|
Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. ALASMAS BERKAT UTAMA |
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|
|
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Registered Office : |
Komplek Pergudangan Cikupa Mas II Jalan Bhumimas Raya No. 15 Cikupa,
Tangerang 15710 Banten Province |
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Country : |
Indonesia |
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Date of Incorporation : |
22.05.2000 |
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|
|
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Com. Reg. No.: |
No. AHU-AH.01.10-04782 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Safety Shoe Manufacturing |
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No. of Employees : |
360 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 |
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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 – 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 |
Name of Company :
P.T. ALASMAS BERKAT UTAMA
Address :
Head Office &
Factory
Komplek Pergudangan Cikupa Mas II
Jalan Bhumimas Raya No. 15
Cikupa, Tangerang 15710
Banten Province
Indonesia
Phones - (62-021)
59404361, 59404362
Fax - (62-021) 59404366
Land Area - 2,600 sq.
meters
Building Space - 2,200 sq. meters
Region - Warehousing
Complex Zone
Status - Rent
Marketing Office
Jalan Cideng Barat No. 43-A
Jakarta 10150
Indonesia
Phone -
(62-021) 6327060, 6327065
Fax. - (62-021) 63851240, 63851241
Email - berkat@indosat.net.id
Building Area - 3 storey
Office Space - 180 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
22 May 2000
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-20718.HT.01.04.TH.2003
Dated 02 September 2003
b. No. AHU-26964.AH.01.02.Tahun 2009
Dated 18 June 2009
c. No. AHU-AH.01.10-04782
Dated 24 February 2010
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.933.520.7-415.000
Affiliated/Associated
Companies :
a. P.T. BERKAT NIAGA DUNIA (Trading and Distribution of Fire &
Safety Equipments)
b. P.T. BERKAT KESELAMATAN DUNIA (Trading and Distribution of Fire &
Safety Equipments)
c. Etc.
Capital Structure
:
Authorized Capital -
Rp. 5,000,000,000.-
Issued Capital -
Rp. 5,000,000,000.-
Paid up Capital -
Rp. 5,000,000,000.-
Shareholders/Owners
:
a. Mr. Indrawan
Hartanu - Rp 2,375,000,000.-
(47.5%)
Address : Jl. Taman Kebon
Jeruk
Blok H2 No. 35
Jakarta Barat
b. Mrs. Safrida
Lena - Rp 2,500,000,000.-
(50.0%)
Address : Jl. Taman Kebon
Jeruk
Blok H2 No. 35
Jakarta Barat
c. Mrs. Lusy
Hartanu - Rp 125,000,000.- ( 2.5%)
Address :
Jl. Taman Kebon Jeruk
Blok 9 IX/3
Jakarta Barat
Lines of Business
:
Safety Shoe Manufacturing
Production
Capacity :
Safety Shoes - 920,000 pairs
p.a.
Total Investment :
a. Equity Capital - Rp.
5.0 billion
b. Loan Capital - Rp.
5.0 billion
c. Total Investment -
Rp. 10.0 billion
Started Operation
:
2001
Brand Name :
HOWLER and KRUSHERS
Technical
Assistance :
Australia Footwear Pty., Ltd., of Australia
Number of Employee
:
360 persons
Marketing Area :
Domestic - 10%
Export - 90%
Main Customers :
a. Safety Shoes Retails and Shops in Jakarta and its surrounding
a. Overseas buyers in Australia, New Zealand, Malaysia, Singapore,
Brunei Darussalam, etc.
Market Situation :
Very Competitive
Main Competitors :
a. P.T. OSHA ASIA
b. P.T. HENGTRACO
PROTECSINDO
c. P.T. MITRA GABATA
DINAMIKA
d. C.V. GRAND SHOE INDUSTRY
e. P.T. KING’S SAFETYWEAR
Business Trend :
Growing
Bankers :
a. P.T. Bank MANDIRI Tbk
Jalan MH. Thamrin No. 5
Jakarta Pusat, Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk.
Tangerang Branch
Jalan Jend. Sudirman No. 1
Jakarta 12190, Indonesia
c. Hongkong and Shanghai Banking Corp. Ltd.
