MIRA INFORM REPORT
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Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
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Name : |
RANI TEX |
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Registered Office : |
Pusat Grosir Tekstil Mangga Dua Block C2 No. 21, Jalan Arteri
Mangga Dua, Jakarta Utara, 14430 |
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Country : |
Indonesia |
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Date of Incorporation : |
1998 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading and Retail of Textile Products |
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No. of Employees
: |
7 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
RANI TEX
Head Office
Pusat Grosir Tekstil Mangga Dua Block C2 No. 21
Jalan Arteri Mangga Dua
Jakarta Utara, 14430
Indonesia
Phones -
(62-21) 6019919, 6010528
Fax - (62-21) 6013938
Building Area - 4 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
1998’s
Sole Proprietary Company
Not Required
Company Status
Private National Company
The Department of
Finance
Not Available
Related Company
None
Capital Structure :
Owned Capital : Rp. 600 million
Owners :
Mr. Prem B.M.
Lines of Business :
Trading and Retail of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1998’s
Brand Name :
Rani Tex
Technical Assistance :
None
Number of Employee :
7 persons
Marketing Area :
Local - 100%
Main Customer :
Individual and Tailor
Market Situation :
Very Competitive
Main Competitors :
a. DUNIA LARIS
b. GANESHA JAYA
c. MAJU JAYA Toko
d. PD. SURYA AGUNG
e. Etc.
Business Trend :
Growing
Banker :
a. P.T. Bank MANDIRI Tbk
Pusat Grosir Tekstil
Mangga Dua
Jalan
Arteri Mangga Dua
Jakarta Utara
Indonesia
b. P.T. Bank CENTRAL ASIA
Tbk
Pusat Grosir Tekstil Mangga Dua
Jalan
Arteri Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 8.0 billion
2010 – Rp. 8.5 billion
2011 – Rp. 9.0 billion
Net Profit (estimated) :
2009 – Rp. 490 million
2010 – Rp. 520 million
2011 – Rp. 550 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Prem B.M
Board of Commissioners :
None
Signatories :
Director (Mr. Prem B.M.) is only the
authorized person to sign the loan on behalf of the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
Based on investigation by visited the address at Pusat Grosir Tekstil
Mangga Dua Block C2 No. 21, Jalan Arteri Manga Dua, North Jakarta, we did not
found POOJAN INTERNATIONAL PVT LTD., however we found RANI TEX., a sole
proprietary company.
RANI TEX is a sole proprietary company which established in Jakarta in
1998’s by Mr. Prem B.M., an Indonesia businesswoman of Indian descent. The company’s
authorized capital is not announced in it’s of establishment. In general, the
company with legal status of sole proprietary company shall increase its
capital continuously together with its business development. We estimated that
RANI TEX has capital about Rp. 600 million.
RANI TEX started to be operating since 1998’s to deal with trading,
distribution and retails of textile products. The retails shops located at
Pusat Grosir Tekstil Mangga Dua Block C2 No. 21, Jalan Arteri Mangga Dua, North
Jakarta, a big and the largest textile trading centre in Jakarta. According
information the retails sells of various textile products for woman, lady’s and
man’s with various types among others are tile fabrics, satin, brocade, apparel
fabric, chiffon fabrics, cotton fabrics, jute fabrics and silk fabrics.
Besides, the company also sells of wool fabrics with uses various brands. Mr.
Prem B.M. director of the company went on to say some of the textile products
mostly import from India, China, South Korea and the rest for locals. The whole
products sold through tailor made, trader and shops and others in Jakarta and
surroundings. We observe that RANI TEX is a small size company of its kinds
which its operation has been growing slowly in the last three years.
Generally, the demand for polyester cotton & rayon yarns, polyester
staple fiber and others tended to be fluctuating within the last five years in
line with the fluctuating of Indonesian textile industry in general. There are
eleven domestic dyestuff producers which are still active with a combined
production capacity of 45,620 tons per annum. 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 rose to 417,600
tons (US$ 6,092.2 million) in 2008 declined to 393.400 tons (US$ 5,735.6
million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010. 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
decrease 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 and to 1,525.9 tons (US$ 4,721.8 million) in
2010.
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 2010 are pictured
on the following table.
|
Year |
Garment |
Textile Products |
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|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 |
Source: Central Bureau
of Statistic
Until this time RANI TEX has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of GJ is very reclusive towards outsiders and rejected to disclose
its financial condition. We observed that total sales turnover of the company
in 2009 amounted to Rp. 8.0 billion rose to Rp. 8.5 billion in 2010 increased
to Rp. 9.0 billion in 2011 and projected to go on rising by at least 4% in
2012. The operation in 2011 yielded an estimated net profit of at least Rp. 550
million and the company has an estimated total net worth of at least Rp. 600
million. 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 RANI TEX is led by Mr. Prem B.M. (60) a businessman
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 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. We are convinced RANI TEX is sufficiently
fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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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.