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Report No. : |
352325 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. LAXMIRANI MITRA
GARMINDO |
|
|
|
|
Registered Office : |
Gedung
Menara Era, 11th Floor, Unit 1101-1102, Jl. Senen Raya No. 135-137 Jakarta
Pusat 10410 |
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|
|
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Country : |
Indonesia |
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|
|
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Year of Establishment : |
2006 |
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|
|
|
Legal Form : |
P.T. (Perseroan Terbatas) or Limited
Liability Company |
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|
|
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Line of Business : |
Subject is garment manufacturing |
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|
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No. of Employee : |
540 |
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 |
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Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No complaints |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom. 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, a current account deficit, and unequal resource distribution among regions. President Joko WIDODO - elected in July 2014 - has emphasized maritime and other infrastructure development, and especially increased electric power capacity, since taking office. Fuel subsidies were almost completely removed in early 2015, a move which could help the government increase spending on its development priorities. Indonesia, with the nine other ASEAN members, will continue to move towards participation in the ASEAN Economic Community, though full implementation of economic integration will not be completed by the previously-set deadline of year-end 2015.
|
Source
: CIA |
P.T. LAXMIRANI MITRA GARMINDO
Head Office
Gedung
Menara Era, 11th Floor, Unit 1101-1102
Jl.
Senen Raya No. 135-137
Jakarta
Pusat 10410
Indonesia
Phones -
(62-21) 351 1157 (hunting)
Fax. - (62-21) 350 8580
Email - info@laxmi.co.id
Website - http://laxmi.co.id
Building Area - 15 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Rent
Factory
Kp.
Tenjo Ayu, RT.02 / RW.01
Kecamatan
Cicurug
Sukabumi
43349, West Java
Indonesia
Phones - (62-266) 732 7001, 732 319
Fax. -
(62-266) 732 717
Land Area - 6,500 sq.
meters
Building Area - 4,200 sq. meters
Region - Industrial
Zone
Status - Owned
Date
of Incorporation :
2006
Legal
Form :
P.T. (Perseroan Terbatas) or Limited Liability
Company
Company
Reg. No. :
The Ministry
of Law and Human Rights
a. No. AHU-26393.AH.01.02.Tahun 2008
Dated 19
May 2008
b. No. AHU-AH.01.10-23145
Dated 11
June 2013
Company
Status :
National Private Company
Permit
by the Government Department :
The
Department of Finance (Tax License No.)
NPWP No. 01.837.240.9-023.000
Related/Affiliated
Company :
Not available
Capital
Structure :
Authorized Capital -
Rp. 7,000,000,000.-
Issued Capital -
Rp. 7,000,000,000.-
Paid up Capital -
Rp. 7,000,000,000.-
Shareholders/Owners
:
a. Mr. Kishin Dayaram Melwani - Rp. 4,200,000,000.- (60%)
Address :
Jl. Maluku No. 9-A
Central Jakarta Jakarta
Indonesia
b. Mr. Shashi Melwani - Rp. 2,800,000,000.- (40%)
Address :
Jl. Maluku No. 9-A
Central Jakarta
Indonesia
Lines
of Business :
Garment Manufacturing
Production
Capacity :
Garments - 2,400,000 pieces p.a.
Total
Investment :
a. Own Capital - Rp. 40.0 billion
b. Loan Capital - Rp. 20.0 billion
c. Total Investment - Rp. 60.0 billion
Started
Operation :
2007
Brand
Name :
On the order basis
Technical
Assistance :
None
Number
of Employee :
540 persons
Marketing
Area :
Export -
100 % (USA, Australia and European Market)
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. LEADING GARMENT MFG
b. P.T. KUSHENDY ASRIBUSANA
c. P.T. KURNIA MANUNGGAL PERKSA
d. P.T. KARWELL INDONESIA
e. P.T. JAYA GARMENT SUKSES MAKMUR
Business
Trend :
Growing
B
a n k e r s :
a. P.T. Bank
CENTRAL ASIA Tbk
Gunung Sahari Branch
Jl. Gunung Sahari No. 45
Jakarta Pusat
Indonesia
b. P.T. Bank
MANDIRI Tbk
Ruko Segitiga Senen Blok E 21-22
Jl. Senen Raya No. 135
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2012 – Rp. 155.0 billion
2013 – Rp. 174.0 billion
2014 – Rp. 192.0 billion
2015 – Rp. 104.0 billion (January – June)
Net
Profit (estimated) :
2012 – Rp. 10.5 billion
2013 – Rp. 11.8 billion
2014 – Rp. 13.0 billion
2015 – Rp.
