|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HIMALAYA ABADI |
|
|
|
|
Registered Office : |
Menara Era 10th Floor Room 2, Jalan
Senen Raya 135-137, Jakarta
Pusat, 10410 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
11.12.1973 |
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|
|
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Com. Reg. No.: |
AHU-88390.AH.01.02.TH.2008 |
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|
|
|
Legal Form : |
P.T. (Perseroan
Terbatas) or Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Distribution and Supply of Dyestuff. |
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|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ECONOMIC OVERVIEW – INDONESIA
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. HIMALAYA ABADI
Head Office
Menara Era 10th
Floor Room 2
Jalan Senen Raya 135-137
Jakarta Pusat, 10410
Indonesia
Phones -
(62-21) 3503250, 3503255
Fax - (62-21) 3503922, 3503251
Building Area - 14 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
11 December 1973
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. Y.A. 5/226/21
Dated 3 July 1974
- No. AHU-88390.AH.01.02.TH.2008
Dated 20 November 2008
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.105.413.7-075.000
Related
Company :
None
Capital
Structure :
Authorized
Capital : Rp.
7,000,000,000.-
Issued Capital : Rp. 1,830,000,000.-
Paid up Capital : Rp.
1,830,000,000.-
Shareholders/Owners
:
a. Mr.
Ramchand Alimchand Bharwani -
Rp. 1,470,000,000.-
Address :
Jl. Kis Mangunsarkoro 16 No. 36, RT. 001
RW. 004,
Kelurahan Menteng, Kecamatan
Menteng, Jakarta Pusat
Indonesia
b. Mr. Ramesh
Ramchand Bharwani -
Rp. 360,000,000.-
Address : Jl. Kis Mangunsarkoro
16 No. 36, RT. 001
RW. 004, Kelurahan Menteng, Kecamatan
Menteng, Jakarta Pusat
Indonesia
Lines of Business :
Trading,
Distribution and Supply of Dyestuff
Production Capacity :
None
Total Investment :
None
Started Operation :
1974
Brand Name :
Himalaya Abadi
Technical Assistance :
None
Number of Employee :
15 persons
Marketing Area :
Local - 100%
Main Customer :
Textile Industries
Market Situation :
Very Competitive
Main
Competitors :
a. P.T. COLORINDO
CHEMTRA
b. P.T. CLARIANT INDONESIA
c. P.T. DUTA CHEMINDO PERKASA
d. C.V. GAUTAMA
e. P.T.
WARJANTINO
Business Trend
:
Growing
Bankers:
a. P.T. Bank
SBI INDONESIA
Jalan
Pasar Baru Selatan No. 19
Jakarta Pusat
Indonesia
b. P.T. Bank Of India Indonesia Tbk
Jalan K.H. Samanhudi 37
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 13.8
billion
2011 – Rp. 14.9
billion
2012 – Rp. 16.0
billion
Net Profit
(estimated) :
2010 – Rp. 0.8
billion
2011 – Rp. 1.0
billion
2012 – Rp. 1.2
billion
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
Director - Mr. Ramchand Alimchand
Bharwani
Board of Commissioners :
Commissioner -
Mr. Ramesh Ramchand Bharwani
Signatories :
Director (Mr. Ramchand
Alimchand Bharwani) which must be approved by Board of Commissioner
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed
Credit Limit :
Small amount –
periodical review
The correct name of the Subject is P.T. HIMALAYA ABADI not P.T. HIMALAYA
as stated in your order ref. no. 223429 dated 27 May 2013.
P.T. HIMALAYA ABADI (P.T. HA) was incorporated in Jakarta on 11 December
1973 with the authorized capital of Rp. 1,000,000 issued capital of Rp. 500,000
fully and paid up. The company was founded by Mr. Ramchand Alimchand Bharwani
and Mr. Mohamad Ridwan Lubis as the original shareholders. The company notary
deed had been changed a couple of times and according to the latest revision of
notary documents of Mr. Drs. Wijanto Suwongso, SH., No. 60 dated 31 October
2008, Mr. Mohamad Ridwan Lubis pulled out and into the company entered by Mr.
Ramesh Ramchand Bharwani as new shareholders. On the same occasion the company
authorized capital was increased to Rp. 7,000,000,000 issued capital to Rp.
1,830,000,000 fully and paid up. With this development the composition of its
shareholders has been changed to become Mr. Ramchand Alimchand Bharwani
(80.33%) and his son Mr. Ramesh Ramchand Bharwani (19.67%). The deed of
amendments was approved by the Ministry of Law and Human Rights in its decision
letter No. AHU-88390.AH.01.02.TH.2008 dated November 20, 2008.
