|
Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ACE HARDWARE INDONESIA TBK |
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|
|
|
Registered Office : |
Kawan Lama Building, 5th Floor , Jalan Puri
Kencana No. 1, Meruya Kembangan,
Jakarta Barat, 11610 |
|
|
|
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Country : |
Indonesia |
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|
|
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Date of Incorporation : |
03.02.1995 |
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|
|
|
Com. Reg. No.: |
No. W7-09693 HT.01.04.TH.2007 |
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|
|
|
Legal Form : |
Publicly Listed Company |
|
|
|
|
Line of Business : |
Retailer of Home Improvement Products and
Investment Holding |
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|
|
No. of Employees : |
10,362 |
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 |
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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 |
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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. ACE HARDWARE
INDONESIA Tbk
A d d r e s s
:
Head Office & Showroom
Kawan Lama Building, 5th Floor
Jalan Puri Kencana No. 1
Meruya – Kembangan
Jakarta Barat, 11610
Indonesia
Phone -
(62-21) 582 2222 (Hunting)
Fax - (62-21) 582 5588
E-mail - ask_ace@acehardware.co.id
Website - www.acehardware.co.id
Building Area - 6 storey
Factory Space - 2,000 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
a. 3 February 1995 as P.T. KAWAN
LAMA HOME CENTER
b. 28 October 1997 as P.T. ACE
INDORITEL PERKAKAS
c. 28 August 2001 as P.T. ACE
HARDWARE INDONESIA
d. 29 August 2007 as P.T. ACE
HARDWARE INDONESIA Tbk
Legal Form :
P.T. Tbk (Perseroan Terbatas Terbuka) or Publicly Listed Company
Company Reg.
No. :
The Ministry of Law and
Human Rights
- No. C-68339.HT.01.04.TH.2001
Dated 14 September 2001
- No. W7-09693 HT.01.04.TH.2007
Dated 4 September 2007
Company Status
:
Private National Company
Permit by the
Government Department :
The Directorate General of
Tax
NPWP No. 01.721.123.6-035.000
The Capital Market
Supervisory Board
No. S-995/BEJ-J-PSJ/10-2007
Dated 5 October 2007
Related
Company :
The KAWAN LAMA Group Members
Capital
Structure :
Authorized Capital :
Rp. 480,000,000,000.-
Issued Capital :
Rp. 171,500,000,000.-
Paid up Capital :
Rp. 171,500,000,000.-
Shareholders/Owners
:
a. P.T. KAWAN LAMA INTERNUSA - Rp. 102,849,000,000.-
b. The NORTHERN TRUST S/A AVFC - Rp.
20,280,750,000.-
c. Mr. Kuncoro Wibowo -
Rp. 1,000,000.-
d. Public -
Rp. 48,369,250,000.-
Lines of
Business :
a. Retailer of Home Improvement
Products
b. Investment Holding
Production Capacity
:
Ace Hardware -
88 outlets
Total
Investment :
Owned Capital -
Rp. 480.0 billion
Started
Operation :
May 1995
Brand Name :
Ace Hardware Indonesia
Technical
Assistance :
ACE HARDWARE of the USA
Number of
Employee :
10,362 persons
Marketing Area
:
Domestic - 100%
Main Customers
:
a. P.T. GARUDA INDONESIA
b. P.T. P.T. PANARUB INDUSTRY
c. The ASTRA Group
d. The INDOMOBIL Group
e. The KRAMAYUDA Group
f. Industrial Manufacturing, end
users, etc.
Market
Situation :
Very Competitive
Main Competitors
:
a. P.T. KARYA PRIMA SUPLINDO
b. P.T. CATUR MITRA SEJATI
SENTOSA
c. P.T. CATUR SENTOSA
ADIPRANA
d. P.T. CATUR KARDA DEPO
BANGUNAN
e. Etc.
