MIRA INFORM REPORT

 

 

Report Date :

14.08.2014

 

IDENTIFICATION DETAILS

 

Name :

P.T. VIRYA MITRA

 

 

Registered Office :

Bintaro Trade Centre 2nd Floor Block H 4 – 12 A, Jalan Kasuari, Bintaro Jaya Sektor IX Pondok Jaya, Pondok Aren Tangerang, 15229 Banten Province

 

 

Country :

Indonesia

 

 

Date of Incorporation :

July 2007

 

 

Com. Reg. No.:

AHU-AH.01.10-38157

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading, Import, Supply and Distribution of Textile Dyestuff and Auxiliaries Chemicals

 

 

No of Employees :

17 persons

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Indonesia

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

INDONESIA ECONOMIC OVERVIEW

 

Indonesia, a vast polyglot nation, has grown strongly since 2010. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25% 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 also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.

 

Source : CIA

 

 

 

BASIC SEARCH

 

Name of Company :

P.T. VIRYA MITRA

 

Address :

Head Office

Bintaro Trade Centre 2nd Floor Block H 4 – 12 A

Jalan Kasuari, Bintaro Jaya Sektor IX

Pondok Jaya, Pondok Aren

Tangerang, 15229

Banten Province

Indonesia

Phone               - (62-21) 7454 190

Fax                   - (62-21) 7454 191

Building Area     - 2 storey

Office Space      - 100 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

July 2007

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

- No. AHU-79779.AH.01.02.TH.2008

  Dated 30 October 2008

- No. AHU-23758.AH.01.02.TH.2011

  Dated 10 May 2011

- No. AHU-AH.01.10-38157

  Dated 11 September 2013

 

Company Status :

National Private Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 02.704.332.2-411.000

 

Related Company :

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 10,000,000,000.-

Issued Capital                                  : Rp.   8,750,000,000.-

Paid up Capital                                : Rp.   8,750,000,000.-

 

Shareholders/Owners :

a. Mr. Dada Agus                                                              - Rp. 3,625,000,000.-

    Address : Jl. Mertilang KA 8/12 Bintara, RT. 03 RW. 12

                    Kelurahan Pondok Pucung, Kecamatan

                    Pondok Aren, Tangerang, Banten Province

                    Indonesia

b. Mr. Ir. Norman Rovani                                                  - Rp. 3,625,000,000.-

    Address : Jl. Neptunus V No. 7, RT. 003 RW. 013

                    Kelurahan Pisangan, Kecamatan Ciputat

                    Timur, Tangerang Selatan, Banten Provinvce

                    Indonesia

c. Mr. Indra Sardjono Puspawidjaja                                  - Rp.    875,000,000.-

    Address : Jl. Mahkota IV Block E4/2 MDL, RT. 01 RW. 03

                    Kelurahan Kelapa Indah, Kecamatan Tangerang

                    Banten Province

                    Indonesia

d. Mr. Marzukie                                                                - Rp.   625,000,000.-

    Address : Jl. MS Batubara Gang Teratai No. 40, RT. 001

                    RW. 001, Kelurahan Kupang Teba, Kecamatan

                    Teluk Betung Utara, Kota Bandar Lampung

                    Lampung Province, Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Trading, Import, Supply and Distribution of Textile Dyestuff and Auxiliaries Chemicals

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

2007

 

Brand Name :

Virya Mitra

 

Technical Assistance :

None

 

 

Number of Employee :

17 persons

 

Marketing Area :

Local       - 100%

 

Main Customer :

Textile Industry

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. COLORINDO CHEMTRA

b. P.T. INTI COLOURINDO

c. P.T. KHARINDO PRAKARSA

d. P.T. SARICHEM POLYWARNA

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

Bankers :

P.T. Bank MANDIRI Tbk

Jalan Bintaro Utama 3 A Block D No. 42-43

Sektor III, Bintaro Jaya

Tangerang, Banten Province

Indonesia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2011 – Rp. 28.0 billion

2012 – Rp. 30.0 billion

2013 – Rp. 32.0 billion

 

Net Profit (estimated) :

2011 – Rp. 1.7 billion

2012 – Rp. 2.0 billion

2013 – Rp. 2.2 billion

 

 

Payment Manner :

Average

 

Financial Comments :

Weak

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Ir. Dada Agus

Director                                           - Mr. Ir. Norman Rovani

 

Board of Commissioners :

President Commissioner                   - Mr. Marzukie

Commissioner                                 - Mr. Indra Sardjono Puspawidjaja

 

Signatories :

President Director (Mr. Ir. Dada Agus) or the Director (Mr. Ir. Norman Rovani) which must be approved by Board of Commissioner

 

 

CAPABILITIES

 

Management Capability :

Weak

 

Business Morality :

Prudent

 

 

OVERALL PERFORMANCE

 

P.T. VIRYA MITRA (P.T. VM) was set-up in July 2007 in Tangerang, Banten Province with the authorized capital of Rp. 3,000,000,000 issued capital of Rp. 1,000,000,000 entirely paid up. The company was founded by Mr. Ir. Dada Agus, Mr. Ir. Norman Rovani, Mr. Marzukie and Mr. Indra Sardjono Puspawidjaja, they are indigenous businessmen. Its article of association has frequently been revised and in April 2011 the company authorized capital was amounted at Rp. 10,000,000,000 issued capital to Rp. 8,000,000,000 entirely paid up.

