|
|
|
MIRA INFORM REPORT
|
Report No. : |
511189 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
P.T. AGILITY INTERNATIONAL |
|
|
|
|
Formerly Known As : |
PT. GEOLOGISTICS INTERNATIONAL
INDONESIA |
|
|
|
|
Registered Office : |
Secure Building Unit #CC, Jl. Raya Protokol
Halim Perdana Kusuma, Jakarta 13610 |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Com. Reg. No.: |
No. AHU-AH.01.03-0192286 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
International
Freight Forwarding Services. |
|
|
|
|
No. of Employees : |
142 |
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 : |
Satisfactory |
|
|
|
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
Indonesia |
A2 |
A2 |
|
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 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.
|
Source
: CIA |
COMPANY
NAME
P.T. AGILITY INTERNATIONAL
BASIC
SEARCH
Name
of Company :
P.T. AGILITY INTERNATIONAL
A
d d r e s s :
Head Office
Secure
Building Unit #cC,
Jl.
Raya Protokol Halim Perdana Kusuma
Jakarta
13610
Indonesia
Phones - (62-21) 2852 9000 (hunting),
0811315829
Fax -
(62-21) 2852 9001-2
Building Area - 4 storey
Building Space - 240 sq. meters
Region - Commercial
Status - Rent
Date of Incorporation :
In
2004 as PT. GEOLOGISTICS INTERNATIONAL INDONESIA changed its name to PT.
AGILITY INTERNATIONAL on July 8, 2008.
Legal
Form :
P.T.
(Perseroan Terbatas) or Limited Liability Company
Company
Reg. No. :
The Ministry of Law and Human Rights
a. No.
C-15771 HT.01.01.TH.2004
Dated
23 June 2004
b. No.
AHU-53560.AH.01.02.Tahun 2008
Dated
21 August 2008
c. No.
AHU-AH.01.03-0192286
Dated
17 November 2017
Company
Status :
Foreign
Investment Company (PMA)
Permit
by the Government Department :
The Department of Finance
NPWP
No. 02.194.257.8-058.000
Affiliated/Associated
Companies :
a.
GEOLOGISTICS (ASIA/PACIFIC) Ltd., of BVI (Investment Holding)
b.
P.T. AGILITY (Investment Holding)
CAPITAL
AND OWNERSHIP
Capital
Structure :
Authorized Capital - US$. 2,500,000 (Rp. 22,295,400,000)
Issued Capital - US$. 2,201,200 (Rp. 19,630,301,600)
Paid up Capital - US$. 2,201,200 (Rp. 19,630,301,600)
Shareholders/Owners
:
a. AGILITY (ASIA/PACIFIC) LIMITED - US$. 1,078,600 (49%)
Address:
British Virgin Island
England
b. PT. AGILITY - US$. 1,122,600 (51%)
Address:
Secure Building
Jl. Raya Protokol Halim Perdanakusuma
East Jakarta
Indonesia
BUSINESS
ACTIVITIES
Lines
of Business :
International
Freight Forwarding Services
Production Capacity :
None
Total
Investment :
a. Owned Capital - US$. 2,201,200
b. Loan Capital - US$. 0
c. Total Investment - US$. 2,201,200
Started
Operation :
2004
Brand
Name :
AGILITY
INTERNATIONAL
Technical
Assistance :
None
Number
of Employee :
142
persons
Marketing
Area :
Local - 100%
Main
Customers :
a. Textile and
Garment Industries
b. Furniture
Industries
c. Export &
Import services
Market
Situation :
Very
Competitive
Main
Competitors :
a. PT. Schenker
Petroog Utama
b. PT. Green Air
Pacific
c. PT. Uniair
Indotama Cargo
d. PT. Global Putra
International
e. PT. Mitra
Intertrans Forwarding
f. PT. Cipta Krida Bahari
Business
Trend :
Growing
BANKER,
AUDITOR & LITIGATION
B
a n k e r :
The
Hong Kong and Shanghai Bank Corp
World
Trade Center
Jl.
