|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. AVIA AVIAN |
|
|
|
|
Registered Office : |
Jalan Raya Surabaya
– Sidoarjo Km. 19 Desa Wadungasih, Buduran, Sidoarjo East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
01.03.1983 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-04524 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Paint Manufacturing |
|
|
|
|
No. of Employees : |
630 persons |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew more than 6%
annually in 2010-12. 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 fiscal deficit below 3%, 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
2013 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 high oil prices.
Source
: CIA
P.T.
AVIA AVIAN
Head Office & Factory
Jalan Raya Surabaya – Sidoarjo Km. 19
Desa Wadungasih, Buduran, Sidoarjo
East Java
Indonesia
Phones -
(62-31) 8968000, 8969000 (Hunting)
Fax - (62-31) 8921734, 8964118
E-mail - avian@indo.net.id
Land Area - 19,500 sq.
meters
Building Space - 8,600 sq. meters
Region - Industrial
Zone
Status - Owned
Warehouses
a.
Jalan Raya Narogong Km. 7
Bekasi
West Java
Indonesia
Phones - (62-21) 8222066, 82431431
Fax -
(62-21) 8203974
Land Area -
2,500 sq. meters
Building Space - 1,100 sq. meters
Region - Industrial
Zone
Status - Rent
b. Komp.
Pergudangan Mutiara
Kosambi 1
Block C 6 No. 9-10
Jalan Prancis
Dadap, Tangerang
Jakarta Barat
Indonesia
Phones - (62-21) 55955460 (Hunting)
Fax -
(62-21) 55955463
Land Area - 2,000 sq. meters
Building Space - 1,000 sq. meters
Region - Industrial Zone
Status - Rent
Date of Incorporation :
01
March 1983
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and Human Rights
a. No.
C-12864.HT.01.04.TH.2005
Dated
12 May 2005
b. No.
C-UM.02.01.1192
Dated
24 January 2006
c. No.
AHU-29801.AH.01.02.Tahun 2009
Dated
01 July 2009
d. No.
AHU-AH.01.10-04524
Dated
09 February 2012
Company Status :
Domestic Investment
(PMDN) Company
Permit by the
Government Department :
a. The Department of Finance
NPWP
No. 01.203.265.2-603.000
b. The Department of Trade and Industry
- No. 864/Kanwil.13/AI/IUT/13/V/1985
Dated 05 July 1985
- TDP No. 13171300119
Dated 24 November 1997
c. The Capital Investment Coordinating Board
No.
30/I/PMDN/1999
Dated
03 June 1999
Related Companies :
a. P.T. GLOBAL SUKSES
MAKMUR SENTOSA (Trading and Investment Holding)
b. P.T. MARGO MEGA
MULIA (Trading and Investment Holding)
c. P.T. MITRA MULIA
MAKMUR (Trading and Investment Holding)
d. P.T. PUTRA MULIA
MAKMUR (Can Container Manufacturing)
e. P.T. SINAR SURYA
SARANA SUKSES (Trading and Investment Holding)
f. P.T. SUI SURYA SANTOSA (Trading and
Investment Holding)
g. P.T. SURYA
INTERNATIONAL PERKASA (Trading and Investment Holding)
h. P.T. WIRA ALJU
REJEKI (Trading and Investment Holding)
i. UD. TEXINDO (Trading and Distribution of
Paint)
j. Etc.
Capital
Structure :
Authorized
Capital - Rp.
220,000,000,000.-
Issued
Capital -
Rp. 124,020,000,000.-
Paid
up Capital -
Rp. 124,020,000,000.-
Shareholders/Owners
:
a. P.T. GLOBAL SUKSES MAKMUR SENTOSA - Rp. 39,686,000,000.- (32%)
Address :
Desa Wadungasih RT.011, RW.003
Buduran, Sidoarjo, East Java
b. P.T. WIRA LAJU REJEKI - Rp.