World Trade Center
Jalan Jend. Sudirman Kav. 29-31
Jakarta Selatan, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 115.0 billion
2010 – Rp. 132.0 billion
2011 – Rp. 158.0 billion
2012 – Rp. 177.0 billion
2013 – Rp. 99.0 billion (January
– June)
Net Profit
(estimated) :
2009 – Rp. 5.7 billion
2010 – Rp. 6.5 billion
2011 – Rp. 7.8 billion
2012 – Rp. 8.6 billion
2013 – Rp. 4.8 billion (January – June)
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Bonifacius Suryadi
Director - Mr. Indrawan Hartanu
Board of Commissioners :
President Commissioner -
Mrs. Safrida Lena
Commissioner - Mrs. Lusy Hartanu
Signatories :
President Director (Mr. Bonifacius
Suryadi) or Director (Mr. Indrawan
Hartanu) which must be approved by Board of Commissioners (Mrs. Safrida Lena
and Mrs. Lusy Hartanu)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit should be proceeded normally
Proposed Credit
Limit :
Moderate amount
P.T. ALASMAS BERKAT UTAMA (P.T. ABU) was established in May 2000 with the
authorized capital of Rp. 2,000,000,000 entirely issued and paid up. The
founding shareholders are Mr. Norman Legana, Mr. Indrawan Hartanu, his wife
Mrs. Safrida Lena, Mr. Bonifacius Suryadi, Mr. Marta Gunawan and Mr. Mario
Susanto, all are Indonesian of Chinese extraction. The articles of association
of the company have frequently been revised. In December 2001, the authorized
capital was raised to Rp. 5,000,000,000 entirely issued and paid up. In June
2003, Mr. Norman Legana, Mr. Marta Gunawan and Mr. Mario Susanto withdrew and
into the company entered Miss. Lusy Hartanu as a new shareholder. Since that time, the shareholders of the
company are Mr. Indrawan Hartanu (47.5%), his wife Mrs. Safrida Lena (47.5%),
Mr. Bonifacius Suryadi (2.5%) and Mrs. Lusy Hartanu (2.5%).
Latest, based on Notarial Deed No. 37 dated February 11, 2010 made by
Notary Linda Herawati, a notary in Jakarta, Mr. Bonafacius Suryadi pulled out
and his shares are sold to Mrs. Safrida Lena.
Since that time, the shareholders of the P.T. ABU are Mr. Indrawan
Hartanu (47.5%), Mrs. Safrida Lena (50%) and Mrs. Lusy Hartanu (2.5%). The amendment to Notarial Deed has been
approved by the Ministery of Law and Human Rights through its Decision Letter
No. AHU-AH.01.10-04782 dated February 24, 2010.
No changes have been effected in term of its shareholding composition
and capital structures to date.
We observed that the majority business stakes of P.T. ABU are controlled
by Mr. Indrawan Hartanu and his family members.
These families are also the majority business stake owner of P.T. BERKAT
NIAGA DUNIA and P.T. BERKAT KESELAMATAN DUNIA; both are dealing with trading
and distribution of fire & safety equipment.
P.T. ABU has been in operation since 2001 dealing with safety shoes industry.
Its plant is located in Cikupa Mas II Warehousing Complex, Jalan Bhumimas Raya
No. 15, Cikupa, Tangerang, Banten Province. Mr. Jefri Langi, a marketing staff
of the company, said that Now, the plant managed by the company has annual
production capacity of 920,000 pairs of safety shoes. A large extent of the
basic material is still imported from European and Asian countries. He went on to say that the safety shoes
products of the company use HOWLER and KRUSHERS brands, under license and
technology of Australia Footwear Pty. Ltd., of Australia. Some 90% of the company products is exported
to Australia, New Zealand, Singapore, Malaysia, Brunei Darussalam and the rest
of 20% is locally marketed through its sister company P.T.BERKAT NIAGA DUNIA
and P.T.BERKAT KESELAMATAN DUNIA. P.T.
ABU is classified is a medium-sized of its kind which in the country of which
the operation has been growing in the last three years.
Generally, demand for safety shoes has been increasing by 5% to 6% in
the last five years in line with the development of various industrial sectors
in the country. However, the competition is very tight on account of lots of
similar companies dealing with shoe safety manufacturing such as P.T. KING’S
SAFETYWEAR INDONESIA, P.T. OSHA ASIA, P.T. HENGTRACO PROTECSINDO, P.T. MITRA
GABATA DINAMIKA, C.V. GRAND SHOE INDUSTRY and others. The business position of P.T. ABU is
favorable for having established wide marketing networks within and outside the
country. Beside in domestic markets, the safety shoes of the company are also
exported to Australia, New Zealand and Asian countries.
The company is neither public listed nor bond issued company. Therefore, the company has no obligation to
publish financial statements publicly.
We have checked to Department of Trade and Industry and found that no
financial statement has been reported.
We estimated that total sales turnover of P.T. ABU in 2010 amounted to
Rp. 132.0 billion soared to Rp. 158.0 billion in 2011 rose again to Rp. 177.0
billion in 2012 and projected to be rising by at least 8% in 2013. The
operation of the company in 2013 is estimated to have gained a net profit of
Rp. 8.6 billion with a total networth of Rp. 60.0 billion. So far we have never heard that P.T. ABU has
been black listed by Bank Indonesia (central bank) or detrimental cases being
settled in local district court. Payment
condition for domestic and overseas suppliers is good with the credit payment
system of 1 month to 3 months.
The management of P.T. ABU is led by Mr. Bonifacius Suryadi (70) as
president director, with 31 years of experience in safety shoes manufacturing
and trading. In his daily activities, he
is assisted by Mr. Indrawan Hartanu (66) as director and his wife Mrs. Safrida
Lena (61) as President Commissioner. The
management is also handled by a number of professional staff, having maintained
a wide business relation with private businessmen at home and abroad as well as
with government sector. 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. ALASMAS BERKAT UTAMA is appraised to be good for business
transaction. However, in view of the
economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.