MIRA
INFORM REPORT
|
Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
P.T. METRO BATAVIA |
|
|
|
|
Registered Office : |
Jalan Ir. H. Juanda No. 15 Kebon Kelapa
– Gambir Jakarta Pusat, 10120 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
21.06.2001 |
|
|
|
|
Com. Reg. No.: |
No.AHU-18422.AH.01.02.TH.2010 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Scheduled
Airlines Services |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 5,000,000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of Company
P.T. METRO
BATAVIA
Address
Head Office
Jalan Ir. H. Juanda No. 15
Kebon Kelapa – Gambir
Jakarta Pusat, 10120
Indonesia
Phones -
(62-21) 386 4308, 386 4338
Fax - (62-21) 386 4486
E-mail - dmjkt@batavia-air.co.id
Website - http://www.batavia-air.co.id
Building Area - 3 storey
Office Space - 500 sq. meters
Region - Commercial
Status - Owned
Summary
Date of Incorporation :
21 June 2001
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-13379.HT.01.04.TH.2001
Dated 15 November 2001
- No.AHU-18422.AH.01.02.TH.2010
Dated 17 March 2010
Company Status
:
Private National
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.087.341.0-073.000
The Department of Industry and Trade
TDP No.
090516242238
Dated 3 December
2001
The Directorate General of Civil Aviation
No. AOC/121-007
Related
Companies :
a. P.T. MILLENIUM SKY (Investment Holding)
b. P.T. SETIA SARANA TOUR & TRAVEL (Travel
Agent Services)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
500,000,000,000.-
Issued Capital : Rp.
370,000,000,000.-
Paid up Capital : Rp.
370,000,000,000.-
Shareholders/Owners
:
a. P.T. MILLENIUM SKY -
Rp. 300,000,000,000.-
Address :
5 Rue Des Iris, 92 Antony Paris
France
b. Mr. Yudiawan Tansari - Rp. 60,000,000,000.-
Address : Johan De Witstraar-1 4902-VG
Oosterhou
Netherlands
c. Mrs. Liauw Tjhai Djun - Rp. 5,000,000,000.-
Address : Johan De Witstraar-1 4902-VG
Oosterhou
Netherlands
d. Mrs. Alice -
Rp. 2,500,000,000.-
Address : Johan De Witstraar-1 4902-VG
Oosterhou
Netherlands
e. Mrs. Irene Yudiawan - Rp. 2,500,000,000.-
Address : Johan De Witstraar-1 4902-VG
Oosterhou
Netherlands
BUSINESS ACTIVITIES
Lines of
Business :
Scheduled
Airlines Services
Production
Capacity :
a. Airbus A 330 - 3 units
b. Airbus A 320 – 200 - 7 units
c. Airbus A 319 - 2 units
d. Boing 737 – 400 - 11 units
e. Boing 737 – 300 - 15 units
Total
Investment :
Owned Capital - Rp. 500.0
billion
Started
Operation :
January 2002
Brand Name :
Batavia Air
Technical
Assistance :
None
Number of
Employee :
650 persons
Marketing Area
:
Local - 100%
Main Customer
:
Passengers
(Individuals)
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. GARUDA
INDONESIA Tbk
b. P.T. LION MENTARI AIRLINES
c. P.T. MERPATI NUSANTARA AIRLINES
d. P.T. SRIWIJAYA AIRLINES
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
B a n k e r s
:
a. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Centre
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan
Indonesia
b. P.T. Bank DANAMON INDONESIA Tbk
Wisma Bank Danamon
Jalan Jenderal Sudirman No. 45
Jakarta Selatan
Indonesia
c. P.T. Bank MANDIRI Tbk
Gedung BBD
Jalan Imam Bonjol No. 61
Jakarta Pusat
Indonesia
d. P.T. Bank CENTRAL ASIA Tbk
Barclays Building
Jalan Jenderal Sudirman Kav. 22-23
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
The Subject was
involved dispute with P.T. GMF recorded on Jakarta High Court No.
416/PDT.G/2008/PN.JKT.PST and No. 40/PAILIT/2010/PN-NIAGA/JKT.PST.
