|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
P.T. AMES INDAH INTERNATIONAL |
|
|
|
|
Registered Office : |
Menara
Batavia, 14th Floor Jalan K.H. Mas Mansyur
Kav. 126 Jakarta
Pusat, 10220 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
02.02.1977 |
|
|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
·
Trading and Export Import of Garment
Products ·
Trading and Import of Steel
and Iron Products and Industrial Chemicals |
|
|
|
|
No. of Employees : |
18 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
P.T. AMES INDAH
INTERNATIONAL
Head
Office
Menara
BATAVIA, 14th Floor
Jalan K.H. Mas Mansyur Kav. 126
Jakarta
Pusat, 10220
Indonesia
Phone -
(62-21) 572 3753, 574 0793
Fax - (62-21) 572 3757, 573 5018
E-mail - ptames@cbn.net.id
Building Area -
28 storey
Building Space -
200 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2
February 1977
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Justice and Human
Rights
- No. C-01377
HT.01.04.TH.2003
Dated 22
January 2003
- No.
AHU-90357.AH.01.02.Tahun 2008
Dated 26 November
2008
Company Status :
National
Private Company
Permit by the Government Department :
The Department of Finance (Tax
license)
NPWP
No. 1.108.137.9-605
Related
Company :
A Member the HMM Group or SELAMA JAYA Group (see
attachment)
Capital
Structure :
Authorized Capital :
Rp. 1,000,000,000.-
Issued Capital :
Rp. 500,000,000.-
Paid up Capital :
Rp. 500,000,000.-
Shareholders/Owners
:
a. Mr. Viviek Hariram Mahtani -
Rp. 166,700,000.-
Address : Jl. Arjuna No. 32
Tanjung Duren, Jakarta
Barat
Indonesia
b. Mr. Harbindar Singh - Rp.
166,700,000.-
Address :
Jl. Gunung Sahari VII C/4 A
Jakarta Pusat
Indonesia
c. Mr. Suresh Kishinchand Chandiramani - Rp. 166,600,000.-
Address :
Jl. Merpati Block A-20, Kemayoran
Jakarta Pusat
Indonesia
Lines
of Business :
a. Trading and Export Import of Garment Products
b. Trading and Import of Steel and Iron Products and
Industrial Chemicals
Production
Capacity :
None
Total
Investment :
None
Started
Operation :
1978
Brand
Name :
None
Number
of Employee :
18 persons
Marketing
Area :
Local - 50%
Export - 50%
Main
Customer :
Buyers in Middle East and local distributors
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. NAVSHANTI INDONESIA
b. P.T. NAR STAINLESS STEEL
c. P.T. ESSAR INDONESIA
Business
Trend :
Growing
B
a n k e r :
STANDARD CHARTERED Bank
Wisma Standard Chartered Bank
Jalan Prof. Dr. Satrio No. 164
Kuningan Timur, Setiabudi
Jakarta Selata
Indonesia
Auditor
:
Internal Auditor
Litigation
:
No litigation record in our database
Annual
Sales (estimated) :
2011 – Rp. 24.2 billion
2012 – Rp. 25.0 billion
2013 – Rp. 26.0 billion
Net
Profit (estimated) :
2011 – Rp. 2.4 billion
2012 – Rp. 2.6 billion
2013 – Rp. 2.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
Board of Management :
President
Director - Mr.
Harbindar Singh
Director - Mr.
Viviek Hariram Mahtani
Board of Commissioners :
President
Commissioner - Mr.
Hariram Mangharam Mahtani
Commissioner -
Mr. Suresh Kishinchand Chandiramani
Signatories :
President
Director (Mr. Harbindar Singh) or the Director (Mr. Viviek Hariram Mahtani)
which must be approved by Board of Commissioners
Management Capability :
Good
Business Morality :
Good
Credit Risk :
Average
Credit Recommendation :
Credit should be
proceeded with monitor
Proposed
Credit Limit :
Small amount – periodical review
P.T. AMES INDAH INTERNATIONAL (P.T. AII) was established
in Surabaya, East Java in February 1977 with the authorized capital of Rp.
50,000,000 of which Rp. 25,000,000 was issued and fully paid up. The founding
shareholders of the company are Mr. Harriram Mangharam Mahtani and Mr.
Harbindar Singh, both are Indonesian businessmen of Indian extraction. In
February 1979 into the company entered a new shareholder Mr. Saso Sugiarso, an
Indonesian businessman of Indian descents. The notary deed has been changed and
in October 2002, the authorized capital was increased to Rp. 1,000,000,000
issued capital of Rp. 300,000,000 entirely paid up. In November 2008, the
issued and paid up capital was increased to Rp. 500,000,000. The deed of
amendment was made by Mrs. Lindasari Bachroem, SH, a public notary in Surabaya
under Company Registration Number C-01377 HT.01.04.TH. 2003, dated January 22,
2003, and No. AHU-90357.AH.01.02.Tahun 2008, dated November 26, 2008.
