MIRA INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
C.V. INTER BUANA |
|
|
|
|
Registered Office : |
Jalan Bojong Buah Raya No. 15 B, Kecamatan Ketapang, Bandung, 40971, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
Not Available |
|
|
|
|
Legal Form : |
Partnership with Sleeping Partners |
|
|
|
|
Line of Business : |
Trading and
Distribution of Textile Machinery Equipment and Parts |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 57,000 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Unknown |
|
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 Company
C.V. INTER BUANA
Company Address
Head Office
Jalan Bojong Buah
Raya No. 15 B
Kecamatan
Ketapang
Bandung, 40971
West Java
Indonesia
Phones -
(62-22) 5893133 (Hunting)
Fax - (62-22) 5892861
E-mail - deivz@ymail.com
Building Area - 1 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
2006’s
Legal Form
C.V.
(Commanditaire Vennootschap) or Partnership with Sleeping Partners
Company Reg. No.
Not Required
Company Status
National Private
Company
Permit by the Government
Department
a. The Department of Finance
NPWP No. 02.544.465.4-421.000
b. The Department
of Industry and Trade
- No. SIUP 00998/10-12/PK/VI/2006
Dated 26 June 2006
- No. TDP 102435104316
Dated 2 March
2009
Related Company
None
CAPITAL AND OWNERSHIP
Capital
Structure :
Owned Capital : Rp. 200
million
Shareholders/Owners
:
a. Mr. Hendy (Active Partner)
b. Mrs. S. Hendy (Silent Partner)
BUSINESS ACTIVITIES
Lines of
Business :
Trading and
Distribution of Textile Machinery Equipment and Parts
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2006’s
Brand Name :
Inter Buana
Technical
Assistance :
None
Number of
Employee :
8 persons
Marketing Area
:
Local - 100%
Main Customer
:
Textile
Industries
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. AGANSA
PRIMATAMA
b. PD. ESKA
c. P.T. ROLESA
ABADI
d. C.V. SETIA
TEKNIK
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank
MANDIRIT Tbk
Jalan Asia Afrika
128
Bandung, West
Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp. 3.7
billion
2009 – Rp. 4.0
billion
2010 – Rp. 4.4
billion
Net Profit
(estimated) :
2008 – Rp. 185
million
2009 – Rp. 200
million
2010 – Rp. 220
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Hendy
Board of Commissioners :
None
Signatories :
Director (Mr. Hendy)
which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 57,000 on 90
days D/A
OVERALL PERFORMANCE
C.V. INTER BUANA (C.V. IB) was established in Bandung, West Java in 2006’s
with the legal status of C.V. (Commanditaire Vennootschap) or Partnership with
Sleeping Partner. The founding and owners of the company is Mr. Hendy as active
partners and his wife Mrs. S. Hendy as silent partner. Both of are Indonesian
business family of Chinese origins. As in common in cases of companies with
C.V. status, there is no mention in the company’s notarial act of its capital
structure. But going by the company’s conditions, we estimate its capital at
some Rp. 200 million.
C.V. IB has been in operation since 2006
dealing with trading and supplying of textile machineries, equipment, parts
& accessories, materials and utilities for spinning, weaving, dying and
printing. Mrs. Silvy, export import staff of the company went on to say the
whole merchandising like rotary printing (screen) goods imported from China,
Taiwan and the company is able to supply the other machinery based on orders
from the clients. However, management of the company is very reclusive to
outsider to give information regarding the brand of the textile machinery and
accessories. C.V. IB markets its products to textile industries in Bandung like
P.T. FUJITEX, P.T. FAMATEX, P.T. KAHATEX, P.T. BAJATEX and others. The
operation of the company has been running slowly and tended to decline as the
impact of the declining publics’ purchasing power due to the increasing fuel
prices and basic need price in the last two years. Besides, the products of the
company have to compete tightly with imported quality products of Japan, Germany,
Korea and India being marketed in domestic markets at high prices and good
quality. C.V. IB is classified as a small sized company in local business, having
been growing slowly in the last three years.
The demand for textile machinery and textile equipment, textile
chemicals 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.
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) |
|
|
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 C.V. IB has not been registered with Indonesian Stock Exchange,
so that they shall not obliged to announce their financial statement. The management of C.V. IB 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. 3.7 billion
rose to Rp. 4.0 billion in 2009 increased to Rp. 4.4 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. 220 million and the company has an estimated
total networth of at least Rp. 0.8 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 management of C.V. IB is led by Mr. Hendy (37) a businessman and
professional manager with experience in trading, import and distribution of
textile machinery equipment, parts and accessories. 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. C.V. INTER BUANA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
UK Pound |
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
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.