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Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. DUTA ADHIPUTRA |
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Registered Office : |
Taman Kemayoran Kondominium Apartemen |
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Country : |
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Date of Incorporation : |
1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is primarily trading business, property, industry and services |
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No. of Employees |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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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. DUTA
ADHIPUTRA
Head
Office & Factory
Taman Kemayoran Kondominium
Apartemen Taman Kemayoran Ebony Tower A, Lt. Dasar 1
Jl. H. Benyamin Subeb,
Kel. Gunung Sahari Utara, Kec. Sawah Besar
Jakarta Pusat 10720
Indonesia
Phones -
(62-21) 654 5380
Fax
- (62-21)
654 6670
Land Area -
240 sq. meters
Building Space - 120 sq. meters
Region -
Commercial
Status -
Owned
Date of
Incorporation :
1992’s
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. AHU-16766.AH.01.02.Tahun 2010
Dated 01 April
2010
b. No. AHU-AH.01.10-21466
Dated 03 June 2013
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 01.596.831.6-026.000
Affiliated/Associated Company :
Not available
Capital Structure
:
Authorized Capital - Rp. 2,000,000,000.-
Issued Capital - Rp. 1,000,000,000.-
Paid up Capital - Rp. 1,000,000,000.-
Shareholders/Owners
:
a. Mr.
H e n d r a - Rp.
500,000,000.- (50%)
Address : Jl. Pademangan IV Gang VI
North Jakarta
Indonesia
b. Mr. E d w a r d -
Rp. 500,000,000.- (50%)
Address : Karangjati, RT.18, RW.41, Sleman
Yogyakarta,
Central Java
Indonesia
Lines of Business
:
Property (Apartment) Management and
Development
Name of Project :
Taman Kemayoran Kondominium - 6 Towers (676 rooms)
Total Investment
(1993) :
a. Equity Capital - Rp. 1.0 billion
b. Loan Capital - Rp. 90.9 billion
c. Total Investment - Rp. 92.9 billion
Started Operation
:
1995
Brand Name :
Taman Kemayoran Kondominium
Technical
Assistance :
None
Number of Employee
:
20 persons
Marketing Area :
Local - 100%
Main Customers :
Corporate and Individuals
Market Situation :
Very Competitive
Main
Competitors :
a. PT.
Bakrie Swasakti Utama
b. PT.
Summarecon Agung Tbk
c. PT.
Agung Sedayu
d. PT. Sentul City Tbk.
e. PT. Suryaraya Prawirya
Business Trend :
Growing
B a n k e r s
:
a. P.T.
Bank CENTRAL ASIA Tbk
Gunung
Branch
Jl. Raya Gunung Sahari No.213
Central Jakarta, Indonesia
b. P.T.
Bank MANDIRI Tbk
Jakarta
International Expo Kemayoran
Jl.
H. Benyamin Sueb
Central
Jakarta, Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation case in the local commercial courts
Net
Income/Revenues (estimated) :
2011 – Rp. 53.0 billion
2012 – Rp. 60.0 billion
2013 – Rp. 68.0 billion
Net Loss
(estimated) :
2011 – Rp. 6.4 billion
2012 – Rp. 7.3 billion
2013 – Rp. 8.2 billion
Payment Manner :
Average
Financial Comments
:
Satisfactory
Board of Management :
President
Director - Mr. Pieter Purba
Director - a. Mr. Bakri
Kelian
b. Mr. Haposan Paulus Batubara
Board of
Commissioners :
President
Commissioner - Mr. Edward
Commissioner -
Mr. Thonnius Max Wagannia
Signatories :
President Director (Mr. Pieter Purba)
or one of the Directors (Mr. Bakri Kelian or Mr. Haposan Paulus Batubara) which
must be approved by Board of Commissioners (Mr. edward and Mr. Thonnius Max
Wagannia)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Below average
Credit Recommendation :
Credit can be proceeded normally
Proposed Credit Limit :
Moderate amount
P.T. DUTA ADHIPUTRA was established in
Jakarta in 1972 with an authorized capital of Rp. 100,000,000.- of which Rp.
50,000,000.- was issued and fully paid up.
The founding shareholders of the company are Mr. Seno Margono and Mr.
Thonnius Max Wagannia, both are Indonesian businessmen of Chinese extraction. The articles of association of the company
have been revised, most recently by notarial Deed Number 18 dated July 21, 2011
of notary H. Zamri, SH., the authorized capital was raised to Rp.
2,000,000,000.- of which Rp. 1,000,000,000.- was issued and fully paid up. Since at the time, the shareholders of the
company are Mr. Hendra (50%) and Mr.
