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Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. RAMAYANA PUTRA JAYA |
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Registered Office : |
Geung Menara Era, Lantai 15-02 Jalan Senen Raya 135-137 Jakarta Pusat 10410 |
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Country : |
Indonesia |
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Date of Incorporation : |
23.03.2006 |
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Com. Reg. No.: |
No. AHU-06741.AH.01.02.TH.2009 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Textile Products |
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No. of Employees : |
12 persons |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T.
RAMAYANA PUTRA JAYA
Head Office
Geung Menara Era,
Lantai 15-02
Jalan Senen Raya 135-137
Jakarta Pusat 10410
Indonesia
Phones -
(62-21) 386 8538 (hunting)
Fax - (62-21) 381 0028
Building Area - 14 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
23 March 2006
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-06741.AH.01.02.TH.2009
Dated 10 March
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.458.708.1-023.000
Related/Affiliated
Companies:
a. P.T. GANDA
AGUNG INDUSTRIES (Textile Industry)
b. P.T. RAINBOW
INDAH CARPET (Carpet Manufacturing)
c. P.T. HIMALAYA
ABADI (Trading and Distribution of Dyestuff)
d. P.T. RAMAYANA
AGUNG PERMAI (Distribution of Rug and Carpet)
e. K. ALOOMAL
Pte., Ltd., of Singapore (Trading)
f. Etc.
Capital
Structure :
Authorized Capital - Rp. 8,000,000,000.-
Issued Capital - Rp. 2,050,000,000.-
Paid up Capital - Rp. 2,050,000,000.-
Shareholders/Owners
:
a. Mr. Ramchand Alimchand Bharwani - Rp. 1,550,000,000.- (75.6%)
Address :
Jl. Kis Mangunsarkoro 16 No. 36, RT. 001
RW. 004,
Kelurahan Menteng, Kecamatan
Menteng,
Jakarta Pusat
Indonesia
b. Mr. Ramesh Ramchand Bharwani - Rp. 500,000,000.- (24.4%)
Address : Jl. Kis Mangunsarkoro
16 No. 36, RT. 001
RW. 004,
Kelurahan Menteng, Kecamatan
Menteng,
Jakarta Pusat
Indonesia
Lines of Business :
Trading
and Distribution of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2006
Brand Name :
Ramayana Putra Jaya
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Local - 100%
Main Customers:
Corporate and Individuals
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Ateja
Multi Industries
b. PT. Multindo
Velvet Industri
c. PT. Hakita
Bharat Velvet
d. PT. Universal
Turkindo Velvet
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk.
Jl.
Samanhudi No. 46
Jakarta Pusat
Indonesia
b. P.T. Bank Of India Indonesia Tbk
Jl. K.H. Samanhudi 37
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 17.5
billion
2011 – Rp. 20.0
billion
2012 – Rp. 22.6
billion
Net Profit (estimated)
:
2010 – Rp. 1.1
billion
2011 – Rp. 1.3
billion
2012 – Rp. 1.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director -
Mr. Ramesh Ramchand Bharwani
Board of Commissioners :
Commissioner
- Mr. Ramchand
Alimchand Bharwani
Signatories :
Director (Mr. Ramesh
Ramchand Bharwani) which must be approved by Board of Commissioner (Mr.
Ramchand Alimchand Bharwani)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
P.T.
HIMALAYA PUTRA JAYA (P.T. HPJ) was incorporated in Jakarta dated 23 March 2006
with the authorized capital of Rp. 4,000,000,000.- of which Rp. 1,000,000,000.-
was issued and fully paid up. The
founding shareholders of the company are Mr. Ramchand Alimchand Bharwani (50%)
and his son Mr. Ramesh Ramchand Bharwani (50%), they are Indonesian businessmen
of Indian extraction. The Company’s
article of association has been amended for several times, most recently by
notarial deed of Drs. Wijanto Suwongso, SH., No. 28 dated 22 December 2008 the
authorized capital was raised again to Rp. 8,000,000,000.- of which Rp.
