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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
PT. GATARI AIR SERVICE |
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Formerly Known As : |
PT. GATARI HUTAMA AIR SERVICES |
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Registered Office : |
2nd Floor, Terminal Building, Halim Perdana Kusuma Airport, Jl. Baru Bandara Halim Perdanakusuma, Jakarta Timur 13610 |
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Country : |
Indonesia |
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Date of Incorporation : |
31.03.1983 |
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Com. Reg. No.: |
No.
AHU-06608.AH.01.02.Tahun 2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Aircraft
Chartered Services |
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No. of Employees : |
160 |
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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 6.2% and 6.5% 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 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 |
PT. GATARI AIR
SERVICE
Head Office
2nd
Floor, Terminal Building
Halim
Perdana Kusuma Airport
Jl.
Baru Bandara Halim Perdanakusuma
Jakarta
Timur 13610
Indonesia
Phones -
(62-21) 8093428, 8093429, 8096103
Fax - (62-21) 8092900
Email - gatari@gatariair.com
Website - http://www.gatariair.com
Building Area - 2 storey
Office Space - 230 sq. meters
Region - Commercial
Status - Rent
Branch
Office and Maintenance
Terminal Building Angkasapura I
Sepinggan Airport, Sepinggan
Balikpapan 76102
East Kalimantan
Indonesia
Phones - (62-542) 763355,
765587, 764496
Fax. -
(62-542) 763355, 764496
31
March 1983 as PT. GATARI HUTAMA AIR SERVICES, changed its name to PT. GATARI
AIR SERVICE, on April 05, 1990.
P.T.
(Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No.
C-1569 HT.01.04.TH.99
Dated 18 January 1999
b. No. AHU-52317.AH.01.02.Tahun 2010
Dated 08 November
2010
c. No.
AHU-06608.AH.01.02.Tahun 2013
Dated 15 February 2013
National
Private Company
The Department of
Finance
NPWP
No. 01.363.899.4-007.000
The Department of
Industry and Trade
TDP No. 09.03.0.41.7105109
a.
P.T. HUMPUSS (Investment Holding)
b.
P.T. HUMPUSS PATRAGAS (Investment Holding)
Capital
Structure :
Authorized Capital - Rp.
149,910,000,000.-
Issued Capital - Rp. 37,972,922,625.-
Paid up Capital - Rp. 37,972,922,625.-
Shareholders/Owners
:
a.
PT. HUMPUSS -
Rp. 31,579,537,860.- (83.16%)
Address : Gedung
Granadi, 10th Floor
Jl. HR Rasuna Said Blok X-1
Jakarta Selatan
Indonesia
b.
PT. HUMPUSS PATRAGAS - Rp. 6,393,384,765.- (16.84%)
Address : Gedung
Granadi, 10th Floor
Jl. HR Rasuna Said Blok X-1
Jakarta Selatan
Indonesia
Lines
of Business :
Aircraft
Chartered Services
Production
Capacity :
a.
Helicopter Bell 212 -
2 units (13 seats)
b.
Helicopter BK-117-B1 - 1
unit ( 5 seats)
c.
ATR Fokker 28 -
2 units (85 seats)
Total
Investment :
Owned
Capital - Rp. 260 billion
Started
Operation :
1984
Brand
Name :
GATARI
AIR SERVICE
Technical
Assistance :
None
Number
of Employee :
160 persons
Marketing Area :
Local - 100%
Main Customers :
a. Department of
Forestry and Plantation
b. Foreign Oil
Companies
c. Mining and
Plantation Industries
d. Etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Trigana Air Service
b. PT. Deraya Air
c. PT. Pelita Air Service
d. PT. Travira Air,
etc
Business Trend :
Growing
Bankers :
a. P.T. Bank
MANDIRI Tbk
Mandiri
Plaza
Jl. Jend.
Gatot Subroto Kav. 36-38
South
Jakarta
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Wisma 46 Kota BNI
Jl. Jend. Sudirman Kav. 1
Central Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation
:
No
litigation record in our database and local courts
Annual
Sales (estimated) :
2009
– Rp. 110.0 billion
2010
– Rp. 126.0 billion
2011
– Rp. 134.0 billion
2012
– Rp. 142.0 billion
Net
Profit (estimated) :
2009
– Rp. 9.4 billion
2010
– Rp. 10.8 billion
2011
– Rp. 11.5 billion
2012
– Rp. 12.2 billion
Payment
Manner :
Almost
promptly
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Teddy Sumarno
Director -
Mr. Eddy Saryoko
Board of Commissioners :
President Commissioner - Mr. Suharto
Commissioner - Mr. Jukmal Iskandar
Signatories :
President
Director (Mr. Teddy Sumarno) or Director (Mr. Eddy Saryoko) which must be
approved by Board of Commissioners (Mr. Suharto and Mr. Jukmal Iskandar)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Originally named P.T. GATARI HUTAMA AIR SERVICES established in March 1983 with an authorized capital of Rp 100,000,000.-, wholly issued and paid up. The company was founded by P.T. BHEERING DIAN PRATAMA (a national private company), Mr. Ir. Abdul Madjid and Mrs. Rita Sriwahyuni (both indigenous businessman and businesswoman). The notarial act has frequently been revised. In 1985 the company’s shares went over entirely into the control of P.T. HUMPUSS jointly with Mr. H. Mohammad Hasan AKA Bob Hasan AKA The Kian Seng. In April 1990 the company was renamed P.T. GATARI AIR SERVICE (P.T. GAS). Concurrently, P.T. GAS has an authorized capital of Rp. 30,000,000,000.- issued capital of Rp. 20,500,000,000.- entirely paid-up.
