|
Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RATU UNGGUL SAHABAT |
|
|
|
|
Registered Office : |
Jl. Nusantara X
Block D-35, Sunter Sacna Jakarta 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
23.02.2001 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Garment Manufacturing |
|
|
|
|
No. of Employees : |
380 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
P.T. RATU UNGGUL SAHABAT
Head Office
Jl. Nusantara X
Block D-35, Sunter Sacna
Jakarta 14350
Indonesia
Phone -
(62-21) 6530 6600 (hunting)
Fax. - (62-21)
6530 7700
Building Area - 2 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Owned
Factories
a. Jl.
Raya Tlajung Udik
Gunung Putri, Cibinong 16962
Bogor, West Java
Indonesia
Phones - (62-21) 8671712, 8675504, 8675505
Fax. - (62-21) 8671713
Land
Area - 10,500 sq. meters
Building
Area - 8,800 sq. meters
Region - Industrial Zone
Status - Owned
b. Jl.
Siliwangi, RT.04, RW.07
Desa Bangkong Reang, Kel. Benda
Sukabumi, West Java
Indonesia
Phones - (62-266) 737 926
Fax. - (62-266) 737 927
Land
Area - 13,600 sq. meters
Building
Area - 10,200 sq. meters
Region - Industrial Zone
Status - Owned
Date of Incorporation :
a. 04 January
1984 as P.T. DUA SEKAWAN RESPATI ENTERPRISES
b. 23 February
2001 as P.T. DUA SEKAWAN RESPATI
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No. C2-4820.HT.01.01.Th.85
Dated 03 August 1985
b. No. C-18.369.HT.01.04.TH.2001
Dated 05 November 2001
c. No. AHU-21499.AH.01.02.Tahun 2009
Dated 19 May 2009
d. No. AHU-AH.01.10-33044
Dated 15 August 2013
Company Status :
National Private Company
Permit by the Government Department
:
The Department of Finance
No. 01.314.092.6-048.000
Related/Affiliated Companies :
a. P.T. RAVINDO BANGUNPERSADA
(Property Development and Office Space Leasing)
b. P.T. RAVINDO JAYA (Financial
Services and Real Estate Development)
c. P.T. BUMI PERTIWI LESTARI (Coal
Mine Management and Commerce)
d. P.T. METAL GLOBALINDO (Trading
and Distribution of Steel Products)
e. MONEX INVESTINDO FUTURES
(Financial Partnership)
Capital
Structure :
Authorized Capital - Rp. 4,000,000,000.-
Issued Capital - Rp. 4,000,000,000.-
Paid up Capital - Rp. 4,000,000,000.-
Shareholders/Owners
:
a. Mr. Manohar Lachmandas Nanwani -
Rp. 12,800,000,000.- (32%)
Address
: Jl. Pangandaran II No.3B
North Jakarta
Indonesia
b. Mr. Amris Chandarban Lakhiani -
Rp. 13,600,000,000.- (34%)
Address :
Jl. Jambu No. 7
Central Jakarta
Indonesia
c. Mr. Baiju Chellaram Kirpalani -
Rp. 13,600,000,000.- (34%)
Address :
Jl. Bungur Besar 8 No.161
Central Jakarta
Indonesia
Lines of Business :
Garment Manufacturing
Production Capacity:
On the
order basis
Total Investment :
a. Equity Capital - Rp.
4.0 billion
b. Loan Capital - Rp. 20.0 billion
c. Total Investment - Rp. 24.0 billion
Started Operation :
1985
Brand Name :
DSR
Technical Assistance :
None
Number of Employee :
380 persons
Marketing Area :
Export - 100%
Main Customers :
Overseas buyer in USA, United
Kingdom, Australia and Singapore
Market Situation :
Very Competitive
Main
Competitors :
c. PT. Ungaran Sari Garment
d. PT. Sri Rejeki Isman (Sritex)
e. PT. Busana Remaja Agracipta
f. PT. Bintang
Adi Busana
g. PT. Leading Garment Industry
h. PT. Metro Garment
i. Etc.
Business Trend :
Growing
B a n k e r s :
a. P.T. Bank EKONOMI Tbk
Jl. Sunter Agung Utara Raya Blok E No.3E-F
Sunter Agung Podomoro
North Jakarta
Indonesia
b. The Hongkong and Shanghai Banking Corp.
Jl. Griya Utama, Komp. Puri Mutiara Blok A
93-95
Sunter Agung Podomoro
North Jakarta
Indonesia
c. P.T. Bank DANAMON Tbk
Jl. Danau Sunter Utara Blok B-1-B No.15-16
Sunter Agung Podomoro
North Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 185.0 billion
2011 – Rp. 210.0
billion
2012 – Rp. 240.0
billion
2013 – Rp. 270.0
billion
Net Profit
(estimated) :
2010 – Rp. 11.5
billion
2011 – Rp. 13.0
billion
2012 – Rp. 15.2
billion
2013 – Rp. 17.5
billion
Payment Manner
:
G o o d
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Manohar Lachmandas
Nanwani
Board of Commissioners :
Commissioner -
Mr. Mohandas Rajaram Lakhiani
Signatories :
The Director (Mr. Manohar
Lachmandas Nanwani) which must be approved by Board of Commissioner (Mr.
