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Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
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Name : |
PD. CITRA BUSANA |
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Registered Office : |
Jalan Mangga Dua Raya, Ruko Tekstil Mangga Dua Block D-2/33, Jakarta Barat, 17033 |
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Country : |
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Date of Incorporation : |
1994 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading of Textile Products (Cloth Croton) |
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No. of Employees : |
13 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 : |
Slow but Correct |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
PD. CITRA BUSANA
Head Office
Jalan Mangga Dua Raya
Ruko Tekstil Mangga Dua
Block D-2/33
Jakarta Barat, 17033
Indonesia
Phone -
(62-21) 6128319, 6128320-21
Fax - (62-21)
6128087
Building Area - 4 storey
Office Space - 200 sq. meters
Region - Commercial
Building
Status - Rent
Date of Incorporation :
1994’s
Legal Form :
Sole Proprietary Company
Company Reg. No. :
Not Required
Company Status :
Private National Company
Permit by the Government Department :
Not Available
Related Company :
None
Capital Structure :
Owned Capital :
Rp. 650 million
Owner :
Mr. Gobindram Pitoomal -
100%
Lines of Business :
Trading of Textile Products (Cloth Croton)
Production Capacity :
None
Total Investment :
None
Started Operation :
1994’s
Brand Name :
None
Technical Assistance :
None
Number of Employee :
13 persons
Marketing Area :
Local
- 100%
Main Customer :
End users, traditional market etc,
Market Situation :
Very Competitive
Main Competitors :
a. INDAH JAYA Toko
b.
IRA BUSANA
c.
ISTANA BUSANA
d. JB COLLECTION
Business Trend :
Growing
Bankers :
P.T. Bank CENTRAL ASIA Tbk
Jalan Mangga Dua Raya
Jakarta Barat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2009 – Rp. 7.6 billion
2010 – Rp. 8.0 billion
2011 – Rp. 8.5 billion
2012 – Rp. 4.5 billion (January – June)
Net Profit (estimated) :
2009 – Rp. 0.7 billion
2010 – Rp. 0.8 billion
2011 – Rp. 0.9 billion
2012 – Rp. 0.5 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
Director - Mr. Gobindram Pitoomal
Board of Commissioners :
None
Signatories :
Director (Mr.
Gobindram Pitoomal) in only the authorized person to sign the loan on behalf of
the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Above Average
Credit Recommendation :
Credit should
be extended under guarantee
Proposed Credit Limit :
C.O.D To small amount
PD. CITRA BUSANA (PD. CB) was established in Jakarta in 1994’s with the status
of Sole Proprietary Company. Founder and owner of the company is Mr. Gobindram
Pitoomal, an Indonesian businessman of Indian descent. Being as Sole
Proprietary Company, the amount of its authorized capital was not mentioned at
the time of its establishment. In our estimate, the company has own capital of
about Rp. 650 million and it will be rising in line with the progress of its
business operation.
PD. CB has been in operation since 1994’s in trading and distribution
textile products (cloth croton) of domestic and import made. Cloth croton
usually used for part of batik clothing, shirts, jackets etc.
Mr. Gobindram Pitoomal the owner of PD. CB disclosed that the above
merchandising goods are imported from Singapore, India, China and Japan.
Besides, they also purchased from various textile manufacturing plants in
Jakarta and Bandung, West Java. Croton fabric (lining) is the fabric used as a
coating that is located within and directly touch the skin. Croton cloth serves as a cover
seam on a dress.
Croton euros using the same color fabric
with main fabric.
Croton fabric can
also be used as a coating that is located inside as
well as coatings for souvenirs. He went on to say that the above merchandising goods
are marketed through various garment and textile shops, and other individuals
in Jakarta and its surrounding areas. We observe the operation of PD. CB has
been growing slowly in the last three years.
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 rose to 450.9 ton (7,801.5 million) in 2011.. 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 decreased to 1,493.3 tons (5,563.3 million) in 2011.
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. 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 2011 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 |
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 7,801.5 |
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 1,493.3 |
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 5,563.3 |
Source: Central Bureau of Statistic
Until this time PD. CB has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of PD. CB 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. 7.6 billion rose to Rp. 8.0 billion in 2010
increased to Rp. 8.5 billion in 2011. As from January to June 2012 the sales
turnover has reached at least Rp. 4.5 billion with a net profit of Rp. 0.5
billion and the sales its projected to go on rising by at least 4% in 2013. The
company has an estimated total networth of at least Rp. 2.0 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 company is led out by Mr. Gobindram Pitoomal, a businessman who experienced
for more than 19 years in the field of trading, 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. PD. CITRA BUSANA is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
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.