|
|
|
MIRA INFORM REPORT
|
Report No. : |
499322 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. VELVET TEKSTIL INDONESIA |
|
|
|
|
Registered Office : |
Jalan Raya Laswi No. 22, RT.03/RW.03, Desa Padaulun, Majalaya,
Bandung, West Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
AHU-06251.40.22.2014 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Praying Carpet (Sajadah)
Manufacturing |
|
|
|
|
No. of Employees : |
165 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s
annual budget deficit is capped at 3% of GDP, and the Government of Indonesia
lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian
financial crisis in 1999 to 33% today. While Fitch and Moody's Investors
upgraded Indonesia's credit rating to investment grade in December 2011,
Standard & Poor’s has yet to raise Indonesia’s rating to this status amid
several constraints to foreign direct investment in the country, such as a high
level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among its regions. President Joko WIDODO - elected in July
2014 – seeks to develop Indonesia’s maritime resources and pursue other
infrastructure development, including significantly increasing its electrical
power generation capacity. Fuel subsidies were significantly reduced in early
2015, a move which has helped the government redirect its spending to
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 has not yet materialized.
|
Source
: CIA |
BASIC
SEARCH
|
Name of Company :
P.T. VELVET TEKSTIL
INDONESIA
Address :
Head Office &
Factory
Jalan Raya Laswi No.
22, RT.03/RW.03
Desa Padaulun,
Majalaya
Bandung, West Java
Indonesia
Phones -
(62-22) 5956347, 5957347
Fax
- (62-22) 5956387
E-mail -
shamsony@hotmail.com
Land Area -
8,700 sq. meters
Building Area - 6,000 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-AH.01.10-23019
Dated 4 November 2008
b. No. AHU-08717.AH.01.02.Tahun 2009
Dated 20 March 2009
c. No. AHU-06251.40.22.2014
Dated 03 May 2014
Company Status :
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.544.676.6-444.00
Affiliated/Associated
Companies :
a. PT. AARTI JAYA (Garment,
Gift and Hajj Equipment Manufacturing)
b. BURSA SAJADAH SHOP
(Trading of Hajj Equipment and Accessories)
c. AROPAH SHOP
(Trading and Retail of Gifts)
CAPITAL
AND OWNERSHIP
|
Capital Structure :
Authorized Capital - Rp. 5,000,000,000.-
Issued Capital - Rp.
5,000,000,000.-
Paid up Capital - Rp.
5,000,000,000.-
Shareholders/Owners :
a. Mr. Syahir Karim Vasandani - Rp. 2,750,000,000.- (55.0%)
Address : Jl. Leuwi Sari Raya No. 34
Kebon Lega,
Bandung
West Java
Indonesia
b. Mrs. Heera Syahir Karim - Rp. 1,250,000,000.- (25.0%)
Address : Address : Jl. Leuwi
Sari Raya No. 34
Kebon Lega,
Bandung
West Java
Indonesia
c. Mr. Zulfa Abubakar Sungkar, ST - Rp. 1,000,000,000.- (20.0%)
Address : Jl. Batununggal Molek
I/39
Batununggal,
Bandung
West Java
Indonesia
BUSINESS
ACTIVITIES
|
Lines of Business:
Praying Carpet (Sajadah)
Manufacturing
Production Capacity :
Praying Carpets - 40,000 dozen per
month
Total Investment :
Owned Capital - Rp. 5.0
billion
Started Operation :
2006
Brand Name :
VELTEKSA
Technical Assistance
:
None
Number of Employee :
165 persons
Marketing Area :
Local - 100%
Main Customers :
Traditional Markets
and retail shops
Market Situation :
Very Competitive
Main Competitors :
Home Industries
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
|
B a n k e r s :
a. P.T. Bank MANDIRI
Tbk
Jl. Asia Afrika No. 51
Bandung, West Java
Indonesia
b. P.T. Bank CENTRAL
ASIA Tbk
Jl. Asia Afrika No. 122-124
Bandung, West Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record
in our database
FINANCIAL
FIGURE
|
Annual Sales
(estimated) :
2013 – Rp. 54.0
billion
2014 – Rp. 60.0
billion
2015 – Rp. 67.0
billion
2016 – Rp. 74.0
billion
2017 – Rp. 82.0
billion
Net Profit
(estimated) :
2013 – Rp. 2.7
billion
2014 – Rp. 3.0
billion
2015 – Rp. 3.4
billion
2016 – Rp. 3.8
billion
2017 – Rp. 4.5
billion
Payment Manner :
Average
Financial Comments :
Fairly
KEY
EXECUTIVES
|
Board of Management :
President Director - Mrs. Heera Syahir Karim Vasandani
Director -
Mr. Zulfa Abubakar Sungkar, ST
Board of Commissioners :
Commissioner -
Mr. Syahir Karim Vasandani
Signatories :
President Director (Mrs. Heera Syahir Karim Vasandani) or Director
(Mr. Zulfa Abubakar Sungkar, S.T.) which must be approved by Board of Commissioner
(Mr. Syahir Karim Vasandani)
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
|
P.T. VELVET TEKSTIL INDONESIA (P.T. VTI) was established in
Bandung, West Java, in 2006 with the authorized capital of Rp. 1,200,000,000
issued capital of Rp. 200,000,000 fully and paid up. The founding shareholders
of the company are Mr. Syahir Karim Vasandani with his sons Mr. Sham Sony
Syahir Karim Vasandani and Mrs. Heera Syahir Karim Vasandani, they are
Indonesian business family of Indian origins.