Edward (50%), both are Indigenous businessmen.
The amendment to Article of
Association has been approved by the Minister of Law and Human Rights of the
Republic of Indonesia through Decree No. AHU-AH.01.10-21466 dated June 3, 2013.
In accordance with article 3 (three) of the
articles of association contained in the deed of establishment, the scope of activities
of the Company is primarily trading business, property, industry and
services. In fact it is engaged in property (apartment) management and
development. The Company commenced
its commercial operations in 1995.
P.T. DUTA ADHIPUTRA
(P.T. DA) is engaged in property management and development. The Company owns six (6) tower apartments
named “Taman Kemayoran Kondominium”, located at Jl. H. Benyamin Sueb, Gunung
Sahari Utara sub-district, Sawa besar district, Central Jakarta standing on
25,000 square meters land with a total capacity of 676 units of rooms. The development of the above project will
absorb an investment of US$ 52 million (Rp. 90.9 billion). Its physical
construction started in 1993 and the commenced its commercial operations in
1995. The economic crisis battering the
country in 1997 has brought bad impact of P.T. DA because several projects
being built by P.T. DA was forced to be ceased.
Beginning April 1998,
the Attorney General calling Seno Margono (who was then serving as Director of
PT. DA) and Hendro Cahyono Soemardjan (as Chairman of the Executive Agency for
Development Complex Kemayoran or BP3KK) to be examined, because the alleged
cases of collusion and corruption in the construction of the project, which
caused state losses of hundreds of billions of rupiah. Since it shares
ownership P.T. DA transferred to new shareholders and management.
Generally, the
demand for apartment, office building, and shopping center has been
growing in the last five years in the country. The solid and steady domestic
economy, increased government activity in infrastructure development and
improving investment climate in Indonesia with the rising of Country Rating to
Investment Grade, and also supported by Indonesia’s economic indicators such as
inflation, exchange rates and interest rates are expected to encourage the
business sectors.
The global economy
is expected to grow faster in 2013 than it did in 2012, although it still face
risks stemming from the slowing economic growth in developed countries and the
on going crisis in Europe. Despite the
slowing global economy, Indonesia’s economy still grew quite briskly in
2012. Indonesia’s economic growth
reached 6.2% in 2012, or slightly below the projection contained in the 2012
Revised State Budget and 2011’s economic growth of 6.5%.
|
Indonesian
Economic Indicators |
2009 |
2010 |
2011 |
2012 |
2013 |
|
• Gross Domestic Product |
4.6 |
6.1 |
6.5 |
6.2 |
5.8 |
|
• Consumer Price Index |
4.8 |
5.1 |
5.4 |
4.3 |
8.4 |
|
• Government Debt (percentage of GDP) |
28.6 |
27.4 |
26.6 |
27.3 |
28.7 |
|
• Exchange Rate (GBP / USD) |
10,389 |
9,074 |
8,773 |
9,419 |
11,500 |
|
• Population (in millions) |
- |
237.6 |
- |
- |
- |
|
• Poverty (percentage of population) |
14.2 |
13.3 |
12.5 |
11.7 |
11.5¹ |
|
• Unemployment (percentage of labor force) |
7.9 |
7.1 |
6.6 |
6.1 |
6.3 |
|
• Reserves (in billion USD) |
66.1 |
96.2 |
110.1 |
112.8 |
99.4 |
Until this time P.T. DA has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to announce
their financial statement. The management of P.T. DA is very reclusive towards
outsiders and rejected to disclose its financial condition. We observed that
total income/revenues of the company in 2011 amounted to Rp. 53.0 billion
increased to Rp. 60.0 billion in 2012 to Rp. 68.0 billion in 2013 and projected
to go on rising by at least 8% in 2014. The operation in 2013 yielded an
estimated net profit of at least Rp. 8.2 billion and the company has an
estimated total asset of at least Rp. 120.0 billion. So far, we did not heard
that the company having been black listed by the Central Bank (Bank Indonesia).
The management of P.T. DA is led by Mr.
Pieter Purba (79) as President Director a professional manager with more than
20 years experience in property management and development. In his daily activities, he is assisted by
Mr. Bakrie Kelian (47) and Mr. Haposan Paulus Batubara (54), both as Director
respectively. The company's management
has 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.
P.T. DUTA ADHIPUTRA (Taman Kemayoran
Kondominium) is sufficiently fairly good for business transaction. However, in
view of the economic slowdown and political situation in the country is warming
we recommend to treat prudently in extending a loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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 |
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|
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 |
|
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.