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Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. HIDUPMAKMUR ABADILESTARI |
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|
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Registered Office : |
Jl. Daan Mogot K. 19.6, Pusat Niaga Terpadu Daan Mogot, Blok BB No.
8-H, Batu Ceper Tangerang 15122, |
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Country : |
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Date of Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
AHU-AH.01.10-14936 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Import and Distributors of Industrial Chemical Products. |
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No. of Employees : |
36 Persons |
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 |
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Status : |
Satisfactory |
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|
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, a vast polyglot
nation, has grown strongly since 2010. During the global financial crisis, Indonesia
outperformed its regional neighbors and joined China and India as the only G20
members posting growth. The government has promoted fiscally conservative
policies, resulting in a debt-to-GDP ratio of less than 25% 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
also faces the challenges of quelling labor unrest and reducing fuel subsidies
in the face of high oil prices.
|
Source
: CIA |
P.T. HIDUPMAKMUR ABADILESTARI
Head
Office
Jl. Daan Mogot K. 19.6
Pusat Niaga Terpadu Daan Mogot
Blok BB No. 8-H, Batu Ceper
Tangerang 15122, Banten Province
Indonesia
Phone -
(62-21) 5436 5080 (Hunting)
Fax. - (62-21) 5436 5081
Email - hmla@cbn.net.id
Building Area - 3 storey
Office Space - 150 sq. meters
Region - Commercial
Status - Rent
Desa Sukamulya No. 67
Cikupa, Tangerang 15710
Banten Province
Indonesia
Phone -
(62-21) 596 0837
Fax. - (62-21) 596 0838
Land Area - 3,600 sq.
meters
Building - 2,200 sq
meters
Region - Industrial
Zone
Status - Rent
28 September 1989
P.T. (Perseroan Terbatas) or Limited Liability Company
The Ministry of
Law and Human Rights
a. No. C2-4126 HT.01.01.TH.90
Dated 16 July 1990
b. No. AHU-87497.AH.01.02.Tahun 2008
Dated 19 November
2008
c. No. AHU-AH.01.10-14936
Dated 02 September 2009
National Private Company
The Department of
Finance
NPWP No. 01.336.462.5-402.000
None
Capital Structure
:
Authorized Capital - Rp.
12,000,000,000.-
Issued Capital -
Rp. 3,000,000,000.-
Paid up Capital -
Rp. 3,000,000,000.-
Shareholders/Owners
:
a.
Mr. Michael Chandra -
Rp. 600,000,000.- (20%)
Address : Jl.
Patal Senayan I No. 5 ASR T3-17B2S
Kebayoran Lama, South
Jakarta
Indonesia
b.
Mrs. Nonnita Chandra -
Rp. 450,000,000.- (15%)
Address : Jl. Patal Senayan I No. 5 ASR T3-17B2S
Kebayoran Lama, South
Jakarta
Indonesia
b.
Mrs. Sisca Chandra -
Rp. 150,000,000.- ( 5%)
Address : Jl.
Patal Senayan I No. 5 ASR T3-17B2S
Kebayoran Lama, South
Jakarta
Indonesia
b.
Mrs. Sisca Chandra -
Rp. 1,800,000,000.- (60%)
Address : Jl.
Patal Senayan I No. 5 ASR T3-17B2S
Kebayoran Lama, South
Jakarta
Indonesia
Lines of Business
:
Trading, Import and Distribution of
Industrial Chemical Products
Production
Capacity :
None
Total Investment :
None
Started Operation
:
1989
Brand Name :
None
Technical
Assistance :
None
Number of Employee
:
36 persons
Marketing Area :
Domestic - 100 %
Main Customers :
a. Textile Industries
b. Plastic Industries
c. Paint Industries
d. Printing Industries
e. Etc.
Market Situation :
Very Competitive
Main
Competitors :
a. PT. Dow
Chemical Indonesia
b. PT. Cipta Prima Chemindo
c. PT. Makmur Jaya Kharisma
d. PT. Galic Bina Mada
e. PT. Mulya Adhy Paramita
f. PT.
Tritunggal Arthamakmur
g. PT. Pintu Mas Mulia Kimia
h. Etc.
Business Trend :
Growing
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk
Daan Mogot Main Branch
Jl. Daan Motor No. 48A
West Jakarta, Indonesia
b. P.T. Bank HAGA Tbk
Perumahan Daan Mogot baru Blok LB V/36
Jl.
Kintamani Raya,
West Jakarta,
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2010 – Rp. 33.0 billion
2011 – Rp. 37.0 billion
2012 – Rp. 42.0 billion
2013 – Rp. 48.0 billion
Net Profit (Loss)
:
2010 – Rp. 1.8 billion
2011 – Rp. 2.0 billion
2012 – Rp. 2.3 billion
2013 – Rp. 2.6 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of
Management :
Director - Mr.
