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Report Date : |
17.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
P.T. VIREMA IMPEX |
|
|
|
|
Registered Office : |
9th Floor, the City Tower Jl. M.H. Thamrin No. 81 Jakarta 10310 |
|
|
|
|
Country : |
Indonesia |
|
|
|
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Date of Incorporation : |
30.03.2004 |
|
|
|
|
Com. Reg. No.: |
No. AHU-68213.AH.01.02.Tahun 2008 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
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Line of Business : |
Trading, Import-Export and Distribution of Steam Coal, High Tension Cables, Industrial Paper and Textiles |
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No. of Employees : |
60 persons |
RATING & COMMENTS
|
MIRAs 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$ 13.0 million |
|
Status : |
Good |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Indonesia
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
P.T. VIREMA
IMPEX
Head Office
9th Floor, the City Tower
Jl. M.H. Thamrin
No. 81
Jakarta 10310
Indonesia
Phones -
(62-21) 3199 7101 (hunting)
Fax - (62-21) 3199 7103
E-mail - marketing@viremaimpex.com
Website - http://www.viremaimpex.com
Building Area - 26 storey
Office Space - 280 sq. meters
Region - Commercial
Status - Rent
Branch
Jl. Setrasari
Kulon No. 38
Bandung, West
Java
Indonesia
Phones -
(62-22) 201 5387, 2003153, 2003155
Fax - (62-22) 200 4354
Building Area - 2 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
30 March 2004
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. C-12173 HT.01.01.TH.2004
Dated 14 May 2004
- No. AHU-68213.AH.01.02.Tahun 2008
Dated 23 September 2008
Company Status
:
Foreign
Investment Company (PMA)
Permit by the
Government Department :
a. The Department of Finance
NPWP No. 02.116.388.6-056.000
b. The Investment Coordinating Board
No. 07/32/I/PMA/2004
Dated 27 February 2004
c. The Department of Industry and Trade
No. 18/32/T/INDUSTRI/J2005
Dated 20 May 2005
Related
Companies :
Not available
Capital
Structure :
Authorized
Capital - US$.
100,000.- (Rp. 850,000,000.-)
Issued Capital - US$.
100,000.- (Rp. 850,000,000.-)
Paid up Capital - US$. 100,000.-
(Rp. 850,000,000.-)
Shareholders/Owners
:
a. Mr. Virendra Kumar Sharda - US$. 35,000.- (35%)
Address : Vasanti Kunj,
B-24 Kamla Nehru Nagar Ext
II,
Chopasani Road,
Jodhpur (Rajasthan) India
b. Mrs. Rekha Sharda -
US$. 35,000.- (35%)
Address : Vasanti Kunj,
B-24 Kamla Nehru Nagar Ext
II,
Chopasani Road,
Jodhpur (Rajasthan) India
c. Mr. Rishi Sharda -
US$. 15,000.- (15%)
Address : Vasanti Kunj,
B-24 Kamla Nehru Nagar Ext
II,
Chopasani Road,
Jodhpur (Rajasthan) India
d. Mr. Manish Sharda -
US$. 15,000.- (15%)
Address : Vasanti Kunj,
B-24 Kamla Nehru Nagar Ext
II,
Chopasani Road,
Jodhpur (Rajasthan) India
Lines of
Business :
Trading,
Import-Export and Distribution of Steam Coal, High Tension Cables, Industrial
Paper and Textiles
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
May 2004
Brand Name :
Virema Impex
Technical
Assistance :
None
Number of
Employee :
60 persons
Marketing Area
:
a. Local -
30%
b. Export - 70%
Main Customers
:
a. Textile
Industries
b. Food and
Beverage Industries
c. Overseas buyer
in India, China, Pakistan and others
Market
Situation :
Very Competitive
Main
Competitors :
a. PT. Dakai
Impex
b. PT. Alam Indorama
c. PT. Adi Sampoerno
d. PT. Sumber
Bumi Jaya
e. Etc.
Business Trend
:
Growing
B a n k e r s :
a. P.T. Bank
INTERNATIONAL INDONESIA Tbk
Plaza BII, Jalan M.H. Thamrin No. 55
Jakarta
Pusat
b. BANGKOK Bank
Jalam M.H.
Thamrin No. 3
Jakarta Pusat
c. AMERICAN EXPRESS Bank
Jalan H.R.
Rasuna Said Kav. X-5
Jakarta Selatan
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 US$. 80.0 million
2010 US$. 91.8 million
2011 US$. 102.0
million
Net Profit
(estimated) :
2009 US$. 3.9
million
2010 US$. 4.5
million
2011 US$. 5.1
million
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Virendra Kumar Sharda
Directors -
a. Mr. Rishi Sharda
b. Mr. Manish Sharda
Board of Commissioners :
Commissioner -
Mrs. Rekha Sharda
Signatories :
President Director (Mr.
