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MIRA
INFORM REPORT
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Report No. : |
508479 |
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Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
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Name : |
P.T. ASMARA KARYA ABADI |
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Registered Office : |
Jalan Haji Achmad Adnawijaya No. 168-178 Komplek perumahan Indra
Prasta II Tegal Gundi, Bogor Utara Bogor, 16152 West Java |
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Country : |
Indonesia |
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Date of Incorporation : |
22.06.2000 |
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Com. Reg. No.: |
AHU-AH.01.03-0180526 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Garment Design and Marketing Agency Representing Various Buyers
across Europe |
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No. of Employees : |
131 |
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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Maximum Credit Limit : |
US$ 840,000 |
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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 summery
Name of Company :
P.T. ASMARA KARYA ABADI
Address :
Head Office
Jalan
Haji Achmad Adnawijaya No. 168-178
Komplek
perumahan Indra Prasta II
Tegal
Gundi, Bogor Utara
Bogor,
16152
West
Java
Indonesia
Phones - (62-251) 837 1506, 833 7637
Fax -
(62-251) 831 1458
E-mail - contact@id.asmaragroup.com
Website - http://www.asmarainternational.com
Building
Area - 2 storey
Office
Space - 120 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
22
June 2000
Legal Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of Law and
Human Rights
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No. C2-17481.HT.01.01.TH.2000
Dated 10 August 2000
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No. AHU-51893.AH.01.02.TH.2008
Dated 15 August 2008
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No. AHU-AH.01.03-0047616
Dated 12 May 2016
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No. AHU-AH.01.03-0180526
Dated 13 October 2017
Company Status :
Foreign
Investment (PMA) Company
Permits by the Government Department :
a. The Department of
Finance
NPWP No. 01.958.009.1-059.000
b.
The Capital Investment Coordinating Board
No.
476/I/PMA/2000
Dated 22
June 2000
c.
The Department of Trade
TDP No.
100415100879
Related Companies :
a.
P.T. AMEYA LIVINGSTYLE INDONESIA (Garment Manufacturing)
b.
ASMARA INTERNATIONAL LIMITED, Hong Kong (Trading of Garment and Investment
Holding)
c.
P.T. BONET UTAMA (Internet Services Provider)
d.
P.T. KENCANA TOURS & TRAVEL (Tour and Travel Agency Services)
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital : Rp. 12,904,500,000.-
Issued
Capital :
Rp. 6,452,250,000.-
Paid
up Capital : Rp.
6,452,250,000.-
Shareholders/Owners :
a. ASMARA INTERNATIONAL
LIMITED -
Rp. 6,396,760,650.-
Address : Unit 8B,
Tong Yuen Factory Building
505 Castle Peak Road, Lai Chi Kok
Kowloon, Hong Kong, China
b. Mr. Drs. Ir. Sudjaja
Wira -
Rp. 55,489,350.-
Address :
Baranangsiang Indah P 4/7, RT. 012 RW. 005
Kelurahan Katulampa, Kecamatan Bogor
Timur
Bogor, 16144, West Java, Indonesia
BUSINESS ACTIVITIES
Lines of Business :
Garment
Design and Marketing Agency Representing Various Buyers across Europe
Production Capacity :
None
Total Investment :
None
Started Operation :
2001
Brand Name :
Asmara
Karya Abadi
Technical Assistance :
None
Number of Employee :
131
persons
Marketing Area :
Export -
100%
Main Customer :
Australia,
Hong Kong and Europe Union
Market Situation :
Very
Competitive
Main Competitors :
a.
P.T. AFINDO PRIMA UTAMA
b.
P.T. BAHALAP TRADING INTERNATIONAL
c.
P.T. CITYLINK MIKINDO TRANSGLOBAL
d.
P.T. E.K. PRIMA EKSPOR INDONESIA
e.
Etc
Business Trend :
Growing
BANKER, AUDITOR & LITIGATION
Banker :
P.T.
