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Report Date : |
08.12.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. MAHE INVESTAMA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
15.04.2005 |
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Com. Reg. No.: |
No. AHU-95339.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Investment holding by controlling 95% shares of PT. SOPHIE
PARIS |
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No. of Employees : |
02 employees |
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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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 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010
and 2011, respectively. The government made economic advances under the first
administration of President YUDHOYONO (2004-09), introducing significant
reforms in the financial sector, including tax and customs reforms, the use of
Treasury bills, and capital market development and supervision. During the
global financial crisis, Indonesia outperformed its regional neighbors and
joined China and India as the only G20 members posting growth in 2009. The
government has promoted fiscally conservative policies, resulting in a
debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal
deficit below 2%, and historically low rates of inflation. Fitch and Moody's
upgraded Indonesia's credit rating to investment grade in December 2011.
Indonesia still struggles with poverty and unemployment, inadequate
infrastructure, corruption, a complex regulatory environment, and unequal
resource distribution among regions. The government in 2012 faces the ongoing
challenge of improving Indonesia's insufficient infrastructure to remove
impediments to economic growth, labor unrest over wages, and reducing its fuel
subsidy program in the face of rising oil prices.
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Source : CIA |
P.T. MAHE INVESTAMA
Head Office
Sophie Paris Building
Jl. Adyaksa Raya No. 33
Lebak Bulus
Jakarta Selatan 12440
Indonesia
Phones -
(62-21) 7591 5262
Fax. - (62-21)
7591 3667
Building Area - 7 storey
Office Spare - 80 sq. meters
Region -
Commercial
Status -
Rent
Formerly address
Gedung Hero II, 9th Floor
Jl. Gatot Subroto Kav. 64
Jakarta 12440
Indonesia
Phones -
(62-21) 751 7777
Fax. - (62-21)
7591656
Building Area - 10 storey
Office Spare - 60 sq. meters
Region -
Commercial
Status -
Rent
15 April 2005
P.T. (Perseroan
Terbatas) or Limited Liability Company
The Ministry of
Laws and Human Rights
a. No.
C-23224 HT.01.01.TH.2005
Dated 22 August f2005
b. No.
AHU-95339.AH.01.02.Tahun 2008
Dated 11 December 2008
Foreign Investment Company
(PMA)
a. The Department of Finance
NPWP No. 02.448.768.8-015.000 (Tax
license)
b. The Finance Minister’s Decision
No. 369/KMK.012/2006 (Venture capital
license)
Dated 7 July 2006
SOPHIE MARTIN
TRADE & INVESTMENT Ltd., of Seychelles (Investment Holding)
a. P.T. SHOPIE
PARIS INDONESIA(Trading and Distribution of Fashion Products)
b. P.T. KARYA
PROPERTINDO INVESTAMA (Property Development)
Capital
Structure :
Authorized Capital - Rp. 10,000,000,000.-
Issued Capital - Rp. 10,000,000,000.-
Paid up Capital - Rp. 10,000,000,000.-
Shareholders/Owners
:
a. SOPHIE MARTIN TRADE AND INVESMENT Ltd. - Rp. 8,500,000,000.- (85%)
Address: 303 Aart Chambers,
Seychelles, Franceb
b. MR. SUPARMIN -
Rp. 1,500,000,000.- (15%)
Address: Jl. Talas II, RT.04/RW.01
Pemulang, Tangerang
Banten Province
Lines of
Business :
Investment holding by controlling 95% shares of PT. SOPHIE PARIS
INDONESIA.
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 10.0 billion
Started
Operation :
1995 as
investment holding
Brand Name :
MAHE INVESTAMA
Technical
Assistance :
None
Number of
Employee :
2 persons
Marketing Area
:
None
Business Trend
:
Growing
Banker :
Unknown
Auditor :
Internal Auditor
Litigation :
No detrimental
filling in our database
Total Income/Revenues :
No Comment
Net Profit
(Loss) :
No Comment
Payment Manner
:
No Comment
Financial
Comments :
Fairly
Board of Management :
Director -
Mr. Bruno Antoine Elie Hasson AKA Bruno Hasson
Board of Commissioners :
Commissioner -
Mr. Suparmin
Signatories :
Director (Mr. Bruno
Antoine Elie Hasson AKA Bruno Hasson) which must be approved by Board of
Commissioner (Mr. Suparmin)
Management
Capability :
Good
Business Morality
:
Good
P.T. MAHE INVESTAMA was established in Jakarta on April 15,
2005 with the authorized capital of Rp. 10,000,000,000.- entirely was issued and
fully paid up. The founding shareholders
of the company are Sophie Martin Holding Limited of Seychelles (85%) and Mr.
Suparmin of Indonesia (15%). The Article
of Association was made by Rismalena Kasri, SH., a notary in Jakarta and it has
been approved by the Minister of Law and Human Rights through Decision Letter
No. C-23224.HT.01.01.TH.2005 dated August 22, 2005. The Company’s article of association has been
amended for several times, most recently by notarial deed of Firdaus Muhammad,
SH., No. 1 dated November 18, 2008 concerning changes of the whole article of
association of the Company’s to conform with Law No. 40 Year 2007 concerning
Limited Liability Company.
Concurrently, Sophie Maring Holding Limited pulled out and replaced by
Sophie Martin trade & Investment Ltd., of Seychelles. The latest notarial Deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through Decree No. AHU-95339.AH.01.02.Tahun
2009 dated December 11, 2008.