Virendra Kumar Sharda) or one of the Directors (Mr. Rishi Sharda and Mr. Manish
Sharda) which must be approved by Board of Commissioner (Mrs. Rekha Sharda)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount
periodical review
Maximum Credit Limit :
US$ 13.0 million
on 90 days D/A
P.T. VIREMA IMPEX (P.T. VIM) was established
in Bandung on March 2004 with the authorized capital of US$. 100,000.- (Rp.
850,000,000.-) entirely was issued and fully paid up. The founding shareholders
of the company are Mr. Virendra Kumar Sharda (35%), Mrs. Rekha Sharda (35%),
Mr. Rishi Sharda (15%) and Mr. Manish Sharda (15%). They are foreign businessmen/woman of Indian
descent. The deed of company was made by
Efemia Surjawati Salim, SH., a public notary in Jakarta and it was approved by
the Ministry of Law and Human Right in its Decision Letter No. C-12173
HT.01.01.TH.2004 dated 14 May 2004 and No. AHU-68213.AH.01.02.Tahun 2008 dated
23 September 2008. No changes have been
effected in term of its shareholding composition and capital structures to
date.
P.T. VIM
obtained a Foreign Capital Investment (PMA) license in export and import of
merchandise products having been in operation since May 2004. Pursuant to company profile, P.T. VIM is a
foreign invested trading company based in Indonesia, trading in both domestic
and international market. They are importing few Chemicals, textile Fibers and
food ingredients into Indonesia and exporting Coal, textile fabrics and
Industrial Paper. Coal trading inhabits
90% of the companys turnover. They are
mainly procuring from small-medium class miners and exporting on FOB MV basis.
For domestic market they are managing entire supply chain, procuring from
small-medium class miners and selling till Franco Factory basis (end user's
stockpile) and/or FOT basis (free on truck on our hired stockpile). To do so we
are maintaining stockpile in Cirebon, Cilegon and Jakarta. We observed that P.T. VIM is classified as a
large sized company of its kind in the country of which the operation has been
growing in the last three years.
Below is the list
of products that we are sourcing for overseas buyer from Indonesia, and
products that we are sourcing from international market for Indonesian buyers.
a. Indonesian
Steam Coal
Coal is an efficient source of energy for the
world's fast-growing industries. Indonesia has been recognized as a major
international coal producer, which is now one of the largest coal exporters.
b.
Cables
A cable is two or more wires bound together,
typically in a common protective Jacket or sheath. The company is mainly
sourcing LV power cables, MV power cables and Telecommunication cables from
Indonesia for the export to south Asian countries.
c.
Paper and Cardboards
Paper is a thin, flat material produced by the
compression of fibers. The fibers used are usually natural and composed of
cellulose. They are supplying wide range of paper products direct from paper
manufacturing industries in Indonesia.
d.
Textiles
A textile is any type of material made from fibers or other extended
linear materials such as thread or yarn, Cotton/Rayon/Polyester, Yarn, Grey
Fabric, Dyed & Finished Fabric and Garments. It is the core business in
which PT Virema Impex took first step into the trading world.
Generally, the
demand for steam coal, cables, paper and cardboards and textile had been rising by 8% to 10% on the average
per annum in the last five years in line with the rapid growth of various
industrial sectors in the country. But,
later dwindled as the global economic slowdown since October 2008, followed by
tight money policy imposed by Indonesian Central Bank (Bank Indonesia) and also
heated by political issue in the country. The demand growth started to awake in
June 2009 in line with the amelioration of economic condition in the country.
Market competition is very tough on account of large number of other similar
companies operating in the country. P.T. VIM business position in this case is
not too badly because it has built regular customers and extensive marketing network
all across the country and abroad.
Until this time
P.T. VIM has not been registered with Indonesian Stock Exchange, so that they
shall not obliged to announce their financial statement. The management of P.T.
VIM 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 US$. 80.0 million increased to US$.
91.8 million in 2010 rose again to Rp. 102.0 million in 2011 and projected to
go on rising by at least 8% in 2012.
The operation in 2011 yielded an estimated net profit of at least US$.
5.1 million and the company has an estimated total networth of at least US$.
20.0 million. 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. DCA is led by Mr. Virendra Kumar Sharda (61) as president director, an
Indian businessman with experience in trading, export-import and distribution
of merchandise products. In daily
activities, he is assisted by his sons Mr. Rishi Sharda (31) and Mr. Manish
Sharda (30), both are as directors. Mr.
Manish Sharda is a graduated from University of Technology, Sydney. 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 companys litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
P.T. VIREMA IMPEX is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
|
|
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
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 SCs 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.