Bank HSBC INDONESIA
World
Trade Centre 1st Floor
Jalan
Jend. Sudirman Kav. 29-31
Jakarta
Selatan, 12920, Indonesia
Auditor :
Internal
Auditor
Litigation :
No
litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2015
– Rp. 78.0 billion
2016
– Rp. 85.0 billion
2017
– Rp. 97.0 billion
Net Profit (estimated) :
2015
– Rp. 6.2 billion
2016
– Rp. 6.8 billion
2017
– Rp. 7.8 billion
Payment Manner :
Slow but Correct
Financial Comments :
Fairly
strong
KEY EXECUTIVES
Board of Management :
Director - Mr. Drs. Ir. Sudjaja Wira
Board of Commissioners :
Commissioner -
Mr. Avdhesh Sharma
Signatories :
Director (Mr. Drs. Ir. Sudjaja Wira) which must be
approved by Board of Commissioner (Mr. Avdhesh Sharma)
CAPABILITIES
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Management Capability :
Good
Business Morality :
Good
Maximum Credit Limit :
US$
840,000 on 90 days D/A
OVERALL PERFORMANCE |
P.T. ASMARA KARYA ABADI (P.T. AKA) was established in Bogor, West
Java on 22 June 2000 with an authorized capital of US$ 120,000 of which US$
30,000 was issued and fully paid up. The founding shareholders of the company
originally are Mr. Rajnish Negri and Mr. Rajesh Nautiyal, both are businessmen
of India. Its articles of association of the company have frequently been
changes and according to revision notary deed in June 2004 Mr. Rajesh Nautiyal
withdrew and his share were taken over by Mr. H.K.C. Rajesh, a businessman of
India and Mr. Drs. Ir. Sudjaja Wira, an Indonesian businessmen of Chinese
extraction and new shareholders.
Later based on revision notary deed Mrs. Dewantari Handayani, SH.,
no. 013 dated 23 July 2008 the Mr. Rajnish Negri and Mr. H.K.C. Rajesh withdrew
and into the company entered by ASMARA INTERNATIONAL LIMITED of Hong Kong as
new shareholder. On the same occasion the company authorized capital was
converted into Rupiah (Indonesian Rupiah) as well as increased to Rp.
12,904,500,000 of which Rp. 4,989,740,000 was issued and fully paid up.
In May 2016 based on notary deed of Mrs. Dewantari Handayani, SH.,
no. 20 dated 11 May 2016 the company issued capital was raised to Rp.
6,452,250,000 entirely paid up. With this development the composition of its
shareholders has been changed to become ASMARA INTERNATIONAL LIMITED (99.14%)
and Mr. Drs. Ir. Sudjaja Wira (0.86%). The deed of amendments was approved by
the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0047616 dated May 12, 2016. Lastly based on notary deed of Mrs.
Dewantari Handayani, SH., no. 25 dated 11 May 2016, concerning the change in
composition of the Company’s board of Commissioner. The deed of amendments was
approved by the Ministry of Law and Human Rights in its decision letter No.
AHU-AH.01.03-0180526 dated October 13, 2017.
P.T. AKA obtained a Foreign Capital Investment (PMA) facility
issued by the Capital Investment Coordinating Board (BKPM) to deal with general
trading and exporting services. P.T. AKA is a dynamic & fast growing
garment design, development & marketing agency representing various buyers
across Europe. The apparel products are ladies wear, men’s wear, kid’s wear,
lines, contemporary wear, casual wear, active wear, accessories, blouses,
circular knits (t-shirts, polo shirts, sweatshirts), coordinates, denim,
dresses, flat weave bottom (Chinos, Cargo Pants, 5-Pokect Pants, Skirts),
indoor jackets, men’s shirts, outdoor jackets, sweaters/flat kits. To support
of its operation the company said that a large extent of its buyers comes from
Australia, Germany, France, Italy, Sweden, European countries, Canada, USA and
several Scandinavian countries. In its operation, the company is in cooperation
with leading garment companies in the country including P.T. AMEYA LIVINGSTYLE
INDONESIA, P.T. EVER SHINE TEXTILE Tbk, P.T. TAEHAN TEXTILE, P.T. SHINETAMA
INTERFASHION and others. We observe P.T. AKA operation has been growing and
developing well in the last three years.
