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Report No. : |
308804 |
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Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SWAMITEX |
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Registered Office : |
Jalan Arteri Mangga Dua Grosir Textile Block E 4 No. 9 – 10 Jakarta
Utara |
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Country : |
Indonesia |
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Date of Incorporation : |
1998 |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Trading and Importer of Textile Products |
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No. of Employee : |
13 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Indonesia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. The government also faces the challenges of quelling labor unrest and reducing fuel subsidies in the face of high oil prices.
|
Source
: CIA |
The correct of financial
comments is weak, not satisfactory.
SWAMITEX
Head
Office
Jalan Arteri Mangga Dua
Grosir Textile Block E 4 No. 9 – 10
Jakarta Utara
Indonesia
Phones -
(62-21) 6016972, 601 1667, 6017286
Fax - (62-21) 601 6972
Building Area - 3 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
Warehouse
Jalan Arteri Mangga Dua
Grosir Textile Block E 1 No. 15
Jakarta Utara
Indonesia
Phone -
(62-21) 6016979
Fax - (62-21) 6016972
Building Area - 3 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
1998
Sole Proprietary Company
Not Required
National Private Company
Permit by the Government Department :
The Department of
Finance
NPWP No. 06.755.464.024.000
The Department of
Industry and Trade
TDP No. 09.01.5.51.07677
Dated 31 January 2005
Related Company :
None
Capital Structure :
Owned Capital : Rp. 600.0 million
Shareholders/Owners :
Mr. Arjun T.
Chandani - 100%
Lines of Business :
Trading and Importer of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
1989
Brand Name :
None
Technical Assistance :
None
Number of Employee :
13 persons
Marketing Area :
Domestic (Local) - 100%
Main Customer :
Trading and Textile Shops
Market Situation :
Very Competitive
Main Competitors :
a. P.T. YOSHI INDONESIA
b. Toko LAKSANA TEXTILE
c. P.T. SUMBER PROGRESS REJEKI
d. P.T. SUMBER REJEKI JAYA MAKMUR
e. Etc
Business Trend :
Growing
Banker :
P.T. Bank CENTRAL ASIA Tbk
Jalan Arteri Mangga Dua
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2012 – Rp. 11.8 billion
2013 – Rp. 12.6 billion
2014 – Rp. 13.5 billion
Net Profit (estimated) :
2012 – Rp. 0.8 billion
2013 – Rp. 0.9 billion
2014 – Rp. 1.1 billion
Payment Manner :
Average
Financial Comments :
Weak
Board of Management :
Director - Mr. Arjun T. Chandani
Board of Commissioner :
None
Signatories :
Director (Mr.
Arjun T. Chandani) is only the authorized person to sign the loan on behalf of
the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
SWAMITEX or also known Toko SWAMITEX was established in Jakarta in
1998’s with a status of Sole Proprietary Company. Founder and owner of the
company is Mr. Arjun T. Chandani, an Indonesian businessman of Indian descent.
Being as Sole Proprietary Company, the amount of its authorized capital was not
mentioned at the time of its establishment. In our estimate, the company has
own capital of about Rp. 600 million and it will be rising in line with the
progress of its business operation.
Based to our investigation by visited the company at Jalan Arteri Mangga
Dua, Grosir Textile Block E 1 No. 15, we found that the company address is a
warehouse of SWAMITEX. But there is no telephone number of the warehouse. One
of the company staff explained that the company office located near of the
warehouse located at Jalan Arteri Mangga Dua, Grosir Textile Block E 4 No. 9,
Jakarta Utara, with telephone number (021) 601 6972, 601 1667. After we check
and visit the address, one of the company staff disclosed SWAMITEX dealing with
trading and importer of textile products and garment products including lady’s
men wears. The whole product is imported from India.
Based information from P.T. TELKOM that the telephone number un able to
connected and in active. We look and observed the office, but there is a
business activity in that office and the management is also reluctant to give
any information. According to the other source, SWAMITEX registered on Jalan
Arteri Mangga Dua, Grosir Textile Block E 4 No. 9, Jakarta Utara, we found the
company deal with textile products, distributed and supplied to trading and
textile shops which operating in Pasar Pagi Mangga Dua, Tanah Abang, tailor in
Jakarta and surrounding.
In overall views we find the demand for textile products especially
lady’s menswear has kept on rising 6% to 8% per annum in the last five years.
The sharp growth of the demand was in line with the progress achieved in
textile products locals markets. The demand growth is estimated to continually
rising by 6% over the next five years. Market competition is very sharp
considering many other similar companies operating in the country. Toko
SWAMITEX in this case is in a sufficiently fairly good business position in
view of the company has controlled a wide marketing network in Jakarta and
surroundings.
Until this time SWAMITEX has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
We observed that total sales turnover of the company in 2012 amounted to Rp.
11.8 billion increased to Rp. 12.6 billion 2013 to Rp. 13.5 billion in 2014.
The operation in 2014 yielded an estimated net profit at least Rp. 1.1 billion.
It is projected hat total sales turnover of the company will increase at least 5%
in 2015. We observe that SWAMITEX is supported by financially fairly strong
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank Indonesia).
The management of the company is headed by Mr. Arjun T. Chandani (52), a
businessman with more than 19 years experience in trading of textile and
garment products. The management has a
good business reputation in this business and wide relation with private
businessmen of home and overseas as well as with the government sectors. So far, we died not hear the management of
the company has been involved in business malpractices. SWAMITEX or Toko
SWAMITEX is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.