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Tuesday, April 20, 2010

Adira ratings upgraded to AA


Irvin Avriano A.
Bisnis Indonesia

Adira ratings upgraded to AA

JAKARTA: PT Pemeringkat Efek Indonesia (Pefindo) improve the PT Adira Dinamika Multi Finance Tbk's bond rating and the rating company from level idAA- to idAA level. The rankings outlook were determined at stable level.

In their research released this afternoon, Pefindo assumed the ratings reflect the company's very good business position in the industry. In addition, the emitter have their portfolio well diversified business, strong financial indicators, and also strong support from its parent company, PT Bank Danamon Indonesia Tbk, that supports upgrading Adira ratings.

"However, the ratings were restricted competition in the automotive financing industry," said Pefindo analyst Danan Ditto and Dimas Aditnya today.

Adira Finance was established in 1990 as an independent finance company that initially focused on automobile financing. However, the company changed its focus on motorcycle financing after the financial crisis in 1997.

Company managed to improve its market position and gradually enlarge their business by implementing better business strategies amid strong demand for motorcycles in recent years.

In 2003, Adira back to finance car ownership and use of the opportunity of higher car sales as well as diversify their financing business. The company listed its shares on the Indonesia Stock Exchange (IDX/PT Bursa Efek Indonesia) in 2004, then acquired by the Bank Danamon in late 2009.

The Company currently employs as many as 15,957 employees whos working in its 319 offices comprising branches, representative offices, service points, kiosks, dealerships outlets, and collection points in major cities of Indonesia.

At the end of last year, Adira's shareholders are Bank Danamon consisting of 95%, Asuransi Adira Dinamika of 0.44%, and the public 4.56%.

Currently, IDX recorded Adira still has outstanding bonds which divided in five tranches worth a total of IDR680 billion. It consists of a series of Bonds II/2006 B and C tranches worth IDR180 billion and III/2009 series included A tranches, B tranches, and C tranches totaling IDR403 billion.



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