Jend. Sudirman Kav. 29-31
Jakarta
Selatan
Indonesia
Auditor
:
Internal
Auditor
Litigation
:
No litigation record in our database or the legal
courts
FINANCIAL
FIGURE
Total
Income/Revenues (estimated) :
2014 – US$. 20.5
million
2015 – US$. 23.3
million
2016 – US$. 26.5
million
2017 – US$. 29.6
million
Net
Profit (estimated) :
2014 – US$. 1.7
million
2015 – US$. 1.9
million
2016 – US$. 2.2
million
2017 – US$. 2.5
million
Payment
Manner :
Average
Financial
Comments :
Fairly
KEY
EXECUTIVES
Board of Management :
President Director - Mr. Johannes Hadiono Tjokro
Director -
Mr. James Robert Hill
General Manager - Mr. Widiyanto
Board of Commissioners :
Commissioner - Mr. Amir Karyatin, SH
Signatories :
The
President Director (Mr. Johannes Hadiono Tjokro) or Director (Mr. James Robert
Hill) which must be approved by Board of Commissioner (Mr. Amir Karyatin, SH)
CAPABILITIES
Management Capability :
Good
Business Morality :
Good
OVERALL
PERFORMANCE
Originally named P.T. GEOLOGISTICS INTERNATIONAL, It was established in
2004 with an authorized capital of US$ 300,000 (Rp. 2,675,400,000) of which US$
240,000 (Rp. 2,140,320,000) was issued and fully paid up. The founding shareholders of the company are
GEOLOGISTICS (ASIA/PACIFIC) Ltd., of British Virgin Islands (95%) and PT.
GEOLOGISTICS INDONESIA PERDANA of Indonesia (5%). The Articles of Association
was approved by the Ministry of Law and Human Right in its Decision Letter No.
C-15771 HT.01.01.TH.2004 dated 23 June 2004.
Its articles of association have subsequently been changed for several
times. On July 8, 2008 the company’s name was changed to P.T. AGILITY
INTERNATIONAL. Concurrently, PT. GEOLOGISTICS INDONESIA pulled out and the
whole shares are sold to PT. AGILITY of Indonesia (5%). The amendment to Deed
was approved by the Ministry of Law and Human Right in its Decision Letter No.
AHU-53560.AH.01.02.Tahun 2008 dated 21 August 2008.
The most recently by Notary Deed of Anita Munaf, SH., No. 05 dated
November 10, 2017, the authorized capital was raised to US$ 2,500,000 (Rp.
22,295,400,000) of which US$ 2,201,200 (Rp. 19,630,301,600) was issued and
fully paid up. Since then, the shareholders of the company are AGILITY
(ASIA/PACIFIC) LIMITED of British Virgin Island (49%) and P.T. AGILITY of
Indonesia (51%). 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.01.03-0192286 dated
November 17, 2017. Since then, no
changes have been effected in term of its shareholding composition and capital
structure to date.
P.T. AGILITY INTERNATIONAL (PT AI) has been operating since 2004 in the
fields of logistics services and international freight forwarding services. Mr.
Yayan Setia, one of marketing staffs of P.T. AI when contacted said that P.T.
AI had a branch office in Bandung (West Java), Denpasar (Bali) and Surabaya
(East Java). He also explained that P.T. AI was under the auspices of AGILITY,
a logistics provider services based in Kuwait. Their operation networks cover
many countries in the Americas, Asia, Europe and Middle East. Mr. Yayan also
said that their customers constitute companies engaged in the field of
manufacture, such as textile and garment mills, furniture factory, shoe factory
and so forth. In addition they also got orders to import a variety of goods
from abroad to Indonesia, such as industrial machinery, spare parts and auto
components, chemicals and so forth.
