MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
P.D. CITRA BUSANA |
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Registered Office : |
Jalan Mangga Dua Raya, Ruko Tekstil Mangga Dua Block D-2/33, Jakarta
Barat, 17033 |
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Country : |
Indonesia |
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Date of Incorporation : |
1994 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading of Textile Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 78,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Correct Name of company
P.D. CITRA BUSANA
Address
Head Office
Jalan Mangga Dua
Raya
Ruko Tekstil
Mangga Dua Block D-2/33
Jakarta Barat, 17033
Indonesia
Phone - (62-21) 6128318,
6128319, 6128320-21
Fax - (62-21)
6128087
Building Area - 4 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1994’s
Legal Form
Sole Proprietary
Company
Company Reg. No.
Not Required
Company Status
Private National Company
Permit by the Government
Department
Not Available
Related Company
None
CAPITAL AND OWNERSHIP
Capital Structure :
Owned Capital : Rp. 650
million
Owner :
Mr. Gobindram -
100%
BUSINESS ACTIVITIES
Lines of Business:
Trading of Textile Products
Production Capacity
None
Total Investment
None
Started Operation
1994’s
Brand Name
None
Technical Assistance
None
Number of Employee
13 persons
Marketing Area
Local - 100%
Main Customer
End users,
traditional market etc,
Market Situation
Very Competitive
Main Competitors
a. INDAH JAYA Toko
b. IRA BUSANA
c. ISTANA BUSANA
d. JB COLLECTION
Business Trend
Growing
BANKER, AUDITOR & LITIGATION
Bankers :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Mangga Dua Raya
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 5.2
billion
2005 – Rp. 5.5
billion
2006 – Rp. 6.0
billion
2007 – Rp. 3.2
billion (January-June)
Net Profit (Loss)
:
2004 – Rp. 0.3 billion
2005 – Rp. 0.4 billion
2006 – Rp. 0.5 billion
2007 – Rp. 0.2 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr.
Gobindram
Board of
Commissioners :
None
Signatories
:
Director (Mr.
Gobindram) in only the authorized person 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$ 78,000.- on the 90 days of payments
OVERALL PERFOMANCE
PD. CITRA BUSANA (PD. CB) was established in Jakarta in 1994’s with the status of Sole Proprietary Company. Founder and owner of the company is Mr. Gobindram, an Indonesian businessman of Indian descent. 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. 650 million and it will be rising in line with the progress of its business operation.
PD. CB has been in operation since 1994’s in trading and distribution textile products of domestic and import made. Mr. Gobindram the owner of PD. CB disclosed that the above merchandising goods are imported from India, China and Japan. Besides, they also purchased from various textile 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 in Jakarta and its surrounding areas. The operation of PD. CB has been growing slowly in the last five years. 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.
Generally, demand for garment products had kept on increasing up to mid 1997. However, since that time the demand had been declining up to end 1999 as the impact of the economic crisis battering the country since mid 1997. It is estimated that the demand will be fluctuating in the two-three years to come. Meanwhile, the competition is very tight on account of lots of similar company operating in the country. The business position of PD. CB case is not doing very badly on account of it has built a fairly close connection with textile shops and tailor services in Jakarta and surrounding areas. However, the long-term business prospect of the company is favorable once the unstable economic condition in the country starts recovery.
Until this time PD. CB 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. 5.2 billion increase to Rp. 5.5 billion in 2005 to Rp. 6.0 billion in 2006. As from January to June 2007 the sales turnover of the company amounted to Rp. 3.2 billion with a net profit of Rp. 0.2 billion and the company has an estimated total net worth by at Rp. 1.3 billion. It is projected that total sales turnover of the company will increase at least 6% in 2008. So far, we did not hear that the company having been black listed by the Central Bank (Bank Indonesia). The company disclosed that the company usually pays its debts punctually to suppliers.
The company is led out by Mr. Gobindram, a businessman who experienced for more than 15 years in the field of trading, 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. PD. CITRA BUSANA 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. |
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%)