39,686,000,000.- (32%)
Address :
Desa Wadungasih RT.011, RW.003
Buduran, Sidoarjo, East Java
c. P.T. SINAR SURYA SARANA SUKSES - Rp. 12,402,000,000.- (10%)
Address :
Jl. Kapten Pierre Tendean No. 21B
Malang, East Java
d. P.T. MARCO MEGA MULIA -
Rp. 12,402,000,000.- (10%)
Address :
Jl. Basuki Rahmat No. 3
Klojen, Malang, East Java
e. Mr. Ruslan Tanoko -
Rp. 7,441,000,000.- ( 6%)
Address : Jl.Graha
Family Blok O-10
Surabaya, East Java
f. Mr. Rudi Tanoko -
Rp. 3,721,000,000.- ( 3%)
Address :
Jl. Graha Family Blok O-10
Surabaya, East Java
g. Mr. Rony Tanoko -
Rp. 3,721,000,000.- ( 3%)
Address :
Jl. Graha Family Blok K.9
Surabaya, East Java
h. Mr. Robert Christian Tanoko - Rp. 4,961,000,000.- ( 4%)
Address :
Jl. Dr. Cipto No. 3
Surabaya, East Java
Lines
of Business :
Paint
Manufacturing
Production
Capacity :
a.
Paint -
12,950 tons p.a.
b. Meni - 1,200 tons p.a.
c. Plamur - 1,300 tons p.a.
d. Flinkote - 320 tons p.a.
e. Oil Paint - 1,500 tons p.a.
f. Alkyd Resin - 2,000 tons p.a.
g. Acrylic Resin - 150 tons p.a.
h. Maleic Resin - 1,200 tons p.a.
i. Melamine Resin - 180 tons p.a.
j. Emulsion Resin - 1,200 tons p.a.
k. Can Package - 1,200 tons p.a.
Total
Investment :
a.
Equity Capital -
Rp. 55.0 billion
b.
Loan Capital -
Rp. 12.0 billion
c.
Total Investment -
Rp. 67.0 billion
Started Operation :
1984
Brand Name :
Avitex
Technical Assistance
:
None
Number of Employee :
630 persons
Marketing Area :
Local - 100%
Main Customer :
Building Material
Shops
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ICI PAINT
INDONESIA
b. P.T. DANAPAINT
INDONESIA
c. P.T. GAJAH TUNGGAL
PRAKARSA
d. P.T. JOTUN
INDONESIA
e. Etc
Business Trend :
Growing
B
a n k e r s :
a.
P.T. Bank CENTRAL ASIA Tbk
Jalan A. Yani No. 39-A
Surabaya, East Java
Indonesia
b. P.T. Bank PANIN Tbk
Jalan Raya
Darmo No. 57
Surabaya,
East Java
Indonesia
c. P.T. Bank
PERMATA Tbk
Jalan
Tunjungan No. 52
Surabaya,
East Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2009
– Rp. 395.0 billion
2010
– Rp. 448.0 billion
2011
– Rp. 510.0 billion
2012
– Rp. 580.0 billion
Net
Profit (estimated) :
2009
– Rp. 28.6 billion
2010
– Rp. 32.5 billion
2011
– Rp. 37.0 billion
2012
– Rp. 42.5 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Wijono Tanoko
Director -
Mr. Ruslan Tanoko
Marketing Manager - Mr. Johnny Lukas
Board of Commissioners :
President Commissioner - Mr. Hermanto Tanoko
Commissioner - Mr. Soetikno Tanoko
Signatories :
President
Director (Mr. Wijono Tanoko) or the Director (Mr. Ruslan Tanoko) which must be
approved by Board of Commissioners
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed
Credit Limit :
Moderate
amount
P.T.
AVIA AVIAN (P.T. AA) was established in Sidoarjo, East Java, in March 1983 with
an authorized capital of Rp. 200,000,000 of which Rp. 10,000,000 was issued and
paid up. The company was founded by Mr. Tun Dwiputra, Mr. Sutikno Tanoko and
his sons and daughters, namely Mr. Wijono Tanoko, Mr. Hermanto Tanoko, Mrs.
Kristien Tanoko, Mrs. Liliana Tanoko, and Mrs. Muliawati Tanoko (an Indonesian
business family of Chinese extraction). The company notary deed has been
changed a couple of times. In December 1999 the company's authorized capital
was increased to Rp. 20,000,000,000 with the issued and paid up capital
amounting to Rp. 5,000,000,000. The articles of association of the company have
frequently been revised. In January 2007, the authorized capital was raised to
Rp. 220,000,000,000 of which Rp. 55,000,000,000 was issued and fully paid up
and concurrently the shareholders of the company are P.T. GLOBAL SUKSES MAKMUR
SENTOSA, P.T. WIRA LAJU REJEKI, P.T. SUI SURYA SENTOSA, P.T. SINAR SURYA SARANA
SUKSES, P.T. SURYA INTERNATIONAL PERKASA and P.T. MARCO MEGA MULIA, all are
private companies.