FINANCIAL FIGURE
Annual Sales
(estimated) :
2008 – Rp.
1,450.0 billion
2009 – Rp.
1,520.0 billion
2010 – Rp.
1,580.0 billion
Net Profit
(estimated) :
2008 – Rp. 101.5
billion
2009 – Rp. 106.4
billion
2010 – Rp. 118.5
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President Director - Mr. Yudiawan Tansari
Director -
Mr. Alice Tansari
Board of Commissioners :
President Commissioner -
Mrs. Liauw Tjhai Djun
Commissioner -
Mrs. Irene Yudiawan
Signatories :
President Director (Mr.
Yudiawan Tansari) or the Director (Mr. Alice Tansari) 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$ 5,000,000 on
90 days D/A
OVERALL PERFORMANCE
P.T. METRO BATAVIA (P.T. MB) daily known with its trading style BATAVIA
AIR was established in June 2001 with an authorized capital of Rp.
10,000,000,000 issued and paid-up capital of Rp. 5,000,000,000. Founders and
shareholders are Mr. Yudiawan Tansari, Mrs. Liauw Tjhai Djun AKA Mrs. Yudiawan
Tansari, Mrs. Alice AKA Alice Tansari and Mrs. Irene Yudiawan wholly Chinese
origin Indonesian business family. Its articles of association have frequently
been changed. In November 2001, the authorized capital was increased to Rp.
15,000,000,000 issued and paid-up capital to Rp. 11,000,000,000. The latest in
March 2010 the authorized capital was raised to Rp. 500,000,000,000 issued
capital to Rp. 370,000,000,000 entirely paid up. On the same occasion P.T.
MILLENIUM SKY entered into the company as new shareholders. With this
development the composition of its shareholders has been changed to become P.T.
MILLENIUM SKY (81.08%), Mr. Yudiawan Tansari (16.22%), his wife Mrs. Liauw
Tjhai Djun (1.35%), Mrs. Alice (0.67%) and Mrs. Irene Yudiawan (0.67%). The
latest revision of notary documents was made by Mr. Tri Koesmono, SH., a public
notary in Jakarta and was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-18422.AH.01.02.TH.2010 dated April 12, 2010.
The majority shares of P.T. MB are controlled by Mr. Yudiawan Tansari
being also the founder and the majority shareholder of P.T. MILLENIUM SKY in
investment holding and P.T. SETIA SARANA TOUR & TRAVEL, daily known as
RAMANTHA TOUR & TRAVEL, dealing with
bureau of tour & travel services.
P.T. MB is engaged in scheduled flight services licensed by the
Department of Communication on 21 November 2001. The company has been in
commercial operation with its virgin flight on 7 November 2001. Initially, the
company’s head office was located in Komplek Indoruko No. 20, at Jalan Angkasa
Raya, Kemayoran, Central Jakarta.
However, since early 2006, it has been relocated to Jalan Ir. H. Juanda
No. 15 Jakarta as shown on point 1 of this report.
The company initially operated 4 airplane fleets consisting 3 units of
Boeing type and 1 unit of Foker type. The first flight routes being provided by
the company are Jakarta – Pontianak, West Kalimantan and Jakarta – Jambi,
Sumatra. Mrs. Alice Tansari, a director of the company, in press conference
said that at the end of 2005 P.T. MB had operated 21 airplane fleets. Sixteen
of which are owned by the company itself and the rest is with the hire purchase
status. She added that in mid December 2005, she had signed a purchasing
contract of 3 units of Airbus airplanes of Germany and planned to have been in
operation by February 2006. As from July 2002, P.T. MB expanded its flight
route to Pekanbaru, Manado, Medan, Padang, Pangkal Pinang, Palembang, and
Balikpapan.
For new flight routes from Jakarta to Surabaya, it is being negotiated.