The textile and apparel product (TTP) industry is one of the
industries that has contrived to with stand the protracted global economic
crisis. Different from the economic situation throughout 2016, the world’s
economic climate in 2017 is estimated to improve. Based on data from IMF,
global economic growth is projected to remain at 3.4% in 2017 or grew higher
than in 2014 and 2015. In line with this positive development, the World Bank
also forecasts a global price hike of several commodities in 2017, one of which
is crude oil, which is estimated to significantly increase after the signing of
agreement between OPEC countries to cut down oil production volume per January
2017. In addition, Indonesia’s economy is also predicted to remain bright in
2017. Several institutions such as the World Bank and Bank Indonesia predict
that Indonesia’s economy will grow by 5.3-5.4%. This estimated figure is higher
than the target set by the government at 5.1% in 2017 State Budget or the
growth rate in 2016 at 5.02%. Indonesia’s textile industry is estimated to grow
robust in 2017. The Indonesian Textile Association (API) believes that textile
industry growth in 2017 will improve compared to the previous year at a range
of 1.6-1.8%. This prediction is supported by several considerations, such as
the EU Comprehensive Economic Partnership Agreement (EUCEPAN) and 2017
investment growth projection, especially for textile industry. Another factor
that accounts for this positive outlook is the 30% reduction of electricity
bill, which is estimated to significantly minimize costs incurred by textile
upstream industry up to 28%.
In addition, the Government has conducted diplomatic approach to
the US government, as one of the largest markets of national textile industry,
to implement customs exemption for textile products exported from Indonesia.
Until recently, referring to the data from the Ministry of Industry, the
textile products from Indonesia that enter the US market are charged with
customs of 12.5%. The implementation of customs exemption for textile products
from Indonesia has high possibility to be realized as the textile products
Vietnam have been granted such exemption. We believe that Indonesia’s textile
products can be better marketed in the US if such exemption can be implemented.
The export volume and value of the national TPT products in 2010 to 2016 are
pictured on the following table.
Export Volume and Value of
Textile and Apparel Indonesia, 2010 – 2017*
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Year |
Spun Yarns |
Textile Products
(Apparel) |
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(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
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2010 |
521.0 |
1,600.3 |
374.8 |
5,558.4 |
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2011 |
475.5 |
1,775.9 |
373.4 |
6,565.2 |
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2012 |
554.8 |
1,733.0 |
366.3 |
6,106.4 |
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2013 |
691.4 |
1,948.6 |
363.7 |
6,216.9 |
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2014 |
733.8 |
2,041.6 |
375.5 |
6,256.0 |
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2015 |
776.5 |
1,927.6 |
378.6 |
6,410.9 |
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2016 |
709.0 |
1,695.4 |
337.4 |
5,627.4 |
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2017* |
748,0 |
1,785.2 |
354.9 |
5,920..0 |
Until this time P.T. AKA has not been registered with Indonesian
Stock Exchange, so that they had not obliged to announce their financial
statement. The management of P.T. AKA 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.
85.0 billion in 2016 rose to Rp. 97.0 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. 7.8 billion and the company has an estimated total networth
of at least Rp. 13.0 billion. We observe that P.T. AKA is supported by foreign
partner with has financially strong and sound behind it. 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. AKA is led by Mr. Drs. Ir. Sudjaja Wira
(65) a businessman and professional manager with experience in trading,
marketing agent of garment/apparel 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. P.T. ASMARA KARYA ABADI is sufficiently fairly good for
business transaction.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.22 |
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1 |
INR 90.88 |
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Euro |
1 |
INR 80.09 |
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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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VAR |
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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.