|
Report No. : |
318119 |
|
Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. RATU UNGGUL
SAHABAT |
|
|
|
|
Registered Office : |
Jl.
Nusantara X Block D-35, Sunter Sacna, Jakarta 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
1985 |
|
|
|
|
Com. Reg. No.: |
AHU-AH.01.10-33044 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of
Garment. |
|
|
|
|
No. of Employees : |
384 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
|
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, 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. President Joko WIDODO - elected in
July 2014 - has emphasized domestic economic growth in his first few months in
office and in November 2014 reduced fuel subsidies, a move which could help the
government increase spending on its development priorities. Indonesia, with the
nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
Name
of Company :
P.T. RATU UNGGUL SAHABAT
A
d d r e s s :
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 :
384 persons
Marketing Area :
a. Export - 95%
b. Local -
5%
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
Bankers:
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
2014
– Rp. 294.0 billion
Net
Profit (estimated) :
2010
– Rp. 11.5 billion
2011
– Rp. 13.0 billion
2012
– Rp. 15.2 billion
2013
– Rp. 17.5 billion
2014
– Rp. 19.0 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 :
Good
Business Morality :
Good
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 its Decree No. C-18.369.HT.01.04.TH.2001 dated November 5,
2001.
The 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. Since then, no changes have been effected in term of its shareholding composition and capital structures to date.
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
wears, children wears 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, the demand for specialty
chemicals such as; textile chemicals, auxiliary, dyestuff and textile raw
materials tended to be fluctuating within the last five years in line with the
fluctuating of Indonesian textile industry in general. According to the Central Bureau of Statistics
(BPS) the Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$
4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9 million) in
2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900 tons (US$
4,721.8 million) in 2010 declined to 1,493,3000 tons (US$ 5,563.3 million) in
2011 rose again to 1,508,500 tons (US$ 5,278.1 million) in 2012 and rose again
to 1,633.1 thousand tons (US$ 5,293.6 million) in 2013. The export volume and value of the national
TPT products and garment in 2002 to 2013 are pictured on the following table.
|
Year |
Textile Products
|
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 |
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 1,633.1 |
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 5,293.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 |
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 7,501.0 |
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 2011 amounted to Rp. 210.0 billion
increased to Rp. 240.0 billion in 2012 to Rp. 270.0 billion in 2013 and rose
again to Rp 294.0 billion in 2014. The
operation in 2014 yielded an estimated net profit of at least Rp. 19.0 billion
and the company has an estimated total net worth of at least Rp. 165.0 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 (65) as Director and CEO of the company. He is an
Indonesian businessman of Indian descent with experience for 30 years in
garment manufacturing and trading. In
daily activities, he is assisted by Mr. Mohandas Rajaram Lakhiani (44) 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.62.82 |
|
|
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.