MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
P.T. ARIF RAHMAN PERSADA |
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Registered Office : |
Jl. Media
Kebantenan No. 41 A, RT.03/RW.02, Kel. Semper Timur, Jakarta Utara 14130 |
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Country : |
Indonesia |
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Date of Incorporation : |
16.06.2004 |
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Com. Reg. No.: |
No. C-25925.HT.01.01.TH.2004 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Export-Import Services |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name of Company
P.T. ARIF RAHMAN PERSADA
Address
Head Office
Jl. Media Kebantenan
No. 41 A, RT.03/RW.02
Kel. Semper Timur
Jakarta Utara 14130
Land Area - 5,500 sq. meters
Building Space - 1,200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
16 June 2004
Legal Form
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No. C-25925.HT.01.01.TH.2004
Dated 18 October 2004
Company Status
Domestic Private Company
Permit by the Government
Department
The Department of Finance
NPWP No. 02.873.9-043.000
Related Company
Not Available
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners
a. Mr. Diding
Suhardi - 80%
b. Others - 20%
BUSINESS ACTIVITIES
Lines of
Business:
a. Trading and
Export-Import Services
b. Land
Transportation Services
Production
Capacity :
Trucking - 45 units head
Total
Investment :
Owned Capital - Rp. 5.0
billion
Started
Operation :
2004
Brand Name :
ARP
Technical
Assistance :
None
Number of
Employee :
80 persons
Marketing Area
:
Local - 100%
Main Customers
:
a. Textile and Garment
Industries
b. Agriculture
Export Companies
c. Rattan
Furniture Companies
d. Etc.
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. SENTOSA
ABADI PRIMA
b. P.T. NITA
CARGO
c. P.T. EKA
NUSANTARA
d. P.T. WAHANA
INDO TRADA
e. Etc.
Business Trend
:
Declining
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank MANDIRI
Tbk.
Mandiri Plaza
Jl. Gatot Subroto
Kav. 36-38
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No detrimental
filing was recorded at the local court.
FINANCIAL FIGURE
Annual Sales
(estimated) :
2005 – Rp. 7.6 billion
2006 – Rp. 7.2 billion
2007 – Rp. 6.5 billion
2008 – Rp. 3.1 billion (January-June)
Net Profit
(estimated) :
2005 – Rp. 750
million
2006 – Rp. 700
million
2007 – Rp. 620
million
2008 – Rp. 280
million (January-June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director -
Mr. Diding Suhardi
Board of Commissioners :
Commissioner -
Not available
Signatories :
The Directors (Mr.
Diding Suhardi) which must be approved by Board of Commissioner.
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$ 75,000 on 90 days D/A
OVERALL PERFOMANCE
P.T. ARIF RAHMAN PERSADA (P.T. ARP) was established in Jakarta on June 16,
2004 with an authorized capital of Rp. 1,000,000,000 issued and paid up capital
of Rp. 500,000,000. The founding and original shareholders of the company are
Mr. Ir. Abdurrouf Siregar, Mr. Agus Suhendar and Mr. Haji Usup Karta, the three
are indigenous businessmen. The notary deed of the company was made by a public
notary office in Jakarta, was approved by the Ministry of Law and Human Right
in its Decision Letter No. C-25925.HT.01.01.TH.2004, dated October 18,
2004. We heard that in early 2008
whole shareholders withdrew and their shares were taken over by Mr. Diding
Suhardi and several other businessmen.
However, we have yet to gain the revised articles of association of the
company to date.
P.T. ARP has been in operation in since mid-2004 dealing with trading
and export-import services. Mr. Diding
Suhardi, the director of the company said that his company imports various
kinds of spices from various countries (China, India, etc) ordered by various
private companies in the country. His
company also export local spices to various countries based on orders from its
buyers in overseas. Besides that the
company is also dealing with trucking or land transportation services by
operation 43 units of trailers sizing 20 feet to 40 feet. Some of them are rented and the others are
owned by the company. the trailers
transport various manufacturing industrial products to various cities and
various seaports in Java. We observed that
P.T. ARP is classified as a medium sized company in the country dealing with
export-import of spices and land transportation services.
Generally, demand for spices in domestic and international markets has
been growing slowly in the last five years.
Meanwhile, the land transportation services have tended to increase in
line with the increasing export-import services. It is estimated that the land transportation services will be
rising in the coming two-three years.
Meanwhile, the competition is very tight on account of lots of similar
companies operating in the country. The
business position of P.T. ARP in export-import of spice is less favorable but
in land transportation services is good.
The management of P.T. ARP is very reclusive toward outsiders and
rejected to disclose its financial condition.
However, we estimated that the total sales turnover of the company in
2005 amounted to Rp. 7.6 billion, declining to Rp. 7.2 billion in 2006 and to
Rp. 6.5 billion in 2007 with a net profit of Rp. 620 million. It is estimated that total sales turnover of
the company will decline again at least 8% in 2008. It is estimated the company has an estimated total networth at
least Rp. 5.0 billion. So far, we did
not hear that the company having been black listed by the Central Bank (Bank
Indonesia) or registered in the court for detrimental cases.
The management of P.T. ARP is headed by Mr. Diding Suhardi (45) a
businessman with 10 years of experience in the country dealing with
export-import of spice and land transportation services. In daily activities, he is assisted by
professional managers having wide relation with private businessmen of home and
overseas as well as with the government sectors. So far, we did not hear that the company’s management having been
involved in the business malpractices.
In view of the unstable economic condition in the country and the
operation of the company is declining, we recommend to treat prudently in
extending a loan to the company.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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. |
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%)