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Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
UD. NEW SUMBER MURNI |
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Registered Office : |
Jalan Siaga 17-A, Pertokoan Semut Megah Plaza Block C No. 22,
Bongkaran, Pabean Cantika, Surabaya, 60161, East Java |
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Country : |
Indonesia |
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Year of Establishment : |
1985 |
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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 Distribution of Yarns |
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No. of Employees : |
09 employees |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
UD. NEW SUMBER MURNI
Head Office
Jalan Siaga 17-A
Bongkaran, Pabean Cantika
Phones - (62-31) 354 2557 (Hunting)
Fax - (62-31) 353 6702
E-mail - sumber-murni@sby.centrin.net.id
Building Area - 2 storey
Office Space - 130 sq. meters
Region - Commercial
Status - Rent
1985’s
Sole Proprietary Concern
Not Required
Private National Company
The Department of
Finance
Not Available
P.T. SUTRAJAYA INDAHTAMA (Completion String/Yarn Dye)
Capital Structure :
Owned Capital :
Rp. 300 million
Owner
Mr. Wedston Wijaya
Lines of Business :
Trading and Distribution of Yarns
Production Capacity :
None
Total Investment :
None
Started Operation :
1985
Brand Name :
New Sumber Murni
Technical Assistance :
None
Number of Employee :
9 persons
Marketing Area :
Local - 100%
Main Customer :
Garment and Textile Industries
Market Situation :
Very Competitive
Main Competitors :
a. UD. ANAM ANAM
b. UD. BHAKTI
c. P.T. PUTRA
KALIMAN SENTOSA
d. TRI ANUGRAH
PERDANA
e. Etc.
Business Trend :
Growing
Banker :
P.T. Bank
Jalan Tanjung Perak Timur 404
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 8.2 billion
2010 – Rp. 9.0 billion
2011 – Rp. 9.8 billion
Net Profit (estimated) :
2009 – Rp. 492 million
2010 – Rp. 540 million
2011 – Rp. 588 million
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Wedston Wijaya
Board of Commissioners :
None
Signatories :
Director (Mr. Wedston Wijaya) is only the authorized person to
sign the loan on behalf of the concern .
Management Capability :
Good
Business Morality :
Good
Based on investigation the correct name of the Subject is UD. NEW SUMBER MURNI not SUMBER MURNI CO as stated in your order ref. no. 190483 dated 13 August 2012.
UD. NEW SUMBER MURNI (NSM) is a sole proprietary concern which established in Surabaya, East Java in 1985’s by Mr. Wedston Wijaya an Indonesia businessman of Chinese descent. The concern ’s authorized capital is not announced in it’s of establishment. In general, the concern with legal status of sole proprietary concern shall increase its capital continuously together with its business development. We estimated that UD. NEW SUMBER MURNI has capital about Rp. 300 million.
UD. NSM is a sole proprietary concern which operating since 1987 engaged in the field of trading, import, supply and distribution of yarns. According information that UD. NSM sells various types of yarns such as Polyester Yarns, Cotton Yarns/TR, Rayon Yarn, T/R Yarn, Viscose Rayon Yarns, Polyester Cotton & Rayon Yarns and Spun Yarns. Most of the products imported from China, India and the rest obtained from locals among others are P.T. INDO BHARAT RAYON, P.T. INDO LIBERTY TEXTILE, P.T. SOUTH PACIFIC VISCOSE, P.T. INDO RAMA SYNTHETICS Tbk, P.T. SUSILA INDAH SYNTHETIC FIBER, P.T. MERCU PRIMA SENTOSA and others companies. Mr. Wedston Wijaya, Director and owner of the concern said mostly of yarns has yet been dyeing with no colurs, so then the yarns products is also dyed in his concern namely P.T. SUTRAJAYA INDAHTAMA engaged in completion string. The whole products supplied to various garment and textile industries in East Java, Central Java and others. We observe that UD. NSM is a small size concern of its kinds which operating has been growing and developing well 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.
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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 UD. NSM has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their financial
statement. The management of UD. NSM is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the concern in 2009 amounted to Rp. 8.2 billion rose to
Rp. 9.0 billion in 2010 increased to Rp. 9.8 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. 588 million. So far, we did not heard that the
concern having been black listed by the
Central Bank (Bank
The management of UD. NSM is led by Mr. Wedston Wijaya (40)
a businessman with experience in trading, import and distribution of yarns and
completion string. The concern '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. We are convinced UD. NEW
SUMBER MURNI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
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UK Pound |
1 |
Rs.87.55 |
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Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.