MIRA INFORM REPORT

 

 

Report Date :

22.11.2013

 

IDENTIFICATION DETAILS

 

Name :

PD. RESTU

 

 

Registered Office :

Ruko Textile Mangga Dua Block D-1/16 Jalan Arteri Mangga Dua Raya Kelurahan Ancol, Kecamatan Pademangan Jakarta Utara, 14430

 

 

Country :

Indonesia

 

 

Date of Incorporation :

1980

 

 

Legal Form :

Sole Proprietary Company

 

 

Line of Business :

Trading and Retail of Textile Products

 

 

No. of Employees :

06

 

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 :

No complaints

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

Name of Company

 

PD. RESTU

 

 

Address

 

Head Office

 

Ruko Textile Mangga Dua Block D-1/16

Jalan Arteri Mangga Dua Raya

Kelurahan Ancol, Kecamatan Pademangan

Jakarta Utara, 14430

Indonesia

Phones             - (62-21) 6288 521, 6288 522

Fax                   - (62-21) 6128 025

Building Area     - 4 storey

Office Space      - 100 sq. meters

Region              - Commercial

Status               - Rent

 

 

Date of Incorporation

 

1980’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

 

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Owned Capital   : Rp. 400 million

 

Owners :

Mr. Nanu Gupta

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading and Retail of Textile Products

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

1980’s

 

Brand Name :

PD. Restu

 

Technical Assistance :

None

 

Number of Employee :

6 persons

 

Marketing Area :

Local   - 100%

 

Main Customer :

Individual and Tailor

 

Market Situation :

Very Competitive

 

Main Competitors :

a. DUNIA LARIS

b. GANESHA JAYA

c. RANI TEX

d. PD. SURYA AGUNG

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r :

a.         P.T. Bank MANDIRI Tbk

                        Pusat Grosir Tekstil Mangga Dua

                        Jalan Arteri Mangga Dua

                        Jakarta Utara

                        Indonesia

b.         P.T. Bank CENTRAL ASIA Tbk

                        Pusat Grosir Tekstil Mangga Dua

                        Jalan Arteri Mangga Dua

                        Jakarta Utara

                        Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2010 – Rp. 7.5 billion

2011 – Rp. 8.0 billion

2012 – Rp. 8.5 billion

2013 – Rp. 4.5 billion (January – June)

 

Net Profit (estimated) :

2010 – Rp. 450 million

2011 – Rp. 480 million

2012 – Rp. 510 million

2013 – Rp. 270 million (January – June)

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

Director                         - Mr. Nanu Gupta

 

Board of Commissioners :

None

 

Signatories :

Director (Mr. Nanu Gupta) is only the authorized person to sign the loan on behalf of the company.

 

 

CAPABILITIES

 

Management Capability :

Satisfactory

 

Business Morality :

Satisfactory

 

Credit Risk :

Average

 

Credit Recommendation :

Credit should be proceeded with monitor

 

 

OVERALL PERFORMANCE

 

PD. RESTU is a sole proprietary company which established in Jakarta in 1980’s by Mr. Nanu Gupta, an Indonesia businessman of Indian descent. The company’s authorized capital is not announced in it’s of establishment. In general, the company with status of sole proprietary company shall increase its capital continuously together with its business development. We estimated that PD. RESTU has capital about Rp. 400 million.

 

PD. RESTU is a sole proprietary company dealing with trading, import and distribution of textile products. The company manages a shop and outlets located at Ruko Tekstil Mangga Dua Block D-1 No. 16, Jalan Arteri Manga Dua Raya, North Jakarta. The merchandise goods products are Indian saree fabrics, cotton saree, gamis fabrics, sarimbit gamis as well as satin fabrics. According information when visited the outlets a staff of the company explained most of the products is imported from India, South Korea, and China. Besides, some of the products obtained from textile industries which operating in West Java and Central Java. The whole saree fabrics, gamis fabrics uses for Moslem dress. The whole products sold through tailor made, trader and shops and others in Jakarta and surroundings. We observe that PD. RESTU is a small size company of its kinds which its operation has been growing slowly in the last three years.

 

In overall views we find the demand for textile products especially lady’s menswear has kept on rising 6% to 8% per annum in the last five years. The sharp growth of the demand was in line with the progress achieved in textile products locals markets. The demand growth is estimated to continually rising by 6% over the next five years. Market competition is very sharp considering many other similar companies operating in the country. PD. Restu in this case is in a sufficiently fairly good business position in view of the company has controlled a wide marketing network in Jakarta and surroundings.

 

Until this time PD. RESTU has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of the company 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. 7.5 billion rose to Rp. 8.0 billion in 2011 increased to Rp. 8.5 billion in 2012. As from January to June 2013 the sales turnover has amounted at Rp. 4.5 billion with a net profit of Rp. 270 million. It is projected the sales turnover will be higher by at least 5% in 2014. 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 PD. RESTU is headed by Mr. Nanu Gupta (54) a businessman with experience in trading, import and distribution of textile products. The company's management is handled by a number 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. RESTU is sufficiently fairly good for business transaction.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.89

UK Pound

1

Rs.101.14

Euro

1

Rs.84.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.