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Report Date : |
08.08.2012 |
IDENTIFICATION DETAILS
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Name : |
KRISH FABRIC |
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Registered Office : |
Ruko Sunter Nirwana Asri Tahap 2 Block A 4 No. 39 Jalan Sunter Permai
Raya Kelurahan Sunter Agung, Kecamatan Tanjung Priok Jakarta Utara, 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
2011 |
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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 : |
15 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 : |
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
KRISH FABRIC
Head Office
Ruko Sunter Nirwana Asri Tahap 2 Block A 4 No. 39 Jalan Sunter Permai
Raya Kelurahan Sunter Agung, Kecamatan Tanjung Priok Jakarta Utara, 14350, Indonesia
Phones - (62-21) 6413145, 6413146
Fax -
(62-21) 6413147
Building Area - 4 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
2011’s
Sole Proprietary Company
Not Required
Private National Company
The Department of
Finance
Not Available
None
Capital Structure :
Owned Capital : Rp. 1.0 billion
Owners :
Mr. Kamlis Choitran Karpalani
Lines of Business :
Trading and Retail of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2011’s
Brand Name :
Krish Fabric
Technical Assistance :
None
Number of Employee :
15 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. RANI TEX
e. Etc.
Business Trend :
Growing
Banker :
a. P.T. Bank MANDIRI Tbk
Mall Sunter Ground Floor Block B Unit 8
Jalan Danau Sunter Utara Kav. 2
Jakarta Utara
Indonesia
b. P.T. Bank CENTRAL ASIA
Tbk
Sunter Mall Block G-7
III No. 1-2
Jalan Danau Sunter Utara Kav. 2
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 8.5 billion
Net Profit (estimated) :
2011 – Rp. 500 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Kamlis Choitran Karpalani
Board of Commissioners :
None
Signatories :
Director (Mr. Kamlis Choitran
Karpalani) 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
KRISH FABRIC is a sole proprietary company which established in Jakarta
in 2011’s by Mr. Kamlis Choitran Karpalani 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 KRISH FABRIC has capital about Rp. 1.0 billion.
KRISH FABRIC started to be operating since 2011’s to deal with trading,
distribution and retails of textile products. The retails shops located at Ruko
Sunter Nirwana Asri Tahap 2 Block A 4 No. 39, Sunter Agung, North 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, linen,
knitting fabric, printing fabric, satin, brocade, apparel fabric, chiffon
fabrics, cotton fabrics, jute fabrics and silk
fabrics and wool fabrics. Mr. Agus, a marketing staff of the company
when we visited the retail shops explained 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 KRISH FABRIC is a small size company of its kinds
which its operation has been growing slowly in the last one year.
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 |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
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 KRISH FABRIC has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of KRISH FABRIC is very reclusive towards outsiders and rejected
to disclose its financial condition. We observed that total sales turnover of
the company in the first year operation 2011 amounted to Rp. 8.5 billion and
projected to go on rising by at least 5% in 2012. The operation in 2011 yielded
an estimated net profit of at least Rp. 500 million and the company has an
estimated total net worth of at least Rp. 1.0 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 management of KRISH FABRIC is led by Mr. Kamlis Choitran Karpalani
(40) a young 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 KRISH
FABRIC is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.17 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.