MIRA INFORM REPORT

 

 

Report No. :

308157

Report Date :

19.02.2015

 

IDENTIFICATION DETAILS

 

Name :

P.T. AURIONPRO SOLUTIONS INDONESIA

 

 

Registered Office :

Menara Standard Chartered, 30th Floor, Jl. Prof. Dr. Satrio Kav. 164, Kel. Karet Semanggi, Kec. Setiabudi, South Jakarta 12930

 

 

Country :

Indonesia

 

 

Date of Incorporation :

22.09.2011

 

 

Com. Reg. No.:

AHU-52964.AH.01.01

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Domain-Driven Software and Consulting Services

 

 

No. of Employees :

10

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Indonesia

A2

A2

 

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, 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

 

BASIC SEARCH

 

Name of Company :

P.T. AURIONPRO SOLUTIONS INDONESIA

 

A d d r e s s :

Head Office

Registered Office

Menara Standard Chartered, 30th Floor

Jl. Prof. Dr. Satrio Kav. 164

Kel. Karet Semanggi, Kec. Setiabudi

South Jakarta 12930

Indonesia

 

Operation Office

Gedung Arthaloka, 16th Floor

Jl. Jend. Sudirman No. 2

Jakarta Pusat 10220

Indonesia

Phones             - (62-21) 251 2521 (hunting)

Fax                   - (62-21) 251 2520

Building Area    - 26 storey

Office Space    - 220 sq. meters

Region              - Commercial

Status               - Rent

 

Date of Incorporation :

22 September 2011

 

Legal Form :

P.T. (Perseroan Terbatas) or Limited Liability Company

 

Company Reg. No. :

The Ministry of Law and Human Rights

No. AHU-52964.AH.01.01.Tahun 2011

Dated 31 October 2011

 

Company Status :

Foreign Investment Company (PMA)

 

Permit by the Government Department :

The Capital Investment Coordinating Board

No. 2125/1/PPM/I/PMA/2011

Dated 27 July 2011

 

Related/Affiliated Company :

A member of the AURIONPRO SOLUTION Group of India

 

CAPITAL AND OWNERSHIP

 

Capital Structure :

Authorized Capital         - US$. 400,000.- (Rp. 3,408,400,000.-)

Issued Capital               - US$. 100,000.- (Rp.    852,100,000.-)

Paid up Capital             - US$. 100,000.- (Rp.    852,100,000.-)

 

Shareholders/Owners :

a. AURIONPRO SOLUTIONS LTD          - US$. 800,000.- (80%)

   Address : 404 Nomura, High Street,

                   Hiranandani Business Park

                   India

b. Mr. Paresh Chandulal Zaveri            - US$. 200,000.- (20%)

   Address : Eternia Building 704,

                   Hiranandani Garden Powai

                   India

 

BUSINESS ACTIVITIES

 

Lines of Business :

Domain-driven Software and Consulting Services

 

Production Capacity :

None

 

Total Investment :

None

 

Started Operation :

January 2012

 

Brand Name :

AurionPro Solutions Indonesia

 

Technical Assistance :

AurionPro Solutions Limited of India

 

Number of Employee :

10 persons

 

Marketing Area :

Domestic    - 100%

 

Main Customers :

Corporate and Individual

 

 

Market Situation :

Very Competitive

 

Business Trend :

Growing

 

BANKER, AUDITOR & LITIGATION

 

B a n k e r :

P.T. Bank of India Indonesia

Jl. H. Samanhudi No. 37

Jakarta Pusat 10710

Indonsia

 

Auditor :

Internal Auditor

 

Litigation :

No litigation record in our database

 

FINANCIAL FIGURE

 

Total Income/Revenues (estimated) :

2012 – US$. 3.2 million

2013 – US$. 5.2 million

2014 – US$. 6.0 million

 

Net Profit (estimated) :

2012 – US$. 0.4 million

2013 – US$. 0.7 million

2014 – US$. 0.8 million

 

Payment Manner :

Average

 

Financial Comments :

Satisfactory

 

KEY EXECUTIVES

 

Board of Management :

Director                                    - Mr. Dhananjay Balrishna Jadhav

 

Board of Commissioner :

Commissioner                           - Mr. Paresh Chandulal Zaveri

 

Signatories :

Director (Mr. Dhananjay Balrishna Jadhav) which must be approved by the Board of Commissioner (Mr. Paresh Chandulal Zaveri

 

 

CAPABILITIES

 

Management Capability :

G o o d

 

Business Morality :

G o o d

 

 

OVERALL PERFORMANCE

 

P.T. AUTIONPRO SOLUTIONS INDONESIA (P.T. ASI) was incorporated in Jakarta, based on notary deed of Mrs. Sri Haryati Zahruddin, SH., No. 06 dated 22 September 2011 with an authorized capital of US$. 400,000.00 of which US$. 100,000.00 was issued and fully paid up. The founding shareholders of the company are AURIONPRO SOLUTIONS Ltd., of India (80%) and Mr. Paresh Chandulal Zaveri of India (20%).  The Deed of establishment was approved by the Minister of Law and Human Rights of the Republic of Indonesia through its Decision Letter No. AHU-52964.AH.01.01.Tahun 2011, dated 31 October 2011.  Since then, no changes have been effected in term of its shareholding composition and capital structures to date.

 

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 in services of computer programmer, consulting and computer facilitating management.  The company’s registered office located at Menara Standard Chartered, 30th Floor, Jl. Prof. Dr. Satrio Kav. 164, Kel. Karet Semanggi, Kec. Setiabudi, South Jakarta and the company can open branch offices or representative offices at home and abroad.

 

P.T. ASI obtained a foreign investment company (PMA) facility issued by Investment Coordinating Board (BKPM) in July 2011 for dealing with computer programming services. We observed that P.T. ASI is a subsidiary of AurionPro Solution Ltd., which is public listed technology company in India that helps Fortune 1000 companies to be more efficient through domain-driven software and consulting offerings.  In Indonesia, P.T. ASI provides solutions in the area of supply chain management software, banking and financial technologies, Oracle Implementation services, and IT services.  In its activities, P.T. ASI cooperates with a number of hardware and software companies such as Microsoft, IBM, Oracle, Fin tech and others.  We observe that P.T. ASI is classified a small-size company of its kinds which operation has been growing and developing well in the last two years.

 

Until this time P.T. ASI has not been registered with Indonesian Stock Exchange, so that they shall not obliged to announce their financial statement. The management of P.T. ASI is very reclusive towards outsiders and rejected to disclose its financial condition.  We estimated that total income or revenues of the company in 2012 amounted to US$.3.2 million increased to US$.5.2 million in 2013 rose again to US$.6.0 million in 2014 and projected to go on rising by at least 8% to 10% in 2015.  The operation in 2014 yielded an estimated net profit of at least US$. 0.8 million and the company has an estimated total net-worth of at least US$.2.0 million.   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. ASI is led by Mr. Dhananjay Balrishna Jadhav (44) as director and CEO of the company.  He is a professional manager of India with more than 14 years experience in IT consulting services. Mr. Jadhav graduates from Jamnalal Bajaj Institute of Management Studies in 1995.  In his daily activities, he is assisted by Mr. Paresh Chandulal Zaveri (48) as commissioner.  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. AURIONPRO SOLUTIONS INDONESIA is sufficiently fairly good for business transaction.  But owing to 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.62.25

UK Pound

1

Rs.95.57

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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%)

 

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