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Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. INDONESIA RIAU SRI AVANTIKA |
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Registered Office : |
C/o Department of Public Works Jalan Batanghari No. 23 Kelurahan Nusa Indah, Kecamatan Ratu Agung Bengkulu, 38225 Bengkulu Province |
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Country : |
Indonesia |
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Date of Incorporation : |
30.11.2006 |
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Com. Reg. No.: |
No. AHU-53486.AH.01.02.TH.2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Coal Mining |
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No. of Employees : |
17 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Yet to commence its business operation |
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Payment Behaviour : |
Unknown |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
INDONESIA RIAU SRI AVANTIKA
Head Office
c/o Department of
Public Works
Jalan Batanghari No. 23
Kelurahan Nusa Indah, Kecamatan Ratu Agung
Bengkulu, 38225
Bengkulu Province
Indonesia
Phones -
(62-736) 341405
Fax -
(62-736) 341405
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
30 November 2006
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. W4-00179 HT.01.01.TH.2006
Dated 20 December 2006
- No. AHU-53486.AH.01.02.TH.2010
Dated 12 November 2010
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
02.615.617.4-211.000
The Bengkulu Regional Government
No. 168 Year 2010
Dated 6 November
2010
Related
Company :
P.T. INDONESIA
SRI LAXMI (Investment Holding)
Capital
Structure :
Authorized
Capital : Rp. 5,000,000,000.-
Issued Capital : Rp.
2,500,000,000.-
Paid up Capital : Rp.
2,500,000,000.-
Shareholders/Owners
:
a. P.T. INDONESIA SRI LAXMI - Rp. 2,475,000,000.-
Address :
Jl. Jend. Sudirman No. 468
Kelurahan
Wonorejo, Kecamatan Sukajadi
Pekanbaru, Riau
Province
Indonesia
b. Mr. Qadafi -
Rp. 25,000,000.-
Address : Jl. Waria Sari No. 6,
RT. 03 RW. 04
Kelurahan
Tangkerang Selatan, Kecamatan
Bukit Raya, Pekanbaru, Riau Province
Indonesia
Lines of
Business :
Coal Mining
Production
Capacity :
None
Total
Investment :
Owned Capital - Rp. 2.5
billion
Started
Operation :
2014 (Planned)
Brand Name :
Indonesia Riau
Sri Avantika
Technical
Assistance :
None
Number of
Employee :
17 persons
Marketing Area
:
Export -
70%
Local - 30%
Main Customer
:
Buyers in Asian
Countries
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. BARA ADHIPRATAMA
b. P.T. FIRMAN
KETAUN
c. P.T. GADING
KHARISMA AGUNGRAYA
d. P.T. KRIDA DARMA ANDIKA
e. Etc.
Business Trend
:
No Comment
B a n k e r s
:
a. P.T. Bank MANDIRI Tbk
Jalan Jend. A. Yani No. 60
Bengkulu
Indonesia
b. P.T. Bank SBI
INDONESIA
Gedung Graha Mandiri
Jalan Imam Bonjol No.61 lantai 11&15
Jakarta Pusat, 10310
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
None
Net Profit
(estimated) :
None
Payment Manner
:
Below Average
Financial
Comments :
Weak
Board of Management :
Director - Mr. Qadafi
Board of Commissioners :
Commissioner -
Mr. Ir. Arsyadjuliandi Andi Rachman, MBA
Signatories :
Director (Mr. Qadafi)
which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
High
Credit Recommendation :
Credit is not recommended
Proposed
Credit Limit :
C.O.D.
Based on
investigation through Telkom Information of Bengkulu, the Subject address is
located at Jalan Batanghari No. 23, Kelurahan Nusa Indah, Kecamatan Ratu Agung,
Bengkulu, Indonesia. However after contacted the address is placed by
Directorate of Public Works.
P.T. INDONESIA
RIAU SRI AVANTIKA (P.T. IRSA) was established in Pekanbaru, Riau Province based
on notary deed of Mr. Haji Asman Yunus, SH., No. 26 dated 30 November 2006 with
the authorized capital of Rp. 5,000,000,000 issued capital of Rp. 2,500,000,000
fully and paid up. The founding and shareholders of the company are P.T.
INDONESIA SRI LAXMI (99%) and Mr. Qadafi (1%). The company notary deed has been
changed and according to the latest revision of notary documents of Mrs.
Megawati, SH., No. 20 dated 7 June 2010 the company board of director and the
board of commissioner reappointed to lead and runs of the company’s operation.
The deed of amendments was approved by the Ministry of Law and Human Rights in
its decision letter No. AHU-53486.AH.01.02.TH.2010 dated November 12, 2010. We
observe the majority shareholder P.T. INDONESIA SRI LAXMI is a private company
engaged in investment holding which majority share controlled by Mr. Ir.
Arsyadjuliandi Andi Rachman, MBA and Mr. Wendy Simson, SE.
P.T. IRSA plans
its activity to be engaged in coal mining by manages a concession area located
at Ketahun & Putri Hijau village, Bengkulu Utara, Bengkulu Province on
823.90 hectares. The company had obtained license from the Government
Authorities of Bengkulu No. IUP 168 Tahun 2010 dated 6 November 2010 (Operation
and Production permits). However the concession area contained a large coal
deposit. However P.T. IRSA has not yet produced commercially since the company
has yet been building a road hauling and negligent in protecting the
environment. Consequently P.T. IRSA strong protests from local residents and
asked the government to suspend and revoke licenses of coal mining companies.
Meanwhile, the Stop Special Committee Hauling Coal P.T. IRSA, Wednesday
(06/20/2012, page 27), the People's Mining Council Special Committee launched
Bengkulu Utara halt traffic or hauling coal P.T. IRSA. Termination was due to
P.T. IRSA not build roads that earlier stops along the 14 Km corresponding MoU
signed IRSA and North Bengkulu Regent Dr. H. Imron Rosyadi. P.T. IRSA previously considered to be
violating the neighborhood impact assessment (EIA) to not make a special road
hauling coal and using rural roads along the 28 Km. Governments BU gave a
middle ground where P.T. IRSA build 14 Km village roads and sides built
government of North Bengkulu.
LAW ENFORCEMENT
In the field of
environmental law enforcement in 2010, in which case the complaint for
violation of environmental management of existing business activities in North
Bengkulu is there 2 times the complaints of class C mining of minerals (rock / coral) and the case has
been resolved. Besides, there are also complaints against coal mining
operations which resulted in the destruction / partially buried in the paddy fields under the
location of mines by mining materials or waste stripping for extracting coal.
Company complained to the police by the public is P.T. Indonesia Riau Sri
Avantika (P.T. IRSA) is still in the process of police investigation resort of
North Bengkulu.
We refrain from
informing business prospect of P.T. IRSA because has yet been commenced
commercial production up to present. In view of having yet to be commenced
commercial production, the company’s financial condition is as much as the
company’s issued capital worth Rp. 2.5 billion. We find that the company’s
financial condition still depends on the financial condition of its
shareholders.
Pursuant to the
Deed of Notary, Director of P.T. IRSA is Mr. Qadafi (38) as Director. Meanwhile
Mr. Ir. Arsyadjuliandi Andi Rachman, MBA (53) as Commissioner is also a member
of the Golkar Party, one of the major parties which influential in Indonesia.
The management will eventually be handled by professional managers having wide
relation with overseas and national private businessmen as well as with the
government sectors. From the whole negative factor surrounding P.T. INDONESIA
RIAU SRI AVANTIKA we recommend to stop any new proposed loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
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 |
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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.