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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
P.T. ARMINDO PRIMA |
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|
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Registered Office : |
Komplek Gading Bukit Indah Block B-26, Jalan Bukit Gading
Raya, Kelurahan Kelapa Gading, Kecamatan Kelapa Gading, Jakarta Utara, 14240 |
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Country : |
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Date of Incorporation : |
09.01.1981 |
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|
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Com. Reg. No.: |
No. AHU-AH.01.10-10836 |
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Legal Form : |
Limited Liability
Company |
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|
|
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Line of Business : |
a. Trading, Import and Distribution of Shoot
Gun and Explosion b. Investment Holding |
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|
|
|
No. of Employees : |
27 |
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 |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Indonesia |
B1 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
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 |
Name of
Company :
P.T.
ARMINDO PRIMA
A d d r e s s
:
Head Office
Komplek Gading Bukit Indah Block B-26
Jalan Bukit Gading Raya
Kelurahan Kelapa Gading, Kecamatan Kelapa Gading
Jakarta Utara,
14240
Indonesia
Phones -
(62-21) 45841330 (Hunting)
Fax - (62-21) 4513903
E-mail - info@armindoprima.co.id
Website - http://www.armindoprima.co.id
Building Area - 2 storey
Office Space - 140 sq. meters
Region - Commercial
Status - Owned
Date of Incorporation :
9 January 1981
Legal Form :
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg.
No. :
The Ministry of Law and Human Rights
- No. Y.A.5/7/15
Dated 5 January 1982
- No. AHU-46202.AH.01.02.TH.2008
Dated 29 July 2008
- No. AHU-AH.01.10-10836
Dated 5 May 2010
Company Status
:
National Private
Company
Permit by the
Government Department :
The Department of Finance
NPWP No.
01.303.430.1-046.000
Related
Companies :
a. P.T. ARMINDO MITRA PRAKARSA (Investment
Holding)
b. P.T. KALTIM NITRATE INDONESIA (Ammonium
Nitrate Manufacturing)
Capital
Structure :
Authorized
Capital : Rp.
1,375,000,000.-
Issued Capital : Rp.
1,375,000,000.-
Paid up Capital : Rp.
1,375,000,000.-
Shareholders/Owners
:
a. Mrs. Joyce Eveline Irfaie Lefrandt - Rp.
355,000,000.-
Address :
Apartment Mitra Oasis
Jl. Senen Raya
No. 135-137, RT. 001 RW. 002
Kelurahan Senen, Kecamatan Senen
Jakarta Pusat, Indonesia
b. Mrs. Winniarlita Irmawati, MM - Rp.
340,000,000.-
Address : Apartment Mitra Oasis
Jl. Senen Raya
No. 135-137, RT. 001 RW. 002
Kelurahan Senen, Kecamatan Senen
Jakarta Pusat, Indonesia
c. Mrs. Roswita Fitrijanti - Rp.
340,000,000.-
Address :
Apartment Mitra Oasis
Jl. Senen Raya
No. 135-137, RT. 001 RW. 002
Kelurahan Senen, Kecamatan Senen
Jakarta Pusat, Indonesia
d. Mr. David Nathan Irfai - Rp.
340,000,000.-
Address : Apartment Mitra Oasis
Jl. Senen Raya
No. 135-137, RT. 001 RW. 002
Kelurahan Senen, Kecamatan Senen
Jakarta Pusat, Indonesia
Lines of
Business :
a. Trading, Import and Distribution of Shoot Gun
and Explosion
b. Investment Holding
Production
Capacity :
None
Total Investment
:
None
Started
Operation :
1982
Brand Name :
Armindo Prima
Technical
Assistance :
None
Number of
Employee :
27 persons
Marketing Area
:
Local - 100%
Main Customer
:
Armed Forces and
Mining
Market
Situation :
Very Competitive
Main
Competitors :
a. P.T. ASA KARYA
MULTI PRATAMA
b. P.T. DAHANA (Persero)
c. P.T. KALTIM NITRATE INDONESIA
d. P.T. MEXIS
e. P.T. MULTI NITROTAMA KIMIA
Business Trend
:
Growing
B a n k e r :
P.T. Bank MANDIRI
Tbk
Jalan Kelapa Gading Boulevard Block K 4/3
Jakarta Utara
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation
record in our database
Annual Sales
(estimated) :
2011 – Rp. 40.0
billion
2012 – Rp. 42.0
billion
2013 – Rp. 48.0 billion
2014 – Rp. 26.0
billion (January – June)
Net Profit
(estimated) :
2011 – Rp. 2.5
billion
2012 – Rp. 2.8
billion
2013 – Rp. 3.0
billion
2014 – Rp. 1.6
billion (January – June)
Payment Manner
:
Average
Financial
Comments :
Satisfactory
Board of Management :
President Director - Mrs. Winniarlita Irmawati, MM
Director -
Mr. Chrisna Deva Priyapratama
Board of Commissioners :
President Commissioner -
Mr. Drs. Guntur Sumastopo
Commissioners -
a. Mrs. Joyce Eveline Irfaie Lefrandt
b. Mr. Rear Admiral (Retired) Ir. Josef
Mursidi, MM
Signatories :
President Director (Mrs.
