|
Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T.
ANGKASA PERINDO SAKTI |
|
|
|
|
Registered Office : |
Komplek Pertokoan Semut Indah Blok B/5, Jl. Semut Kali,
Bongkaran, Pabean Cantikan, Surabaya 60161, East Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31.08.1984 |
|
|
|
|
Com. Reg. No.: |
No.
AHU-AH.01.10-17005 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Trading, Import
and Distribution of Stainless Steel Products |
|
|
|
|
No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
INDONESIA - ECONOMIC OVERVIEW
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
NAME OF
COMPANY :
P.T.
ANGKASA PERINDO SAKTI
ADDRESS:
Head Office
Komplek Pertokoan Semut Indah Blok B/5
Jl. Semut Kali, Bongkaran, Pabean Cantikan
Surabaya 60161,
East Java
Indonesia
Phones -
(62-31) 353 1111 (hunting)
Fax - (62-31) 353 0701
Email - aps.surabaya@angkasastainless.com
Building Area - 2 storey
Office Space - 220 sq. meters
Region - Commercial
Status - Owned
Jakarta Office
Jl. Buni No. 31-C
Mangga Besar, Taman Sari
Jakarta 11180
Indonesia
Phones -
(62-21) 625 4488 (hunting)
Fax - (62-21) 629 5124
Building Area - 2 storey
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
31 August 1984
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
a. No.
C2-5552.HT.01.01.Th.86
Dated 12 August 1986
b. No.
AHU-17417.AH.01.02.Tahun 2013
Dated 04 April 2013
c. No.
AHU-AH.01.10-17005
Dated 02 May 2013
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.231.862.2-631.000
Related/Affiliated
Company :
Not available
Capital
Structure :
Authorized
Capital - Rp.
4,000,000,000.-
Issued Capital - Rp.
1,000,000,000.-
Paid up Capital - Rp.
1,000,000,000.-
Shareholders/Owners
:
a. Mr. Harry Oesman -
Rp 954,500,000.- (95.45%)
Address :
Jl. Johor No. 37
Surabaya, East
Java
Indonesia
b. Mr. Ibrahim Oesman -
Rp 40,500,000.- ( 4.05%)
Address :
Jl. Johor No. 37
Surabaya, East
Java
Indonesia
c. Mrs. Lily Harianty Oesman - Rp 5,000,000.-
( 0.50%)
Address :
Jl. Johor No. 37
Surabaya, East
Java
Indonesia
Lines of
Business :
Trading, Import
and Distribution of Stainless Steel Products
Production
Capacity :
None
Total Investment :
None
Started Operation :
1985
Brand Name :
Angkasa Stainless Steel
Technical Assistance :
None
Number of Employee :
60 persons
Marketing Area :
Local - 100%
Main Customers :
a. Chemical Processing Industries
b. Oil and Gas Refinery Industries
c. Commercial Sectors, etc.
Market Situation :
Very Competitive
Main Competitors :
a. PT. Kahajaya Semesta
b.
PT. Cahaya Indo Persada
c.
PT. Germindo Mitra Indonesia
d. PT. Joharprima Kreatindo
e. PT. Kawi Agung Sejahtera
f.
PT. Teguh Pratama Steel
Business Trend :
Growing
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
Surabaya Branch
Jl. Bongkaran No. 17-19
Surabaya, East java
Indonesia
b. P.T.
Bank MANDIRI Tbk
Surabaya Branch
Jl. Veteran No. 42-44
Surabaya, East Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 290.0
billion
2011 – Rp. 330.0
billion
2012 – Rp. 380.0
billion
2013 – Rp. 216.0
billion (January – June)
Net Profit (estimated)
:
2010 – Rp. 14.5
billion
2011 – Rp. 16.5
billion
2012 – Rp. 19.0
billion
2013 – Rp. 10.8
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director -
Mr. Harry Oesman
Director -
Mr. Ibrahim Oesman
Board of Commissioners :
Commissioner -
Mrs. Lily Harianty Oesman
Signatories :
President Director (Mr.
Harry Oesman) or Director (Mr. Ibrahim Oesman) which must be approved by Board of
Commissioner (Mrs. Lily Harianty Oesman)
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
P.T.
