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Report No. : |
305127 |
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Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
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Correct Name : |
PD. CITRA BUSANA |
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Registered Office : |
Jalan Mangga Dua Raya, Ruko Tekstil Mangga Dua Block D-2 No. 33, Jakarta Barat, 17033 |
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Country : |
Indonesia |
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Year of Establishments : |
1994 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Sole Proprietary Company |
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Line of Business : |
Engaged in trading
and Distribution Textile Products (Cloth Croton) usually used for part of
Batik Clothing, Shirts & Jackets |
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No of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
PD. CITRA BUSANA
Head Office
Jalan Mangga Dua Raya
Ruko Tekstil Mangga Dua Block
D-2 No. 33
Jakarta Barat, 17033
Indonesia
Phone -
(62-21) 6128319, 6128320-21
Fax - (62-21)
6128087
Building Area - 4 storey
Office Space - 200 sq. meters
Region - Commercial
Status - Rent
1994’s
Sole Proprietary Company
Not Required
Private National Company
Not Available
None
Capital
Structure :
Owned Capital :
Rp. 650 million
Owner
:
Mr. Gobindram Pitoomal - 100%
Lines
of Business :
Engaged in trading
and Distribution Textile Products (Cloth Croton) usually used for part of Batik
Clothing, Shirts & Jackets
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1994’s
Brand
Name :
None
Technical
Assistance :
None
Number
of Employee :
13 persons
Marketing
Area :
Local -
100%
Main
Customer :
End users, traditional market etc,
Market
Situation :
Very Competitive
Main
Competitors :
a. INDAH JAYA Toko
b. IRA BUSANA
c. ISTANA BUSANA
d. JB COLLECTION
Business
Trend :
Growing
Bankers
:
P.T. Bank CENTRAL ASIA Tbk
Jalan Mangga Dua Raya
Jakarta Barat
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2012 – Rp.
9.0 billion
2013 – Rp. 10.8 billion
2014 – Rp. 11.5 billion
Net
Profit (estimated) :
2012 – Rp. 1.0 billion
2013 – Rp. 1.2 billion
2014 – Rp. 1.4 billion
Payment
Manner :
Slow but Correct
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Gobindram Pitoomal
Board of Commissioners :
None
Signatories :
Director (Mr.
Gobindram Pitoomal) in only the authorized person to sign the loan on behalf of
the company
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Based on search and investigation result the correct name of the Subject is PD. CITRA BUSANA not MANOJ MALOO (Gobind PM) as stated in your order ref. no. 305127 dated 23 January 2015.
PD. CITRA BUSANA (PD. CB) was established in Jakarta in 1994’s with the status of Sole Proprietary Company. Founder and owner of the company is Mr. Gobindram Pitoomal, 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. 650 million and it will be rising in line with the progress of its business operation.
PD. CB has been in operation since 1994’s in trading and distribution textile products (cloth croton) of domestic and import made. Cloth croton usually used for part of batik clothing, shirts & jackets. Mr. Gobindram Pitoomal the owner of PD. CB disclosed that the above merchandising goods are imported from Singapore, India, China and Japan. Besides, they also purchased from various textile manufacturing plants in Jakarta and Bandung, West Java. Croton fabric (lining) is the fabric used as a coating that is located within and directly touch the skin. Croton cloth serves as a cover seam on a dress. Croton euros using the same color fabric with main fabric. Croton fabric can also be used as a coating that is located inside as well as coatings for souvenirs. He went on to say that the above merchandising goods are marketed through various garment and textile shops, and other individuals in Jakarta and its surrounding areas. We observe the operation of PD. CB has been growing in the last three years.
The textile and textile product (TTP) industry is one of the industries that has contrived to with stand the protracted global economic crisis. At a time when the average national industrial utilization rate fell to under 20% in 2008, TTP plants on the other hand were operating at an utilization rate of above 81.6%.
This was attributable to the ability of textile and garment producers to maintain the utilization rate of plants at a high level by aggressively stepping up exports. 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 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to 393,400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0 million) in 2010 rose to 450,900 ton (US$ 7,801.5 million) in 2011 decline to 450,200 tons (US$ (7,304.8 million) in 2012 and increased to 470,200 tons (7,501.0 million) in 2013.
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 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons
(US$ 4,178.0 million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in
2008 rose to 1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons
(US$ 4,721.8 million) in 2010 decreased to 1,493.3 tons (US$ 5,563.3 million)
in 2011 increase to 1,508.5 tons (US$ 5,278.1 million) in 2012 increased to
1,633.1 tons (US$ 5,293.6 million) in 2013. The domestic textile producers are
pessimism the textile export in 2009 could match the export numbers in 2008.
The blow of the global economic crisis is resulted in the reduced of demand from
the export destination countries like the United States (U.S.), Japan, and
European Union region. While this year’s the exports expected fall into US$ 9.7
billion. The Chairman of the Indonesian Textile Association (API), Mr. Benny
Soetrisno said that the decline in global purchasing power caused of the demand
in the Indonesian textile products could not be able to grow as tight as 2008.
The export volume and value of the national TPT products in 2002 to 2013 are
pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 |
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 |
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 |
Source: Central
Bureau of Statistic
Until this time PD. CB has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of PD. CB is very
reclusive towards outsiders and rejected to disclose its financial condition.
We observed that total sales turnover of the company in 2012 amounted to Rp.
9.0 billion increased to Rp. 10.8 billion in 2013 rose to Rp. 11.5 billion in
2014 and projected to go on rising by at least 5% in 2015. The operation in
2014 has yielded a net profit of at least Rp. 1.4 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 is led out by Mr. Gobindram Pitoomal (49), a
businessman who experienced for more than 20 years in the field of trading,
textile products. 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. PD. CITRA BUSANA is sufficiently fairly good for business
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
UK Pound |
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.