2,050,000,000.- was issued and fully paid up. However, no changes have been
effected in term of its shareholding composition and capital structures to
date. The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-06741.AH.01.02.Tahun 2009 dated 10 March 2009.
We
observed that Mr. Ramchand Alimchand Bharwani and Mr. Ramesh Ramchand Bharwani
are also the founding shareholders of PT. Ganda Agung Industries, P.T. Rainbow
Indah Carpet, PT. Himalaya Abadi and PT. Agung Permai.
Pursuant
to the company’s notary deed, P.T. RPJ engaged to operate in trading,
development, agricultural, industry, printing and transportation services. The Company’s registered office located at
Gedung Menara Era, Lantai 15-02, Jl. Senen Raya No. 135-137, Central Jakarta
and the company can open branch offices or representative offices at home and
abroad.
P.T.
RPJ has been operating since 2006 engaged in the field of trading and
distribution of textile products such as rayon-velvet and filament crepe de
Chinese. Mrs. Liana, an administrative
staff of the company explained P.T. RPJ is a distributor for their affiliated
company P.T. GANDA AGUNG INDUSTRIES, a rayon-velvet and filament crepe de
Chinese manufacturing with its plant located at Jalan M.H. Agus Salim No. 1,
Kampung Teluk Angsa, Bekasi Jaya, West Java. Mrs. Liana added that the products
are marketed locally to furniture industries and car-body industries. We
observe that P.T. HC is classified as a small sized company of its kind in the
country of which the operation has been growing slowly in the last three years.
Generally,
the demand for rayon-velvet and filament crepe de Chinese had significantly
rising by 8% to 10% per year in the last five years, in line with the growth of
furniture industries and automotive or car-body industries in the country. We
observe that motorcar and motorcycles assembling industries have kept on increasing
in the last five years. According to the
Indonesia Car Manufacturers Association (GAIKINDO) explained that the total of
car sales in 2007 amounted to 434 thousand units increased to 608 thousand
units in 2008 and declined to 486
thousand units in 2009. The total of car
sales in 2010 rose again to 765 thousand units and to 894 thousand units in
2011 and to 1,116 thousand units in 2012.
The growth of car and motorcycle sales in Indonesia in 2007 to 2012 is
pictured on the following table:
|
Year |
Domestic Car Sales (‘000 units) |
Domestic Motorcycle Sales (‘000 units) |
|
2007 |
434 |
4,688 |
|
2008 |
608 |
6,216 |
|
2009 |
486 |
5,852 |
|
2010 |
765 |
7,383 |
|
2011 |
894 |
8,034 |
|
2012 |
1,116 |
7,141 |
Source: GAIKINDO and the Indonesian
Motorcycle Manufacturer Association (AISMI)
Market
competition is very tight due to a large number of similar companies operating
in the country. P.T. RPJ is considered
to be in a favorable business position in view of the company's experience in
the above business.
Until
this time P.T. RPJ has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of P.T. RPJ 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. 17.5
billion increased to Rp. 20.0 billion in 2011 rose again to Rp. 22.6 billion in
2012 and projected to go on rising by at least 8% in 2013. The operation in
2012 yielded an estimated net profit of at least Rp. 1.5 billion and the
company has an estimated total net worth of at least Rp. 10.0 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. RPJ is led by Mr. Ramesh Ramchand Bharwani (43) as director.
He is a son of Mr. Ramchand Alimchand Bharwani (70). He is a businessman and professional manager
with more than 20 years experience in trading and distribution of textile
product including rayon-velvet, viscose, carpets and rugs. The company's management is also 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.
RAMAYANA PUTRA JAYA is sufficiently fairly good for business transaction. But
owing to economic condition in the country is still unstable, we recommend to
treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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 |
|
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 |
|
<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.