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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MR TEXTILE ( |
|
|
|
|
Registered Office : |
Ruko Pasar Tanah
Abang Block F No. 71, Jalan Jati Baru 10, Tanah Abang, Jakarta Pusat, 10150 |
|
|
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Country : |
|
|
|
|
|
Date of Incorporation : |
2002’s |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading and Retail
of Textile Products |
|
|
|
|
No. of Employees : |
7 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 122,300 |
|
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 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of
Company :
MR TEXTILE (AL MAYA)
A d d r e s s
:
Head Office
Ruko Pasar Tanah
Abang Block F No. 71
Jalan Jati Baru
10
Tanah Abang
Jakarta Pusat,
10150
Indonesia
Phones -
(62-21) 392 8315, 9897 9107
Fax - (62-21) 392 6614
Building Area - 1 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2002’s
Legal Form :
Sole Proprietary
Company
Company Reg.
No. :
Not Required
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
Not Available
Related
Company :
ALMAYA (Trading
and Retail of Carpet and Prayer Mats)
Capital
Structure :
Owned Capital : Rp. 500
million
Owners :
a. Mrs. Jaya
Mirwani
b. Mr. Tony
Lines of
Business :
Trading and
Retail of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2002’s
Brand Name :
MR TEXTILE
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
B a n k e r :
P.T. Bank MANDIRI
Tbk
Pasar Tanah Abang
Bukit Block B No. 3
Jalan Fakhrudin
No. 36
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 8.2
billion
2010 – Rp. 8.8
billion
2011 – Rp. 9.3
billion
Net Profit
(estimated) :
2009 – Rp. 492
million
2010 – Rp. 528
million
2011 – Rp. 558
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mrs. Jaya Mirwani
Vice Director -
Mr. Tony
Board of Commissioners :
None
Signatories :
Director (Mrs. Jaya
Mirwani) 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
Maximum Credit Limit :
US$ 122,300 on 90
days D/A
MR TEXTILE (AL
MAYA) is a sole proprietary company which established in Jakarta in 2002’s by
Mrs. Jaya Mirwani 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
MR TEXTILE (AL MAYA) has capital about Rp. 500 million.
According
information from staff of MR TEXTILE (AL MAYA) explained that the owner Mrs.
Jaya Mirwani is also holds business stakes of AL MAYA Toko engages in trading
and retail of carpet and prayer mats (sadjadah).
MR TEXTILE (AL
MAYA) started to be operating since 2002’s to deal with trading, distribution
and retails of textile products. The retails shops located at Ruko Pasar Tanah
Abang Block F No. 71, Jalan Jati Baru 10, 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 KUIRELLI brand. Mr. Tony, vice director of the company went on to say some
of the textile products mostly import from India, Italy and the rest for
locals. The whole products sold through tailor made, trader and shops and
others in Jakarta and surroundings. We observe that MR TEXTILE (AL MAYA) 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 |
||
|
(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
MR TEXTILE (AL MAYA) 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. 8.2 billion rose to Rp.
8.8 billion in 2010 increased to Rp. 9.3 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. 558 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 MR TEXTILE (AL MAYA) is led by Mrs. Jaya Mirwani (50) a businesswoman with
experience in trading, import and distribution of textile products. However in
daily activity the company is also handled by Mr. Tony, as vice director. 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. MR TEXTILE (AL
MAYA) is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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.