Winniarlita Irmawati, MM) or the Director (Mr. Chrisna Deva Priyapratama) which
must be approved by Board of Commissioner
Management Capability :
Good
Business Morality :
Good
P.T. ARMINDO
PRIMA (P.T. AP) was established in January 1981 with an authorized capital of
Rp. 450,000,000 issued capital Rp. 90,000,000 wholly paid-up. Founders and original
shareholders originally are Mr. Raden Soewito Wirjoatmodjo, Mr. Mochamad
Djahuri, Mr. Soedrajat Yamin, Mrs. Rusmi, Mrs. Lisda Gani, Mr. Kreatikto
Boentoro, Mr. Trisno Santoso Gunadi, Mr. Arnold Dirk Lengkong, Mr. Johnny
Laurens Kindangen, Mr. Irfai Hazransyah, Mr. Becky Ekawaty Hananta, SH. It’s
notarial act has subsequently been revised for a couple of times. Later in
August 2005, the whole shares had been taken over by Mrs. Winniarlita Irmawati,
Drs. Haji Kresno Soekamso, SH., Mrs. Joyce Eveline Lefrandt, Mr. Mardiadi
Heriwibowo, SE, Mr. Ir. Eddy Isprayanto and Mr. Johnny Hutagalung as new
shareholders. Then according to the latest revision of notary documents of Mrs.
Hajjah Huriah Sadeli, SH., No. 05 dated 16 April 2010 the company authorized capital
was increased to Rp. 1,375,000,000 wholly issued and paid up. With this
development the composition of its shareholders has been changed to become Mrs.
Joyce Eveline Irfaie Lefrandt (25.82%), his daughters and son namely Mrs.
Winniarlita Irmawati (24.73%), Mrs. Roswita Fitrijanti (24.73%) and Mr. David
Nathan Irfai (24.73%). The deed of amendments was approved by the Ministry of
Law and Human Rights in its decision letter No. AHU-AH.01.10-10836 dated May 5,
2010.
P.T. AP started
with operation in 1982 in trading of shoot gun including its license handling.
One of P.T. AP's senior staff members disclosed that the above products are
imported from Brazil, Germany and Singapore comprising of various brands
including Walter, Taurus and Baretta. P.T. AP also is selling various types of
explosives imported from the USA and also from P.T. KALTIM NITRATE INDONESIA.
For the commercial purpose, P.T. AP also imports explosive and its accessories
from suppliers such as Schlumberger, Halliburton, Baker Atlas. These explosive
are imported to fulfill the requirement of the project of Oil and Gas companies
such as P.T. Pertamina and its contractors. P.T. AP also serve the needs of
explosives for mining companies such as coal mining, gold mining, nickel, etc
in Indonesia. To provide a comprehensive service to the mining companies P.T.
Armindo Prima imports the explosives from suppliers such as Orica, DNX, AEL,
ECA and Mineag Nitrex. The above products like shoot gun supplied to Armed
Forces, Military and also are sold to individuals, banking sector. However the
explosion and ammonium nitrate is supplied oil and mining companies among
others P.T. ADARO INDONESIA, P.T. ARUTMIN INDONESIA, P.T. KALTIM PRIMA COAL,
P.T. NEWMONT NUSA TENGGARA, P.T. FREEPORT INDONESIA and others.
