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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. BEST RAY INDONESIA |
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Registered Office : |
Komplek Pertokoan Bukit Duri Blok C No. 14, Kel.
Kampung Melayu, Kec. Jatinegara, Jakarta Timur 13320 |
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Country : |
Indonesia |
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Date of Incorporation : |
February 2011 |
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Com. Reg. No.: |
No. AHU-AH.01.10-34476 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
International
and Domestic Freight Forwarding Services |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. BEST RAY INDONESIA
Head Office
Komplek Pertokoan Bukit Duri Blok C No. 14
Kel. Kampung Melayu, Kec. Jatinegara
Jakarta Timur 13320
Indonesia
Phones - (62-21) 85903232, 85916533-4
Fax -
(62-21) 95916535, 8197915
Email - di2k@ptbestray.com or di2k.bestray@gmail.com
Website - http://www.ptbestray.com
Building Area - 3 storey
Office Space - 210 sq. meters
Region - Commercial
Status - Rent
February 2011
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. AHU-14388.AH.01.01.Tahun 2011
Dated 22 March 2011
b. No.
AHU-AH.01.10-34476
Dated 24 September 2012
National
Private Company
The Department of
Finance
NPWP
No. 31.287.598.2-002.000
Not
available
Capital
Structure :
Authorized
Capital - Rp.
1,000,000,000.-
Issued
Capital -
Rp. 600,000,000.-
Paid
up Capital -
Rp. 600,000,000.-
Shareholders/Owners
:
a.
Mr. Jarnawi B. Nagan Raya - Rp.
300,000,000.- (50%)
Address :
Jl. Selapanjang, RT.003/RW.004
Neglasari, Tangerang
Indonesia
b.
Mrs. Darmiah -
Rp. 300,000,000.- (50%)
Address :
Jl. Selapanjang, RT.003/RW.004
Neglasari, Tangerang
Indonesia
Lines
of Business :
International
and Domestic Freight Forwarding Services
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
June 2011
Brand
Name :
Best
Ray Indonesia
Technical
Assistance :
None
Number
of Employee :
12
persons
Marketing
Area :
Domestic (Local) - 50%
Overseas - 50%
Main
Customers :
Corporate and Individuals
Market
Situation :
Very
Competitive
Main
Competitors :
a.
P.T. JASINDO LINTASARTA
b. P.T. CAKRA MITRA INTERNATIONAL
c. P.T. TUNGYA PERKASA
d. P.T. RUTEMAS NUSANTARA
e. P.T. MULTIGUNA INTERNASIONAL PERSADA
f. Etc
Business
Trend :
Growing
Banker :
P.T.
Bank CENTRAL ASIA Tbk
Bukit Duri Plaza Blok C/1-4
Jl. Jatinegara Barat,
Jakarta Timur
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database
Total
Income/Revenues (estimated) :
2011
– Rp. 1,200 million
2012
– Rp. 3,600 million
Net
Profit (estimated) :
2011
– Rp. 60 million
2012
– Rp. 190 million
Payment
Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
Director -
Mr. Jarnawi B. Nagan Raya
Marketing Manager - Mr. R. Saputra
Board
of Commissioner :
Commissioner - Mrs. Darmiah
Signatories :
Director (Mr.
Jarnawi B. Nagan Raya) which must be approved by Board of Commissioner (Mrs.
Darmiah)
Management
Capability :
Fairly
Business
Morality :
Fairly
P.T. BEST RAY INDONESIA (P.T. BRI) was
established in February 2011 in Jakarta.
However, we don’t know the amount of
the company’s capital and initial shareholders. The Article of Association was made by
Nurmiati, SH., a notary in Jakarta and it was approved by the Minister of Law
and Human Rights through Decision Letter No. AHU-14388.AH.01.01.Tahun 2011
dated March 22, 2011. The articles of association of the company have
frequently been revised, most recently by notarial deed of Nurmiati, SH., No.
06 dated August 7, 2012 the authorized capital was raised to Rp.
1,000,000,000.- of which Rp. 600,000,000.- was issued and fully paid up. Since
the time, the shareholders of the company are Mr. Jarnawi B. Nagan Raya (50%)
and his wife Mrs. Darmiah (50%). The amendment to Article of Association has been
approved by the Minister of Law and Human Rights of the Republic of Indonesia
through Decree No. AHU-AH.01.10-34476 dated September 24, 2012. No changes have
been effected in term of its shareholding composition and capital structures to
date.
P.T. BRI has been in operation since June 2011 dealing with
international freight forwarding services. Freight forwarding services of the
company include air freight, sea freight, road transportation services
(trucking), customs clearance, project cargo, distribution and logistics,
transportation of general cargo like perishables cargo, fresh and frozen
cargo. Besides that, the company also
is dealing with sub-agent of Air Waybill and sub-agency of shipping companies
in the country. The main customers of
the company are food and beverage industries, export-import companies,
etc. We observed that
P.T. BRI is still relatively new company in trading and export of zaitoon
beauty soap, milk soap and orange juice.
Generally, the demand for international freight forwarding services has kept on rising by about 7% to 8% on the average per annum in the last five years, line with the growing activity in various industrial sectors requiring cargo dispatching, documents, export-import and others. In the meantime, we realized that market competition is very tough on account of many other similar companies operating in the country among them are PT. Masaji Prayasa Cargo, PT. Freight Express Indonesia, PT. Bhanda Ghara Reksa, PT. Birotika Semesta, PT. Dahan Freight Forwarder, PT. Dewata Freight International, etc. P.T. BRI is classified as a new company of its kind in the country of which the operation has been growing slowly.
The financial condition of the company is appraised to be less strong and its financial condition at present is as the paid up capital of Rp 600 million as stated in Articles of Association of the company. The financial condition of the company still depends on the financial condition of its shareholders. The management of P.T. BRI is very reclusive towards outsiders and rejected to disclose its financial condition. We observed that total income/revenues of the company as of June to December 2011 amounted to Rp. 1,200 million increased to Rp. 3,600 million in 2012 with a net profit of at least Rp. 190 million and the company has an estimated total net worth of at least Rp. 650 million. So far, we did not heard that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. BRI is led by Mr. Jarnawi B. Nagan Raya (43) a young businessman with more than 5 years experience in international freight forwarding services. In daily activities he is assisted by his wife Mrs. Darmiah (36) as commissioner and Mr. R. Saputra (40) as marketing manager. The Company’s management has 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.
Since this company
(PT. BRI) just about two years in operation commercially, so we recommend
caution when going to provide fresh loans to them. Or it should obtain sufficient guarantees of all shareholders.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.