Michael Chandra
Board of
Commissioners :
President Commissioner -
Mrs. Lina Fangi
Commissioner - Mrs. Bonnita Chandra
Signatories
:
Director (Mr.
Michael Chandra) which must be approved by board of commissioners (Mrs. Lina
Fangi or Mrs. Bonnita Chandra)
Management
Capability :
Good
Business Morality
:
Good
P.T. HIDUPMAKMUR LESTARIABADI (P.T. HL) was
established in Jakarta based on Notarial Deed No. 25 dated September 28, 1989
made by Milly Karmila Saeral, SH., with an
authorized capital of Rp. 1,000,000,000.- issued capital of Rp. 600,000,000.-
entirely paid up. The founding shareholders are Mrs. Lina Fangi (70%), Mr.
Kosasih Widjaja (10%), Mr. David Tanuwijaya (5%), Mr. Ir Herman Moeliana (5%),
Mr. Iskandar Halim (5%) and Mr. Arman natiradsa (5%). They are Indonesian business persons of
Chinese extraction. The deed of
establishment was approved by the Minister of Justice of the Republic of
Indonesia through its Decision Letter No. C2-4126 HT.01.01.TH.90 dated July 16,
1990.
The articles of association of the company
have frequently been revised, most recently by notary deed of Humber Lie, SH.,
No. 14 dated August 7, 2009 the authorized capital was raised to Rp.
12,000,000,000.- of which Rp. 3,000,000,000.- was issued and fully paid
up. Since then, shareholders
of the Company are Mr. Michael Chandra (20%), Mrs.
Bonnita Chandra15%), Mrs. Sica Chandra (5%) and Mrs. Lina Fangi (60%). The amendment to
Deed approved by the Minister of Law and Human Rights of the Republic of
Indonesia through Decree No. AHU-AH.01.10-14936 dated September 2, 2009. No changes have been effected in term of its
shareholding composition and capital structures to date.
P.T. HL has been in operation 1989 in trading, import and distribution of
industrial chemicals. The type of chemical products sold by P.T. HL are
including specialty pigment chemical for plastic, rubber, paint, printing ink
and other textile products among them are pearl luster effect, fluorescent
colors, aluminum and bronze, cadmium, master-batches, titanium yellow and
titanium dioxide. Some 80% of its merchandising goods are imported from
Germany, the Netherlands, Belgium, Japan and others. All of the above products
are sold to various textile companies, plastic, paint, printing house and
others. We observed that P.T. HL 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.
The domestic demand for various types of
chemical products had been rising by 8% to 10% on the average per annum in the
last five years in line with the rapid growth of various industrial sectors
including ink & coating industries, cosmetic industries, food and beverage
industries, pharmaceutical industry, paint, plastic, ink, textile, rubber,
printing industries and others in the above period of times as the consumers.
But, later dwindled as the global economic slowdown since October 2008,
followed by tight money policy imposed by Indonesian Central Bank (Bank
Indonesia) and also heated by political issue in the country. The demand growth
started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market
competition is very tough on account of large number of other similar companies
operating in the country. P.T. HL business position in this case is not too
badly because it has built regular customers in the country.
Until this time PT. HL has not been registered with Indonesian
Stock Exchange, so that they shall not obliged to announce their financial
statement. We have checked to Department
of Trade and Industry and found that no financial statement has been
reported. P.T. HL’s management is very
reclusive to outsider and rejecting to disclose its financial condition but we
estimated that total sales turnover of the company in 2011 amounted to Rp. 37.0
billion increased to Rp. 42.0 billion in 2012 and rose again to Rp. 48.0
billion in 2013. The operation in 2013
yielded an estimated net profit of at least Rp. 2.6 billion. It is estimated the company has an estimated
total net-worth at least Rp. 18.0 billion.
It is projected that total sales turnover of the company will increase
at least 6% in 2014. So far we have
never heard that the company registered with the black list of Bank of Indonesia
(Central Bank).
The company’s management is led out by Mr.
Michael Chandra (40) a young businessman as Director, a businessman who
experienced for more than 12 years in the field of trading, import and
distribution of industrial chemical. He
is a son of Mrs. Lina Fangi (64) the founder of the company. In daily activities, he is assisted by his
younger sister Mrs. Bonnita Chandra (27) as Commissioner. We observed that
management’s reputation in said business is fairly good. The company has had wide
relation in the realm of the private businessmen inside and outside the
country. Their relation with the government is fairly good. So far, we have
never heard that the company’s management involved in the business malpractices
or detrimental cases that settled in the country. The company has not registered with the black
list of Bank of Indonesia.
P.T. HL 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.60.67 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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.