7.0 billion (January – June)
Payment
Manner :
Almost Promptly
Financial
Comments :
Fairly
Board of Management :
Director - Mr.
Shashi Melwani
Board of Commissioner :
Commissioner - Mr. Kishin
Dayaram Melwani
Signatories :
Director (Ms.
Shashi Melwani) which must be approved by the Board of Commissioner (Mr. Kishin
Dayaram Melwani)
Management Capability :
Fairly
Business Morality :
Fairly
P.T. LAXMIRANI MITRA GARMINDO (P.T. LMG) was
established in 2006 in Jakarta. However, we don’t know the amount of the company’s capital
and initial shareholders. The articles of
association of the company have frequently been changed and the most recently
by Notary Deed No. 01 dated May 16, 2013 was made by Johnsons Anthony Tanthio,
SH., the authorized capital was raised to Rp. 7,000,000,000.- entirely was
issued and fully paid up. The
shareholders of the company are Mr. Kishin Dayaram Melwani (60%) and Mr. Shashi
Melwani (40%), both are Indonesian businessmen of Indian extraction. This amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No. AHU-AH.01.10-23145
dated June 11, 2013.
P.T. LMG is a private company to deal with
garment manufacturing such as; men shirts, sweat shirts, bottoms, knits and mix
sets. The plant located at Desa Tenjo
Ayu, RT.02, RW.01, Cicurug district, Sukabumi, West Java, where it stands on a
6,500 square meters landsite. The plant has been in operation since 2007 with
an installed production capacity of 200,000 pieces of garments per month. Ms. Lestari, an administrative staff of P.T.
LMG explained that the company entire products in the form of brassieres are
exported particularly to USA, Australia and Europe countries. Their products
are being offered to the global brands like NewYorker, Family Dollar Stores,
Shopko, SeanJohn, Gymboree, LPP-Reserved, Landmark Group, Lolytogs, Animal,
Mavi, Mustang, Russel Athletic, Walmart, Target/Australia and K-Mart/Australia.
The brand-name of the company products is made based on order of buyers. We
observed that P.T. LMG is classified as a medium sized company of its kind in
the country of which the operation has been growing in the last three years.
Generally, the demand for garment including
ladies under wear, 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. The country’s garment industry is facing
serious marketing problem not only in the country but also abroad. The textile
and textile product (TTP) industry is one of the industries that has contrived
to with stand the protracted global economic crisis.
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 to
1,633.1 thousand tons (US$ 5,293.6 million) in 2013 and to 1,815.6 thousand
tons (US$ 5,379.9 million) in 2014. The export volume and value of the national
TPT products in 2002 to as of January 2015 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 2014 2015* |
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 1,815.6 153.0 |
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 5,379.9 421.6 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 35.4 |
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 7,450.9 594.5 |
Source: Central Bureau of Statistic and *) as of
January 2015
Until this time P.T. LMG has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement and the company’s management is very reticent to outsiders about
finances. We observed that total sales turnover of the company in 2012 amounted
to Rp. 155.0 billion increased to Rp. 174.0 billion in 2013 and rose again to
Rp. 192.0 billion in 2014. The operation
in 2014, its estimated the company has yielded a net profit of at least Rp.
13.0 billion and the company has an estimated total assets at least Rp. 80.0
billion. It is projected that total
sales turnover of the company will increase at least 8% in 2015. So far, we did not hear that the company having
been black listed by the Central Bank (Bank Indonesia). The company usually
pays its debts punctually to suppliers.
P.T. LMG's management is led by Mr. Shashi
Melwani (41) a young businessman with more than 15 years experienced in garment
manufacturing and trading. Daily
activity he is assisted by his father Mr. Kishin Dayaram Melwani (74) as
commissioner. The management is also
backed and handled by experts and professional staff officers. 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.
P.T. LAXMIRANI MITRA GARMINDO 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.66.80 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.72.52 |
|
IDR |
1 |
Rs. 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.