Business Trend
:
Growing
B a n k e r s
:
a. P.T. Bank PERMATA Tbk
Jalan Hayam Wuruk No. 84-85
Jakarta Barat
Indonesia
b. P.T. Bank INTERNATIONAL
INDONESIA Tbk
Wisma BII
Jalan
M.H. Thamrin No. 50
Jakarta Pusat
Indonesia
Auditor :
RSM Aryanto, Amir Jusuf,
Mawar & Saptoto
Litigation :
No litigation record in our database
Annual Sales :
2009 – Rp. 1,358.8 billion
2010 – Rp. 1,641.1 billion
2011 – Rp. 2,426.4 billion
2012 – Rp. 3,223.3 billion
2013 – Rp. 1,787.3 billion (as per 30 June)
Net Profit :
2009 – Rp. 154.4 billion
2010 – Rp. 167.7 billion
2011 – Rp. 279.5 billion
2012 – Rp. 428.8 billion
2013 – Rp. 181.8 billion (as per 30 June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Prabowo Widya Krisnadi
Directors - a. Mr. Rudy Hartono
b. Mr. Hartanto Djasman
c. Mr. Tarisa Widyakrisnadi
Board of Commissioners :
President Commissioner - Mr. Kuncoro Wibowo
Commissioners -
a. Mr. Ijek Widya Krisnadi
b. Mr. Teddy Hartono Setiawan
c. Mr. Letjend. TNI (Retired) Tarub
Signatories :
President Director (Mr. Prabowo Widya Krisnadi) or one of the Directors
(Mr. Rudy Hartono, Mr. Hartanto Djasman or Mr. Tarisa Widyakrisnadi) which must
be approved by Board of Commissioners.
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
Originally named
P.T. KAWAN LAMA HOME CENTER, it was established in Jakarta based on notary deed
of Mr. Benny Kristianto, SH., No. 17 dated 3 February 1995 with authorized capital
of Rp. 2,000,000,000 issued capital of Rp. 640,000,000 wholly paid-up. Founders
and shareholders are P.T. KAWAN LAMA INTERNUSA and Mr. Kuncoro Wibowo, a
Chinese origin Indonesian businessman. The company notary deed has been changed
a couple of times. In October 1997, the company was renamed to P.T. ACE
INDORITEL PERKAKAS. On the same occasion, the authorized capital was increased
to Rp. 10,000,000,000 issued capital to Rp. 7,200,000,000 wholly paid-up. In
August 2001, the company renamed again to P.T. ACE HARDWARE INDONESIA. In
December 2005, the authorized capital was raised to Rp. 50,000,000,000 of which
Rp. 40,000,000,000 was issued and fully paid up. Then in August 2007 the
company went go-public by sells of 30.03% shares through Indonesia Stock
Exchange (BEI). On this occasion the company was changed to P.T. ACE HARDWARE
INDONESIA Tbk (P.T. AHI). The latest in August 2007 the authorized capital was
also increased to Rp. 480,000,000,000 issued capital to Rp. 171,500,000,000
entirely paid up. With this time the composition of its shareholders has been
changed to become KAWAN LAMA SEJAHTERA (59.97%), The NORTHERN TRUST S/A AVFC
(11.83%), Mr. Kuncoro Wibowo (0.00%) and Public (28.20%). The latest revision
of notary deed was approved by the Ministry of Law and Human Rights in its
decision letter No. W7-09693 HT.01.04.TH.2007 dated September 4, 2007.
P.T. AHI is a
members company of the KAWAN LAMA Group, a national private business group
established by Wang family, a Chinese origin Indonesian business family. They
have established P.D. (Perusahaan Dagang) KAWAN LAMA dealing with technical
goods trading including hardware and tools. As from 1981, the KAWAN LAMA Group
was continued by the second generation, namely Mr. Kuncoro Wibowo (49) and his
family members among them are Mr. Ijek Widya Krisnadi (47) and Mr. Prabowo
Widyakrisnadi (43). In 1981, the above second generation established P.T. KAWAN
LAMA SEJAHTERA (P.T. KLS) known as the continuation of P.D. KAWAN LAMA.
