MIRA
INFORM REPORT
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Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.T. ARA SHOES INDONESIA |
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Registered Office : |
Jl. PTP XVII Ngobo, Karangjati, Cepu Ungaran, Central Java |
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Country : |
Indonesia |
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Date of Incorporation : |
13.03.1990 |
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Com. Reg. No.: |
No. AHU-50577.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Shoes Manufacturing |
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$ 3.7 million |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Indonesia |
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 |
Complete Name of Company
P.T. ARA
SHOES INDONESIA
Address
Head Office &
Factory
Jl. PTP XVII
Ngobo,
Karangjati, Cepu
Ungaran, Central
Java
Indonesia
Phone -
(62-298) 522 806 (hunting)
Fax - (62-298) 522 786
Land Area - 1.2 hectares
Building - 0.8 hectares
Region - Industrial
Zone
Status - Owned
Date of Incorporation :
13 March 1990
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-50577.AH.01.02.Tahun 2008
Dated 12 August
2008
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.457.062.6-511.000
The Investment Coordinating Board
a.
No.
281/I/PMA/1989, dated December 9, 1989
b.
No.
297/III/PMA/1992, dated April 20, 1992
c.
No.
150/II/PMA/1993, dated December 9, 1993
d.
No.
319/III/PMA/1995, dated July 31, 1995
e.
No.
09/III/PMA/1997, dated January 2, 1997
Holding
Company :
ARA SHOES AG., of
Germany (Investment Holding)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$. 1,400,000.-
Issued Capital - US$. 1,400,000.-
Paid up Capital - US$. 1,400,000.-
Shareholders/Owners
:
a. ARA SHOES AG of Germany - US$. 1,260,000.- (90%)
b. GRANIT-SCHUH GmbH of Germany - US$.
140,000.- (10%)
BUSINESS ACTIVITIES
Lines of
Business :
Shoes
Manufacturing
Production Capacity
:
Lady’s Footwear – on the order basis
Total
Investment :
Owned Capital - US$. 1,400,000.-
Started
Operation :
1991
Brand Name :
ARA SHOES
Technical
Assistance :
ARA SHOES AG of Germany
Number of
Employee :
180 persons
Marketing Area
:
Export - 100%
Main Customers
:
Shoes Counters
and Retailers
Market
Situation :
Very Competitive
Main Competitors :
a. PT. Indo Elizabeth Permai
b. PT. Aneka Produksi Nusajaya
c.
PT. Solindah Kita
d.
Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Bankers:
a. DEUTSCHE Bank AG
Surabaya Branch
Jl. Panglima Sudirman 101-103
Surabaya, East Java
Indonesia
b. P.T. Bank
MANDIRITbk
Surabaya Branch
Jl. Perak Timur No. 512
Surabaya,
East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2007 – Rp. 165.0
billion
2008 – Rp. 196.0
billion
2009 – Rp. 231.0
billion
2010 – Rp. 272.0
billion
2011 – Rp. 156.0
billion (January – June)
Net Profit
(estimated) :
2007 – Rp. 13.0
billion
2008 – Rp. 15.6
billion
2009 – Rp. 18.4
billion
2010 – Rp. 21.7
billion
2011 – Rp. 12.4
billion (January – June)
Payment Manner
:
Promptly
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
President
Director - Mr. Tobias Guenter Zimmerer
Directors - a.
Mr. Michael Woelfle
b. Mr. Lukas Sipayung
Board of Commissioner :
President Commissioner -
Mr. Robert Roeseler
Commissioner -
Mr. Thomas Wilhelm Schmies
Signatories :
President Director (Mr.