In September 2010, the authorized capital was raised again to Rp. 150,000,000,000.- of which Rp. 100,000,000,000.- was issued and fully paid up. Since that time, the shareholders of the company are P.T. HUMPUSS (99.999%) and PT. HUMPUSS PATRAGAS (0.001%). The amendment to notarial deed has been approved by the Minister of Law and Human Right in its Decision Letter No. AHU-52317.AH.01.02.TH.2010, dated 08 November 2010.
Most recently by notarial deed of Dr. Irawan Soerodjo, SH., No. 214 dated 26 November 2012 the authorized capital was decreased to Rp. 149,910,000,000.- of which Rp. 37,972,922,625.- was issued and fully paid up. Since the time, the shareholders of the company are PT. HUMPUSS (83.16%) and PT. HUMPUSS PATRAGAS (16.84%). 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-06608.AH.01.02.Tahun 2013 dated February 15, 2013. No changes have been effected in term of its shareholding composition and capital structures to date.
P.T. HUMPUSS is parent company of the HUMPUSS Group, a business group led by Mr. Hutomo Mandala Putra AKA Tommy Soeharto (one of the sons of the late Mr. Soeharto, the former President of the Republic of Indonesia).
P.T. GAS has been in operation in 1984 in the field of aircraft charter services including air crews (pilot, mechanics and stewardess). Originally, P.T. GAS just only operates 2 unit aircrafts of BELL-412 type. Mrs. Imelda M. Sambudi, Manager of Sales and Marketing for PT. GAS explained that at present the airlines has operated two thirteen-seats Bell 212 helicopters, a five-seats BK-117-B1 helicopter and two 48-seats ATR 420500 planes. “All of which are leased. For this year, we will buy thirteen-seats Bell 412 EP at US$ 10 million to comply with law No. 1/2009 regarding Airlines,” she said. PT. GAS charges US$ 2,100 per hour for its BK-117, US$ 2,800 for Bell 212 and US$ 6,000 for ATR 42-500. Their customers are Total E&P Indonesia, Medco Energy Indonesia, Star Energy, Humpuss Patragas, Gunung Bayan Pratama Coal, Kaltim Prima Coal, Penajam Prima Coal, Bumi Resources, Arutmin Indonesia, Barito Pacific Group and United Tractor. PT. GAS can generate US$ 740,000 per month from two ATR 42-500 and US$ 420,000 from its three helicopters. P.T. GAS is classified as a medium sized company of its kind in the country of which the operation has been growing in the last three years.
Generally, demand for aircraft chartering services has been increasing by 5% to 6% per annum in the last three years having close relation with the growing activity of oil and natural gas exploration, mining industries, forestry, plantation and others. However, the competition is very tight on account of lots of similar companies operating in the country including PT. Trigana Air Service, PT. Deraya Air, PT. Pelita Air Service, PT. Travira Air, PT. Airfast Indonesia, PT. National Utility Helicopters, etc. The business position of P.T. GAS is favorable for having experience in aircraft chartering services. Besides, the company also has wide relation with private and foreign oil companies operating in Indonesia.
Until this time P.T. GAS has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. GAS is very reclusive towards outsiders and rejected to disclose its financial condition. However, we estimated that total income/revenue of the company in 2010 amounted to Rp. 126.0 billion increased to Rp. 134.0 billion in 2011 to Rp. 142.0 billion in 2012 and projected to be rising by at least 8% in 2013. The operation of the company in 2012 is estimated to have gained a net profit of Rp. 12.2 billion with total assets of Rp. 230.0 billion. So far we did not hear that the P.T. GAS has been black listed by Bank Indonesia (Central Bank) or having detrimental cases being settled in local district court.
Since November 2012, the management of P.T. GAS is headed by Teddy Sumarno (63) replacing Mr. Walter Bingky Rumantir (58) as President Director. He is a professional manager with more than 20 years experience in aircraft chartering services. In daily activities he is assisted by Mr. Eddy Saryoko (55) as Director. We observe that the prime-mover of the company is Mr. Hutomo Mandala Putra AKA Tommy Soeharto (51). 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. GATARI AIR SERVICE 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
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UK Pound |
1 |
Rs.83.88 |
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Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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NB |
New Business |
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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.