Its articles of association have subsequently been changed for several
times. In March 2008 the issued capital
was raised to Rp. 300,000,000 fully and paid up. The deed of amendment was
approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-AH.01.10-23019, dated November 4, 2008.
In December 2008, the authorized capital was raised again to Rp. 5,000,000,000.-
entirely was issued and fully paid up. The Deed of amendment was approved by
the Ministry of Law and Human Right in its Decision Letter No.
AHU-08717.AH.01.02.Tahun 2009 dated March 20, 2009. The most recently by Notary Deed of Mayasari
Soegiharto, SH., No. 5 dated April 03, 2014, concerning the change in
composition of the Company’s board of Directors and Commissioners. 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-06251.40.22.2014 dated May 03, 2014.
P.T. VTI started with operating since 2006 to deal with
praying carpet (sajadah) manufacturing by manages a plant located at Jalan Raya
Laswi No. 22, Padaulun, Majalaya, Bandung, West Java standing on a land of
8,700 sq. meters. The construction of
the plant has absorbed an investment of Rp. 5.0 billion originally come from
owned capital. At present, the plant
produces of praying carpet (sajadah) of 40,000 dozen per month. The whole
products marketed in the country to various traditional markets through out
Indonesia by using VELTEKSA brand. Most
of raw material like yarns and fabrics uses local products. The company also produces praying carpet
under job orders from their buyers in the country and also from it affiliated
company Bursa Sajadah Shop and various Moslem textile shops and Mosque in the
country. We observed that P.T. VTI 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, demand for textile and textile product,
including velvet, georgette, denim, praying carpet and garments has been
fluctuating in the last five years.
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 and dropped to 1,481.7 thousand tons (US$ 4,415.0 million) in 2015 and
rose again to 1,563.9 thousand tons (US$.4,60.0 million) in 2016. The export volume and value of the national
TPT products in 2002 to 2016 are pictured on the following table.
|
Year |
Textile Products
|
Garment |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 |
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 1,481.7 1,563.9 |
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 4,415.0 4,660.0 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 378.6 425.9 |
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 6,410.9
7,212.6 |
Until this time P.T. VTI has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. Therefore, the company has no obligation to publish financial statement
publicly. We have checked to Department of Trade and Industry and found that no
financial statement has been reported. P.T. VTI’s management is very reclusive
to outsider and rejecting to disclose its financial condition but we estimated
the total sales turnover of the company in 2015 amounted to Rp. 67.0 billion
increased to Rp. 74.0 billion in 2016 and rose again to Rp. 82.0 billion in
2017. The operation in 2017 yielded a
net profit at least Rp. 4.5 billion and the company has a total net worth of
Rp. 55.0 billion. It is projected that
total sales turnover of the company will increase at least 8% in 2018. So far we did not hear that P.T. VTI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The management of P.T. VTI is led by Mrs. Heera Syahir
Karim Vasandani (39) a young businesswoman with experience for 10 years in
praying carpet (sajadah) manufacturing.
But, we believed that the prime-mover of the company is Mr. Syahir Karim
Vasandani (69), a businessman with more than 27 years experience in praying
carpet and velvet manufacturing and trading. The management is handled by
experienced staff in this business, having maintained a wide business relation
with private businessmen at home and abroad as well as with government sectors.
So far, we did not hear that the company’s management involved in a dirty
business practice or detrimental cases that settled in the country. The
company’s litigation record is clean and it has not registered with the black
list of Bank of Indonesia.
P.T. VELVET
TEKSTIL INDONESIA 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 |
INR 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.77 |
|
IDR |
1 |
INR 0.0045 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.