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MIRA
INFORM REPORT
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Report No. : |
496373 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. ARAKANMARINE AUTOMATION |
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Registered Office : |
Komplek Bintang Industrial Park II Lot E
No. 731-732 Kelurahan Tanjung Uncang, Kecamatan Batu Aji Batam, 29423 Kepulauan
Riau Province |
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Country : |
Indonesia |
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Date of Incorporation : |
23.09.2010 |
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Com. Reg. No.: |
AHU-AH.01.03-0170944 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Marine Automation, Shipbuilding Electrical
Arrangement & Systems Commissioning |
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No. of Employees : |
75 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Indonesia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 33% 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.
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Source
: CIA |
BASIC SEARCH
Name of Company :
P.T. ARAKANMARINE AUTOMATION
Address :
Head Office & Factory
Komplek
Bintang Industrial Park II Lot E No. 731-732
Kelurahan
Tanjung Uncang, Kecamatan Batu Aji
Batam,
29423
Kepulauan
Riau Province
Indonesia
Phones - (62-778) 736 8218 (Hunting)
Fax -
(62-778) 394 243
E-mail - sales@arakanmarine.com
Website - http://www.arakanmarine.com
Building
Area - 4,500 sq. meters
Office
Space - 3,600 sq. meters
Region - Industrial Estate
Status - Rent
Date of Incorporation :
23
September 2010
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and
Human Rights
-
No. AHU-51394.AH.01.01.TH.2010
Dated 2 November 2010
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No. AHU-04149.AH.01.02.TH.2013
Dated 13 September 2013
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No. AHU-AH.01.03-0170944
Dated 13 September 2017
Company Status :
National
Private Company
Permit by the Government Department :
The Department of Finance
NPWP
No. 03.095.196.6-215.000
Related Company :
None
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital : Rp. 3,132,500,000.-
Issued
Capital :
Rp. 3,132,500,000.-
Paid
up Capital : Rp. 3,132,500,000.-
Shareholders/Owners :
a. Mrs. Hellen Oktaria -
Rp. 2,975,875,000.-
Address : Perumahan
Mantang Blcok T No. 14, RT. 006
RW. 005, Kelurahan Sagulung, Kecamatan
Sungai Beduk, Batam, 29439, Kepulauan Riau
Province, Indonesia
b. Mr. Fatma Fiyantoko -
Rp. 156,625,000.-
Address : Perumahan Puskopkar Block II No.
04, RT. 003
RW. 002, Kelurahan Bukit Tempayan, Kecamatan
Batu Aji, Batam, 29422, Kepulauan Riau Province
Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Marine
Automation, Shipbuilding Electrical Arrangement & Systems Commissioning
Production Capacity :
None
Total Investment :
None
Started Operation :
2011
Brand Name :
Arakanmarine
Automation
Technical Assistance :
None
Number of Employee :
75
persons
Marketing Area :
Local - 100%
Main Customer :
Marine
and shipping industries
Market Situation :
Very
Competitive
Main Competitors :
a.
P.T. ARITA PRIMA INDONESIA
b.
P.T. NEW WAVE ELECTRICAL INDONESIA
c.
P.T. TATA WIGUNA BATAM
d.
P.T. TRIKARYA ALARM SHIPYARD
e.
P.T. WALVE AUTOMATION INDONESIA
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Bankers:
a. P.T. Bank CENTRAL ASIA Tbk
Jalan Raja Ali Haji No.
18
Batam, Kepulauan Riau
Province
Indonesia
b. P.T. Bank OCBC NISP Tbk
Batam Main Branch
Kepulauan Riau Province
Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2015
– Rp. 78.0 billion
2016
– Rp. 96.0 billion
2017
– Rp. 112.0 billion
Net Profit (estimated) :
2015
– Rp. 6.2 billion
2016
– Rp. 7.7 billion
2017
– Rp. 9.0 billion
Payment Manner :
No Complaints
Financial Comments :
Fairly
strong
KEY EXECUTIVES
Board of Management :
Director - Mrs. Hellen Oktaria
Board of Commissioners :
Commissioner - Mr. Fatma Fiyantoko
Signatories :
Director (Mr. Hellen Oktaria) which must be approved
by Board of Commissioner
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL PERFORMANCE
Based
on search and verification the correct name of Subject is P.T. ARAKANMARINE
AUTOMATION not AMA Arakanmaribe Automation as stated in your order ref. no.
496373 dated March 6, 2018.
P.T. ARAKANMARINE AUTOMATION (P.T. AMA) was established in Batam,
Kepulauan Riau Province based on notary deed Mr. Arunee Oliva Depary, SH., no.
20 dated 23 September 2010 with an authorized capital of Rp. 3,132,500,000
wholly issued and paid up. The founding shareholders of the company originally
are Mr. Than Hilaing Tun, Mr. Yan Naing Kyaw both are of Singapore and Mrs.
Hellen Oktaria of Indonesia. Its article of association had been changed a
couple of times and according to revision notary deed Mr. Bun Hai, SH., no. 19
dated 30 July 2012 Mr. Than Hilaing Tun and Mr. Yan Naing Kyaw withdrew and
into the company entered by Mr. Fatma Fiyantoko of Indonesia as new
shareholder. With this time the composition of its shareholders has been
changed to become Mrs. Hellen Oktaria (95%) and Mr. Fatma Fiyantoko (5%). The
latest according to revision notary deed Mr. Bun Hai, SH., no. 22 dated 11
September 2017 the shareholders approved re-elected the board of director and
commissioner of the Company. The deed of amendments was approved by the
Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0170944 dated September 13, 2017.
