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Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. AMES INDAH INTERNATIONAL |
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Registered Office : |
Menara BATAVIA, 14th Floor, Jalan K.H. Mas Mansyur Kav. 126, Jakarta Pusat, 10220 |
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Country : |
Indonesia |
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Date of Incorporation : |
02.02.1977 |
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Reg. No.: |
No. AHU-90357.AH.01.02.Tahun 2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Export Import of Garment Products |
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No. of Employees : |
18 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Indonesia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 an estimated 6.1% and 6.4% in 2010 and 2011, respectively. 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 small current account surplus, a fiscal deficit below 2%, 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 2012 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 rising oil prices.
|
Source : CIA |
P.T. AMES INDAH
INTERNATIONAL
Head Office
Menara BATAVIA, 14th Floor
Jalan K.H. Mas Mansyur Kav. 126
Jakarta Pusat, 10220
Indonesia
Phone -
(62-21) 572 3753 (Hunting)
Fax - (62-21) 572 3757
E-mail - ptames@cbn.net.id
Building Area -
28 storey
Building Space -
200 sq. meters
Region - Commercial
Status - Rent
Date of
Incorporation :
2 February 1977
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Justice and Human Rights
a. No. C-01377 HT.01.04.TH.2003
Dated 22 January 2003
b. No. AHU-90357.AH.01.02.Tahun 2008
Dated 26 November
2008
Company Status :
National Private Company
Permit by the
Government Department :
The Department of Finance (Tax license)
NPWP No. 1.108.137.9-605 (new permit)
Related Company :
A member the SELAMA JAYA Group
Capital Structure
:
Authorized Capital : Rp.
1,000,000,000.-
Issued Capital : Rp. 500,000,000.-
Paid up Capital : Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Viviek Hariram Mahtani -
Rp. 166,700,000.-
Address : Jl. Arjuna No. 32
Tanjung Duren, Jakarta
Barat
Indonesia
b. Mr. Harbinar
Singh -
Rp. 166,700,000.-
Address : Jl. Gunung Sahari VII C/4 A
Jakarta Pusat
Indonesia
c. Mr. Suresh
Kishinchand Chandiramani -
Rp. 166,600,000.-
Address : Jl. Merpati Block A-20, Kemayoran
Jakarta Pusat
Indonesia
Lines of Business
:
a. Trading and Export Import of Garment Products
b. Trading and Import of Steel and Iron Products and Industrial
Chemicals
Production
Capacity :
None
Total Investment :
None
Started Operation
:
1978
Brand Name :
None
Number of Employee
:
18 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Buyers in Middle East and local distributors
Market Situation :
Very Competitive
Main Competitors :
a. P.T. NAVSHANTI INDONESIA
b. P.T. NAR STAINLESS STEEL
c. P.T. ESSAR INDONESIA
Business Trend :
Growing
Banker :
STANDARD CHARTERED Bank
Wisma Standard Chartered Bank
Jalan Basuki Rachmat No. 83-85
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales
(estimated) :
2009 – Rp. 22.0 billion
2010 – Rp. 23.5 billion
2011 – Rp. 24.2 billion
2012 – Rp. 12.5 billion (January – June)
Net Profit
(estimated) :
2009 – Rp. 2.2 billion
2010 – Rp. 2.3 billion
2011 – Rp. 2.4 billion
2012 – Rp. 1.3 billion (January – June)
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President Director - Mr. Harbinder Singh
Director - Mr. Viviek Hariram Mahtani
Board of Commissioners :
President Commissioner - Mr. Hariram
Mangharam Mahtani
Commissioner - Mr. Suresh Kishinchand Chandiramani
Signatories :
President Director (Mr. Harbinder
Singh) or the Director (Mr. Viviek Hariram Mahtani) 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
P.T. AMES INDAH INTERNATIONAL (P.T. AII) was established in Surabaya,
East Java in February 1977 with the authorized capital of Rp. 50,000,000 of
which Rp. 25,000,000 was issued and fully paid up. The founding shareholders of
the company are Mr. Harriram Mangharam Mahtani and Mr. Harbinder Singh, both
are Indonesian businessmen of Indian extraction. In February 1979 into the
company entered a new shareholder Mr. Saso Sugiarso, an Indonesian businessman
of Indian descents. The notary deed has been changed and in October 2002, the
authorized capital was increased to Rp. 1,000,000,000 issued capital of Rp.
300,000,000 entirely paid up. In November 2008, the issued and paid up capital
was increased to Rp. 500,000,000. The deed of amendment was made by Mrs.
Lindasari Bachroem, SH, a public notary in Surabaya under Company Registration
Number C-01377 HT.01.04.TH. 2003, dated January 22, 2003, and No.
AHU-90357.AH.01.02.Tahun 2008, dated November 26, 2008.
P.T. AII has been in commercial operation since 1978 dealing with
export-import services, general merchant and trading of garment products, steel
and iron products, and industrial chemical.
Mr. Manesh, sales manager of the company said that P.T. AII exports
garment products to Middle East countries comprising shirts, trousers, jackets,
T-Shirts and others being bought from its sister company P.T. WEARWEL
INTERNATIONAL and from various garment manufacturing industries in Jakarta,
Bandung, West Java and surroundings. Meanwhile the product like steel and iron
is imported from Europe, China, India and others. The whole steel product
supplied to various trading of steel in Surabaya, Jakarta and surroundings.
Besides, P.T. AII also imports chemical products from India being sold to
various manufacturing industries in Jakarta, Bandung and surroundings. Besides
that since the early 2010 P.T. AII is also engaged in trader and exporter of
coal. The coal products gained from South Sumatera and South Kalimantan. Then
the coal products wholly exported to India. We observe that P.T. AII is
classified as a medium sized company of its kind in the country of which the
operation had been running smoothly and growing steadily in the last five
years.
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. 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.
Until this time P.T. AII has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of P.T. AII is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2009 amounted to Rp. 22.0 billion increased to Rp. 23.5 billion in
2010 rose again to Rp. 24.2 billion in 2011. As from January to June 2012 the
sales turnover has reached at least Rp. 12.5 billion with a net profit of Rp.
1.3 billion and the sales it’s projected to go on rising by at least 5% in
2013. We estimated the company has an estimated total networth at least Rp. 6.0
billion. The financial condition of the company is backed up by financially
strong and sound businessmen behind it. So far, we have never heard of 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. AII is headed by Mr. Harbinder Singh (64), a
professional manager of Indian origins who experienced for more than 30 years
in the field of export import, general merchant and trading of garment
products, iron and steel products and chemicals. In daily activities, he is
assisted by Mr. Viviek Hariram Mahtani (40) as director. We observed that
management’s reputation in said business is fairly good. The management of the
company is handled by experienced professional manager having wide relation
with private businessmen of home and overseas as well as with the government
sectors.
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. AMES INDAH
INTERNATIONAL is sufficiently fairly good for business transaction.
List of the SELAMA JAYA Group Members
1. AMES INDAH INTERNATIONAL, P.T. (Trading and Export Import Services)
2. SELAMA JAYA, P.T. (General Trading)
3. ISTANA PALAPA KERTAS, P.T. (Exporter of Agriculture Products)
4. WEARWEL INTERNATIONAL, P.T. (Garment Manufacturing)
5. ERHA DAYA NUSANTARA, P.T. (Investment Holding)
6. Etc
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.65 |
|
|
1 |
Rs.82.66 |
|
Euro |
1 |
Rs.71.21 |
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 |
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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 |
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<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.