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Report No. : |
342828 |
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Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
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Name : |
P.T. NAVAL OVERSEAS |
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Registered Office : |
Jalan Agung Niaga 4 Block G.4 No. 41, Sunter Agung, Tanjung Priok, Jakarta Utara, 14350 |
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Country : |
Indonesia
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Date of Incorporation : |
13.03.2006 |
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Com. Reg. No.: |
AHU-58684.AH.01.02.TH.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading,
Distribution, Import and Exporter of Agricultural Commodities Products,
Chemical. |
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No. of Employees : |
15 |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Indonesia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 has seen a slowdown in growth since 2012, mostly
due to the end of the commodities export boom. 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, a current account deficit, and unequal
resource distribution among regions. President Joko WIDODO - elected in July
2014 - has emphasized maritime and other infrastructure development, and
especially increased electric power capacity, since taking office. Fuel
subsidies were almost completely removed in early 2015, a move which could help
the government increase spending on its development priorities. Indonesia, with
the nine other ASEAN members, will continue to move towards participation in
the ASEAN Economic Community, though full implementation of economic
integration will not be completed by the previously-set deadline of year-end
2015.
|
Source
: CIA |
BASIC SEARCH
|
Name
of Company :
P.T.
NAVAL OVERSEAS
A
d d r e s s :
Head Office
Jalan
Agung Niaga 4 Block G.4 No. 41
Sunter Agung, Tanjung Priok
Jakarta Utara, 14350
Indonesia
Phones -
(62-21) 6400 646, 6400 647, 6400 648
Fax - (62-21) 6400 566
E-mail - marketing@navaloverseas.com
Website - http://www.navaloverseas.com
Building Area - 2 storey
Building Space - 110 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
13
March 2006
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
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
Company
Status :
Foreign
Investment (PMA) Company
Permit
by the Government Department :
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
Related
Companies :
None
CAPITAL AND OWNERSHIP
|
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
BUSINESS ACTIVITIES
|
Lines
of Business :
Trading,
Distribution, Import and Exporter of Agricultural Commodities Products,
Chemical.
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 :
15 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
BANKER, AUDITOR & LITIGATION
|
B
a n k e r s :
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
FINANCIAL FIGURE
|
Annual
Sales (estimated) :
2012
– Rp. 23.6 billion
2013
– Rp. 25.0 billion
2014
– Rp. 27.0 billion
Net
Profit (estimated) :
2012
– Rp. 2.1 billion
2013
– Rp. 2.5 billion
2014
– Rp. 2.8 billion
Payment
Manner :
Average
Financial
Comments :
Satisfactory
KEY EXECUTIVES
|
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
CAPABILITIES
|
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
|
Based on search and investigation the correct address of
the Subject is located at Jalan Agung Niaga 4 Block G.4 No. 41, Sunter Agung
sub-district, Tanjung Priok district, North Jakarta not at Mega Glodok
Kemayoran 1st Floor Block A5/3, Jalan Angkasa Raya No. 18,
Kemayoran, Central Jakarta. According information the company office had been
moved from Mega Glodok Kemayoran to new address Sunter Agung, North Jakarta.
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 etc.
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 2012 amounted to Rp. 23.6 billion
increased to Rp. 25.0 billion in 2013 rose to Rp. 27.0 billion in 2014 and projected
to go on rising by at least 5% in 2015. The operation in 2014 yielded an
estimated net profit at least Rp. 2.8 billion and the company has an estimated
total networth by at least Rp. 6.0 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 Herawati, 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 (50), a businessman and professional manager of India which
experienced for more than 12 years in the field of trading, exporter of
agricultural commodities products. Daily operation he is assisted by Mr. Vishal
Rameshchandra Maheswari (50) 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. NAVAL OVERSEAS is sufficiently fairly good for business
transaction.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
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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 |
-- |
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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.