|
Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
LACHMITEX |
|
|
|
|
Registered Office : |
Ruko
Tekstil (Pusat Grosir Textile), Mangg Dua
Blok E2 No. 4,
Jl. Arteri Mangga Dua, Jakarta Utara 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading,
Import and Distribution of Textile Products |
|
|
|
|
No. of Employees : |
12 |
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 :
LACHMITEX
A
d d r e s s :
Head
Office
Ruko
Tekstil (Pusat Grosir Textile)
Mangg Dua Blok E2 No. 4
Jl. Arteri Mangga Dua
Jakarta Utara 14430
Indonesia
Indonesia
Phone -
(62-21) 6126870
Fax - (62-21) 6126871
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status - Rent
Date
of Incorporation :
1
9 9 3
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. 500.0 million
Owner
:
Mr. Prem Mahbubani - 100%
Lines
of Business :
Trading,
Import and Distribution of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1
9 9 3
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
12
persons
Marketing
Area :
Domestic
(Local) - 100%
Main
Customers :
Publics
and Textile Dealers in Jakarta and its surroundings
Market
Situation :
Very
Competitive
Main
Competitors :
a. PD. Sutratex
b. UD. Sumber Jaya
c. PD. Lestari Jaya
d. PD. Mumba Arjuna Textile
e.
PD. Star Textiles
f. UD. Nusa Jaya
g.
Etc.
Business
Trend :
Growing
B
a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Mangga Dua Branch
Jl. Mangga Dua Raya Blok C-5 No.1
Jakarta Utara
b. P.T.
Bank MANDIRI Tbk
Ruko Tekstil Blok
C-3 No.4
Jl. Manga Dua Raya
Jakarta Utara
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 13.6 billion
2011
– Rp. 15.5 billion
2012
– Rp. 17.2 billion
Net
Profit (estimated) :
2010
– Rp. 670 million
2011
– Rp. 760 million
2012
– Rp. 840 million
Payment
Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Prem Mahbubani
Sales Manager - Mr. Dhanesh Mahbubani
Board
of Commissioner :
None
Signatories :
The Director
(Mr. Prem Mahbubani) is the authorized person to sign the loan on behalf of the
company
Management
Capability :
G o o d
Business
Morality :
G o o d
Credit
Risk :
Average
Credit
Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small
amount – periodical review
LACHMITEX
was established in Jakarta in 1993 with a status of Sole Proprietary Company.
The founding owner of the company is Mr. Prem Mahbubani, 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. 500 million and it will
be rising in line with the progress of its business operation.
LACHMITEX
has been in operating since 1993 in the field of trading, import and
distribution of special fabrics for women such
as silk, georgette fabric, polyester fabric,
kebaya fabric, hood
fabric, satin fabric
and others. Mr. Danesh Mahbubani, a marketing staff of
the Company explained that the textile products are imported from Korea, China
and India. Then, the whole textile
products are sold to various textile trader and shops in Jakarta and its
surroundings. We observe that BUANA TEX
is classified a small size company of its kinds which operation has been
growing and developing well in the last three years.
The
demand for textile products especially woman’s menswear has kept on rising 5%
to 7% per annum in the last five years. The sharp growth of the demand was in
line with the progress achieved in textile and garment products locals markets.
The demand growth is estimated to continually rising by 6% over the next two
years. Market competition is very sharp considering many other similar
companies operating in the country. Business position of LACHMITEX is favorable
for it has wide marketing network in Jakarta especially in Pusat Textile Mangga
Dua, one of the largest textile trade center in Jakarta.
LACHMITEX
has not been registered with Indonesian Stock Exchange, so that they shall not
obliged to announce their financial statement. We observed that total sales turnover
of the company in 2010 amounted to Rp. 13.6 billion increased to Rp. 15.5
billion 2011 rose again to Rp. 17.2 billion in 2012 and projected to go on
rising by at least 5% in 2013. The operation in 2012 has yielded an estimated
net profit at least Rp. 840 million and the company has an estimated total net
worth at Rp. 5.0 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 LACHMITEX is led by Mr. Prem Mahbubani (50), an Indonesian
businessman of Indian descent, with more than 20 years experienced in the field
of trading and distribution of textile products. He has 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.
LACHMITEX
is appraised to be good for business transaction. However, in view of the 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.65.86 |
|
|
1 |
Rs.102.50 |
|
Euro |
1 |
Rs.87.05 |
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.