MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TOKO SWAMITEX |
|
|
|
|
Registered Office : |
Jalan Arteri
Mangga Dua , Grosir Textile Block E 4 No. 9, Jakarta Utara |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading and
Importer of Textile Products |
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 |
|
Maximum Credit Limit : |
US$ 111,000,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
Correct Name of
Company
Toko SWAMITEX
Address
Head Office
Jalan Arteri
Mangga Dua
Grosir Textile
Block E 4 No. 9
Jakarta Utara
Indonesia
Phones - (62-21) 601
6972, 601 1667
Fax - (62-21) 601 6972
Building Area - 3 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Building
Status - Rent
Warehouse
Jalan Arteri
Mangga Dua
Grosir Textile
Block E 1 No. 15
Jakarta Utara
West Java
Indonesia
Phone - None
Building Area - 3 storey
Office Space - 1,200 sq.
meters
Region - Commercial
Building
Status - Rent
Date of
Incorporation
1998
Legal Form
Sole Proprietary
Company
Company Reg.No.
Not Required
Company Status
Private National
Company
Permit by the Government Department
The Department of
Finance
NPWP No.
06.755.464.024.000
The Department of
Industry and Trade
TDP No. 09.01.5.51.07677
Dated 31 January
2005
Related Company
None
CAPITAL AND
OWNERSHIP
Capital
Structure :
Owned Capital : Rp. 600.0
million
Shareholders/Owners
:
Mr. Arjun T.
Chandani - 100%
BUSINESS ACTIVITIES
Lines of Business:
Trading and
Importer of Textile Products
Production Capacity
None
Total Investment
None
Started Operation
1989
Brand Name
None
Technical
Assistance
None
Number of Employee
13 persons
Marketing Area
Domestic
(Local) - 100%
Main Customer
Trading and
Textile Shops
Market Situation
Very Competitive
Main Competitors
a. P.T. YOSHI
INDONESIA
b. Toko LAKSANA
TEXTILE
c. P.T. SUMBER
PROGRESS REJEKI
d. P.T. SUMBER
REJEKI JAYA MAKMUR
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR
& LITIGATION
Banker :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Arteri
Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 7.5
billion
2006 – Rp. 8.0
billion
2007 – Rp. 8.5
billion
Net Profit
(Loss) :
2005 – Rp. 450
million
2006 – Rp. 480
million
2007 – Rp. 510
million
Payment Manner
:
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director
- Mr. Arjun
T. Chandani
Board of
Commissioner :
None
Signatories :
Director (Mr. Arjun T. Chandani) is 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$ 111,000,000 on 90 days D/A
OVERALL PERFOMANCE
Toko SWAMITEX was established in Jakarta in 1998’s with a status of Sole
Proprietary Company. Founder and owner of the company is Mr. Arjun T. Chandani,
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. 600
million and it will be rising in line with the progress of its business
operation.
Based to our investigation by visited the company at Jalan Arteri Mangga
Dua, Grosir Textile Block E 1 No. 15, we found that the company address is a
warehouse of Toko SWAMITEX. But there is no telephone number of the warehouse.
One of the company staff explained that the company office located near of the
warehouse located at Jalan Arteri Mangga Dua, Grosir Textile Block E 4 No. 9,
Jakarta Utara, with telephone number (021) 601 6972, 601 1667. After we check
and visit the address, one of the company staff disclosed that Toko SWAMITEX
dealing with trading and importer of textile products and garment products
including lady’s men wears. The whole product is imported from India.
Based information from P.T. TELKOM that the telephone number has not be
connected and in active. We look and observed the office, but there is a
business activity in that office and the management is also reluctant to give
any information. According to the other source, Toko SWAMITEX registered on
Jalan Arteri Mangga Dua, Grosir Textile Block E 4 No. 9, Jakarta Utara. The textile
products is distributed and supplied to trading and textile shops which
operating in Pasar Pagi Mangga Dua, Tanah Abang, tailor and konveksi in Jakarta
and surrounding.
In overall views we find the demand for textile products especially
lady’s menswear has kept on rising 6% to 8% per annum in the last five years.
The sharp growth of the demand was in line with the progress achieved in
textile products locals markets. The demand growth is estimated to continually
rising by 6% over the next five years. Market competition is very sharp
considering many other similar companies operating in the country. Toko
SWAMITEX in this case is in a sufficiently fairly good business position in
view of the company has controlled a wide marketing network in Jakarta and
surroundings .
Until this time Toko SWAMITEX 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 2005
amounted to Rp. 7.5 billion increased to Rp. 8.0 billion 2006 to Rp. 8.0
billion in 2007. The operation in 2007 yielded an estimated net profit at least
Rp. 510 million and the company has an estimated total net worth at Rp. 1.5
billion. It is projected hat total sales turnover of the company will increase
at least 6% in 2008. We observe that Toko SWAMITEX is supported by financially
fairly strong behind it. So far, we did not heard that the company having been
black listed by the Central Bank (Bank Indonesia).
The management of the company is headed by Mr. Arjun
T. Chandani (45), a businessman with more than 12 years experience in trading
of textile and garment products. The
management has a good business reputation in this business and wide relation
with private businessmen of home and overseas as well as with the government
sectors. So far, we died not hear the
management of the company has been involved in business malpractices.
Toko SWAMITEX is sufficiently 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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)