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Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HIDROFLEX INDONESIA |
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|
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Registered Office : |
Jl. Mayor Oking Jayaatmadja No. 88 Cibinong 16911 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
17.01.2003 |
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Com. Reg. No.: |
No. AHU-AH.01.10-25898 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Design and manufacturer of Metal and Non Metal Expansion Joints, Strainers, Dampers, Pressure Vessels, Exhaust Silencer, etc |
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No. of Employees : |
170 persons |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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.
HIDROFLEX INDONESIA
Head Office & Factory
Jl.
Mayor Oking Jayaatmadja No. 88
Cibinong
16911
West
Java
Indonesia
Phones -
(62-21) 8791 4609, 8791 4522
Fax - (62-21) 8791 4611
Email - sales@pthidroflex.com
Website - http://www.pthidroflex.com
Land Area - 21,250 sq.
meters
Building Space - 12,500 sq. meters
Region - Industrial
zone
Status - Owned
Date of Incorporation :
17
January 2003
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C-19935 HT.01.01.TH.2003
Dated 22 August 2003
b. No. AHU-19914.AH.01.02.TH.2009
Dated 08 April 2009
b. No.
AHU-AH.01.10-25898
Dated 09 August 2011
Company
Status :
Foreign
Investment Company (PMA)
Permit
by the Government Department :
a. The Department of Finance
NPWP No. 01.869.535.3-403.001
b. The Capital Investment Coordinating Board
No. 38/I/PMA/2003
Dated 15 January 2003
Related/Affiliated
Companies :
a.
IAC – Colpro Pty. Ltd., of Australia
b.
PED Engineering Pty., Ltd., of Australia
c.
Industrial Boiler and IB Turbo Ptv. Ltd., of India
Capital
Structure :
Authorized Capital - US$ 282,000.- (Rp
2,498,520,000.-)
Issued Capital - US$ 282,000.- (Rp
2,498,520,000.-)
Paid up Capital - US$ 282,000.- (Rp
2,498,520,000.-)
Shareholders/Owners
:
a. Mr. Chetan Shah - US$ 112,800.- (40%)
Address : 41, Balthasar Close Rosemeadow
NSW 2560
Australia
b. Mr. Jack Christie - US$ 14,100.- (
5%)
Address : 36, Haultain St Minto
NSW 2566
Australia
c. Mr. Handoko Gunawan - US$ 143,820.- (51%)
Address : Jl. Katalia II/4
West Jakarta
Indonesia
d. Mr. Ganis Danandjati - US$ 5,640.- (
2%)
Address :
Jl. Kucica V Blok JH 1/4
Pondok Aren, Tangerang
Indonesia
e. Mr. Giok Lay - US$ 5,640.- (
2%)
Address : Jl. Sukahati II No. 41
Tangerang, Banten
Indonesia
Lines
of Business :
Design and manufacturer of Metal and Non Metal Expansion Joints,
Strainers, Dampers, Pressure Vessels, Exhaust Silencer, etc
Production
Capacity :
On
the order basis
Total
Investment :
Owned
Capital -
US$ 10.0 million
Started
Operation :
2003
Brand
Name :
Hidroflex
Indonesia
Technical
Assistance :
a.
IAC – Colpro Pty. Ltd., of Australia
b.
PED Engineering Pty., Ltd., of Australia
c.
Industrial Boiler and IB Turbo Ptv. Ltd., of India
Number
of Employee :
170
persons
Marketing
Area :
Local - 100%
Main Customers :
a. PT. Multi Nitrotama Kimia
b. PT. Krakatau Steel Tbk.
c. PT. Pertamina
d.
PT. Kaltim Prima Coal
e.
Etc.
Market
Situation :
Very
Competitive
Main
Competitors :
a.
PT. Aweco Indosteel Perkasa
b.
PT. Tetra Pak Stainless Equipment
c. PT. Meco Inox Prima
d. PT. Remaja Prima Engineering
e. PT. Prakarsa Langgeng Majubersama
Business
Trend :
Growing
B
a n k e r :
P.T.
Bank INTERNASIONAL INDONESIA Tbk
Cibinong
Branch
Jl.
Mayong Oking Jayaatmadja No. 27
Cibinong,
Bogor, West Java
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
Annual
Sales (estimated) :
2010
– Rp. 96.8 billion
2011
– Rp. 110.0 billion
2012
– Rp. 126.0 billion
Net
Profit (estimated) :
2010
– Rp. 7.7 billion
2011
– Rp. 8.9 billion
2012
– Rp.10.2 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Chetan Shah
Directors -
a. Mr. Ganis Danandjati
b. Mr. Giok Lay
Board of Commissioners :
President Commissioner - Mr. Handoko Gunawan
Commissioner - Mr. Jack Christie
Signatories :
President
Director (Mr. Chetan Shah) or one of the Directors (Mr. Ganis Danandjati or Mr.
