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Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. NAVAL OVERSEAS |
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Registered Office : |
Mega Glodok Kemayoran 1st Floor Block A 5 No. 3,
Jalan Angkasa Raya Kav. B-6, Kelurahan
Gunungsahari Selatan, Kecamatan Kemayoran, Jakarta Pusat, 10610 |
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Country : |
Indonesia |
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Date of Incorporation : |
13.03.2006 |
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Com. Reg. No.: |
No.
AHU-58684.AH.01.02.TH.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in Trading,
Distribution, Import and Exporter of Chemical & Agricultural Commodities Products such
as oleo pine resin, gum rosin, turpentine oil, gum Benjamin, gum copal, gum
dammar, dammar batu, cassia vera, cloves and pepper |
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No. of Employees |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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. NAVAL OVERSEAS
Head Office
Mega Glodok Kemayoran 1st
Floor Block A 5 No. 3
Jalan Angkasa Raya
Kav. B-6
Kelurahan
Gunungsahari Selatan, Kecamatan Kemayoran
Jakarta Pusat,
10610
Indonesia
Phone - (62-21) 2664 7201, 9130 7659
Fax -
(62-21) 2664 7202
E-mail -
marketing@navaloverseas.com
Website -
http://www.navaloverseas.com
Building Area - 4 storey
Building Space - 100 sq. meters
Region - Commercial
Status - Rent
13 March 2006
P.T. (Perseroan Terbatas) or Limited
Liability Company
The Ministry of
Law and Human Rights
- No.
C-13487.HT.01.01.TH.2006
Dated
23 May 2006
- No.
AHU-09620.AH.01.02.TH.2009
Dated
27 March 2009
- No.
AHU-58684.AH.01.02.TH.2013
Dated
14 November 2013
Foreign Investment (PMA) Company
a. The Department of Finance
NPWP No. 02.419.499.5-048.000
b. The Capital Investment
Coordinating Board
No. 254/I/PMA/2006
Dated 8 March 2006
None
Capital Structure :
Authorized Capital : US$ 300,000.-
Issued Capital : US$ 150,000.-
Paid up Capital : US$ 150,000.-
Shareholders/Owners :
a. Mr. Rameshchandra Laxminarayan
Maheshwari - US$ 135,000.-
Address : 61B
Rula Park, Bldg, Survey No. 49
Juhu, Mumbai 49, Maharshtra
India
b. Mr.
Maheshwari Neelesh Rameshchandra
- US$ 7,500.-
Address : 61B Rula Park, Bldg, Survey No.
49
Juhu, Mumbai 49, Maharshtra
India
c. Mr.
Vishal Rameshchandra Maheshwari
- US$ 7,500.-
Address : 61B Rula Park, Bldg, Survey No.
49
Juhu, Mumbai 49, Maharshtra
India
Lines of Business :
Engaged in Trading, Distribution, Import and Exporter of Chemical & Agricultural Commodities Products such
as oleo pine resin, gum rosin, turpentine oil, gum Benjamin, gum copal, gum
dammar, dammar batu, cassia vera, cloves and pepper
Production Capacity :
a. Distribution Services - US$ 500,000.-
b. Import Services - US$ 500,000.-
c. Export Services - US$ 500,000.-
Total Investment :
a. Equity Capital - US$ 150,000.-
b. Loan Capital - US$ 50,000.-
c. Total Investment - US$ 200,000.-
Started Operation :
June 2007
Brand Name :
Naval Overseas
Technical Assistance :
None
Number of Employee :
12 persons
Marketing Area :
Export - 50%
Local - 50%
Main Customer :
Buyers in India and Pakistan
Market Situation :
Very Competitive
Main Competitors :
a. P.T. ASIA AGROMAS
b. P.T. NASCO
c. C.V. SEKAWAN
d. P.T. SARIMAKMUR TUNGGALMANDIRI
e. Etc
Business Trend :
Growing
Bankers :
a. P.T.
Bank MANDIRI Tbk
Jalan Angkasa Raya
Jakarta Pusat
Indonesia
b. P.T.
Bank CENTRAL ASIA Tbk
Jalan Angkasa Raya
Jakarta
Pusat
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Annual Sales (estimated) :
2011 – Rp. 22.5 billion
2012 – Rp. 23.6 billion
2013 – Rp. 25.0 billion
Net Profit (estimated) :
2011 – Rp. 2.0 billion
2012 – Rp. 2.1 billion
2013 – Rp. 2.5 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board
of Management :
President
Director - Mr. Maheshwari Neelesh Rameschandra
Director - Mr.
Vishal Rameschandra Maheswari
Board
of Commissioners :
Commissioner - Mr.
