MIRA INFORM REPORT
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Report Date : |
07.01.2012 |
IDENTIFICATION DETAILS
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Name : |
P.T. ADITI DHINESHINDO PRIMA |
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Registered Office : |
Grand ITC Permata Hijau Kantor Dan Toko Block Ruby No. 9, (Pintu Lobby Barat), Jalan Letjend. Soepeno Arteri Permata Hijau, Jakarta Selatan, 12210 |
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Country : |
Indonesia |
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Date of Incorporation : |
07.07.1995 |
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Com. Reg. No.: |
No. C-UM.02.01.9852 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading,
Distribution and Export of Parquet and Wooden Flooring |
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No. of Employees
: |
17 |
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$ 59,200 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Name of Company
P.T. ADITI
DHINESHINDO PRIMA
company Address
Head Office
Grand ITC Permata
Hijau Kantor Dan Toko Block Ruby No. 9
(Pintu Lobby
Barat)
Jalan Letjend.
Soepeno Arteri Permata Hijau
Jakarta Selatan,
12210
Indonesia
Phones -
(62-21) 5366 3958 (Hunting)
Fax - (62-21) 5366 3957
E-mail - adp@cbn.net.id
Building Area - 4 storey
Office Space - 100 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation
7 July 1995
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
-No. C2-12.803 HT.01.01.TH.95
Dated 10 October 1995
- No.
C-UM.02.01.9852
Dated 16 August
2004
Company Status
Private National
Company
Permit by the Government
Department
The Department of Finance
NPWP No.
01.684.015.9-024.000
Related Company
P.T. ASURANSI
RAMA SATRIA WIBAWA (Loss Insurance Services)
CAPITAL AND OWNERSHIP
Capital
Structure :
Authorized
Capital : Rp.
100,000,000.-
Issued Capital : Rp. 60,000,000.-
Paid up Capital : Rp. 60,000,000.-
Shareholders/Owners
:
a. Mr. Dhinesh
Ghansham Lalchandani - Rp.
54,000,000.-
Address
: Permata Hijau Block J.I/12
Kel. Grogol Utara, Kec. Kebayoran
Lama
Jakarta Selatan
Indonesia
b. Mr.
Ghansham Jivatram -
Rp. 6,000,000.-
Address : Jl. Cempaka Putih
Tengah II/3, RT. 05
RW. 05, Kel.
Cempaka Putih Tengah,
Kec. Cempaka
Putuh, Jakarta Pusat
Indonesia
BUSINESS ACTIVITIES
Lines of
Business :
Trading,
Distribution and Export of Parquet and Wooden Flooring
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1995
Brand Name :
Aditi Dhineshindo
Prima
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Local - 40%
Export - 60%
Main Customer
:
Buyers in Asia
countries, Europe Union and the USA
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ARTE
ARTISTIK ESTETIKA
b. P.T. INDO
FLOORING
c. P.T. LENTERA
KARYA ADITAMA
d. P.T. SOLUSI
LANTAI INDAH
e. Etc.
Business Trend
:
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T. Bank SBI
INDONESIA
Jalan Melawai
Raya No. 9
Jakarta Selatan
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
FINANCIAL FIGURE
Annual Sales
(estimated) :
2009 – Rp. 2.5
billion
2010 – Rp. 3.2
billion
2011 – Rp. 4.5
billion
Net Profit
(estimated) :
2009 – Rp. 0.2
billion
2010 – Rp. 0.3
billion
2011 – Rp. 0.4
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
Board of Management :
Director - Mr. Dhinesh Ghansham Lalchandani
Board of Commissioners :
Commissioner -
Mr. Ghansham Jivatram
Signatories :
Director (Mr. Dhinesh
Ghansham Lalchandani) which must be approved by Board of Commissioner
CAPABILITIES
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
Maximum Credit Limit :
US$ 59,200 on 90
days D/A
OVERALL PERFORMANCE
P.T. ADITI DHINESHINDO PRIMA (P.T. ADP) was set-up in Jakarta based on notary deed of Mr. Chufran Hamal, SH., No. 22 dated 7 July 1995 with the authorized capital of Rp. 100,000,000 issued capital of Rp. 60,000,000 fully and paid up. The founding shareholders of the company are Mr. Dhinesh Ghansham Lalchandani and his father Mr. Ghansham Jivatram, both are Indonesian business family of India descents. The company notary deed was approved by the Ministry of Law and Human Rights in its decision letter No. C2-12.250.HT.01.01.TH.95 dated September 28, 1995. The company notary deed has been changed and the latest based on notary deed of Mrs. Elvina Maisyarah, SH. MH., No. 16 dated 29 June 2004 the board of director and the board of commissioner reappointed to lead and runs of the company’s operation. According to the latest of notary documents the composition of its shareholders are Mr. Dhinesh Ghansham Lalchandani (90%) and his father Mr. Ghansham Jivatram (10%).
