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MIRA INFORM REPORT
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Report No. : |
510592 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AQUARIES HOLDING LTD. |
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Registered Office : |
Menara
Era 10th Floor Room 2, Jalan Senen Raya
135-137,Jakarta Pusat, 10410 |
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Country : |
Indonesia |
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Date of Incorporation : |
2001 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading and
Supplies of Dyestuff |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Representative
Office of Foreign Company |
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Payment Behaviour : |
Unknown |
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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 |
BASIC
SEARCH
Name
of Company :
AQUARIES
HOLDING LTD.
A
d d r e s s :
Representative Office
Menara
Era 10th Floor Room 2
Jalan Senen Raya 135-137
Jakarta Pusat, 10410
Indonesia
Phones -
(62-21) 350 3250, 350 3255, 386 1111
Fax - (62-21) 350 3922, 350 3251
Building Area - 14 storey
Office Space - 80 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
2001’s
Legal
Form :
Limited
Liability Company in Cayman Island but in Indonesia is Representative Office in
2002
Company
Reg. No. :
Not
Available
Company
Status :
Representative
Office of Foreign Company
Permit
by the Government Department :
The Department of Finance
Not
Available
Related
Companies :
a. C.V. DWI MITRA PERKASA (Trading and
Distribution of Yarns)
b. P.T. HIMALAYA ABADI (Trading, Distribution and Supply of Dyestuff)
CAPITAL
AND OWNERSHIP
Capital
Structure :
Owned
Capital :
Not Available
Shareholders/Owners
:
a. Mr. Ramchand Alimchand Bharwani
b. Mr. Suresh Sankaran
BUSINESS
ACTIVITIES
Lines of Business :
Trading and Supplies
of Dyestuff
Production Capacity :
None
Total Investment :
None
Started Operation :
2002’s
Brand Name :
Aquaries Holding Ltd.
Technical Assistance
:
None
Number of Employee :
3 persons
Marketing Area :
Local - 100%
Main Customer :
Textile industries,
trader and shops
Market Situation :
Very Competitive
Main Competitors :
a.
P.T. COLORINDO CHEMTRA
b. P.T. CLARIANT INDONESIA
c. P.T. DUTA CHEMINDO PERKASA
d. C.V. GAUTAMA
e.
P.T. WARJANTINO
Business Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r s :
a. P.T. Bank
SBI INDONESIA
Jalan Pasar Baru Selatan No. 19
Jakarta Pusat,
Indonesia
b. P.T. Bank Of India Indonesia Tbk
Jalan K.H.
Samanhudi 37
Jakarta Pusat,
Indonesia
c. P.T. Bank PERMATA Tbk
Plaza Atrium
Jalan Senen Raya No. 2
Jakarta Pusat, Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No
litigation record in our database
FINANCIAL
FIGURE
Annual
Sales (estimated) :
2015
– Rp. 4.5 billion
2016
– Rp. 5.0 billion
2017
– Rp. 5.5 billion
Net
Profit (estimated) :
2015
– Rp. 0.4 billion
2016
– Rp. 0.5 billion
2017
– Rp. 0.6 billion
Payment
Manner :
Unknown
Financial
Comments :
Fairly
strong
KEY
EXECUTIVES
Board of Management :
Director -
Mr. Ramchand Alimchand Bharwani
Jakarta Representative Office - Mr. Suresh Sankaran
Board of Commissioners :
Commissioners - Mr. Ramesh Ramchand Bharwani
Signatories :
Director
(Mr. Ramchand Alimchand Bharwani) which must be approved by partner meeting
CAPABILITIES
Management Capability :
Fairly Good
Business Morality :
Fairly Good
OVERALL
PERFORMANCE
AQUARIES HOLDING
LTD., (AHL) is a representative office company of Cayman Island which set-up
based on Cayman Island law. The company was founded by Mr. Ramchand Alimchand
Bharwani and Mr. Suresh Sankaran, both are Indonesian businessmen of India
citizenship. According information from Mr. Suresh Sankaran explained the
company has open representative office in Jakarta in 2002, to be engaged in
trading and supplier of dyestuff. Because the company has formed in Cayman
Island and difficult to obtain information about its capital, so we do not give
pictures of the company capital’s structure.
AHL has been
operating since 2002 engaged in the field of trading, import and supplies of
dyestuffs. Mr. Suresh Sankaran, Manager of the company explained AHL is an
authorized distributor for dyestuff from JAGSON COLORCHEM LIMITED of India. The
merchandise goods products are disperse dyes, reactive dyes, metal complex and
acrylic dyes. A large part (90%) of the company’s products (dyestuff) directly
supplied to textile and garment industries in Jakarta, Karawang, Tangerang,
Bandung (West Java), Solo and Central Java, while the rest 10% supplied to
Batik traditionally artisan who are stayed in Solo and Pekalongan, Central
Java. Besides, some of the products also marketed thorough P.T. HIMALAYA ABADI
dealing with trader of dyestuff. We observed that the company’s business
operation is growing up slowly and the company is classified as small sized
company in the country.
The
domestic demand for various types of chemical products had been rising by 8% to
10% on the average per annum in the last five years in line with the rapid
growth of various industrial sectors including paint industry, plastic, ink,
textile, rubber, printing and others in the above period of times as the
consumers. But, later dwindled as the global economic slowdown since October
2008, followed by tight money policy imposed by Indonesian Central Bank (Bank
Indonesia) and also heated by political issue in the country. The demand growth
started to awake in June 2009 in line with the amelioration of economic
condition in the country. Market
competition is very tough on account of large number of other similar companies
operating in the country. AHL business position in this case is not too badly
because it has built regular customers and extensive marketing network all
across the country.
Imports
of Raw Materials and Auxiliary Goods, 2008-2016*
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Year |
Food and Beverages
Mainly for Industry (Million US$) |
Raw Materials for
Industry (Million US$) |
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Primary |
Processed |
Primary |
Processed |
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2008 |
3,244.5 |
1,271.6 |
4,722.3 |
40,312.9 |
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2009 |
2,640.9 |
1,582.0 |
2,901.7 |
29,248.7 |
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2010 |
3,074.8 |
2,165.9 |
4,539.5 |
41,714.3 |
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2011 |
4,186.7 |
3,330.2 |
6,813.2 |
53,409.0 |
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2012 |
4,101.0 |
3,349.2 |
5,639.7 |
59,437.0 |
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2013 |
3,863.7 |
3,381.5 |
5,737.6 |
52,871.5 |
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2014 |
7,218.0 |
4,642.2 |
9,011.0 |
85,794,8 |
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2015 |
5,080.4 |
2,730.5 |
4,672,6 |
50,845.5 |
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2016 |
3,706.8 |
2,268.4 |
3,227.7 |
39,655.8 |
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Until
this time AHL has not been registered with Indonesian Stock Exchange, so that
they had not obliged to announce their financial statement. The management of AHL 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. 4.5 billion increased to
Rp. 5.0 billion in 2016 rose to Rp. 5.5 billion in 2017 and projected to go on
rising by at least 4% in 2018. The operation in 2017 yielded an estimated net profit
of at least Rp. 0.6 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 AHL is led by Mr. Ramchand Alimchand Bharwani (74) a businessman
and professional manager with experience in trading, import and distribution of
dyestuff and yarns. Daily operation he is assisted by Mr. Suresh Sankaran (46)
as Manager. 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. AQUARIES HOLDING LTD., 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 68.39 |
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1 |
INR 91.44 |
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Euro |
1 |
INR 80.04 |
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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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PRI |
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Report Prepared
by : |
KET |
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.