P.T. AII has been in commercial operation since 1978
dealing with export-import services, general merchant and trading of garment
products, steel and iron products, and industrial chemical. Mr. Manesh, sales manager of the company said
that P.T. AII exports garment products to Middle East countries comprising
shirts, trousers, jackets, T-Shirts and others being bought from its sister
company P.T. WEARWEL INTERNATIONAL and from various garment manufacturing
industries in Jakarta, Bandung, West Java and surroundings. Meanwhile the
product like steel and iron is imported from Europe, China, India and others.
The whole steel product supplied to various trading of steel in Surabaya,
Jakarta and surroundings.
Through proactive interaction in marketing strategies and
commitment to meet customer's expectation, P.T. AII has now become one of the
successful International Trading Companies in Indonesia. As a specialist in
indenting business representing several major companies in India and Gulf, the
company has successfully associated with principals who are claimed as the
quality market leaders in their fields. Additionally, with support of their
promoters who have garment industries on their own personal capacity, they had
been acknowledged as the major exporter of garments such as men, ladies,
children, sportswear, and lingerie.
With the extensive contacts we have in several countries,
it is easy for them to source competitive suppliers and buyers for various
types of product lines. For years, P.T. AII has represented companies like
Hindalco Industrial Limited of the Birla Group, Graphite India Limited, Gulf
Industrial Investment company, Landmark Group Dubai, and many more. Moreover,
having deep knowledge over Indonesian market has also becoming their advantages
to serve the customers effectively within the shortest time. Thus it entitles
us to invite companies to become their partners in progress, success and
prosperity in Indonesia.
P.T. AII also imports chemical products from India being
sold to various manufacturing industries in Jakarta, Bandung and surroundings.
Besides that since the early 2010 P.T. AII is also engaged in trader and
exporter of coal. The coal products gained from South Sumatera and South
Kalimantan. Then the coal products wholly exported to India. We observe that
P.T. AII is classified as a medium sized company of its kind in the country of
which the operation had been running smoothly and growing steadily in the last
five years.
Starting in the second semester 2008, many markets in various
parts of the world experienced adverse economic condition. This condition was
triggered by, amongst others, the housing and mortgage loans crisis in the
United States of America (US) that spread to securities, structures products
and commodity markets. The volatility in the US markets coupled with the sharp
appreciation in the US Dollars and a series of corporate bankruptcies and
takeovers enabled the crisis to spread to other parts of the world. The impact
of the global economic crisis has also been felt in Indonesia as the Indonesian
Rupiah weakened, demand decrease, commodity prices decreased, securities market
declines, interest rate increased, followed by decreases, tightened liquidity
conditions, and increased credit risks. Up to this time, the Company has not
significantly suffered from the economic crisis. In response to these economic
events, during 2010 the Company has plans as follows: Negotiation with main
customer regarding increasing selling price. Cost reduction in business trip,
pantry needs, technical support cost, etc. In spite of the adverse economic
conditions, management believes that the Company will be able to continue
operating as going concern for the foreseeable future.
Until this time P.T. AII has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. AII is very reclusive towards outsiders and
rejected to disclose its financial condition. We observed that total sales
turnover of the company in 2011 amounted to Rp. 24.2 billion increased to Rp.
25.0 billion in 2012 rose again to Rp. 26.0 billion in 2013 and projected to go
on rising by at least 6% in 2014. The company’s operation in 2013 has yielded a
net profit of Rp. 2.8 billion and the company has an estimated total networth
at least Rp. 7.0 billion. The financial condition of the company is backed up
by financially strong and sound businessmen behind it. So far, we have never
heard of 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. AII is headed by Mr. Harbindar
Singh (66), a professional manager of Indian origins who experienced for more
than 32 years in the field of export import, general merchant and trading of
garment products, iron and steel products and chemicals. In daily activities,
he is assisted by Mr. Viviek Hariram Mahtani (42) as director. We observed that
management’s reputation in said business is fairly good. The management of the
company is handled by experienced professional manager having wide relation
with private businessmen of home and overseas as well as with the government
sectors. 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. AMES INDAH
INTERNATIONAL is sufficiently fairly good for business transaction.
List of the HMM Group or SELAMA JAYA Group
Members
1.
AMES
INDAH INTERNATIONAL, P.T. (Trading and Export Import Services)
2.
BUSANA
REJEKI AGUNG, P.T. (Garment Manufacturing)
3.
BUSANAREMAJA
AGRACIPTA, P.T. (Garment Manufacturing)
4.
ERHA
DAYA NUSANTARA, P.T. (Investment Holding)
5.
ISTANA
PALAPA INTERNATIONAL, P.T. (Exporter of Agriculture Commodities Products)
6.
SELAMA
JAYA, P.T. (General Trading)
7.
WEARWEL
INTERNATIONAL, P.T. (Garment Manufacturing)
8.
Etc.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.