|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RAINDO PUTRA LESTARI |
|
|
|
|
Registered Office : |
Jalan Ir. H. Juanda No. 20, Kelurahan Blandangan,
Kecamatan Pasuruan Timur Pasuruan, 67129, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1984 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-24647.AH.01.02.TH.2009 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment
Manufacturing |
|
|
|
|
No. of Employees : |
1,000 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually correct |
|
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) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Name of
Company :
P.T. RAINDO
PUTRA LESTARI
A d d r e s s
:
Head Office & Factory
Jalan Ir. H. Juanda No. 20
Kelurahan Blandangan, Kecamatan Pasuruan Timur
Pasuruan, 67129
East Java
Indonesia
Phones - (62-343) 425631
Fax -
(62-343) 425963
E-mail - ppic@raindoputra.com
Website - http://www.raindoputra.com
Land Area - 11,000 sq.
meters
Building Space - 7,000 sq. meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation :
a. 1984 as RAINDO PUTRA
b. February 1992 as P.T. RAINDO PUTRA LESTARI
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-24647.AH.01.02.TH.2009
Dated 4 June 2009
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.236.027.7-624.000
The Department of Industry and Trade
No.
208/II/KWT/VIII/1986
Dated 28 August
1986
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
80,000,000.-
Issued Capital : Rp.
80,000,000.-
Paid up Capital : Rp.
80,000,000.-
Shareholders/Owners
:
a. Mr. Andy Darmawan Rahardjo -
Rp. 52,000,000.-
Address :
Jl. Sultan Agung 68
Surabaya, East
Java
Indonesia
b. Mrs. Rustini -
Rp. 28,000,000.-
Address : Jl. Sultan Agung 68
Surabaya, East
Java
Indonesia
Lines of
Business :
Garment
Manufacturing
Production
Capacity :
Garment (Shirts,
Skirts, Trousers, Jackets & Pants) -
1,500,000 pieces p.a.
Total
Investment :
Owned Capital - Rp. 1.0
billion
Started
Operation :
1984
Brand Name :
Raindo Putra
Lestari
Technical
Assistance :
None
Number of
Employee :
1,000 persons
Marketing Area
:
Export -
70%
Local - 30%
Main Customer
:
Buyers in Europe
Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. DINAMIKA
PRAKARSA
b. P.T. GOLDEN
PUTRA MANDIRI
c. P.T. GRAHANUSA
SENI INDAH
d. P.T. METRO
EXIM INDONUSA
e. Etc.
Business Trend
:
Growing
B a n k e r :
P.T. Bank CENTRAL
ASIA Tbk
Jalan Soekarno Hatta No.1
Pasuruan, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 34.0
billion
2011 – Rp. 37.5
billion
2012 – Rp. 39.0
billion
Net Profit
(estimated) :
2010 – Rp. 2.4
billion
2011 – Rp. 2.6
billion
2012 – Rp. 2.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Andy Darmawan
Rahardjo
Board of Commissioners :
Commissioner -
Mrs. Rustini
Signatories :
Director (Mr. Andy
Darmawan Rahardjo) which must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Originally the
company named RAINDO PUTRA was incorporated in Pasuruan, East Java with the
status of Sole Proprietary Company founded by Mr. Andy Darmawan Rahardjo, an
Indonesian businessman of Chinese extraction. Later in February 1992 the
company’s legal status was changed to P.T. (Perseroan Terbatas) or Limited
Liability Company with the complete name P.T. RAINDO PUTRA LESTARI (P.T. RPL).
The founding shareholders are Mr. Andy Darmawan Rahardjo and his wife Mrs.
Rustini. According to the latest revision of notary documents of Mr. Wahayu
Krisma Suyanto, SH., No. 111 dated 23 February 2009 the company authorized
capital amounted at Rp. 80,000,000 wholly issued and paid up. With this time
the composition of its shareholders has been changed to become Mr. Andy
Darmawan Rahardjo (65%) and his wife Mrs. Rustini (35%). The deed of amendment
was approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-24647.AH.01.02.TH.2009 dated June 4, 2009.
P.T. RPL is a
private national company operating since 1984 operating in the field of garment
manufacturing. The plant is located at Jalan Ir. H. Juanda No. 20, Blandongan,
Pasuruan, East Java standing on 11,000 sq. meters land. The company starts
running the business with 3 small production lines. As time goes by, many kinds
of fashion products has been produced, shirts, skirts, trousers, jacket, pants
etc. Now, P.T. RPL has become one solid garment company with 12 production line
supported with cutting and finishing division. Mr. Andy Darmawan Rahardjo,
Director of the company went on to say the company produces of garment products
by Contract Manufacturing (CMT) for P.T. ERATEX DJAJA Tbk and EMBA. Besides,
the company is also produced of garment (jackets, pants, skirts, shirts) based
on job orders basis from their buyers USA (Christopher And Banks, Quick Silver,
Target) and EEC (OP, Kiabi, C n A). The global economic crisis and sharp Rupiah
depreciation against in US$ has brought bad impact to the company because
operation.
Besides, the
local TPT (Textile and Textile Products) industries and other factors causing
the declining competitive ability of the national TPT products are the
increasing production costs, high interest rates, expensive customs office
costs, illegal retribution, textile and garment machinery restructuring cost
and the rising prices of production components (oil fuel prices and electric
base tariffs). We see the operation of P.T. RPL has been growing with slowly in
the last three years.
The textile and
textile product (TTP) industry is one of the industries that has contrived to
with stand the protracted global economic crisis. At a time when the average
national industrial utilization rate fell to under 20% in 2008, TTP plants on
the other hand were operating at an utilization rate of above 81.6%. This was
attributable to the ability of textile and garment producers to maintain the
utilization rate of plants at a high level by aggressively stepping up exports.
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) |
|
|
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
P.T. RPL has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T. RPL is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed
that total sales turnover of the company in 2010 amounted to Rp. 34.0 billion
rose to Rp. 37.5 billion in 2011 increased to Rp. 39.0 billion in 2012 and
projected to go on rising by at least 4% in 2013. The operation in 2012 yielded
an estimated net profit of at least Rp. 2.8 billion and the company has an
estimated total net worth of at least Rp. 3.0 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 management
of P.T. RPL is led by Mr. Andy Darmawan Rahardjo (85) a businessman and
professional manager with experience in garment manufacturing. 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. RAINDO PUTRA
LESTARI is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.