Giok Lay) 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.
HIDROFLEX INDONESIA (P.T. HI) was established in Jakarta based on Notarial Deed
of Henggawati, SH., No. 10 dated January 17, 2003 with the authorized capital
of US$ 282,000.- entirely was issued and
fully paid up. The founding shareholders
of the company are Mr. Chetan Shah (40%), Mr. Jack Christie (5%), both are
Australian businessmen, and four businessmen of Indonesia, namely Mr. Handoko
Darmawan (48%), Mr. Ganis Danandjati (3%), Mr. Tjanta Sinulingga (2%) and Giok
Lay (25). The Deed of establishment has
been approved by the Minister of Justice and Human Rights of the Republic of
Indonesia through Decision Letter No. C-19935 HT.01.01.TH.2003 dated August 22,
2003.
The
Company’s article of association has been amended for several times. Based on
notarial deed of Elizabeth Widyawati Santosa, SH., No. 15 dated February 24,
2009 concerning changes of the whole article of association of the Company’s to
conform with Law No. 40 Year 2007 concerning Limited Liability Company. The notarial Deed has been approved by the Minister
of Law and Human Rights of the Republic of Indonesia through Decree No.
AHU-19914.AH.01.02.Tahun 2009 dated April 8, 2009. Most recently by notarial deed of Elizabeth
Widyawati Santosa, SH., No. 31 dated July 28, 2011 the company shareholder has
been changed, where Mr. Tjanta Sinulingga puled out and his shares are sold to
Mr. Handoko Darmawan. The amendment to
notarial Deed has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-25898 dated August 9,
2011.
P.T. HI obtained a foreign investment company (PMA) facility issued by Investment Coordinating Board (BKPM) in 2003 for dealing with specializing in design and manufacturer of Metal and Non Metal Expansion Joints, Strainers, Dampers, Pressure Vessels, Exhaust Silencer, etc. These, high quality superior performance products meet the various needs of Refineries, Styrene, LNG, Desalination, Polypropylene, PTA plant, etc. The company’s office and factory located at Jl. Mayor Oking Jayaatmadja No. 88, Cibinong, Bogor, West Java on a land of 21,250 sq. meters. The factory’s facility is equipped with EOT crane, modern fabrication machinery and automatic welding center, rotators and positioners. The factory has state of the art machines specifically developed for expansion joints and pressure vessels. Their engineering products are designed using; the latest integrated software, technical purchse specification for materials, quality management, design development plant, design input, detailed engineering and manufacturing drawings. Beside, P.T. HI also offers turnkey services for boiler and steam turbines as Cogeneration plant as well as other fabricated products. A number of customers of P.T. HI include PT. Multi Nitrotama Kimia, PT. Krakatau Steel Tbk., PT. Pertamina, PT. Pertamina EP, PT. Kaltim Prima Coal, Ox Air Australia, WES Australia, Shell Malaysia and others. We observed that P.T. HI is classified as a medium sized company of its kind in the country of which the operation has been running smoothly and growing in the last three years.
Generally,
local demand for metal and non metal expansion joints, strainers, dampers,
pressure vessels, exhaust silencer and others had been increasing by 8% to 10%
on the average per annum within the last five years in line with the growth of
manufacturing industries in the country like petrochemical, pulp and paper,
cement, oil and gas, food and beverage, pharmaceutical and others. However, the
competition is very tight on account of lots of similar companies operating in
the country. The business position of
P.T. HI is appraised to be favorable for having established regular customers
and wide marketing networks in major cities in the country.
Until
this time P.T. HI has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. The
management of P.T. HI is very reclusive towards outsiders and rejected to
disclose its financial condition. We observed that total sales turnover of the
company in 2010 amounted to Rp. 96.0 billion increased to Rp. 110.0 billion in
2011 rose again to Rp. 126.0 billion in 2012 and projected to go on rising by
at least 8% in 2013. The operation in 2012 yielded an estimated net profit of
at least Rp. 10.2 billion and the company has an estimated total networth of at
least Rp. 80.0 billion. 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
management of P.T. HI is led by Mr. Chetan Shah (52) a Australian businessman
and professional manager with experience in design and manufactuer of metal and
non metal expansion joints, strainers, dampers, pressure vessels, exhaust
silencer, etc. In daily activities, he
is assisted by Mr. Ganis Danandjati (44) and Mr. Giok Lay (55), as director
respectively. The company's management is also handled by professional staff 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. HIDROFLEX
INDONESIA is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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 |
|
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.