MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. ACE HARDWARE |
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Registered Office : |
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Country : |
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Date of Incorporation : |
3 February 1995 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retailer of Home Improvement Products |
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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Maximum Credit Limit : |
US$ 3,100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Name of Company
P.T. ACE HARDWARE
Address
Head Office &
Showroom
Jalan Puri Kencana
No. 1
Meruya – Kembangan
Phone -
(62-21) 582 2222 (Hunting)
Fax. - (62-21) 582 5588
Building Area - 6 storey
Factory Space - 2,000 sq. meters
Region -
Status - Owned
Outlets
19 outlets
Date of Incorporation
a. 3 February 1995 as
b. 28 October 1997 as P.T. ACE INDORITEL PERKAKAS
c. 28 August 2001 as P.T. ACE HARDWARE
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Justice and Human Rights
No. C-02165
HT.01.04.TH.2006
Dated 25 January
2006
Company Status
Private Company
Permit by the
Government Department
The Directorate General of Tax
NPWP No. 01.721.123.6-035.000
Related Company
The KAWAN LAMA Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized Capital
: Rp.
50,000,000,000.-
Issued Capital : Rp.
40,000,000,000.-
Paid up Capital : Rp.
40,000,000,000.-
Shareholders/Owners :
a. P.T. KAWAN LAMA INTERNUSA - Rp. 39,999,000,000.-
Address : Jl. Puri Kencana 1
Meruya - Kembangan
b. Mr. Kuncoro Wibowo - Rp. 1,000,000.-
Address : Jl. Kembang Harum Utama C-2/9
Kembangan,
BUSINESS ACTIVITIES
Lines of Business:
Retailer of Home Improvement Products
Production Capacity
None
Total Investment
a. Equity Capital - Rp. 40.0 billion
b. Loan Capital - Rp. 30.0
billion
c. Total
Investment - Rp. 70.0 billion
Started Operation
May 1995
Brand Name
KRISBOW
Technical Assistance
ACE HARDWARE of the
Number of Employee
1,200 persons
Marketing Area
Domestic - 100%
Main Customer
a. P.T. GARUDA
b. P.T. P.T.
PANARUB INDUSTRY
c. The ASTRA Group
d. The INDOMOBIL
Group
e. The KRAMAYUDA
Group
f. Industrial
Manufacturing, end users, etc.
Market Situation
Very Competitive
Main Competitors
a. P.T. KARYA
PRIMA SUPLINDO
b. P.T. CATUR
MITRA SEJATI SENTOSA
c. P.T. CATUR
SENTOSA ADIPRANA
d. P.T. CATUR
KARDA DEPO BANGUNAN
e. Etc.,
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank PERMATA Tbk
Jalan Hayam Wuruk No. 84-85
b. P.T. Bank INTERNATIONAL
Wisma BII
Jalan M.H. Thamrin No. 50
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 257.0
billion
2005 – Rp. 275.0
billion
2006 – Rp. 300.0
billion
Net Profit (Loss)
:
2004 – Rp. 17.9 billion
2005 – Rp. 19.2 billion
2006 – Rp. 21.0
billion
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Prabowo Widya Krisnadi
Directors - a. Mr. Paulus Wong
b. Mr. Rudy Hartono
c. Mr. Hartanto Djasmin
Board of Commissioners :
President Commissioner - Mr. Kuncoro Wibowo
Commissioners -
a. Mr. Ijek Widya Krisnadi
b. Mr. Tjiptono Darmadji
Signatories :
President Director (Mr. Prabowo Widya
Krisnadi) or one of the Directors (Mr. Paulus Wong, Mr. Rudy Hartono or Mr.
Hartanto Djasmin) which must be approved by Supervisory Board.
CAPABILITIES
Management Capability :
Good
Business Morality
Good
Credit Risk
Average
Credit Recommendation
Credit should be proceeded with monitor
Proposed Credit
Limit
Small amount – periodical review
Maximum Credit Limit
US$ 3,100,000.- on the 90 days of payments
OVERALL PERFOMANCE
Originally named
P.T. AHI is member company of the KAWAN LAMA Group, a national private business group established by Wang family, a Chinese origin Indonesian business family. They have established P.D. (Perusahaan Dagang) KAWAN LAMA dealing with technical goods trading including hardware and tools. As from 1981, the KAWAN LAMA Group was continued by the second generation, namely Mr. Kuncoro Wibowo (49) and his family members among them are Mr. Ijek Widya Krisnadi (47) and Mr. Prabowo Widyakrisnadi (43). In 1981, the above second generation established P.T. KAWAN LAMA SEJAHTERA (P.T. KLS) known as the continuation of P.D. KAWAN LAMA.
P.T. AHI is engaged in retailer of home improvement products
including hardware, hand/power tools, electrical, plumbing, lawn and garden,
cleaning/paint, automotive parts, building equipment, lock, house wares,
pressure equipment, actuators, flanges and others tools. There are some 50
thousand types of hardware products provided by AHI. P.T. AHI is a franchise
holder of ACE Hardware, the second largest company in the
a.
Jakarta
: Kelapa Gading Mall, Seibu Pasaraya, Megamall Pluit, Mall Puri Indah, Panglima
Polim, Pondok Indah Mall, Artha Gading
b.
c.
d.
Balkpapan,
East Kalimantan : Mall
e.
Batam,
f.
Tangerang,
g.
h.
i.
Bekasi
: Metropolitan Mall
j.
Makassar,
P.T. ACE HARDWARE
The demand for technical equipment including hardware, pressure
equipment, piping systems, fittings, flanges, actuators, gas compressors,
generator and other has kept on rising by 8% to 10% per annum in the last five
years. Such condition was in line with the growth of industrial manufacturing, general
mining industry sectors like oil and gas, industrial refineries, fertilizer
industry, electricity, office building, chemical industry, pharmaceutical
industry, food and beverage companies, pulp and paper, cement and other sectors
requiring the above products. It is projected that the demand growth will be
rising within the next five years. Market competition is very tough on account
of many other similar companies operating in
Until this time P.T. AHI has not been registered with
Indonesian Stock Exchange, so that they shall not obliged to announce their financial
statement. We observed that total sales turnover of the company in 2004
amounted to Rp. 257.0 billion increased to Rp. 275.0 billion in 2005 and to Rp.
300.0 billion in 2006. The operation in 2006 yielded an estimated net profit at
least Rp. 21.0 billion and the company has an estimated total net worth at Rp.
121.0 billion. It is projected that total sales turnover of the company will
increase at least 8% in 2007. We observe that P.T. AHI is supported by
financially strong behind it. So far, we did not hear that the company having
been black listed by the Central Bank (Bank
The management of P.T. AHI is led by Mr. Kuncoro Wibowo (51) a businessman with 23 years of experience in the trading and distribution of tools, machineries and industrial equipment. Daily operation, he is assisted by three directors namely Mr. Paulus Ong (49), Mr. Hartanto Djasmin (50) and Mr. Rudy Hartono (50). The management is quite creative and dynamic, having maintained a wide business relation with private businessmen at home and abroad and with the government sectors as well. We observed that management’s reputation in said business is fairly good. 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.
PT. ACE HARDWARE
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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)