|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ARMINDO PRIMA |
|
|
|
|
Registered Office : |
Komplek Gading
Bukit Indah Block B-26, Jalan Bukit Gading Raya, Kelurahan Kelapa Gading,
Kecamatan Kelapa Gading, Jakarta Utara, 14240 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
09.01.1981 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.10-10836 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
· Trading, Import and Distribution of Shoot Gun and Explosion · Subject is also engaged in investment holding |
|
|
|
|
No. of Employees : |
27 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. ARMINDO PRIMA
Head Office
Komplek Gading
Bukit Indah Block B-26
Jalan Bukit Gading
Raya
Kelurahan Kelapa
Gading, Kecamatan Kelapa Gading
Jakarta Utara, 14240
Indonesia
Phones - (62-21) 45841330 (Hunting)
Fax - (62-21) 4513903
E-mail - info@armindoprima.co.id
Website - http://www.armindoprima.co.id
Building Area - 2 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Owned
9 January 1981
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
- No. Y.A.5/7/15
Dated 5 January 1982
- No. AHU-46202.AH.01.02.TH.2008
Dated 29 July 2008
- No.
AHU-AH.01.10-10836
Dated 5 May 2010
National Private Company
The Department of
Finance
NPWP No. 01.303.430.1-046.000
a. P.T. ARMINDO MITRA
PRAKARSA (Investment Holding)
b. P.T. KALTIM
NITRATE INDONESIA (Ammonium Nitrate Manufacturing)
Capital Structure :
Authorized Capital :
Rp. 1,375,000,000.-
Issued Capital :
Rp. 1,375,000,000.-
Paid up Capital :
Rp. 1,375,000,000.-
Shareholders/Owners :
a. Mrs. Joyce Eveline Irfaie Lefrandt - Rp. 355,000,000.-
Address : Apartment Mitra Oasis
Jl. Senen Raya No. 135-137,
RT. 001 RW. 002
Kelurahan Senen, Kecamatan
Senen
Jakarta Pusat, Indonesia
b. Mrs. Winniarlita Irmawati, MM - Rp. 340,000,000.-
Address : Apartment Mitra Oasis
Jl. Senen Raya No. 135-137,
RT. 001 RW. 002
Kelurahan Senen, Kecamatan
Senen
Jakarta Pusat, Indonesia
c. Mrs. Roswita Fitrijanti -
Rp. 340,000,000.-
Address : Apartment Mitra Oasis
Jl. Senen Raya No. 135-137,
RT. 001 RW. 002
Kelurahan Senen, Kecamatan
Senen
Jakarta Pusat, Indonesia
d. Mr. David Nathan Irfai -
Rp. 340,000,000.-
Address : Apartment Mitra Oasis
Jl. Senen Raya No. 135-137,
RT. 001 RW. 002
Kelurahan Senen, Kecamatan
Senen
Jakarta Pusat, Indonesia
Lines of Business :
a. Trading, Import
and Distribution of Shoot Gun and Explosion
b. Investment Holding
Production Capacity :
None
Total Investment :
None
Started Operation :
1982
Brand Name :
Armindo Prima
Technical Assistance :
None
Number of Employee :
27 persons
Marketing Area :
Local - 100%
Main Customer :
Armed Forces and Mining
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASA KARYA MULTI PRATAMA
b. P.T. DAHANA
(Persero)
c. P.T. KALTIM
NITRATE INDONESIA
d. P.T. MEXIS
e. P.T. MULTI
NITROTAMA KIMIA
Business Trend :
Growing
Banker :
P.T. Bank MANDIRI Tbk
Jalan Kelapa
Gading Boulevard Block K 4/3
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2010 – Rp. 37.0 billion
2011 – Rp. 40.0 billion
2012 – Rp. 42.0 billion
2013 – Rp. 25.0 billion (January – June)
Net Profit (estimated) :
2010 – Rp. 2.2 billion
2011 – Rp. 2.5 billion
2012 – Rp. 2.8 billion
2013 – Rp. 1.5 billion (January – June)
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mrs. Winniarlita Irmawati, MM
Director - Mr.
