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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
PD. BUANA TEXTILES |
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Registered Office : |
Pusat Grosir Textile Mangga Dua Blok C-3 No.38, Jl. Arteri Mangga Dua, Jakarta Utara 14430 |
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Country : |
Indonesia |
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Year of Establishments: |
1988 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Sole
Proprietary Concern |
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Line of Business : |
trader, importer
and distributor of textile products for women’s wear such as georgette,
polyester fabrics, circular knit fabrics, nylon warp fabrics |
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|
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
PD. BUANA TEXTILES
Head Office
Pusat
Grosir Textile Mangga Dua Blok C-3 No.38
Jl.
Arteri Mangga Dua
Jakarta
Utara 14430
Indonesia
Phones -
(62-21) 6015144, 6015451
Fax - (62-21) 6014530
Email - buanatex@pacific.net.id
Building Area - 2 storey
Office Space - 110 sq. meters
Region - Commercial
Status -
Rent
1988
Sole
Proprietary Concern
Not
Required
Private
National Concern
Not
Available
None
Capital
Structure :
Owned
Capital -
Rp. 800.0 million
Owner
:
Mr. Kishin Hassomal Kewalramani - 100%
Lines
of Business :
Trading
and Importer of Textile Products
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1988
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
15
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
Bankers :
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. 14.0 billion
2011
– Rp. 16.3 billion
2012
– Rp. 18.5 billion
Net
Profit (estimated) :
2010
– Rp. 690 million
2011
– Rp. 810 million
2012
– Rp. 920 million
Payment
Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director - Mr. Kishin Hassomal Kewalramani
Sales Manager - Mr. Kenny M. Hiranandani
Board
of Commissioner :
None
Signatories :
The Director
(Mr. Kishin Hassomal Kewalramani) is the authorized person to sign the loan on
behalf of the concern
Management
Capability :
Good
Business
Morality :
Good
PD. BUANA TEXTILES abbreviated BUANA TEX was established in Jakarta in 1988’s with a status of Sole Proprietary Concern . The founding owner of the concern is Mr. Kishin Hassomal Kewalramani, an Indonesian businessman of Indian descent. Being as Sole Proprietary Concern , the amount of its authorized capital was not mentioned at the time of its establishment. In our estimate, the concern has own capital of about Rp. 800 million and it will be rising in line with the progress of its business operation.
BUANA TEX has been in operating since 1988 in the field of trading, import and distribution of textile products for women’s wear such as georgette, polyester fabrics, circular knit fabrics, nylon warp fabrics. Mr. Kenny M. Hiranandani, a marketing staff of the Concern explained that the textile products are imported from India, China and also local products. The local textile products are bought from various textile industries in Bandung, West Java. Then, the whole textile products are sold to various textile trader and shops in Jakarta and its surroundings. Besides that, BUANA TEX is also engaged in trading and distribution of textile products such as woman’s Moslem wears. The textile products are distributed and supplied to agents and retail shops which operating in Pasar Textile Mangga Dua, Pasar Textile Tanah Abang, Pasar Senen and others. We observe that BUANA TEX is classified a small size concern 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
BUANA TEX is favorable for it has controlled a wide marketing network at home
especially in Pusat Textile Mangga Dua, one of the largest textile trade center in Jakarta.
BUANA TEX 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 concern in 2010 amounted to Rp. 14.0 billion increased to Rp. 16.3 billion 2011 rose again to Rp. 18.5 billion in 2012 and projected to go on rising by at least 8% in 2013. The operation in 2012 has yielded an estimated net profit at least Rp. 920 million and the concern has an estimated total net worth at Rp. 6.0 billion. So far, we did not heard that the concern having been black listed by the Central Bank (Bank Indonesia). The concern usually pays its debts punctually to suppliers.
The management of BUANA TEX is led by Mr.
Kishin Hassomal Kewalramani (70), an Indonesian businessman of Indian descent,
with more than 40 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
concern being filed to the district
court for detrimental cases or involved in any business malpractices. The
concern ’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
PD. BUANA TEXTILES or BUANA TEX
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 concern .
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.86 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.