MIRA INFORM REPORT

 

 

Report Date :

30.03.2011

 

IDENTIFICATION DETAILS

 

Name :

P.T. ASTAJAYA NIRWIGHNATA

 

 

Registered Office :

Komplek Duta Mas Block C-2 No. 18 Jalan R.S. Fatmawati No. 39 Jakarta Selatan, 12150

 

 

Country :

Indonesia

 

 

Date of Incorporation :

08.08.1988

 

 

Com. Reg. No.:

No. AHU-34411.AH.01.02.TH.2010

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Petroleum Equipment Manufacturing

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 125,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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. ASTAJAYA NIRWIGHNATA

 

 

Address

 

Head Office

Komplek Duta Mas Block C-2 No. 18

Jalan R.S. Fatmawati No. 39

Jakarta Selatan, 12150

Indonesia

Phones             - (62-21) 7229494 (Hunting)

Fax                   - (62-21) 7229194

E-mail               - astajaya@indosat.net.id

                          info@astajaya.co.id

Website            - http://www.astajaya.co.id

Building Area     - 2 storey

Office Space      - 100 sq. meters

Region              - Commercial

Status               - Owned

 

Factory

Jalan Raya Medan – Percut Sei Tuan No. 30

Sampali, Medan, 20371

North Sumatera

Indonesia

Phones             - (62-61) 6630970, 6630994

Fax                   - (62-61) 6610257

Building Area     - 1 storey

Office Space      - 230 sq. meters

Region              - Commercial Building

Status               - Rent

 

Branch

Jalan Riau Ujung No. 47

Pekanbaru, 28292

Riau Province

Indonesia

Phones             - (62-761) 26166 (Hunting)

Fax                   - (62-761) 29381

Building Area     - 1 storey

Office Space      - 100 sq. meters

Region              - Commercial Building

Status               - Rent

 

Date of Incorporation :

8 August 1988

                                 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-34411.AH.01.02.TH.2010

Dated 8 July 2010

 

Company Status :

Private National Company

 

Permit by the Government Department :

The Department of Finance

NPWP No. 01.912.078.1-019.000

The Department of Industry and Trade

SIUP/TDUP No. 00448/1.824.271

Dated 29 January 2008

 

Related Company :

None

 

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital                            : Rp. 10,800,000,000.-

Issued Capital                                  : Rp. 10,800,000,000.-

Paid up Capital                                : Rp. 10,800,000,000.-

 

Shareholders/Owners :

a. Mr. Djoni Indra                                                   - Rp. 2,700,000,000.-

    Address : Jl. Tanjung No. 130 C Asri

                    Desa Sampali, Kec. Precut Sie Tuan

                    Medan, North Sumatera

                    Indonesia

b. Mr. Ir. Iwan Ismail                                               - Rp. 2,700,000,000.-

    Address : Komplek Executive Paradise Block F. 1B

                    Kel. Cilandak Barat, Kec. Cilandak

                    Jakarta Selatan

                    Indonesia

c. Mr. Setiawan Halim                                            - Rp. 2,700,000,000.-

    Address : Jl. Selam 1 No. 23

                    Kel. Tegal Sari Mandala, Kec. Medan

                    Denai, North Sumatera

                    Indonesia

 

d. Mr. Hendra Kurniawan                                       - Rp. 2,700,000,000.-

    Address : Jl. Teuku Zainal Abidin No. 7, RT. 001

                    RW. 002, Kel. Sekip, Kec. Limapuluh

                    Pekanbaru, Riau Province

                    Indonesia

 

 

BUSINESS ACTIVITIES

 

Lines of Business :

Petroleum Equipment Manufacturing

 

Production Capacity :

a.   Cementing Casing Accessories       - 2,000 units p.a.

b.   Cementing Floating Equipments      - 1,200 units p.a.

c.   Cementing Plugs                            - 1,200 units p.a.

d.   Coupling & Connectors                   - 1,500 units p.a.

e.   Drilling & Production Equipments     - 1,500 units p.a.

f.    Various Products & Equipments      - 1,500 units p.a.     

 

Total Investment :

a.   Owned Capital                           - Rp. 10.8 billion

b.   Loan Capital                              - Rp.   5.0 billion

c.   Total Investment                         - Rp. 15.8 billion

 

Started Operation :

1989

 

Brand Name :

Astajaya Nirwighnata

 

Technical Assistance :

None

 

Number of Employee :

65 persons                                     

 

Marketing Area :

Local    - 100%

 

Main Customer :

Oil and gas Drilling Contracting

 

Market Situation :

Very Competitive

 

Main Competitors :

a. P.T. FMC SANTANA PETROLEUM EQUIPMENT INDONESIA

b. P.T. KOTA MINYAK INTERNUSA

c. P.T. PIPA MAS PUTIH

d. P.T. WOOD GROUP PRESSURE CONTROL

e. Etc.

