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MIRA INFORM REPORT
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Report No. : |
506276 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. ANEKA BUSANA
INDAH |
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Registered Office : |
Jl. Prof. Dr. Satrio, Gg. Tiong No. 36, Karet
Kuningan, Setiabudi District, Jakarta 12940 |
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Country : |
Indonesia |
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Date of Incorporation : |
29.05.2001 |
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Com. Reg. No.: |
No. AHU-AH.01.03-0017611 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading and Distribution of Garment and
Textile Products. |
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No. of Employees : |
12 |
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 : |
Slow but Correct |
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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 34% today. In May 2017 Standard & Poor’s became the last major ratings agency to upgrade Indonesia’s sovereign credit rating to investment grade.
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 |
Company
Name And Summary
Complete Name of
Company :
P.T. ANEKA BUSANA INDAH
A d d r e s s :
Head Office
Jl. Prof. Dr. Satrio, Gg. Tiong No. 36,
Karet Kuningan, Setiabudi district,
Jakarta 12940
Indonesia
Phones -
(62-21) 6525 1150, 520 1580
Fax. - (62-21) 525 0361
Building Area - 280 sq. meters
Office Space - 120 sq. meters
Region - Commercial
Status - Owned
Date of
Incorporation :
29 May 2001
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C-02747.HT.01.01.TH.2001
Dated 04 July 2001
b. No.
AHU-AH.01.10-24652
Dated 05 July 2012
c. No. AHU-AH.01.03-0017611
Dated 17 January 2017
Company Status :
National Private Company
Permit by the
Government Department :
The Department of
Finance
NPWP No. 02.042.146.7-011.000
Related/Associated Company :
P.T. BANDAR SANGGAR BUSANA (Trading and Distribution of Textile
Products)
CAPITAL
AND OWNERSHIP
Capital Structure
:
Authorized Capital - Rp.
1,000,000,000.-
Issued Capital -
Rp. 700,000,000.-
Paid up Capital -
Rp. 700,000,000.-
Shareholders/Owners
:
a. Mr. Bhojwani Kelash Hariram -
Rp. 500,000,000.-
Address : Jl. Cempaka Putih Tengah No.
27A/20F
Cempaka Putih, Central
Jakarta
Indonesia
b. Mr. Bhojwani Rajkumar Hariram - Rp.
200,000,000.-
Address : Jl. Sumur Batu II Blok I No. 20
Kemayoran, Central Jakarta
Indonesia
BUSINESS
ACTIVITIES
Lines of Business
:
Trading and Distribution of Garment and
Textile Products
Production
Capacity :
None
Total Investment :
None
Started Operation
:
2001
Brand Name :
Aneka Busana
Technical
Assistance :
None
Number of Employee
:
12 persons
Marketing Area :
Domestic - 100%
Main Customers :
Corporate
and Individual
Market Situation :
Very Competitive
Main Competitors :
a. DUNIA LARIS
b. GANESHA JAYA
c. MAJU JAYA Toko
d. RANI TEX
e. RUPA JAYA, Etc
Business Trend :
Declining
BANKER,
AUDITOR & LITIGATION
B a n k e r s :
a. P.T.
Bank CENTRAL ASIA Tbk
ITC Kuningan, Lt. 1, Blok F No. 1&2
Jl. Prof. Dr. Satrio, Karet Kuningan,
Setiabudi,
South Jakarta
Indonesia
b. P.T.
Bank MANDIRI Tbk
Mall Ambassador,
Jl. Prof. Dr. Satrio, Karet Kuningan,
Setiabudi,
South Jakarta
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL
FIGURE
Annual Sales
(estimated) :
2014 – Rp. 28.0 billion
2015 – Rp. 30.8 billion
2016 – Rp. 34.0 billion
2017 – Rp. 38.0 billion
Net Profit (Loss)
:
2014 – Rp. 2.0 billion
2015 – Rp. 2.3 billion
2016 – Rp. 2.6 billion
2017 – Rp. 2.9 billion
Payment Manner :
Average
Financial Comments
:
Fairly
KEY
EXECUTIVES
Board of Management :
Director - Mr. Bhojwani
Rajkumar Hariram
Board of Commissioners :
Commissioner -
Mr. Bhojwani Kelash Hariram
Signatories :
Director (Mr. Bhojwani Rajkumar
Hariram) which must be approved by Board of Commissioner (Mr. Bhojwani Kelash
Hariram)
CAPABILITIES
Management Capability:
Fairly
Business Morality:
Fairly
OVERALL
PERFORMANCE
P.T. ANEKA BUSANA INDAH (P.T. ABI) was
established in Jakarta based on Notary Deed No. 09 dated May 29, 2001 drawn up
by Notary HM Djarjani Ibrahim, SH., notary in Jakarta with the authorized
capital of Rp. 250,000,000.- of which Rp. 100,000,000.- was issued and fully
paid up. The founding shareholders of the company are Mr. Bhowani Kelash
Hariram dan his brother Mr. Bhojwani Rajkumar Hariram, both are Indonesian
businessman of Indian extraction. The Deed
of establishment has been approved by the Minister of Law and Human Rights of
the Republic of Indonesia through its Decree No. C-02747.AH.01.01.Tahun 2001
dated July 04, 2001.