According to plan P.T. AI will design an integrated
industrial estate development in Gresik, East Java on an area of 3,000
hectares. Mr. Widiyanto, General Manager of Contract Logistic and Domestic from
P.T. AI said that the company already has many users of bonded logistics center
(PLB) since it was inaugurated in March 2016, including PT. Unilever Indonesia
and a number of textile companies. For the development of integrated industrial
estate in Gresik, P.T. AI has signed the agreement with Java Integrated
Industrial and Port Estate (JIIPE) in Gresik, Later P.T. AI will be one of the
managers of its Bonded Lokstik Center, while JIIPE will provide the land, which
is expected to be completed by mid 2018.
We noticed that P.T. AI was classified as a medium sized company in the
field of logistics and freight forwarding services. Operations of this company
have been increasing in the last five years.
In overall we find the demand for logistics and freight forwarding services had been rising by the average 10% to 12%
per year within the last five years in line with the growth of export-export
activities and a stable economic growth in the period. The solid and steady domestic economy,
Indonesia with the rising of Country Rating to Investment Grade, and also
supported by Indonesia’s economic indicators such as inflation, exchange rates
and interest rates are expected to encourage the business sectors.
Macroeconomic indicators from China showed downward
trend. In contrary, macroeconomic indicators
of the US and India showed improvement.
Both of these indicated continued uncertainties. The global economic crisis that accompanied the decline of the Indonesian
Rupiah (IDR) against the US Dollar in the past two months, resulting in
Indonesian people's purchasing power declined sharply. The value of the Rupiah
from Rp. 11,800.- per US dollar in 2014 dropped to Rp 13,300.- per US dollar,
has now slumped to Rp. 14.000 per US Dollar.
Table
of Indonesian Economic Indicators from 2013 to 2017
|
Indonesian Economic Indicators |
2013 |
2014 |
2015 |
2016 |
2017 |
|
Gross Domestic
Product (PDB) |
5.6 |
5.0 |
4.8 |
5.0 |
5.1 |
|
Consumer Price
Index (inflation |
8.4 |
8.4 |
3.4 |
3.0 |
3.6 |
|
Government Debt |
28.7 |
24.7 |
27.0 |
27.9 |
28.5 |
|
Exchange Rate (IDR/USD) |
11,563 |
11,800 |
13,400 |
13,309 |
13,381 |
|
Current Account
Balance |
-3.3 |
-3.1 |
-2.1 |
-1.8 |
-1.7 |
|
Population (in millions) |
251 |
254 |
258 |
261 |
264 |
|
Poverty (percentage of population) |
11.5 |
11.0 |
11.2 |
10.7 |
10.1 |
|
Unemployment (percentage of workforce) |
6.3 |
5.9 |
6.2 |
5.6 |
5.5 |
|
Reserves (in billion USD) |
99.4 |
111.9 |
105.9 |
116.4 |
130.2 |
Until this time P.T. AI 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. AI’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 US$.23.3 million increased to US$. 26.5 million in 2016 and
rose again to US$. 29.6 million in 2017.
The operation in 2017 yielded a net profit at least US$.2.5 million and
the company has a total net worth of US$.12.5 million. It is projected that total sales turnover of
the company will increase at least 8% in 2018. So far we did not hear that P.T. AI has
been black listed by Bank Indonesia (Central Bank) or having detrimental cases
being settled in local district court.
The Company's management is headed by Mr. Johannes Hadiono
Tjokro (56) as president director, a professional manager from Indonesia. In
daily activities, he is assisted by Mr. James Robert Hill (47) of New Zealand
as director. The management is also handled by a number of professional staff,
having maintained a wide business relation with private businessmen at home and
abroad as well as with government sector. So far, we did not hear that the
company’s management involved in the business malpractices or detrimental cases
that settled in the country. The company’s litigation record is clean and it
has not registered with the black list of Bank of Indonesia.
P.T. AGILITY INTERNATIONAL 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
|
IDR |
1 |
INR 0.0048 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
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.