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Report No. : |
349750 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
P.T. TEXMACH IMPEX |
|
|
|
|
Registered Office : |
Jalan Sukakarya II No. 2, Antapani Kidul, Antapani, |
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|
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Country : |
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|
|
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Date of Incorporation : |
02.05.2000 |
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|
|
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Com. Reg. No.: |
AHU-01563.AH.01.02.TH.2013 |
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|
|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Trading and
Distribution of Textile Machinery, Spare Parts and Accessories |
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|
|
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No. of Employees : |
23 |
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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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 |
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Moderate |
B1 |
|
High |
B2 |
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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 |
BASIC SEARCH
|
Name of
Company :
P.T.
TEXMACH IMPEX
A d d r e s s
:
Head Office & Warehouse
Jalan Sukakarya
II No. 2
Antapani Kidul,
Antapani
Bandung, 40282
West Java
Indonesia
Phones -
(62-22) 7104088 (Hunting)
Fax - (62-22) 7215981
E-mail - mia@texmach.co.id
Website - http://www.texmach.co.id
Building Area - 3 storey
Office Space - 300 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2 May 2000
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No.
C-23507 HT.01.01.TH.2000
Dated
2 November 2000
- No.
AHU-01563.AH.01.02.TH.2013
Dated
21 January 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.956.539.9-423.000
The Department of Industry and Trade
TDP No.
101115208081
Dated 19 February
2001
Related
Companies :
a. P.T. ANUGERAH KIMIA MANDIRIJAYA (Trading and
Distribution of Textile Chemicals)
b. P.T. EOCENE COAL INDONESIA (Trading and
Supplier of Coal)
CAPITAL AND
OWNERSHIP
|
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp.
1,000,000,000.-
Paid up Capital : Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. Theodicus Oscar Polana - Rp. 340,000,000.-
Address :
Jl. Bengawan No. 71, RT. 03 RW. 02
Kelurahan
Cihapit, Kecamatan Bandung Wetan
Bandung, West
Java
Indonesia
b. Mr. Eddy Ganda Subrata - Rp. 340,000,000.-
Address : Jl. Cipaku Indah I
No. 27, RT. 02 RW. 02
Kelurahan
Ledeng, Kecamatan Cidadap
Bandung, West
Java
Indonesia
c. Mr. Ricardo Ganda Subrata - Rp. 80,000,000.-
Address :
Jl. Bank I No. 10, RT. 007 RW. 007
Kelurahan
Kemang, Kecamatan Mampang
Prapatan,
Jakarta Selatan
Indonesia
d. Mr. Bob Franciscus Polana - Rp. 80,000,000.-
Address : Jl. Seruni CC. 17,
RT. 03 RW. 09
Kelurahan
Langenharjo, Kecamatan Grogol
Sukoharjo,
Central Java
Indonesia
e. Mrs. Irma Maria Polana - Rp. 80,000,000.-
Address :
Jl. Setra Duta Raya Block L4 No. 3, RT. 05
RW. 01,
Kelurahan Ciwaruga, Kecamatan
Parompong,
Bandung, West Java
Indonesia
f. Mr. Tanu Hibari Lilie -
Rp. 80,000,000.-
Address : Jl. Dian Indah I No.
17, RT. 004 RW. 012
Kelurahan
Babakan, Kecamatan Babakan
Ciparay,
Bandung, West Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines of
Business :
Trading and
Distribution of Textile Machinery, Spare Parts and Accessories
Production Capacity :
None
Total Investment :
None
Started Operation :
June 2000
Brand Name :
Texmach Impex
Technical Assistance :
None
Number of Employee :
23 persons
Marketing Area :
Local - 100%
Main Customer :
Textile industries
Market Situation :
Very Competitive
Main Competitors :
a. P.T. AGANSA PRIMATAMA
b. C.V. BINTANG PERMATA
c. C.V. LEMBANG
d. P.T. ROLESA ABADI
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s
:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Asia Arika No. 122-124
Bandung, West Java
b. P.T. Bank DANAMON INDONESIA Tbk
Jalan Asia Afrika No. 180
Bandung, West Java
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2012 – Rp. 27.0
billion
2013 – Rp. 29.0
billion
2014 – Rp. 31.0
billion
Net Profit
(estimated) :
2012 – Rp. 1.6
billion
2013 – Rp. 1.7
billion
2014 – Rp. 1.8
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY
EXECUTIVES
|
Board of Management :
President Director - Mr. Theodicus Oscar Polana
Director -
Mr. Ricardo Ganda Subrata
Board of Commissioners :
President Commissioner -
Mr. Eddy Ganda Subrata
Commissioners -
a. Mr. Bob Franciscus Polana
b. Mrs. Irma Maria Polana
c. Mr. Tanu Hibari Lilie
Signatories :
President Director (Mr.