 

Business Trend :

Growing

 

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r :

P.T. Bank MANDIRI Tbk

Jalan Iman Bonjol 27

Medan, North Sumatera

Indonesia

 

Auditor :

Internal Auditor

           

Litigation :

No litigation record in our database

 

 

FINANCIAL FIGURE

 

Annual Sales (estimated) :

2008 – Rp. 85.0 billion

2009 – Rp. 89.0 billion

2010 – Rp. 95.0 billion

 

Net Profit (estimated) :

2008 – Rp. 7.6 billion

2009 – Rp. 8.0 billion

2010 – Rp. 8.5 billion

           

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

 

KEY EXECUTIVES

 

Board of Management :

President Director                            - Mr. Djoni Indra

Director                                           - Mr. Ir. Iwan Ismail

 

Board of Commissioners :

President Commissioner                   - Mr. Setiawan Halim

Commissioner                                 - Mr. Hendra Kurniawan

 

Signatories :

President Director (Mr. Djoni Indra) or the Director (Mr. Ir. Iwan Ismali) 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$ 125,000 on 90 days D/A

 

 

OVERALL PERFORMANCE

 

P.T. ASTAJAYA NIRWIGHNATA (P.T. ASTA) was established in Jakarta on August 8, 1988 with the authorized capital of Rp. 1,000,000,000 issued capital of Rp. 600,000,000 fully and paid up. The founding shareholders of the company are Mr. Ir. Iwan Ismail, Mr. Djoni Indra, Mr. Setiawan Halim and Mr. Hendra Kurniawan. They are indigenous businessmen. The company notary deed had been changed frequently. In July 2008 the board of directors and the board of commissioners of the company had been changed. The latest in December 2009 the authorized capital was increased to Rp. 10,800,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mr. Ir. Iwan Ismail (25%), Mr. Djoni Indra (25%), Mr. Setiawan Halim (25%) and Mr. Hendra Kurniawan (25%). The company latest revision of notary act was made by Mr. Sutikno, SH., was approved by the Ministry of Law and Human Right in its Decision Letter No. AHU-34411.AH.01.02.TH.2010, dated July 8, 2010.

 

P.T. ASTA started to be operating since 1989 to deal with manufacturing and assembling of petroleum equipment. The plant is located at Jalan Raya Medan – Percut Sei Tuan No. 30, Medan, North Sumatra, standing on 10,000 sq. meters land. Through wide range of product lines mainly in cementing accessories and float equipment, ASTA strive the challenge to become one of the most respected manufacturer in the region. ASTA production site, located in Medan, North Sumatra, is a well-equipped manufacturing and testing facility, setup to produce wide-range of petroleum equipments with high production capacity level in order to meet market demand and needs.

 

As quality has always been our main concern being one of the key player in the industry, all major processes involved within our production lines are carried out in a world-wide standard granted by American Petroleum Institute (API), the Quality Management System of API Spec. Q-1 and ISO 9001:2008 quality standard. Furthermore, our standardized and automated process frameworks, starting from product engineering design up to order delivery are carried out with computer assisted equipments and appropriate QA measurement and control procedures. Experience, plus innovative spirit has driven us in keeping the pace and leading with new concepts and approaches to respond to the challenge and market requirement in delivering world class product and service.

 

The plant produces of cementing casing accessories, cementing floating equipments, cementing plugs, coupling & connectors, drilling & production equipment and various products and equipments. Some 96% of the company products is locally marketed using ASTA brands and the rest of 4% is exported to foreign countries such as Saudi Arabia and Kazakhastan. The products supplied to various oil and gas contracting companies among others are P.T. CHEVRON PACIFIC INDONESIA, P.T. PERTAMINA EP. P.T. HALLIBURTON INDONESIA, P.T. DOWELL ANADRILL SCLHUMBERGER, P.T. BJ SERVICES INDONESIA, P.T. ELNUSA DRILLING SERVICES, P.T. MEDCO E&P INDONESIA, BP WEST JAVA, KUFPEK (INDONESIA) LTD, KONDUR PETROLEUM S.A., SERICA ENERGY ASIA PETROLEUM, etc. The operation of P.T. ASTA has been growing steadily in the last three years.

 

      Generally, demand for oil and gas equipment, piping systems, fittings, flanges, actuators, valves and other technical equipments had kept increasing by 8% to 10% per annum in the last five years in line with the growth of industrial sectors including oil and natural gas, chemical and petrochemical industry, LNG plant, oil refinery and other sectors requiring these equipments. It is projected that the demand will keep going up in five years to come. The competition is very tight on account of many similar companies operating in the country. Besides that the growing crude oil price started as from the middle of 1999 and constantly rising within 2007 has blown fresh air to Indonesian government and oil companies. In the effort of stabilizing the world's crude oil price above US$ 90 per barrel in 2008 and sharply dropped to US$ 40 to US$ 44 per barrel in early 2009.  Despite crude oil price problem, Indonesia has kept on attempting to increase its crude oil and natural gas production including natural gas. Details on production growth of Indonesian crude oil and natural gas as from 2002 to 2009 are pictured bellows.

 

Indonesia Crude Oil and Natural Gas Production 2002 – 2009

Year

Crude Oil

(000’ Barrels)

Natural Gas

(000’MSCF)

2002

474,884

3,041,875

2003

420,995

3,142,605

2004

438,455

3,113,338

2005

387,698

3,036,195

2006

367,049

2,971,372

2007

348,348

2,707,628

2008

357,501

2,771,627

2009

345,490

2,506,803

                   Source: Directorate General of Oil and Gas

 

 

Until this time P.T. ASTA has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. ASTA 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. 85.0 billion rose to Rp. 89.0 billion in 2009 increased to Rp. 95.0 billion in 2010 and projected to go on rising by at least 4% in 2011. The operation in 2010 yielded an estimated net profit of at least Rp. 8.5 billion and the company has an estimated total networth of at least Rp. 35.0 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. ASTA is led by Mr. Djoni Indra (43) a businessman and professional manager with experience in petroleum equipment manufacturing. Daily activity he is assisted by Mr. Ir. Iwan Ismail (57) 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. ALVADIWIPA ANUGERAH is sufficiently fairly good for business transaction.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.67

UK Pound

1

Rs.71.63

Euro

1

Rs.63.09

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.