ANGKASA PERINDO SAKTI (P.T. APS) was established in Surabaya (East Java) based
on Notarial Deed No. 198 dated 31 August 1984 made by Soetjipto, SH., notary in
Surabaya with the authorized capital of Rp. 10,000,000 of which Rp. 2,000,000
was issued and fully paid up. The founding shareholders of the company are Mr.
Ibrahim Oesman (50%) and his brother Mr. Purnomo Oesman (50%), both are
Indonesian businessmen of Chinese extraction.
The Deed of establishment has been approved by the Ministry of Justice
of the Republic of Indonesia through its Decision Letter
No.C2-5552.HT.01.01.Th.86 dated 12 August 1986.
The
articles of association of the company have frequently been changed, most
recently by notarial Deed No. 086 dated 21 February 2013 made by Notary Wahyudi
Suyanto, SH., the authorized capital was raised to Rp 4,000,000,000.- of which
Rp 1,000,000,000.- was issued and fully paid up. On the same occasion, the shareholders of the
company are Mr. Ibrahim Oesman (4.05%), his wife Mrs. Lily Harianty Oesman
(0.50%) and his son Mr. Harry Oesman (95.45%). The amendment to deed has been approved by the Minister of Law and Human
Rights of the Republic of Indonesia through its Decree No.
AHU-17417.AH.01.02.Tahun 2013 dated 4 April 2013 and No. AHU-AH.01.10-17005
dated 2 May 2013.
P.T.
APS has been in operation since 1995 dealing with trading, import and
distribution of stainless steel products such as coil/plate, bars, pipes and
special products. Mr. Adiguna, a
marketing manager of the company said that P.T. APS trades various kinds of the
best stainless steel product range and only in supreme quality from world
renown stainless steel mills, e.g. Acerinox (Spain), Arcelor Mittal (Luxembourg
and India), the process does not end here, they also maintain their high standard
within the delivery process of these products to their clients in various
industries e.g. chemical processing industries, oil and gas industries, agro
processing industries, steel manufacturing industries, commercial sectors and
others. P.T. APS has two main
distribution centers, one in Surabaya and Jakarta, from these centers they are
servicing clients throughout Indonesia.
We observed that P.T. APS is classified as a medium sized company of its
kind in the country of which the operation has been growing steadily.
We
note that the demand for stainless steel products and steel building materials
has kept on rising by 8% to 10% per year in the last five years in line with
the growth and development of chemical processing industries, oil and gas
industries, food and beverages industries, steel product manufacturing, power
generation, mining and commercial sectors (building materials, kitchen set,
workshop) and others. But, since
mid-2008, the demand growth for stainless steel products and steel building
materials has kept on dwindling as an impact of global economic crisis as told
above. But since early-2009 the demand
rose again in line with amelioration of economic condition in the country. Competition is very tight on account of a
large number of similar companies operating in the country and many imported
products are being offered for sales as well.
The business position of P.T. APS is good for the company has
established regular customers and wide marketing networks in the major cities
in the country.
Until
this time P.T. APS has not been registered with Indonesian Stock Exchange, so
that they shall not obliged to announce their financial statement. P.T. APS’s
management adopts very reclusive attitude towards outsiders and rejected to
unveil its financial condition, but we estimated that P.T. APS’s operation has
in 2010 registered a total sales turnover of Rp 290.0 billion, increased to Rp
330.0 billion in 2011 and rose again to Rp 380.0 billion in 2012 and projected
it will continue on rising by about 8% to 10% in 2013. P.T. APS’s operation has in 2012 yielded a
total net profit of about Rp 19.0 billion with a total net-worth of about Rp
120.0 billion. We observe that P.T. APS
is supported by financially fairly strong behind it. So far, we did not hear that the company
having been black listed by the Central Bank (Bank Indonesia). The company
usually pays its debts punctually to suppliers.
P.T.
APS's management is headed by Mr. Harry Oesman (42) as president director, who
experienced for more than 15 years in the field of trading, import, supply and
distribution of stainless steel products. He is a son of Mr. Ibrahim Oesman
(77), the founders of this Company. The
management is further handled by experienced professional managers with know-how
in stainless steel products. They have wide relations in domestic and overseas
private business circles. 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.
ANGKASA PERINDO SAKTI 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
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.02 |
|
UK Pound |
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.91 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.