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Report Date : |
29.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDOWARCO
JAYA |
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Registered Office : |
Jalan K.H. Mas Mansyur
No. 44 F, Jakarta Pusat, 10230 |
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Country : |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
No. AHU-09174.AH.01.02.TH.2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Carpet Rugs and Prayer (Mats) Rugs |
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No. of Employees : |
13 persons |
RATING & COMMENTS
|
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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Maximum Credit Limit: |
US$ 73,600 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
|
Source : CIA |
P.T. INDOWARCO JAYA
Head Office
Jalan K.H. Mas Mansyur No.
44 F
Phones - (62-21) 3915295, 3106562
Fax - (62-21) 3915301, 8581066
E-mail - indowarc@centrin.net.id
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
1990
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
No. AHU-09174.AH.01.02.TH.2011
Dated 23 February 2011
Company Status :
Private National Company
Permit by the Government Department :
The Department of Finance
NPWP No. 01.573.322.3-072.000
Related Company :
P.T. WAZRAN INTI AMANI (Trading and Distribution of Building Materials)
Capital Structure :
Authorized Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 600,000,000.-
Paid up Capital : Rp. 600,000,000.-
Shareholders/Owners :
a. Mr. Abdul Junaid Bauzir -
Rp. 200,000,000.-
Address : Jl. Cipinang Cempedak III No. 7-A
RT. 010 RW. 003, Kel.
Cipinang
Cempedak, Kec. Jatinegara,
b. Mr. Ahmad Janaid Bawazier -
Rp. 200,000,000.-
Address : Jl. Otista III No. 114, RT. 002 RW. 001
Kel. Cipinang Cempedak,
Kec. Jati
negara, Jakarta Timur
c. Mr. Geis Djoened Bawazier -
Rp. 200,000,000.-
Address :
Perumahan Puncak Dieng II-I No. 1&2
RT. 004 RW. 007, Kel.
Kalisongo, Kec.
Dau,
Lines of Business :
Trading and Distribution of Carpet Rugs and Prayer (Mats) Rugs
Production Capacity :
None
Total Investment :
None
Started Operation :
1990
Brand Name :
Indowarco Jaya
Technical Assistance :
None
Number of Employee :
13 persons
Marketing Area :
Local - 80%
Export - 20%
Main Customer :
Buyers in
Market Situation :
Very Competitive
Main Competitors :
a. C.V. BINTANG TIMUR
b. P.T. CIPTAGRAHA MITRA
c. P.T. GRAHA IRASSLESTARI
d. P.T. HERCULON CARPET
e. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Wisma Bisnis Indonesia
Jalan. K.H. Mas Mansyur No. 12 A
Jakarta Pusat
Indonesia
b. P.T. Bank CENTRAL ASIA
Tbk
Ruko Sudirman Park Block B/9
Jalan
K.H. Mas Mansyur Kav. 35
Jakarta Pusat
Indonesia
c. P.T. Bank CIMB NIAGA Tbk
Jalan K.H. Mas Mansyur No. 75
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 4.0 billion
2010 – Rp. 4.6 billion
2011 – Rp. 5.0 billion
2012 – Rp. 2.8 billion (January – June)
Net Profit (estimated) :
2009 – Rp. 0.3 billion
2010 – Rp. 0.4 billion
2011 – Rp. 0.5 billion
2012 – Rp. 0.3 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Abdul Muniem Junaid Bauzir
Board of Commissioners :
Commissioner - Mr. Ahmad Junaid Bawazier
Signatories :
Director (Mr. Abdul Muniem Junaid
Bauzir) which must be approved by Board of Commissioner
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$ 73,600 on 90 days D/A
P.T. INDOWARCO JAYA (P.T. IWJ) was incorporated in Jakarta in 1990 by Mr.
Abdul Muniem Junaid Bauzir, Mr. Ahmad Junaid Bawazier and Mr. Geis Djoened
Bawazier, they are Indonesian businessmen of Arab descents. The company notary
deed has been changed a couple of times and based on the latest revision of
notary deed of Fauzah Askar, SH., No. 02 dated 5 January 2011 the authorized
capital was amounted at Rp. 1,000,000,000 issued capital of Rp. 600,000,000
entirely paid up. The latest composition of it’s shareholders are Mr. Abdul
Muniem Junaid Bauzir (33.33%), Mr. Ahmad Junaid Bawazier (33.33%) and Mr. Geis
Djoened Bawazier (33.33%). The latest revision of notary documents was approved
by the Ministry of Law and Human Rights in its decision letter No.
AHU-09174.AH.01.02.TH.2011 dated February 25, 2011.
We observe that Mr. Ahmad Junaid Bawazier is also business stakes owner
of P.T. WAZRAN INTI AMANI a private national company dealing with trading and
distribution of building materials.
P.T. IWJ is a private national company to be engages in the field of
trading and distribution of carpet rugs and prayer (mats) rugs. Initially the
company sells of hardware by imports of in China, textile products from India
and others. However currently the company is sells and distributes of carpet
rugs and prayer mats (rugs) which brands KANO, AL MASHAD and ALIH. The whole
products produced by contract manufacturer (CMT) of P.T. UNIVERSAL CARPET AND
RUGS which operates factory located in Gunung Putri, Bogor, West Java. To
supports of its operation, P.T. IWJ imports of yarns and other materials from
India and the rest from locals. Management of the company said the company
produces of 500,000 sq. meters of prayer mats (rugs) and chair (cloches) of
400,000 sq. meters per annum. Basically, P.T. IWJ did not have factory facility
and then the products produced under contract manufacturer with P.T. UNIVERSAL
CARPET AND RUGS. Some 80% of the products marketed locally through
distributors, trader & textile shops in Jakarta, Surabaya, Bandung,
Yogyakarta and other cities in Indonesia. Besides, some of the products is
exported to Malaysia and Middle East. We observe the operation of P.T. IWJ has
been growing and developing well in the last three years.
Generally we find the local demand for carpet rugs had been rising by 6%
to 7% per year within the last five years in line with the rapid growth of
hotels, luxury houses, office buildings, apartments and other sectors in that
period. But since the global economic crisis and tight money policy being
imposed by Bank Indonesia in October 2008 the demand had been fluctuating.
However since the early 2009 the demand has been increasing due to the
amelioration economic condition in the country. It is estimated the demand will
rise again in line with a slight amelioration of economic condition, stability
of political and security in the country. Competition is very tight due to a
large number of similar companies operating in the country, such as, P.T.
VETVET TEXTIL INDONESIA, P.T. NOBEL INDAH CARPET INDUSTRIES, P.T. INDONESIA
CARPET MANUFCTURING, P.T. HERCULON CARPET, P.T. RAINBOW INDAH CARPETS, P.T.
MULTI WARNA, etc. Business position of P.T. IWJ is not so critical for it has
maintained a wide business at home and overseas.
Until this time P.T. IWJ has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. IWJ 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. 4.0 billion rose to Rp. 4.6 billion in 2010
increased to Rp. 5.0 billion in 2011. As from January to June 2012 the sales
turnover has reached at least Rp. 2.8 billion with a net profit of Rp. 0.3
billion and its sales is projected to go on rising by at least 4% in 2013. The
company has an estimated total net worth of at least Rp. 1.7 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. IWJ is led by Mr. Abdul Muniem Junaid Bauzier
(51) a businessman and professional manager with experience in trading and
distribution of carpet rugs and prayer mats. 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. P.T. INDOWARCO JAYA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.85 |
|
UK Pound |
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.72.63 |
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.