Its articles of association have
subsequently been changed for several times, most recently by Notary Deed of
Merry Eddy, SH., No. 05 dated January 12, 2017, the authorized capital was
raised to Rp. 1,000,000,000.- of which Rp. 700,000,000.- was issued and fully
paid up. Since then, no
changes have been effected in term of its shareholding composition to date. The capital structures and shareholder
composition of the Company in details are as shown on page-3 of this report. This amendment to Deed has
been approved by the Minister of Law and Human Rights of the Republic of Indonesia
through its Decree No. AHU-AH.01.03-0017611 dated January 17, 2017.
In accordance with article 3 (three) of the articles of association contained in the deed of establishment, the scope of activities of the Company engaged in trading, development, industry, mining, transportation, agriculture, printing, workshop and services. The company registered office located at Jl. Prof. Dr. Satrio Gang Tiong No. 36, Setiabudi, South Jakarta and the company can open branch offices or representative offices at home and abroad.
P.T.
ABI has been operating since 2001 dealing with the trading and distribution of
garment and textile products. We
observed that the Company sells of various garment and textile products for woman,
lady’s and man’s with various types among others are denims, clothes, polyester
and cotton fabrics, silk and wool fabrics, garments and others. Ms. Vika Rahmawati, a marketing staff of the
company explained that some of the textile products mostly import from Korea,
China, India and the rest for locals.
The whole products sold through agent and dealer, trader and shops
located at Pasar Tanah Abang, Pasar Senen, Pasar Kedoya and others in Jakarta
and its surrounding. We observe that P.T. ABI is a medium-size company of its
kinds which its operation has been growing slowly in the last one year.
Generally, the demand for textile and
textile products tended to be fluctuating within the last five years in line
with the fluctuating of Indonesian textile industry in general. According to the Central Bureau of Statistics
(BPS) the Indonesia garment export in 2010 amounted to 445.2 thousand tons
(US$.6,598.0 million) increased to 450.9 thousand tons (US$.7,801.5 million) in
2011 to 450.2 thousand tons (US$.7,304.8 million) in 2012 to 470.2 thousand
tons (US$.7,501.0 million) in 2013 declined to 463.9 thousand (U$.7,450.0
million) in 2014 and declined again to 378.6 thousand tons (US$.6,410.9
million) in 2015 and rose again to 425.9 thousand tons (US$.7,212.6 million) in
2016.
The export volume and value of the national
garment and textile products in 2002 to 2016 are pictured on the following
table.
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Year |
Garment |
Textile Product |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 450.2 470.2 463.9 378.6 425.9 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 7,304.8 7,501.0 7,450.9 6,410.9 7,212.6 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 1,508.5 1,633.1 1,815.6 1,481.7 1,563.9 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 5,278.1 5,293.6 5,379.9 4,415.0 4,660.0 |
Until this time P.T. ABI has not been
registered with Indonesian Stock Exchange, so that they shall not obliged to
announce their financial statement. Therefore, the company has no obligation to
publish financial statement publicly. We have checked to Department of Trade
and Industry and found that no financial statement has been reported. P.T.
ABI’s management is very reclusive to outsider and rejecting to disclose its
financial condition but we estimated the total sales turnover of the company in
2015 amounted to Rp. 30.8 billion increased to Rp. 34.0 billion in 2016 and
rose again to Rp. 38.0 billion in 2017.
The operation in 2017 yielded a net profit at least Rp. 2.9 billion and
the company has a total net worth of Rp. 15.0 billion. It is projected that total sales turnover of
the company will increase at least 8% in 2018. So far we did not hear that the Company has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The company usually pays its debts punctually to suppliers.
The management of P.T. ABI is led by Mr. Bhojwani
Rajkumar Hariram (66) a businessman with more than 35 years experienced in
trading, import and distribution of garment and textile products. 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.
PT. ANEKA BUSANA INDAH is appraised to be
good for business transaction. However,
in view of the economic condition in the country is still unstable, we
recommend to treat prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.11 |
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1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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IDR |
1 |
INR 0.0048 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
NIT |
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.