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Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. COITTON
& SILK INTERNATIONAL TEXTILE |
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Registered Office : |
Rukan Sunter Nirwana Asri,
Tahap 2, Blok A3 No. 24, Sunter Podomoro, Jakarta Utara 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
26.04.2012 |
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Com. Reg. No.: |
No. AHU-24049.AH.01.01.Tahun 2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Wholesaler of Textile Products |
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No. of Employees : |
12 persons |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
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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 |
Name of Company :
P.T. COITTON & SILK INTERNATIONAL TEXTILE
Address:
Head Office
Rukan Sunter Nirwana Asri,
Tahap 2
Blok A3 No. 24, Sunter
Podomoro
Jakarta Utara 14350
Indonesia
Phones -
(62-21) 6400748, (62-815) 19294411
Fax - (62-21) 6401851
Building Area - 4 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
26 April 2012
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
No. AHU-24049.AH.01.01.Tahun 2012
Dated 04 May 2012
Company Status :
National Private Company
Permit by the Government Department :
The Capital
Investment Coordinating Board
No. 979/1/PPM/I/PMA/2012
Dated 23 April 2012
Related Company :
None
Capital Structure :
Authorized Capital - US$. 1,200,000.-
(Rp. 11,020,800,000.-)
Issued Capital - US$. 300,000.- (Rp. 2,755,200,000.-)
Paid up Capital - US$. 300,000.- (Rp. 2,755,200,000.-)
Shareholders/Owners :
a. Mr. Vinod Dwarkadas
Bhagchandani - US$.
150,000.- (50%)
Address : Citizens
of India
Passport No. Z2015722
India
b. Mr. Manohar Lal -
US$. 150,000.- (50%)
Address : Citizens
of India
Passport No. Z2100651
India
Lines of Business :
Trading, Import and Wholesaler of Textile Products
Production Capacity :
None
Total Investment :
Owned Capital - US$. 300,000
Started Operation :
June 2012
Brand Name :
Cotton & Silk International
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Local - 100%
Main Customers:
Textile Dealers and Retails in Jakarta and its surroundings
Market Situation :
Very Competitive
Main Competitors :
a. PT. Bintang Agung Textile
b. PT. Dunia Laris Textile
c. PT. Ganesha Surya Cemerlang
d. PT. Multi Ragam Sejati
e. PT. Surya Pralabdha Utama
Business Trend :
Growing
Banker :
P.T. Bank CENTRAL ASIA Tbk
Sunter Branch
Jl. Danau Agung 2 Blok E2
No.1A
Sunter Podomoro
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2012 – US$. 5.5 million (June – December)
2013 – US$. 7.2 million (January – June)
Net Profit (estimated) :
2012 – US$. 0.3 million (June – December)
2013 – US$. 0.5 million (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Vinod Dwarkadas Bhagchandani
Director - Mr. Manohar Lal
Board of Commissioners :
Commissioner - Mr. Refano Rian Yudistira
Signatories :
President Director (Mr. Vinod Dwarkadas
Bhagchandani) or Director (Mr. Manohar Lal) which must be approved by Board of
Commissioner (Mr. Refano Rian Yudistira)
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Proposed Credit Limit :
Small amount – periodical review
P.T. COTTON & SILK INTERNATINAL TEXTILE (P.T. CSIT) was incorporated
in Jakarta based on Notarial Deed of notary Iswandono Poerwodinoto, SH., No.
103 on April 26, 2012 with the authorized capital of US$ 1,200,000 (Rp
11,020,800,000) of which US$ 300,000 (Rp 2,755,200,000) was issued and fully
paid up. The founding shareholders of
the company are Mr. Manohar Lal (50%) and Mr. Vinod Dwarkadas Bhagchandani
(50%), both are Indian businessmen. The
Deed of establishment has been approved by the Minister of Law and Human Rights
of the Republic of Indonesia through its Decision Letter No.
AHU-24049.AH.01.01.Tahun 2012 dated May 04, 2012. No changes have been effected in term of its
shareholding composition and capital structures to date.
Pursuant to the company’s notary deed, P.T. CSIT engaged to operate in
wholesaler of textile products such as cotton fabrics, polyester fabrics, denim
and silk. The Company’s registered
office located at Rukan Sunter Nirwana Asri, Tahap 2 Blok A3 No. 24, Sunter
Podomoro, North Jakarta and the company can open branch offices or
representative offices at home and abroad.
P.T. CSIT has been operating since June 2012 to deal with trading,
import and distribution of textile products. Mr. Rifandi, an administrative
staff of P.T. CSIT explained that the merchandising goods products including
are tulle, payet, cotton and polyester fabrics, denim, silk, etc. He also added
the whole products are imported from India and China. Then, the whole products are marketed locally
through textile market centers in Jakarta and its surroundings. We observed that P.T. CSIT is still relatively new company in
trading, import and distribution of agricultural products.
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.
The financial condition of the company is appraised to be less strong and its financial condition at present is as the paid up capital of US$. 300,000 as stated in the articles of association of the company. The financial condition of the company still depends on the financial condition of its shareholders. The management of P.T. CSIT is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company as of June to December 2012 amounted to US$ 5.5 million increased to US$ 7.2 million as of January to June 2013. The operation as of January to June 2013 yielded an estimated net profit of at least US$ 0.5 million and the company has an estimated total net worth of at least US$. 1.2 million. 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. CSIT is led by Mr. Vinod Dwarkadas Bhargchandani
(46) as president director, an Indian businessman with more than 10 years
experience in trading, import and distribution of textile products. In daily activities he is assisted by Mr.
Manohar Lal (58) as director. Beside, they are also assisted by a number of
expert staffs in the above business. The Company’s management 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.
Since this company (PT. CSIT) just about two years
in operation commercially, so we recommend caution when going to provide fresh
loans to them. Or it should obtain sufficient
guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.