Theodicus Oscar Polana) or the Director (Mr. Ricardo Ganda Subrata) which must
be approved by Board of Commissioner
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
Based on search and investigation the correct name of the Subject is
P.T. TEXMACH OMPEX not Theodicus Oscar Polana as stated in your order ref. no.
349750 dated 7 November 2015. Theodicus Oscar Polana is the owner and director
of P.T. TEXMACH IMPEX.
P.T. TEXMACH IMPEX (P.T. TI) was established in Bandung, West Java based
on notary deed Mrs. Irene Ratnaningsih Handoko, SH., no. 2 dated 2 May 2000
with an authorized capital of Rp. 200,000,000 issued capital of Rp. 180,000,000
entirely paid up. The founding and shareholders of the company originally are
Mr. Theodicus Oscar Polana, his son Mr. Bob Franciscus Polana and Mr. Surya
Wahyudi, they are Indonesian businessmen of Chinese extraction. Its article of
association had been changed and according to the latest revision of notary
deed Mrs. Irene Ratnaningsih Handoko, SH., no. 06 dated 14 December 2012 the
company authorized capital was increased to Rp. 1,000,000,000 wholly issued and
paid up. On the same occasion Mr. Surya Wahyudi pulled out and into the company
entered by Eddy Ganda Subrata, his son Mr. Ricardo Ganda Subrata, Mrs. Irma
Maria Polana and Mr. Tanu Hibari Lilie, all are Indonesian businessmen of
Chinese extraction. With this time the composition of its shareholders has been
changed to become Mr. Theodicus Oscar Ponana (34%), his son and daughter Mr.
Bob Franciscus Polana (8%), Mrs. Irma Maria Polana (8%), Mr. Eddy Ganda Subrata
(34%) his son Mr. Ricardo Ganda Subrata (8%) and their partner Mr. Tanu Hibari
Lilie (8%). The deed of amendments was approved by the Ministry of Law and
Human Rights in its decision letter No. AHU-01563.AH.01.02.TH.2013 dated
January 21, 2013.
P.T. TI is a national private company started with operating since June
2000 dealing with trading and distribution of textile machinery, spare parts
and accessories. Originally the company operates in trading and distribution of
yarns and textile machinery, spare parts and accessories. The company sells of
various yarns products among others are cotton yarn, polyester/wool yarn, polyester
blended, combed yarn, polyester yarn, linen yarn, carded yarn,
polyester/acrylic yarn, viscose yarn and others. However since the end 2010 the
company’s operation focused in textile machinery, spare parts and accessories.
The merchandise goods products are water jet loom, dobby parts, air jet loom,
rapier loom, roll to roll machine, and others. According information the whole
products imported from India and China by using SUNTECH, SUNWIN brands both of
China, LAKSHMI and NAVAL brands both are of India. The whole products is
supplied to several textile industries like INDORAMA Group, PANAYSIA Group,
P.T. SIPATEX PUTRI LESTARI, P.T. SARI WARNA ASLI TEXTILE and others textile
industry operating in Bandung, West Java. The occurring of the sharp Rupiah depreciation
against the US$ Dollar and economic slowdown has bad impact on P.T. TI’s
business performance due to the upswing its supported materials and sharp rise
in production cost. We figure the operation of P.T. TI has been running well
and 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, increased to 470,200 tons (7,501.0
million) in 2013 and 463,900 tons (US$ 7,450.9 million) in 2014.
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 and 1,815.6 tons (US$ 5,379.9 million( in
2014. 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) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 |
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 |
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 |
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 |
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 |
Until this time P.T. TI has not been registered with Indonesian Stock
Exchange, so that they had not obliged to announce their financial statement.
The management of P.T. TI 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. 27.0 billion increased to Rp. 29.0 billion in
2013 rose to Rp. 31.0 billion in 2014 and projected to go on rising by at least
4% in 2015. The operation in 2014 yielded an estimated net profit of at least
Rp. 1.8 billion and the company has an estimated total networth of at least Rp.
4.0 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 management of P.T. TI is led by Mr. Theodicus Oscar Polana (76) a
businessman and professional manager with experience in trading, import and
distribution of textile machinery, spare parts and accessories. Daily activity
he is assisted by Nr. Ricardo Ganda Subrata (56) as Director. 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. In view of the economic slowdown in the country we
recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.