MIRA
INFORM REPORT
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Report Date : |
01.06.2007 |
IDENTIFICATION DETAILS
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Name : |
P.T. KING’S SAFETYWEAR |
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Registered Office : |
Jalan Kosambi Barat Km. 17, RT.08, RW.03, Kosambi Barat
15213, Tangerang, |
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Country : |
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Date of Incorporation : |
6 November 2002 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Safety Shoes Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 6,200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Correct name of
company
P.T. KING’S SAFETYWEAR
Address
Head Office & Factory
Jalan Kosambi
Barat Km. 17, RT.08, RW.03
Kosambi Barat
15213
Tangerang
Phones - (021) 5593 2888 (hunting)
Fax. - (021) 5593 2678 (hunting)
Land Area - 2,000 sq.
meters
Office Space - 1,180 sq.
meters
Region - Industrial
Zone
Status - Rent
Date of Incorporation
a. 6 November 2002 as P.T. KING’S SAFETYWEAR TRADING
b. 01 May 2003 as P.T. KING’S SAFETY WEAR
Legal Form
P.T. (Perseroan
Terbatas) or Limited Liability Company
Company Reg. No.
The Ministry of Law and Human Rights
No.
C-21077.HT.01.04.TH.2004
Dated 20 August
2004
Company Status
Private Company
Permit by the
Government Department
The Capital Investment Coordinating Board
a. No.
659/I/PMA/2002
Dated
19 September 2002
b. No.
94/II/PMA/2003
Dated
30 April 2003
The Department of Industry
No. 193/T/INDUSTRI/2004
Dated 06 July 2004
Related Company
The KING’S SAFETYWEAR Group Members
CAPITAL AND OWNERSHIP
Capital Structure :
Authorized
Capital - US$.
2,000,000.-
Issued Capital - US$.
2,000,000.-
Paid up Capital - US$.
2,000,000.-
Shareholders/Owners
a. KING’S SAFETYWEAR INDONESIA Pte. Ltd., - US$. 1,980,000.-
Address :
b. Mr. Chan Sen Fock of
Address : 17 Jalan Tenggiri
BUSINESS ACTIVITIES
Lines of Business:
Safety Shoes
Industry
Production Capacity
Safety Shoes -
2,200,000 pair p.a.
Total Investment
a. Owned Capital - US$
2,000,000.-
b. Loan Capital
- US$ 2,600,000.-
c. Total Investment - US$
4,600,000.-
Started Operation
January 2003
Brand Name
KING’S Safety
Shoes
Technical Assistance
KING’S SAFETYWEAR INDONESIA Pte.,
Ltd. of Singapore
Number of Employee
385 persons
Marketing Area
Domestic
(Local) - 20%
Export (Overseas) - 80%
Main Customers
- P.T. ASIA
SAFETY INDONESIA as distributor in
local market
- Export to Asia,
Europe and the
Market Situation
Very Competitive
Main Competitors
a. P.T. OSHA
b. P.T. HENGTRACO
PROTECSINDO
c. P.T. MITRA
GABATA DINAMIKA
d. C.V. GRAND SHOE
INDUSTRY
Business Trend
Growing
BANKER, AUDITOR &
LITIGATION
Bankers :
a. P.T. Bank DANAMON Tbk.
Jalan Prof. Dr. Satrio Kav. E 4/6
b. P.T. Bank NEGARA
Tangerang Branch
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
FINANCIAL FIGURE
Annual Sales (estimated) :
2004 – Rp. 380.0
billion
2005 – Rp. 420.0
billion
2006 – Rp. 445.0
billion
Net Profit (Loss)
:
2004 – Rp. 18.0 million
2005 – Rp. 21.5 million
2006 – Rp. 24.0 million
Payment Manner :
Average
Financial Comments :
Satisfactory
KEY EXECUTIVES
Board of
Management :
President Director - Mr.
Chan Sen Fock
Director
- Mr. Sasmita Winata
Board of
Commissioner :
Commissioner - Mr. Hery
Suratman Winata
Signatories
:
President Director (Mr. Chan Sen Fock) or Director (Mr. Sasmita
Winata) which must be approved by board of commissioner (Mr. Hery Suratman
Winata)
CAPABILITIES
Management
Capability :
Good
Business Morality
Good
Credit Risk
Below Average
Credit Recommendation
Credit can be proceeded normally
Proposed Credit
Limit
Moderate amount
Maximum Credit Limit
US$ 6,200,000 on the 90 days of
the payment
OVERALL PERFOMANCE
Initially named P.T. KING’S SAFETYWEAR TRADING, it was
established in November 2003 with the authorized capital of US$ 2,000,000
entirely issued and paid up. The founding shareholders of the company are
KING’S SAFETYWEAR INDONESIA Pte. Ltd of
P.T. KSW obtained a Foreign Capital Investment (PMA) facility
issued by the Capital Investment
Coordinating Board (BKPM) in September 2002. Initially, P.T. KSW was just a
company dealing with trading, exporting and importing of KING’S safety shoes.
Total investment invested by P.T. KSW amounted to US$ 2.0 million entirely
coming from own capital. In 2003, P.T. KSW diversified its business in safety
shoe industry with annual production of 1,200,000 pairs. Its plant is located at Jalan Kosambi Barat
Km. 1`7, RT. 08, RW.03, Kosambi Barat 15213, Tangerang,
The operation of the company has been running smoothly because
a large extent of its products are exported and the rest is locally marketed
under KING’S Safety Shoes. Mr. Sasmita Winata, the director of P.T. KSW, said
that in mid 2004 its production capacity of safety shoes reached 150,000 pairs
on the average per month. The company plans to increase the production capacity
to 180,000 pairs of safety shoes per month. Some 80% of its products are
exported to Asia, Europe and the
Generally, demand for safety shoes has been increasing by 5% to
6% in the last five years in which it had drastically been decreasing as the
impact of the economic crisis in the country in 1997. However, the competition
is very tight on account of lots of similar companies dealing with shoe safety
manufacturing such as P.T. OSHA ASIA, P.T. HENGTRACO PROTECSINDO, P.T. MITRA
GABATA DINAMIKA, C.V. GRAND SHOE INDUSTRY and others. Beside in domestic
markets, the safety shoes of the company are also exported to Asia, Europe and
the
The company is neither public listed nor bond issued
company. Therefore, the company has no obligation
to publish financial statements publicly.
We have checked to Department of Trade and Industry and found that no
financial statement has been reported.
We estimated that total sales turnover of P.T. KSW in 2004 amounted to
Rp. 380.0 billion soared to Rp. 420.0 billion in 2005 to Rp. 445.0 billion in
2006 and projected to be rising by at least 10% in 2007. The operation of the
company in 2006 is estimated to have gained a net profit of Rp. 24.0 billion
with a total networth of Rp. 160.0 billion. So far we have never heard that P.T. KSW has
been black listed by Bank
The management of the company is headed by Mr. Chan Sek Fock
(53), a businessman of
P.T. KSW is appraised to be good for normal business transaction. However, in view of the unstable economic condition in the country, we recommend to treat prudently in extending a loan to the company.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)