Tobias Guenter Zimmerer) or one of Directors (Mr. Michael Woelfle and Mr. Lukas
Sipayung) which must be approved by Board of Commissioners (Mr. Robert Roeseler
and Mr. Thomas Wilhelm Schmies)
CAPABILITIES
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Above average
Credit Recommendation :
Credit should be extended under guarantee
Proposed
Credit Limit :
C.O.D. To small amount
Maximum Credit Limit :
US$ 3.7 million
on 90 days D/A
OVERALL PERFORMANCE
P.T. ARA SHOES
INDONESIA (P.T. ASI) was established on March 13, 1990 with an authorized
capital of US$. 750,000.- entirely was issued and paid up. The founding shareholders of the company are
ARA SCHUHFABRIKEN AG., of Germany (80%) and PT. CONDRO PURNOMO CIPTO, a private
company of Indonesia (20%). The Articles of Association was made by Ms. Kartini
Mulyadi, SH., a public notary in Jakarta and it was approved by the Ministry of
Law and Human Right in its Decision Letter No. C2-5202 HT.01.01.Th.90 dated
August 23, 1990.
The articles of
association of the company have frequently been revised. In July 2008 the
authorized capital was raised to US$. 1,400,000.- entirely was issued and paid
up. Since that time, the shareholders of
the company are ARA SHOES AG of Germany (90%) and GRANIT-SCHUH GmbH., of
Germany (10%). The amendment Articles of Association was made by Ms. Kartini
Mulyadi, SH., a public notary in Jakarta and it was approved by the Ministry of
Law and Human Right in its Decision Letter No. AHU-50577.AH.01.02.Tahun 2008
dated August 12, 2008. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. ASI was incorporated in the framework of
Foreign Investment (PMA), which has
obtained permit from the
Investment Coordinating Board (BKPM) in 1989 engaged in women's
leather-based footwear manufacturing industry. The
factory is located in Jul.
PTP XVIII Ngobo,
Karangjati, Cepu, Ungaran, Central Java. The
plant has five departments namely Cutting
department, Upper department, Bottom department, Sewing
department and Finishing department. P.T. ASI
manufactures women's footwear based solely on the orders from its holding company namely ARA FOOTWEAR AG., a leading
shoe manufacturer in Germany. On average, its production reaches
1500 to 1800 pairs
of women footwear per day. Its products use
ARA trademark, a brand of women's
footwear that is very well-known
in Europe. Entire production of
P.T. ASI is marketed
by ARA FOOTWEAR
AG., to all European
countries and as
well as USA. We
noticed that the company's
operations are running smoothly
and growing in the
last five years.
In
general we noticed that
the demand for overseas markets
for leather footwear and finished goods
made from leather fluctuated in the last past five years. According to Central
Bureau of Statistics (BPS),
export value of national leather
footwear and leather goods
in 2007 amounted to U.S. $ 226.9 million fell
slightly to U.S. $ 226.8 million in 2008, fell further to U.S. $ 174.7 million
in 2009 and increased again to U.S. $ 207.0
million in 2010. It
was estimated the export value of
national leather footwear and
other leather goods would still increase at least by 5% in the year 2011.
Competition is very tight, because so
many leather footwear
factories operate in the country. Business position of PT. ASI
is good enough for the entire production of this company is for export. Also
trademark of ARA lady's
footwear is very well-known
in Europe.
The company is
neither public listed nor bond issued company. Therefore, the company has no
obligation to publish financial statement publicly. We have checked to
Department of Trade and Industry and found that no financial statement has been
reported. P.T. ASI’s management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated the total sales turnover in
2008 amounted to Rp. 196.0 billion increased to Rp. 231.0 billion in 2009, rose
again to Rp. 272.0 billion in 2010 and estimated it will be higher by at least
12% in 2011. The operation in 2010
yielded a net profit at least Rp. 21.7 billion and the company has total assets
of Rp. 60 billion. So far, we have never heard of the company having been black
listed by the Central Bank (Bank Indonesia).
The
management of the company is led by Mr. Tobias Guenter Zimmere (44) a
professional manager from Germany who experienced for 12 years in lady’s
footwear manufacturing. In daily activities, he is assisted by two directors
namely Mr. Michael Woelfle (46) of Germany and Mr. Lukas Sipayung (58) of
Indonesia. The company’s management is 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 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. ARA SHOES
INDONESIA is appraised a good enough for business transaction. But owing to
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
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|
1 |
Rs.76.07 |
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Euro |
1 |
Rs.65.06 |
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.