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MIRA INFORM REPORT
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Report No. : |
506275 |
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Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PD. SURTEX |
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Registered Office : |
Sunter
Permai Jaya Block A2 No. 12A, Sunter Agung, Tanjung Priok Jakarta
Utara, 14350 |
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Country : |
Indonesia |
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Date of Incorporation : |
2014 |
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Legal Form : |
Sole
Proprietary Company |
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Line of Business : |
Trading, Grocery
and Distribution of Textile Products |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.
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.
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Source
: CIA |
COMPANY
NAME AND ADDRESS
Name
of Company :
PD.
SURTEX
A
d d r e s s :
Head Office
Sunter
Permai Jaya Block A2 No. 12A
Sunter
Agung, Tanjung Priok
Jakarta
Utara, 14350
Indonesia
Phone -
(62-21) 651 7603
Fax - (62-21) 651 7603
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2014’s
Legal
Form :
Sole
Proprietary Company
Company
Reg. No. :
Not
Required
Company
Status :
Private
National Company
Permit
by the Government Department :
Not
Available
Related
Companies :
None
CAPITAL
AND OWNERSHIP
Capital Structure :
Authorized Capital : Rp. 350 million
Shareholders/Owners :
Mr. Furad Surtex
BUSINESS
ACTIVITIES
Lines of Business :
Trading, Grocery and
Distribution of Textile Products
Production Capacity :
None
Total Investment :
None
Started Operation :
2014’s
Brand Name :
PD. Surtex
Technical Assistance
:
None
Number of Employee :
5 persons
Marketing Area :
Local - 100%
Main Customer :
Trader and shops of
textile products
Market Situation :
Very Competitive
Main Competitors :
a. PD. AKSARA TEXTILE
b. DJ TEX
c. PD. FAJAR INDAH
d. PD. RUPA JAYA
TEXTILE
e. Etc.
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r :
P.T.
Bank CENTRAL ASIA Tbk
Jalan
Griya Utama No. 3
Sunter
Agung, Tanjung Priok
Jakarta
Utara, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2015
– Rp. 7.6 billion
2016
– Rp. 8.0 billion
2017
– Rp. 8.5 billion
Net
Profit (estimated) :
2015
– Rp. 0.5 million
2016
– Rp. 0.6 million
2017
– Rp. 0.7 million
Payment
Manner :
No Complaints
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
Director - Mr. Furad Surtex
Board of Commissioners :
None
Signatories :
Director
(Mr. Furad Surtex) is only the authorized person to sign the loan on behalf of
the company
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
PD. SURTEX was
established in Jakarta in 2014’s with the status of sole proprietary company.
Founder and owner of the company is Mr. Furad Surtex, an Indonesian businessman
of India descent. Being as a sole proprietary company, the amount of its
capitalization was not mentioned at the time of its establishment. We estimate
the company has own capital of about Rp. 350 million and it will be rising in
line with the progress of its business operation.
PD. SURTEX has
been operating in 2014’s engaged in the field of trading, grocery and
distribution of textile products. According information the company sells of
cotton fabric and polyester fabrics for pants and shirts such as Simfony, Google
fabrics and many more. Mr. Furad Surtex, Director and owner of the company
explained the whole products obtained from textile industries with operating in
Bandung, West Java. Further Mr. Furad Surtex explained the whole products
marketed locally through various textile shops which operating in Pasar Pagi,
Mangga Dua, Tanah Abang and other tailor in Jakarta and surroundings. We
observe that PD. SURTEX is classified a small sized company of its kinds in
Jakarta which operation has been developing well in the last three years.
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. PD. SURTEX 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 PD. SURTEX 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 2015 amounted to Rp. 7.6 billion
increased to Rp. 8.0 billion in 2016 rose to Rp. 8.5 billion in 2017 and
projected to go on rising by at least 5% in 2017. The operation in 2017 yielded
an estimated net profit of at least Rp. 0.7 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 PD. SURTEX is headed by Mr. Furad Surtex (54), a businessman with
experienced in trading, grocery 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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.77 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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IDR |
1 |
INR 0.0048 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.