Besides, P.T. AP
is also engaged in investment holding by controls 5% shares of P.T. KALTIM
NITRATE INDONESIA dealing with ammonium nitrate manufacturing. P.T. KNI is a
foreign capital investment company (PMA) dealing with ammonium nitrate
manufacturing. The plant is located at Kaltim Industrial Estate, Jalan James
Simandjuntak No. 1, Bontang, East Kalimantan, standing on a land of 10
hectares. The factory core production is designed to produce Ammonium Nitrate
(Prilled) in the capacity of 300,000 metric tons per year that will be used as
commercial explosive raw materials, 95% of which will be marketed in the
country. The construction of the plant has absorbed an investment of US$ 450.0
million come from own capital of US$ 100.0 million and the rest is loans. The
construction of the plant began in August 2009 with the main contractors P.T.
REKAYASA INDUSTRY (Persero). In constructing this plant, P.T. REKAYASA INDUSTRY
uses technology licensed from UHDE Germany. Basic design of the plant is done
by UHDE Germany, while the main equipment manufactured by MAN Turbo from
Germany.
Generally
outlook the demand for ammonium nitrate has kept on rising by about 10% to 12%
in line with the rapid growth of mining industry sector and other industrial
sectors as its consumers in the country. The occurring of the crisis has
affected badly to various industrial sectors particularly the ones whose major
materials is imported. In the meantime, we realized that market competition is
very tough on account of many other imported products are being offered in the
domestic market. As from the end of 2009, its business operation started to
arise in line with the amelioration of economic condition and the domestic
mining business industry. In the long run, P.T. AP has a quite good future
business prospect once economic crisis starts recovery.
Besides, we
observed that domestic demand on military equipment like submarine spare parts,
battleship, other military equipments, marine equipment and spare parts and
maintenance services is getting increase about 6% per year in the last five
years. This matters in line with the increasing of expenditure budget in the
defense and security sector in the last five years. It is forecasted that the
demand will increase about 7% in the last five years. In addition, demand on
military budget will increase in the next five years, in line with development
of many industrial sectors who are its customer.
If Gross
Domestic Product growth can be maintained as an average of 10 years by 16.2%
(between 5-6% economic growth) and the average state budget 18.8% of GDP, then
the defense spending when projected = average of the last 10 years amounted to
4, 2% of the national budget (less than 1% of GDP) will get the number 5 years
ahead is very big.
Estimation of Indonesian Defense Budget, 2010 – 2014
|
No. |
Description |
Average 2000 - 2009 |
2010 E |
2011 E |
2012 E |
2013 E |
2014 E |
|
1. 2. 3. |
GDP % Growth APBN % GDP % Growth Defense Budget % GDP % APBN % Growth |
16.2% 18.8% 20.5% 0.8% 4.2% 18.3% |
6.167.50 16.2% 1.313.76 18.8% 55.13 4.2% |
7.164.84 16.2% 1.560.55 18.8% 65.49 4.2% |
8.323.44 16.2% 1.853.70 18.8% 77.79 4.2% |
9.669.40 16.2% 2.201.92 18.8% 92.40 4.2% |
11.233.02 16.2% 2.615.56 18.8% 109.76 4.2% |
Source: BAPPENAS
Until this time
P.T. AP 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. 40.0 billion rose to Rp. 42.0 billion in
2012 increased to Rp. 48.0 billion in 2013. As from January to June 2014 the
sales has amounted at Rp. 26.0 billion with a net profit of Rp. 1.6 billion and
projected to go on rising by at least 6% in 2015. The company has an estimated
total networth of at least Rp. 7.6 billion. So far, we did not heard that 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. AP is led by Mrs. Winniarlita Irmawati, MM (45) a businesswoman and
professional manager graduate from Atmajaya University with experience in
trading, import and distribution of shoot gun and explosion. Daily activity she
is assisted by Mr. Chrisna Deva Priyapratama (48) as Director. The company's
management is handled by professional staff in the above business. 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. ARMINDO PRIMA
is sufficiently fairly good for business transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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Report Prepared
by : |
PDT |
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.