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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
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Name : |
P.T. KLOPMAN ARGO INTERNATIONAL |
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Registered Office : |
Jalan M.H.
Thamrin Km. 4, RT. 007 RW. 01 Kelurahan Cikokol, Kecamatan |
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Country : |
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Date of Incorporation : |
18.01.2013 |
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Com. Reg. No.: |
AHU-15093.AH.01.01.TH.2013 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Textile
Industry |
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No. of Employees : |
177 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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) |
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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 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.
KLOPMAN ARGO INTERNATIONAL
A d d r e s s
:
Head Office & Factory
Jalan M.H.
Thamrin Km. 4, RT. 007 RW. 01
Kelurahan
Cikokol, Kecamatan Tangerang
Tangerang, 15117
Banten Province
Indonesia
Phones -
(62-21) 5577 4459 (Hunting)
Fax - (62-21) 5577 4631, 5577 3941
E-mail - caecilia.susilo@amt.co.id
Land Area - 15,000 sq.
meters
Office Space - 11,000 sq.
meters
Region - Industrial
Zone
Status - Rent
18 January 2013
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
No.
AHU-15093.AH.01.01.TH.2013
Dated 25 March
2013
Company Status
:
Foreign
Investment (PMA) Company
Permit by the Government
Department :
The Department of Finance
Not Available
Related
Company :
A Member Company
of the ARGO MANUNGGAL Group (see attachment)
Capital
Structure :
Authorized
Capital : US$
4,000,000.-
Issued Capital : US$ 1,000,000.-
Paid up Capital : US$
1,000,000.-
Shareholders/Owners
:
a. P.T. ARGO MANUNGGAL TEXTILE - US$ 500,000.-
Address :
Wisma Argo Manunggal 9th Floor
Jl. Jend. Gatot Subroto Kav. 22
Jakarta Selatan, 12930
Indonesia
b. KLOPMAN
INTERNATIONAL S.R.L. - US$ 500,000.-
Address : LOC Mola Dei Frati
03100
Frosinone,
Italy
Lines of
Business :
Textile Industry
Production
Capacity :
Poly/Cotton Fabrics - 25,000,000 sq. meters
p.a.
Total
Investment :
Owned Capital - US$ 10.0
million
Started
Operation :
October 2013
(Planned)
Brand Name :
Klopman Argo
International
Technical
Assistance :
Klopman
International S.R.L., Italy
Number of
Employee :
177 persons
Marketing Area
:
Export -
70%
Local - 30%
Main Customer
:
Buyers in Europe
Union
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T.
BINABUSANA INTERNUSA
b. P.T.
BUSANAGRIYA PERKASA
c. P.T. INDORAMA
SYNTHETICS Tbk
d. P.T. KITM
INDONESIA TEXTILE
e. Etc.
Business Trend
:
No Comment
B a n k e r s :
a. P.T. Bank
MANDIRI Tbk
Jalan
Jend. Gatot Subroto Kav. 36-38
Jakarta Selatan
Indonesia
b. P.T. Bank NEGARA INDONESIA Tbk
Jalan Jend. Sudirman Kav. 1
Jakarta Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
None
Net Profit
(estimated) :
None
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mr. Sharma Dinesh
Directors -
a. Mr. Verdoliva Alfonso
b. Mrs. Caecilia Erniwaty Sosilo
c. Mr. Sharda Yogesh
Board of Commissioners :
President Commissioner -
Mr. The Nicholas
Commissioner -
Mr. Abbruzzesi Giuseppe
Signatories :
President Director (Mr.
Sharma Dinesh) or one of the Directors (Mr. Verdoliva Alfonso, Mrs. Caecilia
Erniwaty Sosilo or Mr. Sharda Yogesh) which must be approved by Board of
Commissioner.
Management Capability :
Satisfactory
Business Morality :
Satisfactory
Credit Risk :
High
Credit Recommendation :
Credit is not recommended
Proposed
Credit Limit :
C.O.D.
P.T. KLOPMAN ARGO INTERNATIONAL (P.T. KAI) was established in Tangerang,
Banten Province based on notary deed of Mrs. Niny, SH., No. 04 dated 18 January
2013 with the authorized capital of US$ 4,000,000 issued capital of US$
1,000,000 entirely paid up. The founding and shareholders of the company are
KLOPMAN INTERNATIONAL S.R.L., of Italy as foreign partner and P.T. ARGO
MANUNGGAL TEXTILE of Indonesia as local partner. The notary deed of
incorporation was approved by the Ministry of Law and Human Rights in its
decision letter No. AHU-15093.AH.01.01.TH.2013 dated January 18, 2013.
We observe that P.T. ARGO MANUNGGAL TEXTILE is a member company of the
ARGO MANUNGGAL Group or DAMATEX Group, a big-sized private business group
founded and headed by the majority business stake owner Mr. The Nien (Ning)
King. The group comprises quite many companies with one of their main business
activities being in the integrated textile industry.
P.T. KAI was established in the frame work of Foreign Investment (PMA)
company facility to deal with textile industry. The plant is located at Jalan
M.H. Thamrin Km. 4, Cikokol sub-district, Tangerang district, Tangerang, Banten
Province standing on a land of 15,000 sq. meters. Mrs. Caecilia Erniwaty
Sosilo, Operational Director of the company went on to say the construction was
begun since April 2013 with an investment of US$ 10.0 million come from owned
capital of US$ 4.0 million and the rest is loans.
In the first stage, the company will be produces of poly/cotton fabrics
with capacity of 25,000,000 sq. meters and will be increased in the next years.
According information the construction of the plant, and installation of
machinery and other equipment will bi finished in the end of September 2013.
The plant expected to be commenced commercial production in October 2013. As
part of a joint venture with P.T. ARGO MANUNGGAL TEXTILE (AMT), KLOPMAN
International will soon be supplying fabric direct from Indonesia.
The aim of the joint venture KLOPMAN-AMT is to serve new markets outside
Europe more efficiently and, in particular, to offer existing customers
with garment manufacturing in Asia the possibility to buy European quality
on their doorstep. Starting with high quality basic polyester/cotton blends in
210 and 245 g/m² in a few months’ time, the joint venture’s medium
term plan includes an extension of the range, to cover a number of other
Klopman fabrics.
We refrain from informing the business prospect of the
company for having yet to be in operation up to now. Considering P.T. KAI having yet to
be in operation, the financial condition of the company is just as it’s paid up
capital of US$ 1.0 million as stated in its article of association. The
financial condition of the company strongly depends on the financial condition
of its shareholders. P.T. KAI is backed up by the KLOPMAN International S.R.L.,
of Italy which has financially strong behind it.
The management of P.T. KAI is led by Mr. Sharma Dinesh (60) a
professional manager of India with experience in textile industry. Daily activity
he is assisted by Mr. Verdoliva Alfonso (57), Mrs. Caecilia Ernawaty Sosilo
(42) and Mr. Sharda Yogesh (45) as directors. The company's management will be
handled by professional staff in the above business. The
management will be handled by professional managers having wide relation with
private businessmen of home and overseas as well as with the government
sectors. We did not hear that the management of the company has been filed to
the court for detrimental cases or involved in any business malpractices. Or
our whole observation, we may conclude that P.T. KAI is a new company having
yet to be in operation commercially. Considering P.T. KLOPMAN ARGO
INTERNATIONAL having yet to be in operation, we recommend to treat prudently in
business transaction and in extending a loan to the company.
List of the ARGO MANUNGGAL TEXTILE Group Members
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.22 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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 |
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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 |
|
<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.