Most
recently by notarial deed of public notary Rusdi Muljono, SH., No. 58 dated
December 29, 2012 the issued capital was raised to Rp. 124,020,000,000.- and
fully paid up. The
capital structures and shareholders composition of P.T. AA in details are as
shown on page-3 & 4 of this report. The amendment to Article of Association has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-AH.01.10-04524 dated February 9, 2012. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T.
AA has been operating since 1984 in paint manufacturing industry. Its plant is
located at Jalan Raya Surabaya-Sidoarjo Km.19, Buduran, Sidoarjo, East Java, on
a land of some 19,500 sq. meters. Previously P.T. AA was a non-facility
company. But since June 1999 P.T. AA acquired a Domestic Capital Investment
(PMDN) license to expand its business. It has a production capacity of paint
12,950 tons, meni of 1,200 tons, plamur of 1,300 tons, flinkote of 320 tons,
oil paint of 1,500 tons, alkyd resin of 2,000 tons, acrylic resin of 150 tons,
maleic resin of 1,200 tons, melamine resin of 180 tons, emulsion resin of 1,200
tons and can package of 1,200 tons per annum respectively. The plant has
produced various paints, such as, wood, iron, wall, roof tile paints, etc., and
synthetic materials like thinner, varnish, epoxy, melamine resin, etc. Mr. Johny
Lukas, a marketing manager of the company said to our inquiry the products are
all marketed locally mainly to property companies, woodworking industries,
automotive workshop and houses. The products are sold with many brands and the
most popular one is AVIAN for wood paint and iron, AVITEX for wall and roof
tile and many other brands like AVIA, BOYO, BELMAS, TAN, SUZUKA and TROPIC. It
controls a wide marketing network with a number of distributors in many major
cities. We observe the Company has a wide marketing network in
many major cities in the country.
Generally,
demand for paint products has been increasing by 6% to 8% per annum in the last
five years having close relation with the growth of various industrial sectors
including property sectors like real estate, office buildings, apartments,
shopping centers, manufacturing industrial sectors and fabrication, shipping
sectors, automotive industrial sectors and other industrial sectors. The demand
for paint is estimated to be rising by at least 5% in the coming five years.
The competition is very tight on account of lots of similar company operating
in the country. Business position of P.T. AA is favorable for it has controlled
a wide marketing network at home and abroad and its brand has been widely known
among consumers in the country.
Until
this time P.T. AA has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The management of P.T. AA is very reclusive
towards outsiders and rejected to disclose its financial condition. We estimated that total sales turnover of the
company in 2010 amounted of Rp. 448.0 billion and increased to Rp. 510.0
billion in 2011 and rose again to Rp. 580.0 billion in 2012. The operation in 2012 yielded an estimated
net profit at least Rp. 42.5 billion and the company has an estimated total
networth at Rp. 240.0 billion. It is
forecasted that total sales turnover of the company will increase at least 8%
in 2013. So far, we have never heard of
the company having been black listed by the Central Bank (Bank Indonesia). Mrs.
Ina, the export import staff of the company disclosed that the company usually
pays its debts punctually to suppliers.
The
management of P.T. AA is led by Mr. Wijono Tanoko (61) a businessman with more
than 20 years experience in paint manufacturing and trading. He has replaced the position of his younger
brother Mr. Hermanto Tanoko (51) being at present as the president commissioner
of the company. Daily operation he is assisted by his younger brother Mr.
Ruslan Tanoko (38) as a director. The management is handled by experienced
staff in this business, having maintained a wide business relation with private
businessmen at home and abroad as well as with government sectors. So far, we
did not hear that the company’s management involved in the business
malpractices or detrimental cases that settled in the country. The company’s
litigation record is clean and it has not registered with the black list of
Bank of Indonesia. P.T. AVIA AVIAN is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.