MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ACE HARDWARE |
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Formerly Known As : |
P.T. ACE HARDWARE |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
03.02.1995 |
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Com. Reg. No.: |
No. W7-09693 HT.01.04.TH.2007 |
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Legal Form : |
Publicly Listed 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$ 5,000,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
Registration data
Outlets
25 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
d. 29 August 2007 as P.T. ACE
HARDWARE
Legal Form :
P.T. Tbk (Perseroan Terbatas Terbuka) or Publicly Listed Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
No. W7-09693 HT.01.04.TH.2007
Dated 4 September 2007
Company Status
:
Private National Company
Permit by the
Government Department :
The Directorate General of
Tax
NPWP No. 01.721.123.6-035.000
The Capital Market
Supervisory Board
No. S-995/BEJ-J-PSJ/10-2007
Dated 5 October 2007
Related
Company :
The KAWAN LAMA Group Members
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital :
Rp. 480,000,000,000.-
Issued Capital :
Rp. 171,500,000,000.-
Paid up Capital :
Rp. 171,500,000,000.-
Shareholders/Owners
:
a. P.T. KAWAN LAMA INTERNUSA - Rp. 102,849,000,000.-
b. The NORTHERN TRUST S/A AVFC - Rp.
20,280,750,000.-
c. Mr. Kuncoro Wibowo -
Rp. 1,000,000.-
d. Public -
Rp. 48,369,250,000.-
BUSINESS ACTIVITIES
Lines of
Business :
a. Retailer of Home Improvement
Products
b. Investment Holding
Production
Capacity :
None
Total
Investment :
Owned Capital -
Rp. 480.0 billion
Started
Operation :
May 1995
Brand Name :
Ace Hardware
Technical
Assistance :
ACE HARDWARE of the
Number of
Employee :
4,069 persons
Marketing Area
:
Domestic - 100%
Main Customers
:
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
B a n k e r s
:
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 :
RSM Aryanto, Amir Jusuf, Mawar & Saptoto
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales :
2008 – Rp. 1,209.4 billion
2009 – Rp. 1,350.2 billion
2010 – Rp. 737.3 billion (as per
30 June)
Net Profit :
2008 – Rp. 130.6 billion
2009 – Rp. 154.4 billion
2010 – Rp. 78.7 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
c. Mr. Letjend. TNI (Retired) Tarub
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 Board of Commissioners.
CAPABI LITIES
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$ 5,000,000 on the 90 days of payments
OVERALL PERFORMANCE
Originally named
P.T. AHI is
members 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
The Indonesian economy has
weathered the storm and is currently accelerating. As for the global economy, it is also in a
recovery phase and this recovery is expected to continue in 2010. Overall, the
prospects for the Indonesian economy in 2010 are brighter than in 2009. The
global economic recession has exerted significant downward pressures on the
Eventually, the impact of the
fiscal and monetary stimuli on the economy could be seen. This was reflected in
the brisker pace of growth in
Indonesia’s economic growth in 2008, 2009 and forecast for 2010
|
No. |
Sector |
2008 |
2009 |
2010 |
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1. |
Agriculture |
4.8 |
3.6 |
3.3 |
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2. |
Mining and Quarrying |
0.5 |
3.7 |
3.7 |
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3. |
Manufacturing |
3.7 |
2.2 |
2.2 |
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4. |
Electricity, Gas, and Clean Water |
10.9 |
13.4 |
13.4 |
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5. |
Construction |
7.3 |
7.1 |
7.0 |
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6. |
Trade, Hotel, and Restaurant |
7.2 |
1.2 |
5.8 |
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7. |
Transportation and Communication |
16.7 |
17.4 |
16.7 |
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8. |
Finance, Leasing and Business Services |
8.2 |
5.5 |
6.3 |
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9. |
Services |
6.4 |
6.7 |
6.9 |
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Gross Domestic Product (GDP) |
6.1 |
4.7 |
6.0 |
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Source:
According to financial
statement which audited by RSM Aryanto Jusuf, Mawar & Saptoto, Public
Accountant that sales turnover of P.T. AHI in 2008 amounted to Rp. 1,209.4
billion with a net profit of Rp. 130.6 billion rose to Rp. 1,350.2 billion with
a net profit of Rp. 154.4 billion in 2009. As per 30 June 2010 the sales
turnover has reached at Rp. 737.3 billion with a net profit of Rp. 78.7 billion
and projected to go on rising by at least 5% in 2011. We observe that P.T. AHI
is supported by the KAWAN LAMA Group with has financially strong and sound
behind it. So far, we did not heard that the company having been black listed
by the Central Bank (Bank
(In million Rp)
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Descriptions |
30 June 2010 |
31 December |
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2009 |
2008 |
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A. ASSETS |
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a. Current Assets |
747,746 |
757,772 |
619,284 |
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b. Non Current Assets |
306,241 |
194,784 |
170,992 |
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c. Other Assets |
24,419 |
22,872 |
21,856 |
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TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
1,409,986 |
970,556 |
790,276 |
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B. LIABILITIES
&STOCKHOLDERS EQUITY |
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a. Current Liabilities |
81,574 |
73,186 |
91,853 |
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b. Non Current Liabilities |
34,718 |
29,600 |
29,966 |
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c. Stockholders Equity : -
Paid Up Capital -
Additional Paid Up Capital Total Stock holders
Equity |
171,500 368,122 930,741 |
171,500 368,122 867,768 |
171,500 353,904
677,458 |
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C. INCOME STATEMENT |
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a. Sales Net |
737,326 |
1,350,228 |
1,209,457 |
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b. Operating Profit |
96,275 |
178,201 |
164,477 |
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c. Net profit |
78,694 |
154,443 |
130,643 |
Notes: 31 December 2008, 2009 Audited by RSM Aryanto
Jusuf, Mawar & Saptoto
*) As per 30 June 2010 un audited
The management of
P.T. AHI is led by Mr. Prabowo Widya Krisnadi (54) 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 (52), Mr. Hartanto Djasmin (53) and Mr. Rudy Hartono (53). The
company's management is handled by professional managers 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. P.T. ACE HARDWARE INDONESIA
Tbk is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.59 |
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1 |
Rs.72.31 |
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Euro |
1 |
Rs.60.73 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.