Rameshchandra Laxminarayan Maheshwari
Signatories
:
President Director (Mr. Maheshwari
Neelesh Rameshchandra) or the Director (Mr. Vishal Rameschandra Maheswari)
which must be approved by Board of Commissioner
Management
Capability :
Good
Business
Morality :
Good
P.T. NAVAL OVERSEAS (P.T. NO) was incorporated in Jakarta on March 13, 2006 with an authorized capital of US$ 300,000 issued capital of US$ 75,000 fully and paid up. The company was founded by Mr. Rameshchandra Laxminarayan Maheshwari, Mr. Maheshwari Neelesh Rameshcandra and Mr. Vishal Rameshchandra Maheshwari, they are Indian descent business person of India. The company notary deed has been changed and in January 2009 the issued capital was raised to US$ 150,000 entirely paid up. With this time the composition of its shareholders has been changed to become Mr. Rameshchandra Laxminarayan Maheshwari (90%), Mr. Maheshwari Neelsh Rameschandra (5%) and Mr. Vishal Rameschandra Maheshwari (5%). Later according to the latest revision of notary deed Mrs. Novianti, SH., No. 67 dated 12 September 2013 the company board of director and the board of commissioner had been changed to lead and runs of the company’s operation. The deed of amendments was approved by the Ministry of Law and Human Rights in its decision letter No. AHU-58684.AH.01.02.TH.2013 dated September 12, 2013.
P.T. NO was established in the frame work of Foreign Investment (PMA) facility to deal with trading, wholesales, distribution, exporter import services. The company has been operating since June 2007 and has been growing up to present. In export services the company exported of agricultural commodities products such as oleo pine resin, gum rosin, turpentine oil, gum Benjamin, gum copal, gum dammar, dammar batu, cassia vera, cloves and pepper. Mrs. Desi Herawati, manager of the company said, that the agricultural product is collected and bought from farmers of North Sumatera, Java, Sulawesi and other island of Indonesia. Belonging to the Lauraceous family, Cassia Vera is the stem bark of the evergreen bush native to Indonesia. This reddish brown bark is peeled away from the bush in the form of quills which are then dried and cut to size / into thin strips or ground into powder. Cassia Vera from Indonesia has aromatic sensory qualities similar to its counterpart in Sri Lanka. It contains essential oil (mainly cinnamic aldehyd) but does not contain eugenol. Indonesian Cassia Vera is normally found in West Sumatra in the region of the city of Padang.
Since 1993 Inhutani IV (Persero) in self-managed pine resin production activities in Aceh Province, North Sumatra and West Sumatra. Pine resin production activities in Aceh Province has been suspended since 2002, due to the security conditions are not conducive, while the sap production activities in North Sumatra and West Sumatra still ongoing. Letter of the Ministry of Forestry. 194/MENHUT-IV/1993 dated February 6, 1993, concerning the Rights Petition Tapping pine sap on Areal Post Reforestation Project in North Sumatra and West Sumatra province, has provided an opportunity to Inhutani IV (Persero) to improve corporate performance. Sales of pine resin intended for export marketing and implementation in cooperation with P.T. Milatronika Karya Niaga, P.T. Ispak, C.V. Avinis, and P.T. Naval Overseas.
The whole products exported to Europe, the USA, India, China, Bangladesh, and South Korea. The whole products uses in Inks, Polishes, Varnishes, water resistant coatings, injection moulding materials, for caulking boats and baskets, incense, natural mosquito repellant and Ayurvedic medicine. Meanwhile the company also imported of garlic origin of China and the whole garlic marketed locally thorough traditional market in Jakarta and surroundings. Besides, P.T. NO is also imported of chemical and other chemical products from Singapore, China and other countries based on job orders from their clients in Indonesia. We observed that the company’s operation has been growing in the last three years.
We have noticed
that the demand for agricultural products had increased some 10% to 11% per
annum in the last five years in line with the growth of industrial
manufacturing in the country and international market. In the coming years, the
growth rate of demand is estimated at about 6% to 7% per annum. The present
market situation for agricultural products is very competitive for a large
number of similar companies operating in the country. Meanwhile, competition is
quite heavy in the export import of agricultural products with many companies
now doing business in this field in Indonesia. We consider P.T. NO to be in a
quite favorable position for having already got hold of a steady clientele in
the country and abroad.
Until this time P.T. NO has not been registered with
Indonesian Stock Exchange so, that they had not obliged to announce their
financial statement. The management of the company 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. 22.5 billion rose to Rp. 23.6 billion in 2012
to Rp. 25.0 billion in 2013 and projected to go on rising by at least 5% in
2014. The operation in 2013 yielded an estimated net profit at least Rp. 2.5
billion and the company has an estimated total networth by at least Rp. 5.5
billion. We observe that P.T. NO is supported by foreign partner which has
financially fairly strong behind it. So far, we did not hear that the company
having been black listed by the Central Bank (Bank Indonesia). Mrs. Desi
Hrawati, manager of the company disclosed that the company usually pays its
debts punctually to suppliers.
P.T. NO management
is headed by Mr. Maheswari Neelesh Rameshchabdra (49), a businessman and
professional manager of India which experienced for more than 11 years in the
field of trading, exporter of agricultural commodities products. Daily
operation he is assisted by his father Mr. Vishal Rameshchandra Maheswari (49)
as a director. They have 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. NOVAL OVERSEAS is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
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UK Pound |
1 |
Rs.103.06 |
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Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.