We observe that Mr. Ghansham Jivatram is also business stakes owner of P.T. ASURANSI RAMA SATRIA WIBAWA, a private national company dealing with loss insurance services.
P.T. ADP is a private national company dealing with trading and exporter of parquet and wooden flooring. The merchandise goods products are parquet, wooden flooring, door and wooden etc., which had been operating since 1995. P.T. ADP in a position to supply other tropical wood based products likes solid parquet, floating/layer parquet, decking, garden tiles, lamella, solid doors, garden furniture (garden table, chairs, benches and other items). The whole basic material in the form of logs and sawn timber supplied from locals. The product Solid parquets species such as Merbau, Kempas, Siury, Sonokeling, Teak, Acacia, and Lingua. 3 Layer / Floating Parquet give customers the same luxurious look of Tropical Hardwood Species in an easy to install format. Supplied finished in long boards to enable easy and economic installation. Top layer uses premium Tropical Hardwood, Middle and bottom layer uses lower grade species resulting in an attractive, easy to install affordable product. Layer parquets with species available such as Merbau, White Oak Natural, White Oak Stained Wenge, White Oak Stained Doussie and White Oak White Lacquer. Outdoor decking near the swimming pool or on the lawn will beautify any garden. Details of the decking are: Reeded, E2E or E4E; Teak E2E or E4E; Kiln Dried or Air Dried. Merbau: Random Lengths starting from 1800-5700mm in increments of 100mm and Teak: Random Lengths starting from 1000-2200mm in increments of 50mm and others. Some 40% of the products supplied to various design and partition contracting in Jakarta and other cities. Meanwhile some 60% of the products exported to Asian countries, Europe, USA, Middle East etc. We observe that P.T. ADP is classified a small sized of its kinds which operation has been growing with slowly in the last three years.
The woodworking industry had been turning down within the last five years due to lack of raw materials, as far from transportation facility and fluctuation of export demand. It is estimated will keep going down within the coming two or three years as the impact of global economic crisis and tight banking liquidity since October 2008 hitherto. But we are sure that P.T. ADP will be able to maintain its business in the next years. The growth of said business is evident from the production and utility growth of the processed wood export volume and export value of plywood and sawn timber below:
The Export Growth of
the Indonesian Main Processed Wood Products
2005 – 2010
|
Type of
Commodities |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Plywood : -Volume (000 tons) -Value (US$ million) |
2,214.8 1,374.7 |
1,979.1 1,506.6 |
1,754.2 1,524.7 |
1,659.3 1,527.2 |
1,430.4 1,189.5 |
1,834.7 1,635.3 |
|
San Timber: -Volume (000 tons) -Value (US$ million) |
371.7 281.6 |
474.5 414.8 |
151.0 144.1 |
51.1 55.6 |
36.4 36.7 |
32.3 31.3 |
|
Other Wood Products: -Volume (000 tons) -Value (US$ million) |
2,143.5 1,430.2 |
1,926.2 1,403.4 |
1,713.0 1,409.0 |
1,059.3 1,238.2 |
1,201.4 1,048.8 |
1,825.1 1,204.0 |
Source: Central Bureau of Statistics
(BPS)
Until this time P.T. ADP has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. ADP is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2009 amounted to Rp. 2.5 billion rose to Rp. 3.2 billion in 2010 increased to Rp. 4.5 billion in 2011 and projected to go on rising by at least 5% in 2012. The operation in 2011 yielded an estimated net profit of at least Rp. 0.4 billion and the company has an estimated total net worth of at least Rp. 1.0 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. ADP is led by Mr. Dhinesh Ghansham
Lalchandani (47) a businessman and professional manager with experience in
trading, distribution and export of parquet and wooden flooring products. 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. ADITI DHINESHINDO PRIMA is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
RATING EXPLANATIONS
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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 |
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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.