 

With this development the composition of its shareholders has been changed to become Mr. Ir. Dada Agus (41.43%), Mr. Ir. Norman Rovani (41.43%), Mr. Indra Sardjono Puspawidjaja (10.00%) and (7.14%). The latest according to the revision of notary deed Mr. Buntario Tigris, SH., no. 220 dated 31 July 2013 the company board of director and the board of commissioner re-elected to lead and runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-38157 dated September 11, 2013.

 

P.T. VM has been operating since August 2007 engaged in the field of trading, import, supply and distribution of textile dyestuff and auxiliaries chemicals. The merchandise goods are reactive dyes and disperse dyes wholly for textile industries. The types of dyestuff comprising disperse dyes, reactive dyes, cationic dyes, direct dyes, and acid dyes. Mr. Ir. Norman Rovani, director and owner of the company explained the whole products imported from China through ZHEJIANG RUNTU DYESTUFF CO., LTD., of China and also imported from India. P.T. VM is one a leading textile dyestuff supplier in Indonesia, with the small sized distribution channel of textile dyestuff all over Indonesia. They serve more than 200 customers and still keep growing. With excellent services, trained staff, laboratory, focus on customer satisfaction and wide-range textile dyestuff products make them as one of the small sized and well-known textile dyestuff supplier in Indonesia. According information from Mr. Norman Rovani, director of the company explained the whole products supplied in various textile industries in Tangerang, Karawang, Bandung, West Java; batik industries in Solo, Pekalongan, Central Java. The customers are P.T. ARGO MANUNGGAL INDUSTRIES (ARGO MANUNGGAL Group), P.T. DAIMATEX, P.T. KAHATEX, P.T. SIPATEX PUTRILESTARI, P.T. SINAR PADASUKA TEXTILE and others textile industries in Bandung, West Java; and Solo, Pekalongan, Central Java. P.T. VM is classified a small sized company of its kinds in the country.

 

The domestic demand for various types of chemical products had been rising by 8% to 10% on the average per annum in the last five years in line with the rapid growth of various industrial sectors including textile industries in the above period of times as the consumers. But, later dwindled as the global economic slowdown since October 2008, followed by tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also heated by political issue in the country. The demand growth started to awake in June 2009 in line with the amelioration of economic condition in the country. Market competition is very tough on account of large number of other similar companies operating in the country. P.T. VM business position in this case is not too badly because it has built regular customers and extensive marketing network all across the country.

 

Imports of Raw Materials and Auxiliary Goods, 2007-2012

Year

Food and Beverages Mainly for Industry (Million US$)

Raw Materials for Industry

(Million US$)

Primary

Processed

Primary

Processed

2007

2,079.1

1,537.1

2,827.4

21,759.1

 

2008

3,244.5

1,271.6

4,722.3

40,312.9

 

2009

2,640.9

1,582.0

2,901.7

29,248.7

 

2010

3,074.8

2,165.9

4,539.5

41,714.3

 

2011

4,186.7

3,330.2

6,813.2

53.409.6

 

2012

4,101.0

3,349.2

5,639.7

59,437.0

 

                                                      Source: Central Bureau of Statistic (BPS)     

 

 

Until this time P.T. VM has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of P.T. VM is very reclusive towards outsiders and rejected to disclose its financial condition. We estimated that total sales turnover of the company in 2011 amounted to Rp. 28.0 billion rose to Rp. 30.0 billion in 2012 increased to Rp. 32.0 billion in 2013 and projected to go on rising by at least 5% in 2014. The operation in 2012 yielded an estimated net profit of at least Rp. 2.2 billion and the company has an estimated total networth of at least Rp. 10.0 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 P.T. VM is led by Mr. Ir. Dada Agus (47) a businessman with experience in trading, import and distribution of textile dyestuff and auxiliaries chemicals. He graduated from Textile Institute of Indonesia majoring in textile chemistry bachelor, textile chemistry, 1987 – 1992. Daily activity he is assisted by his daughter Mr. Ir. Norman Rovani (63) a former executive from P.T. Clariant Indonesia. The company's management is handled by professional 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. However, according to information from the Department of Taxation that P.T. VIRYA MITRA is one of the chemical importers who do not pay taxes to the government since 2013, therefore, the Government sentenced P.T. VIRYA MITRA to pay taxes at the same time a fine of Rp. 11.4 billion for fiscal year 2013. From the above negative factors we recommend to treat prudently in extending loan to the company.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.24

UK Pound

1

Rs. 103.01

Euro

1

Rs. 81.89

 

 

INFORMATION DETAILS

 

Analysis Done by :

SMT

 

 

Report Prepared by :

DPT

 

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%)

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