mr. Mahesh Thakurdas Nanwani, the director of
the company disclosed that all of the merchandise products are imported from
In general, the demand for automotive and motorcycle component
is in line with the progress achieved by Indonesian automotive manufacturing
industry. We observe that motorcar and motorcycles assembling industries have
kept on increasing in the last five years. However, the competition is very
tight because motorcar and motorcycles assembled in the People Republic of
Chinese and
Sales of Motorcars & Motorcycles in
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Y e a r |
Motorcar (units) |
Motorcycle (units) |
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1996 |
337,399 |
1,408,553 |
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1997 |
392,185 |
1,845,297 |
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1998 |
58,312 |
516,930 |
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1999 |
94,023 |
568,979 |
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2000 |
298,665 |
976,108 |
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2001 |
299,629 |
1,545,693 |
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2002 |
317,457 |
2,430,000 |
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2003 |
354,333 |
2,814,054 |
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2004 |
472,190 |
3,887,675 |
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2005 |
456,822 |
3,830,847 |
Source : Processed from various sources by BI and AISI
Until this time P.D. OK 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. 9.0 billion increased to Rp. 9.5 billion in 2005 and to Rp.
10.0 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 0.6 billion and the company has an estimated total networth at Rp.
2.5 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2007. We observe that P.D. OK is supported by
financially fairly strong behind it. So far, we did not hear that the company
having been black listed by the Central Bank (Bank
The management of P.D. OK is led by Mr. Mahesh Thakurdas Nanwani (41) with 18 years of experience in trading and distribution of motorcycle and motorcar spare parts. The management of the company is handled by professional managers having wide relation with private businessmen within and outside the country and with the government sectors as well. We observed that management’s reputation in said business is fairly good. So far, we did not hear 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.
P.D. OMAR KHAYYAM 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%)