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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
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Name : |
PD. RUPA JAYA TEXTILES |
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Registered Office : |
Jl. Mangga Dua
Raya Ruko Textile, Block E-1/12 Mangga Dua Selatan, Sawah Besar Jakarta 10730 |
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Country : |
Indonesia |
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Year of Establishment : |
2000’s |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Trading and Distribution of Textile Products |
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No. of Employees : |
5 persons |
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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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
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. RUPA
JAYA TEXTILES
Head Office
Jl. Mangga Dua Raya Ruko Textile, Block E-1/12
Mangga Dua Selatan, Sawah Besar
Jakarta 10730
Indonesia
Phone -
(62-21) 6014234, 6014243, 6014245
Fax - (62-21) 6016058
Building Area - 3 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
2000’s
Legal Form :
P.D. (Perusahaan
Dagang) or Sole Proprietorship
Company Reg.
No. :
Not required
Company Status
:
Private Company
Permit by the
Government Department :
The Department of Finance
Not available
Related
Company :
Not available
Capital
Structure :
Owned Capital - Rp. 500
million
Founder and
Owner :
Mr. Mohan H. Dodani -
100%
Lines of
Business :
Trading and Distribution
of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
2000
Brand Name :
Rupa Jaya
Textiles
Technical
Assistance :
None
Number of
Employee :
5 persons
Marketing Area
:
Export - 100%
Main Customers
:
Overseas buyer in
China and Thailand
Market
Situation :
Very Competitive
Main
Competitors :
a. DUNIA LARIS
b. GANESHA JAYA
c. MAJU JAYA Toko
d. RANI TEX, Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Mall Mangga Dua, Ground Floor No. 25A
Jl. Mangga Dua Raya
Jakarta Utara
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Mall Mangga Dua Blok No. 12A
Jl.
Mangga Dua Raya
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2009 – Rp. 12.0
billion
2010 – Rp. 13.8
billion
2011 – Rp. 15.5
billion
Net Profit
(estimated) :
2009 – Rp. 710
million
2010 – Rp. 820
million
2011 – Rp. 930 million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Mohan H. Dodani
Board of Commissioners :
Member -
None
Signatories :
Director (Mr. Mohan H. Dodani)
is only the authorized person to sign the loan on behalf of the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate amount
P.D. RUPA JAYA
TEXTILES was incorporated in Jakarta in 2000’s with the legal status of P.D.
(Perusahaan Dagang) or Sole Proprietorship.
The founding owner of the company is Mr. Mohan H. Dodani, an Indonesian businessman of Indian
descent. As in common in cases of
companies with sole proprietorship or Partnership with sleeping partner, there
is no mention in the company’s notary act of its capital structure. But going by the company’s conditions, we
estimate its capital at some Rp. 500 million.
But we have strong reason to believe that the capital invested in the
company is now much bigger.
P.D. RUPA JAYA TEXTILES known by its
trading style “RUPA JAYA” has been operating since 2000 dealing with the
trading and distribution of textile products.
The Company’s office and shop located at Jl. Mangga Dua Raya ruko
Textile, Block E-1/12, Mangga Dua Selatan, Sawab Besar, Jakarta 10730,
Indonesia. According information the retails
sells of various textile products for woman, lady’s and man’s with various
types among others are denims, clothes, polyester and cotton fabrics, silk and
wool fabrics, garments and others. Mr.
Vasandani, a marketing staff of the company when we visited the retail shops explained
some of the textile products mostly import from China, India, 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 “RUPA JAYA” is a small
size company of its kinds which its operation has been growing slowly in the
last one year.
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) |
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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
RUPA JAYA has not been registered with Indonesian Stock Exchange, so that they shall
not obliged to announce their financial statement. The management of RUPA JAYA
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. 12.0 billion increased to Rp. 13.8 billion in 2010 rose again
to Rp. 15.5 billion in 2011 and projected to go on rising by at lest 8% in
2012. The operation in 2011 yielded an
estimated net profit at least Rp. 930 million and the company has an estimated
total networth at least of Rp. 2.0
billion. So far, we did not heard that the company having been black listed by
the Central Bank (Bank Indonesia) or involved in the civil case that settled
through the country court. The company
usually pays its debts punctually to suppliers.
The management
of RUPA JAYA is led by Mr. Mohan H. Dodani (42) a businessman with more than 12
years experienced 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
PD. RUPA JAYA TEXTILE or RUPA JAYA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
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 |
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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 |
|
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 |
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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 |
|
-- |
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.