At the end of 2003, the company opened flight routes of Jakarta-Guang Zhou,
China and Jakarta-Kucing, Malaysia. The company is at present sounding out to
open flight route of Jakarta-Middle East Countries being planned to transit in
Malaysia. P.T. MB is at present exploring the opening of flight routes of
Jakarta – Perth, Australia. Mrs. Alice added that P.T. MB has at present
carried out 150 times of flights in a day with 34 cities of destination. The
company also owns simulator training, Re Current, Rating Type especially for
airplane crews. Besides, in April 2004 the company signed a cooperation
contract with GARUDA MAINTENANCE FACILITIES (GMF) to maintain and repair its
airplane fleets. GMF is a member of the GARUDA INDONESIA Group.
In May 2007, the company has added its fleet, namely one of airbus A-320
series and one of A-319 series. Its fleets are imported from Manchester of UK.
The company has now owned 36 fleet units.
In end 2007, the company was planning to add 10 more airplane fleets,
respectively 5 units of Boeing 737-300 and 5 units of Airbus 320. We observe that the operation of P.T. MB has
been running smoothly. The company’s
customers are coming from middle and up circles.
Generally,
demand for scheduled airlines services especially domestic and international
flight has been fluctuating in the last five years as evidence from the
fluctuated growth of tour and travel services and other tour package services
caused by the fluctuated foreign tourists’ visit. The low foreign tourists ‘s
visit has also influenced total foreign exchanges gained by the company as
evidence from the foreign exchanges of the company in 2004 worth US$ 5,346.3
million. This condition is worsened by the various events in the country
including the bombing of religious building and shopping centers, inter ethnic
violence, demonstration and sweeping of foreigners carried out by various
non-governmental organizations. The business position of Batavia Air is favorable
because the company has succeeded to establish domestic and international
flight route networks. The growth of total foreign tourists and foreign
exchanges in detail is pictured in the following table.
The demand for
scheduled airlines services both for domestic and international routes has been
fluctuating within the last five years as evident from the domestic and
international air flight as shown below:
Domestic Aircraft Traffic
|
Year |
Passengers |
Freight (Tons) |
|||
|
Departure |
Arrival |
Transit |
Loaded |
Unloaded |
|
|
2004 |
23,029,676 |
21,945,109 |
2,742,690 |
171,141 |
142,565 |
|
2005 |
25,329,828 |
24,053,222 |
3,149,777 |
203,356 |
154,313 |
|
2006 |
29,167,100 |
27,184,367 |
3,307,276 |
192,303 |
149,699 |
|
2007 |
31,168,400 |
27,963,707 |
3,394,424 |
202,966 |
162,527 |
|
2008 |
31,911,400 |
28,312,958 |
3,498,423 |
238,166 |
156,301 |
|
2009 |
35,659,207 |
34,320,813 |
4,213,375 |
230,544 |
159,330 |
International Aircraft Traffic
|
Year |
Passengers |
Freight (Tons) |
|||
|
Departure |
Arrival |
Transit |
Loaded |
Unloaded |
|
|
2004 |
5,290,940 |
5,352,525 |
212,387 |
138,449 |
90,366 |
|
2005 |
5,528,934 |
5,642,926 |
269,525 |
139,108 |
90,186 |
|
2006 |
5,706,540 |
5,531,303 |
230,727 |
136,444 |
103,114 |
|
2007 |
6,435,353 |
6,141,606 |
182,778 |
155,298 |
110,750 |
|
2008 |
7,134,948 |
6,828,585 |
204,943 |
176,818 |
162,385 |
|
2009 |
7,969,548 |
7,786,625 |
215,610 |
167,317 |
136,149 |
Sources: Central Bureau of statistics
Until this time
P.T. MB has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
MB is very reclusive towards outsiders and rejected to disclose its financial
condition. We observed that total sales turnover of the company in 2008
amounted to Rp. 1,450.0 billion rose to Rp. 1,520.0 billion in 2009 increased
to Rp. 1,580.0 billion in 2010 and projected to go on rising by at least 5% in
2011. The operation in 2010 yielded an estimated net profit of at least Rp.
118.5 billion and the company has an estimated total networth of at least Rp.
400.0 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 P.T. MB is led by Mr. Yudiawan Tansari (61) a businessman and professional
manager with experience in scheduled airlines services. Daily activity he is
assisted by Mrs. Alice Tansari (35) as director. 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. 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. METRO BATAVIA or BATAVIA AIR is sufficiently fairly
good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.