P.T. AHI is
engaged in retailer of home improvement products including hardware, hand/power
tools, electrical, plumbing, lawn and garden, cleaning/paint, automotive parts,
building equipment, lock, house wares, pressure equipment, actuators, flanges
and others tools. There are some 50 thousand types of hardware products
provided by AHI. P.T. AHI is a franchise holder of ACE Hardware, the second
largest company in the USA in the field of home improvement products retailer
established in 1924. The whole products are imported from the USA, Germany,
France, Italy, Japan, South Korea, and other countries. The whole products is
also supplied to ASTRA Group, INDOMOBIL Group, KRAMAYUDHA TIGA BERLIAN Group,
P.T. GARUDA INDONESIA, P.T. ANEKA TAMBANG, P.T. FREPORT INDONESIA, P.T. TIMAH
Tbk, P.T. BUKIT ASAM Tbk, P.T. KALTIM PRIMA COAL, P.T. ADARO INDONESIA, P.T.
NEWMONT NUSA TENGGARA, P.T. P.T. TOYOTA MOTOR MANUFACTURING INDONESIA, oil and
gas industry, electronic manufacturing, cement industry and ceramic industry
and others industries. P.T. AHI started with operation in May 1995 by opening
ACE Hardware throughout various Indonesian major cities. At present, P.T. AHI
operates 88 outlets spreading in Indonesia.
The Company's
scope of activities consist of general trading including export import along
with working as agent or distributor. Currently, the Company is engaged as a
retailer of household appliances and life style products. As of September 30,
2012 the Company has 88 retail outlets which are located in Jakarta, Tangerang,
Bekasi, Cirebon, Bandung, Semarang, Surabaya, Bali, Medan, Batam, Pekan Baru,
Palembang, Balikpapan, Makasar, Banjarmasin, Manado and Samarinda.
The Premiere Ace
Hardware store was inaugurated in Supermal Karawaci Tangerang on 29 November
1995. Today, Ace has develops to be one of the leading home improvement
companies with a chain of stores in big cities in Indonesia. Committed to high
quality service, Ace Hardware Indonesia is certified for Quality Management
System ISO 9001-2000, making the company the first certified hardware store in
Indonesia. P.T. ACE HARDWARE INDONESIA has successfully obtained the
certificate of ISO 9001 : 2000 (for Quality Management System) with the
registration number ID04/0470 on 24 September 2004. With more expanded floor
space, wider array of quality home improvement products from all over the world
will be developed further to meet fast and growing demand in Indonesian market.
Besides, P.T. AHI is also engaged in investment holding by controlling 59.99%
shares of P.T. TOYS GAME INDONESIA engaged in industry and trading services. We
observe that the operation of P.T. AHI has been growing in the last five years.
The demand for
technical equipment including hardware, pressure equipment, piping systems,
fittings, flanges, actuators, gas compressors, generator and other has kept on
rising by 8% to 10% per annum in the last five years. Such condition was in
line with the growth of industrial manufacturing, general mining industry
sectors like oil and gas, industrial refineries, fertilizer industry, electricity,
office building, chemical industry, pharmaceutical industry, food and beverage
companies, pulp and paper, cement and other sectors requiring the above
products. It is projected that the demand growth will be rising within the next
five years. Market competition is very tough on account of many other similar
companies operating in Indonesia.
