MIRA INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PD. 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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Year of Establishment : |
1994 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Sole Proprietary Concern |
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Line of Business : |
Trading of Textile Products (Cloth
Croton) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name of Company
PD. CITRA BUSANA
company Address
Head Office
Jalan Mangga Dua Raya
Ruko Tekstil Mangga Dua Block D-2/33
Jakarta Barat, 17033
Indonesia
Phone -
(62-21) 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 Pitoomal -
100%
BUSINESS ACTIVITIES
Lines of Business :
Trading of Textile Products (Cloth
Croton)
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) :
2008 – Rp. 7.0 billion
2009 – Rp. 7.6 billion
2010 – Rp. 8.0 billion
Net Profit (estimated) :
2008 – Rp. 0.6 billion
2009 – Rp. 0.7 billion
2010 – Rp. 0.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Gobindram Pitoomal
Board of Commissioners :
None
Signatories :
Director
(Mr. Gobindram Pitoomal) 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 :
No Comment
OVERALL PERFORMANCE
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 Pitoomal, 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 (cloth croton) of domestic and import made. Cloth croton usually used for part of batik clothing, shirts, jackets etc.
Mr. Gobindram Pitoomal the owner of PD. CB disclosed that the above merchandising goods are imported from Singapore, India, China and Japan. Besides, they also purchased from various textile manufacturing plants in Jakarta and Bandung, West Java. Croton fabric (lining) is the fabric used as a coating that is located within and directly touch the skin. Croton cloth serves as a cover seam on a dress. Croton euros using the same color fabric with main fabric. Croton fabric can also be used as a coating that is located inside as well as coatings for souvenirs. 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. We observe the operation of PD. CB has been growing slowly in the last three years.
The demand for textile chemicals tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. According to the Central Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9 million) in 2007 and to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6 million) in 2009. The Indonesia textile products export in 2002 amounted to 1,425.9 tons (US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4 tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in 2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0 million) in 2007 and to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009.
The domestic textile producers are pessimism the textile export in 2009 could match the export numbers in 2008. The blow of the global economic crisis is resulted in the reduced of demand from the export destination countries like the United States (U.S.), Japan, and European Union region. The Export Textiles and the Textile Products (TPT) in 2009 is predicted to fall to 10.2 percent compared to the last year. In the year 2008 the export value reached 10.8 billion US dollars. While this year’s the exports expected fall into US$ 9.7 billion.
The Chairman of the Indonesian Textile Association (API), Mr. Benny Soetrisno said that the decline in global purchasing power caused of the demand in the Indonesian textile products could not be able to grow as tight as 2008. The export volume and value of the national TPT products in 2002 to 2009 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 |
Source: Central Bureau of Statistic
Until this time PD. CB has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of PD. CB is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2008 amounted to Rp. 7.0 billion rose to Rp. 7.6 billion in 2009 increased to Rp. 8.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 0.8 billion and the company has an estimated total networth of at least Rp. 2.0 billion. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia). The company usually pays its debts punctually to suppliers.
The company is led out by Mr. Gobindram Pitoomal, a businessman who experienced for more than 18 years in the field of trading, textile products. The company's management is handled by professional staff in the above business. They have wide relations with private businessmen within and outside the country. So far, we did not hear that the management of the company being filed to the district court for detrimental cases or involved in any business malpractices. The company’s litigation record is clean and it has not registered with the black list of Bank of Indonesia. PD. CITRA BUSANA is sufficiently fairly good for business transaction. However, in view of the global economic slowdown we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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 |
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26-40 |
B |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.