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Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. KALWANI STOCKINDO UTAMA |
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Registered Office : |
Grand Boutique Center Block A-49 Jalan Mangga Dua Raya Jakarta Utara, 14430 |
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Country : |
Indonesia |
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Date of Incorporation : |
17.04.1996 |
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Com. Reg. No.: |
No. C2-29.234.HT.01.01.TH.98 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Retail of Textile Products |
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No. of Employees : |
6 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. KALWANI
STOCKINDO UTAMA
Head Office & Retails
Grand Boutique
Center Block A-49
Jalan Mangga Dua
Raya
Jakarta Utara,
14430
Indonesia
Phones -
(62-21) 6122416, 6122417
Fax - (62-21) 6120077
E-mail - kalwanitextile@gamil.com
Building Area - 2 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
17 April 1996
Legal Form :
P.T. (Perseroan Terbatas)
or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
C2-29.234.HT.01.01.TH.98
Dated 29 December
1998
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.837.114.6-041.000
The Department of Industry and Trade
TDP No.
090115213107
Dated 29 December
1998
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
50,000,000.-
Issued Capital : Rp.
20,000,000.-
Paid up Capital : Rp.
20,000,000.-
Shareholders/Owners
:
a. Mr. Johnny Kalwani -
Rp. 10,000,000.-
Address :
Cempaka Warna, RT. 015 RW. 004
Kelurahan Cempaka Putih Timur, Kecamatan
Cempaka Putih, Jakarta
Pusat
Indonesia
b. Mr. Rajesh Kalwani -
Rp. 10,000,000.-
Address : Cempakah Putih Tengah
26 C/11, RT. 015
RW. 004, Kelurahan Cempaka Putih Timur
Kecamatan Cempaka Putih,
Jakarta Pusat
Indonesia
Lines of
Business :
Trading and
Retail of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
June 1996
Brand Name :
Kalwani Stockindo
Utama
Technical
Assistance :
None
Number of
Employee :
6 persons
Marketing Area
:
Local - 100%
Main Customer
:
Individual and
Tailor
Market
Situation :
Very Competitive
Main
Competitors :
a. DUNIA LARIS
b. GANESHA JAYA
c. RANI TEX
d. PD. SURYA
AGUNG
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Cempaka Putih
Jakarta Pusat
Account No. 706 040 1718
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 11.3
billion
2010 – Rp. 12.5
billion
2011 – Rp. 13.4
billion
Net Profit
(estimated) :
2009 – Rp. 0.7
billion
2010 – Rp. 0.8
billion
2011 – Rp. 1.0
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Johnny Kalwani
Manager -
Mr. Sham L. Idnani
Board of Commissioners :
Commissioner -
Mr. Rajesh Kalwani
Signatories :
Director (Mr. Johnny Kalwani)
which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical
review
Based on
investigation by visited the above address at Grand Boutique Centre Block A-49,
Jalan Mangga Dua Raya, North Jakarta, we found P.T. KALWANI STOCKINDO UTAMA not
SHAM L. IDNANI as stated in your order ref. no. 189702 dated August 6, 2012.
However Mr. Sham L. Idnani is a manager of P.T. KALWANI STOCKINDO UTAMA.
P.T. KALWANI
STOCKINDO UTAMA (P.T. KSU) was incorporated in Jakarta based on notary deed of
Mrs. Soehertinah Ramli, SH., No. 7 dated 17 April 1996 with the authorized
capital of Rp. 50,000,000 issued capital of Rp. 20,000,000 fully and paid up.
The founding shareholders of the company are Mr. Johnny Kalwani (50%) and Mr.
Rajesh Kalwani (50%) both are Indonesian businessmen of Indian descents. The
company notary deed was approved by the Ministry of Law and Human Rights in its
decision letter No. C2-29.234.HT.01.02.TH.1998 dated December 29, 1998.
P.T. KSU started
to be operating since June 1996’s to deal with trading, distribution and
retails of textile products. The retails shops located at Grand Boutique Centre
Block A-49, Jalan Mangga Dua Raya, North Jakarta, a big and the largest textile
trading centre in Jakarta. According information from Mr. Sham L. Idnani,
manager of the company when we met him in the registered office explained 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 which imported from
Europe. Mr. Sham L. Idnani added some of the textile products mostly import
from China, Hong Kong, Taiwan, India, 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 P.T. KSU is a small size company of its kinds
which its operation has been growing 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 |
||
|
(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
P.T. KSU has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
KSU 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. 11.3 billion rose to Rp. 12.5 billion in 2010 increased to Rp.
13.4 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. 1.0 billion
and the company has an estimated total net worth of at least Rp. 2.5 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 P.T. KSU is led by Mr. Johnny Kalwani (50) 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 P.T. KALWANI STOCKINDO UTAMA is
sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.