Starting in the
second semester 2008, many markets in various parts of the world experienced
adverse economic condition. This condition was triggered by, amongst others,
the housing and mortgage loans crisis in the United States of America (US) that
spread to securities, structures products and commodity markets. The volatility
in the US markets coupled with the sharp appreciation in the US Dollars and a
series of corporate bankruptcies and takeovers enabled the crisis to spread to
other parts of the world. The impact of the global economic crisis has also
been felt in Indonesia as the Indonesian Rupiah weakened, demand decrease,
commodity prices decreased, securities market declines, interest rate
increased, followed by decreases, tightened liquidity conditions, and increased
credit risks. Up to this time, the Company has not significantly suffered from
the economic crisis. In response to these economic events, during 2010 the
Company has plans as follows: Negotiation
with main customer regarding increasing selling price. Cost reduction in
business trip, pantry needs, technical support cost, etc. Reduction
finishing cost and transportation cost with transferring product to customers. Improvements
of internal production, increasing cycle time and increasing machine running
time. In spite of the adverse economic conditions, management believes that the
Company will be able to continue operating as going concern for the foreseeable
future.
According to
financial statement which audited by RSM Aryanto Jusuf, Mawar & Saptoto,
Public Accountant that sales turnover of P.T. AHI in 2009 amounted to Rp.
1,358.8 billion with a net profit of Rp. 154.4 billion rose to Rp. 1,641.1
billion with a net profit of Rp. 167.7 billion in 2010 increased to Rp. 2,426.4
billion with a net profit of Rp. 279.5 billion in 2011 increased to Rp. 3,223.3
billion with a net profit of Rp. 428.8 billion in 2012. As per 30 June 2013 the
sales turnover was amounted at Rp. 1,787.3 billion with a net profit of Rp.
181.8 billion. It is projected the sales turnover will be higher by at least 5%
in 2014. We observe that P.T. AHI is supported by the KAWAN LAMA Group with has
financially strong and sound behind it. 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 condense financial
statement is shown.
(In million Rp)
|
Descriptions |
30 June 2013 |
31 December |
||
|
2012 |
2011 |
2010 |
||
|
A. ASSETS |
|
|
|
|
|
a. Current Assets |
1.314.223 |
1.218.820 |
846.867 |
862.190 |
|
b. Non Current Assets |
704.416 |
698.094 |
604.888 |
335.814 |
|
c. Other Assets |
73.411 |
51.486 |
59.081 |
38.281 |
|
TOTAL ASSETS = TOTAL LIABILITIES & EQUITY |
2.018.639 |
1.916.915 |
1.451.755 |
1.198.004 |
|
B. LIABILITIES
&STOCKHOLDERS EQUITY |
|
|
|
|
|
a. Current Liabilities |
271.920 |
208.255 |
166.524 |
136.993 |
|
b. Non Current Liabilities |
389.719 |
298.914 |
53.358 |
36.437 |
|
c. Stockholders Equity : -
Paid Up Capital -
Additional Paid Up Capital -
Retained Earnings Total Stock holders
Equity |
171.500 368.122 1.075.568 1.628.920 |
171.500 368.122 1.061.206 1.618.001 |
171.500 368.122 667.024 1.231.874 |
171.500 368.122 470.503 1.024.574 |
|
C. INCOME STATEMENT |
|
|
|
|
|
a. Sales Net |
1.787.342 |
3.223.291 |
2.426.438 |
1.641.122 |
|
b. Operating Profit |
237.289 |
562.490 |
370.866 |
220.006 |
|
c. Net Profit (loss) |
181.806 |
428.849 |
279.505 |
167.668 |
Notes: 31 December 2010, 2011, 2012
Audited by RSM Aryanto Jusuf, Mawar & Saptoto
As per 30 June 2013 un audited
The management of
P.T. AHI is led by Mr. Prabowo Widya Krisnadi (56) a businessman with 25 years
of experience in the trading and distribution of tools, machineries and
industrial equipment. Daily operation, he is assisted by three directors namely
Mr. Rudy Hartono (55), Mr. Hartanto Djasman (55) and Mr. Tarisa Widyakrisnadi
49) as Directors. The company's management is handled by professional managers
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. ACE HARDWARE INDONESIA Tbk is sufficiently fairly good for business
transaction.
The
KAWAN LAMA Group Members
1.
ACE HARDWARE INDONESIA Tbk, P.T. (Trading and
distribution of hardware and tools)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.66 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.