We are extremely difficult to
trace or investigate the shareholders of Sophie Martin Trade & Investment
Ltd., as this company is incorporated under law of the Republic of Seychelles. But we allege or estimate that the owners of this
company are Mr. Bruno Antoine Alie Hasson AKA Bruno HASSON and his wife Mrs.
Sophie Francois Henriette Martin AKA Sophie Martin.
Pursuant to the deed of notary of the company, P.T. MAHE INVESTAMA engaged in venture capital and investment holding by controlling 95% shares of P.T. SOPHIE PARIS INDONESIA is engaged in trading and distribution of fashion product and women accessories.
Initially P.T. SOPHIE PARIS INDONESIA (formerly PT. Sophie Paris Indonesia) was
engaged in general trading like selling iron
pipes, fittings factories,
insemination equipment (mating injection) for cows up to sell the
pack test to
detect pregnancy in humans. His
business had been started since
1995. After
operating for a few months, apparently
his business was not profitable. A year later, the company transferred its activities in the field of trade fashion apparels for
women, especially women's handbags and wallets, with
"Sophie Martin", trade mark, taken from
his wife name Mrs. Sophie Martin, a
talented designer of ladies
handbags. Despite imaging of import brand, in fact all the
products of ladies’ bags and accessories
of Sophie Martin "genuine
locally made, but most of the raw materials were imported from China. Furthermore,
these bags were
sold in some department stores
such as Sogo and Metro.
Because the proceeds of sales were less satisfactory, the company finally decided to sell with the system of Multi Level Marketing (MLM), by hiring about 40 daily salespeople . The economic crisis in Indonesia in 1997/1998, bringing blessing to the business of this company. A sharp depreciation of the rupiah against the rupiah, causing prices of imported goods including fashion products soared. And so was the market interest declined rapidly as pressed by purchasing power continues to weaken. While the product prices of Sophie Martin was still affordable for most consumers, as most devotees were members of his MLM which were motivated to increase their income when the economy was sick. In times of economic crisis, it turned out the company achieved turnover was increased folds because the price was cheap. The average Sophie Martin’s purse products priced at Rp. 100 thousand each. For members, they got a discount of 30%, or only paid Rp. 70 thousand.
In 2008, Sophie Martin trademark began to change into the "Sophie Paris" in order to get the France image of prestigious and modern. They remained using the MLM marketing system and marketed its products through a catalog, published every two months. Currently, there are about 1.8 million registered members and 320 MLM Business Center. But of that number about 120,000 are active members with an average recruitment of new members as many as 250 people per day. Additionally Sophie Paris products also have advertisements on television and open a store of Sophie Paris in the mall. Currently there are about 40 such outlets in several Sophie Paris mentioned in some Malls in Indonesia. The presence of Sophie Paris at Mall accounted for 40% of total company revenue.
Besides the domestic market, Sophie Paris products also have been exported to the Philippines, Vietnam and Morocco. During this time, all Sophie Paris fashion products manufactured at other companies. According to the plan, P.T. SPI is considering to build its own plant.
We noticed that P.T. MAHE INVESTAMA has no direct business activity, but on as an investment holding company by controlling 95% shares of PT. SOPHIE PARIS INDONESIA (P.T. SPI). Until this time P.T. SPI Indonesia has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. SPI is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that the sales turnover of the company in 2009 amounted to Rp. 690.0 billion went up to Rp. 720.0 billion in 2010 and rose again to Rp. 880.0 billion in 2011. The operation of the company in 2011 is estimated to have gained a profit of at least Rp. 122.0 billion with estimated total assets of at least Rp. 120.0 billion. It is projected that total sales turnover of the company will increase at least 12% in 2012. So far, we did not hear that P.T. MAHE INVESTAMA and its subsidiary company have been black listed by Bank Indonesia (Central Bank).
The management of P.T. MAHE INVESTAMA
is headed by Mr. Bruno Antoine Elie Hasson AKA Bruno Hasson (46), as
Director. He graduated from Institute
Superieur des Techniques d’Outre-Mer (ISTOM), a French government agricultural
institute. In daily activities he is
assisted by Mr. suparmin (61) as Commissioner.
So far we have never heard that the board of directors and commissioners
of the company involved in business malpractices or detrimental cases that
settled through the court. Their
litigation record is clean and they have never involved in civil or criminal
cases or politics in the country. The
bio-data of the Company’s management shall be as follows:
1. Mr. Bruno Antoine Elie Hasson AKA
Bruno Hasson
Place,
Date of Birth : Perpignan, 21 July 1966
Nationality : French
Home
Address : Kemang Jaya Apartment Tower 1/1038
Jl.
Kemang Selatan No. 8
South
Jakarta
ID
(KTP) Card No. : 09.5303.210766.0480
Position Held : Director
2. Mr. Suparmin
Place,
Date of Birth : Semarang, 15 February 1951
Nationality : Indonesia
Home
Address : Jl. Talas II,
RT.04, RW.01
Pondok
Cabe Ilir, Pamulang
Tangerang, Banten
ID
(KTP) Card No. : 32.1922.2004.2002956
Position Held : Commissioner
P.T. MAHE INDONESIA is sufficiently fairly good for normal business
transaction. However, in view of the
unstable economic condition in the country, we recommend to treat prudently in
business transaction and 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.54.20 |
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UK Pound |
1 |
Rs.86.99 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.