Chrisna Deva Priyapratama
Board of Commissioners :
President Commissioner - Mr. Drs. Guntur Sumastopo
Commissioners - a. Mrs. Joyce
Eveline Irfaie Lefrandt
b. Mr. Rear Admiral (Retired) Ir. Josef
Mursidi, MM
Signatories :
President Director (Mrs. Winniarlita Irmawati, MM) or the
Director (Mr. Chrisna Deva Priyapratama) which must be approved by Board of
Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. ARMINDO PRIMA (P.T. AP) was established in January 1981 with an authorized capital of Rp. 450,000,000 issued capital Rp. 90,000,000 wholly paid-up. Founders and original shareholders originally are Mr. Raden Soewito Wirjoatmodjo, Mr. Mochamad Djahuri, Mr. Soedrajat Yamin, Mrs. Rusmi, Mrs. Lisda Gani, Mr. Kreatikto Boentoro, Mr. Trisno Santoso Gunadi, Mr. Arnold Dirk Lengkong, Mr. Johnny Laurens Kindangen, Mr. Irfai Hazransyah, Mr. Becky Ekawaty Hananta, SH. It’s notarial act has subsequently been revised for a couple of times. Later in August 2005, the whole shares had been taken over by Mrs. Winniarlita Irmawati, Drs. Haji Kresno Soekamso, SH., Mrs. Joyce Eveline Lefrandt, Mr. Mardiadi Heriwibowo, SE, Mr. Ir. Eddy Isprayanto and Mr. Johnny Hutagalung as new shareholders. Then according to the latest revision of notary documents of Mrs. Hajjah Huriah Sadeli, SH., No. 05 dated 16 April 2010 the company authorized capital was increased to Rp. 1,375,000,000 wholly issued and paid up. With this development the composition of its shareholders has been changed to become Mrs. Joyce Eveline Irfaie Lefrandt (25.82%), his daughters and son namely Mrs. Winniarlita Irmawati (24.73%), Mrs. Roswita Fitrijanti (24.73%) and Mr. David Nathan Irfai (24.73%). The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-AH.01.10-10836 dated May 5, 2010.
P.T. AP started with operation in 1982 in trading of shoot gun including its license handling. One of P.T. AP's senior staff members disclosed that the above products are imported from Brazil, Germany and Singapore comprising of various brands including Walter, Taurus and Baretta. P.T. AP also is selling various types of explosives imported from the USA and also from P.T. KALTIM NITRATE INDONESIA. For the commercial purpose, P.T. AP also imports explosive and its accessories from suppliers such as Schlumberger, Halliburton, Baker Atlas. These explosive are imported to fulfill the requirement of the project of Oil and Gas companies such as P.T. Pertamina and its contractors. P.T. AP also serve the needs of explosives for mining companies such as coal mining, gold mining, nickel, etc in Indonesia. To provide a comprehensive service to the mining companies P.T. Armindo Prima imports the explosives from suppliers such as Orica, DNX, AEL, ECA and Mineag Nitrex. The above products like shoot gun supplied to Armed Forces, Military and also are sold to individuals, banking sector. However the explosion and ammonium nitrate is supplied oil and mining companies among others P.T. ADARO INDONESIA, P.T. ARUTMIN INDONESIA, P.T. KALTIM PRIMA COAL, P.T. NEWMONT NUSA TENGGARA, P.T. FREEPORT INDONESIA and others.