P.T. AMA is a national private company started with operating in
2011 dealing with marine automation, shipbuilding electrical arrangement &
system commissioning. Its plant is located at Komplek Bintang Industrial Park
II Lot E No. 731-732, Tanjung Uncang, Batu Aji, Batam, Kepulauan Riau Province
standing on a land of 4,500 sq. meters. In its operation the company provides
product and services such as design & engineering, electrical switchboard fabrication,
alarm monitoring system, and electrical automation systems and services. With
located in one of a good infrastructures industrial park in Batam-Indonesia,
P.T. AMA also provide total one-stop comprehensive solutions in the
engineering, design, planning, installation, supply and commissioning of above
systems including consultancy and liasioning services with classification
societies, owner’s reps / technical personnel as well as with yard personnel
for all kinds of vessels small, medium or large; whether it be new building,
repairs or conversions, P.T. AMA is poised to meet the challenges and carry out
any jobs in these fields as it will be evident by the projects with have
undertaken both recently and in the past.
P.T. AMA aims to provide the best quality services in its
class with the help of highly experienced skilled & trained workforce
equipped with the most modern and accurate equipments to the demanding and
ever-increasing technologically powerful engineering, mechanical and electrical
systems as well as automation systems being installed in today’s shipbuilding
and ship-repair industries. According information the whole products and
services has used by various marine and shipping industries, oil and gas among
others are P.T. PERTAMINA (Persero), P.T. SWIBER INDONESIA, SWIBER OFFSHORE
MARINE PTE LTD, P.T. TRAKINDO UTAMA, PACIFIC RADIANCE, P.T. NEXUS ENGINEERING
INDONESIA SHIPYARD, MICLYN EXPRESS OFFSHORE, SETEK SHIPYARD, ASETANIAN MARINE
PTE LTD, WECOY SERVICES PTE LTD, YUANTAI FUEL TRADING, OCEAN EIGHT PTE LTD,
MARITIME MINERAL RESOURCES SDN BHD, INAI KIARA SDN BHD, DREDGING INTL ASIA
PACIFIC PTE LTD, OFFSHORE BULK TERMINAL PTE LTD, P.T. BRITOIL OFFSHORE
INDONESIA, P.T. BATAMEC SHIPYARD, NORSHORE and others. P.T. AMA operation had
been growing and developing well in the last three years.
The demand for marine automation, shipbuilding electrical
arrangement & system commissioning has kept on rising in the last three
years. The economy in 2017 is projected to post higher growth; national level
this is expected to result from infrastructure projects, while rebound of
commodity prices will drive improvement at the global level. Government
policies will further boost the economy in next year. The prospective increase
in the interest rate (Fed Funds Rate/FFR) in the United States (US) and the
economic slowdown in China contributed to uncertainty and increased the risk of
economic vulnerability throughout the world. The high volatility of the global
economy throughout 2016 which was triggered by low commodity prices, the
European Union (EU) debt crisis, the British decision to leave the EU block
(Brexit), and the results of the US presidential election put pressure on
worldwide economic activities. Global trade slowed down and the decline in
commodity prices became a major problem for the world economy.
Indonesian economic factors cannot be detached from China’s
economic slowdown and from the low prices of main export commodities such as
oil, coal, and palm oil. As Indonesia’s largest trading partner, the slowdown
in China caused Indonesia’s export values to tumble. Nevertheless, the
government sought to encourage equitable infrastructure development across
Indonesia to stimulate economic growth. However, entering the second half of
2016, private consumption and investment slowly began to improve in response to
declining interest rates on loans and improving commodity prices.
Various
macro indicators at the end of 2016 showed brighter prospects for 2017
including the property industry. Government policies which are favorable for
the property sector, such as tax amnesty (TA) which will begin to show its
impact in 2017 to boost growth of the property industry. Rising commodity
prices, such as palm oil, petroleum and coal give new expectations for the
property project.
Table of Indonesian
Economic Indicators from 2012 to 2016
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Indonesian Economic
Indicators |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Gross Domestic Product
(PDB) |
6.0 |
5.6 |
5.0 |
4.8 |
5.0 |
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Consumer Price Index |
4.3 |
8.4 |
8.4 |
3.4 |
3.2 |
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Government Debt |
27.3 |
28.7 |
24.7 |
27.0 |
26.5 |
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Exchange Rate (IDR/USD) |
9,419 |
11,563 |
11,800 |
13,400 |
13,300 |
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Current Account Balance |
-2.8 |
-3.3 |
-3.1 |
-2.1 |
-2.1 |
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Population (in millions) |
247 |
250 |
253 |
255 |
258 |
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Poverty (percentage of population) |
11.7 |
11.5 |
11.0 |
11.1 |
10.9 |
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Unemployment (percentage of workforce) |
6.1 |
6.3 |
5.9 |
5.8 |
5.6 |
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Reserves (in billion USD) |
112.8 |
99.4 |
111.9 |
105.9 |
111.4 |
Source: Central Bureau of
Statistic (BPS)
Until this time P.T. AMA has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. AMA 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. 78.0 billion increased to Rp.
96.0 billion in 2016 rose to Rp. 112.0 billion in 2017 and projected to go on
rising by at least 5% in 2018. The operation in 2017 yielded an estimated net
profit of at least Rp. 9.0 billion and the company has an estimated total
networth of at least Rp. 18.0 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. AMA is led by Mrs. Hellen Oktaria (44) a
businesswoman and professional manager with experience in marine automation,
shipbuilding electrical arrangement & system commissioning. 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. ARAKANMARINE AUTOMATION is sufficiently fairly
good for business cooperation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.08 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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IDR |
1 |
INR 0.0047 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.