P.T. HA has been operating since 1974 engaged in the field of trading,
import and distribution of dyestuffs. Mr. Ramchand Alimchand Bharwani, Director
and owner of the company explained P.T. HA is an authorized distributor for
dyestuff from HIMALAYA DYE CHEM of India. The merchandise goods products are
disperse dyes, reactive dyes, metal complex and acrylic dyes. A large part
(90%) of the company’s products (dyestuff) directly supplied to textile and
garment industries in Jakarta, Karawang, Tangerang, Bandung (West Java), Solo
and Central Java, while the rest 10% supplied to Batik traditionally artisan
who are stayed in Solo and Pekalongan, Central Java. Further, he also added the
company supplied the products to P.T. INDORAMA SYNTHETICS Tbk, P.T. WORLD
YAMATEX SPINNING MILLS, P.T. BINTANG AGUNG, P.T. BRATAEX and others.
Furthermore, it was explained that P.T. HA has made business relation as
dyestuff supplier for along time with the textile industries and until this
time the business relation still tied in with them. We observed that the
company’s business operation is growing up slowly and the company is classified
as small company in the country.
The textile and textile product (TTP) industry is one of the industries
that has contrived to with stand the protracted global economic crisis. At a
time when the average national industrial utilization rate fell to under 20% in
2008, TTP plants on the other hand were operating at an utilization rate of
above 81.6%. This was attributable to the ability of textile and garment
producers to maintain the utilization rate of plants at a high level by
aggressively stepping up exports. According to the Central Bureau of Statistics
(BPS) the Indonesian garments export in 2002 amounted to 333,100 tons (US$
3,887.2 million) to 339,000 tons (US$ 4,037.9 million) in 2003 to 327.300 tons
(US$ 4,351.9 million) in 2004 to 369.500 tons (US$ 4,967.0 million) in 2005 to
399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons (US$ 5,712.9
million) in 2007 rose to 417,600 tons (US$ 6,092.2 million) in 2008 declined to
393.400 tons (US$ 5,735.6 million) in 2009 and 445,200 tons (US$ 6,598.0
million) in 2010 rose to 450.9 ton (7,801.5 million) in 2011 decline to 450,200
tons (US$ (7,304.8 million) in 2012.
The Indonesia textile products export in 2002 amounted to 1,425.9 tons
(US$ 3,075.9 million) to 1,307.5 tons (US$ 3,064.6 million) in 2003 to 1,300.4
tons (US$ 3,354.6 million) in 2004 to 1,427.3 tons (US$ 3,704.0 million) in
2005 to 1,477.8 tons (US$ 3,908.6 million) in 2006 to 1,473.6 tons (US$ 4,178.0
million) in 2007 decrease to 1,312.2 tons (US$ 4,127.9 million) in 2008 rose to
1,369.6 tons (US$ 3,602.8 million) in 2009 and to 1,525.9 tons (US$ 4,721.8 million)
in 2010 decreased to 1,493.3 tons (5,563.3 million) in 2011 increase to 1,508.5
tons (US$ 5,278.1 million) in 2012.
The domestic textile producers are pessimism the textile export in 2009
could match the export numbers in 2008. The blow of the global economic crisis
is resulted in the reduced of demand from the export destination countries like
the United States (U.S.), Japan, and European Union region. While this year’s
the exports expected fall into US$ 9.7 billion. The Chairman of the Indonesian
Textile Association (API), Mr. Benny Soetrisno said that the decline in global
purchasing power caused of the demand in the Indonesian textile products could
not be able to grow as tight as 2008. The export volume and value of the
national TPT products in 2002 to 2012 are pictured on the following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 350.2 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 |
Source: Central Bureau of
Statistic
Until this time P.T. HA has not been registered with Indonesian Stock
Exchange, so that they shall not obliged to announce their financial statement.
The management of the company 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. 13.8
billion rose to Rp. 14.9 billion in 2011 increased to Rp. 16.0 billion in 2012
and projected to go on rising by at least 5% in 2013. The operation in 2012
yielded an estimated net profit of at least Rp. 1.2 billion and the company has
an estimated total networth of at least Rp. 4.0 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. HA is led by Mr. Ramchand Alimchand Bharwani (70)
a businessman with experience in trading, import and distribution of dyestuffs.
The company's management is 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. We are convinced P.T. HIMALAYA ABADI is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.