Mohandas Rajaram Lakhiani)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be processed normally
Proposed
Credit Limit :
Moderate amount
Originally named P.T. DUA SEKAWAN RESPATI
ENTERPRISES, the company was established in Jakarta in January 1984 with an
authorized capital of Rp. 100,000,000.- of which Rp. 40,000,000.- was issued
and fully paid up. The founding
shareholders of the company are Mr. Ramesh Lachiram Nanwani (50%) and Mr.
Ishwar Gopaldas Nanwani (50%), both Indonesian businessmen of Indian extraction.
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.
C2-4820.HT.01.01.Th.85 dated August 3, 1985.
The Articles of association of the company have frequently been
revised. In February 2001, the company’s
name was changed to P.T. DUA SEKAWAN RESPATI.
Concurrently, the authorized capital was raised to Rp. 4,000,000,000.-
of which Rp. 2,500,000,000.- was issued and fully paid up.
Since at the time, the shareholders of the company are Mr. Chandarban
Vasandmal Lakhiani (34%), Mr. Baiju Chelaram Kirpalani (34%) and Mr. Manohar
Lacmandas Nanwani (32%). The amendment to notarial Deed has
been approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. C-18.369.HT.01.04.TH.2001 dated November 5, 2001.
Most recently by notarial Deed No. 6 dated
February 26, 2013 made by Notary Surdjono Arham, SH., the issued capital was
raised to Rp. 4,000,000,000.- entirely paid up.
Concurrently, Mr. Chandarban Vasandmal Lahiani pulled out and his shares
are sold to Mr. Amrit Chandarban Lakhiani.
The amendment to notarial Deed has been approved by the
Minister of Law and Human Rights of the Republic of Indonesia through Decree
No. AHU-AH.01.10-33044 dated August 15, 2013.
P.T. DUA SEKAWAN RESPATI (P.T. DSR) has been in operation since 1985 dealing garment manufacturing. The company manages two plants are located on Jl. Raya Tlajung Udik, Gunung Putri, Cibinong, Bogor, West Java and Jl. Siliwangi, RT.04, RW.07, Desa Bangkong Reang, Sukabumi, West Java. The plants have been expanded for a couple of times to increase its production capacity and the company produces garments (apparels) based on the buyer’s order. Ms. Kusumawati, a marketing staff of the company explained that the range of garments includes both Men's and Women's dress and causal shirts, blouses, pants, shorts, skirts, dresses, blazers and suits, sport wears, etc. About 95% of the company’s products are exported to various countries while the USA, United Kingdom, Australia, Singapore and others. Meanwhile the rest of 5% is marketed locally among supermarket management and others. We observed that P.T. DSR is classified as a medium-sized company of its kind in the country of which the operation had been running smoothly and growing steadily.
Generally, demand for textile and textile
product including cotton yarn, polyester textured yarn, finished fabrics,
garment, textile chemicals and raw materials has been fluctuating in the last
five years. According to the Central
Bureau of Statistics (BPS) the Indonesian garments export in 2002 amounted to
333,100 tons (US$ 3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in
2003 to 327.300 tons (US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0
million) in 2005 to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons
(US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008
declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to
445,200 tons (US$ 6,598.0 million) in 2010 to 450,900 tons (US$ 7,801.5
million) in 2011 and dropped to 450,200 tons (US$ 7,304.8 million) in
2012. The export volume and value of
the national TPT products in 2002 to 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 |
Until this time P.T. DSR has not been registered
with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. The management of P.T. DSR is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total sales turnover of the company in 2010 amounted to Rp. 185.0 billion
increased to Rp. 210.0 billion in 2011 to Rp. 240.0 billion in 2012 and rose
again to Rp 270.0 billion in 2013. The
operation in 2013 yielded an estimated net profit of at least Rp. 17.5 billion
and the company has an estimated total net worth of at least Rp. 160.0 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 company’s management is headed by Mr.
Manohar Lachmandas Nanwani (64) as Director and CEO of the company. He is an
Indonesian businessman of Indian descent with experience for 29 years in
garment manufacturing and trading. In
daily activities, he is assisted by Mr. Mohandas Rajaram Lakhiani (43) as
Commissioner. The company's management
has wide relations in private business circles within and outside the country
and in the ranks of high-ranking government officials as well. 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.
P.T. DUA SEKAWAN RESPATI 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.61.54 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.