|
|
|
MIRA INFORM REPORT
|
Report No. : |
484506 |
|
Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. NAVAL OVERSEAS |
|
|
|
|
Registered Office : |
Jalan Agung Niaga 4 Block G.4 No. 41, Sunter Agung, Tanjung Priok Jakarta Utara, 14350 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
13.03.2006 |
|
|
|
|
Com. Reg. No.: |
AHU-0001835.AH.01.02.TH.2017 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading,
Distribution, Import and Exporter of Agricultural Commodities Products,
Chemical. |
|
|
|
|
No. of Employees : |
17 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Foreign Investment Company |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Indonesia |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
INDONESIA - ECONOMIC OVERVIEW
Indonesia, the largest economy in Southeast Asia, 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. Indonesia’s annual budget deficit is capped at 3% of GDP, and the Government of Indonesia lowered its debt-to-GDP ratio from a peak of 100% shortly after the Asian financial crisis in 1999 to less than 27 percent today. While Fitch and Moody's Investors upgraded Indonesia's credit rating to investment grade in December 2011, Standard & Poor’s has yet to raise Indonesia’s rating to this status amid several constraints to foreign direct investment in the country, such as a high level of protectionism.
Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among its regions. President Joko WIDODO - elected in July 2014 – seeks to develop Indonesia’s maritime resources and pursue other infrastructure development, including significantly increasing its electrical power generation capacity. Fuel subsidies were significantly reduced in early 2015, a move which has helped the government redirect its spending to 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 has not yet materialized.
|
Source
: CIA |
COMPANY
NAME
P.T. NAVAL OVERSEAS
BASIC
SEARCH
Name
of Company:
P.T. NAVAL OVERSEAS
Address:
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
-
No. AHU-0001835.AH.01.02.TH.2017
Dated 10 May 2017
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 : Rp. 2,759,100,000.-
Issued
Capital :
Rp. 1,500,000,000.-
Paid
up Capital :
Rp. 1,500,000,000.-
Shareholders/Owners
:
a.
Mr. Maheshwari Neelesh Rameshchandra -
Rp. 1,381,022,500.-
Address :
61B Rula Park, Bldg, Survey No. 49
Juhu, Mumbai 49, Maharshtra, India
a.
Mrs. Nia May Indahwati -
Rp. 68,977,500.-
Address : Kemayoran
Central Jakarta, Indonesia
c.
Mrs. Evi Fitriani
- Rp. 50,000,000.-
Address :
Nganjuk regency, East Java
Indonesia
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 :
None
Started
Operation :
June
2007
Brand
Name:
Naval
Overseas
Technical
Assistance:
None
Number of Employee:
17 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) :
2015
– Rp. 29.0 billion
2016
– Rp. 31.0 billion
2017
– Rp. 35.0 billion
Net
Profit (estimated) :
2015
– Rp. 3.0 billion
2016
– Rp. 3.2 billion
2017
– Rp. 3.5 billion
Payment
Manner :
Average
Financial
Comments :
Fairly
Strong
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Maheshwari Neelesh Rameschandra
Director -
Mr. Vishal Rameschandra Maheswari
Board of Commissioners :
President Commissioner - Mrs. Nia May Indahwati
Commissioner - Mrs. Evi Fitriani
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
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 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 latest according to revision notary deed Mr. Abdul Rajab Rahman, SH., no.
43 dated 30 April 2017 Mr. Vishal Rameschandra Maheshwari and Mr. Rameshchandra
Laxminarayan Maheshwari pulled out and into the company entered by Mrs. Nia May
Indahwati and Mrs. Evi Fitriani as new shareholders. On the same occasion the
capitalization of the company has been converted into Indonesian Rupiah (IDR)
with an authorized capital of Rp. 2,759,100,000 and issued capital increased to
Rp. 1,500,000,000 entirely paid up. With this time the composition of its shareholders
has been changed to become Mr. Maheshwari Neelesh Rameshchandra (92.1%), Mrs.
Nia May Indahwati (4.6%) and Mrs. Evi Fitriani (3.3%). The amendment was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-0001835.AH.01.02.TH.2017 dated May 10, 2017.
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 2015 amounted to Rp. 29.0 billion increased
to Rp. 31.0 billion in 2016 rose to Rp. 35.0 billion in 2017 and projected to
go on rising by at least 5% in 2018. The operation in 2017 yielded an estimated
net profit at least Rp. 3.5 billion and the company has an estimated total
networth by at least Rp. 8.0 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 (53), a businessman and professional manager of India which
experienced for more than 13 years in the field of trading, exporter of
agricultural commodities products. Daily operation he is assisted by Mr. Vishal
Rameshchandra Maheswari (53) 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
cooperation.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.74 |
|
|
1 |
INR 86.01 |
|
Euro |
1 |
INR 76.14 |
|
IDR |
1 |
INR 0.0045 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.