|
Report No. : |
341058 |
|
Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MHT TOKO |
|
|
|
|
Registered Office : |
Ruko
Tekstil Mangga Dua Block C-3 No. 33, Jalan Arteri Mangga Dua, Mangga Dua
Selatan, Sawah Besar, Jakarta Pusat, 14430 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
2012 |
|
|
|
|
Legal Form : |
Sole
Proprietary Company |
|
|
|
|
Line of Business : |
Trading and
Retailer of Textile Products. |
|
|
|
|
No. of Employees : |
5 |
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 – 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 |
|
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 |
Name
of Company:
MHT Toko
Address:
Head
Office
Ruko
Tekstil Mangga Dua Block C-3 No. 33
Jalan
Arteri Mangga Dua
Mangga
Dua Selatan, Sawah Besar
Jakarta
Pusat, 14430
Indonesia
Phones -
(62-21) 6016 678, 6007 187, 6007 188, 6011 376
Mobile Phone - 0817 777 933, 085
7777 8888 7 (Mr. Mahesh K. Daswani)
Fax - (62-21) 6007 189
E-mail - mashdee@hotmail.com
Building Area - 3 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2012’s
Legal
Form :
Sole
Proprietary Company
Company
Reg. No. :
Not
Required
Company
Status :
Private
Company
Permit
by the Government Department :
The
Department of Finance
Not
Available
Related
Company :
P.T.
KARUNIA PRIMA GARMINDO (Trading and Distribution of Branded Apparels)
Capital
Structure :
Capital
:
Rp. 200.0 million
Owner
:
Mr.
Mahesh Kumar Daswani
Lines of Business :
Trading and Retailer
of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2012’s
Brand Name :
MHT
Technical Assistance
:
None
Number of Employee :
5 persons
Marketing Area :
Local - 100%
Main Customer :
Taylors and traders
Market Situation :
Very Competitive
Main Competitors :
a. Toko ABADi
b. Toko BUTIQ
c. Toko MAHESSA
d. Toko TOLAMO
e. Etc.
Business Trend :
Growing
B
a n k e r :
P.T.
Bankc CENTRAL ASIA Tbk
Jalan
Arteri Mangga Dua Raya Block C-5
Jakarta
Pusat
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2012
– Rp. 3.9 billion
2013
– Rp. 4.6 billion
2014
– Rp. 5.2 billion
Net
Profit (estimated) :
2012
– Rp. 300 million
2013
– Rp. 320 million
2014
– Rp. 350 million
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Mahesh Khumar Daswani
Manager -
Mr. Haresh Khumar Karnani
Board of Commissioners :
None
Signatories :
Director
(Mr. Mahesh Khumar Daswani) is only the authorized person to sign the loan on
behalf of the company.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
MHT Toko was established in Jakarta in 2012’s with the
status of Sole Proprietary Company. The company was founded by Mr. Mahesh Khumar
Daswani, an Indonesian businessman of India 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.
200 million and it will be rising in line with the progress of its business
operation.
MHT Toko is a Sole Proprietary Company started with
operating since 2012’s dealing with trading, retailer and distribution of
textile products. Mr. Haresh Khumar Karnani, Manager of the company explained
some of the polyester fabric, TR fabric, wool clothing and others textile
products obtained from West Java, Central Java, and others. Besides, the
company also sells of textile products like wool clothing which imported from
Italy, Spain, India and others countries. Later the whole products marketed
locally to various trader and shops of textile, tailor made and others in
Jakarta and surroundings. We observe MHT Toko is classified a small sized
company of its kinds in Jakarta with operation has been growing with slowly in
the last three years.
Based on the forecast from some economists, Indonesia’s
economic growth in 2015 is still challenging. Bank Indonesia has decided to
maintain the BI Rate at 7.75% based on the evaluation of the 2015 economic
outlook. This is also in line with the efforts to steer inflation around 4% by
2015, while supporting the control of the current account deficit to a more
healthy level. The Rupiah currency is predicted to be in the average range of
Rp. 12,500 per US dollar until mid 2015. Bank Indonesia estimates that
Indonesia’s economic growth will be around 5.4 to 5.8% in 2015. The above
conditions indicate that in general, Indonesia’s economic condition is not
growing optimally and mainly focuses on maintaining economic stability.
Indonesia National Budget Plans 2015, the government has predicted the
following 2015 global economic challenges which cover; uncertain global economy
triggered by either economic downturn or economic crisis in many countries; the
risk caused by the fluctuating global commodity prices, especially the raw oil
price; commitment to support the ASEAN Economic Community (AEC); and
implementation of the global development agenda post 2015. Meanwhile, the
forecasted 2015 domestic economic challenges will cover:
An increase in the slowing down of economic growth; risk
in the domestic financial market; imbalanced payment balance sheet; and reduced
social gap. It is estimated that industrial growth equal to or less compared to the previous year.
Until this time MHT Toko has not been registered with
Indonesian Stock Exchange, so that they had not obliged to announce their
financial statement. The management of the company 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. 3.9 billion
increased to Rp. 4.6 billion in 2013 rose to Rp. 5.2 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. 350 million. 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 MHT Toko is led by Mr. Mahesh Khumar
Daswani (50) a businessman with experience in trading, retailer and
distribution of 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.
MHT Toko is sufficiently fairly good for business cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.