Besides, P.T. AP is also engaged in investment holding by
controls 5% shares of P.T. KALTIM NITRATE INDONESIA dealing with ammonium
nitrate manufacturing. P.T. KNI is a
foreign capital investment company (PMA) dealing with ammonium nitrate
manufacturing. The plant is located at Kaltim Industrial Estate, Jalan James
Simandjuntak No. 1, Bontang, East Kalimantan, standing on a land of 10
hectares. The factory core production is designed to produce Ammonium Nitrate
(Prilled) in the capacity of 300,000 metric tons per year that will be used as
commercial explosive raw materials, 95% of which will be marketed in the country.
The construction of the plant has absorbed an investment of US$ 450.0 million
come from own capital of US$ 100.0 million and the rest is loans. The
construction of the plant began in August 2009 with the main contractors P.T.
REKAYASA INDUSTRY (Persero). In constructing this plant, P.T. REKAYASA INDUSTRY
uses technology licensed from UHDE Germany. Basic design of the plant is done
by UHDE Germany, while the main equipment manufactured by MAN Turbo from
Germany.
Generally outlook the demand for ammonium nitrate has kept on rising by
about 10% to 12% in line with the rapid growth of mining industry sector and
other industrial sectors as its consumers in the country. The occurring of the
crisis has affected badly to various industrial sectors particularly the ones
whose major materials is imported. In the meantime, we realized that market
competition is very tough on account of many other imported products are being
offered in the domestic market. As from the end of 2009, its business operation
started to arise in line with the amelioration of economic condition and the
domestic mining business industry. In the long run, P.T. AP has a quite good
future business prospect once economic crisis starts recovery.
Besides, we observed that
domestic demand on military equipment like submarine spare parts, battleship,
other military equipments, marine equipment and spare parts and maintenance
services is getting increase about 6% per year in the last five years. This
matters in line with the increasing of expenditure budget in the defense and
security sector in the last five years. It is forecasted that the demand will
increase about 7% in the last five years. In addition, demand on military
budget will increase in the next five years, in line with development of many
industrial sectors who are its customer.
If Gross Domestic Product growth
can be maintained as an average of 10 years by 16.2% (between 5-6% economic
growth) and the average state budget 18.8% of GDP, then the defense spending
when projected = average of the last 10 years amounted to 4, 2% of the national
budget (less than 1% of GDP) will get the number 5 years ahead is very big.
Estimation of Indonesian Defense
Budget, 2010 – 2014
|
No. |
Description |
Average 2000 - 2009 |
2010 E |
2011 E |
2012 E |
2013 E |
2014 E |
|
1. 2. 3. |
GDP %
Growth APBN %
GDP %
Growth Defense Budget %
GDP %
APBN %
Growth |
16.2% 18.8% 20.5% 0.8% 4.2% 18.3% |
6.167.50 16.2% 1.313.76 18.8% 55.13 4.2% |
7.164.84 16.2% 1.560.55 18.8% 65.49 4.2% |
8.323.44 16.2% 1.853.70 18.8% 77.79 4.2% |
9.669.40 16.2% 2.201.92 18.8% 92.40 4.2% |
11.233.02 16.2% 2.615.56 18.8% 109.76 4.2% |
Source:
BAPPENAS
Until this time P.T. AP has not been registered with Indonesian Stock Exchange, so that they had not obliged to announce their financial statement. The management of the company is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total sales turnover of the company in 2010 amounted to Rp. 37.0 billion rose to Rp. 40.0 billion in 2011 increased to Rp. 42.0 billion in 2012. As from January to June 2013 the sales has amounted at Rp. 25.0 billion with a net profit of Rp. 1.5 billion and projected to go on rising by at least 6% in 2014. The operation in 2012 yielded an estimated net profit of at least Rp. 2.8 billion and the company has an estimated total networth of at least Rp. 7.0 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. AP is led by Mrs. Winniarlita Irmawati, MM (44) a businesswoman and professional manager graduate from Atmajaya University with experience in trading, import and distribution of shoot gun and explosion. Daily activity she is assisted by Mr. Chrisna Deva Priyapratama (47) as Director. 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. ARMINDO PRIMA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.