|
Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TEXCOMS |
|
|
|
|
Registered Office : |
Jl. Cemara No. 77, RT.008
RW.002, Sukajadi, Bandung 40161, West Java |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15.01.2007 |
|
|
|
|
Com. Reg. No.: |
No. AHU-96981 AH.01.01.Tahun 2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Distribution of Textile Machineries |
|
|
|
|
No. of Employees : |
35 persons |
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 :
P.T. TEXCOMS
Address :
Head Office
Jl. Cemara No. 77, RT.008
RW.002
Sukajadi, Bandung 40161
West Java
Indonesia
Phone -
(62-22) 2040036
Fax. - (62-22)
2031979
Email - info@texcoms.com
Website - http://www.texcoms.com
Building Area - 650 sq. meters
Office Spare - 160 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
15 January 2007
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
No. AHU-96981 AH.01.01.Tahun 2008
Dated 16 December 2008
Company Status :
Foreign Investment Company (PMA)
Permit by the
Government Department :
a. The Department
of Finance
NPWP No. 02.419.745.1-059.000
b. The Investment
Coordinating Board
- No. 61/I/PMA/2007
Dated 05 January 2007
- No. 476/T/PERDAGANGAN/2007
Dated 06 June 2007
Holding Company :
EASTERN GHATS INTERNATIONAL PTE LTD (Investment Holding)
Capital Structure
:
Authorized Capital - US$.
400,000.-
Issued Capital - US$. 100,000.-
Paid up Capital - US$. 100,000.-
Shareholders/Owners
:
a. EASTERN GHATS
INTERNATIONAL Pte Ltd. - US$. 99,000.-
(99%)
Address : 42 B, Hrne Road
Singapore
b. Mr. Drs. Yanuar
Pamuji -
US$. 1,000.- (
1%)
Address : Jl. Haji Kurdi III
No. 5
Bandung, West
Java
Indonesia
Lines of Business
:
Trading and Distribution of Textile Machineries
Production
Capacity :
Not available
Total Investment :
Owned Capital - US$. 400,000
Started Operation
:
June 2007
Brand Name :
TEXCOMS
Technical
Assistance :
None
Number of Employee
:
35 persons
Marketing Area :
Local - 100 %
Main Customer :
Textile and Garment Industries in Bandung and its surrounding
Market Situation :
Very Competitive
Main Competitors :
a. PT. Euroasiatic Jaya
b. PT. Agansa Primatama
c. PT. Prasada Ekaprima
d. PT. Sekawan
e. Etc.
Business Trend :
Growing
B a n k e r :
P.T. Bank CENTRAL ASIA Tbk
Jl. Asia Afrika 122-124
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 22.0 billion
2010 – Rp. 24.8 billion
2011 – Rp. 27.5 billion
2012 – Rp. 30.0 billion
Net Profit
(estimated) :
2009 – Rp. 920 million
2010 – Rp. 1,030 million
2011 – Rp. 1,140 million
2012 – Rp. 1,220 million
Payment Manner :
Fairly
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Pitchamuthu Boobalan
Directors - a. Mr. Thar Nagarjun Subhash
b. Mr. Bambang Harijanto
Board of Commissioner :
President Commissioner - Mr. Drs. Yanuar Pamuji
Signatories :
President Director (Mr. Pitchamuthu
Boobalan) or one of Directors (Mr. Thar Nagarjun Subhash or Mr. Bambang
Harijanto) which must be approved by Board of Commissioner (Mr. Drs. Yanuar
Pamuji).
Management Capability :
Fairly
Business Morality :
Fairly
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under
guarantee
Proposed Credit
Limit :
C.O.D. To small amount
P.T. TEXCOMS was established on January 15, 2007 with the authorized
capital of US$. 400,000.- of which US$ 100,000.- was issued and fully paid up.
The founding shareholders of the company are EASTERN GHATS INTERNATIONAL Pte.,
Ltd., of Singapore (99%) and Mr. Drs. Yanuar Pamuji, an indigenous businessman
of Indonesia (1%). The deed of company was made by Ms. Dewantari Handayani,
SH., a public notary in Jakarta and it was approved by the Ministry of Law and
Human Right in its Decision Letter No. W7-01466.HT.01.01.TH.2007 dated February
14, 2007 and No. AH-96981.AH.01.02.Tahun 2008 dated December 16, 2008. No changes have been effected in term of its
shareholding composition and capital structures to date.
Basically P.T. TEXCOMS is the representative of Eastern Ghats
International Pte. Ltd., a trading company in Singapore is owned by Indian
businessmen. This company operates in
general trading, import-export and distribution of industrial equipment,
machinery, separation equipment, steel drum, steel erector, etc.
P.T. TEXCOMS obtained a Foreign Investment company (PMA) license in trading
(export-import) and business management consulting services. The
company had been operating since June 2007 in the following areas:
a. Buying and selling used textile machinery
b. Sourcing of Spinning, Weaving and Finishing
Plants from USA, Europe, Taiwan, Korea, etc.
and
market them in other parts of the world.
c. Relocation of complete Spinning &
Weaving Plant from all over the world to various countries
e.g. Indonesia, Thailand, Bangladesh and India.
d. Have a specialized team of Expert who can
take up the following jobs:
-
Valuation of Spinning Plants
-
Dismantling, Packing and Shipping of the equipment from various countries
-
Re-installation of the plants with the qualified Engineers
e. Assisting in acquiring complete plants in
various countries.
f.
Closely working with Air Conditioning Specialists for designing,
installing air-conditioning and
modification system in spinning and weaving mills.
Generally, the local demand for industrial machinery such as textile
machinery, boilers, general sets, separation equipment, steel drum and erector
and others had been increasing by 6% to 7% on the average per annum in the last
five years having close relation with the growth of various industrial sectors
in the country. But, there are lots of
similar companies in the country dealing with trading of industrial machinery
for local and imported products. The long-term business prospect of the company
is favorable once the unstable economic condition in the country starts
recovery.
P.T. TEXCOMS management adopted reclusive attitude towards outsiders and
rejected to unveil its financial condition.
But we estimated that P.T. TEXCOMS operation in 2010 recorded a total
sales turnover of Rp. 24.8 billion increased to Rp. 27.5 billion in 2011 and
rose again to Rp. 30.0 billion in 2012.
P.T. TEXCOMS operation in 2012 booked a total net profit of Rp. 1,220
million with total assets of about Rp. 6.5 billion. It is projected that total sales turnover of
the company will increase at least 18% in 2013.
So far we did not hear that P.T. TEXCOMS has been black listed by Bank
Indonesia (Central Bank) or having detrimental cases being settled in local
district court.
P.T. TEXCOMS's management headed by Mr. Pitchamuthu Boobalan (47) a
professional manager of India take hold of as President Director since early
2007. In daily activities, he is
assisted by Mr. Thar Nagarjun Subhash (44) of India and Mr. Bambang Harijanto (50)
of Indonesia. The management is also handled by a number of professional staff,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sector. So far, we did not hear that the
company’s management involved in the business malpractices or detrimental cases
that settled in the country. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia.
P.T. TEXCOMS is sufficiently fairly 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.64.21 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.85.21 |
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 |
|
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.