MIRA INFORM
REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PURNAMA JAYA TEXTILE |
|
|
|
|
Registered Office : |
Jalan Arteri Mangga Dua Raya, Ruko Textile Block C3 No. 25,
Jakarta Utara, 14430 |
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|
|
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Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
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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 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$ 92,000,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Usually Correct |
|
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of
Concern
PURNAMA JAYA TEXTILE
concern Address
Head Office
Jalan Arteri
Mangga Dua Raya
Ruko Textile
Block C3 No. 25
Jakarta Utara, 14430
Indonesia
Phones - (62-21) 612 9110, 612 8048-49
Fax -
(62-21) 601 9439
Building Area - 3 storey
Office Space - 100 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation
1999’s
Legal Form
Sole Proprietary Concern
Concern Reg.No.
Not Required
Concern Status
Private National
Company
Permit by the Government
Department
Not Available
Related Concern
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Owned Capital : Rp. 400.0
million
Owner :
Mr. Manu
Mulani
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Importer of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1999
Brand Name :
None
Technical
Assistance :
None
Number of
Employee :
9 persons
Marketing Area
:
Domestic
(Local) - 100%
Main Customer
:
Trading and Shop
of Textile Products
Market
Situation :
Very Competitive
Main
Competitors :
a. PD. AKSARA
TEXTILE
b. Toko LAKSANA TEXTILE
c. PD. SITARA
d. P.T. YOSHI INDONESIA
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank KESAWAN Tbk
Jalan Arteri Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 6.0
billion
2009 – Rp. 6.5
billion
2010 – Rp. 7.0
billion
Net Profit
(estimated) :
2008 – Rp. 300
million
2009 – Rp. 235
million
2010 – Rp. 350
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
Director - Mr. Manu Mulani
Board of
Commissioner :
None
Signatories :
Director (Mr. Manu Mulani) is the
authorized person to sign the loan on behalf of the company
CAPABILITIES
Management
Capability :
Satisfactory
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$ 92,000,000 on
90 days D/A
OVERALL PERFORMANCE
Based on investigation to the above address we did not found PURNAMA JAYA but was found PURNAMA JAYA TEXTILE with registered address Pusat Perdagangan or Ruko Textile Block C 3 No. 25, Jalan Arteri Mangga Raya, Jakarta Utara.
PURNAMA JAYA TEXTILE (PJT) was established in Jakarta in 1999’s with a status of Sole Proprietary Company. Founder and owner of the concern are Mr. Manu Mulani 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 concern has own capital of about Rp. 400 million and it will be rising in line with the progress of its business operation.
PURNAMA JAYA TEXTILE (PJT) has been in operating since 1999 in the field of trading and distribution of textile products. The merchandising goods products are for woman’s and men’s wears. Mr. Manu Mulani, director of the concern went to say the whole textile products is bought from various textile industries in Bandung, West Java and the rest is also import from Italy, Spain, and India. The textile products is distributed and supplied to trading and textile shops which operating in Pasar Pagi Mangga Dua, Tanah Abang, and other tailor in Jakarta and surrounding. We observe that PJT is classified as small-sized concern of its kinds in the country which operation has been growing slowly in the last three years.
The demand for textile tended to be fluctuating within the last five years in line with the fluctuating of Indonesian textile industry in general. The country’s garment industry is facing serious marketing problem not only in the country but also abroad. 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.
Until this time PJT has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of PJT is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the concern in 2008 amounted to Rp. 6.0 billion rose to Rp. 6.5 billion in 2009 increased to Rp. 7.0 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. 350 million and the concern has an estimated total networth of at least Rp. 600 million. So far, we did not heard that the concern having been black listed by the Central Bank (Bank Indonesia). The concern usually pays its debts punctually to suppliers.
The management of PJT is led by Mr. Manu Mulani (47) a
businessman and professional manager with experience in trading, import and
distribution of 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 concern 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. PURNAMA JAYA TEXTILE is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.05 |
|
UK Pound |
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.37 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.